focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
Doive
Prem is down over 8% a couple of days after informing the market that a vital mill installation is up and running, and AFTER the CEO gave an interview stating he 'expects' nigh on 2k tonnes of Spod6 to be produced per month in the current configuration, which surpasses the required amount needed to satisfy the amended contract with Canmax.
It's nothing to do with the 'wider market' and everything to do with Prem-GR-Trust, which are 3 words that combine as harmoniously as oil and water or Premier League referees and integrity.
We either send a minimum of 1k tonnes of Spod6 to China by the end of November, or we get dry bu(mm)ed by the people who set the shareprice on a daily basis.
Vaseline, KY, Nutella, the choice is yours.
Summit
No, why would I sell shares in a company that 'had' been through an official Formal Sale Process, had officially been informed via RNS that an OFFER had been received and accepted that would allow a 'significant dividend' to be paid to shareholders (which implies more than the shareprice), had been informed in WRITING that the company who made said offer had COMPLETED their due diligence?
It's not 'greed' as you so childishly put, it's called logic based on the 'belief' that what you were being told in official company communications was TRUE.
The fact there are now significant doubts as to the veracity of communications from the EUA BoD that have been proven to be untrue in many instances (JORC shortly, Rosgeo options that EXPIRED after we raised $35 million to progress them, and many other material items hidden from shareholders until a poster finds them on a Russian website or a legal journal such as court cases and licence transfers).
No, I wasn't greedy, but I've learned a valuable lesson in TRUST, particularly with the nonsense pushed in every EUA RNS since. And as I said a while back, I have very little confidence of a positive outcome so I sold the majority of my shares at a considerable loss and left a measly 20k shares just 'in case' an actually mining company agrees to pay some money that can get out of Russia and back to a UK broker account without being 'diluted' by the Russian Government in one way or another.
The only 'greed' in EUA lies squarely at the pampered feet of the egregious BoD.
Summit
I'm one of the 'interested parties' bidding for all that lovely sand. I've spotted a gap in the market for playgrounds with a 'safe' medium to absorb the involuntary urination and defecation from blinkered children who 'think' this time will be different because another RNS says the BoD are 'confident'.
We've been had, plain and simple, if/when any offer materialises, it will be CONSIDERABLY less than the highs of circa 43p. The BoD played with fire, shareholders got burnt.
Back towards the 1.75-2p range by Christmas.
2.25p on the bid. 'Negotiations' going well for the bag of sand? Tesco vouchers and a subscription to 'Mining 101' for all the BoDs should swing it in our favour. Twelve hours left on the eBay clock and 'apparently' a couple of 'dis-interested parties' 'might' press BUY.
'The BoD are pleased to announce we have paid one of the 3 'interested parties' to take away all this sand, which has resulted in a significant saving for shareholders as the next invoice from Big Yellow Self Storage was greater than expected due to inflation and the Ruble/$ exchange rate. Now we don't have to pay Sergey and Alexander to sit outside on 12 hr shifts making sure our sand is safe, so that's a value inflection point for all shareholders right there. You can thank us later.
The BoD have now satisfied yet another KPI hurdle, therefore additional nil cost options have been awarded to all the BoD, management, 'advisors', 'experts', 'lawyers', and a couple of cleaners and interns. Significant share options are going to Artem because he 'significantly sped up the sale (theft) of our 'assets' (a bag of sand), and our remuneration committee sees no reason not to give him more cash for achieving absolutely NOTHING whatsoever, which is entirely in-keeping and consistent with EUA's core policy of rewarding failure at every possible opportunity. A policy we are delighted to inform shareholders will be continuing into 2024 and beyond, as wind erodes all the PGMS that we CAN'T mine and decimates the remaining value of the 'assets' we have left in the ground.
The BoD look forward to the fast approaching Christmas shutdown so they can all go on holiday as 'working' from home has become tiresome and we all need a break.'
Happy New Year
ENDS
'Site preparation work was completed during the first quarter of 2023, but due to the sale process being Eurasia's main priority, no metal concentrate has been produced at West Kytlim since the end of 2022.
Our key focus at West Kytlim has been on the sale of 2022 concentrate, which is currently held in inventory, with no restrictions related to its sale as a precious metals bearing high grade concentrate. The Board expects the concentrates to be sold at carrying value and we are currently evaluating offers from three parties who responded to the tender process.'
They are NOT mining at all. They have had to 'tender' to sell piles of sand because they can't have it processed into PGMs in the same way that POLY found out, when they had to arrange for a new customer outside of Russia to take their concentrate and refined gold.
They have a tender for the sale of the sand from an ENTIRE year of mining on the only 'producing' asset we have. The value diminishes almost daily, the prices for something that is both heavy, and still unprocessed are WAY below what the company have suggested in their RNS releases. Those involved in the tender process will be offering pennies on the dollar (obviously) and will then have to pay to have it trucked out and refined into a sellable product. Oh, it's in RUSSIA so add another discount right there.
It's yet another Clusterfcuk in the long line of Clusterfcuks perpetrated by the most incompetent bunch of 'directors' to ever preside over what is incorrectly described as a MINING company.
Anyway, I thought the Hard of Thinking told us the DFS was the (new) last piece in the puzzle because all the other pieces they stated were the last pieces were actually nothing more than pieces of........... (you know what goes in here)?
The next RNS will be the obvious 6 month Options extension RNS that's obviously 'fair and reasonable' and in the 'best interests of shareholders'.
Merry Christmas, Santa will be late this year as he's had to BBQ Rudolf to feed his elves. He had no choice while waiting for the (confident we will complete the sale of assets.........at some point.......honest guv) EUA BoD to actually discover the meaning of 'performance' in a dictionary and SELL something.
2.5p on the Bid, what a performance, extend those options asap! You've all 'earned' them.
Morning
Had a listen to the interview in the background while doing something else so I missed bits, but on the whole I heard some positive things in there.
GR said something along the lines of 'things have started earlier than he expected' which 'should' mean the required production amounts are achieved quicker.
He mentioned the likelihood that the plant 'should' be on track to produce circa 2k tonnes in its current configuration (providing there are no bugs in the floatation circuit stage), so again, that's great news, as it provides redundancy regarding the contracted amounts we need to supply to Canmax.
Seeing as though we've been diluted to death for over £10 million in the past couple of months, there should NOT be any dilutions on the horizon. In less than 2 months cash 'should' be coming into the company from shipments so he'd better not 'surprise' us again.
During Q1 2024 the new, new, new shiny mill to replace all the ones that didn't do what they were designed to do 'should' be installed and operational, which means a higher amount of Spod6 can be exported each month which will reduce our debt faster.
There is 'over a month's worth' of raw material available on site to feed the mill, which means there's no pressure on the mining side of things for the time being.
Based on that short selection of what I heard and read in the RNS, by the end of November at the LATEST, we should be informed of our first export and revenue generation barring any Stark/GR issues.
Again, GR said all of the above so it's basically meaningless as a guide to investment (and based on the lack of movement in the shareprice the market has applied the GR's lips are moving tax also), so we will have to sit tight and wait for an RNS with some £ signs in it before the price moves the right way.
Cautiously optimistic, but fully KY'd up just in case.
All the best
Elliselbow
I was on Thursday when I read the RNS, as I 'rightly' expected the following Monday to provide confirmation of the mill working.
If you read my response to the RNS release you will see I stated it was a 'Good RNS'.
How can anyone with a brain cell be 'positive' about PREM/Stark after consistent and catastrophic failure? The stuff is there in the ground, the plant is brand new and was DESIGNED to process the stuff in the ground yet it doesn't. That is the problem, so until we receive confirmation of successfully exporting 1k tonne of Spod6, shareholders are forced to sit on a knife-edge that GR had no business putting us on.
I initially wanted to hold this long term as it 'appeared' to be a value adding company. Now, as soon as I get a reasonable profit (if ever due to constant dilutions putting me further back from the start line), I'll be 80% out leaving 20% just incase an actual mining company buy PREM out.
All the best, that's the last from me until we get some information from the company.
Seeing as though the PROFFESIONAL thing to do when you spew out an RNS on a Thursday stating something IS going to happen the following Monday, is to actually PROVE that to be the case. We can only surmise that when the Lego assemblers switched on the new shiny Mill, nothing happened.
Without 'definitive' confirmation of actual production, it simply isn't working. If they tack on a sentence at the end of the results (from the past not the future) that are 'due' on 29th September, we will know where we stand.
It's simply yet another own goal by the C(r)ock Roach which means he now holds the record for the most instances of self-sabotage while STILL not producing a single gram of exportable Spod6.
The best hope here is for PREM to be history and a professional company to buy ZULU off them. GR was overdue for pasture years ago, now he's just rotting in the seat stinking the place out.
'commissioning and optimisation continues prior to crushing from the mill commencing which is 'expected' to take place before all the sand has been eroded by wind'. There, a sneak peek at the next RNS about the shiny new mill to fix the shiny new processing plant that doesn't work.
Oh look, a ship coming in with a PREM container, hopefully it's to carry GR off to whence it came.
All the best
That's just another cargo ship bringing in more parts to replace the ones that don't work. Apparently the Stark Chief Engineer plugged all the new mill fittings in backwards, so it sucks Spod OUT of the plant instead of producing it.
But out of jest, he had better be informing us that the mill is working as designed and Spod6 is being produced ready for export. If not, he needs to be removed from the X account asap and told to stop posting up cryptic childish nonsense instead of putting out professional communications telling us wtf is actually going on.
Let's see how long it takes for official confirmation of a working mill.
All the best
Yes, GR stated there would be a results update on 29th however he also stated only a few days ago that the mill would be up and running from Monday 25th September. It was GR who put that SPECIFC date in there and it's been GR who has consistently failed to meet ANY timeline with this project.
Do you not think it would've been a good idea to 'not' state a day for the start of production in light of past failures if you then allow that day to pass with silence? Negative sentiment from investors is off the scale here because there's been no positives due to the fact it's soon to be October 2023 and not a single gram of Spod6 has been sold.
One simple short video showing the mill in action with an operator in the vicinity and 8 others standing there watching doing nothing (as per previous videos) would've been sufficient. But no, GR chooses uncertainty and then people make decisions based on previous history which 'could' turn out to be the wrong move.
This is a problem of GR's making. How can you say on a Thursday that something will be happening on a Monday and STILL miss the deadline? Whether the mill is or isn't working yet, shareholders 'should' have been informed on Monday one way or the other. It didn't require an RNS as we already knew the assembly had been completed, a social media post would've sufficed.
All the best
Easysid
'Looking forn a cheap entry point'
The delusion is staggering, how much cheaper does a company with 'supposedly according to idiots' $billions worth of assets have to be? She has burnt through more cash in the past 18 months than the total current value of the ENTIRE company. The company is worth £2.71 million, There are posters on here with houses worth more than that (I'm not one of them because I invest in 'no brainer' AIM shares with 'potential').
Coal should've been developed years ago, and like a fruit tree, the best time to plant one is 7 years ago and the second best time to plant one is NOW. Tenders should've been out to dig up, sell and BURN coal to produce power for businesses across PAK and bring revenue into the company as opposed to constantly leaving it.
This is uninvestable as it stands today (hence the consistent large selling that has taken place over the past week), the only reason I won't sell is because it's so pitifully low, at some point it 'might' spike and get me in profit so I can sell out.
I'll hold because there's no point selling at such a loss, I don't imagine I'm alone in that approach but I certainly won't be buying any more, I'll leave that to the 'this is the bottom now' crowd who are consistently wrong. The good news is, it really is approaching 'this is the bottom' territory because it won't take much more for it to be worth less than my local cafe.
Happy Top Up Day, what could possibly go wrong?
Lovelyboy
I agree, however, as this is the first we've heard of it, yet again, a poster has discovered crucial information about the only producing asset of the company BEFORE we have been informed officially. It really is staggering, this additional tax has been in place since last year and means even if we sold the concentrate (our 68%'s worth) we'd probably end up losing money after costs and taxes.
The sooner this is sold the better, surely the Ebay clock will be close to the final bid window by now.
Let's see how long it takes the company to tell us 'anything' about this MATERIAL information specific to the taxes on our only producing asset. Or will they just casuallty mention it as if it's nothing just like the court cases they failed to inform us about. Time will tell, or not.
All the best
No, they will simply do what all other lifestyle companies do and reduce the nominal value to get a discounted placing away. They have enough 'tame' shareholders on the register so Naheed will get the required amount of votes to do it.
Or they will simply arrange a 'convertible loan note' otherwise known as death spiral financing, and put a % of the 'assets' as security for the bucket shop they arrange it with, probably a doorstep lender. If these 'assets' are so great and at the cutting edge of the net zero CON, then why does NOBODY want to give ORCP any cash for even a % slice of them? (Rhetorical).
The CEO is out of her depth and it's the shareholders who will drown while she flies around the world on company funds talking to people in hotels about being a 'woman in business'. But it's ok, she got a letter of intent from People Magazine to do a spread about her wonderful achievements as a CEO, shareholders will get a free subscription for 6 months, what's not to like.
SELL something Naheed or resign and let an adult run the company. Whatever it is you have spent years 'attempting' to do hasn't worked. We should be producing and SELLING coal by now as that's what the company was created to do, but no, off you trotted chasing a 'green' (sic) Unicorn that skewered the shareholders with its 'carbon neutral' horn, wonderful.
Have a goodun, nice day for a walk.
Watcher36
Here's the relevant section from the offtake RNS:
'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"). If the Minimum Delivered Product does not occur, then Premier will be required to make a cash payment to Canmax ("Cash Settlement") for that month as follows:'
As long as a minimum of 1k tonne per month (on average) is delivered to Canmax over the initial 6 months of the commitment, all is well. There's a buffer of 10% in there too so all in all, Canmax are (and have been) very understanding and lenient with PREM/Stark because they need what we produce.
Canmax will take 25p on the pound for the first 6 months and then 50p on the pound after that until the pre-payment amount plus interest is recovered. Based on 'expected' improvements to production rates as the plant optimises, we should have it paid back way before the end of the revised term as long as prices don't collapse.
The 50% profit share from the sale of processed lithium hydroxide will also bring in higher revenues to PREM, and that can go some way to shoring up the balance sheet and keeping placings and further debt away from the company.
In a nutshell, the revised agreement is only for a very small amount of produce considering it was 'supposed' to be spewing out at least 4k tonne per month, so only catastrophic engineering incompetence and/or a technical failure by Stark can prevent the contract being fulfilled.
We 'should' be crushing and milling from Monday next week with all the required raw material on site, that leaves over 2 months to get 1k tonnes off to China, what could possibly go wrong?.......
All the best
Good RNS today, getting confirmation that the new parts have all been installed and are ready for production removes another risk. As someone has alluded to below, the wording of 'up to 1k tonne' is concerning/confusing. If we are to start running raw material through the plant this month I would very much 'expect' a measly 1k tonne of Spod6 available for export by the end of November.
GR 'might' start sticking out some videos of the new shiny mill in action when they start the process later this month. It would be good to see it in action with some narration to give us confidence that Spod6 is coming out the other end.
Hopefully there's enough cash in the coffers to get the mining started again and keep the mill fed. I would've liked to have seen a sentence in the RNS to confirm we are fully funded for all operations prior to exporting and earning. Placings should NOT be happening here any longer, we have a path to revenue now and Stark 'should' be able to achieve a lot more than 1k per month from December onwards.
Looking forward to the first confirmation of exports to Canmax, get some cash coming into the company as opposed to continually leaving it.
All the best
'Pennies from heaven comes to mind.'
Picking up pennies in front of a steamroller comes to mind,
along with ridiculous infantile delusion from complete muppets who continue to be proven wrong daily as the company destroys shareholder value through THEIR 'management' decisions.
I thought GL was confident of paying dividends by June 2023.........Oh wait.