Premier African Minerals secures £540 k raise for Zulu Lithium Project operations PREMIER African Minerals Limited

Nqobile Bhebhe, [email protected]

Premier African Minerals Limited on Friday announced a £540,000 raise via a 2.7 billion new ordinary share subscription to provide working capital to support essential operational requirements.

The firm states it is fundamentally important for it to continue supporting all essential operational requirements at both Premier and the Zulu Lithium and Tantalum Project.

At present, the entity is actively engaged with its prepayment and offtake partner, whose reaffirmation of its intentions in relation to Zulu was announced on 20 January 2025.

Additionally, Premier is looking to address, in consultation with its prepayment and offtake partner, any factors that might still cause uncertainty.

In an update, Chief Executive Officer Mr George Roach said, “This subscription will provide working capital to support essential operational requirements at Zulu and also allow an initial start to the infrastructure and other associated requirements for the installation of the additional float cells, assisting in plant readiness for the limited test run that has been planned.”

Last week, the firm received a major confidence boost as its principal shareholder, Canmax Technologies, reaffirmed its commitment to completing the commissioning and optimisation of both the primary and secondary flotation plants, rather than pursuing ownership or management of Zulu.

The UK-based mining and exploration entity has faced challenges with the commissioning of the lithium flotation circuit at its Zulu plant in Insiza District, Matabeleland South, which has been inactive since July 2024.

It has missed several delivery deadlines and, at one point, issued a force majeure notice to China’s Canmax Technologies, citing unforeseen operational hurdles encountered at the lithium plant in Fort Rixon.

Force majeure, a French term, is a common clause in contracts that essentially frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties occurs.

The plant was reported to be unable to produce sufficient spodumene to meet the quantities required by the off-take agreement with Canmax.

Canmax wanted to terminate the agreement, a development that could have negatively affected the Zulu Lithium project.

After extensive talks, both firms mended relations.

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