Premier African Minerals (AIM: PREM) has pressed the reset button on its deal with Canmax Technologies, buying itself more time on the Zulu Lithium and Tantalum Project.
The company has agreed to extend the project’s “Long Stop Date” to 30 June 2026—unless, of course, a new buyer steps in sooner to take over Canmax’s prepayment exposure. The move keeps the door open for progress while acknowledging the realities of financing and execution in a challenging market.
The extension doesn’t come without strings attached. Premier and its Zulu Lithium subsidiary must keep their current leadership teams in place and preserve the security package already put on the table. Slip up on either front, and Canmax is free to invoke its rights under the agreement.
In short, the clock has been reset—but the pressure is still very much on.
Graham 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.”
