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Nelly if I was spending $36 million on something which I found out had issues that affected the profitability of my business I'd be at the factory every day making sure they fixed it properly and certainly wouldn't be swanning off on all expenses paid overseas trips.
Dykee, the buck does indeed stop with George and if he's been told something is wrong, like any good manager he should say "show me" and then discuss and work on a solution to fix the issue and once its been fixed, check to make sure the jobs been done correctly pr have his own people verify that work done by contractors is up to standard. Take the issue with the sensors, this problem was first identified around a year ago, should have been a quick fix back then but either wasn't done or was done badly, there should have been regular checks that work was being done and regular meetings to highlight deficiencies and confirm that effective corrective action has been taken. As CEO George is accountable for the actions of his employees and contractors, instead he buried his head in the sand with "no reason not to believe" he really should know by now not to trust anyone he contracts to do work as they've all lead him down the garden path, just another sign of his incompetence and unsuitability for the position he holds.
MammaC, as useless as George is, those director deals you refer to were the sale of shares to raise capital in order to provide the company with a loan, one should however call into question the manner in which they were sold.
Things certainly aren't going well at Zulu. Stark gone and PREM engineers now taking over, engineers that have spent the last 2 years working alongside Stark on a plant that's not fit for purpose, if they knew what they were doing they would have told George long ago that Stark weren't up to the job. OEM to assist with the "remedy" Meaning there's still major issues that require fixing. Complete survey of the plant required - perhaps George should have had the plant designed and built from the recommendations from the scoping study rather than do it on the cheap. pH issues still exist and require further work but they've fudged something together to get it working for the time being. Thickener integration to be completed next week, wasn't this supposed to have been done last month? Shutdown required to clean out the flotation section, that's going to take a while! They floated some SC6 yesterday how much? Probably not a lot or he would have specified an amount. Sorters still not working and incapable of sorting black from white, so hand sorting it is with the new team employed to inspect the ore.
I'm sure there's lots of talk of compensation etc from Stark, PREM won't get a penny, Stark haven't got the cash.
There'll not be any shipments this month so that's another $3million added to the Canmax bill.
Agree El-Gel and he's back with his rampy inferences in the telegramp group.
Nearly 2 weeks now since the "production" RNS, still no confirmation of grades or clarity on the "Minor issues" This is reminiscent of when they were previously producing and had a warehouse full of "product" but shareholders were never told of the grades, Snowking was ramping it back then with immense profits coming from mythical grades. No grades released equals no saleable product produced, no clarity on the fixes having being completed equals plant still not fit for purpose.
I fancy Tullyhill in the 13:30 not great odds at 3/1 but the ground suits, a real mudlark
Acker, Cheltenham always one of the highlights of our year, unfortunately can't make it up there this year. My tip for the gold Cup if anyone is interested is Fastorslow, name sort of reminiscent of PREM but a solid horse from a great stable however if it carries on raining the ground may not suit, doesn't run well on soft ground.
I don't think he can hold off updating shareholders any longer. In his last 2 interviews he stated pretty specific timescales for getting the lab results back and for the remedial work to be carried out. If he doesn't provide any sort of update or anything less than positive then the price will most certainly drop or stay in the current range if the news is neutral. I don't imagine that the grades produced to date will be anything close to SC6 due to the pH imbalance issues so I think the best anyone could hope for would be that the issues with sensors have been resolved and the plant is in process of being tweaked
Yet more hours and days have passed without any updates. The onsite lab will have processed samples and George will most definitely be in possession of those results. Obviously not going to be good or he'd have released them. Minor issues obviously not so minor that they can't be fixed in a week. Not looking good at all.
I see Snowking trying to comfort the troops in the telegramp group: "No he is flying back today , so i think thats why no update this morning
I reckon that explains no rns today"
Sorry Tony that doesn't wash, modern technology doesn't require George to be at Fort Rixon to update shareholders on grades and progress.
https://youtu.be/YKK5R-qQN5U?si=HoeBGA2096KsfuVm
Dazed I fail to understand your childish incessant need to make that post. I answered you yesterday, I will give you the same answer today. I have emailed George and have not had satisfactory answers to my questions.
You must truly be a complete moron if you cannot understand that answer.
As for my ALGW investment its doing just fine thank you for asking
Nelly, when have I lied? Yhe facts are clear, George assured shareholders there would be production in March 2023, then again in April 2023, assurances again that they would meet the production targets in June 2023, then again in November 2023, then again in Ferbruary 2023 without needing the extra day. The plant has issues with "control systems" those same control systems issues were identified nearly a year ago and supposedly resolved. I stand by my comment that GR hasn't achieved anything to date, he has a litany of failures which are plain to see despite all being on the "cusp" of becoming revenue generating. Being on the cusp of achieving and not achieving is not a sign of accomplishment, it's a sign of consistent failure to achieve. Nothing has changed, as with everything else in PREMs history George has thrown placing after placing after placing at projects and delivered precisely nothing. Zulu to date is absolutely no different to all the other projects. Every purchase George has made was a resource with potential, none of which he was capable of realising.
Those are the facts and they are indisputable.
Wullie, I have no moral issues with people not buying or selling based on my opinion, it's their choice to do so, as it's their choice to buy or hold based on the telegrampers etc viewpoint. I am happy that they have chosen to make their decision armed with the knowledge that there are inherent risks associated with owning (or not owning) PREM shares.
Nelly, how many shares does one need to hold to be invested? I "invest" what I'm prepared to lose in any company. I have previously been "invested" with a whole lot more, probably more than you, and sold out on the rise to 1p, knowing that George, as usual would fùck things up and I was proven right to do so.
Clueless, there are indeed far too many on here with their own agendas, which way are you trying to prod the SP? It's very sickening to see the endless pumping of this stock by the likes of you, Snowking and the rest of the telegrampers with your endless predictions of pie in the sky high valuations and talk of Tantalum saving the day, Zulu being sold, valuations of 0.8p on production (Snowking last week) persuades people to buy into PREM and these predictions have cost a lot of people a lot of money. As a collective you've encouraged people to invest inheritances, take out loans, max credit cards, have been unsympathetic to people who have considered self harm because of their losses here. You're the ones with an agenda and it's extremely sickening.
People should indeed be aware that the more you people post, they prod you in their direction to fulfill their agenda.
I post my opinion and whilst it's not the positive opinion you want to here, it's factual and has so far been proven very accurate. An accurate proven opinion is one I would value any day over wild speculation of life changing wealth coming from an AIM share with a CEO that hasn't achieved anything since he's been in charge other than to keep being paid, help out his mates and dilute shareholders. When I first bought PREM I think there was less than a billion shares in issue. Now circa 27 billion with no doubt several billions more to come.
People that know little about PREM or those new to the markets need to understand that every share has a downside and a risk element. Those downsides and risks need to be shared rather than the endless positivity being promoted by certain individuals here and most definitely in the telegramp group
Dazed I have emailed George and have not had satisfactory answers to my questions.
My ALGW investment is doing just fine, thanks for asking.
Billybob I am invested here and clearly know a great deal more about my investment than you know about yours
Beancounting, the $800 cost is an unverified internal estimate, it could be more, it could be less. Until Zulu is actually producing a grade they can sell it's irrelevant. PREM have little or no cash left. $50k a day on mining plus other costs is a whole lot of cash to be hemorrhaging when you have no income.
What happened to all the ore they mined when the plant was shut down? George said in the interview last week that there wasn't a lot left to put through the plant.
Mining costs explained about 12 minutes into the video.
https://youtu.be/moA12YgF8fQ?si=sE9Eq4w0H6XYXVHW
Billybob99 you really should know more about the company you're invested in. George has clearly stated that the mining costs are approx $10 per bench cubic metre and they're mining approximately 5000 cubic metres per day, the maths is simple, $10 x 5000 = $50000
Well here we are nearly a week after the "production" RNS, no grades (shouldn't they have been back from the onsite lab over the weekend?), no notice that sensors installed where they should be or pH monitors adjusted, no actual product produced. Goddard back on site costing $50k a day PREM don't have.
Wolframite, I can assure you I won't be adding any more PREM shares to my portfolio any time soon, or at any time GR remains as CEO.
Just caught up with things. Watched the 2 videos and read the comments here and in the telegramp group.
The interviews didn't instil any confidence that the required grades will be produced any time soon, he more or less stated that he doesn't belive that Stark are capable of remedying the current issues. The interview also contradicted the rns making things out to be less serious. The rns stated " instrumentation related to pH measurement does not cover all plant components that need to be monitored and the reagent dosing system is unable to adjust pH to design specifications." yet in the interview he just mentioned the dosing issue which he believed was a relatively quick fix. The plant requires the installation of additional sensors which I would guess they wouldn't have on site as part of the spares store, or certainly not enough to cover the additional parts of the plant.
Snowking and others talk of this amazing deal on the profit share of Hydroxide sales. How good is this deal? I've not seen any details anywhere other than the fact it exists. This deal will most certainly be weighted heavily in Canmax favour, it's not going to be a 50:50 split, more like a 90:10 at best in Canmax favour. It's not going to be the saviour of PREM, unverified production costs with SC6 prices at current levels aren't profitable for the company. What happened to all that ore that they were mining when the plant was shut down waiting for the mill? George said they've not got much left but contractors back on site today back costing $50k a day. I wonder if the break they took was because they hadn't been paid, I recall reading an article that quoted a source as saying they were not being paid and some had downed tools. Now we know what the big chunk of the last placing went on, Goddards wanted their payment in cash!! Mug punters will buy into the story and Snowking, Deadeye and Noels rhetoric, but I don't envisage anything good happening soon that will benefit shareholders. George is allegedly in Canada, that's the wrong hemisphere for the CEO of a mining company to be in when he has a plant with issues and a contractor he doesn't trust. No doubt he thought no point being at Fort Rixon as nothings going to happen, instead I can have a nice trip in first class and 5* hotel, meals and all the wine I can drink on expenses.
Crowfoot, I doubt anyone would be interested in making a margin call against a zero leveraged single share holding. I'm sure I could handle it though, might find a penny in an old purse or bag set aside for the charity shop