Zulu and Corporate Update

Premier African Minerals Limited

13 September 2024

 

13 September 2024

Premier African Minerals Limited

 Zulu and Corporate Update

Premier African Minerals Limited ("Premier" or the "Company") is pleased to provide a further update on the operations at the Zulu Lithium and Tantalum Project ("Zulu").

Zulu Operational Update

Pursuant to the RNS on 1 August 2024, Enprotec, the supplier of the flotation plant, has informed the Company that, in their opinion, no additional fundamental changes to the currently installed plant equipment are necessary to achieve the intended recoveries and grade. Enprotec has been conducting a series of laboratory tests to better understand the core processes of the plant, including reagent dosing amounts and points, agitation speeds, flow rates between components, slurry densities, cell residence times, and alternative water sources introduced into the flotation section. These tests are crucial for further optimising the flotation circuit.

Enprotec has notified Premier that they anticipate completing all laboratory test work by the end of this week, at which point the lead time for restarting operations will be determined.

At the same time, the Company has also been conducting a further financial review of the potential operating costs at Zulu with consideration of the impact of an enlarged float plant in due course to accommodate the surplus capacity on the front end of the plant. Internal Company estimates, which have not been independently verified, indicate that an enlarged float plant could result in a target mine gate production cost for spodumene concentrate of circa US$500 per ton.

George Roach, CEO, commented," Premier remains appreciative of the efforts and input from Enprotec and look forward to updating shareholders on the results of their test work. Premier is heartened with the outcome of the internal financial review and hasten to add that this still does not make any allowance for any potential revenue derived from Tantalum recovery or any other industrial mineral from the Zulu pegmatite.

Premier will run the plant when the laboratory work has been completed and when we have resolved the optimisation issues that have prevented proper production to date. Whilst this has reduced current expenditure, the Company will still need further funding and in particular to recommence production later this month."

ENPROTEC

Enprotec have reviewed and approved this release to the extent that reference is made to the flotation plant. Enprotec is a Multi-disciplinary Engineering Applications Group that Offers End-to-end Solutions to the Mining & Mineral Processing Industry. Enprotec aim to extract ore optimally and derive tangible value for its clients from their operations while eliminating environmental risks. Enprotec is a global partner in the mineral processing industry, offering a diverse range of solutions and technologies.

Enprotec involvement in Zulu was originally under the engagement and direction of Stark. Following Zulu's engineering team taking over as the operator of the Zulu plant, Enprotec have agreed to provide such support as requested by Zulu as may be required in the continuing optimisation, remedy and improvement of the Stark designed flotation plant.

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 George Roach.

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

Enquiries:

George Roach	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]

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.

Glossary
"Stark"	The Zulu design, procurement, installation, and commissioning contractor, Stark International Projects Limited.

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 accepted 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.

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