Member Info for NellyB

The revised agreement was supposed to be an incentive by Canmax for PREM to get the plant up and running faster.

Yes, your figures are wrong - this is NOT in addition to the $34.7m pre-payment from Canmax that is to be repaid in product / shares / cash. Only the interest is, plus when Canmax can call in the amount owed to them (which so far they have waived, in favour of PREM getting the plant up to production).

Worst case Scenario, PREM default on the repayment (in product or cash) and by April 2025, Canmax can call in the $34.7m + interest owed as a stake in Zulu, at a pre-agreed valuation of $200m, so they would add approximately 20% ownership of Zulu to their current 13% stake.

Https://polaris.brighterir.com/public/premier_african_minerals/news/rns/story/xje3pgr

Bridgedogg, You've seriously misjudged (and misread) the repayment agreement.

The amount 'owed' to Canmax is 'only' increasing month by month by the (now) 10-12% APR interest.

The $3m per month is what PREM had agreed to pay back OF THE PRE-PAYMENT AGREEMENT. It's not an additional $3m per month that is being added to to the total amount that will be owed to Canmax (in product / cash / shares).

It's circa $5m of total interest (that would be added to the amount owed to Canmax, over a whole year, so around $37m total repayment that would be due to Canmax ($34.7m + circa 10% interest)

The interest owed is 12% per annum with effect from the 1 December 2023, Prior to that it was 8% from May 31st 2023.

I'd be surprised if we don't have an RNS update at some point tomorrow, before the long weekend.

It's only been 7 weeks since the Zulu team took over from Stark, and it does all seem to be coming together at last, albeit a resolution still needed for the sorters.

Martini, Dazedandconfused is no friend of mine. I have zero interest in ALGW or in disrupting your investment. I have better things to do with my time. I wish I could say the same for you! Your blatent lies cost people here money.

Martini, I find it very telling that your posting history for the last 30 days is 1 for ALGW where you have a significant investment and 19 for PREM, where you hold one (token) solitary share. It's almost like you're de-ramping, or have a personal vendetta against GR.

My point was it's not ADDITIONAL debt.

Raaydaar 29th April "doom & gloom"

Raaydaar 28th April "doom & gloom"

Raaydaar 27th April "doom & gloom"

Raaydaar 26th April "doom & gloom"

Raaydaar 25th April "doom & gloom"

Raaydaar 24th April "doom & gloom"

...

It's NOT additional debt Jaglith. It's an amount of the prepayment that has become liable to be repaid.

Let's say for arguments sake the amount Canmax has paid (for product) is £35m. The amount that is liable to be repaid in the short-term is a portion of that number, so for example £10m instead of £7m of that £35m is now owed, due to late payment.

It's fundamentally not the same as adding £3m to the amount that has to be repaid, to make it £38m owed.

It's not additional debt Jaglith. It's a further amount of the prepayment, that Canmax can demand if they choose to, under the revided prepayment agreement.

The debt is unchanged other than the accrued interest.

https://www.lse.co.uk/rns/PREM/offtake-and-prepayment-agreement-nztaaecscxjocyq.html

Because the Canmax offer was on the table for immediate funding and this way the project could be fast-tracked to get us into production ASAP (in theory!).

Normally a DFS is needed in order to secure funding, to build the plant.

Don't invest then, and f*ck off somewhere else.

Again, more questions for GR and DYOR.

Raadaar / martini / whoever you are pretenting to be today. Keep up. GR has the licenses, all ready to go, all in videos in public domain.

If you think PREM are done for, just go. You have no place here. This forum is for shareholders and for those looking at investing. It's not a forum for slating a publicly traded company.

Direct your questions to GR, not me. He is the one that says it's saleable, and he is running the company.

As for your other responses, it's just recycled content from your previous posts, so doesn't warrant further response from me.

"PREM are absolutely nowhere near any production of saleable product let alone days aways from nameplate. George could have a £billion plant but if it's not producing, it's worthless. Talk of a second plant is laughable. Mark my words, this company will not produce any SC6 in sufficient quantity for export any time soon and certainly not before all of the money has run out, at which point the company is done for."

raadaar, more scaremongering lies.

PREM has sub-SC6 product sitting in bags which GR is looking into selling, to realise some cash (saleable product).

A £billion plant would not be worthless in any circumstances.

A second plant will inevitably follow the first, once that's been tweaked. That's always been the plan, hence 'pilot plant'.

Even if PREM burn through the recent raises before it ships product, it will raise more funds. I'm glad you're not running this project, or it would have failed years ago.

Bridgedogg, how much more than 100% of the asset would you like PREM to retain? Canmax only owns part of the company / asset as a shareholder, just like the rest of us. Zulu was not sold off to anyone as part of the pre-payment agreement, unlike many other projects, such as Kodal.

Keep up Martini.

09:45: https://www.youtube.com/watch?v=k_Clx318wGU&t=634s

You can't know the cost of putting something right, until you know what's wrong, hence the independent review and ongoing fixes. Stark had a design, build and comission to nameplate contract, and a deadline. Both were missed. I'd be very surprised if there is no legal redress, but I'd guess that is 6-12 months down the line yet.

absolutely no reason to incur any legal fees in pursuing stark, until we are in production and can afford the fees.

martini / raadaar have an agenda to drive the price down and **** off gr every opportunity she gets. personal vendetta.