REG - Premier African Min. - Zulu and Corporate Update

Premier African MineralsAnnouncement

06/11/2024 17:15

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RNS Number : 2342L  Premier African Minerals Limited  06 November 2024

6 November 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") and the rescheduled General Meeting to be held at the
Chesterfield Mayfair Hotel, 35 Charles Street, London W1J 5EB, United Kingdom
at 15:30 on 11 November 2024 ("Rescheduled GM").

Rescheduled GM

As announced on 22 October 2024, Premier postponed the General Meeting
originally scheduled for 23 October 2024 when it became clear that a
significant shareholder's CREST vote had not been properly captured within the
CREST system at the time. The Rescheduled GM will be held at 15:30 on 11
November 2024 and shareholders are reminded that, while the deadline for
shareholders who hold their shares through Depositary Interests was 15.30
today, voting in person remains possible and shareholders who hold their
interests through a depository should ensure that they have a letter of
representation to vote at the meeting. Shareholders who intend to vote through
a Form of Proxy must do so by no later than 15.30 on 7 November 2024.

The vote is critical to the Company and shareholders are encouraged to ensure
that they exercise their right to vote in the Rescheduled GM.

The Company will also stream the Rescheduled GM by a webinar that will allow
direct access to the meeting from any internet linked computer or smart
device. Shareholders can download via the link the link below:

https://us02web.zoom.us/j/87039519758 (https://us02web.zoom.us/j/87039519758)

The Notice of the Rescheduled GM with the Form of Proxy was posted to
shareholders and remains available together with this announcement for
download on the Company's website:

https://www.premierafricanminerals.com/investors/circulars-and-notices
(https://www.premierafricanminerals.com/investors/circulars-and-notices)

Zulu Operations

Whilst the operations at Zulu remain on hold at this time, it is important to
note the following:

 

 Ø   Further interpretation of test work results suggests that with minor reagent
     adjustment the plant should deliver spodumene at grade and at acceptable
     recoveries as currently configured.
 Ø   Fabricated inserts when available will be expected to improve on spodumene
     grade and recovery.
 Ø   Due Diligence by potential alternate investors is progressing.
 Ø   A return to production is immediately possible subject only to finance.

 

Following the announcement 17 October 2024, the Company is pleased to report
that on-going interpretation of results from current float test work supports
the ability to achieve a reduction in retention time in the spodumene cleaner
cells through a minor variation in the reagents in use. The proposed variation
will result in a lower viscosity in the froth layer and a quicker flow rate
from the cleaner cells.

As previously described, the only aspect of the Zulu plant that is not fully
commissioned is the spodumene recovery circuit and in conjunction with the
previously described plant fixes, this reagent change now represents a
potential third option and, in this case, will have no capital cost
requirement.

Central to plant operations is finance. The Company continues to pursue
various key options regarding the Zulu project as announced on 30 September
2024 in the interim results and summarised below:

 Ø   The possible sale of Zulu in its entirety,
 Ø   Secure an investment partner into Zulu via a partial sale.
 Ø   Enter into a Joint Venture; or
 Ø   The installation of the additional spodumene float plant based on self-funding
     and retention of ownership.

George Roach, CEO commented, "The latest test work and the resource update
recently announced together with all the running time on the plant, has once
again confirmed that the remaining obstacle to production is to achieve grade
and recovery through the spodumene section of the float plant. The fix
proposed by Enprotec and the reagent variation should now allow for continuous
operations when proven. To this end, the Company will seek when possible to
bring the plant into operation for a limited period to prove this. A limited
budget will be allocated for a short 3-to-5-day test run of the plant using
ore already mined and ready to feed.

This short run will also afford other parties the opportunity to access the
plant.

Throughout the challenges we have faced with this project, the facts remain
that Zulu is a built mine with all the fundamentals in place which needs to be
properly financed to be put into operation".

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

 

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.

 

In addition, the Company holds a 19% interest in MN Holdings Limited, the
operator of the Otjozondu Manganese Mining Project in Namibia.

 

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.

 
Ends

 

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