Premier African Minerals Limited Zulu Project and Update (0774W)

TIDMPREM

RNS Number : 0774W

Premier African Minerals Limited

07 December 2023

Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining

For immediate release

7 December 2023

Premier African Minerals Limited

Zulu Project and Update

The Board of Premier African Minerals Limited ("Premier" or the "Company") is pleased to provide this update in regard to Zulu Lithium and Tantalum Project ("Zulu") where the Company is targeting revenue generating production by February 2024 following the installation of the 55 tons per hour ball mill and other associated structures which is currently expected to be completed by late January/early February 2024.

George Roach, CEO commented : "With these upgrades at Zulu, we expect to rectify the most significant of the deficiencies in the original plant design and be able to mill sufficient material to the correct particle size to meet the design capacity for the float plant of 37.5 ton per hour of dry solids.

At the same time, attention is being paid to many other aspects of the original design and equipment schedule and to mining procedures to ensure that spodumene floated meets specifications and to limit contamination of waste material (and in particular talc) that was not previously removed in the sorting process. Talc contamination that constituted the major concern originated from Serpentinite that should have been removed in the ore sorting process.

Our target completion date of late January/early February 2024 stands, with the Company and the Original Equipment Manufacturer all fully committed to this timeline. The civil construction for the thickener is effectively complete and the required reinforcing and concrete works for the new mill are well underway. We do not expect any delays with the civil construction.

It is important to note that in repeated test work Zulu demonstrates that production of spodumene to grade and within specifications is attainable and the Board believes that our anticipated SC6 production is now within our grasp. Particularly important is the fact that as previously reported, our on-site laboratory has produced SC6 at the required level and in particular at 5.7% Li20 from unsorted material and when hand sorting is used to simulate the effect of properly functioning ore sorters, we are able to produce spodumene concentrate at a Li20 grade of 7.4%.

Also important is the fact that our Offtake and Prepayment Partner remains extremely supportive and this is evidenced by the fact that they have not called for payment related to the delayed delivery. In this regard, no further statement is anticipated."

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:

 
                     Premier African Minerals     Tel: +27 (0) 100 
 George Roach         Limited                      201 281 
 Michael Cornish /   Beaumont Cornish Limited     Tel: +44 (0) 20 
  Roland Cornish      (Nominated Adviser)          7628 3396 
                    ---------------------------  ----------------- 
                                                  Tel: +44 (0) 20 
 Douglas Crippen     CMC Markets UK Plc            3003 8632 
                    ---------------------------  ----------------- 
 Toby Gibbs/Rachel   Shore Capital Stockbrokers   Tel: +44 (0) 20 
  Goldstein           Limited                      7408 4090 
                    ---------------------------  ----------------- 
                                                  Tel: +44 (0) 20 
 Jerry Keen          Fox-Davies Capital Limited    3884 7447 
                    ---------------------------  -----------------

Important notice

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 identi ed 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 re ect 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.

Ends

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December 07, 2023 10:00 ET (15:00 GMT)

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