Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
For immediate release
29 February 2024
Premier African Minerals Limited
Zulu Lithium Plant Update
The Board of Premier African Minerals Limited ("Premier" or the "Company") is pleased to provide an update on plant operations at Zulu Lithium and Tantalum ("Zulu").
The plant is now running, and concentrates are being produced from both Mica and Spodumene flotation sections. Analysis of the concentrates is underway. Several issues need attention by the plant contractors that are affecting both quantity and quality of production. Most important is that instrumentation related to pH measurement does not cover all plant components that need to be monitored and the reagent dosing system is unable to adjust pH to design specifications. The plant contractor will need to remedy this forthwith. Premier is however encouraged that initial spot analysis by Zulu's internal laboratory on the material transferred to the spodumene flotation plant has indicated a concentrate of 6.1% Li2O is potentially achievable from current ROM ore.
George Roach, CEO, commented, "Premier believes that we are getting there. Not as quickly as Premier had hoped and with more unnecessary remedial issues than Premier had anticipated.
Premier therefore remains simultaneously encouraged and frustrated. Further updates will follow".
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:
| George Roach | 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/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 | |
| "Flotation circuits" | Flotation circuits are a common technology for the concentration of a broad range of minerals. Froth flotation is based on differences in the ability of air bubbles to adhere to specific mineral surfaces in a solid/liquid slurry. |
| "Li2O" | Chemical formula of dilithium oxide. |
| "Micas" | Micas are a group of silicate minerals whose outstanding physical characteristic is that individual mica crystals can easily be split into extremely thin elastic plates. |
| "pH" | Indicates the concentration of hydrogen ions in a liquid. While a low pH indicates a higher concentration of hydrogen, a high pH indicates a lower hydrogen concentration. |
| "ROM" | Run-of-mine. |
| "Spodumene" | A white to pink coloured lithium bearing mineral (LiAlSi2O6). |
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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