REG - Premier African Min. - Funding

Premier African MineralsAnnouncement

21/01/2026 07:00

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RNS Number : 6834P  Premier African Minerals Limited  21 January 2026

21 January 2026

Premier African Minerals Limited

 

Funding

 

Premier African Minerals Limited ("Premier" or the "Company") is pleased to
announce a subscription today to raise £1 million before expenses at an
issue price of 0.03 pence per new ordinary share ("Issue Price") for
the Zulu Lithium and Tantalum Project ("Zulu").

 

In addition, the Company has settled £0.140 million of supplier's invoices
and certain accrued but unpaid salaries of former directors through the issue
of new ordinary shares in the Company, also at the Issue Price.

Premier's principal priority and the basis of this funding is firstly, to
complete the purchase of the 15-20 TPH flotation cell plant manufactured by
Xinhai Technology Processing EPC ("Xinhai Flotation Plant") with the objective
of enabling Zulu to produce product at commercially acceptable levels of grade
and recovery. Secondly, to part fund certain operating expenses at Zulu as
part of the installation of the Xinhai Flotation Plant and ongoing creditor
management.

Graham Hill, Managing Director, commented, "I am delighted that we have been
able to progress with this subscription to enable us to advance the project to
install the new flotation plant. I am confident this will provide Zulu with
the opportunity to progress to commercial production in the shortest possible
time. I would like to thank the whole team for staying focussed on the needs
of the Company and the future of Zulu".

 

Subscription and Contractor Settlement

Premier has today issued by way of a Company arranged direct subscription
("Subscription"), conditional on admission, 3,333,333,333 new ordinary shares
of nil par value ("Subscription Shares") at the Issue Price per Subscription
Share. The Subscription Shares will, when issued, rank pari passu in all
respects with the existing ordinary shares.

The Company has also today settled creditor invoices totalling £0.088 million
through the issue of 293,333,333 new ordinary shares in the Company at the
Issue Price, together with a further £60,000 owed in respect of accrued but
unpaid salaries and payments owing to former consultants and directors,
through the issue of a further 200,000,000 new ordinary shares in the Company
at the Issue Price (representing 1.5% of the issued share capital), amounting
in aggregate to 493,333,333 new ordinary shares (the "Settlement Shares").

 

The issue of the Subscription and Settlement Shares, which in aggregate amount
to 3,826,666,666 new ordinary shares (the "New Shares"), has been arranged
within the Company's existing share authorities. Premier intends to use the
proceeds of the Subscription principally to assist with the purchase of Xinhai
Flotation Plant, operating expenses at Zulu, and the management of essential
creditors at Zulu and to provide general working capital for Premier.

 

Admission

 

Application is being made for the New Shares, to be admitted to trading on AIM
and admission is expected to take place on or around 27 January 2026.

 

Total Voting Rights

 

Following the issue of the New Shares, the Company's issued share capital
consists of 13,316,454,605 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.

 

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
(https://url.avanan.click/v2/r02/___http:/www.premierafricanminerals.com/___.YXAxZTpzaG9yZWNhcDphOm86NDU5OGU0ZDgzYTJhOTIyZjliOTk4ODJkZWFmNTJlZTg6NzphYTg0Ojc2YzFhOGFhN2NmNjk2OWY1NzlkYTNjNGExM2ExZGI0YjBlNDMyYWVlZjg2ZTAxZmQ2NTc0OTRjODZiMzE5MDY6cDpUOk4)
.

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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