Grant of Options
Premier African Minerals Limited announced the grant of options for 2,400,000,000 new ordinary shares to directors and management, expiring on 27 May 2037. These options, which vest over time with increasing exercise prices starting at 0.0185 pence, represent approximately 6.4% of the company's current issued share capital. Specifically, 720,000,000 options were awarded to directors, and 1,680,000,000 to management, with vesting conditions tied to production milestones at the Zulu Lithium project.
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Premier African Minerals Limited (AIM: PREM), announces that, on 27 May 2026 options for 2,400,000,000 new ordinary shares of no-par value in the Company were awarded to both directors and management ("Options"). The Director Options and the Management Options will, unless otherwise exercised, all expire on 27 May 2037.
Following this issue of Options, the Company has a total of 2,512,750,000 ordinary shares under option, equivalent to approximately 6.4 per cent of the Company's current issued ordinary share capital.
In making the new option awards, the Board considers that the management remuneration and incentives align with long-term shareholder value creation and provide commercial protections for the Company and its shareholders as a whole. In particular, the options vest over time in four (4) equal tranches subject to the conditions described below, aligning the interests of the option holders with shareholders. The exercise price of the first option tranche of 0.0185 pence has been set at the last placing price (as announced on 13 May 2026), and thereafter subsequent tranches have an increasing exercise price.
Director Options
Options to subscribe for 720,000,000 new ordinary shares of no-par value in the Company (the "Director Options") were awarded to Directors. In aggregate, the award of new Director Options to the Directors represents approximately 1.83 per cent. of the Company's current issued share capital. There have been no other awards to the Directors in the prior 12-month period. Further details of the Director Options awards are set out below:
| Director | New options awarded | Exercise price | First exercise date | Expiry date |
| Graham Hill | 100,000,000 | 0.0185 pence | The sooner of 27 May 2027 or production of 12,000 tons of SC6 at Zulu Lithium. | 27 May 2037 |
| 100,000,000 | 0.023 pence | The sooner of 27 November 2027 or production of 24,000 tons of SC6 at Zulu Lithium. | 27 May 2037 | |
| 100,000,000 | 0.028 pence | The sooner of 27 May 2028 or production of 36,000 tons of SC6 at Zulu Lithium. | 27 May 2037 | |
| 100,000,000 | 0.036 pence | The sooner of 27 May 2029 or production of 48,000 tons of SC6 at Zulu Lithium. | 27 May 2037 | |
| Godfrey Manhambara | 80,000,000 | 0.0185 pence | The sooner of 27 May 2027 or production of 12,000 tons of SC6 at Zulu Lithium. | 27 May 2037 |
| 80,000,000 | 0.023 pence | The sooner of 27 November 2027 or production of 24,000 tons of SC6 at Zulu Lithium. | 27 May 2037 | |
| 80,000,000 | 0.028 pence | The sooner of 27 May 2028 or production of 36,000 tons of SC6 at Zulu Lithium. | 27 May 2037 | |
| 80,000,000 | 0.036 pence | The sooner of 27 May 2029 or production of 48,000 tons of SC6 at Zulu Lithium. | 27 May 2037 |
Note: Further details are set out in the Appendix.
Management Options
In addition, the Company has also issued a further 1,680,000,000 options to a non-board members and management on similar terms to the Director Options ("Management Options") and which vest in four equal tranches as follows
| Ø | 420,000,000 Management Options will be exercisable and converted into new ordinary shares in the Company at a price 0.0185 pence on the sooner of 27 May 2027 or production of 24,000 tons of SC6 at Zulu Lithium; | |
| Ø | 420,000,000 Management Options will be exercisable and converted into new ordinary shares in the Company at a price 0.023 pence on the sooner of 27 November 2027 or production of 24,000 tons of SC6 at Zulu Lithium; | |
| Ø | 420,000,000 Management Options will be exercisable and converted into new ordinary shares in the Company at a price 0.028 pence on the sooner of 27 May 2028 or production of 36,000 tons of SC6 at Zulu Lithium; and | |
| Ø | 420,000,000 Management Options will be exercisable and converted into new ordinary shares in the Company at a price 0.036 pence on the sooner of 27 May 2029 or production of 48,000 tons of SC6 at Zulu Lithium. | |
| APPENDIX | ||
| 1 | D et ails of the person discharging managerial responsibilities / person closely asso c ia te d | |
| a) | Name | Graham Hill |
| 2 | Reason for notification | |
| a) | Position / status | Director |
| b) | I niti a l noti f i ca t i on /Am e ndm e nt | Initial |
| 3 | D et ails of t h e iss u er , emission allo w a n c e m a r k e t p a rt i c i p a n t , a u ct i on p la t f o r m , a u ct io n ee r or a uc t ion m o n i t or | |
| a) | Name | Premier African Minerals Limited |
| b) | LEI | Not applicable |
| a) | D e s cr iption of the f in a n c i a l inst r um e nt, t y pe of inst r um e nt I d e nti f i ca tion c o d e | Ordinary shares of 0.01 pence each in Premier African Minerals Limited ISIN VGG7223M1187 |
| Nature of the transaction | Issue of options over Ordinary Shares | |
| Price(s) and volumes(s) | Price(s) Volumes(s) £0.000185 100,000,000 £0.00023 100,000,000 £0.00028 100,000,000 £0.00036 100,000,000 | |
| d) | Aggregated information | n/a |
| e) | Date of the transaction | 27 May 2026 |
| f) | Place of the transaction | Outside a trading venue |
| 1 | D et ails of the person discharging managerial responsibilities / person closely asso c ia te d | |
| a) | Name | Godfrey Manhambara |
| 2 | Reason for notification | |
| a) | Position / status | Director |
| b) | I niti a l noti f i ca t i on /Am e ndm e nt | Initial |
| 3 | D et ails of t h e iss u er , emission allo w a n c e m a r k e t p a rt i c i p a n t , a u ct i on p la t f o r m , a u ct io n ee r or a uc t ion m o n i t or | |
| a) | Name | Premier African Minerals Limited |
| b) | LEI | Not applicable |
| a) | D e s cr iption of the f in a n c i a l inst r um e nt, t y pe of inst r um e nt I d e nti f i ca tion c o d e | Ordinary shares of 0.01 pence each in Premier African Minerals Limited ISIN VGG7223M1187 |
| Nature of the transaction | Issue of options over Ordinary Shares | |
| Price(s) and volumes(s) | Price(s) Volumes(s) £0.000185 80,000,000 £0.00023 80,000,000 £0.00028 80,000,000 £0.00036 80,000,000 | |
| d) | Aggregated information | n/a |
| e) | Date of the transaction | 27 May 2026 |
| f) | Place of the transaction | Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.