REG - Premier African Min. - Corporate Update

Premier African MineralsAnnouncement

19/01/2026 07:00

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RNS Number : 3970P  Premier African Minerals Limited  19 January 2026

19 January 2026

Premier African Minerals Limited

Corporate Update

 

Premier African Minerals Limited ("Premier" or the "Company") is pleased to
announce that it has entered into a mutual release and settlement agreement
(the "Settlement Agreement") with J R Goddard Contracting (Private) Limited
("JRG"), in relation to the Writ of Execution for Movable Property at the Zulu
Lithium and Tantalum Project ("Zulu Lithium") as announced on the 23 December
2025.

Godfrey Manhambara, Chairman, commented, "The Board of Premier is pleased to
confirm JRG's agreement to stay execution and views the Settlement Agreement
as a highly positive outcome, providing  future certainty and enabling the
Company to progress its funding and operational initiatives at Zulu Lithium,
whilst simultaneously giving opportunity for the active strengthening of the
Board through planned future director appointments."

Settlement Agreement

Under the terms of the Settlement Agreement, Premier and Zulu Lithium have
agreed to settle JRG's entire claim in the aggregate amount of US$2.4 million,
together with interest accruing at the applicable judgment rate on a reducing
balance. The settlement amount is payable by way of an initial payment of
US$400,000 due on or before 30 January 2026, followed by a series of monthly
instalments through to November 2026. The Settlement Agreement provides for
the suspension of enforcement action by JRG for so long as Premier and Zulu
Lithium remain fully compliant with the agreed payment schedule.

The Settlement Agreement constitutes a forbearance arrangement only and does
not represent a novation or waiver of JRG's existing rights until the
settlement amount has been paid in full.

Board Composition

Following the announcement of the Board change on 5 January, the Board
recognises the need to strengthen its composition as soon as practicable and
accordingly, the Board is actively reviewing and progressing the appointment
of additional directors.

The Board's objective is on identifying technically focused candidates with
the capacity to make a real contribution, and with relevant market experience
to support the next phase of development at Zulu Lithium. This process is
being treated as a priority, and the Board will provide further updates to
shareholders 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 Godfrey Manhambara.

 

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 encompassing brownfield
projects with near-term production potential to grass-roots exploration.

 
Ends

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