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'Incorrect - As you know. £1.5m has been accounted for in the share raise. It comes off Prem's prepayment, so a Net-Net zero for Prem.'
Nonsense, if we fail to provide Canmax with 1k tonnes of SC6 we have to GIVE them $1.5 million this month. It may very well be in PREM's account from the raise(s) but it won't be when it's handed over to Canmax. It doesn't 'come off a pre-payment' because without supplying the company who give us the money in the first place with SC6, how can PREM 'give' them $1.5 million when PREM does NOT make any money?
PREM can only make actual revenue by either supplying Canmax with SC6 (again, due to the hard of thinking, SC6 is what the CONTRACT stipulates, not SC5). Whether Canmax 'can' use poorer grade Spodumene or not, they've paid for SC6 so if it isn't supplied they can enforce the cash payment.
GR waffled on screen about nothing at all specific to 'confirmed' grades and the shareprice reflects that. By hearing from GR I mean PREM, that should be obvious as I've stated many times an RNS is the only form of communication that can be (sort of) trusted.
He's a clusterfcuk CEO who's consistently LIED during interviews and diluted the company to pay for his and Stark's failures. We sell NOTHING to anyone therefore how can we pay Canmax $35 million plus penalties (increased interest rates) if we have no SC6 to supply them?
We will have to start marketing whatever grades are produced and then negotiate favourable payment terms with other potential buyers for lesser grade Spodumene. That won't happen in 29 days and the wages and operating costs don't stop while we are paying cash to Canmax.
Stark should have SC6 coming out the back end of this plant by now, Canmax set them a very low bar and they've been very generous to PREM with this miniscule revised agreement.
The least GR can do is come out of his hiding hole and put an RNS out informing the market that we are producing.
That's all from me to you.
PD101
Nonsense, you are an anonymous poster on a chat board, you are not an RNS. Until we receive confirmation from PREM and PREM only via RNS, we can only 'assume' whether we are or not.
Not a single person connected to the company has stated SC6 'is' currently being produced and put in bags, that's the issue here.
GR, it's over to you.
FinePrint
It is a 1st November deadline. It states that clearly in the contract as shown below:
'Settlement of the Advance Purchase Amount should commence no later than 1 November 2023'.
Please note the term 'no later than', which explicitly lays out the deadline for PREM to prove to Canmax that they are producing SC6. They've had well over a month of the plant functioning as expected (Stark CEO's words) to achieve an acceptable grade of Spodumene to ship to Canmax, so the 'no later than' means Canmax may very well have expected SC6 to have been produced during October.
Yes, we have to supply 1k tonnes of SC6 (not SC5,4,3 or whatever else people seem to assume Canmax are happy with) by the 'end' of November, but we need confirmation that we are actually producing SC6 today because if we aren't, we can't export 1k tonnes of something we don't produce.
It's been radio silence from GR for too long, the contract states we should be producing by today at the latest, the market needs to be informed if we have met the terms of our contract or not. That is literally the definition of material information.
All the best
Sharequests
Yes mate, there was a thread on it yesterday but a lot of posters (usual suspects) put their fingers in their ears and made excuses for how it wouldn't be an issue for EUA, who apparently operate in complete isolation specific to the ever increasing sanctions/penalties associated with having assets in Russia.
The penny will drop (literally) at some point, even for the most blinkered, reality can't be ignored forever. The time to receive fair 'value' for our ever dwindling assets has been and gone. Whatever we are offered now (if the BoD bother to inform us, which they probably won't through sheer embarrassment) will be WAY less than the offer we had on the table in May 2021.
Unless we sell what licenses we currently have (plus the Nyud 75% option that we can't exercise as a UK company), we will be a zombie company. We are unable to process the sand we dig up on WK into PGMs due to sanctions and picking an argument with the only processing plant in the entire district. We can't develop MT because even if we could, what's the point when the value is in the finished PGM products, not the bags of unprocessed sand.
As for the options, they've already extended them for a year so another extension won't make a difference (other than a 'probable' reduction in the shareprice when the RNS lands). If they could've been exercised they would've but they haven't, so unless we get an RNS with 'Sale Agreed' in the title, they'll remain that way.
And just like the drowning man reaching up for the safety line thrown by the BoD, they'll soon discover it's actually a razor blade.
We had our chance at a 'significant dividend' way back in 2021, procrastination is castration, and we have an entire BoD sat there sans testicles.
BoD, just break cover, accept you fcuked up royally, tell us the pitiful price UK shareholders will end up with when all 'contributions' have been accounted for, and put the shareprice out of its misery before the market makers do it for us.
Can you pay UK council tax in roubles?
Morning
GR agreed to, and signed a revised contract to commence supplying Canmax with SC6 from today. None of this waffle from the snakes and idiots about 'SC6 doesn't matter, SC5 is great' makes a blind bit of difference to Canmax. They have a contract for SC6, so any lesser grades are NOT acceptable and we will be in breach of contract.
Lesser grades can be sold to 'lesser' companies, but we don't have open contracts and free exports, we have a legally binding contract to supply Canmax, and failure to provide SC6 means we have to massively dilute shareholders to pay them cash instead. There's no way GR is getting $1.5 million from other buyers who would be happy to take whatever is being produced just so we can use that cash to cover overheads and pay Canmax by the end of this month.
Seeing as though the revised agreement is now in force, GR 'should' have released an RNS with the current production volumes and grades. Stark told us the plant was working as expected but they couldn't tell us the grades during an interview. The best part of an entire month has passed since that interview and we've heard nothing from GR.
The man is, has been, and always will be a liability. His management of this entire project has been a disaster and regardless of whether Stark have finally got the plant they built to do what it was supposed to do, this leaving everything to the last possible minute before 'enlightening' shareholders has to stop.
There's no reason at all for GR not to release a 'ZULU Lithium Update' today, regardless of progress/lack thereof. The contract is now in force, are Canmax satisfied that we are producing or have we failed?
Yes or No George?
We have to start supplying Canmax from tomorrow as per the revised agreement:
'Settlement of the Advance Purchase Amount should commence no later than 1 November 2023 at a minimum rate of 1,000 tonnes per month on a rolling average basis plus or minus 10% ("Minimum Delivered Product").'
Canmax will therefore require confirmation that bags of SC6 are being filled and ready to be shipped out to them from tomorrow if requested. Whether they send a job lot in one shipment (1k tonnes), or put bags on different ships leaving for China on a rolling basis is yet to be determined, but from tomorrow Canmax 'expect' PREM to be producing SC6.
Based on the above, GR will need to RNS the grades, quantities and projections specific to fulfilling our contract with Canmax, so let's see how long it takes George to inform us what is happening.
I would 'expect' an RNS tomorrow, but based on GR's previous, I'm unconvinced.
All the best
Howey1927
I'm good mate, week off work so I'm in and out of the garden keeping busy. As for ANGS, I traded it on the spikes and made a bit in my play pot, but unfortunately I got caught with my pants down after one of the mega placings in my main pot and ended up with singed pubes and a scorched nutsack.
I'm totally out of that now because it's entirely uninvestable and heading for further losses when they take on more credit card level debt to pay off the payday loan level debt they've been racking up. I 'expect' SFB will end up being taken off their hands for a pittance and then the hype and pump cycle for geo-thermal and other such nonsense will begin.
As for PREM, I have my fingers crossed that we get into production this coming month and start generating revenue and paying back Canmax. There's very little debt here as long as production meets expectations, so it won't take long for this to become a very good cash earner, which can then be reinvested into the EPO areas to replicate what's been done at ZULU.
I know scratch all about KOD and hold no shares in them, so I'll leave that conversation to the other posters on here who do.
All the best
The mill that was fitted over a month ago has been operational for at least 4 weeks now (as stated by the Stark CEO). They have had a long time to cycle the product in order to achieve the SC6 grades acceptable to Canmax as part of the revised pre-payment agreement, therefore I would like to think bags of SC6 are now being filled.
The revised agreement states clearly that PREM must start supplying Canmax from Wednesday 1st November 2023 (2 days to go). That means GR must 'prove' to Canmax that PREM are filling bags with SC6 grade material, and will be able to send a minimum of 1k tonnes of it to China by the end of the month:
'Settlement of the Advance Purchase Amount should commence no later than 1 November 2023 at a minimum rate of 1,000 tonnes per month on a rolling average basis plus or minus 10% ("Minimum Delivered Product").'
Based on the facts contained within the revised pre-payment agreement, GR 'should' inform the market by close of play Wednesday that PREM have satisfied the terms of the agreement, and SC6 is being produced at ZULU.
If he doesn't, he's scored yet another Own Goal, and the uncertainty will be manna from Heaven for the Market Makers who will no doubt act accordingly.
The crux of the issue remains decidedly simple, we either send enough bags of SC6 to Canmax by the end of November, or we get punished severely.
All the best
Morning, Options Extension week is here.
'Options expire on 2 Nov, so any extension will provide a timeline on deal completion.'
And I can see by reading back through a few posts that the excuses and downright stupidity has already started. The options (that have been extended TWICE already for a combined total of one whole year so far), somehow 'now' provide a timeline for deal completion when previously they just expired again and were renewed?
Without a SALE of assets and/or a definitive closure of the informal sale process, the BoD, staff members, management and anyone connected to the company CANNOT exercise these options as it amounts to a purchase of shares by a PDMR during a closed period. They can't BUY any shares, they can't SELL any shares. These options are all below the current shareprice, so if they 'could' be taken up why the fcuk have they been left to expire twice? Again, because they CAN'T be exercised, hence the unnecessary rolling renewals that would not be required if these options were exercisable.
I would be delighted if the BoD exercised these options, that would mean ALL the information they have stuffed away in the company cupboard would be out in the open, and we'd either have a CONFIRMED sale of assets, and/or a project plan to develop MT and expand WK into the flanks areas. The problem with the development is that we can't even sell a few bags of sand from the entire 2022 production at WK, so that 'suggests' to me that there's no way in Hell a UK listed company can develop new assets in RUSSIA without getting suspended.
We have one option while listed on the LSE, sell everything in Russia asap before things get even worse sanctions/counter sanctions wise, or burn through cash until the company disappears, and then watch the licenses we own get handed to NN or some other Russian/BRICS company for sunken costs value at best.
There's a reason the BoD mentioned 'looking at assets outside of Russia' in an RNS last year, it's the same reason that forced POLY to completely delist from the LSE and move their HQ out of the UK to Kazakhstan. It's called Checkmate, Head's they win, Tails, EUA shareholders lose.
I have a feeling the next Options Extension RNS 'might' be a carrot dangling 3 month extension and not the usual 6. That will allow for the perennially incorrect posters to switch fire from the 'guaranteed' sale in 2023, to,
'It's complicated obviously, all these 'experts' know what they're doing, it just needs some more i's dotted and t's crossed and then the massive sale will happen, and then the Sainted BoD can get their thoroughly deserved freebies for taking 4 plus years to sell something that should've been sold in 2021. Where are the negheads now lol, lol (insert infantile emojis here)'.
If the BoD had any decency, the options 'should' expire on Thursday, let's see what ends up being 'fair and reasonable and in the best interests of shareholders' come Friday.
Tick Tock
Chriszzr
They can't take up the options mate, the company is in a perpetual state of 'closed period' due to the insane amount of market sensitive information the BoD are sitting on but not releasing. We have (apparently) a shed load of convenient NDAs with a shed load of dis-interested parties who shall remain anonymous, just like the poor sods who spunked $35 million down the pan to progress the Rosgeo options that went the way of the Dodo (or is that doo-doo).
And just as an aside, and to head off the usual incoming screeches from the full on Campanologists who spout the 'BoD haven't sold a single share' rhetoric. That's because they CAN'T, as they have considerable amounts of inside information specific to the never ending story otherwise known as the sale of assets process.
Plus, as I attempt to point out but to little avail when that nonsense is spouted, if they haven't sold a single share since it started, why haven't they BOUGHT a single share since it started? I mean, it's been hovering between 2-3p for moons, surely they believe in the tripe about 'hope and confidence' that they keep shoving in fantasy RNS releases don't they?
The right thing for them to do is cancel all options next week, and then show some 'alignment' with the shareholders that they've financially fcuked by their apocalyptic mismanagement of what should've been the easiest sale in AIM history. If they do then the price 'might' improve a little, if they don't (which they won't), then it's Simon and Garfunkel time "Hello 1p my old friend"
Tick Tock
I thought we were getting news ?
It's called wishful thinking from a position of deluded desperation. It was clearly yet another trading pump to allow a small profit for those who managed to drop it under 2p on the bid last week. They (whoever and however many of them there are) probably made 15-20% clear profit in less than a trading week, because like ALL the previous identical pumps over the past year or two, it's very easy for them to do.
The share is loaded with desperate punters sitting on heavy losses so trading groups know they can target this type of share and get some willing buyers for when they offload their position in a wide spread. Those STILL suffering from Stockholm Syndrome are merely playing out a victim/abuser scenario (the BoD Love me really, they wouldn't allow 2023 to disappear with not a word about a 'confirmed' binding sale......would they?)
It is (thankfully) getting harder for them to do, because the pitiful volume when the shareprice goes walkies in an ever narrower band means they can't get much of a gain before the air gets rapidly let out of the balloon.
The next RNS is 'likely' to be the Options Extension RNS that the BoD will put out at the last possible moment on or after next Thursday. If they had any morals whatsoever, or even a shred of basic human decency, ALL of those options would EXPIRE which is what they legally should've done a whole year ago.
Isn't it strange that the word EXPIRE seems to be fully understood when the company destroying Rosgeo options come to an expensive end, but when the BoD's undeserved no lose options EXPIRE, the word might as well be cheese because the 'invincible' options keep powering through unscathed? Expire must be in the same dictionary as 'shortly'.
This stock needs putting out of shareholders' misery ASAP, but with this shower of sheet at the helm, there appears to be an endless supply of carrots and a million mile long string.
All the best
Without an RNS to confirm something positive has happened, such as a SALE of something, anything, it's nothing more than yet another trading pump from those who rapidly dropped it to under 2p on the bid last week.
The shareprice 'Crying Wolf' when apparently EUA isn't a leaky ship means nothing without an RNS. Let's see what the volume is before close before getting even remotely excited.
Time will tell
Gazzleberry
Good luck with the survey mate, those Homebuyer Reports are basically nonsense for the most part and filled with caveats (waste of money). Unfortunately, a lot of nervous buyers feel the need to get them, and then they end up having to ask a builder what it all means.
I'm off to Anfield to do a survey tomorrow, it's a damage survey though so no need to tell them how much the price has dropped from last year (phew).
Let me know how it goes mate, the mortgage valuers haven't (yet) been given the 'nudge' to start down-valuing residential properties too much, but I'm seeing a lot more reductions so they are definitely being more strict.
Good Luck
NellyB
READ my posts (all of them since the Stark CEO did his interview), I'm very clear it's so obvious that I believe SC6 CAN be produced that even VAR can see it. Nowhere have I said the plant (with the new mill and confirmation that the floatation circuit is working) 'can't' produce SC6.
I listened to the same interview as everybody else and posted FACTS based on what was said during the interview.
As for you saying, 'The plant will produce SC6', then that's not 'yet' true is it because we haven't received an RNS from PREM confirming definitively that SC6 has been produced, put in bags and is ready to be sent to Canmax. The CEO of Stark specifically stated that he 'can't' tell us the grades of spodumene currently being produced because that information has to come from GR.
He 'implied' that with cycling and optimisation, SC6 can be produced in the plant's current configuration, I posted a summary of these points at the time saying this was good news, so your 2336 post from last night completely misrepresents my view on the matter and shows you clearly haven't understood anything I put in there.
FACTS - Stark and GR have so far failed to do what they were contracted to do by Canmax and supply 4k tonnes of SC6 per month to them (a long time ago). They have repeatedly 'implied' that all is well, put out media spin with Stockbox that was a complete LIE as no bags of SC6 had been produced (when they showed videos and stated SC6 was going to be sent to Johannesberg within weeks, it wasn't because it didn't exist, hence a LIE).
Again, for the hard of thinking, I 'believe' Stark will be able to achieve the incredibly low bar set for them by Canmax by the end of November. However I don't 'trust' the company based on their shocking performance and mis-communication to date, so that is why I hold my stance that if we don't get absolute confirmation that SC6 is being produced and our order can be filled, we'll get hammered. Simple.
The market shares my view too, hence why the price is around 60% less than it was after the disingenuous media-a-thon in the bush. The trust isn't there, if/when we get an RNS saying Canmax are satisfied that we are now producing SC6 and we can send them at least 1k tonnes of it by the end of November, we'll be sitting pretty, if we don't, I'm sure Snowking and the pom pom wavers will find a way to make it 'a buying opportunity'.
Time will tell
Gazzleberry
The higher priced properties in my area (between £500-700k), are just not selling, and they are staying on the market for months before the deluded sellers reduce their daft asking prices when they realise the market can, and does, change very rapidly. I put a 2 bed house on the market at £140k in August 2021, had a viewing on the same day and an offer at full ask by 1700. It literally went live on the agent's site at about 10am and I accepted an offer by the end of the day.
The house was a semi and the Landlord who owns next door put their one on the market with vacant possession for £160k 3 months ago, had one viewing the week after (no offer), and it's now on its second reduction and priced at £130k with a grand total of 2 viewings and zero offers in 3 months.
So many BTL mortgage deals (5 year fixes at 2-3% from 2018/19 era) are coming off those rates as we speak and pushing the Landlords into negative net returns after taxes and fees. They are literally paying tenants to leave their properties so they can sell them with vacant possession, because there's so few Landlords willing to take on sitting tenants in properties at the lower end.
Councils and the government keep bleating on about needing to build more houses when the reality is the ones already built on new estates are STILL way overpriced and not selling. They also talk about building more council houses to house the ever increasing families and individuals on waiting lists, while allocating social housing that becomes vacant due to deaths and evictions to 'new arrivals' who seem to move rapidly to the head of the queue.
Then we have Liverpool City Council with their rolling Selective Licensing Schemes also bleating about building more social housing while SELLING their current stock to Private Landlords instead of refurbishing them and placing local families in them (they are marketed to owner occupiers for 4 weeks and then to Landlords in their registered scheme).
I see further price reductions and more Landlords leaving the market in major cities particularly. The fact the Renters Reform Bill has been nodded through the second reading without voting says it all. It will become increasingly difficult (and expensive) to remove tenants if Landlords wish to sell their properties after this bill is in force, that's another nail in the coffin right there (just read property forums and see how many Landlords are now selling up from this week).
All the best
Considering my area of Liverpool now has supposedly in demand new build houses not selling at all, and builders such as Bellway resorting to offering all-sorts of 'incentives' just to get them sold, it doesn't take any psuedo-experts to point out the obvious. Rightmove is now showing daily reductions to properties that would've been under offer in less a week last year at or above the asking price. Now they are festering on the market without viewings let alone offers.
It might not be the same across other areas that I don't monitor, but it's literally a buyers' market here. Gazundering has already started, and properties that were Sold STC 6 + months ago are now coming back on the market at prices way less than they were advertised at due to the previous buyers pulling out.
Sutton Kersh, the main auction house, has 148 properties going up for auction this Thursday, a lot of which have sitting tenants because the Landlords are literally fleeing the market en-masse. This is in part due to draconian legislation, and the prospect of a potential Labour Government with Rent Controls and Rent Repayment Orders for any 'nasty' Landlords they choose to target for financial destruction.
If being a Landlord in the highest rental market I've ever seen in Liverpool in my life is 'supposedly' such a great investment, why are Landlords engaging in mass sell offs? Example, a 2 bed terrace that I know rented out for £400 PCM in 2018 is now rented at £900 pcm and is up for sale with a sitting tenant.
Simple answer, it's 'now' a terrible investment if you're not a cash rich company with the ability to offset all finance costs specific to running a business. It's now a bad investment for a small investor with one or two BTL mortgaged properties who just wants to put something away for later life. They can get over 5% interest in an easy access savings account so why take the risk of being fined for something trivial at the whim of a council/government?
There's nothing more dangerous than an 'expert', that's why they're consistently wrong. I expect even more BTL properties hitting the market once this year's tax returns get processed and more fixed rate deals come to an end. Those 8% BTL deals aren't pretty.
All the best
Horult
It appears literally 'everything' triggers you (see what I did there). You are an epic wet-wipe of the highest order and seem to spend your time looking for reasons to be offended. You are a zombified product of modernity in a state of permanent OUTRAGE (Oops, I did it again, as Britney says), who fits in perfectly with the brain dead sympathy seeking creatures who plod around towns staring at phone screens looking for the 'current thing' to be offended by.
My posts on this matter are a statement of fact based on the contract we are locked into, and the previous disasterous performance of GR and Stark. And as always, I 'believe' Stark will get the plant to do what they designed it to do, but I don't 'trust' a word they say until we get an RNS confirming SC6 is being put in bags for Canmax.
The outcome here is simply Binary (am I allowed to say that or does it make your eyes leak too?) We either produce 1k tonnes of SC6 by the end of November or we get hammered. Simple.
The contract states CLEARLY that PREM must supply SC6. It's always been SC6, and if it is a 'lesser' grade Canmax 'might' take it but they are well within their legal rights to demand PAYMENT in cash if they don't. Their facilities and processing designs are modelled on using SC6 to produce the Lithium Hydroxide required to satisfy their own contracts with Ford and other end users.
That's all I have to say on it, the agreement is clear, we MUST supply SC6 to Canmax by the end of November or we MUST pay them £1.5 million in cash we don't have if we don't. GR might end up with a shed load of bags of SC4-5, and he 'might' find another buyer if Canmax don't accept it, but at this stage and based on his shocking performance to date, I doubt very much he'll secure enough immediate cash to avoid a dilution.
Why would he change the habit of a lifetime? It's much easier for GR to give free money to bucket shops and destroy shareholders than it is to negotiate the sale and expensive transport of low grade heavy bags of Spod from Zimbabwe to companies thousands of miles away.
SC6 or bust, that's what Canmax PAID for, and that's what Stark were 'contracted' to build with their as yet unproven pilot plant.
All the best, no more from me on it.
Wolf
Quite simply because it's what we are CONTRACTED to supply to the people we owe $35 million plus to:
'A revised hybrid pricing agreement with the payment for SC6 supplied by Premier based on the SC6 price and a profit share whereby Premier and Canmax will share in the profit from production by Canmax of Lithium Hydroxide from SC6 supplied by Premier.'
Failure to do so results in financial penalties (dilutions), and repeated failure to supply CONTRACTED amounts of SC6 result in Canmax taking equity from PREM as per the revised offtake agreement.
Let's see what happens if we don't have SC6 in bags during November (hint, it will 'probably' be a more than 50% reduction in this already low shareprice that previous failures have 'achieved').
It's SC6 or the poor house.
It's quite simple, the longer we go with no confirmation of successfully achieving SC6 and ONLY SC6, the price will hover and 'probably' keep dropping (not exactly a shed load of chunky buys going through).
Canmax are 'expecting' production of SC6 to be happening from the 1st of November, and a minimum of 1k tonnes of same to be delivered to them by the end of November. The Stark CEO has told us the new mill has been working for over a month now, and that the floatation circuit is operating as designed. He can't/won't tell us the grades coming out at the end but he 'implied' that achieving SC6 is possible by refining and optimising the full cycle process.
If GR doesn't put out an RNS stating categorically that as at the 1st November 2023, SC6 IS being produced at ZULU, we will drop like a stone as the majority of investors/traders/speculators sell out. One 'concern' I have (based on GR and Stark's actions to date), is that we get a 'weasel' RNS saying 'production' is happening and we are 'confident' we can supply Canmax with the contracted amount of SC6 by the end of November, but there's no confirmation that SC6 grades have been achieved as yet.
Uncertainty, like dilutions, should be history at this stage. GR (and more importantly shareholders) cannot afford to miss yet another deadline, particularly as to do so will result in a disasterous discounted dilution to pay Canmax the £1.5 million and change due to failing to provide one QUARTER of what the plant was designed to produce, with over TWICE the amount of time to produce it.
The Stark Lego assemblers will have to get something even remotely correct at some point, won't they?