Premier African Minerals Limited Zulu Update (0215U)

TIDMPREM

RNS Number : 0215U

Premier African Minerals Limited

20 November 2023

20 November 2023

Premier African Minerals Limited

Zulu Update

Premier African Minerals Limited ("Premier" or the "Company"), provides this update on operations at Premier's Zulu Lithium and Tantalum Project ("Zulu").

Zulu Update

Further to the announcement on 14 November 2023, Premier confirms that current plant operations have been partially suspended to allow for civil construction to commence in preparation for the installation of the 55 tons per hour ball mill and other associated structures. Those aspects of the plant that will continue to run include the X-Ray Transmission ("XRT") and Ultraviolet ("UV") sorters (collectively the "Ore Sorters") that have not been fully commissioned and optimised at this time.

At the same time, the plant will be prepared to recommence production at the original design capacity and compromises needed for the lower tonnages fed to date will be removed. All instrumentation will be inspected and repaired as needed during this temporary shutdown period of the plant.

Mining operations will continue, intended to enlarge the pit envelope and allow for better selective mining and the avoidance of waste rock contaminating the ore feed to the plant.

Tests will be conducted, and a decision will be taken regarding possible reprocessing of concentrates produced that carry excessive contamination from country rock and gangue material that should have been eliminated to a far greater extent than has occurred.

Premier continues to see grades of spodumene produced in its onsite laboratory from Run of Mine ("ROM") ore when the contaminants not associated with pegmatite material are removed that meet the Offtake and Prepayment Partner requirements. Optimisation of the Ore Sorters and the pit development both noted above, should largely eliminate this problem when plant operations are recommissioned.

Premier continues to update its Offtake and Prepayment Partner and sincerely appreciates the support it continues to receive.

Shareholder Q & A

George Roach will hold a virtual Questions and Answers session with shareholders this evening. Please register your interest with the Company at [e-mail] .

Market Abuse Regulation

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.

The person who arranged the release of this announcement on behalf of the Company was George Roach.

A copy of this announcement is available at the Company's website, www.premierafricanminerals.com

Forward Looking Statements:

Certain statements in this announcement are or may be deemed to be forward looking statements. Forward looking statements are identi ed by their use of terms and phrases such as "believe" "could" "should" "envisage" "estimate" "intend" "may" "plan" "planned" "will" or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount. Nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward looking statements re ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward looking statements.

Notes to Editors:

Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and natural resource development company focused on Southern Africa with its RHA Tungsten and Zulu Lithium projects in Zimbabwe.

The Company has a diverse portfolio of projects, which include tungsten, rare earth elements, lithium and tantalum in Zimbabwe and lithium and gold in Mozambique, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company a ccepted a share offer by Vortex Limited ("Vortex") for the exchange of Premier's entire 4.8% interest in Circum Minerals Limited ("Circum"), the owners of the Danakil Potash Project in Ethiopia, for a 13.1% interest in the enlarged share capital of Vortex. Vortex has an interest of 36.7% in Circum .

In addition, the Company holds a 19% interest in MN Holdings Limited, the operator of the Otjozondu Manganese Mining Project in Namibia.

Enquiries:

 
 George Roach        Premier African Minerals 
                      Limited                     Tel: [phone] 
 Michael Cornish /   Beaumont Cornish Limited 
  Roland Cornish      (Nominated Adviser)         Tel: [phone] 
                    ---------------------------  -------------------------- 
 Douglas Crippen     CMC Markets UK Plc           Tel: [phone] 
                    ---------------------------  -------------------------- 
 Toby Gibbs/Rachel   Shore Capital Stockbrokers 
  Goldstein           Limited                     Tel: [phone] 
                    ---------------------------  -------------------------- 
 

Ends

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November 20, 2023 08:20 ET (13:20 GMT)