Premier afforded more time to stabilise Zulu project
UK-based mining and exploration company Premier African Minerals has reached an agreement with its principal shareholder Canmax Technologies to extend the long stop date related to a restated offtake and prepayment agreement between the parties in respect of the Zulu lithium and tantalum project, in Zimbabwe.
The long stop date has been extended from December 31, 2025, to June 30, this year – or the date on which a reputable buyer approved by Canmax executes a binding agreement to settle or manage Canmax’s prepayment amount plus interest.
Premier and Canmax initially entered into an offtake and prepayment agreement in August 2023, which was subsequently amended in December 2024 and April 2025 when Premier was unable to deliver the required volumes.
The new long stop date offers Premier additional time to stabilise and advance the Zulu project to meet the offtake agreement conditions, with Canmax having imposed stricter conditions such as Premier’s current office bearers not being allowed to resign or be removed from office without Canmax’s prior written consent.
On this note, Premier announced that independent nonexecutive director Wolfgang Hampel had stepped down from his role effectively immediately owing to personal reasons.
The changes aim to give Premier more time to improve the Zulu plant and address the prepayment having been made by Canmax years ago, while providing Canmax with greater control and security.
Notably, a previous requirement for Premier to secure a nonbinding expression of interest from a potential buyer of Canmax’s exposure has been removed.
Premier MD Graham Hill says the company appreciates Canmax’s continued support and collaboration, with the revised long stop date providing welcome clarity as the parties work towards a successful outcome at Zulu.
The Zulu project has faced major problems such as funding shortfalls and creditor issues, as well as operational challenges in its spodumene flotation circuit.
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