Premier African Minerals (PREM) H2 2024 earnings summary

Executive summary

• The year was marked by operational challenges, particularly at the Zulu project, with ongoing plant modifications and commissioning delays, but also by continued efforts to secure funding and strategic partnerships.

• The company raised $12.775 million in net proceeds through share issues, primarily to fund Zulu mine development.

• Losses narrowed slightly year-over-year, with a total comprehensive loss of $20.237 million compared to $21.312 million in 2023.

• The CEO transition is underway, with Graham Hill appointed as Managing Director (non-Board) effective July 2025.

Financial highlights

• Loss before and after tax for 2024 was $19.736 million (2023: $20.813 million).

• Gross trading loss before depreciation and amortisation was $12.479 million (2023: $3.805 million).

• Administrative expenses decreased to $4.645 million (2023: $10.645 million).

• Finance costs were $2.263 million (2023: $5.818 million).

• No dividend was declared for the year.

• Net cash outflow from operating activities was $10.017 million (2023: $8.030 million).

• Property, plant, and equipment investments totaled $55.586 million (2023: $53.234 million).

Outlook and guidance

• Focus remains on commissioning the Zulu spodumene float section and achieving targeted production grades and recoveries.

• Planned trial run of the modified Zulu plant is targeted for early July 2025.

• If spodumene prices do not recover, a Tantalum circuit will be fast-tracked for byproduct sales from December 2025.

• The company is exploring alternative funding structures for non-core assets.