Premier African Minerals (PREM) H2 2025 earnings summary

Executive summary

• Focused on advancing the Zulu Lithium and Tantalum Project toward sustainable commercial production, with significant plant upgrades and process simplification completed during the year.

• Initial commissioning of the new flotation circuit at Zulu showed improved concentrate grades, but sustained operations are needed for full optimisation.

• The company operated under financial constraints, prioritising resources for technical and commercial advancement at Zulu.

• Constructive engagement continued with Canmax regarding extension of the Long Stop Date under prepayment and offtake arrangements.

• RHA Tungsten Project remains fully impaired, but improved tungsten prices and ongoing government discussions could enable a return to production.

Financial highlights

• Reported a loss before and after tax of $18.198 million for 2025, compared to a loss of $19.736 million in 2024.

• Gross trading loss before depreciation and amortisation was $3.646 million (2024: $12.479 million).

• Administration expenses were $4.395 million (2024: $4.645 million); finance costs rose to $5.485 million (2024: $2.263 million).

• Net funds of $11.416 million were raised through share issues (2024: $12.775 million).

• No dividends declared for the year.

Outlook and guidance

• Priorities include completing Zulu plant optimisation, achieving sustained operations, securing funding, and advancing strategic partnerships.

• Ongoing discussions with Canmax are critical for extending the Long Stop Date and ensuring continued access to funding.

• The company will continue to manage non-core asset expenditure tightly, focusing resources on Zulu.