Member Info for steward1

Thought that I was being optimistic, Snowking!
You seem to be ignoring the execution risk which has plagued Prem and, with £12m, the execution risk increases (more to be done, more that can be delayed and go wrong!). Clearly, with the assay results, that risk is showing itself!
I'm not suggesting at all that Suzhou sell any of their holding but it's simple maths - there will be 3b more shares in issue. Divide the market cap by that higher figure and you end up with a lower sp.
The more important communication in the next week or so is the plan to deliver the DFS and what is going to be done in the EPO area (i.e. how GR will spend the cash). Let's hope he doesn't spend anymore on MNH or RHA!

Acker - what do you think... will the extra 3 billion shares have an impact on the sp?
I think mm's might make hay next week for a day or 2... sp could drop below 0.3 once again.
It's clear to me now that there is a major issue with getting assay results (ref. GR's meeting with the lab a few days ago) and it's clear that there is much more drilling required to get to a dependable resource statement... DFS - currently I think we'll be lucky to get it this year.
Let's see what GR and Suzhou can now do to reverse the drag on the sp. Rollercoaster ahead!

Atlantic Lithium have seen a bounce today after announcing that they've upgraded their resource to 30.1mt. The thing that I find really interesting is the following -

"The MRE upgrade is based on a total 90,308m of reverse circulation ("RC") and diamond core ("DD") drilling which includes an additional c. 37,500m of drilling completed to end December 2021 (including c. 10,750m of DD)."

Just how much drilling has Prem done?

Snowking - what are the three announcements that you expect and when do you expect them?

It's not a JV! GR needs to explain how a new board member accelerates the DFS. I'm sceptical about that one.

I can, Acker, but, from memory, GR's interview didn't fill me with hope that there was going to be another offer soon. In any event, if there was another offer, I just don't see it as being "transformational" at this stage. GR needs to build up a much bigger body of evidence of results. He's got funding now and doesn't need to do anything else until he wants funds to build the mine... for me, that means he has to wait for the DFS.
If there is no further news of progress soon then I think the sp can fall further but I do expect the sp to be much higher come the autumn/winter... GR just needs to get those assay results, the RUS and more drilling done... he now has the funds so there's no excuses!!!

Hey Acker - what's behind your prediction? Speculation only?

Wonder why it was necessary for GR to have a meeting with them?? Seems to be a problem that needed to be sorted out... I reckon that the lab has only done a few tests (i.e. the ones already published) and that Prem has dropped down the priority list because... fill in the blank yourself but I'd say that money is involved and GR has refused to pay something or didn't have the cash to pay... hence the selection of the deal that gives cash asap and retains GR at the helm.

You're such a tease, Acker!

It's now been a month since we had the last test results!! I might have this wrong but there should be plenty of historic submissions that the S African lab should be working through. One has to wonder at the delay - has GR not paid them? I'm suspicious that GR selected the deal that gave him cash the soonest and could that have been because he ran out of enough to pay the lab? Or is he in dispute with the lab?
After the lockdown, has the lab not been open since just before Christmas?
And what has been sent to the German lab and when can we expect those results?
It's this kind of poor delivery that doesn't bode well for the future if GR is still running the show!!!

You're new here, Jenkoo, aren't you?

I doubt if GR had a detailed plan ready to go to accelerate Zulu. I'm not sure he would have one for the EPO area. I suspect that he knows what he's going to spend the cash on - which is a different thing to having a detailed plan!

Anyway, I don't think he can tell us his plans (that's if he is going to bother telling us anything) until the deal is complete and he has the whole £12m. If the past is anything to go by, don't hold your breath!

As for assay results, what on earth is going on? Has the South African lab done all the tests that were submitted to them... now that would be worrying!

Wotitsworth - good post. I guess that you're pointing to what Prem could be worth once a mine is operational. For the avoidance of doubt, I still see Prem at 5-10p in 2 or 3 years but I'm in for the long term when we should have mines in the EPO area as well... and I'll be more concerned about the level of dividend than the sp!
For some, they might have a shorter timescale and between now and having a fully operational mine, the sp is a bit of a random guess.
I guess that stability factor means risk?? That's where I think the sp will drag for a while... I'll not repeat my thoughts on GR.

Snowking- my thinking is that we could possibly drop below 0.3 if there is no good news this week. Range is then 0.3 - 0.4 until we get GR's plan for the rest of the year and/or the RUS and/or some good assay results. The sp will then be determined by Prem's progress and delivery.
If any deal is done on MNH then the sp will drop. If any deal is done on RHA, I reckon a small drop unless the Zim gov't are giving us £m's.

Snowking - GR raised money for the DFS and instead bought more of Circum. Think where we would be now if he had spent that money on the DFS!!
He doesn't need £12m to finish the DFS but he does need more than originally communicated... and he's had plenty of opportunity to tell us that long before now.
Look at how much cash he has raised in the last 5 years and look at where we're at. If you think that GR and Prem are all of a sudden going to turn into a finely tuned outfit (they need to and more to deliver the DFS by Sept/Oct) then I'd suggest that your optimism is mis-placed.
I'd also suggest that GR has never been clear on what he has spent cash on!

Jenkoo - I'll answer your question... some differences this time -

- we know a wee bit more about the Zulu asset plus there is other precious metals
- the EPO multiplies the potential for lithium plus there could be gold
- we have a serious investor in Suzhou with considerable resources
- we have funding for the DFS (but we've had funding before too)
- we have a COO and there are other parties engaged on the DFS

I've never doubted the assets.

However, and it's a big however,
- GR is still in charge and is still making deals which are not the best.
- There is still slow delivery
- There is still poor communication
- There is still uncertainty about the plan for the EPO area
- There is still uncertainty about what GR is going to do with the balance of the cash
- There is still uncertainty about the status of MNH and RHA
- There is a lack of confidence that GR will deliver on time and within budget

So I think there's still a bit of deja vu about where we're at. After thinking that we would have a good deal that would sort out some of the second list, I think that is further away now. I think we're in for a wee bit of a rollercoaster still. Delivery of the DFS is critical!

Mister Positive - please read comments more carefully in the future!

I think we can expect news once the deal is done on 28th March. There might be assay results before that but I don't expect anything else before then.

Shinyshiny - the deal taken wasn't necessarily the best. It was the one that suited GR (and possibly the Pandora group!). I think other approaches may have included doing a jv on Zulu or some other deal where GR might have lost control of Zulu and/or Prem... for me, that wouldn't have been a bad thing... GR seems to be more concerned with keeping control over everything rather than making money.
It valued the whole of Prem (Zulu, the EPO area and every other asset) at 0.4p and gave away a sizeable chunk of Prem for only £12m... nowhere near what we expected.
There's talk of accelerating the DFS and, given progress so far, it does seem very unlikely that GR will deliver it by September. He seems to have committed to continuing negotiations with Suzhou but, if the current deal is anything to go by, it doesn't look promising... couple that with his poor record of delivery and it looks worse. My hope is now that he doesn't do any other deal until the ink is dry on the DFS (even if it's late).

It's pretty clear that the market doesn't like the deal and, whilst £12m is helpful, there's no confidence that GR will spend it well and deliver a DFS on time... I sincerely hope he does.
I had some hope that there would be a bidding war but, even though the market thinks that it's not a good deal, there's no hint that anyone else is going to jump in.
There's silence from GR and no sign of more assay results.
He's also facing further negotiations to get a mine financed and I'm afraid that this deal doesn't bode well for a deal on that. His usual delivery performance may, yet again, leave us in a situation where we don't have sufficient progress to negotiate a good deal.
GR has a particularly bad trait of leaving us all hanging when we're all expecting more and we could be in for another drift with the sp going south yet again. It's almost as if he doesn't care or even does it on purpose!
I sincerely hope that he has some good comms lined up for when the deal is done (28th March at the latest)... meantime, it's very frustrating but... hey... this is Prem!!!

A wee prediction, Acker - GR will not be in charge at the end of this year!