Business
Offtake and Prepayment Agreement
Premier African Minerals Limited has amended its Offtake and Prepayment Agreement with Canmax Technologies Co., Ltd, extending the Long Stop Date for the Zulu Lithium and Tantalum Project to June 30, 2026, or earlier if a suitable buyer for Canmax's prepayment amount is found. Key conditions for this extension include the continued tenure of current office bearers at Premier and Zulu Lithium, and the maintenance of a previously announced security package. Failure to meet these conditions allows Canmax to exercise its rights under the agreement. Disclaimer*
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n\n5 January 2026\nPremier African Minerals Limited \n\nOfftake and Prepayment Agreement\n \nPremier African Minerals Limited (\"Premier\" or the \"Company\") is pleased to announce that it has reached agreement with Canmax Technologies Co., Ltd (\"Canmax\") (together, the \"Parties\") to extend the Long Stop Date as an amendment to the Restated Offtake and Prepayment Agreement originally entered into in August 2023 and subsequently amended in December 2024 and April 2025 (the \"Amended Agreement\") in respect of the Zulu Lithium and Tantalum Project (\"Zulu\").\nGraham Hill, Managing Director, said, \"We are grateful for Canmax's continued support and collaboration, and the revised long stop date provides welcome clarity as we work together towards a successful outcome at Zulu.\"\nAddendum to Offtake and Prepayment Agreement\nThe terms of the Amended Agreement remain unchanged from the previously Restated Offtake and Prepayment Agreement, save that the Parties have agreed, subject to certain conditions, to extend the Long Stop Date from 31 December 2025 to the earlier of 30 June 2026 or the date on which a reputable buyer acceptable to Canmax executes a binding agreement to settle and/or manage Canmax's Prepayment Amount plus interest on terms to be agreed by Canmax (the \"Long Stop Adjustment\").\nThe conditions for the Long Stop Adjustment remain consistent with those announced on 1 April 2025, except for the following new and amended conditions:\n\n\n\n\ni. \n\n\nThe requirement for Premier to procure a non-binding expression of interest from a reputable buyer acceptable to Canmax within 30 days of the signing of the addendum (unless otherwise extended by Canmax) has been removed.\n \n\n\n\n\nii. \n\n\nThe current office bearers of both Premier and Zulu Lithium Private Limited shall not resign, be removed, or otherwise cease to hold office until the end of the Long Stop Adjustment without the prior written consent of Canmax.\n \n\n\n\n\niii. \n\n\nPremier will maintain the security package previously announced on 24 December 2024 in full force and effect and will furnish any additional documentation reasonably required to preserve its validity.\n \n\n\n\n\nTo the extent that any of the above conditions, including those already in p...