Member Info for Shark41

@imsoslow

I held several million shares for 2+ years (bought sold some along the way (made a tidy sum). I sold final batch a few weeks ago when the price rose slightly.

Mock me all you like for calling it a Ponzi scheme...but as things stand it ticks every box for being just that! Once/if they make their first successful shipment...perhaps I'll change my mind

@SnowKing

Thanks 👍

@SnowKing

What is the Cashflow position of the business at the moment? Will they do they do another share placement?

@Bean

Great post. It makes you wonder doesn't it! The figures just dont add up anymore....they must also be running out of cash now ( just to keep things going). Everything screams ponzi scheme to me...

@Furion

I hope I'm wrong but yes I seriously do. Will give them untill April as GR has said he expects to be producing by end of March..it will become more obvious after that point I think.

If I'm right then I cant see how Canmax aren't in on it....I've been feeling this way for a while. I'm all out and have no intention of investing in Prem going forward (wanted to make that clear for transparency. I'm not invested in Kodal either.)

I Don't expect anyone on here to agree with me but I thought I'd share my opinion...

I hope you're right (seriously) and that this all works out for you. I guess we'll know by the end of the month but I'm seriously starting to think this is a ponzi scheme.

Nope...suggest you read/watch both again. Martini's breakdown of the RNS was spot on...read that and compare it to the last interview. The interview still leaves alot of unanswered questions.

The mention of them not needing the 29th was actually from the interview before last.

Given the disparity between last weeks RNS and interview I really dont understand why everyone is so quick to believe things are rosy. There have been so many lies and misleading narrative from GR and team why is it going to be different now? It may be best to be cautious for the next couple of weeks atleast...

I appreciate Zimbabwe isnt mentioned but there will be an increase in governments wanting a piece of the pie...

https://www.theguardian.com/environment/2024/feb/28/african-leaders-call-for-equity-over-minerals-used-for-clean-energy

@profitbags

To answer your question...its because the implications of misleading investors via RNS announcement are far worse then by a stockbox interview (RNS is more official and remains an official document on record forever). A stockbox interview can be taken down.

Despite the negative undertones of the above...I do have everything crossed for Prem and hope they are now on track for a positive future. Unfortunately I'm still not convinced...😂

Did anyone watch the documentary on Netflix on Centra?

Very interesting..they raised millions

I was sorry to read the RNS today but I wasn't surprised.

So, although a different industry...just wanted to share a similar situation...Shell some years ago was involved in an exploration projection in Alaska (You may remember Emma Thompson and a rather large Polar Bear camping outside Shell offices).. They obtained a licence from US government and a JV with them. The intention was to complete a 6 stage project to end up with a productive oil well. Shell spent hundreds of millions on this project and ran into all sorts of problems (similar to Prem). In the end, they only completed the first 2 stages and deem the project a partial success with a potential to go back in the future. The reason why they stopped it was because the barrel price of oil lessened and the project become untenable due to them never being able to recoup their initial outlay back. Shell have billions in the bank so could afford to walk away but Prem dont. The plugged oil well is still sitting in Alaskan waters worth a fortune...a bit like Zulu if George doesnt get his act together with rest of Prem. There needs to be serious thought/analysis of value of untapped resources in Zulu versus the cost to process it into a sellable product...at some point if This situation continues Zulu will also become untenable.

Lastly, you may wish to look at MVST ticker. They came unstuck with Chinese partner for one of their projects (a very big project that now has resulted in a lawsuit). Not saying that Canmax have done anything along these lines....but it certainly makes you cautious (well it does me anyway!)

I doubt they will release RNS before 13:00 on 29th Feb.

They will give themselves as much time as possible to make sure issues are definitely resolved (if they are indeed able to resolve them before end of week).

Technically "before end of Feb" is 16:29 on Thursday 29th Feb (it's a leap year this year)

The RNS was released yesterday because the company is legally obliged to share "Material" information with the market. Like most companies they will have Lawyers who decide what info is / is not " material".

For those of you that don't know what "material" means, its whether particular info (if shared) would affect an investors decision to buy or sell a companies stock. If the answer is yes, then the company has to share with the market. This is the whole purpose of MAR. It says on the RNS itself that the info contained within is material.

This is why GR released the RNS yesterday...he had to.

The "control issues" may be significant enough to effect the intended go live production date on the 29th Feb. As an investor its for you to decide whether this RNS release effects you're willingness to remain invested in the stock. Its purpose is to give you the opportunity to make an informed decision....

@clueless

He has to release an RNS because its material information. It will affect if people buy or sell the stock.

The fact he's released it likely means (or there is a significant risk that) it won't be running by 29th Feb...

@Martinigirl

Yep! He's just so predictable...

I hope this comes good for everyone else's sake.

I did a day trade on Friday and same again today (which I just closed in time after RNS).

GLA - trade safe

R_hnew

Nigeria accounts for 40% of their business/income..it was by far their biggest customer base. That's why it has had such an impact.

Hi a All, For full transparency, I've sold my full position in Prem.

I wish everyone the best of luck with this stock. GLA 👍

@Jaglith

In theory yes but plant equipment are depreciating assets. They will lose value over time (like a car) Its not safe collateral.