REG - Premier African Min. - Funding

Premier African MineralsAnnouncement

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RNS Number : 1723Y  Premier African Minerals Limited  26 March 2026

26 March 2026

Premier African Minerals Limited

 

Funding

Premier African Minerals Limited ("Premier" or the "Company") is pleased to
announce that it has today raised approximately £750,000 before expenses
through the issue of new ordinary shares of nil par value in the capital of
the Company (the "Subscription Shares") at an issue price of 0.0126 pence per
new ordinary share (the "Issue Price") (the "Subscription").

Following the Company's operational update announced on 25 March 2026 in
relation to the Zulu Lithium and Tantalum Project ("Zulu"), which highlighted
the continued and positive progress being made in the installation and
development of the Xinhai flotation plant, it remains essential that Premier
continues to support all essential operational requirements across both
Premier and Zulu. In particular, the funding will support ongoing operational
activities and the continued installation and commissioning of the Xinhai
Flotation Plant, with the objective of advancing Zulu through the
commissioning and optimisation phases towards the production of spodumene
concentrate at commercially acceptable grades and recoveries.

Graham Hill, Managing Director, commented: "We are very encouraged by the
continued and tangible progress being made at the Zulu Lithium Project,
particularly with the installation and advancement of the Xinhai flotation
plant. The coordination between our on-site team and the manufacturer's
engineer has been strong, and we are now approaching a critical phase of
construction completion and now detailed planning of commissioning becomes a
clear focus. There is a growing sense that we are on the brink of turning an
important corner operationally.

At the same time, we remain acutely aware of the broader market backdrop.
Geopolitical uncertainty, volatility in capital markets and the continued
pressure on junior resource equities have all contributed to challenging
funding conditions, often reflected in the discounts required to secure
capital. Whilst these dynamics are not unique to Premier, they do influence
market perception, often disproportionately to both the underlying progress
being made on the ground and the value of projects.

Notwithstanding these external factors, the Board remains firmly of the view
that the steps being taken, including this fundraise, represent the most
responsible course of action to ensure operational continuity, advance the
Xinhai flotation plant through commissioning, and position Zulu for stable
production. We believe that delivering consistent, demonstrable operational
performance is the most effective way to shift market perception and unlock
more sustainable funding options going forward.

Our focus remains unchanged, to bring Zulu into steady-state production,
establish a reliable and saleable spodumene concentrate, and in doing so,
create a platform from which shareholder value can be rebuilt and grown".

Subscription

 

Premier has today issued by way of a Company arranged direct subscription
("Subscription"), conditional on admission, 5,952,380,952 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 issue of the Subscription 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 ongoing commissioning 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 has been made for the Subscription Shares, to be admitted to
trading on AIM and admission is expected to take place on or around 1 April
2026.

 

Total Voting Rights

 

Following the issue of the Subscription Shares, the Company's issued share
capital will consist of 23,453,866,052 ordinary shares with voting rights.

 

This figure may be used by shareholders as the denominator for the purposes of
calculating whether they are required to notify an interest in, or any change
to an interest in, the Company's share capital under the Financial Conduct
Authority's Disclosure and Transparency Rules.

 

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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