Member Info for raaydaar

Wullie it's not necessarily true that people waiting to buy at a lower price expect PREM to succeed, they're more likely to expect a Snowking ramp ahead of a placing and make some money on the trade. A majority of PREM holders are massively underwater and for many unkikely to get back to break even unless there's at least a 200% rise from current levels, even more once the expected further dilution happens and the EGM call is made because GR hasn't used the headroom for what he told shareholders it was required for in the AGM notes.

So wealthy they're not prepared to put any more cash into the PREM placings to maintain their percentage holding despite being guaranteed first refusal on any fundraise. Methinks they're playing out a waiting game to grab the asset, they can clearly see GR is way out of his depth and the time will come, no doubt very soon, when PREM is unable to raise enough cash to keep the lights on, that's when they'll strike.

Sharebel, let's do that just to help people understand exactly what the RNS says shall we with a translation for those who don't speak GR:

1. "Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce a subscription" - We can't believe we got away with this again and nobody realised it was going to happen.

2."The Company provided a full discussion on the Zulu plant performance in our announcement of 8 May 2024" - The Company said some stuff 13 days ago about all the problems we're having but kind of promised 50 tonnes a day of product, now we're not gonna tell you if what we said was the truth or a lie.

3. "The Company expects that periodic updates will be provided on the overall plant performance until such time as a steady of state of continuance production has been achieved," - We will periodically tell you the plant still isn't working rather than commit to unrealistic deadlines of hours and days rather than the more realistic months

4." Premier expects thereafter to begin providing quarterly production reports for Zulu from Q3 of 2024." We might or might not be providing quarterly updates from Q3, could be Q4 or even next year, we don't rally know

5. "Inspections required as a prelude to export have commenced, and this precedes any export. We do not expect any delays in regard to export permits required" - we're testing some stuff to hope it meets a high enough quality to be exported from the country, we've no idea who would want to buy it but hope someone will. We hope the export permits we should have had over a year ago won't be delayed even though we told the mug punters it takes 3 weeks over 6 weeks ago

6. "This was confirmed in recent meetings with Government of Zimbabwe when the issue of RHA Tungsten Private Limited ("RHA") was also discussed and we are encouraged that there is now likely resolution of this issue. The rising price of Tungsten is noted". - Let's see if anyone remembers RHA and how I failed with that project and hope they cannot convert USD to ZWL but let's tell them W is going up in price even though we've never really sold any and don't have a mill at RHA

7. ", it will take time to fully remedy the original design deficiencies in the overall plant and move from what in many instances are interim fixes to the final operating plant." - its still not working like it should but we hope a bit of gaffa tape here and there will hold it together for a bit till we can find someone that knows what they're doing

8."replacement ore sorters will be considered thereafter. It remains our preferred outcome that the original supplier resolves this" The sorters don't work and we hope that the mug punters will think Stark will be paying for the new ones (that way they won't expect an EGM and more dilution)

I could go on but have to go to an appointment but you get the gist, little insinuations here and there with no real facts on what was expected production. More bluff and bluster

I don't need to "DYOR" I only need to understand the market mechanics, buys move the market upwards, the SP is not moving upwards it's moving downwards, they are most definitely worked sells.

Sharebel, they're not buys they're most definitely sells.

Sharebel when has PREM ever pulled a rabbit out?

I ca not think of a specific example. I can however think of plenty of carrots dangled in RNS over the years as projects failed, Circum, Mutare and now he's using RHA as another carrot, RHA where no meaningful progress has been made wrt the monies from the Zim gov potentially owed to PREM suddenly springs back into the forefront. If I were a suspicious person.....

Profitbags don't forget 370000000 of the headroom was set aside to repay GR loan as per the AGM notes, additionally there's approx $1 million to be paid to China Zenith in shares from that headroom. I doubt there's barely enough to cover those and certainly no more for day to day funding. The EGM call will be much sooner and the requested number will be much bigger, I'd think closer to 10 billion

Medjed, he had headroom for 4.5 billion, if you're right and he's used up 3.6 billion in total he likely hasn't got enough left to supply China Zenith with the shares owed to them following the litigation.

Still plenty of issues with additional costs to be incurred for equipment. No report on the amount or grade of anything they've produced, have they actually produced anything since the 50 tonnes a day prediction?

Conditioning circuit won't be installed until mid July at earliest, sorters won't be sorting until they've been replaced which GR naively seems to think Stark will be paying for.

It's a mess and is likely to get a lot messier. EGM call will be soon (I'd say 2-3 weeks at most). Will shareholders be supportive of further guaranteed dilution for no guaranteed production? Will Canmax make their move at that time?

Jaglith those institutional investors sold out at the first opportunity to do so they didn't hold as they knew like everyone else that this project is doomed to fail like every othe project GR has undertaken with PREM.

Wullie even you're not so naive to not know that there will have to be a raise and very soon. How else is GR going to pay for all the kit that's required, to pay his debts for lost litigation and to keep the lights on. If Zulu had been producing anything there'd be pictures of bags full of product and videos all over social media.

Mutare is insignificant right now, it might be the next big thing, it might not. Right now is just a piece of land that PREM has a share of, one question that should be asked is why didn't GR buy the other 50%of the project? It was ridiculously cheap considering its potential? Why did that 50% get sold for such a cheap price e after all the money that had been raised and spent on it? Could it be that it's not quite all that it was expected to be? What's nearby is no guarantee of what's in the ground there. Snowking is being his usual ramping self with insinuations of untold riches from projects that haven't gotten off the ground, of projects that have failed, of projects that GR assured shareholders he wouldn't need the extra leap year day, of projects that GR assured shareholders would be a matter of hours not days, of projects that still have issues and are not generating revenue. When Snowking goes on the rampfest you can pretty much guarantee the placing is incoming, he needs to sell and buy the placing, yet still the mug punters will believe his every word.

Unlikely, there's a placing to get out of the way first and then an EGM to raise the headroom for funds to buy all the equipment they need. Selling sub standard low grade contaminated product won't be paying the bills or settling the outstanding debts.

I thought the biztech video was well balanced and asked all the questions that needed to be asked, unlike the stickbox interview which didn't cover anything that shareholders need to know. Every shareholder knows that the money is fast running out (if it hasn't already) and the RNS says clearly thet at least one new sorter is required, new tank is required and a new mag sep required, there could well be more as the RNS only mentioned "some of the issues" so there are obviously more than was released in the RNS or mentioned in the interview. It's a legitimate question to ask how all these things are going to be paid for as the last raise was enough for opex and to pay some debts. There will have to be further raises over the coming days to cover OPEX alone so that's the remainder of the headroom gone. I don't imagine sorters, tanks and mag seps are particularly cheap

Clueless is it any wonder you believe everything that GR says if you think that because at 5:30am I replied somewhat bleary eyed to a post I thought was directed at me. I enjoy a good conspiracy theory as much as the next guy but you take it beyond the realms of reality

Clueless, my opinions on Zulu are most certainly not retrospective, they are based on the analysis of the facts presented by George in RNS releases and his statements in interviews. My opinions of George however are retrospective, one can only look at what a man has achieved in the past with similar projects to determine his chances of success on current and future projects.

The RNS was pretty awful and did nothing but highlight the facts that the plant has lots of problems which will cost a lot of money to resolve. On the plus side they've produced some saleable product, not at the required grade but at least something they can sell which will help cover the opex, assuming he can get the export licence sorted that was only going to take about 3 weeks some months ago. GRs concept of time seems to be vastly different to everyone else's. As for the interview, it didn't reveal anything that the rns revealed, he's got some stuff in bags he hopes he can sell. He's got a plant with multiple problems, pretty much all of which he won't hold his hands up and admit he should have had oversight and known about them long long ago, especially the XRT which he clearly stated when the ore was tested XRT was clearly not the way to go as much better methods were available way back then. So in summary he's got bags of spod of inferior grade to sell, but no customers to sell them to as they're not the grade required by canmax and as it turns out no licence to actually export the stuff. The plant sorters don't work, the mill is contaminating the ore with iron that the magnet cannot remove (how on earth is it possible to have a magnet so lacking in power it cannot remove the iron which is only being introduced by the mill itself?), new pumps and a tank need to be installed with the groundworks "expected" to be completed in May, lots of "expect" and "believe" in the interview but no firm commitments, lots of evading answering what weren't difficult probing questions. You could see he's disappointed the market didn't react to the rns, the market understands that GR needs to raise and to raise soon

Here we are a week into May, what was it George said about 29th February?

Typical PE for the sector is 29

Luthee is he invested directly in PREM? I haven't seen his TR1, or is he just a Chinese businessman with an interest in PREM through an association with Canmax? Not worth mentioning someone when they're not worth mentioning unless of course you're trying to achieve an agenda

Luthee PREM won't last another 6 months let alone another year without production and if they've any hope whatsoever of getting to production then there'll have to be another fundraise. Company has no cash left and the bills continue to mount up. Question anyone should be asking is do you trust George Roach to see this project through to production or are the issues just too big that the Chinese will cease to support and make a land grab? Sorters still not sorting so the issues they have are pretty darned big and as patient as they've been (aside from pre force majeure) Canmax won't wait much longer before taking Zulu leaving PREM with nothing more than a couple of Carrots (Mutare and Circum) and RHA, so that's pretty much the end of PREM as neither of the carrots nor RHA will be cash generative any time this decade

GR been back on the PR drive again with videos of machinery working. Nobody has a clue what it's producing, some claim inside information and are sharing, which is very suspicious especially as that individual has a history of pumping this ahead of a raise.

Timing is everything with GR, when it comes to delivering on his promises to shareholders time is very elastic, Hours = Weeks=Months= No production of anything we can sell.

However, and this is where I think things are, GR is very predictable when it comes to getting everything in place for a raise: Start a bit of PR, have a chat with Snowking and agree what to leak. Wait for the week before a bank holiday to put the plan into action and then hit the suckers with the RNS after hours on the Friday.