Member Info for Microtan

Crazycacti, good to see that you have returned.

The best of plans can be overtaken by unforseen events so I hope that 15 months later, your early retirement plans can soon be salvaged.

The process of starting to prepare Annual Accounts begins some time after the year end but that was not the problem.

Unlike the rest of AIM, PREMs Annual Accounts include a valuation of our share in RHA mine.

The ongoing delays in obtaining final sign-off from the Zimbabwean Government prevented timely publication of the Annual Accounts and Annual Report, hence the need for a technical review by the Auditors and the decision by the Board to fully impair RHA Tungsten Mine.

The RNS 29 June said "The final draft accounts are subject now to final technical review and sign-off by the Company's auditors. This is expected early next week.".

"early next week" was only the first part of the timeline leading to the publication of an RNS.

ChinaBlue, you are being excessively negative. On 16th June you were pessimistically saying "I don't feel hopeful regarding GR finding a jv partner who will take all the risks and put up the $5M required to DFS Zulu with GR putting nothing on the table." A few days later and what do you know.

The auditors should quickly agree to the technical revaluation of our share of RHA caused by the delay in the Governments sign-off. That will then allow publication of the annual accounts and get PREM shares moving again.

I think that Government bureaucracy may take longer but I expect our 90% share of RHA to be eventually agreed this month.

It is worth noting that as the European APT price increases then this improves our position while work is completed to reopen the mine.

*expected early this week

Mistakes happen and only the obsessively pedantic continually object to the obvious ones. We regularly see 'of' posted here instead of 'off', as in 'Take it off the table'.

In interpreting contracts, English law focuses on the presumed objective intention of the contracting parties. Courts look at the ordinary meaning of the words used and determine what a reasonable person with knowledge of the full factual matrix - that is, all the background information available to the parties - would have understood the words to mean.

https://www.internationallawoffice.com/Newsletters/Litigation/United-Kingdom/Reynolds-Porter-Chamberlain-LLP/Correcting-contracts-what-to-do-when-the-contract-does-not-reflect-the-deal

https://beta.companieshouse.gov.uk/company/03934451/filing-history

Great to see the first practical application of converting waste plastic to clean electrical energy using PHE's modular G3-UHt Distributed Modular Gasification process. The next step for PHE to market small commerial 'Lego-Power' units, scaling up production as we progress.

The current APT European price of US$345/mtu will, once 90% ownership is signed and RHA back in production, give us a decent profit. US$300/mtu was the minimum viable price quoted at the Webinar. High grade underground resource will be used first while test work is done to determine the full extent of the open pit resource. The XTR sorter ensures that more high grade material is processed than was previously possible.

Sadly, the internet is a vehicle for personal abuse and losing money on investments brings out the worst in some people as they try to reconcile their obvious predicament by hurling pointless insults. Nothing is a certainty, especially commodity prices. RHA fell fowl of the collapse in APT prices and following costly plant improvements we are only recently in a position where an APT price of $300 is profitable and that is with PREM having 90% ownership of RHA. We are now awaiting formal ratification of that 90% ownership and until then, or until some other good news breaks, we are counting each week that passes with mixed feelings. This is reflected in the posts that I read here, though I have filtered some that are unduly repetitive or vitriolic.

From Brendan Roach to Everyone: 11:22 AM In terms of 10% holding by Government, the view of the BOD was to offer the Government a certain level of interest in the Company thus to ensure that Premier's good political standing was maintained, and also to assist in ensuring that the ownership restructuring proposal was achievable. It is worth noting that NIEEF made it clear that no proposal would be supported unless the Government was able to maintain a interest in the project. Minister of Industry, Commerce and Enterprise Development, Dr Mike Bimha From Brendan Roach to Everyone: 11:26 AM Yes, Premier is in the process of reviewing the most commercially viable to expand the area around Zulu as greater scale at Zulu remains of fundamental importance to Premier. From Brendan Roach to Everyone: 11:33 AM Yes, Premier is currently in a closed period pending the filing of our year end accounts From Brendan Roach to Everyone: 11:42 AM As at today, the accounts remain on track for filling by the end of June. The issues associated with the valuations on previous Convertible Loan Notes and accounting issues with TCT IF are not a factor in the audit.

Register here https://t.co/XCSKCLJTyO to join the webinar scheduled for tomorrow starting at 11:00am Submit any questions directly to: george@regentresources.co.za

3.23% spread is very low for PREM. The market has concluded that the impact of the RNS is neutral.

The result of the AGM will be known before the loan term expires and then we will be more informed. The same people suggesting recently that GR should loan PREM short term working capital are the ones complaining today. Not surprising as things go here. In December 2017 George Roach elected to convert US$100,000 of the US$315,096 a Loan he provided to the Company on 15 September 2015 into new ordinary shares at a price of 0.5p and the resulting share dilution was only 0.23%. That 0.5p share price conversion and the forecasts of the Zimbabwean election result is why I added more today.

It needs 5% of ordinary shareholders to table an AGM resolution. Failing that, if enough shareholders attending suggest a course of action for the company then the directors should take this into consideration. There is also the option of lobbying journalists to raise a point during interviews and seek a public response. This is the easiest option as it can be started by email but this needs enough lobbyists. We need to see the appended update to the Annual Report to see what is the latest position and then act accordingly.

GR has asked several times and discovered the wrong ministry was involved in the NIEEF handover. The Zimbabwean Government has now established a new ministry to oversee which department does what and to ensure that the backlog is cleared quickly. The new government and their civil servants are on a steep learning curve when implementing the new laws so it is not that easy.

Metalbulletin is an expensive subscription only service and non-subscribers only get to see the start of any articles as free samples. SP Angel used to provide European APT prices for free but they stopped doing this a few months ago. http://www.infomine.com/investment/metal-prices/ferro-tungsten/ displays 3 small charts of 1year; 5 year and historic APT prices in kg, the latest being up to January 2018 showing 31.40 US$/kg. Multiply that by 10 for metric tonnes. Click on each chart in turn to see a larger image of the trends. The 5 year chart shows graphically how prices plummeted and set in place the dificulties PREM faced in building RHA at a cost and design to overcome the downturn in prices. At least we now have a mine capable of operating at a profit once it reopens whereas other mines were closed. RHA could have opened earlier by raising more cash but still left holding a 49% share and an unpaid $20M Zimbabwean debt that would take many years to clear from their 51% share of profits. Soon we will have a 90% controlling interest in return for relinquishing that Zimbabwean debt. The demise of Mugabe regime could not come at a better time and the elecions on 30 July 2018 should help maintain our position as a prominent investor in Zimbabwe.

Agreed craigawilde, RHA needs more study work and PREMs Director Mr Manhambara, a Zimbabwean national, has the skills and experience to help advance both the RHA tungsten mine and the Zulu lithium projects. GR has said in interviews that RHA needs little work or cost to reopen. The proposed RHA study can also be done while the mine is operating. Further optimisation is required as an ongoing process, during which we could mine high yield underground ore and use the lower grade open pit material to balance the shipment grades. I specifically favour using RHA income because that is wise reinvestment of money from the sale of our tungsten concentrate. The DFS timescale should allow RHA income to pay for each phase of the DFS as it occurs but if more funds are required, then I would prefer a small placement specifically for that purpose. The last placement ridding us of Darwin was oversubscribed so part funding the Zulu DFS is viable.

Twitter is largely a soundbite medium for gossip. Take it with a large pinch of salt. Many small cap CEO's and board members are involved in several business interests so do not expect PREM to be any exception. The new Zimbabwean bureaucracy is the main reason for slow progress at RHA. Would be Zulu JV partners first need to see the results of the DFS and while encouraging, our current inferred resource is not sufficient to allow anything other than speculative unattractive offers. GR has rightly rejected these. Funding the DFS is best done from RHA income. The DFS will involve additional drilling beforehand to determine the DFS extent. The drillers are being paid in PREM shares and for that we need to raise the share ceiling and that needs AGM approval. So the key components to progress are both Zimbabwean bureaucracy approval vesting PREM 90% ownership of RHA and AGM approval to raise the share ceiling. These 2 components will then allow Zulu to make decent progress. News on AGM is definitely due next month where I expect a latest progress update appended to the Annual Report and a further verbal report at the AGM.

Please include 'to agree' so it now reads 'I suggest that there is enough time between now and publication of this DFS to agree Zulu JV partner(s).'