REG - Premier African Min. - Corporate Update

Premier African MineralsAnnouncement

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RNS Number : 8901U  Premier African Minerals Limited  02 March 2026

2 March 2026

Premier African Minerals Limited

 

Corporate Update

Zulu Lithium New Flotation Plant - update on delivery and installation date

Comment on recent announcement on lithium exports in Zimbabwe

 

Premier African Minerals Limited ("Premier" or the "Company") is pleased to
provide the following corporate update in respect of the Zulu Lithium and
Tantalum Project ("Zulu").

 

Graham Hill, Managing Director, commented, "I am extremely pleased to report
that following a short delay from the timetable previously announced and after
several weeks of planning and mobilisation we now expect the new spodumene
flotation plant to arrive on site on Tuesday, 3 March. The specialist
installation engineer from the manufacturer is expected to arrive on site on
today. The Zulu team stands ready to begin assembly of the plant, as soon as
it arrives, on the foundations already constructed with commissioning and
optimisation alongside other specialists from the manufacturer scheduled for
Q2 2026.

 

In the meantime, and in response to certain recent announcements by the
Ministry of Mines and Mining Development ("Ministry") regarding the suspension
of lithium concentrate and raw mineral exports with immediate effect, we are
maintaining dialogue with the Ministry and remain aligned with Zimbabwe's
beneficiation objectives, having previously presented our value addition
roadmap for Zulu. This suspension is understood to target specific issues, and
we do not consider that it will create and problems for future production from
Zulu."

 

Flotation Plant Delivery and Installation

Further to the announcement on 11 February 2026 concerning the procurement,
installation and commissioning contract for the 15-20 tonnes per hour
spodumene flotation circuit, the Company is now expecting that the complete
flotation plant is expected to be delivered at Zulu on or around Tuesday, 3
March 2026. An installation engineer from Xinhai Technology Processing is
scheduled to arrive at Zulu today. The Company will confirm when the plant has
arrived and notwithstanding that will update Shareholders at the Annual
General Meeting this coming Wednesday. This spodumene flotation circuit will
replace the previous spodumene flotation circuit with the balance of the
processing plant, ahead of the spodumene flotation circuit being retained.

 

Additional materials for construction of access walkways, electrical cables,
etc. is being separately purchased by Zulu as part of the plan and will be
delivered during the course of the assembly of the new plant. The Company
continues to target commissioning of the new flotation circuit during Q2 2026.

 

Zimbabwe Lithium Export Suspension

 

The Company notes the recent announcement by the Ministry regarding the
suspension of lithium concentrate and raw mineral exports with immediate
effect.

 

Premier confirms that it is fully aware of the recent regulatory development
and remains in open dialogue with the Ministry in respect of the suspension
and the framework for future product shipments from Zulu following
commissioning of the flotation plant.

 

The Company further confirms that during 2024 it formally engaged with the
Ministry and presented its proposed beneficiation and value addition strategy
for Zulu. That engagement included outlining the Company's longer-term
processing and optimisation plans designed to enhance in-country value
addition and the Company will continue to engage with the Ministry to ensure
alignment between Zulu's operational roadmap and Zimbabwe's evolving
beneficiation policy framework.

 

The Board does not currently envisage, on the basis that their understanding
is that the ban is targeted at specific issues, that the recent suspension
will impede Zulu's future commercial production strategy as the Company
progresses installation and commissioning of the flotation plant. However, it
will give an update on this matter as and when the situation is clarified.

 

Market Abuse Regulations

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 ("UK MAR").

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, www.premierafricanminerals.com
(http://www.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

 

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.

 

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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