Zulu Update

Premier African Minerals Limited

14 November 2023

 

14 November 2023

Premier African Minerals Limited

Zulu Update

Premier African Minerals Limited ("Premier" or the "Company"), provides this update on operations at Premier's Zulu Lithium and Tantalum Project ("Zulu").

Zulu Update

Progress with the second stage and long-term solution to the production delays at Zulu remains on track with the delivery of the new ball mill still projected for December 2023 with the intention of supporting full production from January 2024.

Stark International Projects Limited reports that there is a steady improvement in both concentrate grade and plant performance and the optimisation of the current plant configuration remains ongoing following the installation of the interim solution of the RHA mill at Zulu, but it is proving impossible to construct the civil works required for the new mill at the same time as continuing with present operations.

Premier is now considering an early cessation of current plant operations with the longer-term goal of production at design capacity not being unnecessarily delayed. The result is likely to be that no shipments of concentrate will now be made in November and December 2023.

Premier is consulting with its Offtake and Prepayment Partner in this regard, who have several options under these circumstances that include a requirement for an interim payment of US$1.5 million in respect of each month when the product commitment is not met, as fully described in the announcement of 15 August 2023.

Current mining and pit development operations will continue as will exploration in the wider EPO region.

Construction of civil works is a major undertaking and timely completion is essential to ensure the Company meets its medium- and longer-term goal of production at full design capacity.

Shareholder Q & A

George Roach, upon his return from Zulu, will arrange a virtual Questions and Answers session with shareholders. Further details will follow on Premier webpage, however, please register your interest with the Company at [e-mail].

Market Abuse Regulation

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 George Roach.

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

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'' "planned" ''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. 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.

In addition, the Company holds a 19% interest in MN Holdings Limited, the operator of the Otjozondu Manganese Mining Project in Namibia.

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]

 
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