Corporate Update

Premier African Minerals Limited

02 March 2026

 

2 March 2026

Premier African Minerals Limited

Corporate Update

Zulu Lithium New Flotation Plant - update on delivery and installation date

Comment on recent announcement on lithium exports in Zimbabwe

Premier African Minerals Limited ("Premier" or the "Company") is pleased to provide the following corporate update in respect of the Zulu Lithium and Tantalum Project ("Zulu").

Graham Hill, Managing Director, commented, "I am extremely pleased to report that following a short delay from the timetable previously announced and after several weeks of planning and mobilisation we now expect the new spodumene flotation plant to arrive on site on Tuesday, 3 March. The specialist installation engineer from the manufacturer is expected to arrive on site on today. The Zulu team stands ready to begin assembly of the plant, as soon as it arrives, on the foundations already constructed with commissioning and optimisation alongside other specialists from the manufacturer scheduled for Q2 2026.

In the meantime, and in response to certain recent announcements by the Ministry of Mines and Mining Development ("Ministry") regarding the suspension of lithium concentrate and raw mineral exports with immediate effect, we are maintaining dialogue with the Ministry and remain aligned with Zimbabwe's beneficiation objectives, having previously presented our value addition roadmap for Zulu. This suspension is understood to target specific issues, and we do not consider that it will create and problems for future production from Zulu."

Flotation Plant Delivery and Installation

Further to the announcement on 11 February 2026 concerning the procurement, installation and commissioning contract for the 15-20 tonnes per hour spodumene flotation circuit, the Company is now expecting that the complete flotation plant is expected to be delivered at Zulu on or around Tuesday, 3 March 2026. An installation engineer from Xinhai Technology Processing is scheduled to arrive at Zulu today. The Company will confirm when the plant has arrived and notwithstanding that will update Shareholders at the Annual General Meeting this coming Wednesday. This spodumene flotation circuit will replace the previous spodumene flotation circuit with the balance of the processing plant, ahead of the spodumene flotation circuit being retained.

Additional materials for construction of access walkways, electrical cables, etc. is being separately purchased by Zulu as part of the plan and will be delivered during the course of the assembly of the new plant. The Company continues to target commissioning of the new flotation circuit during Q2 2026.

Zimbabwe Lithium Export Suspension

The Company notes the recent announcement by the Ministry regarding the suspension of lithium concentrate and raw mineral exports with immediate effect.

Premier confirms that it is fully aware of the recent regulatory development and remains in open dialogue with the Ministry in respect of the suspension and the framework for future product shipments from Zulu following commissioning of the flotation plant.

The Company further confirms that during 2024 it formally engaged with the Ministry and presented its proposed beneficiation and value addition strategy for Zulu. That engagement included outlining the Company's longer-term processing and optimisation plans designed to enhance in-country value addition and the Company will continue to engage with the Ministry to ensure alignment between Zulu's operational roadmap and Zimbabwe's evolving beneficiation policy framework.

The Board does not currently envisage, on the basis that their understanding is that the ban is targeted at specific issues, that the recent suspension will impede Zulu's future commercial production strategy as the Company progresses installation and commissioning of the flotation plant. However, it will give an update on this matter as and when the situation is clarified.

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 Graham Hill.

A copy of this announcement is available at the Company's website, www.premierafricanminerals.com.

Enquiries:

Graham Hill	Premier African Minerals Limited	Tel: [phone]
Michael Cornish / Roland Cornish	Beaumont Cornish Limited (Nominated Adviser)	Tel: [phone]
Douglas Crippen	CMC Markets UK Plc	Tel: [phone]
Toby Gibbs/ Harry Davies-Ball	Shore Capital Stockbrokers Limited	Tel: [phone]

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.

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, encompassing brownfield projects with near-term production potential to grass-roots exploration.

Ends

 

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