True, I agree with you, but if that is the case (this last 4.5 billion is only for debts and to keep his cronies happy), there is zero chance that investors will approve another dilution round. GR was stupid for not raising more but he's made his bed now. If he comes cap in hand again, i hope you, SK and all the other large holders vote NO this time!
He either delivers production by max July end or he's done imo, or Canmax steps in to do things their way. I bet Canmax is sitting there with popcorn and a beverage watching it all unfold.
Acker, what bullish run? And are you saying PREM will have to raise more beyond the already approved 4.5 billion shares? How will GR get that approved?
Glad you lot are coming around to the idea that this is GR's last chance. No way another dilution round will be signed off by Canmax nor investors. He has his back against the wall and has to deliver by July-August or he'll certainly get ousted.
Canmax is happy to sit back and either wait for PREM to collapse under its own lies/missed deadlines/debt or to buy more shares in the company and decide to run things. Either way, they'll be getting a bargain.
Come on George, get this plant to work or you'll be buried in one of the pits together with past engineers, COOs, LIBS system etc before next autumn.
Thanks Acker. Why release 2 RNSs back to back? He could have just taken 2 billion shares yesterday ๐ค at least we know he's alnost half way through his dilution round. Let's go GR, get this production started asap!
Aim, theu better be grest news catalysts because with the lack of trust and with knowledge of further placings to come drip fed ovrr the next 3 months, i am not sure the price will do much.
Bighest catalyst would be "Plant is now fully operational, it can run 3 weeks consecutively l, it can produce 4k tonnes as per contractual agreement, and the official and tested spodumene quality is X."
Anything else and the reception will always be luke warm. Imo, 3-4 more months at the most until the make or break moment for PREM/GR.
Yesh surprised he only used one fourth of the shares. To me first production is June at the earliest.
Get this done GR or next autumn you may not be CEO any longer and PREM could be called Canmax้ๆดฒ็ฟ็ฉ
Yeah good RNS, happy with that, lots of facts and updates. OEMs being efficient so far. No esrly shipments but roll on June and initial profits ๐
That's great Acker, appreciate your positivity. What if it doesn't? Surely an experienced investor as yourself has some form of risk management?
I see zero shipments now, some output sure, but not enough and not in the quality Canmax needs. June is a different story. But again, if he finishes the money and still no production, then what? Will you approve another 4 billion shares for him to keep his toy on for a other 4 months? This is GR's last chance imo.
"So, if we ship next week...."
Come on SK, keep it real. I also might win the lottery next week. There obvioisly won't be any shipment in April. Plant is running at very low capacity and ramping it up causes issues to single components. Machinery can only be on for 24 hours.
Some questions to you SK, same I asked to Acker:
What if, GR spends the money from the raise and still the plant cannot do what it is meant to do and still no full 4k tonnes shipment as per agreement? How will GR raise money then? Will you approve another dilution round? When is Canmax going to stop playing "nice guy" with GR in your opinion?
If GR cannot get the plant issues resolved and some form of production by the time he finishes his 4.5 billion share dilution fund (which i suspect will be around July-August at best) then I'll be the first one to ask for his head. At that point he will have nowhere to hide and Canmax will want him on the chopping block as well, there is no way they'll wait another 2 years for GR to wake up and give them their much anticipated spodumene.
Last chance saloon for GR imo.
I kind of lost hope of any shipment when he mentioned no export licence yet (which means he has been lying about production date of end of March since January), about the 100 artisanal miners helping out like little lemmings and of all the technical issues the plant still has across multiple components. Plant can only run for 1 day and then must be switched off? We are clearly still at the initial stages, will take weeks and a few months to resolve all (but according to GR it was hours and days and not weeks and months).
Time to put this on the back burner for a while.
Decent review by Steve of yesterday's Q&A.
https://youtu.be/XOP8QKmgGgo?si=lxbLVQWm9gp3FvrD
No!! Don't ask him to post, price drops 5-10% everytime he does ๐คฃ
Fair enough, we're on the same page then, pretty much as usual ๐
That's all good Acker but what happens if the money runs out this summer and the plant is still not at nameplate production or has more technical gremlins? GR won't be able to raise more, at that point his head will surely be on the chopping block? There is only so much patience Canmax can have before they make their power play.
Dazed, this is his way for saying "Sorry, yet another promise and deadline broken, no shipment March. However, because I need your votes, I will do a Q&A trying to appease as many of you as possible."
It's a fairly useless exercise mate, nothing new from GR.
If the vote passes, which I am pretty sure it will unless Canmax pull the rug, GR will have enough cash until end of summer. If no production by then he will have nowhere to hide.
Roll on the vote, AGM and then Q2 as this Q1 was a waste of time.
Agreed Acker, i want a copy paste of what has been done in Zulu over at the Mutare project, except this time through a proper JV and without Stark, new vendor required. I bet we could even pull off a full blown DFS over there.
With the March shipment deadline pretty much out the window, the only catalyst up or down is the AGM now. I feel like it will be a pass anyways so not too worried. Shame that Mark did not ask about the mining licence extension and did not push GR on exactly how much spod has been produced.
Did anone else understand the part of him asking Canmax to send resources to site to work "with the onsite lab results"? Is he trying to pass the internal lab results as official ones and asking Canmax to buy spod from PREM just using the onsite lab and not official lab results? ๐ค
I've given up on Q1 and most of Q2, too many components of the plant still requiring optimisation. Roll on June for better days.
Yeah i didn't understand the whole "To approve for the period commencing twenty four (24) months following the date of this AGM" thing.
The notice does say that shares raised will be used to pay debts and lost court cases but that the remaining shares will be used to make the plant work and general working capital.
How long before Canmax make a power play Acker?