Member Info for Tyranin

Acker thank you for your clarification. I think we do disagree on whether GH intended for more ore to be in place to continue commissioning indefinitely rather than pause. From what I can see, that information resides in GH's head. Obviously I'm of the opinion that the ore was earmarked as per the March RNS, the commissioning wasn't cut short, and that replenishing the ROM isn't a hinderance for a second round, but I accept your view will differ. My interpretation is that Xinhai believe with more time they can recalibrate the dosing required to hit target.

Acker in terms of line of thought are you actually talking about my post or your own copy-paste from yesterday at 11:39 that didn't include any additional thought? At least I am referring to 2026 news, not 2024.

My post doesn't extrapolate anything, it directly quotes the figures presented in the Regulatory News Service to provide answers to those scratching their heads over 6000 tonnes of ore along with my comments on them. Whether you agree with my addendum or not is up to you, but the quotes are there to cite where my comments are coming from, unlike several bears and bulls pulling figures out of thin air.

Agreed that round 1 of commissioning did not meet the desired grading. Commissioning is an iterative process, it's just nice to have a confirmation of where it's at in a proper report. A hole in one would have been nice, but I didn't put all my hopes and dreams on it. Despite that, the RNS confirms that three weeks of operation has produced saleable concentrate, that's not extrapolating or reading between the lines. "evaluating options for the handling of concentrate produced"

I'm not actually in the desperate "please Glencore get involved" camp fwiw. For me the company needs to prove itself as an independent business first to be an attractive proposition for a buy out. I believe you're actually of the same mind unless the winds have changed since you said that (19 Jun 09:29, 4 Jun 10:30, 29 May 07:46, etc).

Agreed on finance, just that from my perspective I can see a path that PREM can traverse to stabilise their balance sheet. It requires a lot of things to go right and I've sized accordingly. Nothing so far suggests to me that the company is in immediate danger of collapse. With the line from yesterday's RNS about searching for a buyer for the now produced concentrate I look forward to seeing how that pans out, whichever way that goes.

I'm under no delusion that the company won't lean on shareholders to raise capital. I believe placings will continue throughout the year. I am on the fence on the speculation, one that you've voiced several times, that there will be a general meeting to raise the head room. We will see if it's needed but I wouldn't expect it until the current head room is already depleted. This board seems to agree between the bears and the bulls that there is roughly 43 billion shares with a ceiling of 55 billion, so 12 billion shares remaining. The last one ate 4 billion, so 2 or 3 placings left. If there is to be a GM I'd bet on September/November dependant on the rise and fall of the share price, rather than the weekly "tomorrow". However I'm looking to see if PREM can get the currently produced product to market first, because that changes the financial picture, which is why I haven't gone either way on the prospect of a GM.

*Selling concentrate*

8 May 2024: "between 4.5% and 6.3% Li2O" 1.8% spread (40% variance)

25 June 2026: "exceeding 5.0% Li₂O, with peak sample grades of up to 5.58% Li₂O" 0.58% spread (12% variance)

The problem with the old plant is the variance, it's simply not acceptable for a buyer and that's why it's never been saleable. Hitting 6.2% once is irrelevant, it's like saying your diet was successful because one day you ate a salad. The new flotation circuit bringing that margin of error down to 0.55% is fantastic for a buyer knowing the product is in a range that can be graded as sc5. That's why it's now saleable, and that's why this is a big milestone for PREM.

*Buyers*

Despite that, yes there is no guarantee there is an in country buyer and the product is subject to the export ban, that's the current bear point.

Likely candidates for a buyer are companies with refining facilities in country. These facilities are being built to meet the 2027 ban on unrefined lithium exports, which is the whole point of the ban. The government wants to ensure that the lithium is refined in country to stimulate its economy. There is:

- Huayou Cobalt at Arcadia, operational since April 2026.

- Sinomine Resource Group at Bikita under construction, expected 2027.

- Sichuan Yahua Industrial Group at Kamativi under construction, expected 2027.

These refineries create domestic processing infrastructure that could accommodate third-party concentrate supply. Additional feed concentrate at a discount that requires zero mining cost is attractive to a buyer. Zulu Lithium with its now proven ore quality and stable circuit is well positioned to participate. They can sell the SC5 for additional funding going forwards. It's a huge deal for the company! As Acker said the buyers will run their own assay to grade the concentrate, but if it hits grade why wouldn't they buy it? It's a win-win for both parties, profits all around.

PREM has problems, sure, but they show time and time again they're capable of navigating challenges. They're paying JRG back, they negotiate long stop extensions, they reconfigure the plant and produce Spodumene concentrate. It's a risky proposition, but what AIM junior Mining stock isn't risky? It's literally the reputation of the sector. The doomsday scenario sounds exciting but in reality it's just boring tick list to work through, business as usual.

I don't know why you're all surprised about the ore, it's laid out in the RNSs.

*6,000 tonnes isn't a surprise.*

25 March 2026: "The Company currently holds approximately 5,000 tonnes of ore on the ROM stockpile, which will be utilised during the initial commissioning phase, with additional ore to be supplied thereafter."

Same RNS: "the availability of ore on the ROM pad to support early commissioning activities, utilising material already mined and at *no additional mining cost* to the Company."

Presenting the depletion of the stockpile as an operation mistake is disingenuous. The stockpile was always intended to be used for commissioning, and the RNSs clearly state that. The fact that the stockpile is being used up is a sign that the commissioning is progressing, not a failure of planning.

*Small EPO contractor isn't new*

Someone posted about the telegram group being confused about a local miner, yeah they've been there since April!

17 April 2026: "The mining contractor has returned to site and has commenced dewatering activities within the pits in order to facilitate the recommencement of a very selective mining programme."

Stockbox interview 17 April 2026: "We're using a contractor we've used who was mining the EPO pits"

This is the scaled down operation where the extra 1000 tonnes comes from. You can't complain about PREM's finances being tight and then demanding they exceed budgets on a larger operation that wasn't required for the first round of commissioning.

*Larger contractor engagement isn't new.*

Same Stockbox interview: "reestablishing a main mine contractor to mine the main pit in the not too distant future as we establish operations."

25 March 2026: "Discussions are also ongoing with a mining contractor to support appropriate mobilisation planning and ensure continuity of ore supply."

26 May 2026: "The Company is pleased to confirm that the mining contractor is ready to mobilise additional mining equipment in order to meet the anticipated ore feed demand requirements associated with planned plant operations."

There's your army of wheelbarrows 😂

The latest RNS is honest about funding and this isn't a new revelation. Why would you spend money mobilising a large mining contractor before you know the plant works? Use the existing stockpile that GR dug up at zero cost, prove the circuit works, THEN commit to proper mining knowing the ore won't be wasted.

6,000 tonnes of ore processed in roughly three weeks. The new flotation circuit is hungry! Om nom nom! Assuming it isn't running 24/7, tph is roughly to Xinhai's spec.

SC5+ mentioned, internal and not SGS but GH didn't publish it in the last few 2 op updates so personally I see this as a sign of confidence in the readings, but I understand there are those who wouldn't see it that way.

PREM has saleable product.

If we were pessimistic and assumed a low recovery rate of 30% then we're looking at ~370 tonnes of SC5 sitting on site. SC5 spot price is $1,815.4 to $2,055.29 (https://www-old.metal.com/lithium/202309260001). That's $671,698 right there on the low end. Almost as much as the last placing.

Pessimistic (30% recovery): ~370 tonnes concentrate -> ~$670k

Positive (50% recovery): ~610 tonnes -> ~$1.1m

Good (70% recovery): ~855 tonnes -> ~$1.55m

Of course we can't ignore the final line of the paragraph but genuinely good news hidden below the surface of an RNS that talks about hot commissioning being delayed.

"The Company is currently evaluating options for the handling of concentrate produced during commissioning and test work activities. Subject to obtaining any necessary approvals, including the consent of Canmax where required, and compliance with all applicable regulatory and contractual obligations, the Company may seek to market and sell certain quantities of concentrate produced during the commissioning process in country. No assurance can be given that any such sales will occur or as to the timing or terms of any such transactions."

However if they do a buyer PREM and Canmax get paid from the SC5, so the delay is more Xinhai's problem to hit target grade and get their final payments.

Bought more today @ 0.017

What a result! 4 2!

4 + 2 = 6% omg

I typically hedge scenarios but I will land on one so that later on you can tell me I was completely wrong 😂 Naturally I'd say extend, it's the easier option. Electing to take the stake is final, extending lets them hedge. The question beyond that is how long and what conditions.

I'd say 3 month extension. Barring any major hiccup, hot commissioning should be complete (assuming 3 week timeline) and official grades will show up. Bulls will celebrate but it's short and signals that Canmax wants to get a move on. On tolls, a good chance they will add a delivery milestone like the original offtake agreement, matched to whatever grade and throughput they see on site so that it's achievable. Their way of saying we see the plant works and we want the production rate that you've demonstrated delivered to us.

Charade is a fair opinion. The Roach era is a mess. I remember this stock from 2021 when all sorts of stupid numbers were pinned on it, 200+ million and a tweet comes out with a picture of a drill and I'm like, 200 million for a rusty second hand drill in an empty field?! And then looking through all the years I missed it does read as shiny brochures and tweet driven.

However at this point in time, I think when you add up Canmax's leniency/can kicking, Xinhai's performance backed contract, and Graham Hill's CV there's a lot of serious players working to fix the mess. I mean GH is in his late 60s, he should be at home, retired, and relaxing in some poncey county like Hampshire at the end of a pretty perfect CV, wtf is he doing crawling around some dusty mountainside in Zimbabwe, why did he take the gig, he has nothing to prove. Man obviously lives for this work. Engineers pull broken machines out of skip just to see if they can get them to work again.

And what are you talking about skillsets wise? Graham Hill, COO of Adriatic Metals, the guy who delivered the Vares silver project that Dundee Precious Metals just bought for $1.3 billion. 41 years building mines across Africa, Russia and Central Asia. Xinhai, the guys involved in setting up the new flotation circuit with experience on Zimbabwe Pegmatite at Bikita. There's really no lack of expertise that Canmax could add to. What blooming skillsets does Canmax have that would make them so good?

Somehow in your world producing batteries is all the skills you need to run a lithium mine and a lifelong career in mining is none at all. Come on.

Look, I'm don't dispute that it's a sucky position for PREM to be in. It's a strong bear point. But it's not comical doomsday that it gets portrayed to be. If you want to cast warnings to those coming here, fine, but if you want them to heed your warnings it would be great if you grounded your case in facts first. Otherwise it's just a lot of noise and hyperbole, your skillset.

By the way do you know what the alternative is before you claim I'm withholding information? Did you know that if Canmax doesn't settle for a stake then for every tonne of Spodmene that Zulu Lithium produces and sells, 50% of the revenue immediately goes towards the Canmax debt (also RNS 15 Aug 2023). Even if this plant gets to revenue they're operating on half the income. That funding gap, double it. Use that one to deramp. You have so many better points to make but end up mispresenting debts because it sounds scarier.

Yes I'm well aware of it originally being $200 million. It's in RNS 4008J, 15 August 2023. And it backs up my reading further.

I didn't bother going into the history because I'm talking explicitly from today's arrangement on what will happen if we get to the long stop on 30th June and Canmax elects to take the settlement. Why would that be surprising? It's not relevant, the historical context doesn't change anything. I get that you're trying to paint the picture that PREM's position from 2023 to 2026 has slid downhill, but we all already know that. The arrangement still sucks but when raising the discussion today's terms is the live situation. But seeing as you asked

"Settlement of all amounts of Product due under the Amended Agreement will be subject to a new Long Stop Date of 1 April 2025, and should Premier have not delivered the required Product or provided Cash Settlement to settle the Advance Purchase Amount in full, and provided that Canmax has not elected to take settlement in new ordinary shares (the 'Outstanding Amount'), then Canmax will be entitled to receive as settlement of the Outstanding Amount, a direct interest in Zulu Lithium based on a project valuation of US$200 million."

The original arrangement: $34.6 million prepayment is owed and Canmax can elect to have that settled by taking a stake in subsidiary Zulu Lithium, with a valuation of $200 million, and PREM agreed to that. That means when triggering the long stop and electing for a stake, PREM hands over 34.6 million dollars worth of shares which is 17.3% of the company.

Then they revise that to $100 million. Why'd they lower the valuation? To make it worth less for Canmax? Make it less attractive to get a buyout from a third party? No it's neither of those, it's to DOUBLE the size of the stake. So the debt is still the same but the valuation is halved and they would end up 34.6% instead. Except over time that debt has accrued interest so the current debt is 46-48 million, so now that translates to 46-48%. And if you want the history on the interest it used to be 3.5%, then 8% and now 12%.

At first I did think it was the full company, but I got that from you lot here. When looking into it further I was like why bother with all these valuations. Well you wouldn't. You'd just word the arrangement as "Canmax will be entitled to receive as settlement of the outstanding prepayment amount plus interest full acquisition of Zulu Lithium" You wouldn't faff around with valuations.

And yes, both parties could restructure to make it $50 million. That'd give Canmax a 96% stake. Actually insane for PREM to agree to those terms. Sure the numbers could be anything but that's beside the point. The arrangement exists to allow Canmax to organise their prepayment as a secured loan to PREM.

If it were 100%, why didn't Canmax trigger it at the first long stop in April 2025 while GR was still CEO. They didn't trigger it because that's not the arrangement at all.

Jag, I've worked through the Offtake and Prepayment Agreement RNSs and gone clause by clause on exactly what direct interest in Zulu Lithium Canmax would take to settle the debt. If you think it's structured differently I'd be keen to see how you get to your conclusion and see your workings, I've given you the citation and where to find it. A settlement pegged to a fixed valuation is about as explicit as it gets, they wouldn't bother with the "valuation of US$100 million" language if that wasn't the case.

"Can [you] imagine having 50% of a Canmax owned and operated lithium mine. Prem shareholders would be millionaires."

Doesn't this immediately nullify your assertion, the question just flips: how do you know it isn't the other way round? Canmax have to elect to wipe the debt in exchange for the stake, PREM can't force them to take it over. That cuts against your point, not for it. An extension is literally Canmax choosing not to take the stake. You're reading that as PREM dodging a takeover, but it reads just as well, better in fact, as Canmax declining one, which explains why they've extended and kicked the can down the road. You can't tell which from the outside. What you can tell is that the side holding the option keeps choosing not to use it, long stop after long stop, and the next one's only about two weeks off. If they flip and take it on the 30th, fair enough, but after this many passes the takeover's the brave bet, not mine.

And then on PREM's side, if keeping half a working Canmax mine makes shareholders millionaires then why not keep all of it. That's exactly why you'd extend rather than elect, you don't crystallise away half the asset right before it potentially reprices. Besides Canmax already have the company on a leash, as a current board member Graham Hill can't even resign without Canmax's written consent (RNS 5 Jan 2026), for all intents and purposes it is a Canmax led mine. But for all that grip they're still a battery-materials maker and offtaker, not a mine operator. So a takeover adds no control they haven't already got and no operating competence they don't have. It just hands them half the subsidiary and they lose all their bargaining power and no longer receive interest or repayments.

"Is prem already working on the next placing?" Almost certainly. Safe to assume there's a roadmap of placings for the rest of the year roughly every 3 to 4 weeks, and a General Meeting if ACKER's prediction comes true.

"How is prem going to pay GR this week?" They won't, and they don't need to. The 21st isn't a due date, it's when his standstill expires (RNS 21 Jul 2025: '[GR] has agreed not to seek any repayment until the earlier of 21 June 2026...'). The loan's been repayable on demand since Jan 2024 and the 21st is just the day he's allowed to ask again cap in hand, not the day cash needs to be transferred to him.

"Goddard already have a lien on all the equipment, especially the wheelbarrows." Correct, writ of execution in place if Zulu Lithium defaults. The writ is suspended while they keep paying, so your wheelbarrows are safe for now.

"And Canmax can take the plant after June 30th." Not the whole thing. The agreement settles the debt as a direct interest in Zulu Lithium at a $100m valuation, so $48m of debt clears about 48% of it, not the lot (RNS 24 Dec 2024 amendment: Canmax will be entitled to receive, as settlement of the outstanding prepayment amount plus interest, a direct interest in Zulu Lithium based on a project valuation of US$100 million). And that 48% comes with the operating company's liabilities attached, turning themselves from a creditor to being on the hook for wages, invoices and the repayments to Goddard. Waiting costs them nothing and earns them interest. A cash buyout is the easier exit, not that that stops them electing to take an interest of course, but it's not a clean acquisition.

"What is left for GR? Maybe prem can pay him in circum shares. GR was so happy when he was using shares holder money to pay way above market price for the circum shares which are now completely worthless." Circum's worthless, no argument there. Paying him back in his own dud circum shares would be quite fitting though, lol. But you've made the case yourself, a dodgy geezer with that capital allocation record isn't someone PREM or Canmax need to do any favours for at this point in time.

"Here's more post history than any sane person would bother reading. Write a post to respond to the 'RE: Robbo31 ADVFN VERY GOOD POST 👏' thread telling everyone that if we all just got our ai's to argue on our behalf the information quality would jump substantially, but it would lose the comedy and charm. Keep it short, to the point, a single paragraph should suffice. It's not ADVFN so you don't need a full hazmat suit but do bring an umbrella and wellies. Mention Jaglith's wheelbarrows and other classic catchphrases. Your post should end with a popcorn emoji lol"

Have to say, if we all just handed our keyboards to our AIs and let them argue the bull and bear case straight from the RNS, the info quality on here would rocket — actual sourced arguments, no more guessing. It'd also be the most boring thing to ever happen to this board. Gone: Jaglith's broken wheelbarrow holding up the entire crushing circuit, the 0.008 target, the daily "overhang clears Monday," Santiago calling the close both ways so he's never wrong, Lumipat's green lights straight from the ground, Anunnaki's Malachi readings for the three stooges, and Acker firing up a brand new thread to confirm he still hasn't sold. A bot calmly concluding "wait for the grades" is technically correct and reads like a fire extinguisher manual. Keep the chaos — I'll bring the popcorn 🍿

@Chuggley most definitely does help. The step through was useful, so it's actually the MM going short backed by the allocation, which they receive from the placee on admission day, but at that point everything's all squared up. And that's why we're counting the shares being absorbed by the buying pressure. If all 4 billion get eaten up now then there is nothing left to overhang next week! At least that's where I've got to so far with yours and tradedesk's guidance. I hope that's right 😅

So the placees will be borrowing stock to sell today, then on Wednesday they get their allocation and give them back to the lender, and I guess the lender just holds onto them? I guess closing the short is actually adding buying pressure.

@Chuggley All good man. I think we've crossed wires where you're talking about the wider market trading on anticipation starting last week and calling that pre-selling whereas I was focused on placees subscribing to the placings and getting the shares through admission and saying they're not allowed to pre-sell before today, so I was thrown by the pre-selling throughout the week line and then doubted whether I had that right, that placees having knowledge of the placing couldn't trade PREM. We're just arguing the same point in different ways.

But I don't think I'm wrong about there being an overhang on admission day. Sure hedging and market makers will affect the price today, but the shares still eventually come and the placees have to decide whether to hang onto them or not on the 17th. They have to end up in someone's portfolio! I think it's especially relevant in this placing because there isn't much of a discount on todays price, so I would anticipate that if there is a rise between now and Wednesday then the SP may drift back towards 0.02 on the day until the final shares are cleared, I'm just speculating on that last bit though, let's hope SGS results are in for the placing subscribers sake!

@tradedesk great explanation thank you. Just to confirm, when you say tradeable from "day one," you mean from today's announcement, right? There's a few posts today saying pre-selling's been going on all week and possibly last week, but I'm not sure that's right.

That's bigger than shell 😂 3rd biggest company on the exchange

"£50 m mc near term once its working as expected should be fairly easy"

@Chuggley and if we add the current remaining authorised headroom to outstanding shares and do the maths as though the stock were fully diluted at ~55 billion shares, that still puts your £50 million market cap at a share price of 0.09p, a 4.5x increase from here. I don't think that valuation is unreasonable for a producing mine if it gets there.

"pre selling possibly started mid last week"

@Chuggley as lovely as that would be the RNS does say "Admission is expected to take place on or around 17 June 2026." So we may see some selling pressure next Wednesday. That said, at 0.02 no discount, anyone flipping them will be aiming higher than today to sell. Barring seriously bad news in the next week, 0.02 potentially holds as the floor.

I literally said "Funding RNS will be due soon" on Monday. You can check my history, the receipts are there 😁