Premier African Minerals Ltd.

Current position

Assessment

Position unchanged from 31 July 2026, now evidenced from primary sources. Zulu operates a flotation concentrator only; no lithium sulphate plant exists and none has been announced. Neither the 10 September 2026 Subordination Agreement nor the general meeting notice concerns beneficiation capacity — the funding sought is to restart and optimise the existing Xinhai flotation plant, which produces the concentrate the 1 January 2027 prohibition is directed at. Per RNS, the Long Stop Date under the Restated Offtake and Prepayment Agreement with Canmax, originally August 2023, has been extended to 31 December 2026, one day before the prohibition takes effect. As at 10 September 2026 Canmax was owed US$48.73 million, comprising US$34.64 million of original advanced receipts and US$14.08 million of accrued interest, and now ranks as senior creditor; approximately US$55.75 million owed by Zulu Lithium to Premier group companies is subordinated behind it. This supersedes the approximate US$46 million recorded on 31 July 2026. The general meeting of 23 September 2026 seeks authority to issue up to 58,630,740,625 shares raising approximately US$12.7 million at 0.016p, against a stated funding requirement of about US$19.1 million through to end-2027. Premier states that funds are limited and that failure to secure further financing could materially affect Zulu and the group. No route to compliant beneficiation capacity by 1 January 2027 is visible on the evidence available.

Facility

Stage

Construction

Production

Care and maintenance

Sources

1. Offtake and Prepayment Agreement
   Premier African Minerals Ltd (RNS via Investegate)14 September 2026Primary
2. Notice of GM
   Premier African Minerals Ltd (RNS via Investegate)4 September 2026Primary
3. Premier Extends Canmax Deal as Zulu Funding Pressure Persists
   Mining Zimbabwe15 September 2026