REG - Premier African Min. - Corporate Update

Premier African MineralsAnnouncement

10/12/2025 11:45

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RNS Number : 0403L  Premier African Minerals Limited  10 December 2025

10 December 2025

Premier African Minerals Limited

Corporate Update

 

Premier African Minerals Limited ("Premier" or the "Company") provides the
following update on the Company's funding plans and creditors of both the
Company and Zulu Lithium Private Limited ("Zulu Lithium").

Funding update

As set out in the notice of General Meeting announced on 15 October 2025 ("GM
Notice"), the Board was seeking shareholder approval for the disapplication of
such number of shares to allow the Company to proceed with Phase 5
"Pre-production Readiness" and to also meet certain immediately due creditor
payments. The utilisation of funds was broken down into the following
essential categories:

                                                                               Item total          Category total
 Normal Operating Expenses                                                                          $        1,908,400
 Group excluding Zulu                                                          $      592,400
 Zulu                                                                          $   1,316,000
 Plant Operating Costs including the Secondary conventional floatation plant                        $        1,415,500
 installation
 Settlement of outstanding debts                                                                    $        2,975,100
  Total                                                                                             $        6,299,000

 

This budget did not deal with operating costs under normal production after
completion of Phase 5. It was also noted in the GM Notice that the payment
arrangements for outstanding debts did not call for immediate payment of the
amounts set out above.

Following approval of the enabling resolutions at the adjourned General
Meeting on 19 November 2025, the Company conducted an interim fundraising to
raise approximately £500,000 before expenses to support essential
consumables at Zulu's camp and to provide general working capital for Premier
and allow for necessary preparation to commence for the Xinhai Flotation
Plant. The Interim funding did not provide the full funds identified in the GM
Notice, and the Company still intends to conduct a further funding to settle
the identified obligations as set out further below.

The Company has recently received correspondence from JR Goddard Contracting
("Creditor") demanding payment of US$2.3 million to them before enforcing a
previously stayed judgement of US$2.5 million ("Demand"). At the time of the
judgement, the total due amounted to US$3.985 million. Premier has since paid
US$2.1 million in settlement of the judgement amount.

Discussions with the Creditor remain ongoing, and the Company is seeking to
reach a commercial resolution.

Current trading

As at 30 November 2025, unaudited total group liabilities (including amounts
due to the Offtake Partner under the Offtake and Prepayment Agreement of
$46.568 million including unsettled interest of $11.9 million) amounted to
$62.143 million, of which group trade creditors including unpaid salaries
amounted to approximately $15.035 million.

Premier has limited funds and must secure additional financing arrangements to
meet its payment commitments and obligations as they fall due. The Company
considers that a further extension of the Long Stop Date under the amended
Offtake and Prepayment Agreement announced on 1 April 2025 is also an
essential part to raising the further funding required, although there can be
no guarantee at this time as to what further variations to the Long Stop Date
may be agreed between the parties. As announced on 24 December 2024, Premier
also provided the Offtake Partner with an extension of their existing security
by providing a fixed charge over the shares of Zulu Lithium (but with no
security over Premier's other assets or projects) ("Security").

Shareholders should note there is further no guarantee that the further
funding will be secured on terms acceptable to the Company and in the event
that further funding arrangements cannot be secured within the required
timeframe and on acceptable terms, this could have a material adverse effect
on both Zulu Lithium and the financial position of the Company as a whole
which could cast significant doubt on the Group's ability to continue as a
going concern.

A further announcement will be made as appropriate.

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 Graham Hill.

 

A copy of this announcement is available at the Company's website,
https://premierafricanminerals.com/ (https://premierafricanminerals.com/) .

 

Enquiries:

 

 Graham Hill                         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

 

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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