Online Reporter
Nqobile Bhebhe, Zimpapers Business Hub
PREMIER African Minerals has paid US$2.1 million towards settling a long-standing judgment debt owed to JR Goddard Contracting, even as the lithium producer faces mounting financial strain.
In a trading update, the miner said it continues to engage with JR Goddard Contracting in pursuit of “a commercial resolution” to the outstanding matter.
“The Company has recently received correspondence from JR Goddard Contracting (‘Creditor’) demanding payment of US$2.3 million to them before enforcing a previously stayed judgement of US$2.5 million,” the update reads.
At the time the judgment was issued, Premier owed a total of US$3.985 million. With US$2.1 million already paid, the miner is still working to settle the remaining balance.
However, the company’s broader financial position remains precarious. As at 30 November 2025, unaudited group liabilities stood at US$62.143 million, including US$46.568 million owed to its Offtake Partner under the Offtake and Prepayment Agreement, of which US$11.9 million is unsettled interest. Group trade creditors — including unpaid salaries — amounted to US$15.035 million.
“Premier has limited funds and must secure additional financing arrangements to meet its payment commitments and obligations as they fall due,” the company warned.
The miner added that extending the Long Stop Date under the amended Offtake and Prepayment Agreement—first announced on 1 April 2025—remains crucial to securing further funding, though there is “no guarantee” the parties will agree to any further variations.
To safeguard its strategic assets, Premier has already granted its Offtake Partner extended security through a fixed charge over the shares of Zulu Lithium, although no security has been placed on other assets or projects.
The company cautioned shareholders about the risks ahead, noting that failure to secure further funding could have a material adverse effect on both Zulu Lithium and the Group’s overall financial position, potentially casting doubt on its ability to continue as a going concern.
Although Premier has secured limited interim funds to maintain “essential operations”, it urgently requires additional capital to meet obligations and progress with its Phase 5 Pre-production Readiness.
A further announcement will be issued in due course.
Premier African Minerals Limited is a multi-commodity mining and natural resource development company focused on Southern Africa, with key projects including RHA Tungsten and Zulu Lithium in Zimbabwe. Its portfolio spans tungsten, rare earth elements, lithium and tantalum in Zimbabwe, and lithium and gold in Mozambique.
