Premier African Minerals Limited
29 July 2026
29 July 2026
Premier African Minerals Limited
Funding
Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce that it has today completed a subscription to raise approximately £550,000 before expenses through the issue of 4,000,000,000 new ordinary shares of nil par value in the capital of the Company at an issue price of 0.01375 pence per new ordinary share (the "Issue Price").
Following the Company's recent update regarding the Zulu Lithium and Tantalum Project ("Zulu"), the Board remains focused on maintaining operational continuity across both Premier and Zulu while constructive discussions continue with Canmax Technologies Co., Ltd ("Canmax") regarding an extension of the Long Stop Date.
Graham Hill, Managing Director, commented: "This funding provides important working capital to contribute towards ongoing operational requirements at Zulu, including the continuation of mining and stockpiling activities, while the Company progresses its constructive discussions with Canmax regarding an extension of the Long Stop Date.
The Board remains firmly focused on advancing Zulu towards sustained production and commercial operation and believes the Subscription will support continued progress and preparations for the next production and optimisation campaign once a revised operating timetable has been confirmed.
The Company will provide shareholders with a further update once discussions with Canmax have concluded or upon any material development".
Subscription
Premier has today issued, by way of a direct subscription arranged by the Company (the "Subscription") and conditional on admission, 4,000,000,000 new ordinary shares of nil par value (the "Subscription Shares") at the Issue Price. The Subscription Shares will, when issued, rank pari passu in all respects with the Company's existing ordinary shares.
The Subscription Shares are being issued within the Company's existing share authorities. The net proceeds of the Subscription will be used principally to support operating expenditure at Zulu, the continuation of mining and stockpiling activities, the management of essential creditors at Zulu and the Company's general working capital requirements.
Admission
Application has been made for the Subscription Shares to be admitted to trading on AIM. Admission is expected to take place on or around 3 August 2026.
Total Voting Rights
Following the issue of the Subscription Shares, the Company's issued share capital will consist of 50,074,267,822
ordinary shares with voting rights.
This figure may be used by shareholders as the denominator for the purposes of calculating whether they are required to notify an interest in, or any change to an interest in, the Company's share capital under the Financial Conduct Authority's Disclosure and Transparency Rules.
Enquiries:
|
Graham Hill |
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/Harry Davies-Ball |
Shore Capital Stockbrokers Limited |
Tel: +44 (0) 20 7408 4090 |
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 and lithium and gold in Mozambique, encompassing brownfield projects with near-term production potential to grass-roots exploration.
Ends
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