Member Info for steward1

I'll admit that GR has done some good things BUT I'm sure that there will be newbies on here that don't know that he spent the original zulu DFS funding on buying Circum 5 or 6 years ago (without getting shareholder approval) and that we haven'treceived a single penny back yet (think where we would be now if that had been followed through on)... or that the RHA mine was mothballed because GR had ran out of money (rumour was that it was built in the wrong place) or that MNH has never provided a penny of profit. Others can add to the list. I don't have the inclination to add up how much money he has actually raised in placings but it is at least tens of millions.

I'm going to be kind and say that he hasn't always been totally transparent with shareholders over the years BUT this time round we've had an insight into his sharedealing which (being kind) has been highly unusual. Who knows what he has been up to over the years?

For lth's, the current fiasco is nothing new BUT the stakes are raised this time round. Things cannot go on as they have been.

Acker - YES.

Romanwolf - these guys that assume that everyone is in a camp think that everyone does exactly the same as they do. Couldn't be further from the truth. It's very odd that this guy turns up posting multiple times a day countering any slight negativity with a positive spin on the situation. I think we've had people like that here before. Painful lessons being learnt... but those are the ones you learn from and remember!

The drift will return... the problem with where we're at now is that there has to be definitive, concrete positive news or sustained buying for the sp to recover. That's quite a few weeks away now. Let's hope that GR doesn't do a Stockbox... no-one is going to believe whatever he says in any event. Not sure that Mark would be allowed to ask the really pertinent questions!

Been a rough few months with PREM, CLON and VAST (chinks of light now appearing)!!! Hopefully, there will be a completely different outlook come the end of the year!

Have a good weekend everyone!

It's certainly clear now that Prem has been in some trouble financially. There was some speculation that GR had a fair few invoices outstanding to pay and that he was in dispute with anyone and everyone about the lack of production... including Stark (perhaps, accounts for his poor showing in the last interview). The loan money was swallowed up to pay overdue invoices, one assumes, and he not only now needs £4m cash but, on top of that, he's paying the biggest bills between now and the end of year in shares.

Quite apart from the sorry mess with the lack of production, GR is clearly out of his depth in running Zulu/Prem. Biztech already highlighted some questions around financial management and it's now sticking out like a sore thumb. We desperately need a change at the top and some proper management in place.

No wonder Canmax were not willing to hand over any more cash to him.

I think we're all praying that Stark will come up with the goods... if not, we're not just going to lose Zulu, we'll lose Prem.

Hero to zero!!!

If that is the case, medjed then GR will be placing more shares in the future to pay the contractors (and they equate to the majority of the costs).

In addition, GR will have his loan repaid in shares.

Actually - have I misunderstood the RNS?

GR is issuing £4m worth of shares now AND he will issue more shares to pay the contractors as and when he gets their invoices???

It is fascinating, Acker, isn't it? Hoping that Biztech will do one of his videos today. I'm assuming that Prem will hold the shares until each invoice is submitted and then transfer them to the two contractors?? The question will be whether they immediately place them on the market or not so that they can pay their bills and wages.

Then there is the question of GR's loan and when/how that will be repaid.

Still some volatility ahead until we get the 1st payment from Canmax.

It's so disappointing. Another placing to keep the lights on with no revenue currently. Deja Vu guys!

Still some work to do before anything gets produced. Rollercoaster for a while yet!

And there will be at least another placement to repay his loan at some stage. Plus there will be costs not due to these two contractors!

Another mess by GR!!

A few weeks isn't a big deal. Would be good to get some update direct from CLON... perhaps, the delay could be countered with some news about the amount of interest in the process.

I'm sure that Marcuspd can stand up for himself but the constant 'everything is good news' attitude has destroyed his credibility.

And that's the issue that GR has - it doesn't matter what he says now, his credibility is shot to pieces. He's not being entirely transparent and/or he has other motives for giving out info. This morning's RNS lacks any news of substance and one then wonders why he has given news which was already public. He really does hold shareholders in complete contempt - he must think we're idiots.

Placing incoming!

Johnnypc - you may be right but GR would have to strike now to get 0.4. If he waits, the sp could go in to free fall. Aimho.

Radika - in the long run, Canmax will get their SC6. What happens between now and then will continue to be a roller coaster.

The Canmax relationship has removed one risk but has added more jeopardy if Prem don't deliver.

The main risk has not been de-risked and that is the delivery of enough SC6 by November and beyond.

The cash situation has not been de-risked until we have the next placement... looks like GR will use a good chunk of those 5bn shares.

And, of course, GR has undermined all the good work that he has done. Who knows what we're going to find out next?

'As for anyone else waiting to step in... that seems unlikely!' - I mean any other funder rather than anyone willing to step in to GR's shoes!

Last week's drop was due to the deal, GR’s interview and resultant concerns… nothing to do with the expectation that GR was going to drop £2m worth of shares.

All we know for certain is that 1000T is due to be produced for November. We’ve not been given any other detail about production. However, full production may not be expected until June 2024 – that’s when the alternative cash settlement schedule to Canmax reaches it’s highest amount. One might assume that the cash settlement schedule has been based on the production schedule. That’s now a full 6 months after the last known timescale for full production.

This is hugely disappointing and raises some questions about whether we know the real extent of the issues at Zulu.

And one has to ask why he is now not publishing the production schedule.

It is now very clear that the Prem cash position is more uncertain than we might have assumed. GR has made it clear that they need more cash before they get through to production. His now reduced loan isn’t going to get us there.

Stark are quiet and GR seems to have changed his attitude towards them. Are Stark being sticky about what they will and won’t be responsible for and therefore what they will and won’t pay for? Does Prem owe Stark cash and has GR refused to pay them? Let’s hope that relationship is OK and that it doesn’t fall apart.

If the above wasn’t bad enough, GR has undermined his credibility once again with Friday’s RNS. I can’t see any satisfactory explanation for him instigating the sale of his shares near the start of July... whatever he was doing, there are big questions about his comms to the market.

One important point is that, whilst his loan is outstanding, GR’s ownership is reduced. I think it was important to him to be the largest individual shareholder and that he won't want to be in that position for too long.

However, I think his position is in more jeopardy now than it ever has been... this might be a good thing! SK, the Telegramp group and the Pandora group should put aside whatever misplaced loyalty they have to GR and ask themselves seriously whether they would be better off with GR continuing as CEO!

As for anyone else waiting to step in... that seems unlikely!

As someone, who has been investing in Prem for the last 5 or 6 years, I had hoped that we would have seen some still waters by now... things are going to be turbulent for the foreseeable future.

Placing coming, Acker.

He used certain phrasing in his interview - something along the lines that 'no decision on a placing had been made' - which he has used before. So he's not lied but he's probably then gone straight into a BOD meeting to decide on a placing! AIMHO, of course!!

Marcuspd - whether that is part of the explanation or not, he had the intent to sell down his holding on the 6th of July! How can there be any satisfactory explanation to what GR has been doing for the last 6 or 7 weeks?

He got virtually all of those shares free, go_ly_down... which actually means that the loan that he is providing hasn't actually cost him anything.

Marcuspd - look at the dates. He was selling weeks before the 1st RNS about the loan. That 1st RNS only mentioned £1.7m too.

Despicable!

I'm fuming, Jenkoo!!

Can't trust anything that has come from his lips now.

So, so, so disappointing.

I'm raging!!!