Member Info for NellyB

A reminder of where the project was at, just 12 months ago:

https://twitter.com/i/status/1588155063670919169

George ordered the plant. Stark have been paid to supply, build, optimise and hand over the plant. What do you think GR should do differently, to get the plant finished?

Does anyone know when the new mill is expected to arrive on site? I was under the impression it wouldn't be on site until December. If that's the case, why are Stark not taking the time between now and then to optimise the existing plant as much as they can? Is this cease in production to save on staffing and diesel costs?

Presumably the interim RHS mill will need to be removed, civils upgraded or replaced and ready, before the 'final' (?) mill is installed, which all takes time.

I'm with Acker on getting things done to solve the plant issues and get into FULL production ASAP.

It's also VERY clear that if 1000 tons is not supplied in a given month, there is a cash payment IN LIEU OF PRODUCT.

If the targets are met, there will be not need for cash payments. If targets are not met, Canmax are repayed in cash instead of product, otherwise the production targets clearly become something that cannot be caught up.

I'm not sure if you are deliberately being disingenious, or just poor at interpreting RNS's.

Thats not right Martinigirl.

If Prem don't supply 1000 tons (+/- 10%) in November, they pay Canmax £1.5m back, and the clock is reset, so another 1000 +/- 10% is needed in December, not 2000.

Starks job is to complete the plant in working order and hand it over to PREM to operate. What you want doesn't come into that equation.

The plant is undgergoing optimisation to iron out the bugs and currently has an interim mill in place that can only feed a maximum of 2000 tons per month. The new mill to be fitted in the Christmas shutdown is designed to process 4000+ and in 3 months of tweaking and running the plant, we absolutely should be there.

Just a reminder that the cash that would be paid to Canmax in the event of missing a production deadline is payment back to Canmax of their forward payment for product. It's NOT a penalty, it's alternative to product.

Getting the plant to full production, and maximising the plant's production is exactly what Stark / PREM should be doing.

By generating 4000+ tons per month, that brings in vastly more income than generating 1000-2000 tons and paying a bit of extra interest for a couple of months.

Well, it doesn't exactly say NO production. It's ambigious if anything of value has been produced and if the November target will be hit. Either way, I'll be buying more until next year and making the most of the low price, which is currently below where the SP was on the day the news the EPO being granted landed... 0.4p

Well, my first quick read through of the RNS early this afternoon and I saw it as fairly neutral. 2 steps forward, one step back.

It's obviously spooked the easily shaken, and risk-adverse but having re-read in more detail, I still think it's fairly neutral, with a couple of positives to boot...

1) Stark have taken payment in PREM shares... that tells me they are highly confident of the share price being worth more than the cash equivalent. Stark are the ones who know and who can make it happen. Not quite sure how that plays with market trading rules, but don't particularly care.

2) GR has stepped aside. That's been a long time coming. GR has got the project to this point, but his strength lies in finding resources with potential, not necessary in REALISING that potential and certainly not in showing restraint with the purse-strings. I think fresh ideas and a more conventional business approach are now needed and will hopefully follow. I also think people are quick to cast blame on GR for the issues with the plant... Stark are the experts and Stark has to fix the issues, which I very much believe they will.

And Tygra, yes I saw what you said... and laughed out loud! :oP

YOU need to wake up IKY - post it somewhere else. - reported you post again.

Why put it in a 1 ton dumpy bag unless it's product to be shipped on a lorry?

This sure looks like a dumpy bag of product to me... anyone else?

https://www.facebook.com/photo/?fbid=10168099695460640&set=gm.3617984558474660&idorvanity=2062275300712268

Is this the registered Office address you're after, Acker?

https://www.premierafricanminerals.com/contact-us

Someone please give that kid a book.

FFS. What COMMENCED on the first of the month was THE START OF THE MONTH.

THAT marks the START of the time period (ONE MONTH) by which time the 1000 tonnes need to be SHIPPED (DESPATCHED) by. The time period ENDS at the END of the month.

HENCE 1000 TONNES NEEDS TO BE DESPATCHED BY THE END OF NOVEMBER.

Can't make it any more simple than that for you Tygra.

Tygra, the 1st of Nov is there purely to mark the date when monthly production is to be COMMENCED by. It's a monthly quota, with a start date of 1st Nov, going forwards. A month has a start and a finish date. The 1st denotes that we are counting a full calender month and not for example the 15th of one month to the 15th of the next month.

If you get a builder to build a house extension, with a contract to COMMENCE' on the first of the month, and COMPLETE by the end of the month, the builder is still within contract of his guys turn up in a van on the 1st, kick the soil around and bring materials to site for a week, so long as the job actually gets COMPLETED by the agreed date. They don't have to have bricks laid on day 1.

NOWHERE does it say '1000 tonnes product to be delivered into China by end of November'.

The contract is for 1000 tonnes (+/- 10%) SHIPPED. That just means loaded and left site at Zulu.

Freight shipping typically takes 30-45 days to reach China from Zimbabwe, so product would already need to be loaded and in transit for you to be correct.

Maturity is knowing when you've made a mistake and owning it. Immaturity is saying the wrong thing repeatedly to try to convince others that already know you've made a mistake, that you haven't made a mistake.

I don't see much posted about STARK Resources and their experience in the field, so took a look through their website and staff Linked-in profiles and found it quite reassuring:

https://stark-resources.com/stark-resources-at-the-forefront-of-ore-sorting-technology/

"STARK was founded in 2014 by a team of engineers with decades of experience. The company is led by CEO Geoffrey Madderson, COO Jaco Prinsloo, and CTO Fabian Riedel – whose names are well-known across the wider mining industry.

Executive management also includes Dian Heinrich Page, Group Commercial Director, alongside Mundus Smit, Group Financial Director, and Jean Flouhr, Rheinhardt Peens, and Willem-Daniel van Dyk as Managing Directors of Angola, Australia, and Namibia, respectively.

STARK may be new by mining standards, but it is staffed and managed by mining pedigree, many of whom have previously enjoyed careers across disciplines such as geology, engineering, mine engineering, mineral processing, construction, and original equipment manufacturing (OEM) at large-scale operators including TOMRA. Many companies have a core skillset and outsource auxiliary functions, but STARK’s diverse personnel base means it can rely on in-house skills in more areas."

Tygra, honouring the agreement would be shipping (despatching) 1000 tonnes +/- 10% by the END of November.

The plant is running. It matters not what is spilling off the production line on the 1st of November. It matters what is produced by the END of November.

If you ship an item, that mean when it leaves you, not when it arrives.

SHIPPED just means loaded and departed.

Where does it say 1000 tons +/- 10% DELIVERED to Canmax by end of November?

Typical sea freight times between Zimbabwae to China are around 30-45 days.