REG - Premier African Min. - Offtake and Prepayment Agreement

Premier African MineralsAnnouncement

29/01/2024 11:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240129:nRSc2344Ba&default-theme=true

RNS Number : 2344B  Premier African Minerals Limited  29 January 2024

29 January 2024

Premier African Minerals Limited

 

Offtake and Prepayment Agreement Update

 

Premier African Minerals Limited ("Premier" or the "Company"), provides a
further update on the Restated and Amended Offtake and Prepayment Agreement
("Agreement") entered into between Premier and Canmax Technologies Co., Ltd.
("Canmax") as announced on 15 August 2023 for spodumene concentrate produced
at Zulu Lithium and Tantalum Project ("Zulu").

George Roach, CEO commented: "Premier is pleased that Canmax has elected to
carry forward the monthly payments in respect of the non-delivery of product
in the months of November and December 2023. The effect of this is that the
monthly payment contemplated is rolled forward and clear indication that
Canmax requires delivery of Spodumene concentrate as soon as possible.

Premier is deeply appreciative for the understanding and assistance Canmax has
provided. And we remain committed to production in late February provided only
that all commitments made by contractors are met."

Restated and Amended Offtake and Prepayment Agreement

Premier has received a notice of election under the Agreement from Canmax
following Premier's failure to deliver at least 1,000 tonnes of product per
month for the months of November 2023 and December 2023 ("Notice") to have the
current outstanding balance owed to Canmax of US$3 million (US$1.5 million per
month) of the monthly payment carried forward.

In accordance with the Agreement, the interest rate for the outstanding
balance of the prepayment amount will be increased to 12% per annum with
effect from the 1 December 2023.

Further details of the Agreement, including Canmax possible remedies under the
Agreement are detailed in the announcement on the 15 August 2023 on the
Company webpage:

 https://polaris.brighterir.com/public/premier_african_minerals/news/rns/story/xje3pgr
(https://polaris.brighterir.com/public/premier_african_minerals/news/rns/story/xje3pgr)
.

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 George Roach.

A copy of this announcement is available at the Company's website,
www.premierafricanminerals.com (http://www.premierafricanminerals.com)

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)
 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"), 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 and lithium and gold in
Mozambique, encompassing brownfield projects with near-term production
potential to grass-roots exploration. The Company has accepted a share offer
by Vortex Limited ("Vortex") for the exchange of Premier's entire 4.8%
interest in Circum Minerals Limited ("Circum"), the owners of the Danakil
Potash Project in Ethiopia, for a 13.1% interest in the enlarged share capital
of Vortex. Vortex has an interest of 36.7% in Circum.

 

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  AGRQKCBKDBKDFDB