Member Info for Martinigirl

@shark41 there's clearly no hope for you, I'd suggest you do some more reading before investing any further monies. You clearly have no idea

@shark41 no they're not! Anyone who knows anything about the markets has seen or participated in placings that were conducted at a premium

Sharebel, additionally, you couldn't get the borrow to short PREM and I would point out that perhaps when the plant doesn't produce on time or the next excuse from GR or indeed to placing happens, then those with a misguided devotion to everything that George or the Pandora group say deserve all that they get.

I wish no ill to anyone (other than my ex husband) but for gods sake wake up and look objectively at the stories you're being told. Have a balanced view and think about what everyone here is saying. Whether you like it or not the contrary view to investing in PREM right now have a compelling case.

Sharebel, I've spent my Sunday how any day should be spent, doing what I want to do, I had a nice breakfast, went to church, watched the lionesses lose to a better team (albeit a different result may have happened should a better referee have been appointed), I washed and polished my car, did some washing, cooked and ate dinner and now I'm relaxing posting on here in between sips of a rather nice sauvignon blanc.

The big bile of steaming fake fud you speak of comes from Mr Roach, you and anyone else who has seen his videos cannot disagree that he has lied and misled shareholders.

The RNS clearly stated that the loan monies HAVE been used, a very deliberate use of a word at the end of an RNS that nobody usually bothers to read. You are deluded if you believe that a placing isn't coming, it's obvious to anyone with half a brain that there will be a raise and it WILL be at a discount.

Johnny, the only case for investing in PREM is Zulu and the EPO, we know there's Lithium and other valuable minerals there, how much we don't know but its potentially worth billions and if it can be got out of the ground and processed to the right grades then it's a no brainer of an investment and will make a lot of money. Anyone invested previously (myself included) bought in because of that potential and our belief that not even George could mess it up this time! I was first drawn to PREM in 2017 when RHA was going to be the making of the company, I saw videos of bags of tungsten and a magical sorter that flicked bits of stone aside with puffs of air whilst the tungsten went into the processing section. Unfortunately those bags of tungsten, much like the current bags of spodumene weren't saleable and we all know what happend with RHA. George clearly hasn't learned from the RHA experience, he has misled shareholders on countless occasions with blatant lies on camera, he's admitted he doesn't know what's happening on site and his actions with the loan are bordering on if not illegal mo matter what confusion there is over dates, shares were either sold or passed to a third party for sale long before any agreement about the loan or announcement was made to the market.

Johnnypc, the rns doesn't confirm that, my statement was that it was "likely" however having reread the rns I am mistaken as the original terms still apply with the new changes.

That said, the rest of my post is valid and even more important to determine the relationship with Canmax as when the placing happens Canmax will have the first refusal of any placing shares to maintain their percentage holding for the offtake agreement. Will they take the option? If they so then all is good with the relationship. If they don't then they have another agenda which I think can be understood through the repayment requirements should there be no supply by November and onwards thereafter.

Shark41 he also said that there were a number of interested parties (who he didn't want to name but alluded that they were major players) who wanted to invest and take over from Canmax, those "players" never materialised and Another deal that is unfavourable to PREM was done with Canmax. Did those "players" exist, do these alleged parties exist? If they do my guess is they've approached him willing to stump up cash in the upcoming discounted placing. PREM are in dire straits, GR is a pathological liar and has misled everybody including those in the telegram Pandora group or whatever they are. I wouldn't be surprised if those people haven't been selling getting some cash ready for the placing.

Zulu is in a mess, the rod mill (if its suitable) won't be installed until the Autumn then they've got to test, adjust, optimise etc. November is only 9 weeks away (give or take) and looking at how long it's taken to get to where things are right now, 9 weeks isn't going to be anywhere near long enough to get Zulu into production, then factor in the upcoming inclement weather season (George does like to blame the weather when things go wrong), I don't envisage any meaningful production before Q1 2024 so George will need even more cash before then. Those 5bn shares (minus his loan payback) won't last too long. Maybe GR and the board can forego salary etc until Zulu is in production. Perhaps someone from the Pandora group could suggest that, that would be a show of faith in the project and reduce the cash burn.

The misguided optimism on here is hilarious to read. The money from George has been spent already. He has made it abundantly clear they do not have enough money to see them through to October. He is going to need cash and soon.

A discounted placing is inevitable, this will reveal a great deal about the relationship with Canmax, given the new offtake agreement it's likely that they no longer require to maintain a certain percentage holding in PREM any longer, so will not need to take part in the placing. Could the larger sells be Canmax offloading their PREM shares? They've no reason to keep them anymore and by selling down puts added pressure on the share price and George's ability to raise. If I were invested here and had a profit or a small loss I'd be getting the hell out. The signs here are blatantly obvious, the SP will drop to below the placing price and if Canmax are indeed selling then it's only going to get worse.

I am out, as I had previously stated, however that doesn't mean I don't have a moral compass

Wullie you're right on one count, Canmax know there's money underground and they want to get it. If that means getting Zulu cheap after PREM go bust even better for them. On the other count I'd change "nobody's" to "is a"

They've got about 4 months to get Zulu into producing SC6 or the game is up. Given their current and historical track record I'd be surprised if they get the rod mill working in that time. I've no doubt George will be doing more interviews and saying it's all Starks fault and their guidance but ultimately the buck stops with George and quite frankly any CEO that openly claims he doesn't know what's happening on site shouldn't be in a CEO position

Stinky my point is quit clear, despite the agreement allowing Canmax to potentially obtain circa 17% of Zulu by 2025, PREM have neither the cash nor the headroom to issue sufficient shares to provide working capital beyond the end of 2023 or end of Q1 2024 at the latest, at which point they become insolvent.

PAS Canmax are onboard to the extent that they have provided PREM a small window of opportunity to get Zulu into production at a significantly reduced rate. If PREM fail to produce at that reduced rate then the cost to PREM will be significant in terms of increased interest rates and a requirement to pay large cash sums to Canmax (they will imho not elect to take PREM shares and GR won't have the headroom to pay them in shares). Canmax are setting themselves up to take Zulu and or PREM should George fail to deliver. George cannot afford to miss this next deadline, his placing headroom likely won't be enough to keep PREM in business beyond the end of 2023. Mark my words they are not being supportive of PREM, they have seen a new opportunity that gives them a win win situation, they get the SC6 or they get Zulu cheap. Its down to George now, I for one don't trust him to deliver or believe he is capable of delivering. His actions over this loan have proven him to be an untrustworthy individual. I await the imminent (and not GR imminent) placing rns and will await the next delay and FM rns (GR will want to try and get out of the repayments when the issues materialise)

Malvern the rns states " total proceeds received under the terms of the Facility have been used for general working capital purposes and to meet the ongoing operational costs at the Zulu Lithium and Tantalum Project."

Note the use of the word "HAVE" so they've used it to pay off any accrued debts to date and have a bit left which George has clearly said won't last until production. Once again they're cash constrained and will need to raise additional capital to get to production (whenever that may be)

Absolutely disgraceful behaviour from George Roach, he has sold these shares prior to any agreement on the loan facility, prior to notifying shareholders that he would be providing the loan facility. He and / or PREM have failed to comply with their duties to inform the market withing the relevant timescales under the Financial Services Act and Market Abuse Regulations. The company have lied to shareholders in the relevant RNS.

The man is not fit to hold the position of CEO and should be removed immediately. I shall be writing to the FCA to request that these trades and announcements to the market be investigated as a potential breach of the act and MAR.

How soon will it be before the placing to give Jim back the 370 million shares plus £20k worth?

The RNS also states "The total proceeds received under the terms of the Facility HAVE been used for general working capital purposes and to meet the ongoing operational costs"

This suggests to me that they've paid off their debts and are now "cash constrained" once again. I suspect the placing announcement could be as soon as today.

Donotpanic I admire your optimism but it will be very easy to buy, GR needs someone to take the 400 million shares off of him and then someone to take the discounted placing shares however many they may be, my guess around 2 billion this time and I'm in agreement with Acker that there will be additional raises down the line. George Roach doesn't like to have any placing headroom left come the end of the year.

Marcuspd George Roach has a legal obligation to announce whenever he buys or sells any shares, so there will be an rns once the sale is completed. We know (unless he has lied) that he is in the process of selling £2 million worth in order to cover short term opex. He has openly stated that this will not be enough to last until first production (if that happens) in October, and he will need to raise further funds in order to keep operations running. That placing will likely be at a discount.

It makes no sense to buy PREM shares right now in the knowledge that 400 million shares are more have to be sold and that a discount placing of up to 5 billion more will happen before October.

Just watched the video. George Roach hasn't exactly covered himself in glory. His response to the question about selling his shares for the loan was bizarre, unless something has changed (which should have been in an RNS) there's no need to answer how he did. Placing inevitable as funds will not last until production, how much will be required? At what discounted price?

I don't believe for one minute that he has had many people interested in investing in Prem, unless of course he's already gone cap in hand to the market to get the placing away ASAP and had a few bottom feeders looking for a big discount

PREM will have to notify the market via RNS once GR has sold the £2 million in shares, its a director dealing and therefore notifiable.

Until that rns is released there's a very large number of shares to hit the market. If you want a bargain probably best to wait for confirmation George has finished selling

It's a given that a placing is coming, in my opinion it will be sooner than the end of October. Prem have been running on fumes since May, possibly before, so the £2 million when it comes won't last too long. I disagree with Snowkings assertion that the worst case scenario is that Canmax get 17% of Prem, worst case is that Canmax get around 20% of Zulu but not for a couple of years, however if Prem is unable to meet its obligations to pay Canmax as agreed then one would have to question the viability of Prem as a company, that is the true worst case scenario. Time to sit back and watch this play out. Lots of potential but massive risk right now with what we know so far.