Member Info for Martinigirl

The share price today was doing exactly what was expected and falling, then for some reason unbeknown to mankind a TR1 from Canmax confirming that they had elected to take shares in lieu of interest to maintain their percentage holdings in the company spiked a bit of interest.

Take a look at the agreements and that tells you everything you need to know. Materially nothings changed, the plant has done a mechanical test run, the results of which, unsurprisingly haven't been released suggesting that there are issues that need to be resolved ahead of the production test run. Now that's the big problem here, the mechanical tests will have without a doubt revealed some issues, there's no way that a plant that's been shut down for the best part of a year or more won't have any problems when restarted. Those losses will need to be resolved, at a cost, before the test of the new inserts can commence. So can PREM pay for those repairs? Then do they have the $825,122.99 to cover the costs for the manufacturing test. That is a rather precise amount with a 99 cents, shows they're either not telling the truth or being immensely precise with the figures in which case we can clearly see that they do not have the financial capability to cover the required costs for the production test.

George has the capacity to place around 8 billion shares with the discount from the current share price he might just raise enough to cover that test but it's doubtful given all the other priority debts. The new MD will have his work cut out for him without the money he needs.

Iris, I doubt I'll be proven wrong but will be more than happy to say I'm wrong just as I'm sure you'll be willing to say you got it wrong when the placing happens and accept I know a whole lot more about this company and its CEO than you do

Cricket81, you clearly don't know George and PREM. He will place at the earliest opportunity and frankly Im surprised he didn't take the opportunity at yesterday's close, I can only think he was hoping for a further rise today which didn't happen. Anyone that knows this company knows that George cannot resist placing the shares he has the headroom to do so. He's told you all that post consolidation he'll be asking for more headroom so he will seek to utilise the billions he has available. The placing is coming it's just a matter of when and at what discount.

For those questioning my nocturnal status, I post as and when I feel it appropriate, wouldn't waste my time being a dissenting voice amongst the uninformed postings from the new traders.

RickyK, what do you hope to achieve by reporting Ackers posts? What site rules have been breached? Or is it simply because he makes a good point, has excellent knowledge about the company, can read and interpret an RNS and doesn't fall for all the rampy rubbish posted on here for the last few days?

Perhaps counter his assertions with a valid reasoned argument.

Nomadme I've been in a similar situation at sea with the Royal Navy, I'm intrigued though about your story as it doesn't hold muster as you seem to have had signal to determine those 10% up and down scenarios, but you got that signal to do those trades

Sound improbable to me be what do I know

Crikey, I go away for a long weekend and come back to some absolute rubbish.

Irispickles you're clearly showing your ignorance of the company with that statement. George has clearly preciously stated production requirements versus costings to make Zulu break even. As things stand Ackers figures are accurate and should be considered by anyone considering investing.

The fact that the plant has been switched on should in no way have resulted in this rise in the share price, it's bizarre and quite frankly illogical, but typical of PREM whereby news that's now news results in a the lemmings throwing money at the company that they want to lose.

Those PREMMINGS suddenly appear on here voicing opinions that are unfounded in fact and logic, with claims of takeovers at year highs yet the takeover code makes no such circumstance. That same individual claims Glenmore are interested in PREM, who are they? Certainly not GLencore who have no people on site and have no interest in buying PREM shares they've just said they might buy some SC6 if and only if PREM can produce at the required grade and in the required volumes.

Now about that, that's 2 distinct criteria that are required to be met, kne might be with the current test run, but the second certainly won't as:

A) The test run is just that and won't prove production capacity.

B) Front end issues at the plant mean required ore quantity at quality won't go through the plant.

Add in the fact that George has once again run out of cash and still cannot pay the bills or cover the costs for the required test run or the secondary flotation plant then we all know what's incoming and that's a placing for circa 8 billion more shares ahead of a consolidation and and EGM to request shares equivalent to maybe another £15 million against an MCAP of around £13 million so dilution in excess of 100%

Traders will do well out of this until they get caught out, George will do well.out of this with another trip to London on expenses, anyone buying yesterday, today or at any time in the future will most likely lose money, long term.holdrrs are resigned to the fact they'll never see their investment back and yet the likes of Anjnnaki, Wolframite, Bluechip still keep forcing their narrative against all the facts that are available.

Good luck to anyone buying. LEMMINGS are known for a myth of mass suicide, there's a reason why those more knowledgeable of the markets call investors here PREMMINGS

WilliamPrice, I don't recall you having posted here in the past so I guess your one of the new ramp team that appear when you see an opportunity. Km intrigued by your supposed "knowledge" of AIM, which I guess would be guessing a share would rise. True knowledge would revolve around significant and detailed research such as I did with MKA and the delayed news I bought £20k on Monday after the expected news didn't come and what happened on Tuesday? You don't know any more than anyone else and you most certainly know very little about PREM and your assertions are ludicrous.

Surprised George released the accounts on time I did expect him to look at the opportunities that suspension would give him sobfair play for getting them out on time.

That said, they're notngood reading, as expected, but clearly the companybhas achieved nothing other than raise money to allegedly spend on the fixes for the plant but somehow divert those monies elsewhere. Nothing has changed in the accounting period and today we reach the end of the interim period where unsurprisingly nothing has changed. The issues with the sorters and mag sep remain and if you believe everything that George stated in the interview then it's a process to get Zulu to production, he's focusing on the back end but by his own admission there are problems at the front end which they haven't the funds to resolve or even a plan to resolve at the moment.

What all of this tells us is that the proposed inserts, whilst they may work, will not be enough due to the front end issues, if they don't work then the secondary float plant won't be enough either due to the front end issues.

George has openly stated in the RNS the only way the company can continue as a going concern is through consolidation and the hope of shareholder support at yet another AGM to increase headroom.

Doesn't matter which state pensioner is leading the company, they do not have the funds to meet the target dates of July or August, they do not have the funds to get Zulu into production. They will be coming cap in hand once again with the same old sob story with a good old Tantalum or Quartz carrot dangled forngood measure, but will they get the support this time round? Will Canmax have had enough of the broken promises, the assurances and beliefs that were wildly inaccurate?

Jaglith, if they work then there are still plenty of issues that need to be resolved, all of which require significant capital investment and time to resolve before any revenue can be achieved. Time and money that George doesn't have. As has already been said many times before, there will have to be a raise utilising the current available headroom, a consolidation as per the approval at the last GM and another EGM for new headroom to raise funds plus all the other issues that need to be resolved.

All of which will take time, time the company doesn't have.

Jaglith, they might well work but the other problems lie earlier in the process and the interview today confirms that they've not been resolved. There's clearly issues with the quality of the ore and the sorters (which we've known about for months) aren't capable of sorting the right grades, plus all the other issues the plant has. You highlighted earlier the wiring issues, have they been resolved? Have they done a complete rewire on the relevant sections of the plant? I've emailed George about all of my concerns and had no reply. There's clearly been no reply to other shareholder concerns about the costings ofbthe test run and the secondary plant, a simple question that requires a reply of less than a paragraph.

If highlighting the major issues and flaws with a company whilst admitting to holding a single share I trying to be manipulative then I'm guilty as charged.

Perhaps by highlighting these issues rather than singing the praises of an incompetent CEO who has done nothing more than live a lifestyle off of shareholders goodwill we are looking to protect the "innocent genuine individuals" and provide them with a point of view that many here refuse to accept.

For instance, George loaned the company an amount of money by selling 370 million shares, fair play to him for doing that. He now wants that money to be repaid in cash, which is his right under the agreement, however is that request aligned with shareholders or does he seek to benefit because the share price has dropped massively since that loan was made? He also claimed to be aligned with shareholders when the failed open offer happened. He wanted repayment of his loan in shares at the open offer price, surely a CEO who was aligned with shareholders would simply want his 370 million shares back and put him back into the position he was in prior to selling with some compensation to cover the costs? Nope, not George, he's not aligned with shareholders, he doesn't care one jot about them. It's all about what he can get for George, nothing less.

I've just watched the interview and cannot understand how anyone can think it was good.

The only good part about it was George admitting his failure as CEO and that the company has been missing someone that can successfully manage a project.

As for the rest of the interview, 2m in he admits that they haven't fixed the original issues which were many and well known, so one needs to ask what have they been doing since those issues were identified at least 12 months ago? What have they spent the money they raised to fix those issues on?

His body language suggests he wasn't comfortable with some of his statements and wasn't being entirely truthful with some of his answers.

I'm in agreement with Acker in that this interview whilst many will take at face value and see as a positive is nothing more than a precursor to additional fundraising and I expect that should the accounts be published tomorrow then the market will see just how distressed this company is, as they're most certainly in a worse financial position than they were at 31st December.

Graham Hills appointment will not save the company, the interview tells you that there's much much more needed than just the inserts. They're a distraction from the reality which is funding, and they just don't have the capacity to fund Zulu to testing let alone to complete testing.

Seagul19 thanks for that well thought out and reasoned post. You've certainly hit the nail on the head about certain posters and the content of their contributions to the discussion. It certainly does seem to have descended into a childish tit for tat with the insults rather than an actual discussion about the real issues that the company is facing. Perhaps we should all take a step back and think about what each post brings to the discussion. Whether positive or negative about the company let's openly debate the issues rather than resort to playground insults. If you feel the need to insult the individual then you've lost the argument before you've even started because at that point you lose all credibility. This company has major issues, of that there can be no doubt, what are they doing right now to sort those issues, be they technical or financial? How will those proposed mitigations and solutions affect shareholders? Etc etc etc. Let's have a real debate and see if we can't get to the truth about the company and it's prospects. Im very much of the negative side but I'm open to be convinced that there is a turn around opportunity for the company based on facts rather than "what if" or "I think" scenarios around Glencore and Canmax. We van only debate what facts we have in front of us, let's just do that and see if we can all come to a reasonably accurate picture of where the company are right now and where they'll be at the end of August.

So we've had the placing today at 0.012, if he'd done it last Friday he could have raised a little more at 0.014 with the same discount.

Lots of new names posting outlandish predictions have appeared today, so the traders are clearly out in force, lacking in knowledge and throwing out random numbers.

Fundamentally, nothing has changed. George has raised what is essentially a tiny amount of money as far as the big picture is concerned and again we need to look at the language he has used in the RNS especially where the secondary float plant is concerned "assist with the further payments towards the secondary flotation plant" which suggests they haven't paid for it yet.

Still a long way to go to get through the churn of the placing shares and despite what some on here say, today's volume doesn't equate to an equivalent removal or sale of placing shares. Those that took part in the placing bought at 0.012, they won't be selling below that price, they want to see a profit, so until the sales start hitting a price above 0.012 then I'm sorry to say that those 13.125 billion shares are still waiting to be sold. Placing participants do so to make money they're not willing to lose money. Today's volume has purely been nothing more than fed up investors exiting their positions and traders taking the shares for their quick 10% which I'm sure they'll get before the end of the week.

What's more interesting about the wording on the RNS is the referral to Glencore as a FTSE100 listed party. They don't want their name associated with PREM at this time, why is that?

Nothing has changed, the funds he's raised are nowhere near enough to cover what he needs to even turn the plant on let alone try and get it into production. Canmax position hasn't changed, they're not interested in maintaining their position, they just want their money back, Glencore aren't interested in taking a position in PREM, as we all knew but some would suggest we didn't know what they were thinking.

Timelines have become fluid and vague, the company still has little to no cash, the video from yesterday suggests several more weeks before any further meaningful progress can be made.

There's a potential trade here but it's still too risky even for my appetite, I'd expect another raise before the end of the month for the remaining shares to keep paying George and Brendans wages and fees and then another GM called for mid July to try and squeeze a fee more weeks salary out of shareholders before they call it a day or Canmax step in and say enough is enough.

Next news is consolidation then we know that he's in a bad place and cannot raise the funds he needs. Too much uncertainty right now for any long term holders or indeed the traders. Way too much downside with zero upside right now. I cannot understand why anyone would want to hold these shares right now, aside from being so offside and hoping for a miracle, there's no logical reason to hold. Dilution is inevitable in one form or another at a massive discount. Why hold and hope for a recovery play, best logical option is to sell and buy back if you believe the tripe, or sell and walk away, cut your losses and hope to recover them elsewhere..

Those are the 2 plays, or you could just hold and hope but that's probably not a viable play

I'm not entirely sure he will be able to get the placing away, hence my suggestion of an open offer. He will however need to do the consolidation first, so if the next

It's actually getting quite serious now for shareholders. The lack of fundraise at this time and the continued fall in the share price suggests that George hasn't been able to get the support he needs for the fundraise at a price above 0.01. I guess the city have just had enough of struggling to make a profit off of a PREM placing and the current margins on offer are just too risky for them. Anyone for an open offer with a claim that PREM values the support of its shareholder base and wants them to be able to maintain or improve their positions. Alternatively he could go down the consolidation route first, get that artificial increase in the SP and then try again. Clearly something is very wrong and quite frankly it would appear that PREM are not in a good place at all. Something many of us have known for a long time but it's now becoming more obvious even to those devotees of the company. The proverbial is likely to hit the fan shortly and there's going to be a lot of very very unhappy shareholders.

Even the most die hard supporters of George cannot deny that he now has 27 billion shares at his disposal to raise funds that by his own admission the company desperately needs.

As at close of play on Friday the share price was 0.02p his typical discounted raise has been at 30% discount to the previous close so that would make the next raise at 0.014p, however he didn't announce the placing on Friday which makes me believe he hasn't got the support of his usual participants and the broker has had to look elsewhere suggesting a larger discount to the norm. A 40% discount would equate to 0.012p and a further 0.002p for every additional 10%.

It's certainly not looking promising for those that were persuaded to buy towards the end of last week. I think I saw someone buy £11k on Friday. Imagine how they'll feel if the placing is announced at 7am tomorrow at a 40% discount seeing their investment value reduced to £6,600.

That's sadly the case with PREM, there is no value in buying the shares ahead of a known placing and unfortunately due to the extremely poor financial management of the board, there's pretty much always a placing around the corner. This upcoming placing will at most raise 3 million, that will last a couple of weeks, maybe a month of he doesn't pay any of the priority debtsbhe claims it will be used for. Therefore the next EGM and request for additional headroom will be announced early July and if shareholders are daft enough to support that request then who knows what further dilution will occur before the following placing. He will however need to do the consolidation before that July announcement to inflate the share price so as to avoid having to issue another prospectus.

The liķes of Anunnaki, who clearly didn't get the girls at school, will tell you an idealistic scenario dreamt up in a utopian world their mind lives in when it comes to PREM, none of it is the reality the rest of us live in. Too many what ifs and nobody knows what XYZ is thinking. We all know what George is thinking and that's all we need to know.

PREM cannot service it's debts, it hasn't the money to do the work required on Zulu to attempt to solve its many many issues.

It's quite remarkable how defensive people become when they are in an offside position but still believe in what they say despite all the evidence suggesting they are wrong. The reversion to name calling always suggests that they've lost the argument and cannot put forward a case to support their position.

I'm reminded of a speech by James Earl Jones at the end of the film field of dreams, which I'll paraphrase to make it appropriate to PREM.

"George will raise, Ray, for reasons only he can fathom, he'll turn up in London, not knowing for sure who will take the placing. He'll arrive at their doors, as innocent as can be, longing for cash. Of course I don't mind a discount, he'll say, how about 20%, they'll pass on that number without even thinking about it because it's 40% they want"

Anunnaki, you seem fixated on the day PREM rose 150%, remind me where did the share price close that day?

It's highly unlikely that anyone holding PREM shares right now is in profit and just as likely that come 7am tomorrow morning that George will release the news that will see those holdings plummet in value by a further 30% or more making that climb back towards a break even situation much more difficult.

Fastest finger first at 8am gets the least losses. George never fails to disappoint when it comes to getting a discounted placing out of the way and as always the only ones who profit will be the city vultures who determine the price and flip those shares very quickly.

There's no coming back from 27 billion more shares in issue, even with the 1:10 consolidation. George will raise at most 3.5 million before costs so just over 3 million after costs. How long will that last? Who still won't be paid out of the priority debts list, it's a list that's 10 million longs there's going to be a lot of disappointed creditors.

A 30% discount placing tomorrow will require a rise of nearly 50% to get back to break even from today's close, the bigger the discount the bigger the rise required. There's a very large number of PREM investors that no matter what happens will never get to that stage.

Some talk of embracing the raise and the subsequent drop in share price and utilisingbit as a method of averaging down, something they've no doubt done after each and every placing and yet still sit on losses as the share price fails to recover (aside from a glitch with the LOI). The plant does not, cannot and will not produce a saleable product before the end of Q3, certainly not hy July 31st and in all likelihood not whilst under PREM control.

Nomadme, by filtering the negative, non co forming viewpoints you create an echo chamber of positivity, which as anyone who was a member of a certain telegram group will tell you, is not the way to go. It's all well and good to have positive thoughts and opinions on your investments but, as any seasoned player in the markets will tell you, every investment has a downside, by removing that contradictory argument, you remove an element of balance from the equation, balance which is required to make a sound investment decision. Anyone who refuses to accept or even consider a contrary opinion is doomed to lose their money and that's exactly what has happened here and for those individuals who refused to entertain anything other than positivity. Had they allowed that balanced argument then perhaps a lot of people may not have lost tens of thousands, money they were led to believe would multiply by many factors because PREM was a sound investment and George had said so many positive things in interviews, in an RNS or over a dinner.

An echo chamber serves no purpose. Open your eyes, open your ears and listen to the negatives that people see, perhaps you'll learn something, perhaps it will reinforce your decision to buy shares, perhaps you'll consider that the risk reward balance favours the investment or you may well decide that actually the risk is too great.

Whatever you decide it's your money and your risk to take.

All that said, no matter how you look at PREM, everyone knows that by Friday the share price will be down significantly from where it is now it's a matter of finding the bottom, getting out and buying back in or just getting out full stop.

I personally still can't see a viable investment case for PREM, the resource has massive potential but the plant doesn't work, the company is on the verge of bankruptcy, there's no viable finance options available to secure even the short term future of the company and a feckless CEO who seems to have only his own best interests at heart and is most certainly no longer aligned with shareholders. Just look at how he's now decided his loan is now due in cash rather than the 370 million shares he sold.