Premier African Minerals (LSE:PREM) has agreed with its offtake partner, Canmax Technologies, to extend the long stop date under their existing offtake and prepayment agreement for the Zulu Lithium and Tantalum Project. The deadline has been moved from 31 December 2025 to the earlier of 30 June 2026 or the date on which a new, reputable buyer acceptable to Canmax enters into a binding agreement to settle or manage Canmax’s prepayment exposure.
While the core economic terms of the arrangement remain unchanged, the extension introduces tighter conditions for Premier. These include restrictions on changes to key office holders at both group and project level without Canmax’s prior written consent, as well as an obligation to keep the existing security package fully in place. Canmax retains the right to exercise its contractual enforcement powers should any of these conditions be breached. The revised terms highlight Canmax’s continued support for the project, while also placing increased emphasis on operational discipline and governance around the Zulu development.
Premier African Minerals’ overall outlook continues to be constrained by weak financial performance, characterised by ongoing losses, negative gross profit and continued cash burn without reported revenue. Technical indicators remain bearish, with the share price trading below key moving averages and a negative MACD signal. Valuation metrics offer limited support given the absence of earnings and dividend data.
More about Premier African Minerals
Premier African Minerals Limited is an AIM-listed mining and natural resource development company with a focus on Southern Africa. Its asset base includes the RHA Tungsten project and the Zulu Lithium project in Zimbabwe, with exposure to commodities such as tungsten, lithium, tantalum and rare earth elements across projects ranging from near-term production opportunities to early-stage exploration.
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