Premier African Minerals Share Discussion Threads

[moljen] 09/5/2019 19:57

AB - lots of previous examples on AIM and form for it with assets here but not too sure that's on the near horizon. People are greedy and price has been lower so when these things happen they get dressed up as an only option and its at a premium. IMO perhaps more a concern as time passes and no cash news the share price decreases back to those levels, then it becomes a much higher risk.

[moljen] 09/5/2019 19:37

Ted - do I not get mentioned in today's chatting dispatches. Luckily I'm not Smile and won't go crying to Admin for bullying :-)
Presume you've seen poddy now and have thoughts on the 26th and 27th RNS's and behaviour since, would hope doesn't look good is one of the things you agree in, incompetence or worse I have no idea but to me both are stuck between and rock and a hard place and relying on either GR or the Zim Govt doesn't inspire confidence no matter how good teh assets may be.

[aidenabettin] 09/5/2019 19:33

Prem are going private imo

[tedoby2] 09/5/2019 19:26

Val thanks for chatting today. Its been enlightening in many ways.

Needless to say a don't agree with many of the things you say but some I certainly do.

I needed to clarify a few things which I've managed to do so that's no bad thing.

[the bull] 09/5/2019 14:45

Another if - if they just extracted the money looted by Magabe over the years and put it into a fund for co-funding projects like this on a JV basis, great things could come of it. Come to think of it, couldn't the present incumbent help on that score with savings he has over and above his political earnings

[the bull] 09/5/2019 14:42

I did say if, if I could have altered the point size, it would have been a BIG IF

[moljen] 09/5/2019 14:40

TB, come back next year with a question like that as at this moment in time its completely irrelevant as there is no $6M in the bank and with the Zim Govt is unlikely to be anytime soon

[the bull] 09/5/2019 13:53

If this $6M does arrive and RHA is brought back into production, does PREM get 100% of any profit until we get our invested capital back, or are we sharing 49/51 from day one.

[moljen] 09/5/2019 13:51

Ted I don't - enjoy podcast and then reread RNS from the 26th and if you don't feel we we were misled thats your prerogative. Plenty of others like you who don't see the BoD's ongoing behaviour as the biggest red flag against this company. Strange how you justify the assets with monumental posts but they're only half the equation with liabilities (including the BoD) being the other yet we never hear a detailed and rigorous examination of them.

[tedoby2] 09/5/2019 13:27

Val and Moljen I haven't listened to the podcast as yet so I can't comment unfortunately.

My explanation wasn't intended to be justification and I don't feel I need to come up with any now. Neither was I trying to defend anyone. I merely was trying to explain how you should have interpreted the "mobilisation" statement RNS'd. It seems that wasn't understood.

Please don't feel you need to persuade me on any of the current issues or any in the future. You don't need to.

[moljen] 09/5/2019 13:00

PMSL after watching podcast. So confirmed the mobilisation and drilling was just fluff and another $400K has disappeared into general working capital by the looks of it. Ted, looks like you're going to have come up with some new justification I' afraid.

[moljen] 09/5/2019 12:42

Ted - if money arrived from either of those sources arrived I'd be incredibly surprised and I'd probably sell out as zero faith in the BoD to use money wisely.
Your comments on mobilisation are a bit wooly for me I'm afraid - the RNS was immediate, mobilisation and drilling. KME deal was sold to us on basis of speed of movement, availability of equipment so much so we'd be able to sell onto other parties. As far as rainy season goes are you not aware it finished over a month ago, April had 5 days or rain and May so far zero. We are not developing a mine plan here, its a simple number of drills to obtain core samples for testing and GR has already indicated they know where they want to drill. Now taking all that into account are you saying 72 days is reasonable for us as owners of the business not to know that it is actually happening and when we can expect it to be completed?
See my problem is it was GR used the wording immediate and then it all becomes watered down (you used the word mobilisation - it was M and drilling), rainy season excuse when it's not the rainy season. Isn't it also strange that at the back end of 2016 running through into 1st quarter 2017 (smack bang in the middle of the rainy season) we were able to complete a 20 hole drilling project at Zulu. If stuff like this, which is all verifiable, doesn't phase you then nothing will - me I'm different, if something is beginning to look and smell like BS then I tend to think it may be BS especially when the justification is rainy season when the same rainy season didn't prevent the same work happening 2 years ago (that's £600K gone into our esteemed BoD pockets since)

[valhalla2017] 09/5/2019 12:41

ted - listen to the podcast. you can't make this up. GR raises money and now says nothing has happened. I wonder what happened to the 400k? ...:)

Like I alluded to in the past, the KME/HBR deal was 'complicated'. I won't say more but at least GR was forced to finally admit parts of it today.

Well looks like 2019 is another write off. but shareholders don't seem fazed. maybe 2020. let's see!

[tedoby2] 09/5/2019 12:21

Moljen If nothing happens in two months I would imagine my views would change. Flip that and what would your views be if any of the things I've mentioned materialise? Would yours still be the same? Hopefully not.

Like most of us I don't know enough to be able to comment to any great extent on the mobilisation issue I'm afraid. I'd have to be much closer to Prem and KME to know where they are with it.

FWIW however I think the term "mobilisation" in the RNS should be read in it's broadest sense. It's a common phrase in the industry and it's meant to mean to do all the work necessary to enable mobilisation too. Understandably it couldn't have been interpreted as narrowly as simply meaning mobilising the rigs on site given Zimbabwe was still in the rainy season.

So inevitably there would have needed to have been a period needed for planning the operation. A period for preparation and lead-in of the rigs and other plant. There would have been a period needed for procurement and lead-in for materials such as stone geotextile membranes any temporaries and so on. Labour would have needed to be organised too.

So I imagine mobilising on site work would have been planned to start at the beginning of second week in April weather permitting. If that's right then perhaps it would make more sense to start a count of the beginning of a critical path sometime last month rather than from when the RNS was issued back in February.

On site I'd be guessing but I imagine it would take three to four weeks to lay the hard access routes necessary to mobilise the rigs and to form hardstandings for their stations.

As I say I've no idea where Prem or KME are with it but I'm personally not too phased about not having had an update just yet.

Again all just my opinion.

[valhalla2017] 09/5/2019 11:57

Ted - time does change everything. a few years ago, this week's announcement would have spiked the share price now everyone knows, prem's RNS don't mean anything. they are just GR's hopes and dreams and a waste of 500 dollars to release. nothing more.

And all this 'in a couple of months'. we've heard this before and nothing changes. just more desperate ideas from GR. have you seen potash prices. I'm sure the ethiopian gov't has. they can easily extend the mining license and wait for the prices to increase.

and re RHA I'm starting to think the 6 mil will not happen. Zim might have said it, but they also said a lot of things about RHA in past and none of them happened. the fact that it wasn't announced this week makes me think the gov't doesn't have the cash. so realistically we might get some minimal work started on RHA in 2020.

And GR has been talking about Zulu for years and has done absolutely nothing. go back to the Feb RNS on drilling. GR says "it is gratifying to finally be able to report a return to real value generative operations" and now we are in May and nothing about the mobilization or the drilling. so I assume the KME raise went to pay day to day operations and other invoices like the DD.

[moljen] 09/5/2019 11:15

Ted and if in a few weeks or couple of months nothing really tangible has happened on any of the things mentioned and all we have is a share capital increase proposal what would your view be then.
What's your view on 72 days now since we paid for mobilisation and initial drilling with nada from the BoD as to progress, timescale and what we are getting from our money?
The share price is down again today, surely as it's been paid for it's an absolute open goal for some tangible positive news out of Prem rather than what if's and out of hands.

[tedoby2] 09/5/2019 10:59

Val and Moljen I feel as though I'm entering into a lions den! Ha ha.

It's not difficult to see that you're like minded and as I've said a few times I can respect some of your views. But mine are different. That's plain.

Time changes everything and Prem will be no exception. It can't stand still as the changes will be driven and influenced by outside parties. To explain we need to look individually at Prems three main assets.

Firstly Circum and it's Danakil Project. Prem are back seat passengers nothing more. But Circum aren't in control of the project either at the highest level. They're just the Licence Holders and managers at project level effectively. The Ethiopian Government are the ones really in control.

The Mining Licence is now two years old. As part of the license there will be an agreed protocol and timetable for the projects development. Circum now have a revised DFS and possibly an NI 43-101 that it will be working to as well.the data from the License and the subsequent documents have been used in Circums latest Presentation. The dates and milestones will be critical.

From their Presentation Circum will either have to commit to IPO'ing very soon or sell Danakil. Failure on their part to slip on the timing will almost certainly mean the Government will revoke their Licence. That's just not going to happen.

Then we have RHA. Prem are the minority shareholder and the majority shareholder i.e. the Government now has a vested interest. We've been told that now. Yes Prem have have a Management Contract and although I haven't seen the details there will all manor of things in there not least of all a new management structure and timing. We've already been told about one milestone but there could well be more.

In the coming weeks I'd be very surprised if we didn't hear that RHA are establishing a new BOD and management structure at project level. All of this will have been part of the new MA. I'm in no doubt about it and I'm also pretty sure that GR will not be invited to be involved or want to be..

Then we have Zulu. We can probably see that fro one perspective Prem could manage Zulu to DFS with some professional help. But I think even that route is most unlikely.

There's timing pressure on the project in lots of ways and there are several options to move the project forward that are too sensitive to discuss on here guys at the moment. Suffice to say I very much doubt it will be GR holding a controlling position. We should have a much clearer understanding which way it will be going within the next two months and I'd be happy pick the conversation up again with you then if you want.

None of us can know for certain but my view is that apart from internal pressure it will be more external pressures that will force changes within Prem in the very near future. Prems BOD won't be allowed to remain unchanged either.

These are just my own honest opinions.

[valhalla2017] 09/5/2019 10:06

At this rate we will be sub .10s by the weekend. GRs back in SA relaxing in the garden. His hard work is done for the year. Now he can tell investors that he’s having meetings on the implementation process. Unfortunately those meetings will go into 2020.

[moljen] 09/5/2019 09:19

Ted, thank you for your reply. From my perspective the clarity you have provided in it is far more than in your previous posts which merely read as optimistic ramping. I think as Val indicates in his post I'm not too sure most lths do see the problem and I can see his likely future scenario occurring because there is insufficient calling the BoD to account. Out of interest if we don't have the Mgmt skills to realise the assets what is there that makes you think this will change? As far I can see all the proposals made over the last year are merely just rehashes in one way or the other of what they've done previously?

[valhalla2017] 09/5/2019 09:03

Ted - well I hope so. It’s May and GR hasn’t done a single thing this year to move the company forward. That promise of 6 mil is just a promise. Maybe it’s legal but try taking the Zim govt to court if they don’t pay. It will be like GR saying he was going to the legal route re RHA. Was never going to happen.

So after doing nothing last year, this year GR is again doing nothing. Like I said, sweet work if you can get it.

But honestly it does seem shareholders don’t care. How long can GR keep driving this company into the group. Soon we will need to increase the sharecap again. And by soon I mean in like the next 2-3 months. The moment that is done, you know what’s next. And trust me, shareholders will need to approve it. Just like they had to had last year.

[tedoby2] 09/5/2019 07:24

Moljen I've always been clear. Or at least I've tried to be that my own appraisals weren't in any way forecasts but simply "potentials".

I wouldn't go as far as to say the "potentials" in Prems portfolio mean SFA to investors though. I think they're part of why people invest and it's part of why I'm here.

Prem doesn't have the skills at any level to realise the potential in it's assets at the moment. Most LTH's can all see that from the catalogue of misjudgments made and where the current MC is. But I believe that can change and I think we'll see it happen. I've said that explicitly in my posts more often than not and when I haven't I've meant the message to be subliminal.

[tedoby2] 08/5/2019 22:56

Val I believe more people realise than you think.