20 January
2025
Premier African Minerals
Limited
Offtake and Prepayment
Agreement
Premier African Minerals
Limited ("Premier" or
the "Company") is pleased
to confirm that following the Placing and Retail Offer as announced
on the 16 January 2025, that Canmax Technologies Co., Ltd
("Canmax") without
limitation to their rights under the restated Offtake and
Prepayment Agreement as announced in August 2023 and further
amended in December 2024 ("Agreement") have reaffirmed that their
intention at this time is to work in alignment with Premier to
ensure the completion of the commissioning and optimisation of both
the primary flotation plant and secondary flotation plant to
achieve the targeted grade and recovery at the Zulu Lithium and
Tantalum Project ("Zulu").
Canmax have further confirmed that
the basis of their prepayment under the Agreement is unchanged and
remains for the delivery of SC6 and not the ownership and/or
management of Zulu.
George Roach, CEO commented, "I
remain confident that Premier will complete the optimisation and
final commissioning of the spodumene float circuit at Zulu. The
extensive additional test work completed in the latter part of 2024
and the purchase of additional float cells to be installed at Zulu
will support this.
In my opinion, the objectives of
Premier and Canmax are aligned with the sole intention of meeting
delivery of product and liquidation of the prepayment, without
which Zulu could not have been built."
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
Enquiries:
|
George
Roach
|
Premier
African Minerals Limited
|
Tel: +27 (0)
100 201 281
|
|
Michael
Cornish / Roland Cornish
|
Beaumont
Cornish Limited
(Nominated
Adviser)
|
Tel: +44 (0)
20 7628 3396
|
|
Douglas
Crippen
|
CMC Markets UK
Plc
|
Tel: +44 (0)
20 3003 8632
|
|
Toby
Gibbs/Rachel Goldstein
|
Shore Capital
Stockbrokers Limited
|
Tel: +44 (0)
20 7408 4090
|
|
Andrew Monk /
Andrew Rac
|
VSA
Capital
|
Tel: +44 (0)20
3005 5000
|
Beaumont Cornish Limited, which is
authorised and regulated in the United Kingdom by the Financial
Conduct Authority, is acting as nominated adviser to the Company in
relation to the matters referred herein. Beaumont Cornish Limited
is acting exclusively for the Company and for no one else in
relation to the matters described in this announcement and is not
advising any other person and accordingly will not be responsible
to anyone other than the Company for providing the protections
afforded to clients of Beaumont Cornish Limited, or for providing
advice in relation to the contents of 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.
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.
Ends