Premier African Minerals Share Discussion Threads

[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.

[valhalla2017] 08/5/2019 19:48

Ted - ha. Like I said my prem buying days are done. And all kidding aside, I wonder what it will take for people to finally realise GR has no respect for shareholder interests.

Apparently driving the company into the ground for the past two years isn’t enough.

Maybe GR needs to dilute current shareholders by another 5 billion shares in order to buy some gold assets ;)....

[tedoby2] 08/5/2019 18:25

Val there must be some who know more than you about what's going on in Prem. Despite your information source.

I only wish I was one! What do you think? Ha ha.

Are you buying more yet?

[valhalla2017] 08/5/2019 17:56

oooh. buy at .115 at the bell! either there's a leak that the 6 mil is in the bank or someone is building a position... :)

[the bull] 08/5/2019 16:08

This is the problem, he keeps raising money and states what it is intended for and then its not used for that purpose, is that bordering on the illegal?

[valhalla2017] 08/5/2019 15:47

bull - I don't think that money ever made it for the drilling. I won't go into the details but the whole KME/HBR stuff was 'complicated' to say the least.

The main problem is that retail investors are no longer buying what GR is selling. That's the real issue. GR is used to selling jam, spiking the share price and doing placements. And that's no longer happening.

I saw somewhere that one of the groups heard back from GR indicating that the drills will be arriving on site this week. so that means no drilling has been. and since I'm sure that 400k was used to pay urgent invoices over the past couple months, we have no cash left to start the drilling.

Maybe this is why SVS is posting so much. GR is trying to line up the next placement but realizes that if it happened today it would easily have to be at a 40% discount. GR delivering shareholder value....

[the bull] 08/5/2019 15:11

www.proactiveinvestors.co.uk/companies/news/219659/premier-african-minerals-looks-to-re-boot-after-rha-sign-off-219659.html

[the bull] 08/5/2019 14:26

I had forgotten about that share issue to raise $400K to pay KSE for drilling at Zulu. Does anyone know if that money actually got used for that purpose, or was it wasted on aborted acquisitions and no drilling has been done. If they have used it for drilling, I am guessing that we could get an update soon that may spike the price?

[valhalla2017] 08/5/2019 11:28

oh I'm a 100% sure that GR was looking to do a placing on the back of yesterday's announcement. the problem was that everyone knew that. So it's back to the drawing board for GR.

let's see what wacky ideas he comes up with in the next couple of weeks. I'm thinking NEWCO is back on the cards again. GR needs to cash those salary checks so needs to start raising again. might be hard with prem going to sub .10s soon.

I'd say it makes no difference to GR but it slowly is making a difference because he's running out of room to do placings...NEWCO should solve that issue. :)

[the bull] 08/5/2019 11:24

Who is the smilemore character, as someone posted below, look at the qty of posts. If something goes pear shaped with PREM, this poster will disappear as fast as he appeared that's for sure.

"The traders who wish to post time after time and talk to themselves" - Smilemore 08/05/19 after over 1000 posts 99.9% on PREM in just under 2 months.