Member Info for Martinigirl

Pingu, if the plant's been up and running for a week I'd be concerned that there hasn't been any announcement that SC6 has been produced. The plant hasn't been up and running for a week. Some ROM ore was fed into the newly commissioned mill which they are optimising. Prem isn't producing anything right now, they're recommisioning the plant in the hope that they can produce 900 tonnes of SC6 which they can ship by the end of November. Personally I reckon they've a better chance of producing Cheese Sanwiches than they have of getting 900 tonnes of SC6 produced and shipped by the end of November

Marcus, nothing to do with me. You, however need to learn to be more tolerant of others who's opinions differ from your own. I'm sure your wordplay made you very happy however I take offence at being called a "bint", I served my country as a commissioned officer in the Royal Navy and deserve some respect. Your misogynistic comment does nothing to serve your credibility. Debate the issue, don't insult the person. I haven't resorted to degrading comments about you or any others here, this isn't the primary school playground . My opinions on PREM are well known, and as much as I would hate to agree with Motley Fool, they're not wrong with their analysis. If PREM can't get a minimum of 900 tonnes SC6 shipped by the end of November then their cash position becomes, in the words of George Roach "constrained" and as I've stated before if there's no shipments by Q1 2024 then the company risks becoming insolvent

Elliselbow, I'm sure GR is perfectly capable of ruining everything for everyone without outside assistance

You've hit the nail smack bang on the head there Johnny. If the market believed that Prem will be providing even a smidgeon of a positive update tomorrow, the buys would be flooding in. Instead the usual deafening ilence from George when things aren't going well is seeing those holders who have a bit of sense sell up.

43 minutes to make a decision, does your gut tell you that all is not good and its best to sell or do you believe that not even George Roach could f.u.k this up yet again?

SheikhSaud, I am neither an investor in PREM nor a scorned ex. Given your somewhat misogynistic replies to my posts and your user name I can only assume that you are from a nation that suppresses women. My ex husband was a weak man, who was unable to accept that a woman can do a "mans" job as well as a man, often better. He couldn't accept I had a career and couldn't keep it in his pants whilst I was at sea. He paid the price! As eventually will all those that suppress and are disingenuous towards women.

Acker, the RNS will be far from neutral, the forward looking statement may well be neutral but rest assured the details of the accounts will be very revealing. Back in April (I think, possibly March or May) George confirmed PREM were in a precarious situation financially to the extent that he needed to sell shares (I'm still not sure of the legality of the sale of those shares, but that's done now) to provide the company some money. The next rns stated that those funds had been used (to pay off debts, wages etc), so come Friday and the release of the rns we will all be aware of exactly what the cash position was at June 30th and have a good idea about the cash burn for a non functioning plant. It will likely surprise many on here as to how much GR has actually had to spend vs what he needs to spend if the plant ever becomes operational, I don't remember the numbers but how much were the diesel costs per month? Was a crazy number

Everyone here, currently invested or not, knows full well how GR works. Promises of everything being fine and every expectation that all will be good. The PREM PR machine goes into overdrive with video interviews with the workers assuring shareholders that they're on target for 14th February and scripted interviews with Mark and his leading questions all full of assurances that GR has every confidence, then a few more twitter (X) posts showing blokes in hard hats working on the plant etc etc, then there's a stony cold silence, nothing comes before the deadlines, the GR fans come on here preaching about how they're buying more because Snowking told them it's all good, the silence continues, the deadline approaches and passes. "Don't worry!" They cry, "George has told us the RNS is coming, it's just with the NOMAD", yet more silence, no social media activity, nothing but the GR fans arguing that all is good, when those with an ounce of sense can see that the pattern towards disappointment continues. Then it arrives, the holy grail of the promised RNS, unfortunately its released at 16:43 on a Friday afternoon, "PREM provides an update on...." they're not delighted, pleased or even happy, they're just providing an update. The GR fans read with anticipation, their faces turn pale, their stomachs churn as the life's blood is drawn from their bodies as the sudden realisation that GR has once again let them down and the sudden realisation that their investments will plummet in value by 30% or more on Monday morning. "Never mind" says Snowking, I'll be buying more, as he says quietly to himself "glad I took my money off the table and suckered these guys into keeping the price up for me"

Come Monday morning after a weekend of telegram chats the talk returns to "cheap entry" and "I never thought I'd be able to buy at these levels again" as the share price wallows in the doldrums awaiting the next placing and more promises from the Roach

Marcus, let's hope you're not stuck on the ship when it's stranded in Port or even worse sinks

SLNF it must be strange living in a world where you see everything through rose tinted glasses.

The absolute worst case scenario does not involve another Chinese investor it involves Prem becoming insolvent and losing everything to their creditors at pennies in the pound

Roman I am fully aware of that but what they will show is exactly what the position was at June 30th so we will know just how "cash constrained" they were pre loan and pre raises which will then translate to an estimated cash position now and I don't think it will be pretty for June 30th and now.

Someone talked of being in for the "end goal" of they're burning through cash at the rate I think they are and cannot produce and ship at least 900 tonnes of SC6 by end of November (i also dont believe they can) then the next goal will be to pay Canmax $1.5 million out of whatever cash reserves are left and then hopefully manage some sort of significant production during a rainy season that George has always blamed for historical poor performance. I'd not hold by breath for a positive "end goal" unless you're hoping to participate in a 0.2p (or less) placing

SLNF, what Watcher has said as an expectation is no different to what others on here have said, yet you don't challenge them. Is it because they stated the price will go down if the news of Friday isn't good? What do you expect the SP to do if the mill has broken down or another part of the plant has failed and needs parts which will take 6 weeks to get to Zulu? What do you think the SP will do if the interim accounts show that George has been spending much more money than he should have whilst the plant wasn't operating and that the company financial situation was dire not "cash constrained" and in fact there's likely to be little to no placing money left?

Iky, why would a video of an evergreen vessel please people on here? Are there some closet ship spotters here? A quick search reveals only a single Evergreen vessel at anchor in Southern Africa, in Durban, the "Ever Devote" and she isn't the vessel in the video

Gold_Investor, PREM haven't got 2000 tonnes of anything saleable in storage and to say otherwise is very misleading. As others have stated George was very precise with his wording in the RNS with production of "up to 1000 tonnes in November"

He knows they're not going to produce the required amount and has clearly told the truth for once, sadly the disciples can't see what's staring them in the face, or won't accept it.

Gelboy is correct to be concerned, PREM current cashburn is high with the plant not running. SC6 price is dropping and any produced by PREM is sold at a discount. One needs to question if PREM can even produce SC6 its highly unlikely they can break even at 1000 tonnes per month assuming they can produce that amount given their additional costs.

Personally I can't see any profit at current SC6 prices and PREMs overheads, factor in the discount for Canmax and it looks a whole lot worse.

People on IG are spreadbetting against the price, not shorting the stock in the traditional sense where they borrow the stock, sell it then buy it back to return to the lender

Nobody is shorting PREM, you couldn't get the borrow to short it

SpreadLoveNotFUD, SP might be up around 15% in a week but what has it done since March when GR was pretty much certain production would start on time, when Snowking was ramping to high heaven with stories of dinners with George and the STARK CEO, 😒 let's see its down 55% as we speak went as low as a little over 60% so a 15% increase from a 60% drop isn't particularly good now is it?

As Watcher has said, if they can produce at leat 900 tonnes by end of November, then things will look up, I doubt it will fly as 900 or 1000 tonnes won't cover the associated costs at predicted discounted Spod price. If they cannot produce the minimum required by end of November then payments need to be made (which GR has accounted for) that payment will eat significantly into the cash reserves and along with day to day expenses will quickly erode the funds recently raised to the point that if they can't produce by year end then they'll be looking to raise again but at what price? No production in November will see the SP back in the 0.2s, none in December and another $1.5 million payment to Canmax, could well see the end of PREM in Q1 2024 I doubt he would be able to get shareholder backing for further increased headroom.

Have I hit a nerve Jaguar? Truth hurts? Reality check hit you and you realise that 1000 tonnes a month won't make any money for PREM and will likely dip into the reserves, not that it matter because we all know they won't be producing this year and the Spod price will continue to fall.

Jaglith, PREMs cashburn without the plant running is massive, you might want to revisit those figures, mining costs will be well in excess of $1500 per tonne plus day to day costs, salaries etc. I doubt there's any profit at $2600 a tonne

PAS14 I'm sure you would be interested, but since you haven't heard of me my services would be of no use to you, it's niche and exclusive.

As for criticising George, well you cannot deny that since his tenure as CEO of PREM commenced he has successfully overseen none of the projects PREM has been involved in. His performance to date with Zulu has been woeful, he has admitted that he has (at the time of interview) no idea what was going on at Zulu, yet all the while continued to state he had no reason to believe they wouldn't be producing SC6 in March and subsequently with forecasts for June etc. I agree that often successful businesses need to be put in the hands of others, however no matter who a CEO has running parts of the business, they are ultimately responsible for what happens and should know in detail what is happening within their business. Stuart Rose didn't run M&S well, the share price lost something like 40% under his leadership in 2008 (my date may be a year or 2 out). Branson created a record label from what was essentially a mail order business, he knew nothing about it and employed knowledgeable experts to do the work, same with the rest of the virgin empire. George Roach is neither a Stuart Rose nor a Richard Branson, he is incompetent to the nth degree and refuses to accept that he is not capable of delivering what he says he can.

October is a mere 17 days away, November less than 50.

You need to be truly honest with yourselves and as the questikn.

"Do I honestly believe that George Greville Roach can get Zulu producing at least 900 tonnes of SC6 grade spodumene which can be shipped by 30th November"

If you honestly believe without any deep down thoughts about his past failures and recent lies, yhat he can deliver then stay invested, buy more, take out a new mortgage and stick it all in because after all George will deliver.

If you don't believe that or have any nagging doubts then it's a pure gamble a toss of a coin, will they or won't they? So far they haven't and its getting a lot closer to the deadline that they need to