Member Info for raaydaar

I'd say he's been invested about 2 weeks. Certainly has no idea how GR operates

I see the fanboy telegramp group are still kicking people, some Amrican called Michelle got booted by Noel tonight for deciding to share she was selling tomorrow because of concerns. That's the fanboys for uyou folks, share their agenda or be gone. Dare to have a contrary opinion and be gone, have unending belief in what they say to you in the group whilst they sell behind your back then you can stay.

I suppose that I ought to add on the back of Snowking saying that low grade spod can be reprocessed is that if the plant is producing low grade spod then there is an issue that will need to be resolved, no doubt at Stark expense, but will incur additional delays.

So what we have right now is something in bags in the warehouse, we think it's spod, but we don't know and we don't know what grade it is (if it is spod)

Modifications need to be made to the plant, installation of a hydro sorter, new filters to allow different particle sizes through all of which need to be imported into Zim or manufactured and imported into Zim. Mill needs do be dismantled, moved, reconstructed and recommissioned.

Seems to me like there's a lot to do all whilst supposedly continuing to produce an unknown grade of spod. Further tweaks may be required to get acceptable grades or as Snowking suggests then the sub standard grades can be reprocessed. Not sure how that works, is the sub standard material fed back through the mill and into the system or does some worker shovel it back into the flotation circuits?

Bongoblu, you're right I am waiting to reinvest when the current issues are resolved and one way or another they will be. Canmax, like everyone here will be waiting for the grades produced before they make their decision on how to proceed. According to the webinar the on site lab was supposed to be operational on Wednesday last week, has that happened? GR must have some grades back from the labs by now and really should be communicating with shareholders as to the results of those lab tests. LTH have seen the value of their investment drop nearly 40% over the last couple of weeks. Those who were prudent to consider that GR would once again fail to deliver sold before the drop.

What I say here has absolutely no effect on the share price, just provides some balance and objectivity rather than the rose tinted views of some.

SK last thing GR needs is to be reprocessing the spod, the right grades need to be produced first time otherwise those production numbers won't be anywhere near what's actually produced at the right grades.

Johnny we're not talking about or suggesting anything about the grades in the ground, they're proven to be what they are. What we're talking about and what George doesn't know and has openly andmitted he doesn't know in 2 interviews is the grade of the finished product currently in bags in the warehouse.

George has clearly stated he doesn't know the grade in fact if I remember rightly in the webinar he stated it could be of a grade significantly lower than SC6 but didn't know.

Canmax DD team doesn't need me and I've got a job I love so don't need a a career change.

Grades of what they've produced is what's important right now in the negotiations, if its SC6 or better then all is good, if it's anything less as GR said it might be (as he doesn't know), what did he say in the webinar? SC4 or was it SC3.5? then PREM SP is going into freefall as Canmax will walk away and no-one is coming in to buy the inferior grade spod and give GR the money for the prepayment. At that point PREM is pretty much bankrupt, no cash, little or no chance to raise any money. Assets sale and a Chinese land grab ensue

Aimisalaugh, I don't consider myself a god but if the grades aren't SC6 or usable then the SP is plummeting back towards 0.3 or lower

Nic62 is it nonsensical or is it prudent to consider that Canmax may walk away if the grades produced are of such low quality that they can't be used? Would it be prudent to consider that other "interested parties" may not be so interested if the grades or of a quality that they cannot use?

One should consider these possibilities. Samples have been at the labs in Zimbabwe, GR expected the results "shortly" according to the Stockbox interview. Does he have them? If he does why hasn't he told his loyal shareholders the grades and put their minds at rest about the ability of the plant to produce sufficient quality of spod?

Vsm44 I'm certain they did their due diligence and signed off on a deal for 4000 tonnes of SC6 per month (on a rolling average) which should have started no later than 31st March after which they can claim interest. Now we know that shipping hasn't started and we know there was a further date, 30th May, after which Canmax can invoke a repayment clause and get their money back.

GR currently in discussion (allegedly) with Canmax but they and all of us here, will want to know the grades of the spod in the bags in the warehouse. If it's SC6 then happy days and I'm sure they'll be happy to take whatever he can get processed whenever he can deliver with a bit of a further discount or more guaranteed offtake. However if its not SC6 and a much lower grade that they cannot use what do you think they'll do?

No amount of due diligence can account for a sub standard product that they (and anyone else who wants SC6 grade spod) cannot use. Do they throw more money at it in the hope that GR can possibly get it sorted or do they walk away, take the refund of prepayment, sell their interest in PREM and find another supplier elsewhere?

Hasiba, Canmax are a multi billion dollar company, their circa 13% investment in PREM was to secure exclusive rights to 50% offtake, if they walk away from this deal they'll get their $34 million plus interest and be able to sell their shares and recoup some of their investment, there may well be a net loss on the deal as PREM SP would plummet but they could easily absorb the full £12 million loss of their investment and it would unlikely affect their share price in any meaningful way

VSM, Canmax signed offtake agreements for 4000 tonnes per month of SC6 (on a rolling average), how could they have possibly known the grades? The company hadn't produced anything when the agreement was signed and PREM given the funds. The issue is about the grades that are in the bags in the warehouse on site. GR stated in the webinar that he didn't know what the grades are, he restated in the stockbox interview that he didn't know what the grades are which is why he wouldn't commit to stating how much has been produced. The samples were at labs in Zimbabwe. The grades are a key issue here. Canmax want SC6, if the stuff in the bags is SC6 all well and good, if it's at a lesser grade that Canmax cannot use then that's a major issue and will reflect on Canmax negotiating position and could possibly lead them to invoke the repayment clause. Many on here talk of others willing to come in and pay off the monies, but will they be willing to pay close to $40 million if the grades aren't usable?

Jenkoo, there's nothing to suggest Canmax haven't triggered the clause or are working a deal with PREM.

We all know how GR prefers to break bad news at 16:31 on a Friday.

Carlos not at this time but will do when the time is right and all the issues I see have been resolved

Juicy, do you not think that GR first port of call would have been Canmax before he needed to go to market? Of course it was and if I remember rightly (could be wrong but can't find it online to check) he mentioned in the Saturday webinar that he asked and they refused. If I am wrong in that respect then I hold my hands up but there's no way he wouldn't have gone to Canmax and asked for funds before he did a placing that would be the right and prudent thing to do from a business perspective, but then again GR isn't well known for doing the right and prudent thing

Hasiba, the placing price is irrelevant, he went to Canmax and asked for money, they refused so he did not 1 but 2 placings. He took part in 1 to the tune of £110k and has openly said that he wouldn't have participated if he knew the SP would drop. If he had of known the SP would drop would he have continued with the placings? Of course he would, he knew full well what was going on and chose to distract and manipulate by taking the placing.

Canmax are still in profit at current SP and break even with a 30% discount placing so they lose nothing if GR places at a 30% discount. The shareholders on the other hand stand to lose life savings, significant savings, a decent chunk.of their portfolio or just a few quid on a punt. Only significant lth would be in profit at 0.4, many would be down by 50% or more, yet GR has no regard or care for them.

I see a placing coming around 0.5 but in the meantime if Canmax want to give GR a shot at delivering they'll do so on terms not overly favourable to PREM and I suspect that they'll require Zulu to be put up as collateral for any additional monies and also to cover the prepayment. They'll want assurances

Hasiba, Canmax were happy to let GR do 2 raises when they wouldn't lend him the cash he desperately needed, do you think they'll give him some now?

Hardball land grab is the name of the game folks, odds on favourite isn't the South African

Hammered the question was about the grades produced not what's in the ground.

Not singing a tune, offering an alternative viewpoint and asking questions that the fanboys don't seem to be able to answer.

Hasiba perhaps you can tell me what grades have been produced. Hammered11 says they've been tested at Zulu and are good? GR doesn't know what they are, I'd like to know

Hammered if the grades produced have been tested at Zulu and proven to be excellent why doesn't GR know what the grades are? Is he really that incompetent?

Yes,Yes...No,

Pointless being invested here for the resource in the ground if it stays in the ground. The issue here is PREMs ability to get it out of the ground and processed at a sufficient grade to be able to sell it. Right now all we know is that they've got some of it out of the ground and processed but don't know the grade so it could be worthless. GR biggest problem here is cash and PREM don't have much left.

Jonjo, you're nearly right, if Canmax invoke the repayment clause and PREM can't find someone to take on the payment for then yes they will have to seek redress through the courts. In the meantime PREM (which GR has admitted has virtually no cash) will become bankrupt, there will then be a sale of assets to pay debts, Canmax will get paid a proportion of what's owed but will likely be a potential bidder for any / all of the assets for sale.