Member Info for raaydaar

Well today has pretty much been and gone and no pictures of George standing next to a shiny new rotating mill. Guess it's still not been built. Somehow I don't think it'll be on the back of a low loader on Monday. More delays and dwindling if not already dwindled cash puts PREM in a very precarious situation. Was reading an article today from the FT about lithium miners having agreed funding pulled due to the low lithium prices. Doesn't look good for George to get alternative funding. Looks increasingly like he'll have to turn to shareholders to stump up the cash. That headroom number just got very very big to getvwhat he needs for opex and to pay contractors. It's certainly going to be painful for shareholders who will have no alternative but to agree.

Jono55,

1. No they haven't

2. Nobody knows for definite.

Nelly drills are angled so a bit of pythagarous theorem required but it's still a shed load of earth to remove together to the ore body so costs are higher

Whywastetime think you need your eyes testing. Current volume just over 75 million, hardly "a lot of buying" in fact it's hardly anything at all. Another attempted rampy RNS from GR, to try and get the price up ahead of the upcoming placing, which tells holders precisely nothing except that the Mill, as expected, is going to be delayed. Gonna need a lot of digging to get to the ore from those drills.

Telegramp group devotees clearly haven't got the first idea about the share they're invested with all their talk about Circum shares.

Ricky, rns content has every bearing on where the SP will go following release. By your reckoning the rns yesterday was a good news rns. Anyone who read it could plainly see a whole load of George Roach waffle finishing of with the "we've got no cash left and right now absolutely no idea how we're going to get any more" statement. I guess George was hoping nobody would read that far after falling asleep through all the irrelevant stuff he put in there.

If it was as good as you suggested then why did the market react how it did?

The market has come to understand PREM and George, they're not willing to buy into his bluff and bluster anymore hence why the SP hasn't had any significant increases ahead of those previous missed deadlines. Market expects him to fail and he hasn't proven them wrong to date. This current fiasco is all his own doing, he has failed to manage the project, failed to manage the finances and now is in a position where he doesn't know where to turn to get the financing he requires, he's clearly expecting additional delays, who is going to give him any more money? He'll have no option but to turn to shareholders and beg for their support, if he gets it then the city boys will smell blood like they did with HE1

Just Mickey Mouse management then

I see Noel is trying to rally the troops in the telegramp group. Apparantly there'll be a Stockbox interview later today (expect a swift drip is SP immediately after) to address amongst other things, the requirement for funding.

Noel is trying to assure the group that George "technically" can't dona placing.

Sorry Noel, as mentioned yesterday, he "technically" can do a placing, a conditional placing.

"Conditional Placing Shares are placed with Placees conditionally on, among other things, the passing of the Resolutions at the General Meeting and Conditional Admission"

https://www.lawinsider.com/dictionary/conditional-placing

As we've heard before in these interviews GR will tell Mark "leading question" Fairbairn that "as previously advised PREM is fully funded until expected production in February and I have no intention of raising additional funding at this time"

Listen out for those words "at this time" or similar, that's a sure fire sign that he will raise at the very earliest opportunity he gets, if he hasn't already put the wheels in motion, I'm sure his "supportive institutional investor" mates that sold the last lot of placing shares at the earliest opportunity have been on the phone offering wads of cash at 0.13p

He's probably already been trying to get a placing away, talking with his "supportive institutional investor" mates whom he let get out before dropping today's bombshell. I wouldn't be surprised if he hasn't already arranged for another £10 million conditional on shareholder approval of the increased headroom. That way he's got a bit of begging rights when he calls the egm and pleads with shareholders to allow the extra 10 billion shares. If that's the case it will be interesting to see if Canmax support that, if not then their position will be clear and it will be a firesale of the assets at pennies in the pound

Lloydyboy, it's a distinct possibility, when the city sees a company desperate for cash they call the shots. Look at HE1, city smelled blood and lo and behold a whopping 72% discount on their placing.

That would equate to around 0.028p on today's closing price, although I expect the current SP has further to drop. No doubt George is glad its Friday tomorrow.

I'd be waiting to find out which route George goes down to finance this shambles. Still got the Goddard shares to be admitted, someone smashed the bid earlier without a care in the world suggesting a large holder had had enough and wanted out with whatever profits they had left.

Benfou86, you'll be better off steering clear of the happy clappy group, they'll fill your mind with wild speculation and talk of dividends rather than the reality of further dilution and missed deadlnes

Ricky, to translate that part of the RNS into English rather that Georgespeak, I'll refer you to the post from "the hive" telegram group respected mining expert.

It translates as follows:

"We know we have something, but we don't know exactly where in the orebody it is, and we need to know. We probably should have done it 5 years ago, but lithium wasn't cool then, and we just wanted to rush to production. So let's get a resource estimate and see what we exactly have, and where it is.

So we're going to do that now because we can't keep mindlessly digging up dirt"

Acker he has no choice but to go big, Goddards, Stark et Al will likely continue to be "supportive" and be paid in shares for future invoices which expect would now be monthly rather than quarterly and then immediately sold to ensure they have the cash in the bank, he'll also need enough working capital to see them through to the end of H1 as a contingency against additional delays. Based on a cash burn of £1.5 million a month he's going to need circa £10 million in cash to allow for any "unforeseen" expenses at say a 20% discount to current price when he goes to the city, the cash raise alone will set them back just over 7.5 billion shares, with the contractor payment shares he's going to need at least 10 billion just to cover the costs until the end of H1.

769 million Goddards shares still to be admitted, I'd think now they'll just be selling them to get whatever they can in the bank which will put added pressure on the SP so the inevitable cash raise could well be at a lower price.

Will 10 billion more shares be sufficient? Let's wait and see what he has to say. He will need to eat some humble pie and will have to be honest and tell shareholders the truth that if they don't agree then he has no other options.

It's to be hoped that Canmax don't decide that they want some cash payments from PREM, not sure just how supportive they're likely to be having waited a year on false promises.

Lloydyboy, the institutional investors have been selling (aside from Canmax) they have no faith in PREM, I'd suggest you familiarise yourself with Death Spiral Financing. A firesale of the assets wouldn't get enough cash, there'll not be a share buy back as PREM will never have the surplus cash to do so.

Removing George now is just too late, it should have been done a long long time ago.

Big sell gone through, last of the placing shares out of the way. Funny timing of the RNS though. Did GR wait until his mates were out before releasing the bad news? Very suspicious if you ask me. Shows just how much contempt he has for shareholders if that is the case

Acker, those of us with any sense have been expecting a dramatic fall in the SP due to the requirement for further financing, the fanboys in the telegramp group have continued to ignore this and dupe their group members with wild predictions of future untold riches

"It is likely that additional funding will be needed in the near term. Premier's contractors and suppliers are assisting and alternatives to equity-based funding are under investigation. With a project as well advanced as Zulu with a fully developed mine, and market in place, this remains the only significant obstacle."

Now that you've read all of that, here's the important part buried at the bottom: WE NEED MORE MONEY.

We all know George os careful with his words and a PREM RNS is more revealing in what it doesn't say. This is a post from "The Hive" telegram group from a well respected mining poster about the RNS. Sums it up perfectly.

"Mining operations at Zulu are currently focussed on a limited area of the existing claims blocks and EPO."

Because of our grade problems, we need to focus on the highest concentrate of ore to ensure we can maintain costs.

"The new mineral resource estimate for Zulu will primarily consider the tonnage of Spodumene contained within the area of interest. With respect to Zulu, Li2O grade alone without an understanding and estimation of the mineral assemblage in the deposit, is a limited guide for mine planning and value assessment purposes."

We know we have something, but we don't know exactly where in the orebody it is, and we need to know. We probably should have done it 5 years ago, but lithium wasn't cool then, and we just wanted to rush to production. So let's get a resource estimate and see what we exactly have, and where it is.

So we're going to do that now because we can't keep mindlessly digging up dirt.

"As background, Pegmatites as a source of Spodumene can be classified into subtypes and contained Li2O associated with the minerals of economic interest."

Here's some reassurance for dumb retail who don't know what they bought.

"the minimum economically viable and recoverable percentage of Spodumene contained in Zulu ore body, is 4%. When Spodumene is the only lithium bearing mineral in an ore body, the minimum economically viable Li2O grade would be 0.37%."

If we don't hit these numbers, we're f**ked. We need to ensure we hit them.

"higher grade Spodumene concentrate in the normal course from clean ore as previously indicated by Anzaplan in original test work, and as demonstrated in Premier's laboratory at site."

We're going to have to front-run this. Highest ore, lowest cost, and worry about the rest in a year.

"It should be noted that the SQI dominant deposit at Zulu contains a low Iron content, and this contributes to the anticipated production of technical grade Spodumene concentrates."

Just another friendly reminder for dumb retail. We have the good stuff. Forget the past.

"George Roach, CEO, commented" We have set out above a summary of the status quo. The entire focus of our Company is on our Zulu project and unless there are unforeseen circumstances that I have overlooked, and provided our plant suppliers deliver as expected, we remain on target to produce late in February 2024"

Assuming we can feed production with the right grade of ore... But trust me, bro.

Interesting analogy Acker, one shouldnhowever question the strength of the bench, George has spend all his money on the subs which hasn't worked, he's left the same Captain on the pitch who has so far led the team to failure and is now reliant on his stand off who has so far failed to make the plays required to get the team into a competitive position

It was supposed to leave the factory on the 8th or 9th, but then again it was supposed to have been installed and optimised over the Christmas break, now its allegedly the end of January.