REG - Premier African Min. - Offtake and Prepayment Agreement

Premier African MineralsAnnouncement

05/01/2026 07:02

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RNS Number : 6235N  Premier African Minerals Limited  05 January 2026

5 January 2026

Premier African Minerals Limited

Offtake and Prepayment Agreement

 

Premier African Minerals Limited ("Premier" or the "Company") is pleased to
announce that it has reached agreement with Canmax Technologies Co., Ltd
("Canmax") (together, the "Parties") to extend the Long Stop Date as an
amendment to the Restated Offtake and Prepayment Agreement originally entered
into in August 2023 and subsequently amended in December 2024 and April 2025
(the "Amended Agreement") in respect of the Zulu Lithium and Tantalum Project
("Zulu").

Graham Hill, Managing Director, said, "We are grateful for Canmax's continued
support and collaboration, and the revised long stop date provides welcome
clarity as we work together towards a successful outcome at Zulu."

Addendum to Offtake and Prepayment Agreement

The terms of the Amended Agreement remain unchanged from the previously
Restated Offtake and Prepayment Agreement, save that the Parties have agreed,
subject to certain conditions, to extend the Long Stop Date from 31 December
2025 to the earlier of 30 June 2026 or the date on which a reputable buyer
acceptable to Canmax executes a binding agreement to settle and/or manage
Canmax's Prepayment Amount plus interest on terms to be agreed by Canmax (the
"Long Stop Adjustment").

The conditions for the Long Stop Adjustment remain consistent with those
announced on 1 April 2025, except for the following new and amended
conditions:

 i.            The requirement for Premier to procure a non-binding expression of interest
               from a reputable buyer acceptable to Canmax within 30 days of the signing of
               the addendum (unless otherwise extended by Canmax) has been removed.

 ii.           The current office bearers of both Premier and Zulu Lithium Private Limited
               shall not resign, be removed, or otherwise cease to hold office until the end
               of the Long Stop Adjustment without the prior written consent of Canmax.

 iii.          Premier will maintain the security package previously announced on 24 December
               2024 in full force and effect and will furnish any additional documentation
               reasonably required to preserve its validity.

To the extent that any of the above conditions, including those already in
place, are not met and/or adhered to by Premier, Canmax will retain the right
to immediately exercise all of its rights, powers and discretions under the
Amended Agreement.

Market Abuse Regulation

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.

 

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

 

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

 

Beaumont Cornish Limited, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting as nominated adviser to
the Company in relation to the matters referred herein. Beaumont Cornish
Limited is acting exclusively for the Company and for no one else in relation
to the matters described in this announcement and is not advising any other
person and accordingly will not be responsible to anyone other than the
Company for providing the protections afforded to clients of Beaumont Cornish
Limited, or for providing advice in relation to the contents of 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.

 

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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