6th Jun 2023 12:50
Premier African Minerals Ltd - Africa-focused company developing a portfolio of metals and minerals projects - Updates on the offtake and prepayment agreement between itself and Canmax Technologies Co Ltd. Says it is in "advanced discussions" regarding two additions to the agreement. The first is to allow for the adjustment in the pricing mechanism for both parties to equally share in the gross revenue from the sale of lithium hydroxide produced from spodumene supplied by Premier. The second is for the further prepurchase of spodumene by Canmax from the company's Zulu project in Zimbabwe to assist with ongoing operational costs associated with revised timelines and expected production figures. Explains that Canmax have confirmed their intention to continue to support Premier and not to terminate the agreement, providing that the addition is entered into on or before June 25.
Canmax holds a 13% stake in Premier.
Current stock price: 0.79 pence, up 12% in London on Tuesday afternoon
12-month change: more than double from 0.36p
By Heather Rydings, Alliance News senior economics reporter
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