REG - Premier African Min. - Corporate Update

Premier African MineralsAnnouncement

20/05/2025 15:00

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RNS Number : 4581J  Premier African Minerals Limited  20 May 2025

20 May 2025

Premier African Minerals Limited

Corporate Update

 

Premier African Minerals Limited ("Premier" or the "Company") announces that
George Roach and Premier have today agreed to mutually terminate his
consultancy agreement as both the Chief Executive Officer ("CEO") and a
director of the Company in accordance with the terms of the consultancy
agreement entered into on the 12 December 2012 ("Executive Service
Agreement").

George Roach, CEO, said, "It has been an incredible journey to see this
business develop and what has been accomplished since I founded Premier in
2007. Following the announcement on the 1 April 2025, Premier now has an
opportunity to remedy the last remaining element of the plant not yet fully
commissioned and demonstrate definitively the potential that the Zulu Lithium
and Tantalum Project has  to be a world class producer of Spodumene
concentrate and other associated bye products.

In July 2023 I indicated to the Board and our shareholders that it was time
for me to step down and that a new CEO be appointed. With our prepayment and
offtake partner support in both the lifting of the long stop date and future
funding it is as good a time as any to proceed with this change. To whatever
extent is necessary and required, I will offer support and assistance as
Premier embarks on this next and exciting step."

Godfrey Manhambara, Chairman, commented: "On behalf of the Board and everyone
at the Company, I would like to thank George Roach for his support over the
years, both in terms of the vital contribution to the founding of Premier and
the years of development that have been achieved since. It is fundamental to
acknowledge that without his passion, drive and devotion Premier wouldn't have
been able to build two mines under his management and guidance.

Premier wishes George the best in his future endeavours and I personally look
forward to working with him closely during the next three months to ensure
that an orderly transition and handover can be achieved."

Executive Service Agreement

Under the terms of the Executive Service Agreement, George Roach will continue
in his role as CEO and director for a further three calendar months with his
final day of service being the 31 August 2025 ("Notice Period"). The Notice
Period ensure an orderly handover and continuity while a replacement is
appointed

In accordance with the Company share dealing code, George Roach will be
classified as a good leaver, and he will have a 12-month period following the
Notice Period to exercise any previously awarded Options.

The Board has already begun the search for a replacement CEO or non-board
managing director and will make further announcements on the new executive
management team and any applicable Board appointments in due course.

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 (https://premierafricanminerals.com/)

 

Enquiries:

 

 George Roach                        Premier African Minerals Limited    Tel: +27 (0) 100 201 281
 Michael Cornish / Roland Cornish    Beaumont Cornish Limited            Tel: +44 (0) 20 7628 3396

                                     (Nominated Adviser)
 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
 Andrew Monk / Andrew Raca           VSA Capital                         Tel: +44 (0)20 3005 5000

 

Beaumont Cornish Limited, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting as nominated adviser to
the Company in relation to the matters referred herein. Beaumont Cornish
Limited is acting exclusively for the Company and for no one else in relation
to the matters described in this announcement and is not advising any other
person and accordingly will not be responsible to anyone other than the
Company for providing the protections afforded to clients of Beaumont Cornish
Limited, or for providing advice in relation to the contents of 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.

 

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.

 

Ends

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