Funding and Operational Update

Premier African Minerals Limited

05 October 2026

 

5 October 2026

Premier African Minerals Limited

Funding and Operational Update

Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce that it has today completed a subscription to raise approximately £1,200,000 before expenses through the issue of 27,522,935,780 new ordinary shares of nil par value in the capital of the Company at an issue price of 0.00436 pence per new ordinary share (the "Issue Price").

The net proceeds of the funds will provide additional working capital to support the planned recommencement of operations at the Zulu Lithium and Tantalum Project ("Zulu"), including the potential remobilisation of mining activities and restart of the processing plant.

Graham Hill, Managing Director, commented: "This funding enables us to move directly towards restarting plant operations at Zulu. This represents a change from our original plan, which was to build a larger ROM stockpile before recommencing processing. However, the progress achieved during the previous operating period has provided the Board with a basis to proceed with the restart, while maintaining our focus on achieving stable and consistent production of spodumene concentrate.

We believe the best use of the Company's available resources at this stage is to process the material already on the ROM pad and demonstrate the satisfactory performance of the plant. Our immediate target is an approximately 15-day campaign, during which the principal focus will be on sustained plant operation, product quality and recoveries. Importantly, this approach should provide us with the opportunity to extend operations. Additional blasted material remains available within the EPO and may be mobilised to the ROM pad following the initial campaign, subject to satisfactory performance and the availability of working capital.

A successful campaign should provide the Board, shareholders and potential funding partners with greater visibility on the operational capability of Zulu and a stronger basis from which to determine the next stage of the project."

Operational Update

The Company is now focused on the immediate mobilisation of plant operations at Zulu and the recommencement of processing activities using approximately 13,000 tonnes of ore currently available on the ROM pad. The Company is targeting an initial operating campaign of approximately 15 days. During this period, performance will be assessed across key operating parameters, including throughput, recoveries, plant stability and product quality.

Personnel, diesel, reagents and other consumables required for the restart are being mobilised, and supplier engineers are expected to be on site to support operations and further optimisation of the spodumene flotation plant. Following completion of the initial campaign, the Company will review the operating results and determine the next phase of operations. Subject to satisfactory plant performance and the availability of working capital, additional blasted ore currently available within the EPO may be mobilised to the ROM pad to support continued processing.

The results of the campaign will therefore inform subsequent operational and funding decisions, including the potential remobilisation of mining activities and continuation of plant operations beyond the initial 15-day period.

Subscription

Premier has today issued, by way of a direct subscription arranged by the Company (the "Subscription") and conditional on admission, 27,522,935,780 new ordinary shares of nil par value (the "Subscription Shares") at the Issue Price. The Subscription Shares will, when issued, rank pari passu in all respects with the Company's existing ordinary shares. The Subscription has been arranged directly by the Company with a number of institutional and professional investors.

The Subscription Shares are being issued within the Company's existing share authorities. The net proceeds of the Subscription will be used principally to support operating expenditure at Zulu, including mining and stockpiling activities, the mobilisation of operational personnel, diesel, reagents and other consumables, the management of essential creditors at Zulu and the Company's general working capital requirements.

Admission

Application has been made for the Subscription Shares to be admitted to trading on AIM. Admission is expected to take place on or around 9 October 2026.

Total Voting Rights

Following the issue of the Subscription Shares, the Company's issued share capital will consist of 77,597,203,602

ordinary shares with voting rights.

This figure may be used by shareholders as the denominator for the purposes of calculating whether they are required to notify an interest in, or any change to an interest in, the Company's share capital under the Financial Conduct Authority's Disclosure and Transparency Rules.

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.

Distribution

This announcement has been notified via a Regulatory Information Service and it is not authorised for distribution into North America or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of that jurisdiction.

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.

Ends

 

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