Premier African Minerals Limited has agreed with Chinese battery materials firm Canmax Technologies Co., Ltd to extend the long stop date under their offtake and prepayment arrangement for the Zulu Lithium and Tantalum Project in Zimbabwe, providing additional time to conclude a transaction to settle or manage Canmax’s prepayment exposure.
In a regulatory filing, Premier said the long stop date has been extended from 31 December 2025 to the earlier of 30 June 2026 or the date when a reputable buyer acceptable to Canmax enters into a binding agreement to settle and/or manage Canmax’s prepayment amount plus interest.
The extension forms part of an addendum to the Restated Offtake and Prepayment Agreement, originally signed in August 2023 and amended in December 2024 and April 2025. Apart from the revised deadline, the commercial terms of the agreement remain unchanged.
Related Stories
Premier managing director Graham Hill welcomed the amendment, saying the revised timetable “provides welcome clarity as we work together towards a successful outcome at Zulu,” and thanked Canmax for its continued support.
The addendum also tightens and adjusts conditions linked to the extension. A previous requirement for Premier to secure a non-binding expression of interest from a buyer within 30 days has been removed.
However, senior office bearers at both Premier and Zulu Lithium Private Limited must remain in place until the end of the extended period unless Canmax gives written consent. Premier must also maintain the security package announced in December 2024 and provide any additional documentation required to preserve its validity.
Canmax retains the right to immediately exercise its contractual remedies if Premier fails to meet or adhere to the conditions of the amended agreement.
Leave Comments