Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Lloydy that valuation for Zulu is irrelevant, it will not get to the long stop date. PREM is in dire need of cash right now, cash that GR is only going to be able to get via an EGM and placings. The plant is a cluster fùck and needs more money throwing at it to now at best produce SC6 the mythical technical grade can't even be produced in the lab from what was allegedly the best ore they've mined.
I wouldn't be surprised if Canmax turned round and said they're just going to take Zulu in lieu of the prepayment and monies owed, leaving George and PREM with no cash, an EPO with a rapidly expiring licence and even if they could get it renewed no cash to explore it. As far as I see it this is potentially the final nail in the PREM coffin unless George can pull a miracle out of the bag for future funding. He has mismanaged this project from the first day he decided not to go with the recommendations of the scoping study and brought in Stark. He thought he could do it on the cheap, failed with his oversight and misled shareholders into believing he knew what he was doing, too many false promises and false "expectations"
My 0.24 sp expectstion at cop tomorrow might be a little optimistic. Not even Snowking could spin this into anything positive outside of the preferati telegrampers group, but even they're struggling with some having come to the realisation they've been duped.
Let's decode this RNS shall we:
1. "The plant is now running, and concentrates are being produced from both Mica and Spodumene flotation sections. Analysis of the concentrates is underway"
We've turned it on, it's making something but we don't know what it is
2. "Several issues need attention by the plant contractors that are affecting both quantity and quality of production"
We've found more stuff wrong with the plant than we told you about in the last RNS
3. " Most important is that instrumentation related to pH measurement does not cover all plant components that need to be monitored"
We've had this built for god knows how long but have only just realised we didn't build a plant fit for purpose.
4. "6.1% Li2O is potentially achievable from current ROM ore."
Our lab has anysed the cherry picked samples again and if we're lucky we can get 6.1% not the technical grade that will make us profitable
4. "Premier believes that we are getting there. Not as quickly as Premier had hoped and with more unnecessary remedial issues than Premier had anticipated."
Premier believes that the Elves will come out at night over the next few weeks and fix everything that's broken or not been installed. They'll get it working because Stark certainly cannot.
5. "Further updates will follow"
I'll be calling for an EGM as we have now run out of money and need to add about 20 billion to the headroom as it would be prudent to do so.
Then we find out if George has done it again! Every time he uses the word "expects" you can pretty much guarantee he doesn't expect that at all. He does seem to enjoy treating shareholders with contempt though, get the telegrampers all excited in interviews, tell them he won't need the extra day, drop an rns about "Minor issues" and additional expectations of continuous running and more communication before the end of the month. The man is a joke and cannot be trusted, time for PREM shareholders to have him removed and get a competent individual in situ that has the knowledge and ability to progress this project to realise its full potential.
Sounds like you're resigned to the fact that the next rns will be the one confirming delay to production due to issues outside of PREMs control.
Despite having had oversight of this project from day 1, George has failed at every single level to manage the build and subsequent attempts at production. He's had far too many chances and despite his best attempts to move on, he just cannot, it's time he was removed and someone more capable to come in and take over for when Zulu comes out of the inevitable care and maintenance phase it's going into with the spod prices as they are. Maybe the next rns will be the reopening of zulu or perhaps some snippet of information on a particular Ethiopian project that has cost the company millions of shareholder dilution what was earmarked for other projects. Who knows, I'm sure there'll be a dangled carrot though
Wolframite the information this BB needs to know is information that I need not regurgitate as it seems the whole world, aside from one or two susceptible individuals, has realised that George is back to form.
Plus ça change, plus c'est la même chose
Lloydyboy, that's not strictly true now is it? You're just regurgitating the biased speculation from the telegramp group and Lionsworld is confirming the same biased rumour. What you're forgetting or not mentioning (conveniently) is that the Friday interview was reviewed and approved by the NOMAD, as all of the interviews are, hence why they're not done live and often delayed for release as require editing. Last live interview GR did, he was hammered and made a fool of himself. This RNS was basically telling everyone to brace for bad news, get it out there early to try and manage expectations. My 0.24 prediction for Friday is looking pretty good right now but I could well have been optimistic and it could be sub 0.2.
I guess you all now know that when Snowking comes on and talks of 0.8p then it's time to get out because Tony knows it's not going well and is ramping you all in so he can sell. Feel sorry for the mug punters who've been ramped into this rise from Friday and the telegramper members who've believed the hype and been encouraged to take out loans, put in inheritance or buy on credit cards.
Snowking, Noel, Deadeye, Ellis etc should all be ashamed of themselves.
George wouldn't get Zulu producing in February if it had 60 days in the month he's certainly going to need more than the 29 available (despite his claims in the interview)
Back to spelling classes Ellis, it's queue
Gazza, unlike you and most of the rose tinted telegramper group members, I can read and intepret a George Roach rns
There you go, George delivering the bad news as expected. Plant won't be producing in February, if it were then there would be no need for this rns if he planned on providing good news within the next 3 days.
Then sell around 1600 before the day traders get out. Don't be letting Snowking et Al make their money off the back of your buys play them at their own game.
Erebus, it's MARTINI.
Ackers post about the ides of March is highly relevant, for anyone that never studied ancient history, the ides of March whilst famed for its reference in Shakespeares Julius Caesar, the 15th March was considered by the Romans as a tax deadline. PREMs ides isn't a tax deadline but an SC6 or better deadline. The telegramp bandwagon will tell you its all about getting the plant producing, to them and their narrow minded focus that's all about the plant being started.
That ladies and gentlemen is your trade, buy early doors, the mug punters in the telegramp group will keep buying whilst Snowking finds another 20k down the back of the sofa (not the 20k he made selling into the rise on Friday. One should question where he gets all his money from to put such large amounts into PREM on a regular basis when he's uber positive)
Tedious, perhaps, accurate pretty much so.
One should never be invested in a share without being objective, it's all too easy to become passionate about an investment and have a belief that all will be good and you'll be buying that supercar off the back of it. The key is to be objective, look at the facts as they are, what do they tell you? Right now PREM tells me the plant is going to be switched on. George has told me in an interview that he doesn't expect to produce SC6 straight away therefore he's indirectly told me he will have to place at some point. Will be jnteresting to read the posts here when he announces he hasn't produced SC6
0.8p? That's the most ludicrous suggestion I've heard aside from your telegramp groupies with absolutely no idea about how things work should a salenof Zulu occur. Keep pumping the narrative to the group Tony, they'll believe you and you can keep trading in and out, after all as you know that's the only way to make money in PREM you certainly cannot rely on GR to deliver and he most certainly won't be delivering in February or March, producing? Maybe, question is producing what? Unlikely to be SC6 in Q1 after which the money runs out, so question is do you want to be left holding the baby after Snowking has traded his position prior to the inevitable raise or do you do what he does, make vague, somewhat wild predictions to get the punters onboard?
Had dinner with George and Geoffrey recently Tony? You were very bullish and rampy the last time you did and look what happened then, your rampy assertions turned out to be wildly inaccurate, bordering on criminal the way you persuaded people to buy.
Remember folks some people will sell their mother, sister, auntie, granny and favourite pet for their 10% and all at your expense
Snowking, clearly I don't expect PREM to produ e saleable product within the timescales of the questions asked. Do I think they can produce SC6 or better at some point? Yes I certainly do but not without having to raise a significant amount of money to do so,and certainly not with GR at the helm. The company is hemorrhaging cash and the current SC6 pricing and shipping costs is below PREMs (unverified, could be a lot more) internal production costings for the product. Its highly unlikely they'll produce SC6 straight off the bat,it will likely take a lot of time and tweaking to get there. Time and money PREM don't have. The holy grail of the first 1000 tonnes of SC6 and the ultimate nameplate capacity production target will be unattainable in the short term. The PREM disciples are seeing imaginary blown out of all proportion figures based on a plant being turned on and them expecting saleable grades from minute 1. That's not going to happen, you know that, I know that, the whole market knows that.
As I've said before PREM is an easy trade whilst the mug punters believe everything that you, Deadeye etc keep preaching but you already know that don't you?
Ellis, if you're going to behave like a child, I'd suggest that when you get to school on Monday morning you ask teacher for some extra spelling work, particularly on adjectives defined by susceptible to moaning and having a tendency to complain.
RE: Share price prediction for Friday close 1/3/2024Today 15:44
Please copy and paste then vote and post to bb…
Hasiba…..0.6p
TT1981…. 0.49
BillyBobb99…1p
Generator……1.1p
ACKER…..0.32p
Redandy……0.42p
Snowking…….0.58p
Clueless……0.48p
Ralladw…..0.70p
Shinyshiny...0.28
Metalbasher….0.55
Martinigirl....0.24
DBH, as schizophrenic as his posts appear to be Acker has been one of the more realistic posters on this bb for a number of years, he/she/they (my daughter told me off for using the wrong pronoun about her friend today) provide a balanced view which should be welcomed by readers here, I on the other hand have absolutely no faith in GR to deliver but see trading opportunities until he decides to finally retire and bring in a competent mining proven CEO at which point if the economics of the SC6 price are right then I'll become an investor again.
Wullie, you're right to a certain extent in that it is indeed decision time. Depending on what you class as a long term holder determines if their in profit, somebody who bought a mere 12 months ago is likely sitting on a significant loss. The interview today was very bullish but I'm still not convinced that PREM will produce saleable grades in Q1 or even H1. Some of the things he said just don't quite ring true, too many variables that need to come together in concert to convince me that Zulu will come good and provide the right quantities and grades within the expected timescales. What's scary is that members of the telegramp group are going all in with pensions and loans some even wanting to buy on credit cards and being encouraged to do so by the preferati of the group. Absolute madness!!
The content of the interview was released to the group prior to broadcast at about 0740 this morning (I don't know if it was public before then) so for clarity I could see a great opportunity for a trade and took it with a nice high 4 figure profit banked by 15:30. The only way you'll make money on PREM is with a trade, you can pretty much guarantee the George Greville Roach will let you down if you decide to hold longer than 08:00 to 16:30 on any given trading day
The article Acker has alluded to is exactly the sort of thing that PREM shareholders need to know about, if the price of SC6 does indeed drop to $650 then it will not be economical in the slightest for Zulu to continue in production. At current $910 its unlikely PREM can profit from SC6 with $800 (unverified, could be higher) production cost esrimates plus $152 shipping costs then PREM are out of pocket by $42 per tonne multiply that by the targeted initial 1000 tonnes per month that's $42k or the 4000 tonnes that's $168k, those kind of losses are unsustainable long term and with PREM cash position they're not looking favourable short term unless GR can get some cash to cover them in the hope prices go up over the remainder of the year. How he will do that, I think we all know.
The key for PREM is for Zulu to produce the mythical "technical grade" in real world conditions, if that is going to happen, it certainly won't happen in the first few weeks of production, possibly even first few months of production given the inability of the plant suppliers to remedy the issues over the last year.
Will Zulu go the way of RHA? Care and maintenance costs would be minimal and they could focus attentions and monies elsewhere. Whatever happens you can rest assured GR will continue to draw his salary and raise funds at each opportunity to ensure he gets paid.
DrP he'll get his shares back one way or another, if the SP is below his average selling price when he wants them back he'll get more than he sold, claiming that he needs the full value of his loan returned (minus interest to appear beneficial to shareholders), if the SP is greater than his average selling price then he'll want all the shares back (claiming he would be out of pocket had he not made the loan), if he's not paid in shares he gets a whopping 8% interest on the loan from the very dubious selling of his shares so again he's not out of pocket and gets a healthy cash bonus. George is thinking about himself. To me this rns was the precursor to the call for an EGM and a request for a headroom increase. He's got just about enough cash to last him 2 or 3 weeks at most, I believe 2 weeks requires for an EGM so I'm thinking the EGM call will come this week. As I've said before how much headroom he asks for will determine his level of confidence in attaining saleable production at volume. Anything more than 3 billion would suggest he has "every confidence" they'll not achieve production and delivery targets. Anyone for an EGM call tomorrow? My guess is definitely this week as time constraints and definite cash constraints have put him jnder significant pressure.