Member Info for steward1

Production at BP was well below my expectations. More importantly, he's not given any indication of Q3 production levels - I'm guessing that they're poor as well. Worryingly, he still needs ' further optimisation initiatives' and is still talking about accessing higher grades (thought he was already doing this). Overall, positive cash flow doesn't happen til later this quarter and it sounds like it only happens because of Hanes... which leads to another disappointment in the delay in the sale of the 1st consignment under the 2nd agreement.

Given this update, it is no wonder that he doesn't have a new finance deal yet!

Personally, I think he gets the headroom, issues the shares and gets back round the table to negotiate. I don't think Prem will own Zulu at the end of the year.

I did expect to see an RNS about the FM. It appears that it's not happening!?

Just as well that he's not selling spodumene today! It may well impact the price that GR can get for Zulu but I'm bullish about where things might be next year on lithium.

Acker - I think the day that GR steps down is not too far away!

For once, maybe, I got what I needed from the interview. Seems clear that he's frustrated, maybe angry (not a bad thing!) - reading between the lines, he's had offers which fall far short of what he expected because he can't prove that the plant works yet. He's going down the cheaper and, very importantly, quicker fix so that he can get back round the table to negotiate a deal sooner rather than later. Most of his important answers were made in the context of negotiating a deal. The fix to the plant and the 9.5 billion headroom are both to aid GR's negotiating position.

The FM seems to be a side issue.

Hey Acker - hope you're well.

That's why I thought that the 9.5 billion was an odd number - it doesn't get very far with Zulu.

Jaglith - sell Zulu, step aside (stays on the bod) and Brendan steps up (not that I would think that's the best option!).

Looking for £40-60 million. There is sill the wider EPO area and we reckoned that there was the potential of multiple Zulu's there. He could give up some of that area to get the price.

I'm convinced that Canmax and their associates know exactly how to fix the plant and get it producing quickly. And if they know then other interested parties/experts will know too. Unfortunately, GR doesn't, he's being played (in my opinion) and he's floundering.

Remember, lithium will recover once China sorts its economy and once gov'ts are pressured to re-visit climate issues. Now is the time for others to strike.

Jaglith - yes, I would have argued the same previously but he is clearly willing to give up Zulu and I think he would walk away from Prem if the price was right. There's a confluence of things happening here - not least, a number of companies doing due diligence and major life events have a habit of changing one's outlook on what's important.

Wouldn't be surprised if Canmax have teed up another Chinese company to get hold of Zulu and run it.

Wolf - you're being disingenuous. He couldn't say that there are interested parties in an RNS without providing evidence to the Nomad. He's bound by NDA's so can't name anyone.

Jaglith - as always, I've done my own research and come to my own conclusions. I don't think that I said JV as an option although I think holders, in the current situation, would see a better return over a year or two if we got a majority JV partner. However, and this is only my personal opinion, no-one would want to JV with GR. It would be a different story if he stood down.

Let's see if GR does an interview today!

Key question is what will Canmax do. I believe that they would be very happy to deal with someone other than GR and have a competent team in place. Will they make a play themselves or encourage someone else.

Prior to events of a few weeks ago, I would have said that there was no way that GR would relinquish control over any part of Prem but I believe that his outlook has changed.

I believe that there is more to this than meets the eye... as is always the case with PREM! I won't go in to conspiracy theories about anyone sabotaging the design and build of the plant but I can see how someone could come to that conclusion.

The lower cost option is being taken because GR thinks that it is more than likely that he'll be selling Zulu. He has to be seen to be doing something but I'm sure that at least one of the interested parties has said to him that he shouldn't commit to any major changes or spend because they'll do their own assessment and address any issues in their own way... obviously, he wouldn't say that officially or publicly. The interested parties have way more experience in this business than GR has and, I believe, may have already formed a view on what needs to happen and when.

The only question I'm now concerned about is whether GR can sell Zulu for more than the current Market Cap... I think he can and will and that's why I've bought back in this morning.

The update yesterday came because he has released that information to those doing due diligence. I think Zulu will be sold before the GM.

I've been holding and watching PET for quite a few years (not as long as some) and the sp behaviour has been interesting to say the least. I've no doubt that we'll see a rise from these levels at some stage very soon and I reckon that it's only a matter of time before they have something more concrete to update on.

There's been enough clues dropped that they're expecting some deal to come out of Kazakhstan. PET will have been positively encouraged to pursue opportunities there by the EU. The Team Europe approach will mean that, for example, they'll get guarantees around financing and that they'll have offtake partners in place before anything is announced.

One doesn't talk about giving seats on the board unless there has been some progress on something specific!

As you say, hamiltonbro, you don't need many to go right to make a difference... the whiff of a deal here and it's a multi-bag.

I'm no diamond expert and have no reference point apart from that they were valued at around £18m in 2010 (for insurance purposes?). Nevertheless, I doubt very much that we'll get anywhere near that today... if we ever get them back.

It seems that the sp has run out of steam (so has the concerted effort by rampers) and the imminent update on BP is not likely to be positive.

AIM has been bonkers these last few days - VAST, PREM and now PET.

FWIW, DH seems to have made use of the Team Europe contacts he established with CLON to get in on some potential deals... no idea what they are or who with but the EU is beginning to finally react to the Chinese threat of world domination of raw materials. The big European car companies are struggling especially. If anyone can get a seat at the table, it is DH!

ASI - I concluded a while ago that the diamonds would be a bonus if they ever appear. The key to VAST's long term viability and whether it is investable is BP. One could argue that AP has had long enough and more than enough cash to get it sorted. With yesterday's RNS, it now seems that the reorganisation is dragging on and becoming more costly(?) so, with a BP update imminent, I've turned rather pessimistic on BP now being cashflow positive.

Even if AP was to get the diamonds, I'm not confident that it wouldn't drain away on BP and whatever other projects aren't producing profitable revenue.

Nevergonnaretire - I for one, regrettably, thought that the worm had turned but clearly not. AP can, of course, point to what was said previously and the fundraise should be no surprise really.

I just don't accept that this is a scam.

Johnterryslipped - that's all very well but I doubt, with the dilution today, that we're going to see any good news for a while.

Might even suggest that finance talks aren't going well!

It's not a scam but I've clearly read the signals wrong about the need for cash. I'm now expecting a disappointing BP production report plus did you spot that AP didn't mention the diamonds in the RNS so I think they're not currently in the mix for sorting out the debt.

AP is his own worst enemy - I watched the last interview again last night (for the 2nd time) and couldn't decide whether he was frustrated or desperate. I picked up on a couple of things that I didn't the first time round... especially, the comments about ensuring the company survives. He puts that ahead of shareholder's (i.e. owner's) needs... he's fundamentally got that wrong. The survival of the company cannot come at any cost! If he provides another disappointing update, he cannot carry on making a loss!