REG - Premier African Min. - Zulu Lithium Plant Update

Premier African MineralsAnnouncement

29/02/2024 18:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240229:nRSc0238Fa&default-theme=true

RNS Number : 0238F  Premier African Minerals Limited  29 February 2024

Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining

For immediate release

 

29 February 2024

Premier African Minerals Limited

 

 Zulu Lithium Plant Update

 

The Board of Premier African Minerals Limited ("Premier" or the "Company") is
pleased to provide an update on plant operations at Zulu Lithium and Tantalum
("Zulu").

 

The plant is now running, and concentrates are being produced from both Mica
and Spodumene flotation sections. Analysis of the concentrates is underway.
Several issues need attention by the plant contractors that are affecting both
quantity and quality of production. Most important is that instrumentation
related to pH measurement does not cover all plant components that need to be
monitored and the reagent dosing system is unable to adjust pH to design
specifications. The plant contractor will need to remedy this forthwith.
Premier is however encouraged that initial spot analysis by Zulu's internal
laboratory on the material transferred to the spodumene flotation plant has
indicated a concentrate of 6.1% Li2O is potentially achievable from current
ROM ore.

 

George Roach, CEO, commented, "Premier believes that we are getting there. Not
as quickly as Premier had hoped and with more unnecessary remedial issues than
Premier had anticipated.

 

Premier therefore remains simultaneously encouraged and frustrated. Further
updates will follow".

 

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

 

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.

 Glossary
 "Flotation circuits"  Flotation circuits are a common technology for the concentration of a broad
                       range of minerals. Froth flotation is based on differences in the ability of
                       air bubbles to adhere to specific mineral surfaces in a solid/liquid slurry.
 "Li2O"                Chemical formula of dilithium oxide.
 "Micas"               Micas are a group of silicate minerals whose outstanding physical
                       characteristic is that individual mica crystals can easily be split into
                       extremely thin elastic plates.
 "pH"                  Indicates the concentration of hydrogen ions in a liquid. While a low pH
                       indicates a higher concentration of hydrogen, a high pH indicates a lower
                       hydrogen concentration.
 "ROM"                 Run-of-mine.
 "Spodumene"           A white to pink coloured lithium bearing mineral (LiAlSi2O6).

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  UPDZKLFLZLLXBBK