AIM:PREM · Basic Materials · Mining and mineral exploration/development (lithium, tantalum and tungsten) in Africa, AIM-listed

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.

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FY2026Next report expected 7 Jul 2027
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Sixty seconds on the FY2025 report
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.
From the reportevery line sits on the page it names
What drove revenue
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 5
And
Spodumene/petalite concentrate from Zulu Lithium and Tantalum Project
Zulu remained in commissioning of the upgraded Xinhai flotation circuit; no commercial production/sales achieved in the year
page 73
What moved the margintailwind
Mining 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 73
Andheadwind
Limited ore stockpile/financial constraints prevented sustained mining contractor mobilisation, curtailing the commissioning programme
Commissioning programme was curtailed following the exhaustion of the available ore stockpile
page 4
One-offs in the year
$1.4m charge: Impairment of property, plant and equipment (Zulu PPE)
page 34
What management said
Since 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 3
After the year end
W. Hampel resigned as director effective 31 December 2025
page 90
The dividend
The Directors do not recommend the payment of a dividend in respect of the year under review
page 13
Going concern and the audit
Financial statements prepared on going concern basis with material uncertainty; auditor MAH Chartered Accountants issued an unmodified opinion with an Emphasis of Matter on going concern (not modified); key single most significant assumption is successful extension of the Long Stop Date under the Canmax Offtake and Prepayment Agreement Addendum (signed 5 Jan 2026); failure to extend/secure funding could cast significant doubt on going concern
page 26
The risks it names first
Early-stage business risk - Group success depends on ability to raise capital and generate cash flows from commencement of production at Zulup.5
Early-stage project risk - Zulu moved into production without a Definitive Feasibility Study; uncertainty of mineral resource, capital costs, commodity pricing, remote/politically unstable operating environmentp.6
Credit risk, liquidity risk, market risk (FX, commodity, equity)p.6
Operating risks - environmental hazards, plant breakdowns, geological uncertainty, flooding, weatherp.6
Read from C001030-AR-2025-website.
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