REG - Premier African Min. - Zulu Update

Premier African MineralsAnnouncement

14/11/2023 11:00

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RNS Number : 4056T  Premier African Minerals Limited  14 November 2023

14 November 2023

Premier African Minerals Limited

 

Zulu Update

 

Premier African Minerals Limited ("Premier" or the "Company"), provides this
update on operations at Premier's Zulu Lithium and Tantalum Project ("Zulu").

Zulu Update

Progress with the second stage and long-term solution to the production delays
at Zulu remains on track with the delivery of the new ball mill still
projected for December 2023 with the intention of supporting full production
from January 2024.

 

Stark International Projects Limited reports that there is a steady
improvement in both concentrate grade and plant performance and the
optimisation of the current plant configuration remains ongoing following the
installation of the interim solution of the RHA mill at Zulu, but it is
proving impossible to construct the civil works required for the new mill at
the same time as continuing with present operations.

 

Premier is now considering an early cessation of current plant operations with
the longer-term goal of production at design capacity not being unnecessarily
delayed. The result is likely to be that no shipments of concentrate will now
be made in November and December 2023.

 

Premier is consulting with its Offtake and Prepayment Partner in this regard,
who have several options under these circumstances that include a requirement
for an interim payment of US$1.5 million in respect of each month when the
product commitment is not met, as fully described in the announcement of 15
August 2023.

 

Current mining and pit development operations will continue as will
exploration in the wider EPO region.

 

Construction of civil works is a major undertaking and timely completion is
essential to ensure the Company meets its medium- and longer-term goal of
production at full design capacity.

 

Shareholder Q & A

 

George Roach, upon his return from Zulu, will arrange a virtual Questions and
Answers session with shareholders. Further details will follow on Premier
webpage, however, please register your interest with the Company at
wilna@regentresources.co.za (mailto:wilna@regentresources.co.za) .

 

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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