Half-year Financial Report

Premier African Minerals Limited

23 September 2026

 

23 September 2026

Premier African Minerals Limited
('Premier' or 'the Company')

Unaudited Interim Results for the six months ended 30 June 2026

Premier African Minerals Limited ("Premier" or the "Company") announces its unaudited interim results for the six months ended 30 June 2026 ("Period").

Statement from the Managing Director

Dear Shareholders,

The period under review, and the months since, have continued to require a careful balance between progressing Zulu Lithium Private Limited ("Zulu Lithium") towards sustainable production, meeting the Group's working capital requirements, addressing outstanding creditor obligations and protecting the value of Premier's wider portfolio. Our immediate priority remains clear. Zulu Lithium is the principal operational focus of the Group and, following the conclusion of an agreement with Canmax Technologies Co. Ltd ("Canmax") as announced on the 14 September 2026, our primary capital allocation objective will be to ensure that Zulu Lithium is appropriately supported, subject to available funding, and positioned to progress towards sustainable production.

Creditor and Financial Position

As at 30 June 2026, the Group had total current liabilities of approximately US$60.380 million. This included approximately US$48.222 million relating to amounts recognised in connection with the Group's Offtake and Prepayment Agreement, US$7.885 million of trade creditors, US$1.460 million of accrued and payroll-related liabilities and US$2.813 million of other current liabilities.

Alongside the funding requirements of Zulu Lithium, the Board remains focused on resolving a number of material outstanding creditor positions in an orderly and commercially responsible manner. As previously announced, amounts remain outstanding to J R Goddard Contracting (Private) Limited ("JRG") under the existing settlement arrangements. JRG has agreed to refrain from taking further enforcement action until 30 September 2026 while Premier progresses its proposed fundraising, General Meeting and contemplated share issue and sale process. The Company has undertaken to use all reasonable endeavours to maximise the funding available and make as substantial a payment as possible to JRG during this period, although there can be no guarantee as to the amount or timing of funds available. JRG has confirmed that it remains prepared to proceed with the proposed share issue and orderly sale mechanism contemplated in the Notice, with the objective of reducing and ultimately settling the remaining indebtedness. The standstill is limited to 30 September 2026 and does not constitute a waiver of JRG's existing rights.

Separately, an amount of £1,727,609.60, together with applicable interest, remains outstanding and in default under a Loan Facility Agreement provided by George Roach (details of the Loan Facility Agreement were set out in the announcements dated 9 and 18 August 2023). The Company remains in discussions with George Roach regarding the timing and structure of repayment and has under the Notice allocated approximately US$300,000 towards the payment of interest. George Roach has to date continued to engage constructively with the Company; however, the absence of a firm repayment timetable has become a matter of increasing concern to George Roach and legal action is being contemplated should an acceptable way forward not be agreed.

A further amount of approximately US$192,397.81 remains outstanding pursuant to an existing judgment in favour of Pick Glow Trading (Pvt) Limited, trading as Glow Petroleum. Zulu Lithium has not been able to maintain the agreed monthly instalments of US$40,000 and, as a consequence, the judgment is enforceable. As at the date of this report, however, the Company is not aware of any further enforcement action having been taken. Zulu Lithium is seeking to engage constructively with Glow Petroleum with the objective of agreeing an orderly resolution, although its ability to propose and maintain a revised payment arrangement is dependent on greater certainty around the availability of funding.

The Company has also received correspondence from Environmental and Process Technologies (Pty) Ltd ("ENPROTEC") demanding payment in respect of amounts outstanding by Zulu Lithium, with a balance of ZAR15,940,455.08. Zulu Lithium remains committed to engaging constructively with ENPROTEC with a view to regularising the outstanding account and establishing an orderly and commercially sustainable repayment arrangement, and discussions are ongoing regarding the timing and structure of an appropriate way forward.

The creditor matters referred to above are not intended to constitute an exhaustive list of all amounts owing by the Group. As reflected in the interim financial statements, the Company continues to receive and manage correspondence from a number of creditors seeking payment of outstanding balances or agreement on viable repayment terms. The Board continues to engage with these counterparties with the objective of reaching orderly and commercially sustainable arrangements; however, there can be no assurance that any particular creditor will continue to defer enforcement or refrain from taking formal recovery action where amounts remain unpaid.

Premier's senior management is actively managing a number of additional obligations arising in the ordinary course of the Group's operations, including matters relating to the Zimbabwe Revenue Authority in respect of VAT deferment associated with plant and machinery imported for Zulu Lithium and unpaid statutory deductions, as well as outstanding amounts due to certain employees and consultants at Zulu Lithium and Premier. These matters are being managed by senior management and do not arise from any demand made by a director or member of the Board. Their resolution will depend, in part, on the availability and timing of additional funding.

Capital Allocation and Portfolio Strategy

Premier's capital allocation strategy is focused on prioritising Zulu Lithium, preserving the value of its wider portfolio and reducing the Group's direct funding burden wherever appropriate. Zulu Lithium remains the Company's principal operational and development priority and, following the conclusion of an agreement with Canmax, the Board intends, subject to available funding, to support the project towards sustainable production.

Across the wider portfolio, Premier will adopt a selective approach, focusing on protecting strategically important mineral rights, advancing assets with a credible pathway to production or value realisation, and introducing appropriately capitalised strategic partners where this can accelerate development and reduce Premier's direct funding requirement. Where commercially appropriate, Premier will seek to retain a meaningful economic interest together with appropriate governance or operational participation.

Premier does not intend indefinitely to fund early-stage assets where there is no clear route to production, partnership or value realisation. Where assets continue to demonstrate strategic or commercial potential, including Katete and Licomex, the Company will take proportionate steps to protect its interests while pursuing the appropriate development, partnership or transaction strategy.

The Period has been extensively reported within post financial year end events in our annual financial statements that were released just a few months ago.

Our interim financial statements for the six-month period to 30 June 2026 are set out below.

Funding Strategy and Shareholder Authority

In the Notice of General Meeting announced on 3 September 2026 ("Notice"), the Company illustrated the potential funding capacity of the proposed 58.63 billion share authority by reference to an illustrative share price of 0.016 pence per share. The 0.016 pence reference price broadly corresponded with Premier's share price at the expiry of the then-existing Canmax Long Stop Date on 30 June 2026. At the time the Notice was prepared, discussions regarding an extension of the Long Stop Date were well advanced and the Board considered that confirmation of an extension would remove a significant area of uncertainty affecting the Company.

The 0.016 pence price was therefore used as an illustrative reference point for assessing the potential funding capacity of the authority. It was not intended to represent a forecast, target or assurance as to the price at which future equity funding would be undertaken. Since publication of the Notice, Premier's share price has declined materially. The Board recognises that, at lower share prices, the amount of capital that can be raised from a given number of shares is reduced and the potential dilution associated with raising capital increases. At the same time, the Company continues to require additional funding to support Zulu Lithium, meet working capital requirements and address outstanding creditor obligations. It is therefore important that Premier retains sufficient flexibility to access capital when required.

The Board will seek to balance these considerations carefully. Wherever practicable, we will seek to minimise unnecessary dilution and consider the timing, size and structure of future equity financing having regard to prevailing market conditions, investor demand, operational progress and the Company's immediate funding requirements. Equally, the Board must retain the ability to raise sufficient capital to protect the Company's operations and assets.

Premier-level equity is not intended to be the Group's only source of capital. The Company continues to explore strategic investment, project-level financing, offtake-related funding and other third-party financing opportunities. Successful production and sales from Zulu Lithium should, in the Board's view, broaden the financing options available to Premier and potentially reduce reliance on equity funding over time, although there can be no assurance as to the timing, availability or terms of such funding.

Financial and Statutory Information

The Group incurred an operating loss of US$6.873 million for the six months ended 30 June 2026. The loss was principally due to the on-going overheads and administration costs associated with the construction, installation and optimisation of the Zulu Lithium mine in Zimbabwe. Cash at hand on 30 June 2026 was US$0.781 million.

Premier received continued financial support from its shareholders throughout the period.

These interim statements to 30 June 2026 have not been reviewed by the auditors.

Mr. Graham Hill

Managing Director

23 September 2026

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.

For further information please visit www.premierafricanminerals.com or contact the following:

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/Rachel Goldstein	Shore Capital Stockbrokers Limited	Tel: [phone]

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in 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.

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

EXPRESSED IN US DOLLARS

				31 December
		Six months to	Six months to	2025
		30 June 2026	30 June 2025	(Audited)
	Notes	$ 000	$ 000	$ 000
ASSETS
Non-current assets
Intangible assets	4	4,686	4,686	4,686
Investments	5	-	-	-
Property, plant and equipment	6	54,214	55,643	53,872
Loans receivable	7	340	335	318
		59,240	60,664	58,876
Current assets
Inventories		675	713	653
Trade and other receivables		1,733	5,354	1,757
Cash and cash equivalents		781	29	30
		3,189	6,096	2,440
TOTAL ASSETS		62,429	66,760	61,316
LIABILITIES
Non-current liabilities
Provisions - rehabilitation		360	360	360
		360	360	360
Current liabilities
Trade and other payables		60,379	60,338	60,126
Borrowings	8	180	180	180
		60,559	60,518	60,306
TOTAL LIABILITIES		60,919	60,878	60,666
NET ASSETS		1,510	5,882	650
EQUITY
Share capital	9	120,417	107,405	112,684
Share based payment and warrant reserve		3,897	3,897	3,897
Revaluation reserve		711	711	711
Foreign currency translation reserve		(13,150)	(13,150)	(13,150)
Accumulated loss		(96,146)	(79,188)	(89,487)
Total equity attributed to the owners of the parent company		15,729	19,675	14,655
Non-controlling interest		(14,219)	(13,793)	(14,005)
TOTAL EQUITY		1,510	5,882	650

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

EXPRESSED IN US DOLLARS

				31 December
		Six months to	Six months to	2025
Continuing operations	Notes	30 June 2026	30 June 2025	(Audited)
		$ 000	$ 000	$ 000
Revenue		-	-	-
Cost of sales excluding depreciation and amortisation expense		(2,160)	-	(3,646)
Gross profit / (loss)		(2,160)	-	(3,646)
Administrative expenses		(1,713)	(3,292)	(4,395)
Operating profit / (loss)		(3,873)	(3,292)	(8,041)
Depreciation and amortisation	6	(282)	(274)	(791)
Other Income	10	252	4	33
Impairment of property plant and equipment		-	-	(1,375)
Impairment of current assets		-	-	(2,539)
Finance charges		(2,970)	(4,125)	(5,485)
		(3,000)	(4,395)	(10,157)
Profit / (Loss) before income tax		(6,873)	(7,687)	(18,198)
Income tax expense	11	-	-	-
Profit / (Loss) from continuing operations		(6,873)	(7,687)	(18,198)
Profit / (Loss) for the year		(6,873)	(7,687)	(18,198)
Other comprehensive income:
Items that are or may be reclassified subsequently to profit or loss:
Fair Value adjustment on investments		-	-	-
		-	-	-
Total comprehensive income for the year		(6,873)	(7,687)	(18,198)
Loss attributable to:
Owners of the Company		(6,659)	(7,476)	(17,775)
Non-controlling interests		(214)	(211)	(423)
		(6,873)	(7,687)	(18,198)
Total comprehensive income attributable to:
Owners of the Company		(6,659)	(7,476)	(17,775)
Non-controlling interests		(214)	(211)	(423)
Total comprehensive income for the year		(6,873)	(7,687)	(18,198)
Loss per share attributable to owners of the parent (expressed in US cents)
Basic loss per share	11	(0.052)	(0.012)	(0.187)
Diluted loss per share	11	(0.052)	(0.012)	(0.187)

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

EXPRESSED IN US DOLLARS

	Share capital	Share option and warrant reserve	Revaluation reserve	Foreign currency translation reserve	Accumulated Loss	Total attributable to owners of parent	Non-controlling interest("NCI")	Total equity
	$ 000	$ 000	$ 000	$ 000	$ 000	$ 000	$ 000	$ 000
At 1 January 2025	101,268	3,897	711	(13,150)	(71,712)	21,014	(13,582)	7,432
Loss for the period	-	-	-	-	(7,476)	(7,476)	(211)	(7,687)
Other comprehensive income for the period	-	-	-	-	-	-	-	-
Total comprehensive income for the period	-	-	-	-	(7,476)	(7,476)	(211)	(7,687)
Transactions with Owners
Issue of equity shares	6,529	-	-	-	-	6,529	-	6,529
Share issue costs	(392)	-	-	-	-	(392)	-	(392)
At 30 June 2025	107,405	3,897	711	(13,150)	(79,188)	19,675	(13,793)	5,882
Loss for the period	-	-	-	-	(10,299)	(10,299)	(212)	(10,511)
Other comprehensive income for the period	-	-	-	-	-	-	-	-
Total comprehensive income for the period	-	-	-	-	(10,299)	(10,299)	(212)	(10,511)
Transactions with Owners
Issue of equity shares	5,349	-	-	-	-	5,349	-	5,349
Share issue costs	(70)	-	-	-	-	(70)	-	(70)
Share options expired	-	-	-	-	-	-	-	-
Share based payments	-	-	-	-	-	-	-	-
At 31 December 2025	112,684	3,897	711	(13,150)	(89,487)	14,655	(14,005)	650
Profit / (Loss) for the period	-	-	-	-	(6,659)	(6,659)	(214)	(6,873)
Other comprehensive income for the period	-	-	-	-	-	-	-	-
Total comprehensive income for the period	-	-	-	-	(6,659)	(6,659)	(214)	(6,873)
Transactions with Owners
Issue of equity shares	8,006	-	-	-	-	8,006	-	8,006
Share issue costs	(273)	-	-	-	-	(273)	-	(273)
At 30 June 2026	120,417	3,897	711	(13,150)	(96,146)	15,729	(14,219)	1,510

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

EXPRESSED IN US DOLLARS

			31 December
	Six months to	Six months to	2025
	30 June 2026	30 June 2025	(Audited)
	$ 000	$ 000	$ 000
Net cash outflow from operating activities	(5,246)	(5,669)	(7,162)
Investing activities
Acquisition of property plant and equipment	(624)	(331)	(452)
Expenditure on intangible assets	-	-	-
Loans advanced	(22)	(51)	(34)
Net cash used in investing activities	(646)	(382)	(486)
Financing activities
Proceeds from borrowings granted	-	-	-
Net proceeds from issue of share capital	6,643	6,137	7,745
Finance charges	-	(69)	(79)
Net cash from financing activities	6,643	6,068	7,666
Net decrease in cash and cash equivalents	751	17	18
Cash and cash equivalents at beginning of year	30	12	12
Net cash and cash equivalents at end of year	781	29	30

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1.    GENERAL INFORMATION

Premier African Minerals Limited ("Premier" or "the Company"), together with its subsidiaries (the "Group"), was incorporated and domiciled in the Territory of the British Virgin Islands under the BVI Business Companies Act, 2004. The address of the registered office is Craigmuir Chambers, PO Box 71, Road Town, Tortola, British Virgin Islands. Premier's shares were admitted to trading on the London Stock Exchange's AIM market on 10 December 2012.

The Group's operations and principal activities are the mining, development and exploration of mineral reserves, primarily on the African continent. The presentational currency of the condensed consolidated interim financial statements is US Dollars ("$").

2.    BASIS OF PREPARATION

These unaudited condensed consolidated interim financial statements for the six months ended 30 June 2026 were approved by the Board and authorised for issue on 23 September 2026.

These interim financial statements have been prepared in accordance with the recognition and measurement principles of the International Financial Reporting Standards ("IFRS") as endorsed by the UK. 

The accounting policies applied in the preparation of these consolidated interim financial statements are consistent with the accounting policies applied in the preparation of the consolidated financial statements for the year ended 31 December 2025.

The figures for the six months ended 30 June 2026 and 30 June 2025 are unaudited and do not constitute full accounts. The comparative figures for the year ended 31 December 2025 are extracts from the 2025 audited accounts. The independent auditor's report on the 2025 accounts was unqualified.

Going Concern

These consolidated financial statements are prepared on the going concern basis. The going concern basis assumes that the Group will continue in operation for the foreseeable future and will be able to realise its assets and discharge its liabilities and commitments in the normal course of business.

The Directors have prepared cash flow forecasts for the next 12 months, taking into account working capital, limited revenue from Zulu and expenditure forecasts for the rest of the Group including reduced overheads and very limited exploration costs.

At the reporting date of 30 June 2026, the Group's total assets exceeded the total liabilities by $1.510 million and its current liabilities exceeded its current assets by $60.559 million. The major component of the current liability excess is the $48.222 million received from the Group's offtake partner as an advance receipt. This advance receipt will be settled from proceeds from the sale of SC6 to the offtake partner from production at Zulu Lithium and Tantalum Project ("Zulu") or alternatively through the issue of shares into Zulu based on market valuation of US$100 million if not repaid by 31 December 2026.

The forecast that forms the basis of the Going Concern has been made on the following key assumptions:

·    The completion of the share consolidation process;

·    Shareholder approval at the General Meeting to facilitate the raising of additional capital;

·   Payment terms with certain creditors at the Zulu project; and

·   Implementing one of the following key options regarding the Zulu project, collectively herein referred to as the ("Investments"):

Ø Bringing Zulu into full production;

Ø Securing additional funding from a secondary off-take partner;

Ø The possible sale of Zulu in its entirety,

Ø Secure an investment partner into Zulu via a partial sale;

Ø Enter into a Joint Venture; or

Ø The installation of the additional spodumene float plant based on self-funding and retention of ownership.

The Board continues to believe that it has a valuable asset in Zulu, with an estimated fair value in accordance with the prepayment and offtake agreement is US$100 million.

In the event that none of the Investments conclude or Premier doesn't receive the required support from it next General Meeting of shareholders and if the Company is unable to obtain additional finance for the Group's working capital and capital expenditure requirements, a material uncertainty may exist which could cast significant doubt on the ability of the Group to continue as a going concern and therefore be unable to realise its assets and settle its liabilities in the normal course of business.

3.    SEGMENTAL REPORTING

Segmental information is presented in respect of the information reported to the Directors. The segmental information reports the revenue generating segments of RHA Tungsten Private Limited ("RHA"), that operates the RHA Tungsten Mine, and Zulu Lithium Private Limited ("Zulu"). The RHA segment derives income primarily from the production and sale of wolframite concentrate. All other segments are primarily focused on exploration and on administrative and financing segments. Segmental results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.

By operating segment	Unallocated Corporate	RHA Tungsten Mine Zimbabwe and RHA Mauritius*	Exploration Zulu Lithium Zimbabwe and Zulu Mauritius	Total continuing operations
June 2026	$ 000	$ 000	$ 000	$ 000
Result
Revenue	-	-	-	-
Operating loss / (income)	712	28	3,412	4,152
Other income	-	-	(252)	(252)
Fair value movement on investment	-	-	-	-
Impairment of Property Plant & Equipment	-	-	-	-
Finance charges	2,970	-	-	2,970
Impairment of investments and loans receivable	-	-	-	-
Loss before taxation	3,683	28	3,159	6,870
Assets
Exploration and evaluation assets	123	-	4,563	4,686
Investments	-	-	-	-
Property, plant and equipment	29	1	54,184	54,214
Loans receivable	340	-	-	340
Inventories	-	-	675	675
Trade and other receivables	223	10	1,500	1,733
Cash	73	-	707	780
Total assets	788	11	61,629	62,428
Liabilities
Other financial liabilities	-	-	-	-
Borrowings	(180)	-	-	(180)
Bank overdraft	-	-	-	-
Trade and other payables	(52,299)	(12)	(8,067)	(60,378)
Provisions	-	(360)	-	(360)
Total liabilities	(52,479)	(372)	(8,067)	(60,918)
Net assets	(51,691)	(361)	53,562	1,510
Other information
Depreciation and amortisation	28	-	2,420	2,448
Property plant and equipment additions	1,145	-	1,076	2,221
Costs capitalised to intangible assets	123	-	4,563	4,686

By operating segment	Unallocated Corporate	RHA Tungsten Mine Zimbabwe and RHA Mauritius*	Exploration Zulu Lithium Zimbabwe and Zulu Mauritius	Total continuing operations
December 2025	$ 000	$ 000	$ 000	$ 000
Result
Revenue	-	-	-	-
Operating loss / (income)	2,577	42	6,213	8,832
Other income	-	-	(33)	(33)
Fair value movement on investment	-	-	-	-
Impairment of Property Plant & Equipment	-	-	1,375	1,375
Finance charges	5,435	-	50	5,485
Impairment of investments and loans receivable	2,539	-	-	2,539
Loss before taxation	10,552	42	7,604	18,198
Assets
Exploration and evaluation assets	123	-	4,563	4,686
Investments	-	-	-	-
Property, plant and equipment	36	-	53,836	53,872
Loans receivable	318	-	-	318
Inventories	-	-	653	653
Trade and other receivables	223	10	1,524	1,757
Cash	11	-	19	30
Total assets	711	10	60,595	61,316
Liabilities
Other financial liabilities	-	-	-	-
Borrowings	(180)	-	-	(180)
Bank overdraft	-	-	-	-
Trade and other payables	(50,270)	(12)	(9,844)	(60,126)
Provisions	-	(360)	-	(360)
Total liabilities	(50,450)	(372)	(9,844)	(60,666)
Net assets	(49,739)	(362)	50,751	650
Other information
Depreciation and amortisation	21	-	2,145	2,166
Property plant and equipment additions	-	-	452	452
Costs capitalised to intangible assets	123	-	4,563	4,686

 

By operating segment	Unallocated Corporate	RHA Tungsten Mine Zimbabwe and RHA Mauritius*	Exploration Zulu Lithium Zimbabwe and Zulu Mauritius	Total continuing operations
June 2025	$ 000	$ 000	$ 000	$ 000
Result
Revenue	-	-	-	-
Operating loss / (income)	1,303	20	2,251	3,574
Other income	-	-	(4)	(4)
Fair value movement on investment	-	-	-	-
Impairment of Property Plant & Equipment	-	-	-	-
Finance charges	4,120	-	4	4,124
Impairment of investments and loans receivable	-	-	-	-
Loss before taxation	5,423	20	2,251	7,694
Assets
Exploration and evaluation assets	123	-	4,563	4,686
Investments	-	-	-	-
Property, plant and equipment	57	-	55,586	55,643
Loans receivable	335	-	-	335
Inventories	-	-	713	713
Trade and other receivables	4,005	10	1,339	5,354
Cash	(5)	-	34	29
Total assets	4,515	10	62,235	66,760
Liabilities
Other financial liabilities	-	-	-	-
Borrowings	(180)	-	-	(180)
Bank overdraft	-	-	-	-
Trade and other payables	(54,080)	(12)	(6,248)	(60,340)
Provisions	-	(360)	-	(360)
Total liabilities	(54,260)	(372)	(6,248)	(60,880)
Net assets	-49745	-362	55987	5880
Other information
Depreciation and amortisation	21	-	616	637
Property plant and equipment additions	-	-	3,047	3,047
Costs capitalised to intangible assets	446	-	-	446

 

* Represents 100% of the results and financial position of RHA whereas the Group owns 49%.

4.    INTANGIBLE EXPLORATION AND EVALUATION ASSETS

		Exploration & Evaluation assets	Total
		$ 000	$ 000
Opening carrying value 1 January 2025		4,686	4,686
Expenditure on Exploration and evaluation		-	-
Closing carrying value 30 June 2025		4,686	4,686
Expenditure on Exploration and evaluation		-	-
Closing carrying value 31 December 2025		4,686	4,686
Expenditure on Exploration and evaluation		-	-
Closing carrying value 30 June 2026		4,686	4,686

5.    INVESTMENTS

	Vortex Limited	Manganese	Total
		Namibian
		Holdings
	$ 000	$ 000	$ 000
Available-for-sale:
Opening carrying value 1 January 2025	-	-	-
Shares acquired	-	-	-
Closing carrying value 30 June 2025	-	-	-
Shares acquired	-	-	-
Closing carrying value 31 December 2025	-	-	-
Shares acquired	-	-	-
Impairment of investments	-	-	-
Closing carrying value 30 June 2026	-	-	-
Reconciliation of movements in investments
Opening carrying value 1 January 2025	-	-	-
Acquisition at fair value	-	-	-
Carrying value at 30 June 2025 and 31 December 2025	-	-	-
Acquisition at fair value	-	-	-
Impairment of investments	-	-	-
Carrying value at 30 June 2026	-	-	-

Premier's investment in Vortex is classified as FVOCI and as such is required to be measured at fair value at each reporting date. As Vortex is unlisted there are no quoted market prices. The fair value of the Circum shares held by Vortex was derived using the previous issue price and validating it against the most recent placing price on 30 December 2022. During the year ended 31 December 2024, the Ethopian Government revoked Circum's mining licence. Circum's directors have instituted legal action against the Government, however, pending a favourable legal resolution, Premier's board of directors have fully impaired the investment in Circum Minerals.

The shares are considered to be level 3 financial assets under the IFRS 13 categorisation of fair value measurements. Premier continues to hold 5,010,333 shares in Vortex currently valued in total at $0 million.

Premier's investment in MN Holdings Limited ('MNH') is classified as an FVOCI as such is required to be measured at fair value at the reporting date. As MNH is unlisted there are no quoted market prices. The Fair value of the MNH shares as at 30 June 2026 and 31 December 2024 was based on most recent unaudited financial statements of MNH. These financial statements showed significant operating losses. Accordingly, Premier's investment in MNH has been fully impaired as at 31 December 2022.

6.    PROPERTY, PLANT AND EQUIPMENT

	Mine Development	Plant and Equipment	Land and Buildings	Capital Work-in-Progress	Total
	$ 000	$ 000	$ 000	$ 000	$ 000
Cost
At 1 January 2025	13,975	50,743	2,974	9,064	76,756
Additions	-	-	-	331	331
At 30 June 2025	13,975	50,743	2,974	9,395	77,087
Transfer from Capital Work in Progress	-	-	-	-	-
Additions	-	14	-	438	452
At 31 December 2025	13,975	50,757	2,974	9,502	77,208
Foreign Currency Translation effect	-	-	-	-	-
Additions	-	35	-	589	624
At 30 June 2026	13,975	50,792	2,974	10,091	77,832
Accumulated Depreciation and Impairment Losses
At 1 January 2025	8,422	11,190	1,558	-	21,170
Charge for the year	-	210	64	-	274
Impairment of Zulu PPE	-	-	-	-	-
At 30 June 2025	8,422	11,400	1,622	-	21,444
Charge for the year	-	397	120	-	517
Impairment of Zulu PPE	-	1,145	-	230	1,375
At 31 December 2025	8,422	12,942	1,742	230	23,336
Foreign Currency Translation effect	-	-	-	-	-
Charge for the year	-	218	64	-	282
Impairment of Zulu PPE	-	-	-	-	-
At 30 June 2026	8,422	13,160	1,806	230	23,618
Net Book Value
At 30 June 2025	5,553	39,343	1,352	9,395	55,643
At 31 December 2025	5,553	37,815	1,232	9,272	53,872
At 30 June 2026	5,553	37,632	1,168	9,861	54,214

7.    LOANS RECEIVABLE

			31 December
	Six months to	Six months to	2025
	30 June 2026	30 June 2025	(Audited)
	$ 000	$ 000	$ 000
Li3 Lithium Corp	340	335	318
	340	335	318

During six months to 30 June 2026, the Group advanced $0.025 million (2025: $0.034 million) to the Group's joint venture with Li3 Lithium Corp to develop the Licomex claims. The loan value represents the amount due by Li3 Lithium Corp's in excess of their share of the expenses incurred on this project.

8.    BORROWINGS

			31 December
	Six months to	Six months to	2025
	30 June 2026	30 June 2025	(Audited)
	$ 000	$ 000	$ 000
Loan - joint venture partner - Li3 Lithium Corp	-	-	-
Loan - Neil Herbert	180	180	180
	180	180	180

			31 December
	Six months to	Six months to	2024
	30 June 2026	30 June 2024	(Audited)
	$ 000	$ 000	$ 000
Reconciliation of movement in borrowings
As at 1 January	180	180	180
Investment by joint venture partner - Li3 Lithium Corp	-	-	-
Loans received	-	-	-
Accrued interest	-	-	-
Total	180	180	180
Current	180	180	180
Non-current	-	-	-
	180	180	180

Borrowings comprise loans from a related party and a non-related party.

Neil Herbert, a former director of the Company, made available a loan of US$180,000 to the Company in August 2021. Under the terms of the Director Loan, the loan is both unsecured and will not attract any interest and is repayable in full by the Company on the signing of a new off-take agreement at Otjozondu. The purpose of the Director Loan was to provide funding to Premier to allow an amendment to the Otjozondu Loan while Premier, acting collectively with Otjozondu, looked to secure the best possible off-take funding package.

At 30 June 2026 the off-take funding had not been secured and Mr. Herbert has agreed to the deferment of the repayment of the loan until such off-take agreement has been secured.

Premier entered into a joint venture agreement with Li3 Lithium Corp (Li3) for the purpose of prospecting for additional lithium bearing ore in Zimbabwe. The net investment by Li3 represents the net amount due to Li3 after apportioning all expenses and amounts invested by both Premier and Li3.

9.    SHARE CAPITAL

Authorised share capital

The total number of voting rights in the Company on the 30 June 2026 was 43,303,760,981.

Issued share capital

		Number of Shares	Value
		'000	$ 000
As at 1 January 2025		36,027,719	107,374
Shares issued under subscription agreement		2,700,000	672
Shares issued on conversion of fees		1,099,909	300
Shares issued under subscription agreement		4,800,000	777
Shares issued on conversion of fees		1,840,000	477
Shares issued under subscription agreement		4,500,000	2,098
Shares issued under subscription agreement		13,125,000	2,137
Shares issued on conversion of fees		416,666	67
As at 30 June 2025		64,509,294	113,902
Shares issued on conversion of fees		5,757,500	1,144
Shares issued on conversion of interest		5,741,314	940
Shares issued on conversion of interest		1,666,667	270
Shares issued under subscription agreement		6,000,000	1,864
Shares issued on conversion of interest		1,184,253	368
Total number of shares in issue prior to share consolidation		84,859,028
Share consolidation - 10 old shares for 1 new share		8,485,903
Shares issued under subscription agreement		869,565	661
Shares issued on conversion of interest		134,320	104
As at 31 December 2025		9,489,788	119,252

		Number of Shares	Value
		'000	$ 000
As at 31 December 2025		9,489,788	119,252
Shares issued under subscription agreement		3,826,666	1,566
Shares issued on conversion of interest		591,097	243
Shares issued for creditor settlement		303,768	78
Shares issued on conversion of interest		46,922	13
Shares issued for creditor settlement		540,541	134
Shares issued under subscription agreement		2,702,703	666
Shares issued under subscription agreement		5,952,381	993
Shares issued on conversion of interest		1,486,477	252
Shares issued for creditor settlement		427,595	78
Shares issued under subscription agreement		7,352,941	1,360
Shares issued under subscription agreement		5,405,406	1,343
Shares issued for creditor settlement		1,177,476	292
Shares issued under subscription agreement		4,000,000	988
As at 30 June 2026		43,303,761	127,258

Reconciliation to balances as stated in the consolidated statement of financial position
	Issued	Share Issue	Share Capital
	Share Capital	Costs	(Net of Costs)
	$ '000	$ '000	$ '000
As at 31 December 2024 - Audited	107,374	(6,106)	101,268
Shares issued	6,529	(392)	6,137
As at 30 June 2025	113,903	(6,498)	107,405
Shares issued	5,349	(70)	5,279
As at 31 December 2025 - Audited	119,252	(6,568)	112,684
Shares issued	8,006	(273)	7,733
As at 30 June 2026	127,258	(6,841)	120,417

10.  OTHER INCOME

			31 December
	Six months to	Six months to	2025
	30 June 2026	30 June 2025	(Audited)
	$ 000	$ 000	$ 000
(Loss) / Profit on disposal of PPE	-	4	-
Sundry Revenue	252	-	33
	252	4	33

11.  TAXATION

There is no taxation charge for the period ended 30 June 2026 (30 June 2025 and 31 December 2025: Nil) because the Group is registered in the British Virgin Islands where no corporate taxes or capital gains tax are charged. However, the Group may be liable for taxes in the jurisdictions of the underlying operations.

The Group has incurred tax losses in Zimbabwe; however, a deferred tax asset has not been recognised in the accounts due to the unpredictability of future profit streams. 

The Group operates across different geographical regions and is required to comply with tax legislation in various jurisdictions. The determination of the Group's tax is based on interpretations applied in terms of the respective tax legislations and may be subject to periodic challenges by tax authorities which may give rise to tax exposures.

12.  LOSS PER SHARE

The calculation of loss per share is based on the loss after taxation attributable to the owners of the parent divided by the weighted average number of shares in issue during each period.

			31 December
	Six months to	Six months to	2025
	30 June 2026	30 June 2025	(Audited)
	(Unaudited)	(Unaudited)	(Audited)
	$ '000	$ '000	$ '000
Net profit / (loss) attributable to owners of the company ($'000)	(6,659)	(7,476)	(17,775)
Weighted average number of Ordinary Shares in calculating
basic earnings per share ('000)	12,872,476	64,092,628	9,489,788
Basic earnings / (loss) per share (US cents)	(0.052)	(0.012)	(0.187)

As the Group incurred a loss for the period, there is no dilutive effect from the share options and warrants in issue or the shares issued after the reporting date.

13.  EVENTS AFTER THE REPORTING DATE

On the 7^th of July 2026, Canmax Technologies Co. Ltd elected to convert $0.628 million of accrued interest into equity through the issuance of 2,770,506,833 new ordinary shares in the Company.

On the 29^th of July 2026 the Company raised £550,000 before expenses through the issue of 4,000,000,000 new ordinary shares.

On the 14^th of September 2026 Canmax Technologies Co. Ltd extended the long-stop date to 31 December 2026 and the Company signed a subordination agreement in favour Canmax Technologies Co. Ltd to formalise the existing arrangement, whereby the repayment of the existing loans by the Company to Zulu are deferred until Canmax's offtake funding has been settled in full.

ENDS

 

END