Member Info for steward1

SK - I do sincerely want Prem to keep hold of as much of Zulu as possible for as long as possible but I'm doubtful that any serious partner will agree to that because GR would still be at the helm. Any partnership will signal GR's departure.
I wouldn't be surprised if the next load of shares to be issued goes to one of the potential partners.

Snowking - are you saying that a COO starts tomorrow?
Now, for me, depending who it is, that would be very positive.

Wolf - GR's strategy and communication are as clear as mud! It is now very unclear about what area this DFS is going to cover.

Shareholders have given him the headroom to deliver but he seems simply incapable of having a clear plan in the first place and then delivering on that plan.

Good post Bickmaster.
It's all beginning to feel a bit seedy... lack of being candid, dodgy deals for his mates, doing the DFS on the cheap, leaking info to the Pandora group, moving the goalposts... not what you would expect from potentially the largest Li deposit in the world!

@Alert - I don't doubt the Zulu asset and I have mentioned this tipping point before where the momentum behind Zulu outweighs any shenanigans that GR is up to.
However, It is a serious concern that GR could muck this up big style and last week's market response to the RNS and GR's interview.... AGAIN.... shows a lack of confidence in his ability to make something of Zulu.
In my experience, when someone is not candid and forthcoming, they have something to hide... when there's no clarity regarding LIBS or grade returns or how much needs drilled or DFS timescales or how much it is going to cost... and when GR avoids answering questions directly, one has to be concerned... the market certainly is!
And now we have Snowking saying that he's confident that the DFS will be done on time or even ahead of time... even though we are months behind, even though GR is doing the DFS on a low budget and even though there is no official announcements to explain how!!! The market isn't convinced!
And silence on a COO!
Another example, it should be easy enough for him to tell us what the situation is with the MNH loans but he isn't forthcoming... why on earth did PREM become the middle man for a loan from an individual to MNH... I'm very concerned that we're going to get another smoke and mirrors scenario where we end up holding the baby and it is going to cost us dearly. He could easily tell the market that he is ruling out a dilution for MNH (and boost the sp). The fact that he hasn't done it suggests to me that he intends to buy it... despite the views of major shareholders and his previous inability to turn any asset into a revenue-producing entity!
And now we have the possibility of a more serious wave of Coronavirus... what do you think that is going to do to Li prices?
I reckon GR's mishandling of every asset including Zulu so far has cost us 10's of millions, if not more. The problem here is that as the value of the asset increases, the cost of GR's mis-management increases.
Don't forget - past performance is a good indicator of future performance.
Zulu will only come good when there is someone credible and competent in charge... I'm holding on for that day.

Snowking - there is absolutely no reason for the DFS to be done on a low budget. Not only does GR have the headroom to do it more quickly, he is sitting on an asset that should bring in billions... does he not have the confidence in the asset?

As for Omicron, prepare for the worst, hope for the best! Hats off to you and the NHS. Had a wee bit of a health scare myself recently - there was a mix-up in my urgent referral but when I eventually got seen, the surgeon and his colleague were superb... couldn't have asked for better!

Snowking, I don't dispute anything you've said (although I'll treat with extreme caution your claim that there are 9 firms doing due diligence... tell us your source!) but none of that has moved the price... hate to point it out but the sp has gone down since GR published the last RNS. It's not rocket science to understand that it's not just that the market doesn't yet trust GR to DELIVER but the market doesn't trust him full stop!!!
You've just set out what I think GR's flawed thinking is - because he has this massive asset at all-time high prices, he doesn't think he needs to do anymore than he is already doing. Your comment...
"However we don't appreciate how much work goes into a DFS and PREM is working hard to progress a lot of the DFS which goes under the radar."
If there is that much work, why is he not getting more resource and more drills in? Why isn't he using the headroom that he has to get the job done more quickly? If it's all "under the radar", why doesn't he bring it all into the light?
What we do have is a lack of clarity over progress on grades, a lack of clarity on what needs to be done for the DFS, when the DFS will be completed and a lack of clarity over funding? Silence on LIBS, silence on a COO, silence on MNH, silence on RHA.
How do you think GR is going to fund Zulu in the short term?
As for Omicron, the demographics are different in South Africa and that could explain the moderate impact... Boris and other western leaders are very, very concerned and haven't taken the action that they've taken because it's going to be a wave of common cold! Things are going to get worse before they get better... could one consequence be that the Li prices dip over the next couple of weeks?
If anything, the last few days shows that the future is unpredictable and putting store in currently high Li prices might not be the wisest thing to do.

Snowking - thanks for sharing and keeping us up to date with Li prices.

The problem I have (as others do) is that we're nowhere near producing any of the stuff. Can't criticise anyone for basing an investment decision on what they hope to see in the future. GR's confidence/arrogance... no, let's say his hubris is also based on the fact that he's sitting on a major asset and that the price is currently very high... rather than on PREM's ability/competence on delivering the DFS and a working mine. At this point in time, I'd much rather hear about action to deliver the DFS... GR has gone silent on funding, he's gone silent on a COO, he doesn't appear to have considered adding extra drills. He's made some vague statement about not needing to drill all that he budgeted for but it is very vague!
It's now 3 months since the last fundraise... the previous one was 2.5 months before. Given not much was happening during the summer, one would expect expenditure and the burn rate to increase but... silence on fundraising!!
GR needs to give us something that we can have confidence in!

Profitbags - yes, it appears that GR knows that there is an issue at the lab but he is unable/unwilling to come out and say that there is a delay! And we got yesterday's RNS because he knows that the grades won't be with him for a while. I'd suggest that it is bad luck that the new variant has hot the news but GR simply has poor judgement. Everyone would have more confidence if we know he was being candid but he just isn't!
As for a fundraise, I had factored one in last month - it didn't come (and neither did a deal) so I reckon he will be desperate for cash. Watch out for an RNS after hours tonight.
And Acker is right, we need to know what is happening with MNH.
Once again, GR has backed himself into a corner.... but, hey, major holders seem to be fine with that!

Snowking - did you mean to say "Majority of dfs work done"?????

Can you explain how you came to that conclusion?

New variant spooking the markets this morning! I'm now expecting a fundraise imminently. Have to ask myself why GR published that info yesterday without the grade results (which apparently were due this week). I think he knows that the grades have been delayed and I'd suggest that he needed to publish something in an attempt to boost the sp.
After looking forward to a blue day yesterday, I'm not looking forward to today's opening.

Profitbags - certainly agree with the last sentence. I think the market is waiting for hard evidence before we move more quickly to that level. One of the things that troubles me with GR is your correct assessment "Basically he is saying that time is in his favour, interested parties are coming to him, he is not searching for them. That is a show of confidence"
I'd say that he's rather arrogant - a good CEO would recognise that things haven't been going well and that he'd/she'd would use every opportunity to explain what is being done to recover the confidence of the market. GR bumbles along with seemingly no accountability... and no consideration that he might miss the Li wave.

Just listened to it too, Welshy. I wasn't at the London meeting but I still get a bit of deja vu... GR seems to have gone completely silent on a COO (seem to remember him doing that in previous years), some of what he said just doesn't make sense (he said something about the timing of the completion of the DFS had nothing to do with the rate or how much drilling is done... something like that???) and still no clarity about DFS timescale.

Compared to where we were with not much appearing to happen, there now is clearly a lot more going on and clearly he wants to tell everyone about how big Zulu "could" be. I was very bullish about today's RNS but the market thinks otherwise. I guess that the lack of grades is the biggie and it looks like we'll not get them this week or maybe even this month? I think the other biggie for me (another deja vu) is that he's keen to tell us how big this might be but he's not keen to talk about what he's doing to get it done and get it done quicker. I understand he spoke a lot about LIBS at the London meeting but no mention of it today! I wrongly understood that he was looking for a partner to accelerate the DFS but he's claimed that he hasn't sought out a partner.
Whilst there is some additional potential added to the mix (global interest and additional resource), he's still not giving confidence that he can run the show!
I reckon that there will be another fundraising soon (Friday night RNS?).

Yes, another disappointing market response to the RNS and, yes, there is certainly some truth in that GR is needing a fundraise very soon... it will be disappointing if it is done at this level and I'm hoping that he can hold off until he has some grade results. However, he hasn't given any timescale on when we might get them... I don't know how much store I can put in him promising to give a timescale as soon as he has one. It's not included in this RNS and might mean that either they've not started on these samples yet or that he simply hasn't been given a timescale.
The info given in the RNS is positive but it's missing some key info that we're all waiting for. If he needs a fundraise then he should get it done now before we start another drift.

Bick - not my speciality at all but what would be the optimum numbers of rigs?

Regardless of whether GR gets a deal or not, he needs to have a plan to accelerate the DFS - I don't know why he hasn't come looking for funds already so that he can do just that. I can only think that a deal is closer than some think.

I'd suggest that we could hear the following before Christmas -

Grade results (multiple)
Further drilling results
Resource upgrade statement
Offers
Deal to fund DFS including GR taking a step aside

If there is a fundraise in that mix then I'd be more than happy to take part.

Hey Acker,
yes, there's still a lot we need to know but, even in my glass-half-empty mood today, I can see that this RNS demonstrates that things are moving forward.

Sounds as if there is more than one party interested and doing due diligence... excellent! A bit of competition is always good for a deal.
I'm going to stick my neck out and suggest that we could well see 1p by Christmas... get those grades back and published and get some offers on the table!

Tipping point!!!!!!!

Time on my hands, johnny!