Online Reporter
Nqobile Bhebhe Zimpapers Business Hub
Premier African Minerals Limited and its strategic partner, Canmax Technologies Co., Ltd have extended the Long Stop Date of their amended offtake and prepayment agreement from 31 December 2025 to 30 June 2026.
The extension applies until the earlier of 30 June 2026 or the date when a reputable buyer, acceptable to Canmax, signs a binding agreement to settle or manage Canmax’s prepayment amount plus interest.
While the extension offers Premier additional time to stabilise and advance the Zulu Lithium Project near Fort Rixon, it comes with stricter conditions placed by Canmax, underscoring tighter control and risk management.
According to an update realised on Monday, the Long Stop Date extension is conditional and may end earlier if a reputable buyer acceptable to Canmax executes a binding settlement or management agreement for Canmax’s prepayment amount and interest.
“The 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,” Premier said.
Added to that Premier and Zulu Lithium Private Limited’s current office bearers may not resign, be removed, or otherwise leave office during the Long Stop Adjustment period without Canmax’s prior written consent.
Also Premier must maintain the full security package announced on 24 December 2024 and provide any additional documentation reasonably required to keep that security valid and enforceable.
