Corporate Update
Premier African Minerals Limited has reached a mutual release and settlement agreement with J R Goddard Contracting (Private) Limited, resolving a Writ of Execution for movable property at the Zulu Lithium and Tantalum Project. The company will pay JRG a total of US$2.4 million plus interest, with an initial US$400,000 due by January 30, 2026, followed by monthly installments until November 2026. This settlement provides future certainty, allowing Premier African Minerals to advance funding and operational initiatives at Zulu Lithium, and the company is also prioritizing the appointment of additional technically focused directors to strengthen its board composition.
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Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce that it has entered into a mutual release and settlement agreement (the "Settlement Agreement") with J R Goddard Contracting (Private) Limited ("JRG"), in relation to the Writ of Execution for Movable Property at the Zulu Lithium and Tantalum Project ("Zulu Lithium") as announced on the 23 December 2025.
Godfrey Manhambara, Chairman, commented, "The Board of Premier is pleased to confirm JRG's agreement to stay execution and views the Settlement Agreement as a highly positive outcome, providing future certainty and enabling the Company to progress its funding and operational initiatives at Zulu Lithium, whilst simultaneously giving opportunity for the active strengthening of the Board through planned future director appointments."
Settlement Agreement
Under the terms of the Settlement Agreement, Premier and Zulu Lithium have agreed to settle JRG's entire claim in the aggregate amount of US$2.4 million, together with interest accruing at the applicable judgment rate on a reducing balance. The settlement amount is payable by way of an initial payment of US$400,000 due on or before 30 January 2026, followed by a series of monthly instalments through to November 2026. The Settlement Agreement provides for the suspension of enforcement action by JRG for so long as Premier and Zulu Lithium remain fully compliant with the agreed payment schedule.
The Settlement Agreement constitutes a forbearance arrangement only and does not represent a novation or waiver of JRG's existing rights until the settlement amount has been paid in full.
Board Composition
Following the announcement of the Board change on 5 January, the Board recognises the need to strengthen its composition as soon as practicable and accordingly, the Board is actively reviewing and progressing the appointment of additional directors.
The Board's objective is on identifying technically focused candidates with the capacity to make a real contribution, and with relevant market experience to support the next phase of development at Zulu Lithium. This process is being treated as a priority, and the Board will provide further updates to shareholders in due course.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.