Member Info for raaydaar

So a request for 4 billion means he's misled the auditors, he knew full well that this debt needed to be paid but thought he could get away with it. What else has he lied about, what were the other conditions for the going concern? Sale of Mutare, produce nameplate SC6?

Even of the plant could produce SC6 anytime soon PREM won't see a penny for it for weeks possibly months. It's over 2 months now since the samples of the sub standard product were sent off foe analysis and still nothing back. The cash ge raises won't last anywhere near long enough to see sale of SC6 from Zulu

Wow, I'm absolutely shocked at what I'm reading here. George has obviously done a very good job at burying the bad news or people just cannot read and understand what has been said.

Great they got the conditioner on and started up, still requires quite some time to optimise but it's a start.

Nobody talking about the massive debt to CZ? With interest it's now around $2 million or around $2 billion shares. This debt should have been paid with the proceeds fron the AGM and wasn't.

Why is nobody talking about the upcoming legal action if GR doesn't pay, or why he's now using pretty much all of the 2 billion he's asking for to pay off CZ and use the remainder for working capital. Working capital the company desperately needed those 2 billion shares for.

They're in dire straits, there's no doubting that:

"Premier had previously committed to Zenith to utilise part of the pre-emptive shares disapplied in the last Annual General Meeting held on 8 April 2024 to settle this outstanding payment. However, the ongoing funding requirements for the Zulu Lithium and Tantalum Project ("Zulu Lithium Project") and the depreciation of the Company share price has meant that Premier has not to date been able to attend to the settlement as agreed with Zenith. Zenith have now notified the Company that unless settlement of the outstanding fee is addressed as agreed, then Zenith intends to initiate legal action in an attempt to force payment. Accordingly, Premier must now ensure it is able to complete the settlement of the outstanding amounts due to Zenith without further delay to protect the interests of its shareholders, the Company and the Company's assets. To the extent that there are any unutilised shares from the authority being granted under Resolution 2 following the full settlement to Zenith, these remaining shares will be utilised for the ongoing funding requirements for the Premier group, in particular the Zulu Lithium Project."

Profitbags, GR can only call a single AGM in a year, anything outside of that is an EGM or an SGM under the companies act 2006, it's only semantics and GR seems to call them whatever he wants.

You also need to remember from the AGM that of the 4.5 billion issued shares a quantity should have been set aside to repay GR loan and also to pay China Zenith in shares what at the time was a bit over $1 million or a bit over a billion shares. He didn't do this and that debt to be paid in shares is accruing interest and I'm led to believe is now closer to $2 million or around 2 billion shares at the current SP. Clearly the remaining shares from the 4.5 billion are not enough to pay the debt, the 2 billion requested headroom would cover it but he clearly needs that money for working capital. All the while interest is accruing and the debt getting larger. In order to pay the debts alone he's probably going to need an additional 3 billion shares or more plus extra for working capital. My guess is he'll be asking for close to 10 billion to give himself some wiggle room.

Profitbags, he can only ask for 2 billion shares at this time because despite needing many more than that, if he asked for more he would be in trouble as in the annual report one of the conditions of getting the sign off as a going concern was the ability to utilise 2 billion shares. By asking for more he would be admitting that he misled the auditors and that's not a good thing. We all know he needs billions more in headroom so I expect there'll be another call for an EGM towards the end of August with a request for a more accurate very large number of shares.

Mugwump for clarification and correction of your side note, you might want to have a read of the companies act 2006

Nelly I'd also suggest that the 2 billion could well be the difference between producing and not producing. At the current SP without any discount it raises approximately £2 million before costs so say $2 million after costs. If as GR has stated the plant will be running from 10th July, that gives him about 5 weeks at best of operating capital based on the known costs. That takes us to 14th August. Sampling and testing of product for export is taking at least 6 weeks based on known data from current samples sent out with potentially 3 times or more samples being required should the plant start producing which will take a whole lot more than 6 weeks. No cash and no revenue come 14th August suggests to me that PREM will most certainly be revisiting that going concern statement

Nelly it's not standard practice at all. GR had to make that statement because of what he told the auditors when they prepared the AR as that was the only way he could get them to sign off as a going concern, and as Acker so rightly pointed out those points to continue as a going concern were not limited to just the issuance of another 2 billion shares, there's the sale of Mutare which is currently valued at a token amount equivalent to whatever Li3 sold their share for amongst other things, none of which will happen quickly if indeed they happen at all. So no scaremongering, just providing the facts as they are without any hopeless optimism

Nelly did you read the ret of the RNS? This time in 3 weeks PREM could no longer be a going concern.

Then they make the move, at which point GR and PREM shareholders are powerless to do anything

Botuney, Pei and mates aren't interested anymore, despite having more cash that GR could ever dream of and first refusal on any of the placings since they invested, they've participated in precisely NONE of the most recent raises in order to maintain their % holdings in PREM. The Canmax position is revealing itself and it's not one that's favourable to PREM shareholders, they're just biding their time and watching GR run the business into the ground at which point they'll step in and take whatever they want and PREM shareholders wont see any returns. That's the Chinese way, they'll get what they want, when they want it at the least cost to them. They gave GR a chance to succeed, he has failed and now they start to turn the screws by withdrawing financial support leaving GR to rely on discounted placing after discounted placing until the inevitable death spiral comes into play them they make

Luthee, as I'll I formed as uou think I am, all you need to look at is my posting history on PREM, then compare it to yours and see which one of us is better informed.

Hint: it isn't you!!

Everyone knows the next placing will be sub 0.1p it could come this week as I'm sure GR will be as keen as mustard to utilise what little headroom he currently has left, but if not then 30th or 31st July and the discount could potentially be of HE1 proportions as it's plain for all to see that GR is now extremely desperate with talk of having to revisit the going concern statement if he cannot get the headroom for a measly equivalent of $2 million at today's prevailing SP.

Luthee, you really do deserve everything that's coming you're way as far as your PREM investment is concerned

Mugwump you really don't have a clue do you?

If the issues with the plant are sorted, there will be delays getting additional finance sorted, GR has told you this in black and white in the RNS today, I'd suggest you read the part where he begs for shareholder support again and digest the contents of that statement. If any SC6 is produced it will need to be sampled, sent away for analysis, those results correlated, tabulated and returned to PREM to individually label each bag prior to the issue of an export licence. Assuming a mythical 2000 tonnes per month, PREM could theoretically produce 1000 tonnes before the end of July, based on GR stating over a 1000 samples required for the 350 tonnes of sub standard product, they'll need to send away 30000 samples to labs outside of Zimbabwe for analysis. So far the samples from the sub standard product haven't had analysis completed some 6 weeks after they were sent off. Assuming a best case scenario of 6 weeks for the 1000 samples (we get the results tomorrow) how long for the 3000 samples? Certainly more than 6 weeks, let's say 8 weeks at best. So you're looking at a 2 month period where you've produced what you think is SC6 but not had it independently confirmed, the government won't issue an export licence until the lab results are back and the custome won't pay for the product until the grades are confirmed and the product has been sent for export. Do you honestly believe that the SP could get to 1p on the basis of that happening? Do you honestly believe that a financial institution would risk millions of dollars in loans to PREM knowing that GR has failed at every stage of every project he has undertaken and doesn't pay his debts?

No responsible lender would give GR any money at all and the market clearly knows exactly when the placing is coming and is confident it will be at a discount to today's price and nothing GR can do between now and then will increase the SP, if anything it's more than likely to drop further.

Acker, any JV or asset sale isn't going to happen within the required timescales and no financial institution in their right mind would lend GR the money he needs against zero production of a product he can sell at a profit or any production of a product he cannot sell due to lack of export licence. Again I'll ask about the now $2 million owed to CZ to be paid in shares from the headroom approved at the AGM? This is a legally obligated payment which GR stated in writing would be paid from the headroom approved at the AGM and has not been paid. Could CZ send in the Bailiffs and start seizing assets? What's concerning though is once again GR has blatantly lied to shareholders despite supposedly having learned his lesson. What else is he lying about?

Sprint indeed you have stated there'll need to be a placing. You also stated that placing would need to cover operational costs for about 12 weeks. Given that we know the company is burning through at least $1.5 million a month, how long will a placing of 2 billion shares at 0.08p last? Nowhere near the 12 weeks you suggest they'll need financing for.

I see the telegramp group are still living in their own little world. GR will raise at the earliest opportunity post headroom approval. Yes 2 billion isn't a lot of shares but its all he could possibly attempt to raise otherwise he'd be in trouble for misleading the auditors into signing off o PREM as a going concern. He desperately needs cash and he also desperately needs shares, he's got his own loan to be repaid and what I'm led to believe is now approx $2 million to be paid to China Zenith in shares. Where are those shares coming from? He'll have to call yet another EGM to try and get the headroom for those shares despite stating at the AGM that they would be paid utilising the headroom he got back then. Once more GR blatantly lies to shareholders and yet the likes of the telegrampers keep lapping it all up and believing every word of it. I do wonder what issues will arise with the conditioner that he can blame on someone else?

"Shareholders should be aware that if the Resolution is not passed at the GM, the basis of the Company’s going concern statement will need to be reviewed. The potential of a further review of the going concern in the Financial Statements would not, in the opinion of the board, be favourable for Shareholders as there is no assurance that alternative funding arrangements could be put in place in the timescale required, which would potentially have a material adverse effect on the Zulu Lithium and Tantalum Project and the Company as a whole."

That statement says it all really, company is in dire straits financially. Don't know why he's asking for the disapplication to last for 2 years when he's going to be using the headroom within 2 days.

Sprint and SC6 produced would need to be in significant volumes and the grade independently confirmed neither of which will happen before he blows the 2 billion headroom.

Questionthat need to be asked though are:

For what specific purpose is the 2 billion headroom to be utilised? General working capital? To repay GR loan? To pay CZ?

Now we know when the 2 billion will be placed (assuming he gets the headroom). Meet with the city boys on the 29th, placing announced on 30th or 31st. He's still got a few to use ahead of the EGM so could be 2 July raises both discounted.

I believe the question about "by 2025" was asked at the AGM and the board reiterated that it was $2billion by 2025 and not the end of 2025. That suggests they've got some big deals in the pipeline which should see a nice steady increase in the SP to a much more realistic level