Member Info for Martinigirl

Gazza, you're absolutely right, although I do know a little of what you're talking about, we all have our specialist knowledge and I'm confident you wouldn't know the first thing about the systems I have used and specialised on throughout my career. Our individual specialist knowledge doesn't matter here. What matters is the facts as they have been presented by the company.

1. The conditioner will take time to optimise (possibly many months) as stated in the stockbox interview.

2. The company owes in excess of $2 million to CZ as per recent RNS communications, which is to be paid to CZ in shares at the prevailing share price.

3. The company currently does not have enough shares to be able to pay this debt despite requesting an additional 4.5 billion shares headroom at the AGM in order to settle the debt.

4. CZ have informed the company that if the debt isn't paid they will commence legal action for recovery.

5. The company is fast running out of cash (if it hasn't already) and an EGM was called to initially allow for a further 2 billion shares to be issued for working capital.

6. An additional request for a further 2 billion shares was made following CZ informing the company of proposed legal action.

7. The prevailing SP as of today means that the 2 billion shares requested will not be sufficient to settle the debt and therefore additional shares from treasury will be required to settle the debt.

8. George has informed the shareholders that any headroom increase from the upcoming EGM will not be used to pay backnhis loan.

9. George did confirm in a very carefully worded RNS that the shares currently in treasury will not be used to repay his loan. Shareholders approved the use of these shares to repay the loan at the AGM.

10. George confirmed in the Stockbox interview that significant dilution is coming. It's likely he will utilise all available shares after paying CZ and repaying his loan for working capital at a heavily discounted price, some commentators believe in the region of 0.05p

11. That raise will provide working capital for at most 6 weeks

12. Any product produced at ZULU will require independant testing of several samples per bag. This testing is currently taking in excess of 3 months.

13. The company has no export licence to export and product from Zulu.

As you can see from the above PREM has little if no money left, it's currently not producing saleable grades of product, the commissioning process is taking time, PREM will not be generating any revenue (other than the possible sale of SC4 that may pay for a couple of tanks of diesel).

The Company is verging on insolvency, shareholders will be diluted significantly, CZ and the placing participants will seek to sell their shares and realise cash adding further to shareholders woes as the share price continues to fall.

I do not envisage PREM surviving beyond the early part of Q4 unless Zulu or other assets are sold.

Botuney, is this a rhetorical question?

Metalbasher, installation of the conditioner alone will not allow for production of technical grade, too much contamination. The conditioner when it's fully commissioned, which according to George in the interview could be many many months might get the grade to SC6 which is great, especially if it only takes 1 month to achieve that, then all they have to do is take several thousand samples, send those samples out of Zimbabwe for independant testing and the results returned from the labs and then apply for the export licence. A process that will, as PREM have found out, with a mere 1000 samples of possible SC4 (and without the export licence element), that this element of the process does indeed take many many months, 3 so far and counting with the alleged SC4.

Does PREM have a) Enough cash to wait many many months before it can generate any revenue? Or b) The ability to raise sufficient funds to wait many many months before it can generate any revenue?

In case you're considering writing an answer, those are both rhetorical questions.

Additionally once they've been paid China Zenith will not be holding on to their shares, they want the cash so those 2 billion plus shares will add some downward pressure on to the share price whilst they cash out. The placing participants will know this and that's an added risk for them if they participate and will be factored in when they determine the price they're willing to pay. AIM has seen some rather large discounts for some recent placings some up to 75%.

RP2020 you are clearly extremely naive if you don't realise that the SP will drop when the placing occurs. PREM is in no position to negotiate a favourable discount for the upcoming fundraise. The participants will determine what level of risk they're willing to take to be able to sell the placing shares and make a quick profit. They won't want to become long term holders. After George's admission of the current situation it's highly unlikely he'll be able to get a placing away above 0.05p. The only thing the current pump helps is when it comes to issuing shares to China Zenith which was agreed to be done at the prevailing SP.

I've done the numbers and it's not as eye opening as you think. At the long stop date based on compounded interest at the various rates based on the initial loan of $34644385, at the long stop date PREM will owe Canmax $44397836 or just over 22% of Zulu based on the agreed $200 million valuation. I do however agree that it's an irrelevant number as PREM will become insolvent long before the long stop date.

The China Zenith repayment will be their downfall along with the prevailing SP. I'm mightily surprised at the recovery today and cannot see any logical reason for it, but the market is the market and for whatever reason the buyers were there.

What was interesting was the wording of the RNS and George's Loan. The headroom from the upcoming EGM will not be used to repay his loan. That's great news, however shareholders have already granted him the ability to utilise the currently remaining 900 million or so shares to repay his loan. A carefully worded RNS or just another George not getting all the facts out there RNS, time will tell. I'm a great believer in looking at what George doesn't say in an RNS so have my own opinion about the status of his loan.

All that said PREM is still in the direst of dire financial situations with no guaranteed revenues before Q3, more likely mid Q3 at the earliest (aside from an potential couple of tanks of diesel), and the potential to raise enough funds to see them through to the first part of Q3.

However you look at it, it's a complete mess and isn't likely to improve any time within the next 3 months

Mugwump, sadly it's a common practice, Cornhill capital got caught out about 7 years ago and were given a hefty fine of about £200k, the company they arranged the placing for then suspended for a couple of months whilst the mess was sorted out. If I remember rightly there were some similarities in the placing amounts and the underlying share price and trading patterns as with PREM today. The company New World Oil eventually ceased trading

Mugwump, that's the theory however it's a very dangerous game to play as if the vote doesn't go through then there'll be 100s of millions of forward sold shares that don't exist which will result in the suspension of trading and some severe consequences for those that forward sold.

Another option is for shareholders who currently hold large numbers of shares and would likely be offered the placing, so people like James Goozee and Snowking, would sell shares they currently hold to the value they have committed to provide in the placing and then receive those shares and more back through the placing. Again the risk there is the vote doesn't go through and the placing doesn't happen, however the downward pressure on the SP ahead of what is now a known discounted raise (subject to apptoval) would mean they could still buy back at a discount and get more shares. The same would be true for anyone else who wasn't offered the placing, they could sell tomorrow morning on the bell at 0.075 and wait until the placing is announced or anytime prior (if they believe the price will go down) and buy back more shares for the same price.

Gazza4563, I'd rather be associated with that character than the Tim Nice But Dim character you're portraying.

At least when I think of all of your purchases of PREM I can confidently say "Now I do not believe you wanted to do that, did you?"

To his credit George came across as being truthful in this video but it was painful to watch. He accepted he's been naive at best but it's clear from everything he said that nothing is going to happen quickly, the commissioning process could take many months. His slight attempt at a distraction with the Tantalum and Quartz makes no difference to the plant as it stands and was merely another carrot to dangle.

The only concerns shareholders should now have are with regards to the current and short term cash position of the company, the repayment of China Zenith in shares and the future of PREM as a going concern should they not be able to raise sufficient funds to last until the end of H2.

One really does need to laugh at the preferati group, Noel in particular with his control over his minions now claiming that PREM are actually holding back shipping of SC6 in order to be able to comply with the agreement with Canmax. Sorry Noel, as much as you want to believe, PREM aren't holding back any SC6, they haven't got any SC6 to hold back as well you know.

Clearly the run up to the EGM will see a concerted effort to get the SP up ahead of the placing, of late there's been no appetite for buying, or indeed selling, in fact very little appetite at all for PREM trades whilst we await the placing. I think Acker is probably taking the right option, sell down and await the placing. The premium preferati members will likely know they're going to be offered the placing so will be selling down, all the while making inferring posts about future possibilities based on unrealistic supposition all in the guise of suggesting now is the time to buy and all the while selling into the liquidity they need from those daft enough to believe that what they say has any actual merit.

Is PREM a good investment opportunity right now? No, not at all, there's going to be dilution to the tune of just short of 5 billion shares in a couple of weeks, around half of those shares will be issued at a significant discount to the prevailing SP and will be flipped by those taking part in the placing to get whatever profits they can from the shares they haven't forward sold. The remaining half will be used to pay a debt that should have been paid a long time ago. That debtor will now seek to realise the cash from those shares sonthat they at least get back the $1 million they were originally owed.

What all this amounts to is close to 5 billion shares being admitted to trading and being held by people that want to and will sell them to realise whatever cash they can get. That downward pressure on the share price following a heavily discounted placing doesn't bode well for anyone who would be:

a) daft enough to buy right now

b) daft enough to hold right now

c) daft enough to believe everything they're told by Snowking, Noel, DEB et al

A post on one of the telegramp groups that makes sense

"Don't be duped into averaging down and providing the liquidity those selling need. Right now nobody should be buying PREM shares whether you belive in the company or not. There will be a discounted placing in a little over 2 weeks. If you believe in the company then buy after that placing. Buying before means you're buying the shares the people buying the placing are selling and making a profit at your expense. If anything you should be selling and then buying back more shares in a couple of weeks for yhe same price. Play the placing guys at their own game "

Acker I jumped off of the fence a long time ago and thankfully landed on the right side. Just feel for those currently on the wrong side being manipulated or too deep in the rhetoric to see the fence and take s chance to jump over it into the lush pastures that aren't PREM

Acker only a foregone conclusion of the Pandora group aren't selling, which I, and I think you also believe to be the case and they hope to make a profit at the expense of everyone else foolish enough to believe what they're saying in the groups and eleswhere

Acker I'm under no illusions of what exactly the Pandora group are doing, just making everyone else aware that they shouldn't be afraid to vote NO if Snowking, DEB, Goozee, Noel and the others are pleading for a Yes vote. They shouldn't be worried about anyone else voting against the Resolution if they have the votes in favour. After all there's not a possible doubt that they're selling down their holdings to take part in the upcoming discounted placing is there? Surely they wouldn't mislead their disciples and profit from that?

Acker, you disappoint me, if you believe George Snowking et al, then Canmax are being supportive, Snowking is voting in favour with all his maxed out credit card shares, DEB is voting in favour with all his holdings from his loans from the bank of mum and dad, Goozee is voting in favour with all his shares, amount unknown awaiting reduced TR1. There's more than enough holders voting in favour that can overcome a no vote from probably everyone posting here and jn the telegramp groups

Mugwump those that are as thick as two short planks are the ones who believe everything they're told and don't look at the much bigger picture that is emerging here. I'd suggest you broaden your outlook and take in all the information available before you start throwing out the insults. Take a look in the mirror and see if you see more than one short plank

C) They don't want to vote as is their democratic right

Well that's come a bit out of left field, good old George is finally being made to account for his lies and mismanagement of the company. I've been questioning all along what was happening with the China Zenith payment and what potential actions they could take. Now it seems they're playing hardball and want their $2million or more. I'm not convinced that 2 billion shares will be enough to cover the debt, actually I'm very sure that 2 billion shares will not be enough to cover the debt as with accrued interest post 31st December it is likely closer to $2.5 million and with a continually dropping SP it's going to get very difficult to not use a significant proportion of the other 2 billion just to settle in shares. It's a complete cluster fùck George has openly lied to shareholders once again and clearly shows no remorse for his previous lies despite his acts of contrition in various interviews. What's more concerning is that he's lied in official RNS communications which could have severe consequences for the company, suspension of trading, inability to raise funds whilst suspended and or legal action by the regulator.

Lots and lots of questions need to be asked of George because he hasn't clearly stated what he will be using the funds for, just the usual vague statements.

1. Exactly how much is owed to China Zenith?

2. How much working capital does the company have at this time?

3. Will George's Loan be repaid from the available headroom or will it be deferred?

4. Does the company have Canmax assurance that they will vote in support of the Resolutions?

5. Updated timeline for the sale of the 350 tonnes of SC4

6. Realistic timescales for sampling, testing, tabulation and issue of export licence for any SC6 production

7. Current production grades (based on on site lab analysis) and quantities.

Metalbasher, I have to disagree with your assertion of the arrival of high grade concentrations. The installation of the conditioner will not negate the iron contamination caused by the mill that cannot be removed by the magnetic separator that needs to be replaced, one of at least 2 parts of the plant that require replacing before the plant could possibly be optimised to achieve nameplate production. These are expensive fixes that the company just doesn't have the cash to address and the 2 billion headroom increase won't come close to giving them enough cash to continue operations and buy the replacement hardware to do the job. GR is in fight or flight mode at the moment, he's scaring shareholders into supporting a motion that at best is a sticking plaster to treat a bleeding artery, it's just not up to the job it's required to do.

The feeling across the telegram groups is becoming much more realistic despite Snowkings efforts, I wouldn't be surprised if the motion was voted down. The guy in the hat in Singapore made some great points in his latest video analysis and I'd recommend watching it if you haven't already. Far too many questions to be asked of the company and far too much ambiguity in their recent communications to shareholders. George needs to start answering the questions rather than threatening shareholders