Member Info for Martinigirl

Real Talk nothing I say here will make a blind bit of difference to the SP, at this time I have no desire to "get in" at any price, as I see it the SP is staying around these levels until the next placing when it will drop further after which it will drop again on the news that PREM have failed to ship any product by the November deadline and do not expect to produce SC6 until late Q1 2024 and that cashflow is once again an issue

Acker there's more than one seller, likely Snowking and the Pandora telegram group who some are saying are excited right now. Too right they're excited, they're creaming off their 12% on the placing, leaving mug punters holding shares that won't be worth the 0.4 or more they're paying for them in a few days but Snowking etc al don't care because they've got their money. Anyone so naive to believe what they're being told in the telegram and whatsapp groups should really take a step back and look at the wider bigger picture here. There's a lot more work that needs to be done before the plant can be started again, then tested and adjusted and tested and adjusted several more times. November production is a pipe dream. Q1 2024 earliest at best with a placing to pay back George and keep the lights on in the 0.27 range is my best guess but certainly below the previous 0.35. Snowking and friends will be buying into that one too

George will get his loan repayment when he can get 10 or 20 million more shares than he sold and probably just prior to the next placing, he won't want to risk not having the headroom to get his money back.

Iky, the civil have been completed, mill needs installing and testing

Clueless it all depends on if the money lasts. Given what we already know, the loan wasn't enough to cover their accrued debts so needed some of the initial placing money as well. That was allegedly enough to get yhem into production by November so they're burning through 1mn plus a month whilst the plant isnt running. Come 31st November if no shipments of SC6 then they'll start paying $1.5mn a month back to canmax on top of cashburn, the monies raised won't last long so I guess people do care if they're producing in Q4 or Q1 as the costs increase significantly. I agree with Acker and don't expect to see any volume of production this year. GR might try an blag an increase in SP by getting the plant running and a dozen bags of SC6 produces to try and get another placing away before he announces further issues and delays

If he spent the £12mn on the plant build then the cost overrun was close to 50%. No DFS coming anytime soon then as there's most definitely no money in the coffers to pay for it and not enough headroom to raise enough.

Acker they were given circa $34 million to build a plant and then there was a placing for £12 million comlleted on 29th March 2022 to complete the DFS, what happened to that money?

Can someone remind me what George did with the money he raised for the DFS?

What's in the ground is worthless until its out of the ground and processed into a saleable product.

Making Cash, a very nice piece of kit indeed, time to source to do civil, deliver, install, test, adjust etc will be a lot longer than the time PREM have to get into production. More smoke and mirrors from George, I'm surprised he hasn't started dangling the Circum carrot yet, he's running out of options

Devil's advocate a matter of time is very apt and for PREM that time is rapidly running out. Too many problems and not enough solutions ghat can be applied in time

Elliseblow that's an arbitrary figure used to calculate the percentage of Zulu Canmax will own when PREM have used all the headroom to issue shares in paying back George, the contractors and $1.5mn a month to Canmax. Unfortunately for PREM Canmax will never get to that option in 2025 as PREM will have exhausted all their cash reserves and ability to raise any further funds and will likely be insolvent before the end of Q1 2024. Unless of course they can miraculously get Zulu into production in the next 8 weeks, which is highly unlikely and every day closer to November without production will see the SP drop.

If I'm right George will want to raise again soon whilst the SP is as high as it currently is. I think next week it will drop down to the 0.35 level, possibly further as the first placing shares continue to be sold. I've no doubt Snowking will be back at some point with a cryptic message about incoming news so he can get his placing shares sold at a profit and Marcus will be telling us about how Saint George is doing a great job in China. I watched the latest Stockbox interview today, the guy doing the interviews just can't help himself with the leading questions and confirmation bias. George didn't look at all comfortable. Goings on at Zulu are definitely not as good as PREM would have you believe.

Marcus PREM do not have 12 weeks to ship the first 1000t they have 8 weeks. The 15th August RNS makes it clear that the 1st November is the deadline for shipments to commence.

"Settlement of the Advance Purchase Amount should commence no later than 1 November 2023 at a minimum rate of 1,000 tonnes per month on a rolling average basis plus or minus 10%"

Or perhaps some of us are actually capable of reading what's written in an RNS. Who amongst you argued with me about the use of the words "have been used" in the loan RNS, turns out I was right. Who wants to argue about the use of the words "funds remaining" from the current RNS.

PREM are hemorrhaging cash like there's no tomorrow and for a plant that's not currently running that has to be a major concern

Iky of PREM become insolvent yhe value of assets is calculated at pennies in the pound not what's been agreed, that 200 million could easily become 20 or 30 million which strangely enough is roughly what the prepayment amount was

MAJW, the interesting part about what you've quoted is that Canmax can demand repayment in cash, cash which they'll not likely have if they can't get into production by 1st November.

As for my ALGW investment, I'm sitting on a reasonable profit right now having an average of 1.18 and just over 12 million shares so hardly a failed investment

I didn't say bust I said insolvent and I stand by that statement.

It tells me that Canmax are giving GR a chance to do something he has failed to do on every project he has overseen for PREM and get a profitable producing mine working, it also give PREM enough cash to give them $1.5mn a month from November when it all goes tits up at which point its highly likely they'll make a bid for PREM and get zulu for peanuts

Johnny, the first placing rns clearly stated this would see the company through to expected production therefore be enough money to last until 1st November.

The second placing rns states that the funds from this placing plus what's left of the placing 3 days prior will be enough to see them to expected production (minus the cost of a new ball mill and thickener so probably circa £2mn for the mill and thickener)

So what was £5.7mn to see them through to November is now £8.7mn give or take the costs of ball mill and thickener.

So I'll ask again what's the cash burn for a non running plant that couldn't make £5.7mn last 8 weeks?

Acker read the rns again:

"The Subscription, together with the Placing FUNDS (as announced on 25 August 2023) FUNDS REMAINING"

they've used the word funds twice, but it clearly says remaining as in what's left over.

Johnny to address your question you used the words "problem THEY had" if you're directing at point to an individual one should use the word "YOU" otherwise your post can be interpreted as a problem THEY (the company had)