Member Info for Microtan

Zulu JV news is due around 25th August according to Cadence CEO's webinar.

There will be many Premier African Minerals (PREM) investors attending the webinar tomorrow looking for a progress update on the due diligence being undertaken by Cadence. This will finalise the Heads of Terms agreement with PREM about funding a Definitive Feasibility Study of PREM's Zulu Lithium/ Tantalium Project.

The Zulu Project has substantial resources. Premier has already published a Maiden SAMREC compliant Inferred Mineral Resource Estimate of 20.1 million tonnes grading 1.06% Li2O and 51 ppm Ta2O5 using a cut-off grade of 0.5% Li2O on the Main Zone. The Main Zone has an exploration target of 60-80 million tonnes.

The Mineral Resource Estimate contains 526,000 tonnes of Lithium Carbonate Equivalent (“LCE”) and 1,025 tonnes of Tantalum Pentoxide and that covers only 35% of Zulu’s known 3.5km surface strike length.

PREM is focused on expanding and upgrading the resources in the Main Zone as well as delineating a resource for the New Zone which lies to the south-east of the Main Zone. The New Zone has the potential to exceed the projected target already established in the Main Zone. The exploration target for the Zulu Lithium Project is between 120-160 million tonnes.

The Cadence RNS refers to drilling at its Bonaventura Base-metals Project in South Australia so only of background interest.

More relevant is their webinar at 10am Friday 17 Aug 2018 as that will provide a Zulu JV update.

Click the following link to register: -
http://webcasting.brrmedia.co.uk/broadcast/5b5b215d06c7f84227ae9891

isallamess, your 'never ending pit' heading is missing the point.

If you are going to copy my research data that I posted in reply to DOIR, then please add some relevant context.

You should have added that: -

49.36% of the dilution was used to pay off in full Darwin loan notes and warrants that funded the £20m RHA construction costs;

15.59% primary bid raised £1m to advance the Zulu Project and

23.18% acquired CIRCUM shares with a book value of £8m and probably worth a lot more.

6.11% funds RHA drilling of up to 2,750 meters to expand the Resource base

The remaining 5.76% was used to pay off Director’s loans and to pay contractors for RHA mine shaft upgrades.

DOIRE, the share dilution since October 2016 is: -
1,886,213,770 Million shares previously in Issue......................Dilution...Purpose
1,979,963,770 Shares in Issue as at 18th October 2016.............4.97%
2,059,360,608 Shares in Issue as at 22nd November 2016........4.01%
2,117,064,645 Shares in Issue as at 21 December 2016............2.14%
2,321,186,620 Shares in Issue as at 21 December 2016............9.64%...Darwin
2,858,028,725 Shares in Issue as at 30 January 2017..............18.78%...Placement
3,159,722,734 Shares in Issue as at 6 February 2017................5.26% ...Darwin
3,356,153,585 Shares in Issue as at 8 February 2017..............15.40% ...Darwin
3,650,799,862 Shares in Issue as at 9 February 2017................7.40% ...Darwin
3,968,644,358 Shares in Issue as at 13 February 2017..............8.00% ...Darwin
3,982,742,765 Shares in Issue as at 20 February 2017..............0.35%...Afmine
4,385,022,019 Shares in Issue as at 27 March 2017..................9.17%...Primary Bid
4,391,022,019 Shares in Issue as at 31 March 2017..................0.13%...Directors
4,580,513,769 Shares in Issue as at 18 July 2017......................4.14%...Circum
5,266,228,055 Shares in Issue as at 31 July 2017....................13.12%...Circum
5,353,728,125 Shares in Issue as at 09 August 2017.................1.63%...Circum
5,357,287,604 Shares in Issue as at 21 August 2017.................0.07%...Circum
5,593,454,444 Shares in Issue as at 23 August 2017.................4.22%...Circum
6,248,216,350 Shares in Issue as at 6 October 2017................11.71%...Primary Bid
6,500,247,600 Shares in Issue as at 27 November 2017............3.88%...Primary Bid
6,557,972,350 Shares in Issue as at 18 December 2017............0.92%...Contractors
6,572,936,370 Shares in Issue as at 22 December 2017............0.23%...GR Loan
6,822,936,370 Shares in Issue as at 22 March 2018...................3.66%...Darwin Warrants
7,239,603,037 Shares in Issue as at 14 August 2018..................6.11%...RHA drilling of up to 2,750 meters to expand the Resource base

The share dilution is 6.11%, less than half of the current -13.36% change in share price.

In return, the £750,000 cash raised before expenses allows RHA to quickly commence drilling of up to 2,750 meters to expand the resource base 3 months ahead of the annual rainy season that would hamper drilling.

It also ensures PREM's working capital is fully funded until December 2018 without depending on any revenue generated an early return to production at RHA.

PREM is also implementing a series of internal cost cutting measures to reduce Company overheads and is actively seeking the appointment of a new full time Finance Director.

The share cap date is effective from the AGM 09 August.

GR said at the AGM webinar that the new Chairman, Michael Foster is advising him on controlling spending and maintaining shareholder benefit.

GR also said that he would give an update on RHA ownership within 48 hours and he was true to his word.

Great to see that PREM is #4 in "Today's Share Risers", up by a massive 29.41%.

RichGas, you should have refused to accept that 'protection' excuse and insist that your complaint is escallated to the trading desk so that they could then complete your order at 0.258p or better.

Goingtothemoon, there is always a risk with world mineral prices but Wolframite ore is holding up well above RHA break even. Unmined RHA Wolframite has appreciated in value since December 2017 and the independent review should bring RHA back into production in the coming weeks.

Dilution is unlikely at current share prices and will only an option once the share value can sustain developing PREM's other assets like Katate. Michael Foster, the new Chairman is keeping a tight rein on this.

The Zulu JV deal is currently under due diligence and we should get an update at the Cadence AGM Webinar on Fri 17 Aug 2018. The exclusivity element expires on 24 August leaving the door open to other JV partners.

To register for the live Cadence Minerals webinar 10:00am on Friday 17 August 2018, click the following link:
http://webcasting.brrmedia.co.uk/broadcast/5b5b215d06c7f84227ae9891

The previous FO, Pamela Hueston, resigned in July 2016 as a director of the company and Russel Swarts was simultaneously appointed as a consultant to provide oversight of its financial management.

A new designated FO should bring forward the publication dates and avoid any embarrassing late publication issues. This is why GR is keen to make the appointment.

Blueberry, advice not advise.

At the AGM Webinar yesterday GR said that the Company will appoint a new Financial Officer to improve matters. I expect that appointment will be made once PREM has a secure revenue stream and well in advance of preparing the next half-year Accounts

Longy00000, you sent your question about raising cash to another chat board.

GR said yesterday at the AGM that he would make a statement on RHA within the next 2 days. That means either later today or Monday.

GR did not give any indication raising cash via a share offering in the immediate future because he is focused on securing the RHA and Zulu agreements. The same goes for raising operating cash any time soon.

RHA production costs, including start-up, will be paid by a new operator who will have a share of RHA income from wolframite ore exports.

The recent trust fund loan funds near-term general operating costs. PREM’s share of RHA income will then cover PREM’s ongoing general operating costs.

beengenius, AGMs are formalities. The AGM agenda was one item, share ceiling because Russel Swarts withdrew his nomination. That took 2 minutes to approve. The remaining time was project updates and answering all the questions. So yes it was very efficient.

The highlight for me was an update on RHA sign-off within the next 48 hours. So the plant could be in production this month.

beengenius, the Webinar was a live feed and ended 10:15am. Links to meeting then close when GR ends the session.

Russel Swarts not seeking re-election to BOD
Zulu JV due diligence progressing and will anounce the outcome when completed.
Share cap increase approved but no new projects being activity pursued.
Katate nothing to report.
Will use Webinar regularly for future shareholders virtual meetings.

There will be an announcement regarding RHA within the next 48 hours. GR is bullish.
New FO to be appointed as soon as possible.

Thank you dolphin5 for explaining about the announcement yesterday.
https://www.investegate.co.uk/powerhouse-enrgy-grp/prn/issue-of-equity/20180808111047P9110/

panda1 was referring to the above issue under this thread ' Directors Shsreholding David Ryan'.
I was explaining that today's 6m shares Directors shares should not be muddled with the above.

panda1,
6m shares will be admitted on 14 August, not 12.5m.
https://www.investegate.co.uk/powerhouse-enrgy-grp--phe-/prn/director-pdmr-shareholding/20180809070000PB830/

If you need more information on Directors buys then read https://shareinvestors.co.uk/2017/04/21/understanding-the-rules-and-intent-of-director-share-dealings/

Thank you pomander for the link. PHE was not visible at 08:15 when I checked. Also at that time, the 'Find a Company' search facility was returning an error message. The system is now working correctly.