REG - Premier African Min. - Operational Update and Funding

Premier African MineralsAnnouncement

Wed 07:00

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RNS Number : 0583E  Premier African Minerals Limited  13 May 2026

13 May 2026

Premier African Minerals Limited

 

Operational Update and Funding

Premier African Minerals Limited ("Premier" or the "Company") is pleased to
announce that it has today completed a subscription to raise approximately £1
million 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 0.0185  pence per new ordinary share (the "Issue Price") (the
"Subscription") and also pleased to report further positive progress at Zulu
Lithium and Tantalum Project ("Zulu Lithium").

Graham Hill, Managing Director, commented: "We are pleased with the continued
progress being made at the new Zulu Lithium flotation plant, particularly the
successful completion of the majority of cold commissioning activities
utilising water through the circuit. Importantly, water has now been
introduced through the new flotation plant, and we are encouraged by the
operational performance observed during these initial commissioning stages.

The Company is now preparing to transition into hot commissioning involving
the introduction of ore into the circuit, representing another important
milestone in the overall commissioning and optimisation process. Whilst
commissioning activities naturally remain iterative in nature, we are
encouraged that progress to date continues to support our commissioning
timeline of Q2."

Zulu Lithium Operational Update

The majority of cold commissioning activities across the flotation plant and
associated crushing and milling circuits have now been completed successfully
utilising water. Water has now been run through the flotation plant as part of
these cold commissioning activities and shareholders are referred to the below
video link demonstrating these ongoing tests. Shareholders are further advised
that the flotation cell scraper paddles have not yet been connected during
this current stage of wet commissioning utilising water only, with connection
and operation of the scraper paddles expected to coincide with the
introduction of reagents and ore feed during hot commissioning activities
associated with spodumene froth recovery.

Conveyor systems have been brought back into operation and testing of the
newly installed bypass chutes, replacing the previously un-utilised sorting
equipment, has to date been completed successfully. The crushing circuit was
successfully re-commissioned on ore as part of this testing.

The Company is now planning to transition into hot commissioning activities
involving the introduction of ore feed into the complete process plant as part
of the next phase of commissioning and optimisation, with all activities
continuing to remain on track for the previously guided Q2 2026 commissioning
timeline.

Subscription

 

Premier has today issued by way of a direct subscription ("Subscription"),
conditional on admission, 5,405,405,405 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 the new
Flotation Plant, operating expenses at Zulu Lithium, 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 19 May
2026.

 

Total Voting Rights

 

Following the issue of the Subscription Shares, the Company's issued share
capital will consist of 38,126,285,313 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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