Member Info for raaydaar

Folks, have a read of page 8 of this document, under "intended use of the disapplied shares" something I think many of you have overlooked and the Snowkings of the world will not point out to you.

http://www.rns-pdf.londonstockexchange.com/rns/6703H_1-2024-3-20.pdf

Then do the maths and see if GR has any headroom left at all or enough headroom to pay his debts. Then question if he misled shareholders for the purpose of getting the AGM vote through and has no intention whatsoever of utilising the shares for the reasons stated.

I would have expected him to have paid China Zenith pretty much immediately. Now he hasn't the headroom at these prices to pay them even if he defers his loan. That's the type of CEO he is.

Wouldn't be surprised to see the Bailiffs turn up at Zulu whilst it's quiet and nothing happening.

Mugwump, none are more ignorant than those who will not consider the negative aspects of an investment case.

Perhaps he's realised that he'd been led up the garden path by the telegramp group and the truth that had been staring him in the face all the while has finally gotten through and he's made some sense of it. It will happen to you too one day Horult maybe after the next raise, the egm or later down the line, I just hope fornyour sake you get there before Zulu slips out of the PREM fold and the company is left with a couple of carrots and no donkey

Common sense tells you the raise will be at a discount and generally the bigger the price drop of recent weeks, the bigger the discount. The city boys haven't been able to flip their last placing shares so will want a bigger discount to mitigate the risk.

All that said, as it stands, if GR is going to use the current headroom for the reasons stated in the AGM notes then he has no headroom left to raise additional funds without an EGM. I've a feeling that Georgie Porgie, won't be using the headroom as per his request and will utilise what he has left, and have the likes of Snowking singing his praises, by deferring his loan repayment and the FCA questioning his RNS releases when he ignores his legal obligations to China Zenith and uses the shares set aside for them as well to keep the lights on a few weeks longer.

Profit, he said its an ongoing process and couldn't give a time frame, as per Martinigirl post below, each of the bags of product needs to be sampled, that sample then needs to be ground down, sent to an independent lab outside of Zimbabwe, analysed, the results recorded, tabulated and sent back to PREM. There's around 350 bags of sub standard product (if you believe GR), so this process most certainly will not be speedy, most likely months not weeks before the results are returned to the company and the export licence can be issued.

The telegrampers will tell you this is a fantastic opportunity to top up, indeed, as expected Snowking has been all over the groups proclaiming his top ups, but never his sales!

People are free to make their own decisions about how they spend their money, we are each responsible for our own actions, if you're going to put money into PREM that's been set aside for home improvement, furniture, a family holiday or anything else you've spent a long time saving for, having listened to Snowking, Noel, Deadeye or Ross about riches beyond your wildest dreams then you'd better be willing to lose the lot. Snowking et al have traded their holdings a dozen times over at the expense of the mug punters who listen to their rhetoric, they have no compassion whatsoever, their profits are your losses.

Sharebel the conditioner is costing circa $200k, that's a big chunk of the placing money and certainly not a negligible cost when you're struggling to keep the lights on

Sharebel they are indeed sitting cool as cucumbers having already flipped their shares and are now waiting for GR to come back with the begging bowl so they can do the same again only at a much lower price

Wullie perhaps you should have taken heed of the many people providing contrary information and opinion here. It was blatantly obvious that GR was misleading shareholders, it was blatantly obvious that the plant issues were much more serious than the RNS releases suggested, it was blatantly obvious that Snowking, Noel and Deadeye were ramping away for their own agenda.

You refused to listen, refused to come up with a reasoned counter argument and you still continue to walk blindly down a path that deep down you know is taking you to a bad place. Anyone with an ounce of intelligence doing DD on PREM for the first time would see red flag after red flag over just the last 18 months, go back further and you would question why anyone would have ever invested in the company. A serial liar for a CEO, a continual series of project failures, constant dilution of shareholders to buy magic bean projects and fund incompetence.

Snowking is indeed on the ramp in the telegramp group

"If George pulls this off and gets us over the line and gets mutare deal then buying at under .13p you are going to multibag

This is how james myself and a few others bought hundreds of millions when prem was out of favour 4 yrs ago If you wait till August sept you will likely be paying over 0.3p or higher"

Absolutely shocking behaviour still preying on people's hopes / naivety and all the while banking his profits and lining his own pockets at their expense. Remember folks, any robust challenge of his opinion is swiftly resolved with removal from the group. Snowking, Noel, DeadeyeBeaky and the rest of the admins are unable to provide a succinct argument when challenged on their agenda, that should tell you everything you need to know about that group.

Jaglith I never said this was the end of PREM, just that something is awry here and question if GRs attitude at the interview is one of a broken man who can go no further

I could produce SC6 in a lab from hand picked ore. The problem is the plant isnt capable of doing what it was supposed to do because GR went down the cheap and quick route rather than build a plant that was identified as being capable to produce from the ore body as per the scoping study. He alone is to blame for taking the shortcuts, not doing the DFS (rather spend the money on worthless Circum shares), employing a contractor with no experience in the specialism, failing to oversee that contractor and above all constantly misleading shareholders with promises of timescales he knew full well were unattainable.

The initial paperwork for the export licence should have been sorted well over a year ago when he "expected"production from what he told shareholders was a fully optimised plant capable and ready to produce and ship SC6 to Canmax.

He's been riding his luck for far too long, the lies and deceit make his position untenable right now.

The AGM request from the board clearly stated the purpose of the funding was to ensure sufficient shares were available to the company to repay GRs loan which the company were in default, to pay China Zenith in shares for the lost arbitration and for working capital. Ghe working capital raise has been done and that working capital is running low, probably got enough left to cover salaries. The loan hasn't been repaid, but could be deferred to provide additional opportunity for another raise in the next few days. What's more concerning for me is that GR is not complying with his legal obligations to settle the debt owed to China Zenith, something doesn't sit right with me on this and suggests to me that things are a whole lot worse than shareholders are being told. GRs somewhat upset attitude at the end of the stockbox interview makes me wonder if the end is nigh for PREM.

So they've only managed to produce 350 tonnes of inferior saleable product. So much for 50 tonnes a day. Could GR be any more economical with the truth? It's a complete farce.

PREM will be left with the other assets and GR will go back through the same old cycle of dilutions to fund and fail

Canmax won't take over PREM, they'll just take Zulu and the EPO, P

That was a bit of a disaster interview then but at least he was probably being honest for a change.

Export licence is nowhere near being issued, remember the 3 weeks he told shareholders before and didn't anticipate any issues. Turns out he was being a little flexible with the truth there. I wouldn't expect the export licence to be issued any time before August possibly not until Q3.

Once again he won't commit to grades produced but confirmed its not of a grade that Canmax want so who's going to buy it (if they ever get an export licence)

Sounds like the cash is quickly running out too:

"How do we get the best out of the little money we have available?"

Tried a bit of a carrot dangle with RHA etc, nobody is buying that anymore GR, you haven't the time or the money to bring anything else into production.

Once again he blames everyone else for PREMs failings rather than accept responsibility for his lack of oversight.

Without a shadow of a doubt he will be raising again very soon and without a shadow of a doubt there will be an EGM to raise the headroom further. Problem he has now though is that its not too easy for the placees to flip their shares at theee levels so support from the city sharks to take the placing could well be dependant on obtaining a significant discount.

Doesn't bode well for shareholders, doesn't bode well for the future of PREM as a going concern.

Nelly, you're assuming that PREM will be able to produce sufficient SC6 or raise enough funds to remain in business. If they cannot do either then the long stop agreement is irrelevant and Canmax will get Zulu in lieu of the debts owed by PREM. Debts which increase significantly from June.

V8 the email doesn't say that the plant is running and producing, it says its capable of running and producing. What it's producing is the big problem, it's not SC6. What they've produced so far can't be sold until they have had it inspected, as yet it hasn't been inspected, an export licence issued, as yet no licence has been issued and a buyer found for a contaminated product of unknown sub standard grade.

All the while the cash burn continues with minimal, if any, headroom to raise further funds.

There will have to be an EGM called very soon to allow an increase in headroom, its the only was that PREM can survive, unless of course Canmax take Zulu in lieu of the debts owed and GR focusses his attentions back on RHA, even then he'll need funds to recommission RHA.

Bridgedogg1 this isn't a KOD vs PREM discussion and I doubt that KOD will produce SC6 before PREM, as it stands neither is capable ofproducing saleable SC6, will PREM be out of business before KOD get a plant up an running? That's a question that you could ask and many would think that it's a distinct possibility given current expenditure, lack of cash on hand, ability to raise further funds and future expenditure required over the short to medium term to generate sufficient revenues to cover OPEX

The last couple of RNS tell you there are delays until at least mid July with the floatation circuit and then unknown delays with the sorters so don't expect any decent saleable grades to be produced any time soon. No export licence in hand and inspection of sub standard product underway to try and find a buyer as and when or indeed if (remember it takes 3 weeks for an export licence or so we were told 2 months ago, with no expected delay) an export licence is issued. I've a memory of reading somewhere that Zimbabwe government will not allow export of product below a certain grade (I could be wrong with that though). As it stands what they've produced is probably worth about $500k at best assuming a buyer can be found and an export licence issued. Cash burn remains circa $1.5 million a month so they've cash until end of June at best unlikely any cash would be received for the sub standard product before end of June, so it would be prudent for GR to call an EGM within the next couple of weeks to beg for the headroom to raise further and dilute the mug punters even more. Anyone for another 10 billion?

Whywastetime, you seem to think that Zenhua Pei is backing GR with his personal fortune, I'm sorry to tell you he is not, he couldn't care less about the success or failure of PREM, in fact PREMs failure would be to his advantage in that Canmax would get Zulu for peanuts if not for the monies already invested and debts accrued. The Chinese are very shrewd when it comes to these sorts of investments and maybe its time Canmax started to look at running their own lithium plant with the financial clout they have to sort out the problems. Maybe just maybe they're waiting for GR to fail once again. Their DD would have highlighted all of his precious successes at bringing projects to fruition, or not as the case may be. Why not get your hands on one of the worlds biggest lithium deposits off of the back of George Roach being unable to deliver and all for less than $40 million and a bit of patience.