Premier African Min. - Half-year Financial Report
23 September 2026
Premier African Minerals Limited
('Premier' or 'the Company')
Unaudited Interim Results for the six months ended 30 June 2026
Premier African Minerals Limited ("Premier" or the "Company") announces its unaudited interim results for the six months ended 30 June 2026 ("Period").
Statement from the Managing Director
Dear Shareholders,
The period under review, and the months since, have continued to require a careful balance between progressing Zulu Lithium Private Limited ("Zulu Lithium") towards sustainable production, meeting the Group's working capital requirements, addressing outstanding creditor obligations and protecting the value of Premier's wider portfolio. Our immediate priority remains clear. Zulu Lithium is the principal operational focus of the Group and, following the conclusion of an agreement with Canmax Technologies Co. Ltd ("Canmax") as announced on the 14 September 2026, our primary capital allocation objective will be to ensure that Zulu Lithium is appropriately supported, subject to available funding, and positioned to progress towards sustainable production.
Creditor and Financial Position
As at 30 June 2026, the Group had total current liabilities of approximately US$60.380 million. This included approximately US$48.222 million relating to amounts recognised in connection with the Group's Offtake and Prepayment Agreement, US$7.885 million of trade creditors, US$1.460 million of accrued and payroll-related liabilities and US$2.813 million of other current liabilities.
Alongside the funding requirements of Zulu Lithium, the Board remains focused on resolving a number of material outstanding creditor positions in an orderly and commercially responsible manner. As previously announced, amounts remain outstanding to J R Goddard Contracting (Private) Limited ("JRG") under the existing settlement arrangements. JRG has agreed to refrain from taking further enforcement action until 30 September 2026 while Premier progresses its proposed fundraising, General Meeting and contemplated share issue and sale process. The Company has undertaken to use all reasonable endeavours to maximise the funding available and make as substantial a payment as possible to JRG during this period, although there can be no guarantee as to the amount or timing of funds available. JRG has confirmed that it remains prepared to proceed with the proposed share issue and orderly sale mechanism contemplated in the Notice, with the objective of reducing and ultimately settling the remaining indebtedness. The standstill is limited to 30 September 2026 and does not constitute a waiver of JRG's existing rights.
Separately, an amount of £1,727,609.60, together with applicable interest, remains outstanding and in default under a Loan Facility Agreement provided by George Roach (details of the Loan Facility Agreement were set out in the announcements dated 9 and 18 August 2023). The Company remains in discussions with George Roach regarding the timing and structure of repayment and has under the Notice allocated approximately US$300,000 towards the payment of interest. George Roach has to date continued to engage constructively with the Company; however, the absence of a firm repayment timetable has become a matter of increasing concern to George Roach and legal action is being contemplated should an acceptable way forward not be agreed.
A further amount of approximately US$192,397.81 remains outstanding pursuant to an existing judgment in favour of Pick Glow Trading (Pvt) Limited, trading as Glow Petroleum. Zulu Lithium has not been able to maintain the agreed monthly instalments of US$40,000 and, as a consequence, the judgment is enforceable. As at the date of this report, however, the Company is not aware of any further enforcement action having been taken. Zulu Lithium is seeking to engage constructively with Glow Petroleum with the objective of agreeing an orderly resolution, although its ability to propose and maintain a revised payment arrangement is dependent on greater certainty around the availability of funding.
The Company has also received correspondence from Environmental and Process Technologies (Pty) Ltd ("ENPROTEC") demanding payment in respect of amounts outstanding by Zulu Lithium, with a balance of ZAR15,940,455.08. Zulu Lithium remains committed to engaging constructively with ENPROTEC with a view to regularising the outstanding account and establishing an orderly and commercially sustainable repayment arrangement, and discussions are ongoing regarding the timing and structure of an appropriate way forward.
The creditor matters referred to above are not intended to constitute an exhaustive list of all amounts owing by the Group. As reflected in the interim financial statements, the Company continues to receive and manage correspondence from a number of creditors seeking payment of outstanding balances or agreement on viable repayment terms. The Board continues to engage with these counterparties with the objective of reaching orderly and commercially sustainable arrangements; however, there can be no assurance that any particular creditor will continue to defer enforcement or refrain from taking formal recovery action where amounts remain unpaid.
Premier's senior management is actively managing a number of additional obligations arising in the ordinary course of the Group's operations, including matters relating to the Zimbabwe Revenue Authority in respect of VAT deferment associated with plant and machinery imported for Zulu Lithium and unpaid statutory deductions, as well as outstanding amounts due to certain employees and consultants at Zulu Lithium and Premier. These matters are being managed by senior management and do not arise from any demand made by a director or member of the Board. Their resolution will depend, in part, on the availability and timing of additional funding.
Capital Allocation and Portfolio Strategy
Premier's capital allocation strategy is focused on prioritising Zulu Lithium, preserving the value of its wider portfolio and reducing the Group's direct funding burden wherever appropriate. Zulu Lithium remains the Company's principal operational and development priority and, following the conclusion of an agreement with Canmax, the Board intends, subject to available funding, to support the project towards sustainable production.
Across the wider portfolio, Premier will adopt a selective approach, focusing on protecting strategically important mineral rights, advancing assets with a credible pathway to production or value realisation, and introducing appropriately capitalised strategic partners where this can accelerate development and reduce Premier's direct funding requirement. Where commercially appropriate, Premier will seek to retain a meaningful economic interest together with appropriate governance or operational participation.
Premier does not intend indefinitely to fund early-stage assets where there is no clear route to production, partnership or value realisation. Where assets continue to demonstrate strategic or commercial potential, including Katete and Licomex, the Company will take proportionate steps to protect its interests while pursuing the appropriate development, partnership or transaction strategy.
The Period has been extensively reported within post financial year end events in our annual financial statements that were released just a few months ago.
Our interim financial statements for the six-month period to 30 June 2026 are set out below.
Funding Strategy and Shareholder Authority
In the Notice of General Meeting announced on 3 September 2026 ("Notice"), the Company illustrated the potential funding capacity of the proposed 58.63 billion share authority by reference to an illustrative share price of 0.016 pence per share. The 0.016 pence reference price broadly corresponded with Premier's share price at the expiry of the then-existing Canmax Long Stop Date on 30 June 2026. At the time the Notice was prepared, discussions regarding an extension of the Long Stop Date were well advanced and the Board considered that confirmation of an extension would remove a significant area of uncertainty affecting the Company.
The 0.016 pence price was therefore used as an illustrative reference point for assessing the potential funding capacity of the authority. It was not intended to represent a forecast, target or assurance as to the price at which future equity funding would be undertaken. Since publication of the Notice, Premier's share price has declined materially. The Board recognises that, at lower share prices, the amount of capital that can be raised from a given number of shares is reduced and the potential dilution associated with raising capital increases. At the same time, the Company continues to require additional funding to support Zulu Lithium, meet working capital requirements and address outstanding creditor obligations. It is therefore important that Premier retains sufficient flexibility to access capital when required.
The Board will seek to balance these considerations carefully. Wherever practicable, we will seek to minimise unnecessary dilution and consider the timing, size and structure of future equity financing having regard to prevailing market conditions, investor demand, operational progress and the Company's immediate funding requirements. Equally, the Board must retain the ability to raise sufficient capital to protect the Company's operations and assets.
Premier-level equity is not intended to be the Group's only source of capital. The Company continues to explore strategic investment, project-level financing, offtake-related funding and other third-party financing opportunities. Successful production and sales from Zulu Lithium should, in the Board's view, broaden the financing options available to Premier and potentially reduce reliance on equity funding over time, although there can be no assurance as to the timing, availability or terms of such funding.
Financial and Statutory Information
The Group incurred an operating loss of US$6.873 million for the six months ended 30 June 2026. The loss was principally due to the on-going overheads and administration costs associated with the construction, installation and optimisation of the Zulu Lithium mine in Zimbabwe. Cash at hand on 30 June 2026 was US$0.781 million.
Premier received continued financial support from its shareholders throughout the period.
These interim statements to 30 June 2026 have not been reviewed by the auditors.
Mr. Graham Hill
Managing Director
23 September 2026
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 Graham Hill.
For further information please visit www.premierafricanminerals.com or contact the following:
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/Rachel Goldstein
Shore Capital Stockbrokers Limited
Tel: +44 (0) 20 7408 4090
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
Forward Looking Statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as "believe", "could", "should", "envisage", "estimate", "intend", "may", "plan", "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 reflect 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.
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
EXPRESSED IN US DOLLARS
31 December
Six months to
Six months to
2025
30 June 2026
30 June 2025
(Audited)
Notes
$ 000
$ 000
$ 000
ASSETS
Non-current assets
Intangible assets
4
4,686
4,686
4,686
Investments
5
-
-
-
Property, plant and equipment
6
54,214
55,643
53,872
Loans receivable
7
340
335
318
59,240
60,664
58,876
Current assets
Inventories
675
713
653
Trade and other receivables
1,733
5,354
1,757
Cash and cash equivalents
781
29
30
3,189
6,096
2,440
TOTAL ASSETS
62,429
66,760
61,316
LIABILITIES
Non-current liabilities
Provisions - rehabilitation
360
360
360
360
360
360
Current liabilities
Trade and other payables
60,379
60,338
60,126
Borrowings
8
180
180
180
60,559
60,518
60,306
TOTAL LIABILITIES
60,919
60,878
60,666
NET ASSETS
1,510
5,882
650
EQUITY
Share capital
9
120,417
107,405
112,684
Share based payment and warrant reserve
3,897
3,897
3,897
Revaluation reserve
711
711
711
Foreign currency translation reserve
(13,150)
(13,150)
(13,150)
Accumulated loss
(96,146)
(79,188)
(89,487)
Total equity attributed to the owners of the parent company
15,729
19,675
14,655
Non-controlling interest
(14,219)
(13,793)
(14,005)
TOTAL EQUITY
1,510
5,882
650
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
EXPRESSED IN US DOLLARS
31 December
Six months to
Six months to
2025
Continuing operations
Notes
30 June 2026
30 June 2025
(Audited)
$ 000
$ 000
$ 000
Revenue
-
-
-
Cost of sales excluding depreciation and amortisation expense
(2,160)
-
(3,646)
Gross profit / (loss)
(2,160)
-
(3,646)
Administrative expenses
(1,713)
(3,292)
(4,395)
Operating profit / (loss)
(3,873)
(3,292)
(8,041)
Depreciation and amortisation
6
(282)
(274)
(791)
Other Income
10
252
4
33
Impairment of property plant and equipment
-
-
(1,375)
Impairment of current assets
-
-
(2,539)
Finance charges
(2,970)
(4,125)
(5,485)
(3,000)
(4,395)
(10,157)
Profit / (Loss) before income tax
(6,873)
(7,687)
(18,198)
Income tax expense
11
-
-
-
Profit / (Loss) from continuing operations
(6,873)
(7,687)
(18,198)
Profit / (Loss) for the year
(6,873)
(7,687)
(18,198)
Other comprehensive income:
Items that are or may be reclassified subsequently to profit or loss:
Fair Value adjustment on investments
-
-
-
-
-
-
Total comprehensive income for the year
(6,873)
(7,687)
(18,198)
Loss attributable to:
Owners of the Company
(6,659)
(7,476)
(17,775)
Non-controlling interests
(214)
(211)
(423)
(6,873)
(7,687)
(18,198)
Total comprehensive income attributable to:
Owners of the Company
(6,659)
(7,476)
(17,775)
Non-controlling interests
(214)
(211)
(423)
Total comprehensive income for the year
(6,873)
(7,687)
(18,198)
Loss per share attributable to owners of the parent (expressed in US cents)
Basic loss per share
11
(0.052)
(0.012)
(0.187)
Diluted loss per share
11
(0.052)
(0.012)
(0.187)
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
EXPRESSED IN US DOLLARS
Share capital
Share option and warrant reserve
Revaluation reserve
Foreign currency translation reserve
Accumulated Loss
Total attributable to owners of parent
Non-controlling interest("NCI")
Total equity
$ 000
$ 000
$ 000
$ 000
$ 000
$ 000
$ 000
$ 000
At 1 January 2025
101,268
3,897
711
(13,150)
(71,712)
21,014
(13,582)
7,432
Loss for the period
-
-
-
-
(7,476)
(7,476)
(211)
(7,687)
Other comprehensive income for the period
-
-
-
-
-
-
-
-
Total comprehensive income for the period
-
-
-
-
(7,476)
(7,476)
(211)
(7,687)
Transactions with Owners
Issue of equity shares
6,529
-
-
-
-
6,529
-
6,529
Share issue costs
(392)
-
-
-
-
(392)
-
(392)
At 30 June 2025
107,405
3,897
711
(13,150)
(79,188)
19,675
(13,793)
5,882
Loss for the period
-
-
-
-
(10,299)
(10,299)
(212)
(10,511)
Other comprehensive income for the period
-
-
-
-
-
-
-
-
Total comprehensive income for the period
-
-
-
-
(10,299)
(10,299)
(212)
(10,511)
Transactions with Owners
Issue of equity shares
5,349
-
-
-
-
5,349
-
5,349
Share issue costs
(70)
-
-
-
-
(70)
-
(70)
Share options expired
-
-
-
-
-
-
-
-
Share based payments
-
-
-
-
-
-
-
-
At 31 December 2025
112,684
3,897
711
(13,150)
(89,487)
14,655
(14,005)
650
Profit / (Loss) for the period
-
-
-
-
(6,659)
(6,659)
(214)
(6,873)
Other comprehensive income for the period
-
-
-
-
-
-
-
-
Total comprehensive income for the period
-
-
-
-
(6,659)
(6,659)
(214)
(6,873)
Transactions with Owners
Issue of equity shares
8,006
-
-
-
-
8,006
-
8,006
Share issue costs
(273)
-
-
-
-
(273)
-
(273)
At 30 June 2026
120,417
3,897
711
(13,150)
(96,146)
15,729
(14,219)
1,510
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
EXPRESSED IN US DOLLARS
31 December
Six months to
Six months to
2025
30 June 2026
30 June 2025
(Audited)
$ 000
$ 000
$ 000
Net cash outflow from operating activities
(5,246)
(5,669)
(7,162)
Investing activities
Acquisition of property plant and equipment
(624)
(331)
(452)
Expenditure on intangible assets
-
-
-
Loans advanced
(22)
(51)
(34)
Net cash used in investing activities
(646)
(382)
(486)
Financing activities
Proceeds from borrowings granted
-
-
-
Net proceeds from issue of share capital
6,643
6,137
7,745
Finance charges
-
(69)
(79)
Net cash from financing activities
6,643
6,068
7,666
Net decrease in cash and cash equivalents
751
17
18
Cash and cash equivalents at beginning of year
30
12
12
Net cash and cash equivalents at end of year
781
29
30
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. GENERAL INFORMATION
Premier African Minerals Limited ("Premier" or "the Company"), together with its subsidiaries (the "Group"), was incorporated and domiciled in the Territory of the British Virgin Islands under the BVI Business Companies Act, 2004. The address of the registered office is Craigmuir Chambers, PO Box 71, Road Town, Tortola, British Virgin Islands. Premier's shares were admitted to trading on the London Stock Exchange's AIM market on 10 December 2012.
The Group's operations and principal activities are the mining, development and exploration of mineral reserves, primarily on the African continent. The presentational currency of the condensed consolidated interim financial statements is US Dollars ("$").
2. BASIS OF PREPARATION
These unaudited condensed consolidated interim financial statements for the six months ended 30 June 2026 were approved by the Board and authorised for issue on 23 September 2026.
These interim financial statements have been prepared in accordance with the recognition and measurement principles of the International Financial Reporting Standards ("IFRS") as endorsed by the UK.
The accounting policies applied in the preparation of these consolidated interim financial statements are consistent with the accounting policies applied in the preparation of the consolidated financial statements for the year ended 31 December 2025.
The figures for the six months ended 30 June 2026 and 30 June 2025 are unaudited and do not constitute full accounts. The comparative figures for the year ended 31 December 2025 are extracts from the 2025 audited accounts. The independent auditor's report on the 2025 accounts was unqualified.
Going Concern
These consolidated financial statements are prepared on the going concern basis. The going concern basis assumes that the Group will continue in operation for the foreseeable future and will be able to realise its assets and discharge its liabilities and commitments in the normal course of business.
The Directors have prepared cash flow forecasts for the next 12 months, taking into account working capital, limited revenue from Zulu and expenditure forecasts for the rest of the Group including reduced overheads and very limited exploration costs.
At the reporting date of 30 June 2026, the Group's total assets exceeded the total liabilities by $1.510 million and its current liabilities exceeded its current assets by $60.559 million. The major component of the current liability excess is the $48.222 million received from the Group's offtake partner as an advance receipt. This advance receipt will be settled from proceeds from the sale of SC6 to the offtake partner from production at Zulu Lithium and Tantalum Project ("Zulu") or alternatively through the issue of shares into Zulu based on market valuation of US$100 million if not repaid by 31 December 2026.
The forecast that forms the basis of the Going Concern has been made on the following key assumptions:
· The completion of the share consolidation process;
· Shareholder approval at the General Meeting to facilitate the raising of additional capital;
· Payment terms with certain creditors at the Zulu project; and
· Implementing one of the following key options regarding the Zulu project, collectively herein referred to as the ("Investments"):
Ø Bringing Zulu into full production;
Ø Securing additional funding from a secondary off-take partner;
Ø The possible sale of Zulu in its entirety,
Ø Secure an investment partner into Zulu via a partial sale;
Ø Enter into a Joint Venture; or
Ø The installation of the additional spodumene float plant based on self-funding and retention of ownership.
The Board continues to believe that it has a valuable asset in Zulu, with an estimated fair value in accordance with the prepayment and offtake agreement is US$100 million.
In the event that none of the Investments conclude or Premier doesn't receive the required support from it next General Meeting of shareholders and if the Company is unable to obtain additional finance for the Group's working capital and capital expenditure requirements, a material uncertainty may exist which could cast significant doubt on the ability of the Group to continue as a going concern and therefore be unable to realise its assets and settle its liabilities in the normal course of business.
3. SEGMENTAL REPORTING
Segmental information is presented in respect of the information reported to the Directors. The segmental information reports the revenue generating segments of RHA Tungsten Private Limited ("RHA"), that operates the RHA Tungsten Mine, and Zulu Lithium Private Limited ("Zulu"). The RHA segment derives income primarily from the production and sale of wolframite concentrate. All other segments are primarily focused on exploration and on administrative and financing segments. Segmental results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.
By operating segment
Unallocated Corporate
RHA Tungsten Mine Zimbabwe and RHA Mauritius*
Exploration Zulu Lithium Zimbabwe and Zulu Mauritius
Total continuing operations
June 2026
$ 000
$ 000
$ 000
$ 000
Result
Revenue
-
-
-
-
Operating loss / (income)
712
28
3,412
4,152
Other income
-
-
(252)
(252)
Fair value movement on investment
-
-
-
-
Impairment of Property Plant & Equipment
-
-
-
-
Finance charges
2,970
-
-
2,970
Impairment of investments and
loans receivable-
-
-
-
Loss before taxation
3,683
28
3,159
6,870
Assets
Exploration and evaluation assets
123
-
4,563
4,686
Investments
-
-
-
-
Property, plant and equipment
29
1
54,184
54,214
Loans receivable
340
-
-
340
Inventories
-
-
675
675
Trade and other receivables
223
10
1,500
1,733
Cash
73
-
707
780
Total assets
788
11
61,629
62,428
Liabilities
Other financial liabilities
-
-
-
-
Borrowings
(180)
-
-
(180)
Bank overdraft
-
-
-
-
Trade and other payables
(52,299)
(12)
(8,067)
(60,378)
Provisions
-
(360)
-
(360)
Total liabilities
(52,479)
(372)
(8,067)
(60,918)
Net assets
(51,691)
(361)
53,562
1,510
Other information
Depreciation and amortisation
28
-
2,420
2,448
Property plant and equipment additions
1,145
-
1,076
2,221
Costs capitalised to intangible assets
123
-
4,563
4,686
By operating segment
Unallocated Corporate
RHA Tungsten Mine Zimbabwe and RHA Mauritius*
Exploration Zulu Lithium Zimbabwe and Zulu Mauritius
Total continuing operations
December 2025
$ 000
$ 000
$ 000
$ 000
Result
Revenue
-
-
-
-
Operating loss / (income)
2,577
42
6,213
8,832
Other income
-
-
(33)
(33)
Fair value movement on investment
-
-
-
-
Impairment of Property Plant & Equipment
-
-
1,375
1,375
Finance charges
5,435
-
50
5,485
Impairment of investments and
loans receivable2,539
-
-
2,539
Loss before taxation
10,552
42
7,604
18,198
Assets
Exploration and evaluation assets
123
-
4,563
4,686
Investments
-
-
-
-
Property, plant and equipment
36
-
53,836
53,872
Loans receivable
318
-
-
318
Inventories
-
-
653
653
Trade and other receivables
223
10
1,524
1,757
Cash
11
-
19
30
Total assets
711
10
60,595
61,316
Liabilities
Other financial liabilities
-
-
-
-
Borrowings
(180)
-
-
(180)
Bank overdraft
-
-
-
-
Trade and other payables
(50,270)
(12)
(9,844)
(60,126)
Provisions
-
(360)
-
(360)
Total liabilities
(50,450)
(372)
(9,844)
(60,666)
Net assets
(49,739)
(362)
50,751
650
Other information
Depreciation and amortisation
21
-
2,145
2,166
Property plant and equipment additions
-
-
452
452
Costs capitalised to intangible assets
123
-
4,563
4,686
By operating segment
Unallocated Corporate
RHA Tungsten Mine Zimbabwe and RHA Mauritius*
Exploration Zulu Lithium Zimbabwe and Zulu Mauritius
Total continuing operations
June 2025
$ 000
$ 000
$ 000
$ 000
Result
Revenue
-
-
-
-
Operating loss / (income)
1,303
20
2,251
3,574
Other income
-
-
(4)
(4)
Fair value movement on investment
-
-
-
-
Impairment of Property Plant & Equipment
-
-
-
-
Finance charges
4,120
-
4
4,124
Impairment of investments and
loans receivable-
-
-
-
Loss before taxation
5,423
20
2,251
7,694
Assets
Exploration and evaluation assets
123
-
4,563
4,686
Investments
-
-
-
-
Property, plant and equipment
57
-
55,586
55,643
Loans receivable
335
-
-
335
Inventories
-
-
713
713
Trade and other receivables
4,005
10
1,339
5,354
Cash
(5)
-
34
29
Total assets
4,515
10
62,235
66,760
Liabilities
Other financial liabilities
-
-
-
-
Borrowings
(180)
-
-
(180)
Bank overdraft
-
-
-
-
Trade and other payables
(54,080)
(12)
(6,248)
(60,340)
Provisions
-
(360)
-
(360)
Total liabilities
(54,260)
(372)
(6,248)
(60,880)
Net assets
-49745
-362
55987
5880
Other information
Depreciation and amortisation
21
-
616
637
Property plant and equipment additions
-
-
3,047
3,047
Costs capitalised to intangible assets
446
-
-
446
* Represents 100% of the results and financial position of RHA whereas the Group owns 49%.
4. INTANGIBLE EXPLORATION AND EVALUATION ASSETS
Exploration & Evaluation assets
Total
$ 000
$ 000
Opening carrying value 1 January 2025
4,686
4,686
Expenditure on Exploration and evaluation
-
-
Closing carrying value 30 June 2025
4,686
4,686
Expenditure on Exploration and evaluation
-
-
Closing carrying value 31 December 2025
4,686
4,686
Expenditure on Exploration and evaluation
-
-
Closing carrying value 30 June 2026
4,686
4,686
5. INVESTMENTS
Vortex Limited
Manganese
Total
Namibian
Holdings
$ 000
$ 000
$ 000
Available-for-sale:
Opening carrying value 1 January 2025
-
-
-
Shares acquired
-
-
-
Closing carrying value 30 June 2025
-
-
-
Shares acquired
-
-
-
Closing carrying value 31 December 2025
-
-
-
Shares acquired
-
-
-
Impairment of investments
-
-
-
Closing carrying value 30 June 2026
-
-
-
Reconciliation of movements in investments
Opening carrying value 1 January 2025
-
-
-
Acquisition at fair value
-
-
-
Carrying value at 30 June 2025 and 31 December 2025
-
-
-
Acquisition at fair value
-
-
-
Impairment of investments
-
-
-
Carrying value at 30 June 2026
-
-
-
Premier's investment in Vortex is classified as FVOCI and as such is required to be measured at fair value at each reporting date. As Vortex is unlisted there are no quoted market prices. The fair value of the Circum shares held by Vortex was derived using the previous issue price and validating it against the most recent placing price on 30 December 2022. During the year ended 31 December 2024, the Ethopian Government revoked Circum's mining licence. Circum's directors have instituted legal action against the Government, however, pending a favourable legal resolution, Premier's board of directors have fully impaired the investment in Circum Minerals.
The shares are considered to be level 3 financial assets under the IFRS 13 categorisation of fair value measurements. Premier continues to hold 5,010,333 shares in Vortex currently valued in total at $0 million.
Premier's investment in MN Holdings Limited ('MNH') is classified as an FVOCI as such is required to be measured at fair value at the reporting date. As MNH is unlisted there are no quoted market prices. The Fair value of the MNH shares as at 30 June 2026 and 31 December 2024 was based on most recent unaudited financial statements of MNH. These financial statements showed significant operating losses. Accordingly, Premier's investment in MNH has been fully impaired as at 31 December 2022.
6. PROPERTY, PLANT AND EQUIPMENT
Mine Development
Plant and Equipment
Land and Buildings
Capital Work-in-Progress
Total
$ 000
$ 000
$ 000
$ 000
$ 000
Cost
At 1 January 2025
13,975
50,743
2,974
9,064
76,756
Additions
-
-
-
331
331
At 30 June 2025
13,975
50,743
2,974
9,395
77,087
Transfer from Capital Work in Progress
-
-
-
-
-
Additions
-
14
-
438
452
At 31 December 2025
13,975
50,757
2,974
9,502
77,208
Foreign Currency Translation effect
-
-
-
-
-
Additions
-
35
-
589
624
At 30 June 2026
13,975
50,792
2,974
10,091
77,832
Accumulated Depreciation and Impairment Losses
At 1 January 2025
8,422
11,190
1,558
-
21,170
Charge for the year
-
210
64
-
274
Impairment of Zulu PPE
-
-
-
-
-
At 30 June 2025
8,422
11,400
1,622
-
21,444
Charge for the year
-
397
120
-
517
Impairment of Zulu PPE
-
1,145
-
230
1,375
At 31 December 2025
8,422
12,942
1,742
230
23,336
Foreign Currency Translation effect
-
-
-
-
-
Charge for the year
-
218
64
-
282
Impairment of Zulu PPE
-
-
-
-
-
At 30 June 2026
8,422
13,160
1,806
230
23,618
Net Book Value
At 30 June 2025
5,553
39,343
1,352
9,395
55,643
At 31 December 2025
5,553
37,815
1,232
9,272
53,872
At 30 June 2026
5,553
37,632
1,168
9,861
54,214
7. LOANS RECEIVABLE
31 December
Six months to
Six months to
2025
30 June 2026
30 June 2025
(Audited)
$ 000
$ 000
$ 000
Li3 Lithium Corp
340
335
318
340
335
318
During six months to 30 June 2026, the Group advanced $0.025 million (2025: $0.034 million) to the Group's joint venture with Li3 Lithium Corp to develop the Licomex claims. The loan value represents the amount due by Li3 Lithium Corp's in excess of their share of the expenses incurred on this project.
8. BORROWINGS
31 December
Six months to
Six months to
2025
30 June 2026
30 June 2025
(Audited)
$ 000
$ 000
$ 000
Loan - joint venture partner - Li3 Lithium Corp
-
-
-
Loan - Neil Herbert
180
180
180
180
180
180
31 December
Six months to
Six months to
2024
30 June 2026
30 June 2024
(Audited)
$ 000
$ 000
$ 000
Reconciliation of movement in borrowings
As at 1 January
180
180
180
Investment by joint venture partner - Li3 Lithium Corp
-
-
-
Loans received
-
-
-
Accrued interest
-
-
-
Total
180
180
180
Current
180
180
180
Non-current
-
-
-
180
180
180
Borrowings comprise loans from a related party and a non-related party.
Neil Herbert, a former director of the Company, made available a loan of US$180,000 to the Company in August 2021. Under the terms of the Director Loan, the loan is both unsecured and will not attract any interest and is repayable in full by the Company on the signing of a new off-take agreement at Otjozondu. The purpose of the Director Loan was to provide funding to Premier to allow an amendment to the Otjozondu Loan while Premier, acting collectively with Otjozondu, looked to secure the best possible off-take funding package.
At 30 June 2026 the off-take funding had not been secured and Mr. Herbert has agreed to the deferment of the repayment of the loan until such off-take agreement has been secured.
Premier entered into a joint venture agreement with Li3 Lithium Corp (Li3) for the purpose of prospecting for additional lithium bearing ore in Zimbabwe. The net investment by Li3 represents the net amount due to Li3 after apportioning all expenses and amounts invested by both Premier and Li3.
9. SHARE CAPITAL
Authorised share capital
The total number of voting rights in the Company on the 30 June 2026 was 43,303,760,981.
Issued share capital
Number of Shares
Value
'000
$ 000
As at 1 January 2025
36,027,719
107,374
Shares issued under subscription agreement
2,700,000
672
Shares issued on conversion of fees
1,099,909
300
Shares issued under subscription agreement
4,800,000
777
Shares issued on conversion of fees
1,840,000
477
Shares issued under subscription agreement
4,500,000
2,098
Shares issued under subscription agreement
13,125,000
2,137
Shares issued on conversion of fees
416,666
67
As at 30 June 2025
64,509,294
113,902
Shares issued on conversion of fees
5,757,500
1,144
Shares issued on conversion of interest
5,741,314
940
Shares issued on conversion of interest
1,666,667
270
Shares issued under subscription agreement
6,000,000
1,864
Shares issued on conversion of interest
1,184,253
368
Total number of shares in issue prior to share consolidation
84,859,028
Share consolidation - 10 old shares for 1 new share
8,485,903
Shares issued under subscription agreement
869,565
661
Shares issued on conversion of interest
134,320
104
As at 31 December 2025
9,489,788
119,252
Number of Shares
Value
'000
$ 000
As at 31 December 2025
9,489,788
119,252
Shares issued under subscription agreement
3,826,666
1,566
Shares issued on conversion of interest
591,097
243
Shares issued for creditor settlement
303,768
78
Shares issued on conversion of interest
46,922
13
Shares issued for creditor settlement
540,541
134
Shares issued under subscription agreement
2,702,703
666
Shares issued under subscription agreement
5,952,381
993
Shares issued on conversion of interest
1,486,477
252
Shares issued for creditor settlement
427,595
78
Shares issued under subscription agreement
7,352,941
1,360
Shares issued under subscription agreement
5,405,406
1,343
Shares issued for creditor settlement
1,177,476
292
Shares issued under subscription agreement
4,000,000
988
As at 30 June 2026
43,303,761
127,258
Reconciliation to balances as stated in the consolidated statement of financial position
Issued
Share Issue
Share Capital
Share Capital
Costs
(Net of Costs)
$ '000
$ '000
$ '000
As at 31 December 2024 - Audited
107,374
(6,106)
101,268
Shares issued
6,529
(392)
6,137
As at 30 June 2025
113,903
(6,498)
107,405
Shares issued
5,349
(70)
5,279
As at 31 December 2025 - Audited
119,252
(6,568)
112,684
Shares issued
8,006
(273)
7,733
As at 30 June 2026
127,258
(6,841)
120,417
10. OTHER INCOME
31 December
Six months to
Six months to
2025
30 June 2026
30 June 2025
(Audited)
$ 000
$ 000
$ 000
(Loss) / Profit on disposal of PPE
-
4
-
Sundry Revenue
252
-
33
252
4
33
11. TAXATION
There is no taxation charge for the period ended 30 June 2026 (30 June 2025 and 31 December 2025: Nil) because the Group is registered in the British Virgin Islands where no corporate taxes or capital gains tax are charged. However, the Group may be liable for taxes in the jurisdictions of the underlying operations.
The Group has incurred tax losses in Zimbabwe; however, a deferred tax asset has not been recognised in the accounts due to the unpredictability of future profit streams.
The Group operates across different geographical regions and is required to comply with tax legislation in various jurisdictions. The determination of the Group's tax is based on interpretations applied in terms of the respective tax legislations and may be subject to periodic challenges by tax authorities which may give rise to tax exposures.
12. LOSS PER SHARE
The calculation of loss per share is based on the loss after taxation attributable to the owners of the parent divided by the weighted average number of shares in issue during each period.
31 December
Six months to
Six months to
2025
30 June 2026
30 June 2025
(Audited)
(Unaudited)
(Unaudited)
(Audited)
$ '000
$ '000
$ '000
Net profit / (loss) attributable to owners of the company ($'000)
(6,659)
(7,476)
(17,775)
Weighted average number of Ordinary Shares in calculating
basic earnings per share ('000)
12,872,476
64,092,628
9,489,788
Basic earnings / (loss) per share (US cents)
(0.052)
(0.012)
(0.187)
As the Group incurred a loss for the period, there is no dilutive effect from the share options and warrants in issue or the shares issued after the reporting date.
13. EVENTS AFTER THE REPORTING DATE
On the 7th of July 2026, Canmax Technologies Co. Ltd elected to convert $0.628 million of accrued interest into equity through the issuance of 2,770,506,833 new ordinary shares in the Company.
On the 29th of July 2026 the Company raised £550,000 before expenses through the issue of 4,000,000,000 new ordinary shares.
On the 14th of September 2026 Canmax Technologies Co. Ltd extended the long-stop date to 31 December 2026 and the Company signed a subordination agreement in favour Canmax Technologies Co. Ltd to formalise the existing arrangement, whereby the repayment of the existing loans by the Company to Zulu are deferred until Canmax's offtake funding has been settled in full.
ENDS
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