Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
S303 of the companies act refers to shareholders rights to call a meeting.
Nhij your naivety is admirable
Acker I'm not so sure he'll get his money, Canmax not participating in the placing is telling about their relationship. He got the last headroom through by the skin of his teeth and if, as I suspect Canmax are now looking at a land grab then things aren't looking positive for PREM
Elliselblow glad you all had a good night, always good to meet new people with similar interests. My ears weren't burning last night so I'm sure you were very complimentary about me 😅
Looks like the Goddards shares are being forward sold or a very large holder has decided to exit their position, I'm guessing the former, so it's clear they want the cash and don't have faith in George to deliver on the project, they're the mining guys, they're seeing the grades coming out of the ground.
Wolframite, probably be best finding another opportunity for that £30k, mill won't be there on time was supposed to be ex works by end of November and were now 2 weeks into December. It's really time for PREM shareholders to look at the facts and realise that George Roach "expected" timelines are very very different to the real world. Plant won't be operational and producing SC6 in Q1 and the money won't last beyond early February 2024 at best. Its now all about when George will announce an EGM to get the headroom to issue more shares.
I'd suggest that shareholders look at the regulations for adding motions to an agenda for when he does call the EGM. It won't be difficult to get enough support to add a motion to have him removed.
Nelly, as I have previously pointed out, George Roach has told you what the cashburn is, I did the maths. I can categorically tell you that Canmax were not one of the institutional investors, if they were then PREM are likely to be in for a hefty fine for a breach of AIM regulations and not even George Roach is incompetent enough to risk a fine in the hundreds of thousands of pounds.
All that said, none of this detracts from certain facts. PREM as per the rns has a cashburn of at least $300k per month so likely to need an EGM to increase headroom before February. Canmax have yet to determine their position wrt the $1.5 million November repayment. Canmax had first refusal on any raise and didn't participate in this raise at 0.23p, 750 million Goddards shares to hit the market in early January to be sold for whatever they can get, George played a blender getting the 20 day lock in, obviously learned his lesson after Stark sold out. This is going down to around 0.17 or maybe 0.15 within the next 4 weeks. I'm not a financial advisor but I'd be selling anything I held here that was in profit and waiting for February before looking at it again
Wolframite, your English is very good, a few more vocabulary lessons and you'll soon be speaking like a native, will just need to lose the accent to be convincing. As for my farts, they're generally sweet smelling so no need to worry about the prevailing winds
Wolframite, very good, your ability to google translate jnto Italian is excellent, however bilingual implies a fluency in 2 languages, I'm more of a polyglot as implied by my previous post, perhaps a vocabulary lesson would be in order for you.
Wolframite, I take it you have difficulty reading and understanding the English language, I'll refer you to my post of 20:26. I can reply again in French, Spanish, German, Italian, Polish or Arabic if that helps your comprehension of what I posted.
Perhaps I should change my other investment strategies to follow yours Hasiba and keep buying immediately before a drop and then buy again and again before further drops. Did you buy again this morning after the RNS? I'll bet you'll be buying throughout December and into January ahead of Goddards dumping 3/4 of a billion shares
Hasiba, I can take the loss and if it means I can have a perceived right to post here as a holder I'll not bother selling, hardly worth the fees to sell them anyway for a few hundred quid
Wolframite, unfortunately I do own PREM shares they're sitting in an account I rarely use and had forgotten they were there.
Gazza, I don't need to break it down, George has told you in an rns that $2.4 million will last until production which if he is to be believed is 8 weeks away. $2.4 million divided byb8 is $300k, although I'm somewhat sceptical given he's blown through $12 million in around 15 weeks. To his credit though, he didn't use all the headroom available, he made sure there's enough left to pay back his loan. Always thinking of himself
Hasiba, you should care as the next placing will be at a discount to whatever the SP is when it's arranged. PREM haven't enough cash to see them through to production even with this raise,so there will be a further placing (after an EGM call where he gets another 25 billion headroom), assuming he can get the headroom!! I envisage Canmax playing hardball again and George might not find shareholders so supportive
Wolframite, one doesn't need an in depth knowledge of mining to know that Zulu cannot and will not produce the same grades produced from cherry picked ore samples and processed under laboratory conditions.
Additionally this money he's raised today is expected to last until production so 8 weeks at most. So he's burning through 300k a week atm any delays and that's PREM out of cash once again come February
PD101 do you know how those grades were achieved in the lab? They cherry picked the best ore (a lab sized sample) and processed it under laboratory conditions. A big plant feeding tonnes of ore through cannot cherry pick the ore it feeds into the process so there's a snowflakes chance in hell that 7% grades will be produced. 5.7% at the very best based on the unsorted ore also processed under lab conditions, although I'd be surprised if the plant can produce even that.
hasiba, i guess from what you've said then gr has been lying to himself all those times he has lied to shareholders. he's embarrassed, not because of his actions but be abuse there was unfortunately nowhere left to hide and even then he blamed it on someone else. the man is a serial failure when i comes to managing prems projects and a serial liar when it comes to shareholder communications, he'll say whatever he has to to ramp up the sp and get his next placing away and he'll be doing exactly the same when he calls for an egm to get more headroom. 50 billion shares in issue anyone?
as for the mythical 7% grades, you're having a laugh or need serious help if you think zulu can produce anything close to those grades. again gr attempting to ramp up the sp to get this latest placing away, and all the mugs fell for a ****ed up old blokes ramp.
the future's bleak for prem and anyone believing anything otherwise really needs to take a long hard look in the mirror and then beat themselves around the head with a dose of reality.
Hasiba, there's nothing positive about using your last available headroom to raise enough money to keep the lights on a little longer or to pay contractors.
Canmax can no doubt smell blood and whilst GR is trying to circle the wagons it's most definitely last chance saloon for PREM.
Come the first or 2nd week of January those 750 million Goddards shares are being sold and the inevitable drop in SP will no doubt afford you yet another opportunity to throw your money away.
Would that be confident like Stark were when they were paid in shares? Goddards, like Stark are a business, they've got bills and staff to pay, those bills and staff can't be paid in PREM shares, rest assured 20 days after they get the approval, Goddards will be selling.