REG - Premier African Min. - Interim Results
30/09/2025 14:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250930:nRSd4429Ba&default-theme=true
RNS Number : 4429B Premier African Minerals Limited 30 September 2025
30 September 2025
Premier African Minerals Limited
('Premier' or 'the Company')
Unaudited Interim Results for the six months ended 30 June 2025
Premier African Minerals Limited ("Premier" or the "Company") is pleased
to announce its unaudited interim results for the six months ended 30 June
2025 ("Period").
Statement from the Managing Director
Dear Shareholders,
The past six months have been a period of transition for Premier, and I am
pleased to report that the business is focused on building momentum. Having
reviewed my predecessor's comments in the 2024 Annual Financial Statements, I
do concur with much of the historic summation. However, our focus is firmly on
the future, in particular the current ongoing plant optimisation at Zulu and
our objective to position the Company for consistent production and growth.
While progress continues across Premier's wider portfolio, including active
negotiations at RHA Tungsten, our immediate priority remains Zulu. The
optimisation process is advancing and has already delivered some encouraging
results, but further refinements are required, and there can be no assurance
that the plant will consistently reach its designed performance within the
near term. The discussions around a potential revised offtake and associated
agreements as highlighted in recent announcements are also progressing and
potentially provide a pathway to secure the funding and strategic partnerships
needed to realise Zulu's full potential.
I am greatly encouraged by Zulu's fundamentals. Fundamentally, all successful
mines need an adequate Resource, and Zulu hosts an excellent resource which is
both a SAMREC and JORC compliant Mineral Resource Estimate, as well as
important further opportunities in the surrounding area and our various claims
that have now being registered within the EPO area. Zulu also benefits from
excellent infrastructure, utilities, market access, and the availability of
skilled expertise. These are the building blocks of a successful mine, and
Zulu has them in place.
The primary focus is now the plant. While Zulu was initially set back by the
underperformance of the original plant design and build, those challenges are
now firmly understood and to a large extent, manageable. In fact, the
optimisation steps undertaken over the past three months, including the
installation of flotation inserts, froth crowders and flow directors have
already resulted in a significant improvement in recoveries. Adjustments are
being made to address spodumene grade, and we are confident that continued
refinements, supported by the OEM, will bring further gains as the plant
steadily moves toward its designed performance.
The review of the secondary flotation plant is nearing completion as announced
on the 20 August 2025. Subject to the outcome of the current test run, we
expect to be in a position to update the market on whether the acquisition of
a secondary flotation plant will be required for ongoing operations in either
a primary or supplementary capacity to increase existing designed production
capacity.
Looking ahead, the key to unlocking Zulu's full production capacity lies in
the current discussions on a revised offtake agreement and securing the
complementary funding package. Our constructive engagement with the major
trading house referenced in previous announcements is ongoing with the shared
desire to see this through to final agreement both with Premier and
particularly with Canmax. Further site visits to Zulu are expected in the
coming weeks and and we look forward to updating shareholders.
Simultaneously, the multi-option approach discussed in the 2024 Annual
Financial Statements continues to be advanced as part of the Company strategy
for Zulu. Active negotiations around our other projects underline our belief
that we hold not only a flagship operation in Zulu but also a portfolio with
meaningful value to unlock.
In summary, Zulu has the resource, the infrastructure, and the market access
needed for long-term success. Optimisation is progressing, commercial
discussions are advancing, and the Board and I believe that Premier is taking
the necessary steps to restore value for shareholders.
The Period has been extensively reported within post financial year end events
in our annual financial statements that were released just a few months ago.
Our interim financial statements for the six-month period to 30 June 2025 are
set out below.
Financial and Statutory Information
The Group incurred an operating loss of US$7.687 million for the six months
ended 30 June 2025. The loss was principally due to the on-going overheads and
administration costs associated with the construction, installation and
optimisation of the Zulu Lithium mine in Zimbabwe. Cash at hand on 30 June
2025 was US$0.029 million.
Premier received continued financial support from its shareholders throughout
the period.
These interim statements to 30 June 2025 have not been reviewed by the
auditors.
Mr. Graham Hill
Managing Director
30 September 2025
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 Graham Hill.
For further information please visit www.premierafricanminerals.com
(http://www.premierafricanminerals.com) or contact the following:
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/Rachel Goldstein Shore Capital Stockbrokers Limited Tel: +44 (0) 20 7408 4090
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in 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.
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
EXPRESSED IN US DOLLARS
31 December
Six months to Six months to 2024
30 June 2025 30 June 2024 (Audited)
Notes $ 000 $ 000 $ 000
ASSETS
Non-current assets
Intangible assets 4 4,686 4,686 4,686
Investments 5 - 501 -
Property, plant and equipment 6 55,643 55,194 55,586
Loans receivable 7 335 275 284
60,664 60,656 60,556
Current assets
Inventories 713 775 628
Trade and other receivables 5,354 5,998 5,196
Cash and cash equivalents 29 243 12
6,096 7,016 5,836
TOTAL ASSETS 66,760 67,672 66,392
LIABILITIES
Non-current liabilities
Provisions - rehabilitation 360 360 360
360 360 360
Current liabilities
Trade and other payables 60,339 54,652 58,420
Borrowings 8 180 180 180
60,519 54,832 58,600
TOTAL LIABILITIES 60,879 55,192 58,960
NET ASSETS 5,881 12,480 7,432
EQUITY
Share capital 9 107,405 98,471 101,268
Share based payment and warrant reserve 3,897 3,532 3,897
Revaluation reserve 711 711 711
Foreign currency translation reserve (13,150) (13,150) (13,150)
Accumulated loss (79,188) (63,713) (71,712)
Total equity attributed to the owners of the parent company 19,675 25,851 21,014
Non-controlling interest (13,793) (13,371) (13,582)
TOTAL EQUITY 5,882 12,480 7,432
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
EXPRESSED IN US DOLLARS
31 December
Six months to Six months to 2024
Continuing operations Notes 30 June 2025 30 June 2024 (Audited)
$ 000 $ 000 $ 000
Revenue - - -
Cost of sales excluding depreciation and amortisation expense (1,299) - (12,479)
Gross profit / (loss) (1,299) - (12,479)
Administrative expenses (1,993) (9,485) (4,645)
Operating profit / (loss) (3,292) (9,485) (17,124)
Depreciation and amortisation 6 (274) (70) (364)
Other Income 10 - - 15
Loss on disposal of property, plant and equipment 4 - -
Finance charges (4,125) (2,472) (2,263)
Impairment of investments - - -
(4,395) (2,542) (2,612)
Profit / (Loss) before income tax (7,687) (12,027) (19,736)
Income tax expense 11 - - -
Profit / (Loss) from continuing operations (7,687) (12,027) (19,736)
Profit / (Loss) for the year (7,687) (12,027) (19,736)
Other comprehensive income:
Items that are or may be reclassified subsequently to profit or loss:
Foreign exchange loss on translation - - -
Fair Value adjustment on investments - - (501)
- - (501)
Total comprehensive income for the year (7,687) (12,027) (20,237)
Loss attributable to:
Owners of the Company (7,476) (11,811) (19,309)
Non-controlling interests (211) (216) (427)
(7,687) (12,027) (19,736)
Total comprehensive income attributable to:
Owners of the Company (7,476) (11,811) (19,810)
Non-controlling interests (211) (216) (427)
Total comprehensive income for the year (7,687) (12,027) (20,237)
Loss per share attributable to owners of the parent (expressed in US cents)
Basic loss per share 11 (0.020) (0.038) (0.054)
Diluted loss per share 11 (0.020) (0.038) (0.054)
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
EXPRESSED IN US DOLLARS
Share capital Share option and warrant reserve Revaluation reserve Foreign currency translation reserve Accumulated Loss Total attributable to owners of parent Non-controlling interest("NCI") Total equity
$ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000
At 1 January 2024 88,493 3,532 711 (13,150) (51,902) 27,684 (13,155) 14,529
Loss for the period - - - - (11,811) (11,811) (216) (12,027)
Other comprehensive income for the period - - - - - - - -
Total comprehensive income for the period - - - - (11,811) (11,811) (216) (12,027)
Transactions with Owners
Issue of equity shares 10,550 - - - - 10,550 - 10,550
Share issue costs (572) - - - - (572) - (572)
At 30 June 2024 98,471 3,532 711 (13,150) (63,713) 25,851 (13,371) 12,480
Loss for the period - - - - (7,498) (7,498) (211) (7,709)
Other comprehensive income for the period - - - - (501) (501) - (501)
Total comprehensive income for the period - - - - (7,999) (7,999) (211) (8,210)
Transactions with Owners
Issue of equity shares 2,824 - - - - 2,824 - 2,824
Share issue costs (27) - - - - (27) - (27)
Share options expired - - - - - - - -
Share based payments - 365 - - - 365 - 365
At 31 December 2024 101,268 3,897 711 (13,150) (71,712) 21,014 (13,582) 7,432
Profit / (Loss) for the period - - - - (7,476) (7,476) (211) (7,687)
Other comprehensive income for the period - - - - - - - -
Total comprehensive income for the period - - - - (7,476) (7,476) (211) (7,687)
Transactions with Owners
Issue of equity shares 6,529 - - - - 6,529 - 6,529
Share issue costs (392) - - - - (392) - (392)
At 30 June 2025 107,405 3,897 711 (13,150) (79,188) 19,675 (13,793) 5,882
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
EXPRESSED IN US DOLLARS
31 December
Six months to Six months to 2024
30 June 2025 30 June 2024 (Audited)
$ 000 $ 000 $ 000
Net cash outflow from operating activities (5,669) (8,203) (10,017)
Investing activities
Acquisition of property plant and equipment (331) (2,031) (2,716)
Expenditure on intangible assets - - -
Loans advanced (51) (43) (299)
Net cash used in investing activities (382) (2,074) (3,015)
Financing activities
Proceeds from borrowings granted - - -
Net proceeds from issue of share capital 6,137 9,978 12,775
Finance charges (69) - (273)
Net cash from financing activities 6,068 9,978 12,502
Net decrease in cash and cash equivalents 17 (299) (530)
Cash and cash equivalents at beginning of year 12 542 542
Net cash and cash equivalents at end of year 29 243 12
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. GENERAL INFORMATION
Premier African Minerals Limited ("Premier" or "the Company"), together with
its subsidiaries (the "Group"), was incorporated and domiciled in the
Territory of the British Virgin Islands under the BVI Business Companies Act,
2004. The address of the registered office is Craigmuir Chambers, PO Box 71,
Road Town, Tortola, British Virgin Islands. Premier's shares were admitted to
trading on the London Stock Exchange's AIM market on 10 December 2012.
The Group's operations and principal activities are the mining, development
and exploration of mineral reserves, primarily on the African continent. The
presentational currency of the condensed consolidated interim financial
statements is US Dollars ("$").
2. BASIS OF PREPARATION
These unaudited condensed consolidated interim financial statements for the
six months ended 30 June 2025 were approved by the Board and authorised for
issue on 30 September 2025.
These interim financial statements have been prepared in accordance with the
recognition and measurement principles of the International Financial
Reporting Standards ("IFRS") as endorsed by the UK.
The accounting policies applied in the preparation of these consolidated
interim financial statements are consistent with the accounting policies
applied in the preparation of the consolidated financial statements for the
year ended 31 December 2024.
The figures for the six months ended 30 June 2025 and 30 June 2024 are
unaudited and do not constitute full accounts. The comparative figures for the
year ended 31 December 2024 are extracts from the 2024 audited accounts. The
independent auditor's report on the 2024 accounts was unqualified.
Going Concern
These consolidated financial statements are prepared on the going concern
basis. The going concern basis assumes that the Group will continue in
operation for the foreseeable future and will be able to realise its assets
and discharge its liabilities and commitments in the normal course of
business.
The Directors have prepared cash flow forecasts for the next 12 months, taking
into account working capital, limited revenue from Zulu and expenditure
forecasts for the rest of the Group including reduced overheads and very
limited exploration costs.
At the reporting date of 30 June 2025, the Group's total assets exceeded the
total liabilities by $5.881 million and its current liabilities exceeded its
current assets by $54.423 million. The major component of the current
liability excess is the $46.067 million received from the Group's offtake
partner as an advance receipt. This advance receipt will be settled from
proceeds from the sale of SC6 to the offtake partner from production at Zulu
Lithium and Tantalum Project ("Zulu") or alternatively through the issue of
shares into Zulu based on market valuation of US$100 million if not repaid by
31 December 2025.
The forecast that forms the basis of the Going Concern has been made on the
following key assumptions:
· The completion of the share consolidation process;
· The calling of a General Meeting to raise additional capital;
· Payment terms with certain creditors at the Zulu project; and
· Implementing one of the following key options regarding the Zulu
project, collectively herein referred to as the ("Investments"):
Ø Bringing Zulu into full production;
Ø Securing additional funding from a secondary off-take partner;
Ø The possible sale of Zulu in its entirety,
Ø Secure an investment partner into Zulu via a partial sale;
Ø Enter into a Joint Venture; or
Ø The installation of the additional spodumene float plant based on
self-funding and retention of ownership.
The Board continues to believe that it has a valuable asset in Zulu, with an
estimated fair value in accordance with the prepayment and offtake agreement
is US$100 million.
In the event that none of the Investments conclude or Premier doesn't receive
the required support from it next General Meeting of shareholders and if the
Company is unable to obtain additional finance for the Group's working capital
and capital expenditure requirements, a material uncertainty may exist which
could cast significant doubt on the ability of the Group to continue as a
going concern and therefore be unable to realise its assets and settle its
liabilities in the normal course of business.
3. SEGMENTAL REPORTING
Segmental information is presented in respect of the information reported to
the Directors. The segmental information reports the revenue generating
segments of RHA Tungsten Private Limited ("RHA"), that operates the RHA
Tungsten Mine, and Zulu Lithium Private Limited ("Zulu"). The RHA segment
derives income primarily from the production and sale of wolframite
concentrate. All other segments are primarily focused on exploration and on
administrative and financing segments. Segmental results, assets and
liabilities include items directly attributable to a segment as well as those
that can be allocated on a reasonable basis.
As at the reporting date, the company has significant holdings in Zimbabwe. As
indicated in the audited annual financial statements, the Zimbabwean
government mandated that with effect of 1 March 2019 the only functional
currency is the RTGS Dollar. Since the introduction of RTGS Dollars the
Zimbabwean inflation rate has gone into hyperinflationary percentages.
Hyperinflationary accounting requires a restatement of the local currency
assets and liabilities to reflect the effect of the hyperinflation before
translating the local currency to the reporting currency. Refer to the audited
annual financial statements of 31 December 2023 for more detailed information.
By operating segment Unallocated Corporate RHA Tungsten Mine Zimbabwe and RHA Mauritius* Exploration Zulu Lithium Zimbabwe and Zulu Mauritius Total continuing operations
June 2025 $ 000 $ 000 $ 000 $ 000
Result
Revenue - - - -
Other income - - (4) (4)
Finance charges 4,120 - 4 4,124
Impairment of investments and - - - -
loans receivable
Loss before taxation 5,423 20 2,251 7,694
Assets
Exploration and evaluation assets 123 - 4,563 4,686
Investments - - - -
Property, plant and equipment 57 - 55,586 55,643
Loans receivable 335 - - 335
Inventories - - 713 713
Trade and other receivables 4,005 10 1,339 5,354
Cash (5) - 34 29
Total assets 4,515 10 62,235 66,760
Liabilities
Other financial liabilities - - - -
Borrowings (180) - - (180)
Bank overdraft - - - -
Trade and other payables (54,080) (12) (6,248) (60,340)
Provisions - (360) - (360)
Total liabilities (54,260) (372) (6,248) (60,880)
Net assets (49,745) (362) 55,987 5,880
Other information
Depreciation and amortisation 21 - 616 637
Property plant and equipment additions - - 3,047 3,047
Costs capitalised to intangible assets 446 - - 446
By operating segment Unallocated Corporate RHA Tungsten Mine Zimbabwe and RHA Mauritius* Exploration Zulu Lithium Zimbabwe and Zulu Mauritius Total continuing operations
December 2024 $ 000 $ 000 $ 000 $ 000
Result
Revenue - - - -
Operating loss / (income) 2,025 51 15,412 17,488
Other income - 5 (20) (15)
Fair value movement on investment 501 - - 501
Impairment of RHA - - - -
Finance charges 2,146 - 117 2,263
Impairment of investments and - - - -
loans receivable
Loss before taxation 4,171 56 15,509 19,736
Assets
Exploration and evaluation assets 123 - 4,563 4,686
Investments - - - -
Property, plant and equipment 57 - 55,529 55,586
Loans receivable 284 - - 284
Inventories - - 628 628
Trade and other receivables 4,000 10 1,186 5,196
Cash (3) 4 11 12
Total assets 4,461 14 61,917 66,392
Liabilities
Other financial liabilities - - - -
Borrowings (180) - - (180)
Bank overdraft - - - -
Trade and other payables (7,765) (9) (50,646) (58,420)
Provisions - (360) - (360)
Total liabilities (7,945) (369) (50,646) (58,960)
Net assets (3,484) (355) 11,271 7,432
Other information
Depreciation and amortisation 21 - 343 364
Property plant and equipment additions - - 2,716 2,716
Costs capitalised to intangible assets 446 - - 446
By operating segment Unallocated Corporate RHA Tungsten Mine Zimbabwe and RHA Mauritius* Exploration Zulu Lithium Zimbabwe and Zulu Mauritius Total continued operations
June 2024 $ 000 $ 000 $ 000 $ 000
Result
Revenue - - - -
Operating loss / (income) 396 28 9,130 9,554
Other income - - - -
Finance charges 2,469 - 3 2,472
Impairment of investments and - - - -
loans receivable
Loss before taxation 2,866 28 9,132 12,026
Assets
Exploration and evaluation assets 123 - 4,563 4,686
Investments 501 - - 501
Property, plant and equipment 68 - 55,126 55,194
Loans receivable 275 - - 275
Inventories - - 775 775
Trade and other receivables 3,607 9 2,080 5,696
Cash 141 15 87 243
Total assets 4,715 24 62,631 67,370
Liabilities
Other financial liabilities - - - -
Borrowings (180) - - (180)
Trade and other payables (50,326) (4) (4,321) (54,651)
Provisions - (360) - (360)
Total liabilities (50,506) (364) (4,321) (55,191)
Net assets (45,791) (340) 58,310 12,179
Other information
Depreciation and amortisation 10 - 60 70
Property plant and equipment additions - - 2,030 2,030
Costs capitalised to intangible assets - - - -
* Represents 100% of the results and financial position of RHA whereas the
Group owns 49%.
4. INTANGIBLE EXPLORATION AND EVALUATION ASSETS
Exploration & Evaluation assets Total
$ 000 $ 000
Opening carrying value 1 January 2024 4,686 4,686
Expenditure on Exploration and evaluation - -
Closing carrying value 30 June 2024 4,686 4,686
Expenditure on Exploration and evaluation - -
Closing carrying value 31 December 2024 4,686 4,686
Expenditure on Exploration and evaluation - -
Closing carrying value 30 June 2025 4,686 4,686
5. INVESTMENTS
Vortex Limited Manganese Total
Namibian
Holdings
$ 000 $ 000 $ 000
Available-for-sale:
Opening carrying value 1 January 2024 501 - 501
Shares acquired - - -
Closing carrying value 30 June 2024 501 - 501
Shares acquired - - -
Closing carrying value 31 December 2024 501 - 501
Shares acquired - - -
Impairment of investments (501) - (501)
Closing carrying value 30 June 2025 - - -
Reconciliation of movements in investments
Opening carrying value 1 January 2023 501 - 501
Acquisition at fair value - - -
Carrying value at 30 June 2023 501 - 501
Acquisition at fair value - - -
Impairment of investments (501) - (501)
Carrying value at 31 December 2023 and 30 June 2024 - - -
Premier's investment in Vortex is classified as FVOCI and as such is required
to be measured at fair value at each reporting date. As Vortex is unlisted
there are no quoted market prices. The fair value of the Circum shares held by
Vortex was derived using the previous issue price and validating it against
the most recent placing price on 30 December 2022. During the year ended 31
December 2024, the Ethopian Government revoked Circum's mining licence.
Circum's directors have instituted legal action against the Government,
however, pending a favourable legal resolution, Premier's board of directors
have fully impaired the investment in Circum Minerals.
The shares are considered to be level 3 financial assets under the IFRS 13
categorisation of fair value measurements. Premier continues to hold 5,010,333
shares in Vortex currently valued in total at $0 million.
Premier's investment in MN Holdings Limited ('MNH') is classified as an FVOCI
as such is required to be measured at fair value at the reporting date. As MNH
is unlisted there are no quoted market prices. The Fair value of the MNH
shares as at 30 June 2025 and 31 December 2024 was based on most recent
unaudited financial statements of MNH. These financial statements showed
significant operating losses. Accordingly, Premier's investment in MNH has
been fully impaired as at 31 December 2022.
6. PROPERTY, PLANT AND EQUIPMENT
Mine Development Plant and Equipment Land and Buildings Capital Work-in-Progress Total
$ 000 $ 000 $ 000 $ 000 $ 000
Cost
At 1 January 2024 8,912 12,019 1,846 51,263 74,040
Foreign Currency Translation effect - - - - -
Additions 22 50 - 1,959 2,031
At 30 June 2024 8,934 12,069 1,846 53,222 76,071
Transfer from Capital Work in Progress 5,042 38,674 1,128 (44,844) -
Additions - - - 686 686
At 31 December 2024 13,975 50,743 2,974 9,064 76,756
Foreign Currency Translation effect - - - - -
Additions - - - 331 331
At 30 June 2025 13,975 50,743 2,974 9,395 77,087
Accumulated Depreciation and Impairment Losses
At 1 January 2024 8,422 10,898 1,486 - 20,806
Foreign Currency Translation effect - - - - -
Charge for the year - 63 8 - 71
At 30 June 2024 8,422 10,961 1,494 - 20,877
Exchange differences - - - - -
Charge for the year - 229 64 - 293
At 31 December 2024 8,422 11,190 1,558 - 21,170
Foreign Currency Translation effect - - - - -
Charge for the year - 210 64 - 274
At 30 June 2025 8,422 11,400 1,622 - 21,444
Net Book Value
At 30 June 2024 512 1,108 352 53,222 55,194
At 31 December 2024 5,553 39,553 1,416 9,064 55,586
At 30 June 2025 5,553 39,343 1,352 9,395 55,643
7. LOANS RECEIVABLE
31 December
Six months to Six months to 2024
30 June 2025 30 June 2024 (Audited)
$ 000 $ 000 $ 000
Li3 Lithium Corp 335 275 284
335 275 284
During six months to 30 June 2025, the Group advanced $0.060 million (2024:
$0.284 million) to the Group's joint venture with Li3 Lithium Corp to develop
the Licomex claims. The loan value represents the amount due by Li3 Lithium
Corp's in excess of their share of the expenses incurred on this project.
8. BORROWINGS
31 December
Six months to Six months to 2024
30 June 2025 30 June 2024 (Audited)
$ 000 $ 000 $ 000
Loan - joint venture partner - Li3 Lithium Corp - - -
Loan - Neil Herbert 180 180 180
180 180 180
31 December
Six months to Six months to 2024
30 June 2025 30 June 2024 (Audited)
$ 000 $ 000 $ 000
Reconciliation of movement in borrowings
As at 1 January 180 180 180
Investment by joint venture partner - Li3 Lithium Corp - - -
Loans received - - -
Accrued interest - - -
Total 180 180 180
Current 180 180 180
Non-current - - -
180 180 180
Borrowings comprise loans from a related party and a non-related party.
Neil Herbert, a former director of the Company, made available a loan of
US$180,000 to the Company in August 2021. Under the terms of the Director
Loan, the loan is both unsecured and will not attract any interest and is
repayable in full by the Company on the signing of a new off-take agreement at
Otjozondu. The purpose of the Director Loan was to provide funding to Premier
to allow an amendment to the Otjozondu Loan while Premier, acting collectively
with Otjozondu, looked to secure the best possible off-take funding package.
At 30 June 2025 the off-take funding had not been secured and Mr. Herbert has
agreed to the deferment of the repayment of the loan until such off-take
agreement has been secured.
Premier entered into a joint venture agreement with Li3 Lithium Corp (Li3) for
the purpose of prospecting for additional lithium bearing ore in Zimbabwe. The
net investment by Li3 represents the net amount due to Li3 after apportioning
all expenses and amounts invested by both Premier and Li3.
9. SHARE CAPITAL
Authorised share capital
The total number of voting rights in the Company on the 30 June 2024 was
31,381,688,211.
Issued share capital
Number of Shares Value
'000 $ 000
As at 1 January 2024 26,634,455 94,000
Shares issued under subscription agreement 282,126 729
Shares issued under subscription agreement 900,000 3125
Shares issued under subscription agreement 1,212,121 2561
Shares issued under subscription agreement 588,235 1243
Shares issued under subscription agreement 781,250 1587
Shares issued on conversion of fees 983,500 1,305
As at 30 June 2024 31,381,688 104,550
Shares issued on conversion of fees 900,000 721
Shares issued on conversion of fees 2,000,000 1,382
Shares issued under subscription agreement 1,746,032 721
As at 31 December 2024 36,027,719 107,374
Shares issued under subscription agreement 2,700,000 673
Shares issued on conversion of fees 1,099,909 300
Shares issued under subscription agreement 4,800,000 777
Shares issued on conversion of fees 1,840,000 477
Shares issued under subscription agreement 4,500,000 2,098
Shares issued under subscription agreement 13,125,000 2,137
Shares issued on conversion of fees 4,166,667 67
As at 30 June 2025 68,259,295 113,903
Reconciliation to balances as stated in the consolidated statement of
financial position
Issued Share Issue Share Capital
Share Capital Costs (Net of Costs)
$ '000 $ '000 $ '000
As at 31 December 2023 - Audited 94,000 (5,507) 88,493
Shares issued 10,550 (572) 9,978
As at 30 June 2024 104,550 (6,079) 98,471
Shares issued 2,824 (27) 2,797
As at 31 December 2024 - Audited 107,374 (6,106) 101,268
Shares issued 6,529 (392) 6,137
As at 30 June 2025 113,903 (6,498) 107,405
10. OTHER INCOME
31 December
Six months to Six months to 2024
30 June 2025 30 June 2024 (Audited)
$ 000 $ 000 $ 000
(Loss) / Profit on disposal of PPE 4 (11) -
Prescribed debt - - 137
4 (11) 137
11. TAXATION
There is no taxation charge for the period ended 30 June 2025 (30 June 2024
and 31 December 2024: Nil) because the Group is registered in the British
Virgin Islands where no corporate taxes or capital gains tax are charged.
However, the Group may be liable for taxes in the jurisdictions of the
underlying operations.
The Group has incurred tax losses in Zimbabwe; however, a deferred tax asset
has not been recognised in the accounts due to the unpredictability of future
profit streams.
The Group operates across different geographical regions and is required to
comply with tax legislation in various jurisdictions. The determination of the
Group's tax is based on interpretations applied in terms of the respective tax
legislations and may be subject to periodic challenges by tax authorities
which may give rise to tax exposures.
12. LOSS PER SHARE
31 December
Six months to Six months to 2024
30 June 2025 30 June 2024 (Audited)
(Unaudited) (Unaudited) (Audited)
$ '000 $ '000 $ '000
Net profit / (loss) attributable to owners of the company ($'000) (7,476) (11,811) (19,309)
Weighted average number of Ordinary Shares in calculating
basic earnings per share ('000) 38,280,205 31,381,688 36,027,719
Basic earnings / (loss) per share (US cents) (0.020) (0.038) (0.054)
The calculation of loss per share is based on the loss after taxation
attributable to the owners of the parent divided by the weighted average
number of shares in issue during each period.
As the Group incurred a loss for the period, there is no dilutive effect from
the share options and warrants in issue or the shares issued after the
reporting date.
13. EVENTS AFTER THE REPORTING DATE
In July 2025, Canmax Technologies Co., Ltd ("Canmax") elected to convert
£688,957.63 (US$938,755.14) of the accrued interest due under the Restated
and Amended Offtake and Prepayment Agreement ("Agreement") into 5,741,313,598
new ordinary shares in the Company, in accordance with the terms of the
Addendum to the Agreement as announced on 24 December 2024.
In July 2025, the Company issued 1,666,666,667 new ordinary shares in
settlement of accrued but unpaid interest amounting to £200,000 due on the
2023 loan advance made by George Roach to the Company as announced on 21 July
2023.
In August 2025, Premier concluded a direct equity raise of £1,380,000 before
expenses at an issue price of 0.023 pence per new ordinary share.
In September 2025, Canmax elected to convert further £272,378.20
(approximately US$368,337) of the accrued interest due under the Agreement
into 1,184,253,059 new ordinary shares in the Company, in accordance with the
terms of the Addendum to the Agreement as announced on 24 December 2024.
In September 2025, George Roach resigned from the board of Premier and Graham
Hill agreed to join the board of directors in an executive role as the
Managing Director.
ENDS
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 IR BBGDCDGXDGUGRecent news on Premier African Minerals
See all newsREG - Premier African Min. - Share Consolidation
AnnouncementREG - Premier African Min. - Share Consolidation
AnnouncementREG - Premier African Min. - Interim Results
AnnouncementREG - Premier African Min. - Zulu Lithium Plant Update
AnnouncementREG - AIM - AIM Notice - 08/09/2025
Announcement