Member Info for steward1

Redtrade, as I say I'd be flabbergasted if Canmax take a soft line on this. I don't think they'll walk away but I also think that they'll take advantage of the situation. And if GR needs cash from them because PREM could run out of money... well, it could end very badly for PREM shareholders. Remember, the Chinese have form!

As for some other company taking Canmax's place, they won't allow it to happen. That is... if there is another company!! If GR has had any type of offer from anyone else then, in the current circumstances, he should be RNS'ng on Tuesday morning first thing. If he goes down the route of bringing someone else on board then it'll be through giving up another chunk of Prem. In the circumstances, I can't see anyone accepting a potential pile of spodumene at sometime in the future in return for digging GR out of a hole.

Degrasse - we're all hoping that Canmax will be supportive but I'll be gobsmacked if they take the soft line that you and others are hoping for.

You have to remember that they took a whopping 13% of PREM (not just Zulu) to provide a few million quid to build the pilot plant. If they did know that the timescale was unachievable then one view which has some credibility is that they were setting a trap for GR. One could conclude that GR has now been caught in that trap and that Canmax are now going to enjoy their prey! I think that they will extract something way more significant out of Prem than what you're proposing.

I also have zero confidence that GR has the ability to negotiate a position which has minimum impact on shareholders - there is significant jeopardy/risk for shareholders over the next few days. When your bank account is running dry and you have no way to get cash quickly, the wolves will devour you!

Sorry Jonny - I had to prematurely end my viewing of the webinar. TBH, I had heard enough.

FWIW, it seems that there is more than one problem here -

Prem will need more cash. Can't understand why GR didn't raise more last week. BTW, if he runs out of cash (and this is more than a possibility and could happen sooner than anyone thinks) then he has a real problem. GR was bemoaning the 21 day notice for an EGM so I think he's going to run out of cash sooner than that. And why is he spending money on RHA?

we don't know what Canmax are planning. Personally, I expect that they'll want to take a (much?) bigger chunk of Prem in whatever deal they come to with GR. They could go for a majority stake at a bargain price. I just can't see them saying to GR that he can take his own sweet time!

there may well be other interested parties but I don't think there will be the time for anyone else to do due diligence. In any event, there is no RUS or DFS to assist with valuation!!!

the delay and reconfiguration of the plan changes the profile of cash due and delays everything else. GR can talk about this potential and that potential but, whatever concrete plans he had (if indeed , he ever had any concrete plans), they're set back a good 6 months now. AND THERE IS NO GUARANTEE that he can deliver the new plan because he's going to run out of cash.

I've no satisfaction in saying that I feel justified in my long held view that GR is out of his depth and that he shouldn't have taken the particular deal with Suzhou/Canmax. I don't know what is going to transpire next week but I do know that it will erode shareholder value... the only winner will be Canmax.

Sounds like a major mess and shareholders are going to get scr###d.

Jenkoo - I'm not so sure that the Stark communication was genuine but it doesn't make sense, especially, if they've been telling GR that all was well. If the work is not considerable then why is it causing such a delay in achieving nameplate and why has it not been done by now? If it is considerable then why is he saying that it's not?

As for 'shooting the lights out'... come on... which CEO uses that terminology?

There are some big questions here about who is paying? Canmax tied up Prem with consequences if delivery wasn't met... did GR tie up Stark with consequences?

There needs to be clarity about what GR is going to do about these consequences.

BTW, if there is no RNS, he can't say anything in an interview so don't expect that he's going to clear everything up with a cosy chat.

Everything else is slowed down and set back by this mess... Zulu 2, Gold, other minerals, etc, etc

When will we get an RUS and DFS?

Can't help but think that the cracks that are beginning to open here will be canyons in a few weeks time.

GR needs to get his finger out and sort out the mess... but it is going to cost shareholders!!

Well, they would say that, wouldn't they!

Perhaps, instead of dangling the carrot of exceeding nameplate production/shooting the lights out, they should focus on getting the job done!

Johnny/Acker - it is a mess, isn't it! I've mostly been keeping my own counsel on Prem but my own view is that the difficulties being faced, on a balance of probability, were more than likely to happen. There has been tremendous progress in a short period of time but getting production going and at a level that was going to be acceptable was going to be challenging. For once, I called this right and I reduced a few weeks ago.

Again (and this has been repeated over the years) it's not only the issues that Prem is facing, it is how GR seems to hide the truth and spin a completely different story.

If he goes for another deal with Canmax, I think shareholders will get slaughtered so I think his best course of action is to do another share issue. The last thing I want him to do is to sell Zulu to Canmax or anyone else at this stage.

I will buy back in but not for some time yet... I think this has further to drop. Wouldn't be surprised if it drops in to the 30's.

If he is doing an interview today, it will be a comedy show... I've always been sceptical about his pronouncements but this has been the biggest disappointment.

CLON are proving their worth to the jv, I believe, and, yes, there should be a massive bounce back... should see that beginning to happen as the news continues to emerge!

I've not agreed much with SK BUT he and many others are still sitting on a multibag. I'm sure PREM will not only return to 1p but in the years ahead, this will multibag from here. I'll be waiting before I add again here though... next couple of weeks will tell whether this is heading back to 0.3p or bouncing back to 0.7-0.8p.

From a lithium point of view, I'm hoping that CLON will more than make up for the disappointment here.

We're getting closer to some news that could be transformational... maybe some news is beginning to leak.

** George Roach Appreciation Society mug

The news is disappointing because of expectations set. GR has a history of saying what people want to hear and hiding the truth rather than being candid about any situation... and maybe his people are telling him what they think he wants to hear. Huge progress was apparently made in a very short period of time BUT the chances of it all going smoothly was low. All eyes on monthly production figures now and whether there will be any more fundraising. Have to say that GR usually does a fundraise along with a RNS like this... so maybe last week's raise was the last for a while.

You'll find my George Roach Appreciation Society at the next available car boot sale!

Disappointing but really not surprised. Any premium that PREM has had because of a potential bidder is now shot to pieces. Not sure that the new plan can be trusted... sp has further to fall!

Whoops - just my assumption on the market cap and sp movement. Hope that I've not offended too many people!!

I'm new to SYME but not new to AIM... it can be a rollercoaster! Look at the size of some of those buys in the last few minutes. Clearly, the panic set in and the sp dropped but some folk out there have huge confidence in where this sp is going.

Haven't posted for a while but, for anyone watching this over the years, surely it's not a surprise that the sp has dropped? PREM have moved on massively in a very short period but I was never convinced that production would effortlessly flow once the plant was completed. Doing something so major in such a short timescale is fraught with risks that not every duck is in a row.

I think there's more volatility to come in the short term, unfortunately... longer term there is still major multi-bag potential. The first shipment will bring a boost but it will take time to get to the optimum level of production.

I should add that I really didn't like the last RNS and the reason given for the placing... coming so quickly on the back of a previous placing... that amount of shares could easily have been bought in the open market. GR up to his old tricks again!

That's interesting, asi. You clearly think that there is no positive imminent news about the diamonds. Would that be because it would take some time for AP to have the diamonds cleaned, etc and tender docs sorted?

Yes, asi, comms are not strong - same for most AIM co's.

Have you added again?

Yes, there is much more to VAST than the diamonds but we seem to have become obsessed with them. Have to say that Monday's update was pretty poor in terms of how things were stated and inconclusive. I've messaged Investor Relations to ask them to clarify whether the loan has actually been extended or not. It's pretty poor form to leave the market guessing. I expect that it has but there should be formal confirmation to the market, surely.

I'm no fan of politicians but I think the sanctions will probably mean that the Russians get less for their diamonds which I guess the politicians will be happy with.