REG - Premier African Min. - Zulu and Corporate Update

Premier African MineralsAnnouncement

13/09/2024 07:00

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RNS Number : 0426E  Premier African Minerals Limited  13 September 2024

13 September 2024

Premier African Minerals Limited

 

 Zulu and Corporate Update

 

Premier African Minerals Limited ("Premier" or the "Company") is pleased to
provide a further update on the operations at the Zulu Lithium and Tantalum
Project ("Zulu").

 

Zulu Operational Update

Pursuant to the RNS on 1 August 2024, Enprotec, the supplier of the flotation
plant, has informed the Company that, in their opinion, no additional
fundamental changes to the currently installed plant equipment are necessary
to achieve the intended recoveries and grade. Enprotec has been conducting a
series of laboratory tests to better understand the core processes of the
plant, including reagent dosing amounts and points, agitation speeds, flow
rates between components, slurry densities, cell residence times, and
alternative water sources introduced into the flotation section. These tests
are crucial for further optimising the flotation circuit.

Enprotec has notified Premier that they anticipate completing all laboratory
test work by the end of this week, at which point the lead time for restarting
operations will be determined.

At the same time, the Company has also been conducting a further financial
review of the potential operating costs at Zulu with consideration of the
impact of an enlarged float plant in due course to accommodate the surplus
capacity on the front end of the plant. Internal Company estimates, which have
not been independently verified, indicate that an enlarged float plant could
result in a target mine gate production cost for spodumene concentrate of
circa US$500 per ton.

George Roach, CEO, commented," Premier remains appreciative of the efforts and
input from Enprotec and look forward to updating shareholders on the results
of their test work. Premier is heartened with the outcome of the internal
financial review and hasten to add that this still does not make any allowance
for any potential revenue derived from Tantalum recovery or any other
industrial mineral from the Zulu pegmatite.

Premier will run the plant when the laboratory work has been completed and
when we have resolved the optimisation issues that have prevented proper
production to date. Whilst this has reduced current expenditure, the Company
will still need further funding and in particular to recommence production
later this month."

ENPROTEC

Enprotec have reviewed and approved this release to the extent that reference
is made to the flotation plant. Enprotec is a Multi-disciplinary Engineering
Applications Group that Offers End-to-end Solutions to the Mining &
Mineral Processing Industry. Enprotec aim to extract ore optimally and derive
tangible value for its clients from their operations while eliminating
environmental risks. Enprotec is a global partner in the mineral processing
industry, offering a diverse range of solutions and technologies.

 

Enprotec involvement in Zulu was originally under the engagement and direction
of Stark. Following Zulu's engineering team taking over as the operator of the
Zulu plant, Enprotec have agreed to provide such support as requested by Zulu
as may be required in the continuing optimisation, remedy and improvement of
the Stark designed flotation plant.

 

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 (http://www.premierafricanminerals.com)

Enquiries:

 

 George Roach                      Premier African Minerals Limited    Tel: +27 (0) 100 201 281
 Michael Cornish / Roland Cornish  Beaumont Cornish Limited            Tel: +44 (0) 20 7628 3396

                                   (Nominated Adviser)
 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

 

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.

 

 Glossary
 "Stark"  The Zulu design, procurement, installation, and commissioning contractor,
          Stark International Projects Limited.

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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