REG - Premier African Min. - Zulu and Corporate Update

Premier African MineralsAnnouncement

03/11/2023 14:30

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RNS Number : 3832S  Premier African Minerals Limited  03 November 2023

3 November 2023

Premier African Minerals Limited

 

Zulu and Corporate Update

 

Premier African Minerals Limited ("Premier" or the "Company"), is pleased to
report on the progress of operations at Premier's Zulu Lithium and Tantalum
Project ("Zulu") and provide a corporate update which includes the appointment
of a new interim Chairman and settlement of Contractor fees of US$2.5 million
through the issue of 465,625,750 new ordinary shares at an issue price of 0.44
pence per new ordinary share.

 

Zulu Update

Subsequent to the update on 29 September 2023, extensive optimisation of the
Zulu plant continues. Passing adequate tonnage of correctly sized material to
the floatation section of the plant has highlighted various other ongoing ore
sorter, instrumentation and material flow challenges that Stark International
Projects Limited ("Stark"), the operator of the plant, is currently
addressing.

 

Zulu is producing concentrates, and we anticipate that these concentrates will
meet the required specification as set out in the amended and restated Offtake
and Prepayment Agreement (as announced on the 15 August 2023) ("Restated
Prepayment Agreement") on completion of the optimisation process. Meeting the
1,000-ton shipment of Spodumene concentrate required by 25 November 2023 as
set out in the Restated Prepayment Agreement will be largely dependent on the
resolution of the ongoing commissioning and optimisation issues referred to
above, the overall plant performance and the delivery of competent grade to
the plant.

 

George Roach, CEO, commented," Meeting the initial shipment target date is our
main priority at this time and we will provide further updates in due course.

I would be remiss if I did not also express my appreciation to Mr Godfrey
Manhambara for undertaking the Chairmanship of Premier and look forward to
working under his stewardship".

Corporate update

 

The Board of Premier is pleased to confirm the immediate appointment of Mr
Godfrey Manhambara (an existing Non-Executive Director) as Non-Executive
Chairman of the Company. George Roach will be reverting to his Board role of
Chief Executive.

 

Contractor Settlement

 

In accordance with the announcement on 25 August 2023, Stark has accepted
payment of US$2.5 million in new ordinary shares at the price of 0.44 pence
per Share ("Stark Shares"). The Stark Shares will, when issued, rank pari
passu in all respects with the existing ordinary shares. Application will be
made for the Stark Shares to be admitted to trading on AIM and admission is
expected to take place on or around 9 November 2023.

 

Total Voting Rights

 

Following the issue of the Stark Shares, the Company's issued share capital
consists of 25,873,102,694 Ordinary Shares, with voting rights. This figure
may be used by shareholders in the Company as the denominator for the
calculation by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of the
Company under the Financial Conduct Authority's Disclosure and Transparency
Rules.

 

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 George Roach.

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

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'' "planned" ''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.

 

In addition, the Company holds a 19% interest in MN Holdings Limited, the
operator of the Otjozondu Manganese Mining Project in Namibia.

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

 
Ends

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