Premier African Minerals Limited Zulu and Corporate Update (3832S)

TIDMPREM

RNS Number : 3832S

Premier African Minerals Limited

03 November 2023

3 November 2023

Premier African Minerals Limited

Zulu and Corporate Update

Premier African Minerals Limited ("Premier" or the "Company"), is pleased to report on the progress of operations at Premier's Zulu Lithium and Tantalum Project ("Zulu") and provide a corporate update which includes the appointment of a new interim Chairman and settlement of Contractor fees of US$2.5 million through the issue of 465,625,750 new ordinary shares at an issue price of 0.44 pence per new ordinary share.

Zulu Update

Subsequent to the update on 29 September 2023, extensive optimisation of the Zulu plant continues. Passing adequate tonnage of correctly sized material to the floatation section of the plant has highlighted various other ongoing ore sorter, instrumentation and material flow challenges that Stark International Projects Limited ("Stark"), the operator of the plant, is currently addressing.

Zulu is producing concentrates, and we anticipate that these concentrates will meet the required specification as set out in the amended and restated Offtake and Prepayment Agreement (as announced on the 15 August 2023) ("Restated Prepayment Agreement") on completion of the optimisation process. Meeting the 1,000-ton shipment of Spodumene concentrate required by 25 November 2023 as set out in the Restated Prepayment Agreement will be largely dependent on the resolution of the ongoing commissioning and optimisation issues referred to above, the overall plant performance and the delivery of competent grade to the plant.

George Roach, CEO, commented ," Meeting the initial shipment target date is our main priority at this time and we will provide further updates in due course.

I would be remiss if I did not also express my appreciation to Mr Godfrey Manhambara for undertaking the Chairmanship of Premier and look forward to working under his stewardship".

Corporate update

The Board of Premier is pleased to confirm the immediate appointment of Mr Godfrey Manhambara (an existing Non-Executive Director) as Non-Executive Chairman of the Company. George Roach will be reverting to his Board role of Chief Executive.

Contractor Settlement

In accordance with the announcement on 25 August 2023, Stark has accepted payment of US$2.5 million in new ordinary shares at the price of 0.44 pence per Share ("Stark Shares"). The Stark Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. Application will be made for the Stark Shares to be admitted to trading on AIM and admission is expected to take place on or around 9 November 2023.

Total Voting Rights

Following the issue of the Stark Shares, the Company's issued share capital consists of 25,873,102,694 Ordinary Shares, with voting rights. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

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 has 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 03, 2023 10:30 ET (14:30 GMT)