Member Info for steward1

In Acker's defence (not that he needs me to defend him), he has been surprisingly honest and transparent about why he's here... there's no pretence that I can see!

I'd have to say that I'm more concerned about the group of 65 - sounds rather sinister - than one individual! If they hold a few billion shares between them and are posting here daily (we know that Snowking is one of them), well......... draw your own conclusions????

No-one is as they seem!!!!

Correction - MNH, RHA, general running costs, gold mines, Katete, some other obscure asset that has no viable business case.... take your pick!

We're all traders - it's just timing that's different! Some day, even long term holders will decide to sell.

And there's no perfect company - Acker is just reflecting that in his comments. Those who get upset about someone taking a different view to them show some insecurity in their own decision making and, perhaps, it's a reflection that the sp hasn't gone in the direction that they would expect? Perhaps, they also believe that comments made on a board make a difference... perhaps, their due diligence is based on comments made on boards?

Anyway, getting back to PREM - only a day left before GR is due to release his masterplan. Have to say that I'm pretty nervous about what he's going to say if he even makes an announcement tomorrow. If his previous record is anything to go by, there won't be an announcement tomorrow - he'll be late. When he does announce his next steps (and given his previous record), there's a high likelihood that he'll take the opportunity to raise more funds than we expect him to.

MNH, Zulu, general running costs, gold mines, Katete, some other obscure asset that has no viable business case.... take your pick!

I highlight the above because I'd suggest that he needs to do something radical with Zulu to protect it from being held back by other projects.

You make a fair point, Steven - 7 years of failure (except for getting the Zulu EPO) and some around here think that all the stars will be aligned and everything is going to be rosy in 3 months... that is optimism.

With GR, I'm holding to the maxim "expect the unexpected" - given the circumstances, surely, surely, surely, he doesn't want to buy more of MNH... I think he will!

Snowking - yes, absolutely, if GR succeeds on all three, we'll be flying but, come on, GR has had a number of years to succeed.

Circum is a good example of GR's decision-making - at the time he bought the last chunk, he had the choice of using funds to progress Zulu and not buy more Circum. Tell me, what would the sp be now if GR had progressed Zulu 3 or 4 years ago?

There's a continuing sense of deja vu with GR - we've been here before. Can he be disciplined enough to focus on Zulu and make the right decisions this time? I've no doubt that Zulu will ultimately succeed but there's a huge danger that the sp is dragged back due to his dabbling with other unsuccessful projects.

TBH, if he is set on doing something with MNH and RHA (and anything else), he should bite the bullet and be very clear about it. There's some form of fundraising on the way... I think he'll be looking for £12 mil plus for Zulu DFS, MNH purchase and general funds. I suspect that he'll want funds to fix MNH as well and to re-start RHA - £3 or £4 mil??. He'd get more credibility if he was up front and honest about what he wants, and if he had some figures on what he expects to get back from these assets?

It's going to be a rough week for the sp.

BTW, given past performance, I'd be surprised if GR met his own deadline of the end of this month to have an RNS issued!

I'd be one of those people who wouldn't believe that GR could have two profitable mines in 3 months, Snowking.
Your MNH logic doesn't make sense - GR already bought 19% and it would be a worrying set of affairs if the MNH books didn't make good reading because that would be money down the drain. But then again, that appears to GR's MO and I'm not expecting good news.
Fundraising heading our way for MNH.
RHA off take agreement - why now and not 18 months ago or 12 months ago or 6 months ago?? And if GR is sitting on good news (legally he shouldn't be and should be updating the market) because he's wrapped up with something else, it simply reinforces the point that he doesn't have the bandwith to deal with multiple assets.
As I say, GR is between a rock and a hard place... I think he'll go for consolodation with a good chunk allowing for MNH to be purchased and RHA to be funded... a dilution in other words!

That's a helpful post , Snowking.
Whilst I'd like to see it, I don't see GR stepping aside either before the DFS for Zulu is done and I agree that a JV and an off-take agreement are not appropriate just now so he needs some other type of deal.
My main concern in the immediate future is what he plans to do about MNH/RHA/Lighona/Katete/General funds.
He did mention MNH in one of the recent RNS's so I suspect that he is planning to buy more/all of it and/or to put up some funds to get it producing at the levels expected. We're blind to how MNH is performing - haven't heard anything for months... GR doesn't usually hold back on good news so I'm expecting bad news and that he's planning to raise funds for this.
RHA - it's been quite some time since GR pulled the rug out from under this and the Zim gov't don't seem to have given in to GR's demands. Will there be an off-take agreement to get it re-started... I'm not convinced and I suspect that GR, if he wants to re-start RHA, will need to provide some initial funding. Given the history of RHA, any off-take partner will want to be ultra-cautious.
Other projects - well let's see what happens but GR isn't known to be bashful in taking shareholder's money.
General funds - I can't see GR deferring his salary until some Zulu pay day in the future so I suspect that there will be some arrangement to get funds for this.
Zulu - anyone providing funding for Zulu will want to avoid any drag on getting the DFS done... even if Zulu is separated out, we'll still be left the non-Zulu elements of PREM and none of them have proved to be anything other than money pits. And whether the funding deal is based on the sp now or in the future, we (the shareholders) will need to pay for it in some way.
In summary, GR has a very difficult path to navigate... whilst he's got Zulu and the EPO, he has never shown any competence in getting good financial agreements or in delivering any income. I've no doubt that in 14 months, we'll be in quite a different place but I suspect that there's a rough few weeks/months ahead for the sp. So if I wanted to buy more of PREM (which I do), I'd wait until we get clarity on most of the above... I'm 90/10 that the sp will fall back before it will rise. AIMHO!
And just as a footnote, the ability to navigate the above is a crucial skill which GR simply does not have... and that's why he's the wrong person to be in charge... the wrong deal or a badly worded RNS could cost holders millions/tens of millions in the long run!

Some rough calculations - if we're to gather together some of the bits and pieces that folks are picking up then GR is needing funding for Zulu, MNH, RHA and general running costs.
Zulu - anything from £3.5 to £5 mil, as far as I can see.
MNH - if GR wants to buy the rest then I reckon it will be around £6 mil, if he pays the same price as the last chunk he bought. At that time, production was poor as far as I remember so depending on what it is now that price could be higher.
RHA - suggestions that this can re-start with off-take finance but I'm not convinced.
Ligonha - ??
General running costs - £1 mil???
I think he's looking for £12 mil plus...perhaps a few million more. In the longer term (in relation to Zulu), that amount will be pennies but the current market cap is around £40 mil just now so he has a wee bit of a mountain to climb.
Whilst no-one likes dilution/consolidation, he has to bite the bullet at some stage to get everything moving. Personally, unless MNH is giving income to PREM (and we're in the dark about that), I'd get Zulu moving asap/urgently and leave MNH for another day.
Meantime, the sp is going to get battered... hold on tight!

Really can't see that GR has enough funds for starting the DFS unless he means that someone is going to turn up with a shovel for a few days. If he did, he's had two opportunities to say that in the previous two RNS's and, guess what, he didn't!
Fund raising is coming!

Chuggley - fair points. On the last one though, I think it's ok, important, let's say, imperative to call out poor CEO's/poor decisions and to look for change. Some of the events in the last few years have been outwith GR's control but some have been his own making... he's had an uncanny ability to cause the sp to fall!

I put some hope in the fact that post-DFS, we'll have a different CEO... from an sp point of view, that should be positive.

To some extent, I've grown fond of GR (although I've never met him or spoken direct to him) - credit to him for getting Zulu in the first place and then the EPO. I hope that he can step aside with Zulu and the sp being in a good place.

Just to add another point or two -
all those tens of thousands of tiny buys and sells over the last few weeks - you've got to question whether they are by individuals or bots... I'm leaning towards bots... and that might mean that someone somewhere is attempting to control the price... just a suggestion!
also, Snowking's group of 65 who hold several billion shares - you've got to question the purpose of these guys getting together. It could be that they simply have a common interest... like being in a chess club... or not? I'd hope that they would bring their influence to bear on GR!!

... months away!

GR is between a rock and a hard place – he has no income and won’t be able to borrow in the normal sense because he has nothing to pay the debt back with. He needs to get income and to do that he needs to raise funds .
Snowking’s view – I think his group have got the inside track. A few billion shares between them! When Snowking says that in 3 months there will be a functioning RHA mine and that GR will have bought the rest of MNH then I’d suggest that he’s expressing GR’s ambitions rather than something that is 100% going to happen…. Whether Snowking likes it or not, past performance is a pretty good indicator of future performance.
So looking ahead (as Snowking wants us to do) to the next RNS…
1) RHA – should be a positive… or should it… BUT has the Zim gov’t compromised… not sure about that? Snowking has suggested an off-take agreement… quite apart from the Zim gov’t issue, RHA has been beset with other problems and to think that it’s going to be fully operational within a few months… well, I’ll wait to see that. Can’t see an off-take agreement until GR has got RHA up and running again… with no funds from the Zim gov’t, it looks like he’ll need to pick shareholders pockets again for some or all of the re-start costs. Longer term, RHA could deliver for PREM shareholders but….
2) MNH – we’re in the dark with this one (as is GR’s way). We don’t know if/when PREM will get any income from this but he’s looking to buy more of it/all of it. Definitely will be picking shareholders pockets again to fund the purchase… unfortunately, we’re blind to this one so who knows if it will provide any profit for PREM.
3) Zulu – has already expressed the preference to go it alone. Whilst he’s had lots of approaches, he would need to give too much away at this stage… I don’t have an issue with this but he’s going to pick shareholders pockets again to get the DFS done.
4) General running costs – i.e. GR's salary, PREM doesn’t appear to have any income so I reckon he’ll take the opportunity to pick shareholders pockets again.
5) Any other shiny trinkets – I reckon GR has a shopping list and he might decide it’s time to buy again.
How does he do it without the headroom – consolidation with something extra added in?
Anyway – that all sounds quite negative and that’s why Snowking says it’s going to be volatile.
The sp has more than halved from it’s high and is drifting – all of the above wouldn’t be so bad if the sp had gone in the other direction. What happens with GR though is that he doesn’t allow the good news (EPO) to consolidate… he introduces his shopping list (buying more of MNH) the sp slumps/drifts and, when he does eventually do the fundraise, it will be at a discount - by the end of the month (without an RNS), the sp could be around 0.15 with the fundraise priced at 0.12 (or the equivalent consolidated price).
Longer term, I have no doubt that updates from the DFS will drive the sp up BUT you’re going to need a good grip on your shares – it’s

Would be encouraging to see RHA getting moving again - that would indicate that the Zim gov't have compromised and that would be very positive for PREM... to the tune of £20 mil if memory is right.
Would be good to get news on MNH, as well.
My only concern is that there could be too many plates spinning at one time. My favoured approach would be for Zulu to be separated out.

I guess that he's entitled to do what he thinks is right, Snowking.
How's about some reassurance for those of us not in the 65? After the last RNS did the group communicate their dissatisfaction to GR? Has the group communicated what they're looking for in the next RNS?

Snowking - 65 of you with many holding more than 100 million???? You must hold at least a few billion amongst you? With those kind of numbers, GR must be listening to what you've got to say?

YesYes...No - there is more than money that motivates some people and I guess when you've got enough of it, you might look for other things. GR, as I understand it, isn't short of a bob or two. His reputation, prior to the EPO being granted, was wrecked and, even now, his competence and capacity is called into question (rightly so, I might add).
Added to that - time and again, he's signalled that he was going to step down/step aside but it's never happened. He's not been able to strike a deal with any partner either.
He's not the kinda guy that's going to let go easily and, personally, I think the money is secondary or tertiary here for GR!
I'd like him to "end well" but he has to get the next couple of moves right... I can't see him being in charge after the DFS though.

I think Goozee is continuing to build his stake (already the biggest holder, as far as we know) and will orchestrate GR's departure if he's not doing the job well enough... apart from GR himself, I don't think there's anyone who would think that he can see Zulu through to delivery in 3-4 years' time without making some mistakes along the way. We're in big money territory now and there's no scope for GR's shenanigans - as they say in these parts "GR's coat is on a shoogly peg!".
I'd rather that he was replaced now but, if not now, I can't see him still being in charge post-DFS.

At the end of the day, it is how much profit Zulu will potentially make that will determine the sp... in 3 years, we will likely have a higher lithium price and low costs (one of the benefits of being in Zimbabwe)... plus we don't know how much is in the ground and how much can they get out per day BUT Zulu is looking like a pretty attractive proposition.
Have to say that GR will come under increasing pressure to accelerate the DFS and then the build... he needs to be pushing for that too... whoever is in charge needs to be up to the job.

I've got some sympathy with Acker re GR, hence my issues with the RNS this week BUT I believe the next RNS will be more aligned with what most of us will want. I think GR will get the DFS going satisfactorily but I also hold out some hope that he will step aside... either he decides this for himself or he'll be side-lined by a partner who will insist on it. Goozee seems to hold the most now - GR's grip may start to loosen sooner than we think.
In that scenario, Acker, would your view change?