I was a little surprised to see Premium drop below a 5 cents (=0.5c preconsolidation).

The main asset of the company is the property it holds. Premium Exploration owns 75.1% of Premium USA. The 5 pattented claims are worth more than the market cap and the fees are paid up on the entire land package for the year. However, " There remains a 37.5% interest in these mineral rights which is under dispute. The Company is unable to make a reliable estimate of the cost or likelihood of settlement and accordingly no provision has been made."(Q2 2013 MD&A) This is separate from the 24.9% third party ownership of Premium USA. My estimate is that Premium owns 75.1% of 62.5% of the five patented claims or 46.9%.

There are also termination agreements that repersent a $216000 liability:

The Company has agreements with the President, the CEO and CFO as laid out below:
The CEO, President and Director has signed a contract for a term of three years, which expires 31 March 2015.
Under the terms of the contract, the President receives a monthly payment of $12,000.
This contract may be cancelled upon the Company providing one year advance notice.

The CFO has signed, through a company controlled by the CFO, a contract for a term of three years, which expires 30 April 2012. Under the terms of the contract they receive a monthly payment of $6,000. This contract may be upon the Company providing one year advance notice.

There remains the secured debenture that has to be settled (maybe covered by the dispute above)

Premium needs to clean the slate of this legacy of bagage associated with the previous management before it can move forward.