Member Info for picardy9

I used to hold shares but sold out a few years back when sp was £12.

CWR has been on my watchlist ever since. IMO it has been oversold and I bought back in this morning at 85p.

Doubt that we'll see any progress on ratification until the MIIF Audit is completed. Hope I'm wrong but I can see it being months before this comes before parliament.

The 2Jan RNS stated that $800,000 royalty would be received in January. We now have an RNS stating receipt of $300,00 with the balance coming later this month.

Would be good to know the reason for the delay. Is it because of the Chinese New Year celebrations or CGO just not delivering outstanding documentation?

The 4th December RNS stated a debt of $974,000 in respect of Zulu and Group staff salaries (which has presumably risen since) and a debt of $764,995 in respect of Payroll and Statutory balances (income tax and pension contributions?). I doubt that the Zim government will be too happy about non-payment of taxes.

Things must be worse than we thought. He flew Economy!

Jag

Let's wait until KOD's plant actually produce spod.

I was invested in PREM until I read the dreadful MRE update a couple of months ago (average of just 0.54% Li20). I find it interesting that GR still reckons PREM can produce SC6 when KOD with its richer ore (>1.25% Li2O) doesn't think it can (targeting SC5/SC5.5). Guess we shall see next month.

RickyK, I haven't been able to find the costs and obviously Aussie payroll costs are much higher than in Zim. MinRes, however, did have the advantage of economies of scale as they also have the nearby Mt Marion and Wodgina lithium mines. Bald Hill would require a SC6 price of $1300 per tonne to re-open.

Interesting that Bald Hill has gone into care & maintenance when their L2O grades are 1.1% (0.5% cut-off) compared to PREM with 0.54% L2O (with 0% cut-off).

If MinRes cant make any money at Bald Hill, what chance has PREM with a far inferior ore body?

You can't make a silk purse out of a sow's ear OR SC6 from 0.54% ore.

Zangman, where did you get the 1.06% Lu2O grade from? The MRE clearly stated an average grade of .54%?

But thank you for making me read the RNS again and pick up a few more points in the notes.

Firstly, it explained the 0% cut-off as "all the spodumene is expected to be recovered". Very surprised at that statement.

Secondly, in the interview GR made the point that all the MRE ore body was entirely spodumene. I'm not if George read the RNS as under Geological Setting the RNS refers to petalite-rich deposits in the River Pegmatites.

Acker, I'm surprised that you were impressed with GR's comments on grades. Amidst the waffle, he was just stating that all PREM's ore was in the form of spodumene rather than petalite. That doesn't compensate for the poor grades. All of KOD's and ALL's ore is also in spodumene but at much higher grades. ATM's is the only ore body I know in Africa that has a mixture of spodumene and petalite.

Can you point to any hard rock lithium mine in the world that is processing such poor ore grades? I had a look, albeit quickly, but couldn't find one.

I'm sorry kenny100, but your figures don't stack up as you are ignoring Zulu's lithium grade. The RNS yesterday clearly stated that the average grade was .54% using a 0% cut-off. PREM's peers in Africa use a cut-off of .5%, which means they do not include any ore grades under the cut-off in their MRE.

So processing 300,000 tons of Zulu ore will only produce 25,000 tons of SC6 which would bring in revenue of c$20m per annum.

I have no doubt that given enough money and time the plant can be made to work. Nobody knows how much money and time.

I also think that it might be possibly to produce SC6 with pre-selection of ore used but I doubt if SC6 can be produced consistently from such poor ore.

Even if GR can magic up some SC6 concentrate, it will be produced at a loss. Zulu is just not viable with spodumene prices around $800 per ton. The reason PREM's peers ignore ore under .5%, is that it is not financially viable to process. I know GR said in a recent interview that he calculated he could reduce costs to $500pt but I don't think he showed anyone that cigarette packet.

PREM may have been viable when spodumene prices were $2000pt, but it isn't now. PREM should follow the lead of some Australian hard rock lithium mines (with far better ore grades) and put the plant on a care and maintenance basis.

Just following on from my previous post, I have checked comparative grades for Atlantic Lithium.

They have a MRE of 36.5mt at 1.24% Li2O at a cut-off of .5% (i.e. they wouldn't count ore below this grade). They would not count much of PREM's ore body.

To obtain SC6, PREM would need to process 2.5 times more ore than ALL with consequences for equipment life, energy consumption and waste disposal. There doubts whether ALL can achieve SC6 (probably SC5.5).

Wow. I hadn't realised just how poor our grades were compared to our peers in Africa (ALL, KOD, ATM). Just .54% at 0% cut-off when others are quoting 1.2% to 1.5% with a .5% cut-off. I'm out.

I am a LTH since Afritin days and I'm excited by the lithium potential but I was concerned by an interview with Neil Herbert (ALL chairman) last week. He was commenting on the future demand for battery grade lithium and said that producers were moving away from petalite to spodumene due to the cost of processing petalite. It was just a throw-away line from NH but it will be interesting to get the metallurgy results. Obviously, if the lithium price rises, any additional processing costs will be less significant.

ATM does have some spodumene but I'm not sure if there has been a separate MRE. In the meantime ATM can sell the petalite concentrate into the glass and ceramics sector, albeit the market is a lot smaller.

When PREM announced their latest assay results in January, their sp responded. The best of their assays was:

8.3m @ 1.53% from 165m

Compare this to ALL's assay today

83m @ 1% from 36m

And our sp falls! ALL's intervals are 10 times those of PREM at far shallower depths (in a better jurisdiction and infinitely better management team). I am happy to hold long term but do find the latest sp frustrating.

HL have confirmed my allocation from the retail offer but have not yet received the shares from HE1. I assume they will appear on Monday.

as the ditau assays were due in early may (according to bt in april presentation), i think it safe to assume that they didn't indicate an iogc. ben never releases negative assay results. looks like we are now relying on finding gold in the zimbabwean **** heaps!!!

Ben has been (mercifully) quiet of late but he is booked to do the LSE Webinar on 25th July. My guess is this will all about the opportunities arising from a Purebond takeover.

In the meantime he is keeping schtum on the progress of the B1 drilling and the results of the Ditau assays (due May). It makes me wonder just who Ben is serving as it definitely isn't KAV's LTH.

I'm in the same boat as you @toptiger. I am waiting on the KOD deal to go through and HE1 to sign the rig contract. I currently hold 300k shares here but am looking to buy a further 200k.

@Korriban I agree that delays happen but CE seems to have a habit of over-promising but massively under-delivering. The off-take agreement with AtoZ was announced on 14th June 2022, to commence sales in Q4 2022. We are now 6 months late and are still awaiting news of the first sales (even though we commenced production on 24th May.

Similarly with the gold deposits at Garolo-Ntiela in Mali. CE was planning to visit Mali in March 2022 for JV discussions but he has failed to provide any update.

We could be days away from the announcement of the first met coal sales or there could be problems with production or the off-take agreement has gone sour. We simply don't know and in the meantime the sp drifts lower. How long before we need to raise further capital? Come on Carl, give us an update.