George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Dukey i don't have such message on T212? Can you still see it from your side? It does raise a good point, T212 is dodgy and I need to skim off the top next rise as I cannot trust that they can pay me in full. Opened a new ISA with HL, no clown foolery there, just expensive.
This board has become terrible in the past 2 months. Arguing and attacking one another like on Stocktwits. Luckily i need very little DD nowadays so don't need to read daily or ask questions but I feel sorry for those who are actually looking for support and information.
Not as happy as everyone else seems to be about this RNS, market seems to be agreeing.
Pineapple, RUS for Zulu only should be out soon as per GR. We'll find out quality finally!
Iky, the main worries are for clean and violent free elections. I think the country could use a change of pace and a new face. The opponent, Nelson Chamisa, is 45 and very much in favour of the use of natural resources to boost economy, developing a greener energy sector and opening discussions with the USA to repay back some of the debt. Let's see if these are just electoral promises or not but it doesn't seem like the national mining industry will be negatively affected.
Excellent surface results
72 samples sent for analysis in April
Highest grade returned in initial phase is 4.14% Lithium Oxide ("Li2O") from the Nels Luck group of licenses
This side project could come in very handy 👍
Oh and he was asked if he is related to someone that has been shorting the stock 🤣🤣
And when asked if he had a succession plan (great q whomever made that) he said he has plenty of capable people around him. He would not eventually disappear but step aside and still collaborate with PREM. Not in the near term though.
JG, the zoom call had the red REC symbol on. I am sure Stockbox has a copy and will release it soon.
Johnny, no mention whether a new partner would also buy the shares.
He also mentioned: mining licence for the extended EPO has been submitted, waiting for updates. Opening ceremony still to happen, President invited. An independent expert was invited to consult on the cash flow situation. Gross revenue is $16 million by December. Dilution as a last resort, requires AGM, 21 day notice, but it his within his management tools to invoke. 34 tonne trucks will carry spodumene to Durban, storage facility ready. The 50% JV in Li3 is a potential source of revenue if sold. Potential gold JV within the area, geologists exploring viability, assay results outstanding.
So much to take in, so many valid questions and some plausible answers, others wishy washy.
Main things that stuck with me were:
- Lab still not ready (should be completed this next Wed) and no idea of the current grades on the 200 something tonnes of spodumene currently stocked
- Dilution ahead more likely to happen than not
- Should Canmax want to stick around, they will more likely provide a further loan. Otherwise they invoke the 90 day clause and potentially sell shares. However, there are multiple european and 1 american company willing to participate and/or step in. Some may even wish to pay off Canmax and step in as replacement
- Stark messed up and are fully paying for the upgrades required
Mixed feelings but not nearly enough to make me want to sell yet. I am somewhat reassured on some points but let's see how this plays out next week.
Agreed Acker, so many new and highly opinionated noobs on this BB recently, telling others what they should think and feel. Some will have to learn the waya of PREM and GR the harder way.
Jaguar i was also co sidering this, GR mentioned that there is a marlet for petalite. If we are using the ore sorters, why not sell some petalite or other ores in the mean time to boost revenue?
Then again, we don't even know if the sorters and lab are fully functioning yet.
Hahaha poor you mate, you get attacked on a weekly basis. You're a patient chap.
In the mean time we start to get these articles now, well done GR 🫤
https://www.dhakatribune.com/financial-markets/2023/05/25/premier-african-minerals-drops-18-because-prem-might-go-bust
The only one that believes the rhetoric is Tony, he even thinks full production in Sept.
Will GR even share results? He's been putting spodumene through the sorters for 3-4 weeks now, not even a hint on quality yet, and the lab is on site. I actually want to see GR squirm under the queries from Stockbox. I better be quiet actually or I'll come across as a deramper instead of just a disappointed investor.
Totally agree on all points Alert, good post.
Exactly Jenkoo. And thanks for the reply on the numbers, grest post. Agree with you and Acker on a potential Zulu sale as a "get out of jail free" card.
I imagine Mark must feel like he got played like a fiddle. Mkes sense he wants to make contact asap. How do you sit there and say that, out of nowhere, just 2 weeks ago, and still be so off from reality?
Just watch between 47:50 and 49:00
https://www.youtube.com/live/tEGCD1AV1hs?feature=share
At least Stark will be paying for it
"Premier understands that the costs associated with this remedial action will be met by the plant supplier, and we will work with them to ensure that the plant achieves nameplate throughput expeditiously."
Thank you for this Jenkoo.
My questions are:
Do we need to pay the 35 million to Canmax back within 90 days?
If no, what is the agreement now with Canmax?
If yes, how are 3-4 million a month from spodumene going to cover that? In 3 months we wouldn't cover half of the debt.
Sorry if I misunderstood something.
So considering we need to pay back Canmax within 90 days (please correct me if i read wrong), considering in these 90 days we will be selling at best 3-4k tonnes, considering we have no agreed price info:
How much will we gain by 1k tonnes a month? And how much of that will go to Canmax?
Can we repay realistically the 35 million in 3 months off of spodumene alone?
If not, how much dilution will be required to keep the lights on?
Jeez, i was expecting delays but not for 6 more months. December for full production. I knew there would be gremlins but wtf, not this many and so complex. Glad Stark will be supporting on their missing components and upgrades, but not ideal, this pushes back a lot of predictions. More dilution on the way is necessary. No need to rush into buying anymore, this will swing wildly for some time now until confidence is restored. At least the market now has quantities and timelines which were needed.
Some questions are still unanswered though.
Not all bad, there is still a big future here, just was not expecting such delays to ramp up to full production. Sounds like 2024 is where the big financial and company independent growth will occur.
Same Johnny, surely they are busy, they better be.
But if Noel and Redtrade got replies, let's see what fluff they have for me. At least I asked more relevant questions.