Operational and Corporate Update

Premier African Minerals Limited

25 June 2026

 

25 June 2026

Premier African Minerals Limited

Operational and Corporate Update

Premier African Minerals Limited ("Premier" or the "Company") is pleased to provide an update on the optimisation of the upgraded flotation plant at the Zulu Lithium and Tantalum Project ("Zulu") and on ongoing discussions regarding the extension of the Long Stop Date under the Company's prepayment and offtake arrangements as announced on 5 January 2026.

Graham Hill, Managing Director, commented, "The initial results from the upgraded flotation circuit are very encouraging and represent the most positive operating performance we have seen from the plant to date. While commissioning was cut short due to the exhaustion of available ore feed, the circuit demonstrated a significant improvement in concentrate quality and overall operating stability compared to the previous configuration.

The immediate priority is to ensure that sufficient ore is available on the ROM pad to support an extended continuous operating campaign. Experience has shown that flotation circuit optimisation requires sustained operation over a prolonged period, and we believe that establishing an adequate stockpile before recommencing commissioning activities represents the most efficient approach. Our objective is to operate the plant continuously for a period of approximately 30 days, which should provide the data and operating experience required to fully optimise the circuit and assess its long-term performance.

In parallel, we are engaging constructively with Canmax regarding a further extension of the Long Stop Date. Discussions are positive and Canmax is currently reviewing the latest operational data generated during commissioning.

We appreciate Canmax's continued engagement and look forward to updating shareholders as these discussions progress."

Operational Performance

Initial commissioning of the upgraded flotation circuit has demonstrated encouraging improvements in performance relative to the previous circuit configuration. Based on internal laboratory analyses conducted during commissioning, the upgraded circuit achieved rapid froth formation following start-up and produced concentrate grades materially in excess of those previously achieved. Internal assay results recorded sample concentrate grades exceeding 5.0% Li₂O, with peak sample grades of up to 5.58% Li₂O achieved. As previously reported, these results are preliminary in nature and have been generated by the Company's internal laboratory and should not be regarded as independently verified.

The commissioning programme has been curtailed by the exhaustion of available ore feed, preventing the plant from undergoing the extended period of continuous operation typically required to fully optimise and stabilise a flotation circuit. The limited ore availability reflects the Company's current financial position and the associated constraints on mining activities at Zulu, with mining operations having continued on a reduced scale due to insufficient resources to mobilise a large-scale mining contractor. Notwithstanding this, the Board believes that the encouraging commissioning results achieved to date provide a strong platform for the next phase of optimisation work and anticipates that, subject to continued operational progress and ongoing stakeholder engagement, the Company will be better positioned to secure the resources necessary to support the mobilisation of a larger-scale mining contractor capable of providing sufficient ore for sustained future plant operations.

The improved performance and throughput achieved during commissioning resulted in substantially all of the approximately 6,000 tonnes of ore made available for commissioning and optimisation activities being processed. As a result, additional ore will need to be mined and stockpiled before extended optimisation activities can recommence.

While the initial results are encouraging, further optimisation, continuous operation and independent verification, where appropriate, will be required before the Company can fully assess the performance and operational capability of the upgraded flotation circuit.

The Company is currently evaluating options for the handling of concentrate produced during commissioning and test work activities. Subject to obtaining any necessary approvals, including the consent of Canmax where required, and compliance with all applicable regulatory and contractual obligations, the Company may seek to market and sell certain quantities of concentrate produced during the commissioning process in country. No assurance can be given that any such sales will occur or as to the timing or terms of any such transactions.

ROM Stockpile and Ongoing Optimisation Programme

The improved performance of the upgraded flotation circuit resulted in the processing of substantially all of the approximately 6,000 tonnes of ore that had been made available for commissioning and optimisation activities.

As flotation optimisation requires sustained and continuous operation over an extended period, the Company's immediate focus is on rebuilding ore inventories on the ROM pad to support a planned continuous operating campaign of approximately 30 days. Given the current reduced scale of mining activities, the Board believes that establishing an adequate ore stockpile prior to recommencing optimisation represents the most efficient use of available resources and will maximise the value of future optimisation activities. The Company is therefore prioritising the accumulation of sufficient ore feed to support an uninterrupted optimisation programme and enable a comprehensive assessment of plant performance under sustained operating conditions.

Based on current mining and stockpiling activities, the Company expects to have sufficient ore available on the ROM pad to recommence plant operations during July 2026. This timetable remains subject to mining performance and other operational factors.

Long Stop Date Discussions

The Company has approached Canmax Technologies Co., Ltd. ("Canmax") regarding a further extension of the Long Stop Date (see announcement on the 5 January 2026 for further information) under the existing prepayment and offtake arrangements. Discussions with Canmax are constructive and positive and as part of its review process, Canmax is currently assessing the latest operational and commissioning data generated by the upgraded flotation circuit, together with the broader technical progress achieved at Zulu.

While discussions remain ongoing and no definitive agreement has yet been reached, the Board is encouraged by the engagement to date and believes that both parties remain committed to finding a mutually acceptable path forward.

Under the existing prepayment and offtake arrangements, the Long Stop Date is the date by which Premier will have delivered either sufficient spodumene SC6, or provided cash settlement, to Canmax to settle the advance purchase amount provided by Canmax to Premier in full. As previously announced on 5 January 2026, Premier and Canmax agreed, subject to certain conditions, to extend the Long Stop Date to the earlier of 30 June 2026 or the date on which a reputable buyer acceptable to Canmax executed a binding agreement to settle and/or manage Canmax's Prepayment Amount plus interest on terms to be agreed by Canmax.

Publication of audited accounts

The Company's report and accounts for the year ended 31 December 2025 ("Accounts") are due for publication on or before 30 June 2026 ("Publication Date"). The Accounts are at an advanced stage of preparation and remain subject to final review and auditor signoff, including consideration of ongoing discussions regarding the proposed extension of the Long Stop Date. The Company continues to work towards publication by the Publication Date.

Further updates will be provided as and when appropriate.

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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