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27 May 2026 08:00
27 May 2026
Premier African Minerals Limited
("Premier" or the "Company")
Grant of Options
Premier African Minerals Limited (AIM: PREM), announces that, on 27 May 2026 options for 2,400,000,000 new ordinary shares of no-par value in the Company were awarded to both directors and management ("Options"). The Director Options and the Management Options will, unless otherwise exercised, all expire on 27 May 2037.
Following this issue of Options, the Company has a total of 2,512,750,000 ordinary shares under option, equivalent to approximately 6.4 per cent of the Company's current issued ordinary share capital.
In making the new option awards, the Board considers that the management remuneration and incentives align with long-term shareholder value creation and provide commercial protections for the Company and its shareholders as a whole. In particular, the options vest over time in four (4) equal tranches subject to the conditions described below, aligning the interests of the option holders with shareholders. The exercise price of the first option tranche of 0.0185 pence has been set at the last placing price (as announced on 13 May 2026), and thereafter subsequent tranches have an increasing exercise price.
Director Options
Options to subscribe for 720,000,000 new ordinary shares of no-par value in the Company (the "Director Options") were awarded to Directors. In aggregate, the award of new Director Options to the Directors represents approximately 1.83 per cent. of the Company's current issued share capital. There have been no other awards to the Directors in the prior 12-month period. Further details of the Director Options awards are set out below:
Director | New options awarded | Exercise price | First exercise date | Expiry date |
Graham Hill | 100,000,000 | 0.0185 pence | The sooner of 27 May 2027 or production of 12,000 tons of SC6 at Zulu Lithium. | 27 May 2037 |
100,000,000 | 0.023 pence | The sooner of 27 November 2027 or production of 24,000 tons of SC6 at Zulu Lithium. | 27 May 2037 | |
100,000,000 | 0.028 pence | The sooner of 27 May 2028 or production of 36,000 tons of SC6 at Zulu Lithium. | 27 May 2037 | |
100,000,000 | 0.036 pence | The sooner of 27 May 2029 or production of 48,000 tons of SC6 at Zulu Lithium. | 27 May 2037 | |
Godfrey Manhambara | 80,000,000 | 0.0185 pence | The sooner of 27 May 2027 or production of 12,000 tons of SC6 at Zulu Lithium. | 27 May 2037 |
| 80,000,000 | 0.023 pence | The sooner of 27 November 2027 or production of 24,000 tons of SC6 at Zulu Lithium. | 27 May 2037 |
| 80,000,000 | 0.028 pence | The sooner of 27 May 2028 or production of 36,000 tons of SC6 at Zulu Lithium. | 27 May 2037 |
| 80,000,000 | 0.036 pence | The sooner of 27 May 2029 or production of 48,000 tons of SC6 at Zulu Lithium. | 27 May 2037 |
Note: Further details are set out in the Appendix. | ||||
Management Options
In addition, the Company has also issued a further 1,680,000,000 options to a non-board members and management on similar terms to the Director Options ("Management Options") and which vest in four equal tranches as follows
Ø | 420,000,000 Management Options will be exercisable and converted into new ordinary shares in the Company at a price 0.0185 pence on the sooner of 27 May 2027 or production of 24,000 tons of SC6 at Zulu Lithium; |
Ø | 420,000,000 Management Options will be exercisable and converted into new ordinary shares in the Company at a price 0.023 pence on the sooner of 27 November 2027 or production of 24,000 tons of SC6 at Zulu Lithium; |
Ø | 420,000,000 Management Options will be exercisable and converted into new ordinary shares in the Company at a price 0.028 pence on the sooner of 27 May 2028 or production of 36,000 tons of SC6 at Zulu Lithium; and |
Ø | 420,000,000 Management Options will be exercisable and converted into new ordinary shares in the Company at a price 0.036 pence on the sooner of 27 May 2029 or production of 48,000 tons of SC6 at Zulu Lithium. |
A copy of this announcement is available at the Company's website, https://premierafricanminerals.com/.
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.
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 encompassing brownfield projects with near-term production potential to grass-roots exploration.
APPENDIX
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||||||
a) | Name | Graham Hill | ||||||||||
2 | Reason for notification | |||||||||||
a) | Position / status | Director | ||||||||||
b) | Initial notification /Amendment | Initial | ||||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||
a) | Name | Premier African Minerals Limited | ||||||||||
b) | LEI | Not applicable | ||||||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.01 pence each in Premier African Minerals Limited ISIN VGG7223M1187 | ||||||||||
Nature of the transaction | Issue of options over Ordinary Shares | |||||||||||
Price(s) and volumes(s) |
| |||||||||||
d) | Aggregated information | n/a | ||||||||||
e) | Date of the transaction | 27 May 2026 | ||||||||||
f) | Place of the transaction | Outside a trading venue | ||||||||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||||||
a) | Name | Godfrey Manhambara | ||||||||||
2 | Reason for notification | |||||||||||
a) | Position / status | Director | ||||||||||
b) | Initial notification /Amendment | Initial | ||||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||
a) | Name | Premier African Minerals Limited | ||||||||||
b) | LEI | Not applicable | ||||||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.01 pence each in Premier African Minerals Limited ISIN VGG7223M1187 | ||||||||||
Nature of the transaction | Issue of options over Ordinary Shares | |||||||||||
Price(s) and volumes(s) |
| |||||||||||
d) | Aggregated information | n/a | ||||||||||
e) | Date of the transaction | 27 May 2026 | ||||||||||
f) | Place of the transaction | Outside a trading venue | ||||||||||
ENDS
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