Member Info for Martinigirl

Coldsteel, just to keep you happy, I do not decamp, I provide an opinion based on my interpretation of the information available at the time of my posts. Additionally I am a shareholdernin the company. So perhaps you should check your facts before posting.

As things stand it's clear that no progress has been made with the plant, all we still know is that after the 2 test runs an unknown amount of an unknown (but saleable) grade of product has been produced. The plant has major front end issues with sorters and the mag sep which will require capital investment, the decision on the secondary float plant is yet to be made (most likely because PREM didn't have the funds to make the required payment). The recent raise has provided some cash but the priority debts will have taken the bulk of that so once again the company finds itself in a cash poor situation requiring a large cash injection to continue operations. Ergo there will be a call for an GM and if the company are to be believed then they should also by now or very shortly be consolidating the shares by a factor of 10 in order to avoid the risk of being unable to raise funds should the share price continue to fall due to lack of progress.

Will they announce the consolidation tomorrow, the last day to file the required paperwork, or have shareholders been "misled" aka lied to by the company. The notes for the AGM stated that "The Board intends to the file the certificate of amendment that will implement the Consolidation as soon as possible following completion of the Annual General Meeting and in any event within three months of the date of this resolution."

As soon as possible is now long gone so we are now left with "in any event within 3 months" so tomorrow is the deadline.

As we all k ow consolidation of shares within the mining, oil and exploration business is never a good thing and suggests that the company is in financial difficulty and is seeking to artificially inflate the share price.

Couple that knowledge with the going concern statement from the auditors stating that there will be a call for an EGM post consolidation to raise additional funds tells you everything you need to know about where the share price is heading and it's most certainly not in an upward trajectory

Hasiba, there are absolutely no liquidity issues with PREM so your assertion has no merit. It's very easy to take a spreadbet position with PREM, just need the correct platform. Ask Snowking.

So you revert yet again to name calling and cannot provide an investment case or any knowledge of the company. I rest my case, you have little to jo knowledge of the company and are here merely to insult and abuse other users

Anunnaki, rather than continually abusing other users you could perhaps provide an investment case for PREM. Are you so insecure of your position that you have to call other users names? You were asked earlier about your thoughts on RHA but failed to answer, I'm intrigued to know your thoughts on the actual position of the company, financial etc rather than your knowledge of 1970s and 1980s comedians and hockney rhyming slang. Tell me what makes PREM a viable investment opportunity not a chart interpretation but on your knowledge of the company, it's assets and potential.

For those claiming you can't short PREM, you can, not in the traditional sense of a short where you borrow the stock, but it's easily possible to take a short position on a spreadbet, just as it is to take a long position which is what I am led to believe Snowking has rather than physical ownership, the bulk of his position is in a spreadbet equivalent to a number of shares he claims to own

I'm not sure why anyone is expecting an RNS confirming George leaving, his departure as CEO and date of exit was previously released so no further announcement is required. As things stand nothing has changed, Zulu has produced an as yet unknown amount of product at a saleable grade, the drop in share price suggests that the amount is in the small side rather than the revenue generating side. The Zulu plant still has major issues which require significant financial investment to resolve in terms of the sorters, the mag sep and the potential need for a secondary float plant that the company have always (until a recent attempt to bump the SP ahead of a raise) claimed they would require.

George has left Graham with a complete mess, a mess that, if it can be sorted will take a lot of time and money. Neither of which PREM has, massive debts that the recent raise don't come near to repaying and ongoing expenses when the plant is running in the $50k a day region.

The company had previously announced its intent to consolidate prior to 6th September, reading the RNS, I'm not convinced they need to actually consolidate before that date, however if they don't then it's yet another in the litany of misleading statements the company would have made.

It would be wise for Graham to ensure the relevant documentation is filed prior to the 6th so that consolidation can go ahead and they can then call the EGM to request the additional headroom to cover debts and working capital going forwards, it's going to be painful for shareholders as the monies needed will amount to close to if not double the current market cap with no guarantees that the plant will achieve production at grade and volume and despite the Glencore position having changed, they will require some consistent numbers at grade before moving forwards.

Fwiw George hasn't gone, he will be back very shortly once the restructuring of the company is announced and they offload RHA etc for free into a private company and shareholders see nothing from that move.

Steward, as negative as they may be, those posters have an understanding of the company that has clearly been lacking from many posters here since the RNS. The new names posting wild predictions that were clearly erroneous or just designed to attempt to trade the share have been very noticeable and hopefully their claims have been ignored by the many, sadly a few will have been suckered in and now be in a position that will be difficult to recover from and I hope that the likes of Jamestrader71, July, Profitjack and Profitjock (surprisingly similar names to appear on the board) can be seen for exactly what they are and anyone new looking in does some actual research before boarding the PREM train.

The journey has been long and is by no means close to a satisfactory end. It's encouraging that some of the major issues at the plant have been resolved but the lack of detailed information is a concern, specifically with regards to what's been produced during the test runs. Acceptable grades is great, but how much has been produced? George once again has been very careful to be just vague enough to get the placing away. That's his style, tell them just enough to get them excited but not enough to make them question. Folks it's time to question. How much have they produced at what average grade over how long? Is it 50 tons over 48 hours, 10kg over 10 hours or just enough for a lab to confirm a grade after 72 hours? Shareholders need to know, vague statements don't allow for an informed investment decision, what they do is allow for the traders such as Jamestrader71, Guly, profitjack and profitjock to attempt to control the narrative within groups such as this. They who shout loudest shall be heard.

Acker, I appreciate your thoughts that Glencore may be looking to take Zulu and it is an option, but a massive risk for an unproven test plant, but for once in my life I find myself in agreement with Hasiba, I just cannot see it happening, there's still too many unresolved issues at the plant that, aside from the sorters and mag sep not being fit for purpose, could be issues with the ore body itself and require a significant capital investment and plant redesign at a significant cost with no guarantees.

The debt as you all know is the major concern and continues to increase on a daily basis. The plant requires significant upgrades in terms of electrification which again will be expensive, until that happens it's costing circa $50k a day in diesel when the plant is running.

Until all the issues are resolved, PREM cannot produce at its internal unverified costs so is unlikely to be profitable or even break even.

Got an early flight tomorrow so off to bed.will address any more of your issues in the morning

Anglebox, PREM have survived on the goodwill.of the creditors. It's well documented that they haven't paid staff since July 2024 (admitted to that fact in the AGM Rns) a company such as PREM cannot be compared to the likes of Thames Water that can get leverage debts to move forwards.

PREM needs to service it's debts, pretty much all of which are bu their own admission priority debts

Bogota I'll refer younagain to the interview, at no point does George say that the product has been sold.

7:02 "I think it's clear there's already some product at at the mine operation that uh that um is saleable is EFECTIVELY sold actually um"

This is why people like you keep buying PREM, uou cannot understand what's being said to you in plain and simple English.

I'd suggest you revisit the interview. At no point does George or Graham say that product is sold. "All but sold" is if I recall the correct statement

And if they cant agree?

Yet another Premming talking themselves into believing something that's not happening

Bogota, product on site hasn't been sold. Where are you getting that ridiculous statement from?

Anglebox, PREM are not a company like Thames Water that generates revenue and can service debt to the point where it can pay dividends. I don't agree with those particular dividend payments and executive bonuses and I'm sure most other people don't wither with the state of the Water network as it is.

George has told you they need to pay the debt. Salaries weren't paid for over a year, neither were contractors and suppliers, Canmax recognised this with the revised offtake agreement and PREM certainly doesn't have the credit facility available that Thames Water would have.

George has told you in the RNS the debts need to be paid, accept that's the case or don't. Companies that pay their bills get credit facilities and can trade using those. PREM historically doesn't meet those criteria and as we all know has been unable to secure alternative credit facilities to attempt to move the plant forwards, so it's unlikely their credit rating is sufficient to get a facility to pay $12 million plus in debts.

You know that already, just have a strange bias in your head that's telling you something different.

That's the problem with the fanboys, they talk themselves into scenarios that just don't exist instead of taking a step back and looking objectively at what's happening.

You and all the others can keep believing those idealistic dream scenarios. When the reality hits you'll say it was all expected and nothing to worry about. It is something to worry about and you know that.

Coldsteel, I'm always unbiased in my postings, I say it how I see it, if I saw a great investment opportunity I'd say so and I have previously stated that Zulu as a resource has massive opportunity but sadly George has failed to deliver on that opportunity and has simply cost lots of people lots of money, all the while taking his salary and fees and even more outrageously taking 1.6 billion shares in loan interest. Will the company be in a better place when he's gone? I don't know but under Graham it may have a chance to turnaround but that will take time and money, neither of which PREM has, money will buy time but will it be enough to sort all of the issues they have?

Alert you're very welcome, always happy to bring some reality to what has been a board of outrageous statements from individuals whom have never posted here before professing ludicrous gains which clearly weren't founded on reality and just their desire to trade the stock. I'm sure they made their trades and got their profits to the detriment of those less understanding of PREM. There's now a whole new group of PREM shareholders sitting on significant losses (to join the already large group) who were ramped in because of a lack of understanding.

Always good to know exactly how much money a company is likely to need, helps you to understand how much you can expect your holding to be devalued when the placing happens. The more accurate the figure you have the easier it is to understand and make an investment decision.

As is usual with a PREM RNS, George is very careful with the language he uses and it's often beneficial to look at what's not been said versus what has been said and ask certain questions which should have been answered in the release but aren't.

So here goes:

"The plant at Zulu has achieved Saleable Concentrate on numerous occasions"

The plant has occasionally achieved saleable grades. We're not telling you how many times, what grades or how much.

"While the operations of the Primary Flotation Plant will involve ongoing optimisation as would normally be expected with any producing plant"

The plant still requires optimisation

"process has moved from a commissioning phase to that of a refining and optimising phase"

The plant still requires optimisation

"Board have elected to postpone this purchase to allow our newly appointed managing director to fully assess the rationale and benefits of proceeding with this."

The secondary float plant is needed but we cannot afford it at the moment. Graham will arrange the placing to finance this.

"the minimum requirements for their purchase of spodumene is Saleable Concentrate."

Suggests that there's more requirements that just a saleable concentrate. Is production of 1Kg of saleable concentrate sufficient to commit? Highly unlikely so there's much more to that statement than has been released.

"Achieving full optimisation and settling outstanding debt will involve securing additional funding"

Probably the only truly accurate statement in the release. They need to pay outstanding debts and acquire sufficient working capital to complete the optimisation works. Outstanding debts as at the time of the AGM were circa $10 million and rising, George's Loan (now requires to be paid in cash) wasn't included so that increases it to $12 million those debts have most likely increased to a conservative $13 million. We know from previous releases what the running costs of the plant are so in order to finance operations until the end of 2025 and pay all outstanding debts (including purchase of the second float plant) PREM will need circa $20 million or around £15 million after costs so £16 million before costs, therefore as it stands at the close price today they'd be looking at a dilution to shareholders of around 73% obviously that increases or decreases as the SP goes down or up.

As for the interview, it's clear Graham wasn't comfortable with what he was saying and George was revealing what George always reveals in these interviews.

Coldsteel, how about a business with unfunded optimism? That's got to be more dangerous

I've been looking at the director loan and there are some issues that need to be addressed in the RNS terms of the repayments. Obviously not party to the full terms of the agreement but those terms that are published suggest that George's interest payments in shares is outside of the agreement and could be challenged. That's a lot of shares, nearly 5 times that he sold for the loan just in interest. For a CEO that's not paying his bills but demanding repayment of loans in shares and diluting shareholders that's got to be a Red flag