Member Info for steward1

You don't want to be re-processing anything, SK... there's a cost and a delay.

I hope a deal will be done but I think shareholders are going to come out of it worse than when this issue arose. Quite how much worse is the question. And, whilst I don't want GR handing over another chunk of Prem, I'd rather that he continued with Canmax (but not at any cost). Let's hope that there's a deal which isn't too punitive.

Despite what SK says (has he been fed that info by GR?), any mention of anything poorer than SC6 isn't going to be liked by the market. I do agree with him though - it is likely to be a volatile week when we get news.

I'd be far more comfortable if GR was to make some moves to get extra funds from existing shareholders... I think the market would have more confidence if he didn't have to go cap in hand to Canmax every time there is an issue.

I think expecting the sp to return to 0.9 this week is rather optimistic! I don't think that we'll see that until GR has hit a couple of month's targets both in terms of volume and quality.

Wolf - you can count to 3 now! I jest!

Of course, we're all flailing about in the dark. I'm simply taking the view that is more likely that the Chinese will play hardball and take advantage of the situation. Others are taking the view that it is more likely that Canmax will go along with GR's wishes. We'll find out which view is closer to the truth soon.

Jaguarflush - if you wanted a bigger chunk of Prem as cheaply as possible, how would you respond if you were Canmax? The future value of, say, 20% of Prem (or 50% or 100%) is well worth taking a wee bit pain just now. You have to look at the big picture and what the endgame is.

I'm pretty sure Canmax have got people looking at different scenarios on how to grab some more of Prem... the current debacle gives them an opportunity. If they were minded to, I'm pretty sure that they could reject any re-scheduling that GR wanted and allow Prem to run out of cash (or play him along long enough so that it becomes too late for GR to rescue the situation).

As I've said, they won't give a hoot about us or GR. They want the lithium as cheaply as possible and I'm pretty sure they would rather deal with Stark direct rather than with GR.

There is plenty of additional risk and jeopardy for shareholders here.

I really want him to schedule the EGM so that he can raise more cash rather than depend on Canmax or any other 3rd party who is sitting watching on and licking their lips!

YYN - it's a discussion board where different views are expressed... not a back-slapping board! If you can't cope with some objective commentary then you should use the filter button. FWIW, I've had a long held hope that Prem will play a major part in my retirement income. Not looking so promising now.

I've not signed up to anything Peculiar... ta is at best interesting but it has a fundamental flaw in that it is backward looking and takes no cognizance of events.

Swazer - perhaps. There has been a Pandora group operating here but I'd say that the sp, in all my years here, has not been unreasonable. My previous price target for the end of this year was a multiple of its recent peak which, if everything went well.

Maybe a wee bit of feedback on your video... you need to be way more concise and to the point. I switched off after 5 minutes.

That tweet seems to have disappeared. Looks like a poor attempt to ramp!

Yes Yes No - before you post emotional outbursts like that you might want to do a wee bit more research on who you're complaining about. Most of us have been here for years and have endured GR's shenanigans and incompetence. And we take a more realistic view of events.

The one person that you should blame for feeling sh##te is GR... not anyone else!

Watcher - GR has this "there's nothing to see here" way about him but I think yesterday's interview will spook folks more than the webinar. Running out of cash, desperately needing weekly shipments and weekly payments, no agreement from Canmax yet and no RNS about any solution. I'd be surprised if the sp stayed at this level.

...and he should raise enough cash to have a proper RUS and DFS completed. He really needs to get his finger out and get these done.

Without these, a proper valuation cannot be placed on Zulu/Prem.

Raaydaar - spot on. This is where the real jeopardy for shareholders is.

I am very surprised that GR has not yet organised the EGM. In the circumstances, I think we'd all be relieved if he got this scheduled. I, for one, would be happy if he not only raised the cash needed to get Zulu going but to also have a cushion of a couple of months expenses.

Snowing, you know that I'm going to take issue with what your spin.

There is no revised agreement with Canmax yet. There is only a willingness to re-negotiate. Those negotiations haven't concluded yet and here is no agreement yet to the smaller windows. We don't yet know yet what Canmax will agree to.

GR is obviously rubbing off on you and you're taking on his bad habits.

Did I catch this right? GR found out on a Saturday morning (2 mins 10 secs in) - must've been Saturday 20th May -but he didn't RNS until Thursday 25th May. Make of that what you will.

I really hope GR can get the changes that he's wanting from Canmax but I am concerned that he doesn't have that agreement by now. The most telling comment was 'I am not saying that we have adequate cash' - let me translate 'we will run out of cash unless Canmax agree to smaller shipments and that they pay when the goods leave the mine'.

Squeaky bum time as they say around these parts.

Romanwolf - not sure that is a strategy that will work. They'll need to sustain that buying for as long as an RNS doesn't appear. The longer that goes, the more nervous holders will get and the more likely that they'll take the higher price provided by those buyers.

Let's hope that it is all resolved quickly.

Johnnypc - I agree with all you say.

So far there's no RNS.

GR had all day Thursday and Friday to sort something out with Canmax. It wouldn't surprise me if they didn't take his call. Yes, he'll be sweating.

As I said previously, if he has had other offers, in the circumstances, he could RNS it to settle the market. I doubt that he's had any formal offer though. I'm afraid that the webinar has made things worse.

Acker - what do you think? Might be a fire sale but could he sell one of the other assets?

Johnnypc - you asked how bad this could get and I would respond 'how bad can it get for any company who is about to run out of cash'. This is what worries me - GR has effectively said that he'll need cash within 21 days. And he has very limited options. He has to go cap in hand to Canmax.

I appreciate the optimism of a lot of people but the notion of a cozy relationship with Canmax might be naive. Canmax do want their lithium but I very much doubt that they give two hoots about GR and us shareholders. Look at it from their perspective... they're dealing with a CEO who is either incompetent or deceitful or both. It's a very big deal to the Chinese if they're misled whether deliberate or not. Would they want to continue with that kind of guy?

I'm not at all saying that they will walk away but they will want to extract as much as they can from Prem and here's an opportunity to do that. GR can say all he likes about the millions being a prepayment but he's not able to deliver his side of the deal so Canmax could insist on some other consideration to compensate them. I have no inside knowledge but with GR's need for cash and a rescheduling of production, if I were in Canmax shoes, I'd be looking to get another significant chunk of Prem and I'd be looking for GR to resign.

GR might think that there's a white knight waiting to come to the rescue but what would he be offering them and at what cost to shareholders? And what would Canmax's response be to having to share Zulu with someone else??

Far from GR having an upperhand in negotiations here, he has made a complete mess of this. I certainly don't hold the view that SK has... I think there's potentially weeks and months of volatility here.

Hasiba - I've no doubt that at some stage, Zulu will be producing at levels to make a lot of money for whoever owns it at the time.

When that will be is a major doubt!

How much it will cost between now and then is a major doubt!

How much shareholders will own is a major doubt!

Did you not hear GR - he doesn't know how much has been produced so far and what quality it is?

He does know that Prem runs the risk of running out of money but he doesn't have any agreement with anyone to avoid that?

He hadn't told Canmax about the issues or the delay before issuing the RNS and he had no clue what response they will have.

He is negotiating from a weak position and, as I've said, the Chinese don't take any prisoners. I reckon that this could've been their plan all along.

Hasiba - with all due respect, I think your head is in the sand. The current predicament raises the risk considerably for shareholders losing another chunk of Prem. The Chinese have form in scre##ng western companies. I'm hoping for the best but this could get really messy, very quickly.

Wolf - no advice intended. Maybe Bick is taking a sabbatical from Prem... I did for a while!

Sure of myself?? Not so sure about that!