Premier African Min. - Amendment to Options Terms
24 September 2026
Premier African Minerals Limited
Amendment to Options Terms
Premier African Minerals Limited ("Premier" or the "Company") announces that the Board has agreed to amend certain vesting terms and conditions attaching to the director and management options announced on 27 May 2026 (the "Options"). The number of Options awarded, their respective exercise prices and the final expiry date of 27 May 2037 remain unchanged.
Under the revised terms, the ability of an option holder to exercise any Options prior to the achievement of the applicable production milestones at the Zulu Lithium and Tantalum Project ("Zulu Lithium") will be removed. Each tranche of Options will instead only become exercisable eight months after the achievement of the applicable production milestone as follows:
Tranche
Exercise Price
Revised Exercise Condition
1.
0.0185 pence
Eight months after production of 12,000 tonnes of SC6
2.
0.023 pence
Eight months after production of 24,000 tonnes of SC6
3.
0.028 pence
Eight months after production of 36,000 tonnes of SC6
4.
0.036 pence
Eight months after production of 48,000 tonnes of SC6
In addition, should the Canmax Technologies Co. Ltd ("Canmax") Prepayment Amount, together with any accrued interest, be repaid in full, settled, compromised, discharged, waived, released, novated, transferred, assumed by a third party or otherwise extinguished such that Premier no longer has the relevant payment obligation to Canmax (an "Alternative Vesting Event"), the eight-month vesting period for each and every tranche of Options that has not already become exercisable shall commence on the date of the Alternative Vesting Event.
A copy of this announcement is available at the Company's website, https://premierafricanminerals.com/.
Enquiries
Graham Hill
Premier African Minerals Limited
Tel: +27 (0) 100 201 281
Michael Cornish / Roland Cornish
Beaumont Cornish Limited
(Nominated Adviser)
Tel: +44 (0) 20 7628 3396
Douglas Crippen
CMC Markets UK Plc
Tel: +44 (0) 20 3003 8632
Toby Gibbs/Harry Davies-Ball
Shore Capital Stockbrokers Limited
Tel: +44 (0) 20 7408 4090
Nominated Adviser Statement
Beaumont Cornish Limited ("Beaumont Cornish"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in connection with this announcement and will not regard any other person as its client and will not be responsible to anyone else for providing the protections afforded to the clients of Beaumont Cornish or for providing advice in relation to such proposals. Beaumont Cornish has not authorised the contents of, or any part of, this document and no liability whatsoever is accepted by Beaumont Cornish for the accuracy of any information, or opinions contained in this document or for the omission of any information. Beaumont Cornish as nominated adviser to the Company owes certain responsibilities to the London Stock Exchange which are not owed to the Company, the Directors, Shareholders, or any other person.
Distribution
This announcement has been notified via a Regulatory Information Service and it is not authorised for distribution into North America or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of that jurisdiction.
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 encompassing brownfield projects with near-term production potential to grass-roots exploration.
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