Premier African Minerals Regulatory News (PREM)

25 April 2025

Premier African Minerals Limited

Interim Funding

Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce a subscription today to raise £1.575 million before expenses at an issue price of 0.035 pence per new ordinary share ("Issue Price") primarily for the Zulu Lithium and Tantalum Project ("Zulu").

Following the announcement on 24 April 2025, Premier considers that it is essential to complete the commissioning and optimisation of both the Primary Flotation Plant and Secondary Flotation Plant at Zulu to ensure that the Zulu plant is able to achieve the required grade and tonnage to reach a binding agreement for the future development of Zulu.

George Roach, CEO, commented, "The recently announced amendment to the Offtake and Prepayment agreement with Canmax, the provision of a non-binding letter of interest and the alleviation of the concerns related to the long stop date all help a restoration of confidence in Premier, and this should help support us through the next three months whilst we complete the spodumene float section at Zulu".

Subscription

Premier has today issued by way of a direct subscription ("Subscription"), conditional on admission, 4,500,000,000 new ordinary shares of nil par value ("Subscription Shares") at the Issue Price per Subscription Share. The Subscription Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. CMC Markets UK Plc trading as CMC CapX, acted as the Company's placing agent in respect of the placing.

The Subscription Shares amount to 4,500,000,000 new ordinary shares which has been arranged within the Company's remaining share authorities. Premier intends to use the proceeds of the Subscription principally to assist with the payment of the secondary flotation plant, commencement of civil works for the secondary plant, the management of essential creditors at Zulu and provide general working capital for Premier.

There has been no material change to the Company's financial position since the announcement on 6 March 2025 and following this Subscription, the Company will continue to require future funding in particular to ensure that the Zulu plant is able to achieve the required grade and tonnage to reach a binding agreement for the future development, meet operating costs of Zulu and settle creditors.

Admission

Application is being made for the New Shares to be admitted to trading on AIM and admission is expected to take place on or around 1 May 2025.

Total Voting Rights

Following the issue of the New Shares, the Company's issued share capital consists of 50,967,629,048 Ordinary Shares, with voting rights and the Company has now utilised all share authorities approved at the meeting of shareholders held on the 23 December 2024.

This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

Market Abuse Regulations

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:

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.

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