REG - Premier African Min. - Zulu Lithium Update

Premier African MineralsAnnouncement

19/11/2025 08:15

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RNS Number : 1510I  Premier African Minerals Limited  19 November 2025

19 November 2025

Premier African Minerals Limited

Zulu Lithium Update

 

Premier African Minerals Limited ("Premier" or the "Company") provides a
further update on the ongoing Zulu Lithium plant audit.

The Board has received the interim findings of the third-party audit report on
the Zulu Lithium plant and associated operations ("Audit Report") as announced
on 30 October 2025. The Audit Report assessed the entire plant, including
those elements that may be utilised for the new plant configuration, and
including observations and recommendations concerning the current flotation
plant. The Audit Report's interim findings are currently under review by both
the Company and, in particular, the OEM supplier of the existing flotation
plant. Upon completion of this review and consultation process, and once the
key findings have been agreed between the parties, a further update will be
provided.

At this stage, the Audit Report in its current form underlies and supports the
board decision (as announced on 30 October 2025) to proceed immediately with
the acquisition, installation and commissioning of the 15-20 TPH flotation
cell plant manufactured by Xinhai Technology Processing EPC ("Xinhai Flotation
Plant") with the objective of enabling Zulu Lithium to produce product at
commercially acceptable levels of grade and recovery. In the meantime, the
Company is waiting for the OEM's conclusions on the current flotation plant
and whether this can be configured to deliver further product to supplement
the Xinhai Flotation Plant.

In parallel, the Company remains in ongoing dialogue with a number of
potential lenders and/or alternative offtake funders in relation to a possible
purchase or restructuring of the prepayment amount (plus accrued interest)
owed under the Offtake Agreement. Any such arrangement would be subject to the
Zulu Lithium plant demonstrating continuous and consistent production at both
the required grade and tonnage. At this stage, there can be no guarantee that
these discussions with the offtake partner or the potential lenders and/or
funders will result in a successful outcome, nor that any funding which may
arise from these processes will be secured on terms acceptable to the Company
and a further announcement will be made in due course.

Graham Hill, Managing Director, commented, "The Audit Report findings include
practical suggestions for improving overall plant operational performance, and
comments on the suitability and current configuration of certain aspects of
the plant and in particular the current flotation plant design, on which we
are waiting for the OEM's conclusions.

The general consensus is that the overall design of the Zulu Lithium plant
processing technology is appropriate and that the Zulu Lithium ore is
definitely amenable to processing by the selected processing route at the Zulu
Lithium plant.

The Audit Report will be extremely valuable in helping us ensure that the
current flotation plant can ultimately serve as a supplement to the Xinhai
Flotation Plant. However, our immediate priority is the Xinhai Flotation
Plant, as it offers the strongest assurance of achieving the earliest possible
commercial production at Zulu Lithium".

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.premierafrican (https://premierafricanminerals.com/) minerals .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 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.

 
Ends

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