Premier African Minerals Limited Zulu and Corporate Update (3832S)
November 03 2023 - 10:30AM
UK Regulatory
TIDMPREM
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
Forward Looking Statements:
Certain statements in this announcement are or may be deemed to
be forward looking statements. Forward looking statements are
identi ed 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 re ect 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 a ccepted 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 / Beaumont Cornish Limited
Roland Cornish (Nominated Adviser) Tel: +44 (0) 20 7628 3396
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Douglas Crippen CMC Markets UK Plc Tel: +44 (0) 20 3003 8632
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Toby Gibbs/Rachel Shore Capital Stockbrokers
Goldstein Limited Tel: +44 (0) 20 7408 4090
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Ends
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