REG - Premier African Min - Funding of Ongoing Zulu Plant Optimisation

Premier African MineralsAnnouncement

15/05/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230515:nRSO3403Za&default-theme=true

RNS Number : 3403Z  Premier African Minerals Limited  15 May 2023

Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining

For immediate release

 

15 May 2023

Premier African Minerals Limited

 

Funding of Ongoing Zulu Plant Optimisation

 

The Board of Premier African Minerals Limited ("Premier" or the "Company") is
pleased to announce a placing today to raise £1,759,500 before expenses at an
issue price of 0.925 pence per new ordinary share for the ongoing Zulu Lithium
and Tantalum Project ("Zulu") Pilot Plant Optimisation.

The Company is also pleased to report that the plant is now producing
concentrate from both the spodumene and mica floatation circuits.

George Roach, CEO commented: "Work on optimisation of the plant and process
control procedures to achieve nameplate throughput will remain the sole focus
of Zulu.

 

Mining operations continue to encourage with both grade and ore body
definition meeting our expectations. At the same time, exploration activities
outside of the current mining operations have identified additional spodumene
dominant pegmatites not included in the resource currently being mined.

 

Similarly, our joint venture partner at our Mutare Project (as announced on
the 25 April 2022) has indicated to us that early trenching has uncovered
substantial pegmatites and we look forward to reporting on results from that
activity in the near future."

 

Placing

 

Premier has today issued by way of a placing ("Placing"), conditional on
admission, 190,216,216 new ordinary shares of nil par value ("Placing Shares")
at a Placing price of 0.925 pence per Placing Share. The Placing Shares will,
when issued, rank pari passu in all respects with the existing ordinary
shares. CMC Markets UK Plc ("CMC Markets"), acted as the Company's sole
placing agent in respect of the Placing.

 

Application will be made for the Placing Shares to be admitted to trading on
AIM and admission is expected to take place on or around 19 May 2023.

 

The Placing has been arranged within the Company's existing share authorities.
Premier intends to use the proceeds of the placing principally to assist with
further operational funding of the ongoing optimisation operations at Zulu and
general working capital purposes necessary for the Group.

 

Total Voting Rights

Following the issue of the Placing Shares, the Company's issued share capital
consists of 22,770,103,177 Ordinary Shares, with voting rights. This figure
may be used by shareholders in the Company as the denominator for the
calculation by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of the
Company under the Financial Conduct Authority's Disclosure and Transparency
Rules.

 

Qualified Person

 

Bruce Cumming, geologist with Premier, has reviewed and approved this release
to the extent that reference is made to Zulu. Mr. Cumming is a SACNASP and
GSSA registered geoscientist with 46 years' experience in exploration and
project management, in multicommodity projects throughout Africa.

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.

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)

 John More/Toby Gibbs                Shore Capital Stockbrokers Limited  Tel: +44 (0) 20 7408 4090

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.

Glossary of Technical Terms:

 "Floatation circuits"  Flotation circuits are a common technology for the concentration of a broad
                        range of minerals. Froth flotation is based on differences in the ability of
                        air bubbles to adhere to specific mineral surfaces in a solid/liquid slurry.
 "Micas"                Micas are a group of silicate minerals whose outstanding physical
                        characteristic is that individual mica crystals can easily be split into
                        extremely thin elastic plates.
 "Pegmatite"            Is an exceptionally coarse-grained igneous rock, with interlocking crystals,
                        usually found as irregular dikes, lenses, or veins, esp. at the margins of
                        granitic intrusions.

 "Spodumene"            A white to pink coloured lithium bearing mineral (LiAlSi2O6).

 

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. The
Company holds 5,010,333 shares in Circum Minerals Limited, the owners of the
Danakil Potash Project in Ethiopia, which has the potential to be a world
class asset.

 

In addition, the Company holds a 19% interest in MN Holdings Limited, the
operator of the Otjozondu Manganese Mining Project in Namibia.

END

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCNKQBQKBKBBPD