Member Info for raaydaar

snowking, you missed the rns about the placing? when's that coming?

if i held right now id be thinking of selling and sitting on my hands. smart play here is to sit and wait for that discounted placing and then should you feel inclined to be able to trust gr buy on that drop and not before.

prem may well have a lot of spod in the ground but right now they're not getting it out of the ground and processed in meaningful numbers and gr has dangled yet another carrot of 5k tonnes by december with some random figures thrown in for ****s and giggles. he hasn't got a clue how much they've processed and even less of a clue as to the grades.

canmax will play hardball, if they weren't prepared to they'd have given him the money he was forced to raise.

My thoughts on the webinar

GR suggested that he may be naive and I wouldn't disagree. Lots of "believe" and "likely" type quotes with regard to future production estimates by on the whole non committal. The company decided to do this webinar, his lack of preparation was telling. He didn't know how much they've produced so far, he has no idea about the grades could be SC6, SC7, SC3 SC5.5, the grades are going to be very important in the future, the deal is to supply SC6, will Canmax pay for lower grades? The modifications required to the plant will take time, new screens will be imported from the US via Joberg, installation of the hydro sorter will take time, deconstruction, relocation and reconstruction of the mill will take time (I'd think a few days) during which time the plant won't be operating. Talks with Canmax ongoing but I expect they'll be piling on the pressure, they didn't loan him the money he needed so he raised (twice) and they're in a position where they can bargain hard. Part of that bargaining process I expect will be invoking the 90 day repayment clause.

There will be an EGM to authorise additional headroom for a further raise, jow much headroom? 10% ore more?. I'd bet that the brokers have already put out the feelers and if there's sufficient interest at a decent discount they'll be putting it all in place conditional on acceptance of the additional headroom at the EGM, too much risk of running out of cash if he has to wait 21 days and then get things in motion.

Cash burn is significant $1m for mining, up to $600k for diesel costs plus anything else.

It's all a bit of a shambles.

Managed to watch the webinar, will comment later but not impressed and very dubious

Got a busy weekend ahead, away with the family won't be around Monday night.

Proof as always will be in the pudding, is GR the best dessert on the menu or a thick skinned semi cooked rice pudding?

not sure why people are so excited about the webinar tomorrow. george isn't going to hold his hands up and say "i'm sorry i lied to you all" it will be more spin and misinformation designed to dupe people into believing his rhetoric. he won't answer any of the difficult questions, by all accounts he's been avoiding stockbox today as they were wanting answers. the guy is a joke, incompetent and way out of his depth.

the fanboys have been out again today talkjngbof "back into the 70s by cop, wouldn't want to be out of this over the weekend" etc etc, i noticed even aimhigherstill made an appearance after their conspicuous absence yesterday since they couldn't defend the indefensible.

facts are plain and simple, there's ambiguity about whether or not stark is paying for the changes to the plant (gr was very careful with his wording suggesting he doesn't actually know who is paying), prem will miss the 30th may deadline and have no idea if canmax will invoke the repayment clause (they've got people on site who know exactly what's going on, they didn't give gr any extra cash when he needed it so maybe things are a lot worse than gr has said), if they do invoke the repayment clause then it's clear to anyone with half a brain that things are bad at zulu and prem doesn't have the cash to repay the monies, any potential new investor willing to stump up $34 mill plus interest will do their dd and any terms will most certainly not be favourable to prem. gr allegedly has enough cash to keep the lights on until the end of june, if he is to be believed and the "dodgy" stark email is to be believed then all is probably good. i'm not convinced. and future raise will be at a significant discount as potential placees will have gr over a barrel. he will be so departed for the money he will pretty much agree to anything.

traders all over it now and will be for a long time, any fanboy assertions of 1p by x date are ******, if it doesn't drop below 0.5 then its stuck in the 0.5 to 0.65 range until gr falls on his sword and let's someone else take over that can deliver on the project

Always a positive sign when insiders elect payment in shares. Dan now has close to 3% of the company he's a savvy guy with a proven track record so electing to sell his 5% stake in Northstar for ALGW shares is a great endorsement of the company and what they're achieving.

Things are looking good and like you say cszjrh01 some steady buying volume this week. I don't think the next news is too far away and if it's another decent sized acquisition we could well see the AUM break $1bn.

That email allegedly from Stark CEO looks a bit dodgy to me but if it's genuine it certainly doesn't confirm that Stark are paying for the remedial works, neither does yesterdays RNS. GR was a bit cagey with the language "PREM understands that.." rather than "Stark will be paying"

We all know how he likes to mislead shareholders or let them draw their own incorrect conclusions on his vague phrasing

He might be inundated with offers but they'll all know how desperate he will be and those offers won't be particularly favourable to PREM.

Wolves at the door smelling blood

Merlin2014, you say derampers, I say individuals who look at the bigger picture and share the possible negative side of investing in PREM. Individuals that predicted exactly what would happen. Far too many people here with rose tinted glasses who abused those of us that saw through GR and all his lies.

Too much short term risk here to make it a viable investment for me.

1. Funding likely required to keep the lights on. Will be at a discount (how hefty a discount?)

2.Canmax have the option to call in the loan from 31st May and give 90 days notice for PREM to pay $34 mill plus interest. Money PREM does not have. Until Canmax make a statement noone can be sure either way.

3. Shareholders have lost faith in the CEO, he has misled, manipulated and lied to shareholders to make everything seem rosy. It clearly isn't and his incompetence has cost many a lot of money. If uou can't trust the man in charge donuou think your investment would be safe?

At the end of the day George has done what George does best and failed to deliver. His history is clear for all to see, RHA, MHA, CIRCUM, the logging place which name escapes me. I had high hopes for zulu and bought back in because of the potential. Back in April I was shown a video by a friend after we were discussing Zulu, he was uber positive and I had doubts about GR ability to deliver, the video was George talking in what appeared to be a group gathering and he talked of meeting deadlines and that things were on track. He looked up and to the right when he mentioned this, a classic sign of someone who's lying. I mentioned it here and was laughed at by the likes of AimHigherStill and the rest of the telegramp group.

Zulu is indeed a world class asset and has the potential to supply vast quantities of lithium to the market, unfortunately it is my belief that PREM is not the company to do that with GR at the helm. He knows Africa, he can negotiate deals and find assets but he CANNOT deliver. Time for shareholders to make the bug decision and when the time comes remove him as CEO, he can take a back seat as a NED or consultant. Make him retire and let someone else come in that has the capability, drive , honesty and integrity to make Zulu the success it should be. In the meantime, it's touch and go wrt funding, Canmax pulling the plug and the plant becoming operational and delivering enough high grade product to meet the contractual requirements

But they won't have $4 million in the bank, they will deduct running costs, the rest is paid to Canmax in SC6. If Canmax decide not to invoke the repayment clause then the elephant in the room is does PREM have enough money right now to keep the mine running until the first shipment is made?

Never said plant optimisation is a risk, the risk lies in GR ability to repay the $34 million plus interest and the current cash situation, he has stated kn the rns that further funding may (I read will) be required which will most definitely be at a discount

I agree with DrPineapple , GR must have been at the plant design meetings, he decided what he wanted and Stark provided and built the plant to his design team specifications. I doubt they'll be willing to absorb additional costs because of George's mistakes

GR is in charge it is ultimately his responsibility.

To be fair to Acker he provided balance to the debate, saw both the positives and negatives. Those of us that know PREM and GR history needed to step up and challenge the likes of AimHigherStill with their endless ramps and refusal to acknowledge that there was (as has been shown today) a significant risk. Today's rns shows that the risk still remains. The 90 day notice period starts on 31st May, if Canmax decide to go down the route of requiring repayment then it begs the question of how PREM will get the funds to do so. It's clear the company will most likely need to raise funds at some point in the not too distant future, it's unlikely that the Chinese will provide funding (I assume they were GR first port of call prior to the placings and refused) so he will have to go to either call an EGM or if they can wait until the AGM and get capacity to issue shares and then go cap in hand to the city. Any raise will most likely be at a significant discount as GR track record is one of failing to deliver.

I'm sure telegramp group are getting their heads together now on how to spin this. I'm sure they've been in contact with the "horse" and got it straight from the "horses mouth" that all is good.

I wonder if the cash will last till the AGM or will there be an EGM to allow for the next raise? What price will that be at GR must be kicking himself for putting in £110k.

Nothing going to happen here for a while. I'll remain sidelined until after the next raise and see about a trade then

AimHigherStill No apology from me, I'd say I was the on deserving of an apology, all the name calling etc yet one of us called this exactly right. Not sure you're gloating right now

Only 4 days late and as bad as I expected. Delays, machinery issues, low quantities until at least December way short of the required 4000 tonnes, and to cap it all off will likely need some more money

As expected the mysterious RNS has not arrived, AimHigherStill assured us all on Sunday it was ready to go just needing a sign off, then assured us on Monday, Tuesday and yesterday that it was just awaiting sign off. Has it been signed off yet? Have you had it from the "horses mouth" on the phone or an email?

Jeez, uou should all know GR by now, he tells shareholders whatever he thinks they want to here and then goes and does whatever he wants.

The man has a proven history of incompetence and mismanagement of the company. Look at RHA, Circum etc.

My guess for this phantom RNS is 16:35 on Friday, we all know how GR likes to break bad news after hours on a Friday, even more so on a bank holiday weekend

AimHigherStill

".The ones which literally have no clue what's going on but try and convince others that they do by talking utter nonsensical rubbish. Desperate."

One could say the same about you and all the other fanboys, so far I've seen no evidence of anything you've said being remotely true. Where's this mysterious RNS you speak so often of, you know the one that was written on Sunday and just needed signing off? Nomad not happy with it and wouldn't sign off on it?