Member Info for ProfitBags

RNS 4th December 2024:

The Development Decision on the Current Flotation Plant will require an initial 5-day run, which will require a two-week lead time to run the Zulu plant, and the targeted date is late December or January 2025, subject to funding.

RNS 16th Jan 2025:

The initial 3-to-5-day run, which will require a two-week lead time to run the Zulu plant, is targeted for late January 2025 or early February 2025.

I think we all know what the next RNS will say in regards to this pilot. More delays? Not enough funds? Parts delayed? GR fell in a pit? From a 5 day pilot to a 3-4 day pilot and then a 4 hour test run?

If GR leaves, if new sufficient funds are found besides more dilution and if this pilot actually happens and is successful, I'll be enticed to average down. But i still see no assurances so will continue to sit on my hands.

Wolf, Alert, thanks for the replies.

Hey Acker, what catalysts do you see out there to make you want to buy? All I see is dilution, broken promises of a successful pilot run and a contractual deadline looming. Can't find the courage to add and average down. You and Wolf and Alert must be down 30% already.

You lot filling your boots are crazier than I thought. There is no evidence anywhere of company progression and Zulu plant working? Unless you were taking a 50/50 gamble, red or black, but the Casino is more entertaining.

GR is done, his reputation is destroyed, market does not believe him nor trust him any longer. When will he get that through his thick head? 3 months left until contractual wipe out.

RNS 4th December 2024:

The Development Decision on the Current Flotation Plant will require an initial 5-day run, which will require a two-week lead time to run the Zulu plant, and the targeted date is late December or January 2025, subject to funding.

RNS 16th Jan 2025:

The initial 3-to-5-day run, which will require a two-week lead time to run the Zulu plant, is targeted for late January 2025 or early February 2025.

We know how this goes...

I hear you Red, I am down 87% myself. We can only wait and keep hoping but it's a slim hope imo. I wish i could go back to summer 2023, slap myself and force myself to sell.

Jag, I actually wish that was the final call, Canmax to take over and PREM to piggy back.

Red, unfortunately it can get worse like PREM losing Zulu and finding themselves with no assets and no mining licence.

There is loterally nothing more we can do, can't even downvote on resolutions anymore as Canmax and large shareholders like Gozzee (or whatever his name is) are aligned and voting YES. Can't get rid of GR, no alternative funding in sight, plant non operational, 3 months to deadline etc. Not looking pretty unfortunately.

Thanks Jag, Martini and Steward, now I understand a bit more. This move allows PREM to lower the debt towards Canmax by giving them the opportunity to convert some of this debt into new shares, enough to continue owning 13% once shares are added to the float (some or all of the 15 billion shares). This also buys PREM some time to prove the plant can produce SC6.

This is my take only but, Canmax doesn't necessarily seem to need shipment by April, sounds to me that within that timeframe they would be happy to have confimation SC6 COULD BE produced at Zulu as some point. This, at least in my head, changes things a little bit towards the positive. Canmax seem more lenient than I exptected.

I also understand that GR's headroom is now lower than 15 billion shares. Whatever is left, is that enough to purchase, install and test the required components for a successful pilot launch? If yes and actually SC6 can be produced, this will rerate to the upside. If no then they just re-evaluated Zulu and the plant within it at $100 million, Canmax will be owed most of that amount, if not all.

All eyes on the remaining funds and how they are utilised towards the pilot then.

Yes definitely last chance saloon Hasiba, agreed.

On a side note, i found this screenshot from August 2023, released by someone in the Telegram group, right after PREM's first failed attempt at production. The penalties are part of the renegotiation between PREM and Canmax that happened that summer. If this is correct, Jaglith is right:

https://ibb.co/FzmWsTZ

Acker, if you are lost having been here longer than most of us here, imagine the rest of us. Fingers crossed lads!

Steward, honest question here, where does it say Canmax will commit more funds? And what imminent fund raiser?

I agree that it was never Canmax's plan to take Zulu but GR is basically handing it over to them, mistake by mistake. Canmax will want that 60-80 million back if no spodumene is produced, they'll have no choice to take the plant and pits as collateral.

PREM even lost its mining licence for the rest of the EPO, leaving PREM in an awkward position should they lose Zulu (I forgot what the status of the Li3 project was, does PREM still hold that 50%?). Don't even get me started on the export licence that was supposed to be "a formality that takes 3 weeks to resolve", this was months ago. When PREM does their 5 day pilot, is Canmax happy with whatever results come out of the onsite lab or will they demand official lab results? The latter can take 6 weeks to be shipped, analysed and results returned.

Fingers crossed this pilot is successsful, or as you say some new funding besides dilution is found, because if not, it's light out. If the pilot is successful, this will reach p0.20 in 2 days of trading.

Red, what CEO takes an interview in a pink polo, with an unkept beard, a mullet, and in a cafè? Doesn't exactly instill faith and trust. Hasiba thanks for sharing. On a positive note, at least now we know the pilot will be done mid Jan. We should know better where we stand at that point, at least from a plant/floatation circuit functionality point of view.

Who will determine the grades found during the pilot? The onsite lab or professional labs like Anzaplan?

Steward i honestly wish i shared your enthusiasm. PREM has 4 months left to sort things put and that means installing new components, completing a pilot successfully and then launch into production. All with limited funds. Canmax doesn't need to vote NO any longer, all they have to do is wait 4 more months and Zulu is theirs. Why would they upset anyone? This way they'll do things by the book and come out looking clean.

I don't believe a word GR says anymore and I definitely don't velieve the plant will be fully resolved and operational in 4 months. The only thing keeping me from selling at a 87% loss and moving on is fomo, greed and some kind of hope.

Doesn't seem to me like the market cared much for this last update, volume is low.

I got only 13% of my capital to lose now so, like Canmax, i await on the sidelines 4 more months to see if the inevitable happens or if the supporting group make some sort of miracle happen. I have more trust in VSA, Enprotec et al than I have in GR. Only point I fully agree with you on is the fast rerate of the share price in case a miracle actually does happen. Fingers crossed for Q1 2025!

Steward, that's literally the only reason I am still around. GR and Canmax must have come to some type of agreement or new strategy. Otherwise they would have not supported the resolution. I hope whatever new deal they made brings us shareholders some happyness. Let's see how this progresses

Fair enough. When did he say he intended to complete the 5 day pilot? In Jan or Feb? Do you see any other catalysts between now and then?

Steward, don't think the funds are enough to bring to production. These funds will be just enough to cover the most pressign debt repayments, pay staff wages and for the 5 day plant pilot. Once those are done, we're back to square 1.

New link

https://x.com/Premafrimin/status/1871165521573327123?t=Mf5X77b1o5_lUVpp9dTGIw&s=19

The only way for GR to step down is having Canmax to vote NO and demand his dismissal. But vote will pass this time so GR isn't going anywhere anytime soon unfortunately.

How boring it must be to post hundreds of times on a stock you have no ownership of. I could never do that. I still think some of them work for Stark, hoping the entire project fails so they can prove it was GR's fault and not the plant's fault and save company face.

Anyways, in the end who cares, they have zero effect on share price, just white noise. RNS next week ahead of the EGM?

That's correct Clueless, most of us are in the same boat as you. I'd gladly sell at p0.16 and take a 50% loss at this point!