Member Info for steward1

"Tactically brilliant" - you've got some sense of humour, sk!!

It's a discussion board, Wolf!
From a positive point of view then, I reckon GR's smash and grab was partly an attempt to bolster holdings that would support an independent Prem in the event of a hostile bid!

Good one, SK - Suzhou are vulnerable!!! LOL!!!
They well and truly stitched up GR in that 1st deal. If that was the best deal on offer at the time, I wouldn't hold much hope for a better offer from anyone else if GR doesn't take Suzhou's money this time... Prem will be in trouble and the vultures will be circling, the sp will plummet and someone will get Prem on the cheap despite all the potential OR he will come straight to shareholders yet again! One big reason why GR's approach is risky is that he doesn't have a DFS to allow a proper valuation of Zulu/Prem - as a consequence, he needs to keep Suzhou onside.

I see what you're thinking RomanWolf but they would only want exclusivity if they want a chunk of Zulu/Prem and to block anyone else taking a chunk.
I just hope that GR has got a plan B - he seems to have gone all in with the Chinese and is painting himself into a corner!

Anglebox788 - I'm a suspicious kind of character but GR has form over the years of not being entirely upfront. It's debateable whether the last RNS was necessary and debatable whether he needed to do last week's interview. I'd say that he was looking to give the sp a boost because there are negotiations going on behind the scene. I'm probably adding 2 and 2 and getting 5 but, as I say, GR has got form! When it comes to the big deals, GR hasn't exactly had shareholders as a priority.

There's obviously the risk that the terms of the loan are worse than we understand but I think that Suzhou will be looking to get another chunk of Prem in some way. It's not an accident that they have exclusivity until the end of the month.
Disappointing (again) that the sp is low when deals are being done. I think they have GR by the short and curlies - he needs the loan for the mine and not only has he given the expectation that the mine will be producing by the end of March, he's just told us that it will now be mid-Feb!

As mentioned previously, GR almost slipped u in the last interview. He said something like "there's a desire to sign it off to...". He realised that he was going to say too much and stopped himself but he was obviously going to say today or tomorrow and I think the interview was last Wednesday. So there's a slight delay (nothing new in GR's world) but, if there's a delay, what's the big deal about a straightforward loan??? There's always more than meets the eye with GR so I think we should brace ourselves for a wee shock!

Turnaround is on.

A couple of massive trades on Friday afternoon, too!

Hi Acker,
when the pilot mine was announced with a production date of end of March, there was some grace period before penalties kicked in. That was May - so knowing GR's history in delivering anything on time, I pencilled in May as a delivery date.
GR's suggestion (it isn't in a RNS) that mid February could be the delivery date just doesn't stack up for me- he's effectively said that they're already 6 weeks ahead of schedule. If it is now mid-February, he should publish that in a RNS along with an updated plan. I reckon that he would get some resistance from his team to doing that!
As I said, that latest interview smacked more of the old GR.

Jenkoo - I've pencilled in May next year for production. If it's March, I'll be very happy and I think the market will be too. If it's February... wow!

It's my happy-go-lucky, bright and cheery disposition, Wolf. I can't help it!

Yes, Profitbags - shaving 6 weeks off at this stage seems a bit premature!

I don't know which day the video was made but he was going to say 'today' or 'tomorrow ' for signing off the agreement. I'd expect a RNS today, if not Monday. Let's hope that there are no nasty surprises.

I agree, Acker... delivering a working mine by end of March would be superb... that's not my expectation yet. For me, I think it'll be much later in the year that I would have some comfort that he's going to deliver.
Assay results - I'm surprised at your comment. The results, for me, unlock the real value of Prem (not just Zulu)... they should tell us whether Prem is the monster that we all hope it is.
Coming agreement - I'm nervous about this now. It would be good if GR got some funding to explore the EPO area BUT I think Suzhou will want another big chunk of Prem.

I'm not one to shy away from an alternative view but I wasn't convinced by GR's explanation around assays... if anything, I thought he simply confirmed that he was cherry-picking. And there's another simple point that if he isn't providing info to the market that accurately reflects what's in the ground then he should do something about it rather than pontificating about how much he can see with his own eyes... the market needs concrete information. As far as his assurances that the labs are expediting results... well, let's wait and see... we've heard that kind of platitude before!
I'm surprised at his update on an earlier production date so soon after his London visit. If anyone here has ever managed any kind of project then they'll know that it would be surprising/unusual to manage to bring a completion date forward by several weeks after only being in to the project by a few weeks... even if that was the case for real then most managers would bank that time and hold back on communicating that because no plan ever goes to plan 100%.

I'm not convinced, I'm afraid - I'll happily admit to being wrong but this interview smacks a bit of the old GR.
Why issue that last RNS? Why do this interview now and not after the deal is signed and the money is banked? Is there more to the deal than we've been told to date... does GR need the sp up?

Apparently they've got someone significant coming along to cut the ribbon... must be a big deal?

You don't get refinancing for a worthless asset/company or one which doesn't have a reasonable plan to make a profit. The next 3 months are going to be interesting.

Risk - could die a slow death but, perhaps, the bottom has been hit
Reward - could multi-bag substantially

It's because he has spoken with a forked tongue I'm afraid... despite reassurances to the contrary, it's been a complete mess and one has to consider how that incompetence rolls forward in to the mine build. We don't hear of Chris Male anymore... was he the fall guy?

Wolf - don't agree at all. It's very clear that the whole assay results stream of work has been a complete shambles. It's not only the delays at SGS and Antec (it was GR that selected and contracted them to do the work, wasn't it?), it's the fact that a load of results are having to be re-done... whatever the reason, they didn't do them properly the first time round.
Has that resulted in additional drilling that wasn't part of the initial plan - looks like it.
GR is responsible for communication and he simply hasn't been clear and open... doesn't bode well for the future!

I'd call it commentary rather than moaning, Acker. lol

You have to admit that it has taken him a very long time to come clean!

Negative? I'd say realistic and objective. Past performance is a good indicator of future performance!

This morning's RNS lays out just how poor progress has been and it is very clear now that GR has avoided telling shareholders about it. I'm not surprised now that he went for the Suzhou deal (which, whatever SK says, was not a good deal for shareholders) - progress on the DFS was severely hampered and he needed a cash advance on a deal.

I like the pilot mine approach but can't see GR delivering on time.