Premier African Minerals Limited
Premier African Minerals Limited is a BVI-incorporated, AIM-listed (PREM) mining and exploration group focused on African mineral assets, principally the Zulu Lithium and Tantalum Project in Zimbabwe (early-stage spodumene/petalite production) and the 49%-owned RHA Tungsten Project (fully impaired, under care and maintenance). The Group generated no revenue from its principal wolframite/lithium products in FY2025 and remains pre-revenue, loss-making and reliant on equity fund-raising and a prepayment/offtake arrangement with Canmax Technologies.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 30 Jun 2026 · 94 pages · Company website
Premier African Minerals Limited is a mining company developing the Zulu lithium project in Zimbabwe. It made no sales in the year to 31 December 2025, as in 2024, and lost $17.8m, compared with $19.3m the year before.
The loss narrowed mainly because spending on mining contractors fell sharply, as the RHA tungsten mine stayed shut and mining at Zulu was limited. Zulu spent the year testing its new processing plant, but testing was cut short when its stockpile of ore ran out. The loss also includes a $2.539m write-down in the value of loans and investments.
The company ended the year with $30k of cash and $180k of borrowings, after raising $7.7m by selling new shares. Bills due within a year exceeded short-term assets by $57.866 million, much of it an advance from its lithium buyer, Canmax. No dividend was recommended. Management's priorities are to get the plant running steadily, attract partners and secure funding. The report warns of a material uncertainty, meaning real doubt, over whether the company can keep going. This rests mainly on Canmax extending a key deadline in their deal and on new funding.
Wolframite (tungsten) ore sales from RHA
No mining operations undertaken at RHA during the year under review; revenue from wolframite sales was $nil (2024: $nil)
page 5Mining contractor costs fell sharply ($0.356m vs $7.091m in 2024) as RHA remained non-operating and Zulu mining activity was constrained
Cost of sales note 21
page 73Since my appointment, the Board's overriding objective has been to restore shareholder value by advancing the Zulu Lithium and Tantalum Project towards sustainable commercial production whilst positioning the Company to secure the strategic investment and financing necessary to realise the full potential of this world-class asset.
page 3The Directors do not recommend the payment of a dividend in respect of the year under review
page 1311 years on one page · FY2015–FY2025
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USD millions, negatives in brackets. Per-share lines in cents. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
16 figures restated in a later report
Every figure is read again from the following year’s report: 272 confirmed, 48 differ, 16 restated.
No figure has been restated: every figure a later report printed again, it printed the same.
16 more figures were restated in FY2015 to FY2022, which a free account opens.