Member Info for Martinigirl

Alert I know this because George has told you the sorters don't worn, he stated it clearly. Do you honestly think the plant can produce the requires volumes without the automation? He also told you the money for the secondary flotation plant has been spent elsewhere in the recent interview. Where's he getting the 250k he needs to pay for it?

Keep wearing those rose tinted glasses, eventually the view will become more realistic, will it be too late to salvage your investment?

These are the types of suggestive posts you, Noel, Deadeye etc used in your telegram group to attempt to manipulate those disciples who believed everything you said, those dinners with George those little what if statements. Nobody with any sense is falling for it now, you trade your position to the detriment of others, nobody should believe you now. What you're doing is shameful and not befitting of a person of your standing in society.

Snowking, none of that makes any difference to PREMs current situation. They aren't producing a product they can sell. They have front end issues with the plant sorters that will take weeks or potentially months to resolve depending on finances and availability of replacements, there are still tweaks to be done with the flotation and the purchase of the secondary flotation plant is in question as they do not currently have the money to pay for it.

Spod could get back to $2400 tomorrow and PREM still won't be generating any revenue, or ot could drop to $50 and PREM still won't be generating any revenue.

Until this plant is producing at grade and volume then the SC6 price is completely irrelevant, and the chances of this plant producing any saleable product in volume any time soon is pretty remote. If it happens at all it won't be this year, sorters are expensive as are secondary flotation plants and George has committed the money elsewhere so cannot pay for either of these.

Https://premierafricanminerals.com/component/rsfiles/download?path=Technical%2BReports%252F2017%2BZulu%2BLithium%2BProject%2BScoping%2BStudy%2B-%2BBara%2BConsulting.pdf

I suspect that PREM don't have any legal grounds to seek action against Stark. PREM contracted Stark to supply a plant that would do a job based on specifications provided by PREM. Stark supplied and built a plant to those criteria that was agreed by PREM. The statute of limitations in Zimbabwe is limited ton3 years for faulty equipment and 6 years for breach of contract. Are the sorters faulty? No they do their job but aren't suited to the ore body. Is that Starks fault or PREM? Remember when the initial scoping study was done all those years ago, the recommendations based on the ore body were very different but George chose to go down the Stark route and have a plant built that didn't conform to the recommendations from the scoping study because it was cheap. Stark supplied and built a plant to George's requirements, he alone chowe to ignore the recommendations of the scoping study and is now in the situation where they have a plant that cannot and will not meet the Glencore requirements as per the LOI. He cannot blame Stark, PREM accepted the proposals and agreed to the plant design.

The price of SC6 is irrelevant at this time as Zulu isn't producing, and cannot produce in volume due to the front end issues that despite knowing about for 18 months George has chosen to do nothing to remedy them, other than commission a report to tell him they don't work.

Any action against Stark would likely take years, cost way too much to be viable, so is a non starter.

Hasiba what huge assets would those be that you speak of? The Zulu claim isn't particularly large, the remaining PREM assets have a mere nominal value at this time and that's unlikely to change in the short to medium term

Shipit, Canmax aren't paying for anything. The responsibility to pay the OEMs etc for the test runs lies solely with PREM and ultimately it's shareholders when George next raises funds to cover the mounting expense.

Ok Anunnaki, then can you please explain this gloating post from 31st July

"Acker, well how do you explain me taking 3 trades in Premier African Minerals since the 13th March and nearly doubling my money on all 3 trades, do you think I am guessing?"

We're you guessing dis you double up on all 3 trades or are you being economical with the truth?

Anunnaki, you cannot accurately chart PREM, it's too driven on news and sentiment and is way too volatile. You yourself have admitted as much in recent posts:

"yes I did sell my shares I am trying not to get trapped in a volatile stock"

"I am trying not to risk my funds unnecessarily, depending on the news I will be back in Prem shaers by the end of the week."

Yet you also believe that the chart is primed for a rise. Which is it? Are you trading on the sentiment and not buying because you're scared of getting locked in at the next big drop or awaiting news? Or do you not believe in your charts?

Mugwump,there is no manipulation, the share price is down be cause the reality is there have been significantly more sells than buys. The data you're seeing is the LSE algorithm "guessing" if a trade is a buy or sell based solely on the spread and it's highly inaccurate.

Apologies Acker, didn't mention Tantalum as it's not relevant at the moment, merely the carrot that George likes to dangle. The introduction of a Tantalum circuit, whilst it could be potentially beneficial, would take time and would still require the issues with the sorters to be rectified so it's a non runner as far as I see it at this time

As promised my thoughts on the RNS releases and interviews.

RNS

They've managed to produce saleable product, however, despite extensive test work by the OEMover the last year or more, the introduction of the new float cells and reagents, the product is contaminated and the grade lower than that which was produced by the plant around a year ago.

Is the issue with the plant or the ore body itself?

The problem with the sorters was identified over a year ago (May 8th 2024 RNS), George informed the market that the suppliers had been instructed to remedy the issues, subsequently during fundraising, money was to be utilised to rectify the sorters and magnetic separator. It would appear that no funding has been allocated for these problems and the supplier has failed to rectify the issues. There is a potential workaround but it is a short term temporary solution.

If PREM manage to sort out the issues with product contamination and grade, with the set up as it currently is (with the workaround) can they consistently produce sufficient quantity to satisfy the terms required under the LOI?

Secondary flotation plant was previously identified as being necessary no matter what happened, George clearly stated in the interview that the company is committed to buying the equipment, yet in this RNS he suggests it may not be needed. Is it more a case of the company have used the funds for the secondary unit elsewhere, perhaps to pay for this second test run?

The one issue that nobody can ignore is funding. It's apparant that they have next to no money (if any at all) left. George has headroom, but hasn't used it, why? He's never been shy of coming to the markets in the past? Is it because Canmax aren't allowing him to use the headroom now? Are they slowly revealing their hand? Allow George to fail and enforce the terms of the prepayment agreement? Suppliers and contractors must also be becoming concerned about the financial situation and may be taking steps to secure the monies owed to them. Any legal action against the company has the potential to invalidate the offtake agreement (if successful)

These test runs seem to be revealing more and more problems, problems which will require significant capital investment. Capital PREM doesn't have and it would appear will not be able to raise.

The share consolidation must take place before the end of this month and that news could land at any time, I would expect that to be coincident with a call for an EGM with a single agenda item to increase the available headroom equivalent to around £15 to £20 million in order to pay all the outstanding debts, give George his money back from the loan and provide sufficient working capital to try and sort out the plant before the expiry of the prepayment agreement. The LOI will most likely be extended as Glencore have nothing to lose by giving PREM more time

Hasiba,if you had listened to that suggestion at the time would you be in a better or worse position than you are now?

Urbanracer, Anunnaki doesn't hold any shares either, therefore by your logic their presence here is also borderline disruptive and their posts shouldn't carry any weight.

Wow, I get back after 3 weeks sailing around the Greek islands and this company is in a worsenstate than when it was back then. I've still got plenty of posts here to read through and interviews to watch but will make a detailed post in the morning. It's certainly not going to be a good analysis.

Shark, I'd suggest you look again at AIM rule 11 and MAR article 17 before making such an inaccurate statement.

I'd be shocked if George hasn't taken advantage of the rise in share price and hasn't put a raise in place over the weekend for the remaining headroom at around 0.018, this might be enough to cover the outstanding OEM costs and pay the remaining costs for the secondary float plant. The required ongoing testing will need to be funded from the post consolidation AGM headroom so won't be happening before September.

Funding is the key issue, no matter what anyone says, if you can't pay for it to be fixed then it won't be fixed and PREM still has no money to pay for the fixes.

 

The first question that needs to be asked is why not wait until 7am on Monday to release the RNS? The fanboys think it's all good news and have spent the weekend gloating about potential rises on Monday and how wrong those of us with a more pragmatic viewpoint are wrong. I'd suggest that the sole reason for releasing this RNS at 17:00 on a Friday is so that George and the team can spend the weekend organising a placing for the remaining headroom he has left.

Now on to the interpretation of the RNS, it's clearly not good news, the highlight on which the emphasis is placed is positive in terms of progress but doesn't resolve the issues the plant still faces and as good as tells the market that it still doesn't work.

"with particular reference to the spodumene float section" tells you that this particular part now works as it should.

But then goes on with "identify other areas not yet fully optimised" telling you that there's still issues elsewhere within the plant that require work.

It then goes on to say "and the amenability to spodumene concentrate recovery through floatation." Meaning they still cannot recover at sufficient levels to satisfy the requirement of the LOI.

We then move on to the real key statement in the RNS that the fanboys won't refer to:

"........previous experienced poor recoveries and grade. At this time, we believe that certain operational changes...... and some contamination issues." So what he's saying there is that the plant still cannot produce in volume and requires work and that the product produced in the test run is still contaminated.

"........the OEM should continue with this test programme for a further five-day test run.......The start date of next five-day programme is currently being agreed between Premier and the OEM, however the intention is to action the test run as soon as possible." George is clear here in his statement that the plant still doesn't work, requires significantly more testing that he needs to pay for and is in discussion about paying them going forwards.

It's great that the flotation circuit can do what it's supposed to do now with the modifications but the clear elephant in the room is financing, the OEM is unlikely to go forward with further testing until confirmed financing is in place. No mention of the secondary float plant (which still hasn't been paid for).

All in all this points to a closure of the plant once again until finance is secured to pay for the additional required test work. How much that will be is unknown, but the RNS on 19th May stated that the costs for this recent 5 day test run were expected to be $885,122.99 so I would expect the required additional testing to be in excess of $500k.

The most recent raise announced on 11th June didn't raise enough to fully cover the costs foe this recent test run along with everything it claimed to be used for therefore it's reasonable to believe that he still owes the OEM for this run and they won't commit to the additi

I appreciate it's been mentioned below, but I've said it many times before, a PREM RNS shouldn't be taken at face value as many here seem to be doing. There's a lot of clever language used and certain nuance that needs to be taken into account that tells you a whole lot more than the actual wording itself.

George is a master of telling the market what he wants to tell, whilst subtly revealing what he doesn't want to tell but really should be telling and can get away with it should he be challenged. It's remarkable that uou guys cannot see what's exactly staring you in the face and are mesmerised by the highlights he's putting in there. I'll post my translation tomorrow but it will be lost in the hysteria of the fanboys who will refuse to discuss which is a shame as it might justbsave someone who bought 68 million shares today believing theyll be rich next week instead of 30% or 40% down when the next RNS lands

Ballymena, a succinct and accurate summary as to the current state of affairs.

The secondary flotation plant hasn't been paid for and will cost $500k as per the RNS from the company on 19th May.

That same RNS quotes "Costs associated with plant readiness and test running. Reagent assessments." of $ 885,122.99 which I presume includes the costs of the recent test.

Perhaps one of the company supporters can provide me with some logical reason as to how PREM can cover these costs along with everything else George claimed to be using all his money for.

My A Level maths is clearly not good enough to.make the figures work, perhaps someone with a doctorate in spin can manage to manipulate the figures to be credible. Otherwise it's not looking particularly favourable for the company and it's ability to survive no matter who is running the show be it George or Graham. Although I expect Graham will be renewing his Universal Credit claim soon enough once he's mastered the kettle and sees exactly what a mess lies in front of him.