Member Info for Martinigirl

I was on the call and had a particular question half answered. George was very careful about what he said during the call and I feel that the room could have pushed him further if they had wanted to but preferred to be safe. Thats very disappointing. If I was physically there I would have challenged him on many things that he stated, instead, the group seemed to be in awe of him and merely sought clarification on their views. Nobody questioned the financial side of things, my question on the 27 billion not being able to cover the debts wasn't answered well. My more difficult additional questions weren't answered, he avoided those. Did anyone ask why he was in London? I did and he didn't answer that. I think he has the numbers through for AGM and will get the support he needs for the motions. I believe he was in London to meet with the brokers and their clients to get the raise sorted conditionally on the approval of shareholders. As usual he claimed he would only utilise the minimum number of shares in the placing and as usual his body language told a different story. The vote will go through, I have absolutely no doubt about that. The question is how much of a discount will the city want? It's clear he's desperate and they'll know this. HE1 dis a desperate placing at a whopping 90% discount, I don't believe that George will negotiate that much but I think it will be significantly higher than recent placings, perhaps in the 40 to 50% range. This is the slippery slope, shareholders investments are pretty much destroyed and the company gets barely enough money to stay in business.

Nothing has changed, the status quo continues to exist. George is no doubt comfortable in his rooms at the Chesterfield with meetings arranged with the brokers clients to enable the placing to go ahead on 6th June and the participants to start doing what they do to ensure they bank a profit.

It's remarkable to read here that some believe and indeed attempt to convince others that Glencore will be participants in the upcoming fundraise. I've heard some ridiculous assertions about PREM in the past but this one really does stand out as the most ridiculous. Glencore have absolutely no interest in PREM at this time whereby they would invest £millions or even £thousands directly in the company. Their interest lies simply in Zulu ability to produce SC6 or better consistently and in quantity, nothing more, in fact it would be madness for them to invest any funds directly into PREM knowing, as we all do, that at this time, Zulu is incapable of such production.

Now let's look at the placing itself, 27 billion potential more shares which will, as we all know, be placed at a discount, I'm thinking around 25% of the prevailing share price at the close on 5th June. So assuming at best (and I'm sure it will be lower) the close on 5th June is same as today's 0.025, that results in a placing price of 0.1875 raising before fees a total of £5062500 or $6830325 take away the fees and we're looking at £4456250 or $6147292. George has made it clear that the essential debts owed by the company equate to $10436859 including a contingency so utilising the full 27 billion share headroom at what I consider to be a very very best case scenario the company still cannot raise sufficient funds to meet its liabilities and conduct the work required at the plant.

In my opinion there's absolutely no way that PREM can continue as a going concern with just this raise, George has openly stated that the works won't be completed by July 31st (my interpretation) and Graham Hill certainly won't be taking over any time soon as per his conversations at the Chesterfield with several shareholders.

The continuing drop in SC6 prices already make it unecomical for Zulu to produce even if it could make the grade. There's nothing more to say really other than: Caveat Emptor, In omnia inquire, cultus nihil, tibi putandum est.

Steward, it's no more ridiculous than your assumption that Glencore will be taking 27 billion PREM shares should the vote go through.

Shareholders are mightily annoyed with George and whilst his removal / resignation is a good thing, he's still at the helm until August 31st, do they have enough faith in him to give him yet another last chance to get Zulu over the line? I think that they probably don't and the majority of PIs will vote against the dilution. That means it's all down to Canmax and how they're positioned. I'm 50/50 on how they'll vote, on the one hand they now hold a majority interest in Zulu and could vote against the dilution, allow PREM to go into liquidation and take control of Zulu for what would essentially be a nominal fee, form a JV with Glencore and reap the benefits. On the other hand, they want their money back, they've brought in a possible offtake partner and are giving George one last chance to prove the concept and get their money back with the interest owed either in cash or product. I'm erring towards the former as if it's the latter and Zulu can't be proven to work then they're the majority holders of what is essentially scrap metal or at best some second hand mining modules. With the former they at least become masters of their own destiny and not reliant on a man who has overseen project failure after project failure, who has openly lied to shareholders and the wider market, who has failed to honour his obligations to pay his staff and contractors but has continued to receive his own salary and consultancy fees. A man who sought to profit from a failed placing, all the while claiming to be aligned with shareholders.

It's going to be interesting to say the least. I wouldn't want to call it either way.

Will the AGM approve the headroom increase? I'm not so sure, I think shareholders may well decide that the second option mooted by George in a discounted open offer might be more favourable for them. That way they at least get to have the option to average down rather than see the city vultures profit from their losses.

Wishful thinking, the new CEO will be an independant appointment and whilst George claims they're talking to people I cannot imagine anyone wanting to take on the role given the current state of affairs. Until such time as Zulu is proven to produce at grade and volume then there will be no replacement CEO, nobody wants a massive failure on their CV when they're looking for a new job not long after they've taken on a job.

It's pretty obvious that PREM is now done for, aside from the Canmax debt, George cannot service the priority debts he has or the costs he has to get Zulu where he hopes it can produce. 27 billion shares even if approved doesn't come close to what he needs. Surely you can see that.

Steward,Glencore have no interest in appointing a representative on the board let alone someone taking over as CEO, that's just wish

As an aside from everything else, it was good to read that the FCA will secure a conviction against the West brothers for insider trading following their recent guilty pleasure, a conviction that will carry a sentence of a fine or up to 7 years in prison.

https://www.fca.org.uk/news/press-releases/two-brothers-plead-guilty-insider-dealing

I've written to the FCA suggesting that they investigate certain individuals involved here and their trading of PREM shares along with their postings here, in the telegram groups and elsewhere.

As expected following the AGM announcement the share price dropped significantly. The AGM call was, as I and others had claimed was clear and obvious,along with the expected fall in the share price which has occurred. The George Roach situation RNS was however very unexpected and the cynical in me thinks it was an attempt to rally the share price after the drop, however after watching the interview things are much clearer but still a little blurred so it's yet again a case of rrading between the lines, which I'm quite good at when it comes to George in an Interview and RNS.

As we know the company is seeking authority to issue 27 Billion more shares to pay for the works at Zulu and attempt to get the plant into production. George has made the relevant costings very clear in the RNS $1385123.13 a very precise number and I'm intrigued as to how the company have managed to break the costings down to the cent and be allowed to publish them as though they are entirely accurate. It would be impossible for them to do so but are claiming these to be accurate defined costings. That's the first red flag on these somewhat dubious claims.

Then we look at the costings themselves, let's start with the secondary flotation plant, the RNS yesterday stated that the "balance of costs for the secondary flotation plant" were $500k suggesting that as promised, funding from previous raises was utilised towards to cost of the secondary flotation plant. Yet if we go back to 4th December RNS, George claims that the secondary flotation plant will cost $400k.

That's 1 of a number of discrepancies that exist in just these 2 RNS. George is lying to and misleading both shareholders and the market in general and should be subject to an investigation by the FCA.

Has he finally been caught out by the board and pushed before the company is subject to investigation by the regulatory authorities.

I'd suggest anyone looking in to buy should cross reference the numbers in the recent RNS and then start going back. It's quite astonishing what they reveal and certainly not pleasant reading if you hold shares or are looking to buy shares.

Could these releases border on criminal? Maybe one day the FCA will grow a set and do a full and proper investigation holding individuals to account for their actions.

Nomadme, nothing in the RNS suggests that Canmax are still committed, just that they, as the controlling entity, have told George that he needs to ensure sufficient availability of shares to satisfy his obligations regarding their shareholding. They're no longer committed to the company, that's been made clear with the requirement to find someone to essentially take on their debt. They're just going through the motions. I doubt they'll be supportive of the motions for the EGM, the monies owed to them now including the additional interest mean they can take a controlling interest in Zulu in lieu of the debt and pick up the remainder for next to nothing when George breaches the agreement in terms of debtors taking them to court. He owes way too much to too many that legal actions are now inevitable.

Well there you have it, George pretty much copied and pasted my post from the 14th May.

Only 37.5 billion more shares being requested, where are all those bulls who were claiming there was more than enough cash from the last raise or that Glencore would be providing funding?

The list of outstanding debts is incredible and shows exactly how incompetent George has been at managing the finances of the company. So many important bills and more importantly staff just haven't been paid.

What's even worse is that with the impending drop in the share price, and the discount for the placing (should he get approval)37.5 BILLION more shares might just cover 1/3 of the debts.

As much as I enjoy being proven right, this is a saluatory lesson for anyone reading these boards not to trust the uber positive posters who insult and ridicule those with a negative viewpoint. Understanding the potential downside to a share is far more important than listening to tales of future untold riches.

I'm of the opinion that George will struggle to get the support he needs to get this through.

Is this AGM call the final nail in the PREM coffin? I cannot imagine there being any possible news he can now release to save the share price and investors money.

Bogota I'd suggest buying Lambrini, save your money, you'll need it when George announces the GM and request for headroom. It will go something like this:

As previously announced the company is making progress with works at Zulu towards achieving production, however issues beyond Premiers control have arisen that require further capital investment. Premier does not currently have sufficient ability to raise the funds required to carry out these essential works. Despite Premiers best efforts to secure additional funding through alternate sources, the board have decided that the best course of action is to raise funds through a placing of Premier shares.

Premier today announces a placing to raise an additional £6 million pounds at a placing price of 0.023p by way of a subscription conditional inter alia on the approval of shareholders for the issuance of 27,500 million additional shares. The Board believe that it would be prudent to also have additional contingent capacity for any unforeseen circumstances and will therefore request the approval.of shareholders for an additional 12,500 million shares to be alloted as and hownthe company see fit.

Shareholders should note that should shareholders not approve the issuance of such shares then it is doubtful that Premier can continue as a going concern.

The monies from any successful placing will be used for......."

Crikey, the ramp crew really are becoming desperate. Bogota are you Snowking in disguise? His philosophy was always one of what if type speculation in a vain attempt to garner some interest and manufacture a rise in the share price.

No such RNS will be forthcoming, as you and everyone with any semblance of intelligence knows, Glencore have merely expressed an interest in buying product from PREM providing that they can prove production at grade and in volume by the end of the 3 month period agreed by the relevant parties. Meaning in plain and simple terms that GR has until the end of July to get Zulu to the point where it can produce SC6 at the volume. GR himself has stated in an RNS that this isn't going to happen as the required plant modifications will not be completed by that time, nor does he have the finances in place to keep the company in business that long.

Forget about these pie in the sky predictions and focus on the actual reality that exists. PREM have no money, no facility to obtain any money other than a pitiful amount of headroom that just isn't worth utilising. There will have to be a call for an EGM and a request for an increase in headroom. Others ha speculated on the numbers required and I agree that the dilution tonshareholders required to fund the company for the period up until the Glencore deadline and a couple of months beyond will be between 80 and 100% of the current shares in issue. This will see a massive drop in the share price and for many investors here no further hope of ever recovering their losses. Even those buying just last week will likely never see their investment back again with such massive dilution.

Well it seems a lot has happened whilst I've been away but nothing has really changed. I note we have some new uber positives posting somewhat incredulous share price possibilities for the short and medium term, although I'm doubtful that Willec and Bluechip are separate individuals. Luthee is still here with his Mainstay, Santiagot et al accounts and posting absolute rubbish.

I feel sorry for those that bought on the LOI rise and pretty much immediately lost money, lesson learned not to believe the hype, do some research and listen to those that have been interested here for a long time who know the company, know how the CEO operates and know exactly how the rampnteam operates.

Questions that anyone looking to invest here should ask and perhaps some of the ramp squad could answer:

1. Following the recent RNS is it likely that the required remedial works will be completed before the expiry of the LOI?

2. Does the recent RNS confirming that the additional flotation circuit has been purchased or is it a little ambiguous? (ambiguity is one of George's specialities)

3. The big elephant in the room of financing. The company has no cash and virtually no facility to raise additional funding. Therefore when will the EGM call happen and just how many shares will George be asking for?

4. The answer to the above is the ultimate deal breaker for asking is this is an investment opportunity.

Every £1 million requires equates to roughly 3 billion shares required at current price but with a discount it could be closer to 4 billion. Debts, Canmax aside are now around the 18 to 20 million mark so to satisfy those debts alone would require 72 to 80 billion more headroom, but let's assume he only needs 1/3 of that so a mere 6 million or 24 billion shares just to service the immediate debts. Then there's working capital, we know that the cash burn is historically massive but let's be conservative and say he needs £1 million a month for the next 3 months so another 12 billion shares just to survive the next 3 months. Add that to the 24 billion for priority debt repayment makes 36 billion more shares. He'll then need some additional headroom for those "unforeseen circumstances" so let's throw in a couple of £million for contingency so we're now at home looking to ask for another 44 billion shares just tobget through the next 3 months. Certainly doesn't look good and puts a more realistic viewpoint to the random SP figures quoted by Willlec whilst talking to his Bluechip self

Alert, the only thing that's changed is that Canmax are in charge of George's ability to spend or raise funds. What hasn't changed is that PREM are massively in debt and have no ability to raise sufficient funds to service that debt. I've had it confirmed from the company in an email from Wilna that salaries haven't been paid and are not being paid.

Do they want SC6, of course they do, but they now know that Zulu won't be able to provide that SC6 hence their desire for the prepayment monies to be repaid with interest either directly of via a 3rd party partnership. That's the crux here, no 3rd party would be willing to take on the massive debt against an unproven plant with an ore body of the quality that exists at zulu.

Interesting that the bulls differ on the volume today, AlertRNS says tiny volume, others range from good to massive.

The volume is irrelevant, nothing has changed, the share price is up today and according to some has met some charting thresholds which make it a buy. Unfortunately charts aren't accurate when it comes to PREM, it's a sentiment driven penny share with traders getting in and out. It's a news driven share and at the moment there is no news.

Nothing has changed, the companybis still essentially bankrupt with debts now likely to be in excess of $20 million with no ability to raise sufficient funds to service those debts.

Anyone that believes a LOI is coming soon is living in cloud cuckoo land, George has made these claims so many times in the past, anyone remember the advanced talks about alternative finance around the time of the GM where he wouldn't need to raise funds? What did he do a few days later? He placed billions more shares. We can go back further a few years before Zulu where he stated in an Interview on a Wednesday afternoon "I've no plans to raise funds at this time" then after close on the Friday he announced a placing. The man is a serial liar and will say whatever he thinks he needs to.

Any company looking at a potential JV will see far too many red flags to invest the monies George requires to advance this project how he wants to.

If they were truly in advanced talks with a potential partner then the deal would have been done by now. Next news is no partner found and PREM has 30 days to find another. Biggest problem he has is that the creditors will start knocking at the door and likely start legal action as the wolves close in which doesn't bode well fornthe prepayment agreement.

One does have to admire the attempts to promt PREM with talk of LOI this week, Glenmore interested etc etc, these are the posts of individuals that have suddenly appeared without any knowledge of the company yet profess knowledge nobody could know, clever usenof I think or I believe is typical of those looking to make a profit at the expense of those who are lures into their Web of deceit.

The facts are clear and obvious, PREM has no money, ZULU cannot produce SC6 but might be able to (if George is to believed) with an investment of about $750k, where's that money coming from? What company doing their due diligence would invest in PREM to take on the now $50 million Canmax debt and be a partner in a company with $20 million debts that hasn't paid its staff for nearly a year, aside from George and the other senior staff. They wouldn't invest a single penny. Far too many large red flags.

Crikey, the ramp crew that are trapped holding after the inevitable drop are getting more and more desperate. RHA is pretty much worthless as George hasn't the money to even put the mill back into commission. There's no LOI coming, due diligence will show that Zulu isn't capable of producing SC6 without significant specilative expensive modifications that any potential partner wouls not want to pay for. It's all more bluff and bluster from George and quite frankly Stockbox should be embarrassed by their headline from the last interview. PREM is absolutely without any shadow of a doubt nowhere neat production, George himself confirmed this. Some of the claims on here are absolutely ridiculous to the point of being the thoughts of the insane and should be treated with great caution.

Robert the share price isn't up massively over 4 weeks. It rose significantly over some wild speculation which bizarrely continues with even more wild speculation. As it stands its up a little over 42% for the month to date which means a lot of people have lost money here when they bought the spike that people like you were promoting this share.

The facts are clear and simple, George himself explained the prospective timelines, a minimum of 3 months from funding to possible production. PREM has no funding in place as of now and the near future.

Ask yourselvessome simple questions if you were considering putting millions into PREM would you want a working producing plant? Would you be willing to pay a $50 million debt on the off chance that the plant might work but you need to put up a few million in cash on top of the debt payment in the hope it might work?

Due diligence is just that, the risks for anyone coming in are financially too great and as such due diligence will fail and PREM will remain in it's current status quo of no money and no ability to service it's near $20 million of debts

Crikey, what a disaster that was, absolutely no progress been made, no assurance of any future JV just discussions ongoing. I'm appalled that the ramp crew are now insinuating the names of major players in the mining sector which is absolutely disgraceful. Nothing has changed, the company still has no money and should, by some miracle, they get the funds they need, then it's a 3 month wait to see if the plant works.

Nothing to address the gigantic elephant in the room of the debts owed, he didn't want to go there. Still he gets another trip to Europe and a decent hotel and some good dinners on expenses.

Toffers read the RNS again, I can say absolutely with 100% certainty that Canmax want out and they want their money back. It's there in black and white neither you nor anyone else can refute that fact.

The market will decide in the morning and I'm sure that it will see a massive sell off.