Member Info for steward1

In the process though, we've surrendered a large portion of PREM overall and we're about to surrender another 30% (5 billion shares).

No need to throw personal insults, Snowking. I'm entitled to have a view having first invested 4 years ago.
Most holders who have either experienced or looked into the last 4 years will be, at the least, nervous about how GR will use those 5 billion shares. I simply can't get enthusiastic about it and I suspect that GR will spend every penny. The wise thing to do would be to only spend on Zulu but he's not going to do that, is he?

There's been many positive sounding interviews by GR over the years!

johnnypc - some day GR won't be running this company. I'm holding out for that day!

And as for the comprehensive update that he is "working on" - do you not think that he should have something like that to hand and that it would have been a good idea to issue it now along with the news of the 30% dilution or to use the interview to give us that update?

So I've listened to the interview and I reckon after 4 years I'm beginning to read between the lines....

1st of all, a 30% dilution is massive. GR thinks that's a small %... lol!

GR squirmed at being asked for dates and is already looking for "some latitude" on his 14 month timescale... I wonder why that would be!!

He had every opportunity (more than once) where he could have given a clear update on progress on the drilling camp and the start of drilling. The drilling camp was supposed to be set up and ready by the end of last month and one might have expected him to confirm that it is all set up and that drilling has started... it seems the mobilisation hasn't quite finished and in the context of looking for some latitude on dates, I'd suggest that the timescale has already slipped.

OK, GR repeatedly says that there's lots of interest but no-one is currently biting and it seems that no-one was willing to lend money to fund the DFS... wonder why that is?

He is clear that he's not going to use the headroom right away for the full DFS but he didn't say that he wasn't going to use it immediately for other projects... WARNING SIGN!!!

RHA - he dropped the word modifications in there!!! BIG RED FLASHING WARNING SIGN.... RHA needs cash!

MNH - so it seems that he still doesn't know the actual position of the books. BIG RED FLASHING WARNING SIGN!!!

Simple response, Snowking, is that we should never have got to where we've been over the last couple of years. Now heading for circa 23 billion shares in issue with absolutely no revenue.
GR has been woefully poor!

He's standing for re-appointment!

Ray-mondo - I won't be buying any more PREM unless there is some significant concrete news.

The trouble here is that GR wants way more head room than he really needs. If he had been disciplined and only sought headroom for the DFS then I'd be happy. OR if he provided a clear plan on what he intends to do with the headroom that made sense then I'd consider buying more.

However, each time GR has had headroom before, he has squandered that headroom and shareholders have been well and truly sh##fted. I was hoping to see a change in GR's ways but this news is not reassuring at all. He treats shareholders with some disdain in asking for headroom with almost zero information to justify it. Even Snowking is speculating about what it is intended for.... apparently, part of it is for building the Zulu mine... or is it for an off-take agreement.... or is for RHA... or is it for MNH... or some other asset that he's yet to tell us about.

And remember, once he's got it, he doesn't need to come back to shareholders to get agreement on what he'll spend it on... he'll spend it on whatever he likes... as he has done before!

GR is up for re-appointment... time for a change I'd suggest!

So Snowking, the headroom is to fund the DFS, build a mine and for an RHA off-take agreement????
So he's not really doing a finance deal, is he? Murkier and murkier?
As for more RNS's in the next week, what is that speculation based on or are you taking a leaf out of GR's book... jam tomorrow?
If there's anything on RHA... well, the jury is definitely out on that... have we ever made a profit there? I doubt the market isn't going to respond well!
MNH? Let's hope that eventually PREM is going to get some return.... or is he going to use some of the headroom to buy more. I suspect the latter.
Isn't it about time that the group of 65 and other major holders got rid of GR?

No mention of rha or off-take agreements in the circular, Snowking... but, of course, that is GR's mo... if he doesn't tell us anything, he can't be held to account!
And, please point to a time when GR has not taken full advantage of headroom!
And maybe folks should refresh their memories about the last time GR raised funds for a DFS.
And remember if the case for RHA had been so compelling (i.e. producing a return), GR would not have shut it down.

So GR is looking to dilute by another 5 billion shares... at today's prices, that's roughly £10m... and if the sp increases as many hope it will then this could be £20m, £30m, £40m!!!

But the cost of the DFS is only $5.1 m (NB that figure is in dollars) or roughly £3.7m.

You need to ask what does he want the extra cash for... doesn't look good to me.

It also seems that GR has a much higher valuation of Zulu than anyone else and he can't get a finance deal as a result.

I've got a very, very strong sense of deja vu!

SP is going to sink tomorrow morning!!

I'm sure Snowking can speak for himself, Welshy. Anyway, how would you know whether he is or isn't?

Hey Snowking - is this pure speculation on your part (a subtle attempt at a pump?) or have you heard something concrete?

What have you heard about the drilling camp? It seems to me that GR wouldn't withhold good news (if it is now set up and operational) especially when he needs the sp to be heading upward ahead of a dilution. I'm beginning to get that deja vu feeling again... full of promise but never delivers!

oops... after the last RNS!

It's an old video from just after the last DFS... a bit worrying that they've posted an old video today without an update on the drilling camp. Looking like there is a hold up and today's target is not going to be met!!
Same old, same old from GR... pretty poor in fact given that we would want this first activity to be done on time.

Whether it is an RNS or some other means, he should let the market know the status.

He's not in the habit of holding back good news (and it would be good news if the camp is up and running!) but he does have a way with avoiding/delaying bad news!

Jake - you might be new to PREM but the lack of an update when it is reasonable to expect one is par for the course with old GR. In the last RNS, he said that the drilling camp would be up and running by now.
If there's no update today then folks will speculate what the issue is... a delay now doesn't bode well!
What's the reason for the delay? Has GR run out of the little money he had for the drilling camp? Is it costing more than he had accounted for? Has he miscalculated? Has he spent it on something else? Are all the parties involved in the DFS part of the bigger deal... are they not happy with the terms offered?
I guess that some on here will attempt to play it cool and suggest that the lack of an update today is not an issue but it's an illustration of the contempt that GR has for holders.
AIMHO

I'm expecting an update tomorrow re the drilling camp. GR made a point of saying it would be up and running by the end of the month (tomorrow) so, since it was important enough to mention in the last RNS, he needs to give an update tomorrow.

It would be good to see him hitting this first target... might give the sp a boost. If there's no update then I can see the sp dipping a little bit more.

I agree tradegurus - the long term future has been massively de-risked. Just need one or two of the main shorters to break ranks now and with news on take up of the offer, I reckon we'll see the sp jump significantly in a matter of days.

Please don't call me an optimist, Colonel - you'll ruin my reputation!
I guess the market is the sum of all players... that's a complicated mix... lots of different influences in there... some of whom have some influence and some who have none.
Until the DFS is fully delivered, I guess we won't know exactly how much is in the ground and what quality it is.