Canmax Interest Conversion
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Premier African Minerals Limited ("Premier" or the "Company") announces that Canmax Technologies Co., Ltd ("Canmax") has elected to convert certain accrued interest due under the Restated and Amended Offtake and Prepayment Agreement ("Agreement") into new ordinary shares in the Company, in accordance with the terms of the Addendum to the Agreement as announced on 24 December 2024.
Under the terms of the Addendum to the Agreement, Canmax, at its absolute discretion, has the right to receive partial repayment of interest owed by the issuance of new ordinary shares in the Company, such that Canmax would continue to hold 13.38% of the shares in issue of the Company on a fully diluted basis, immediately following a funding by Premier, and on similar terms. The conversions relate to four separate fundings announced by the Company since 28 April 2026, details of which are set out in the Annex to this announcement.
In aggregate, Canmax has elected to convert US$628,702.23 of accrued interest (equivalent to £466,158) into 2,770,506,833 new ordinary shares in the Company ("Canmax Shares"). The Canmax Shares have been issued at an average issue price of 0.016826 pence per Canmax Share, calculated by reference to the applicable issue prices for each relevant funding.
Admission
The Canmax Shares will rank pari passu in all respects with the existing ordinary shares. Application will be made for the Canmax Shares to be admitted to trading on AIM and admission is expected to take place on or around 14 July 2026.
Total Voting Rights
Following the issue of the Canmax Shares, the Company's issued share capital consists of 46,074,267,822 Ordinary Shares, with voting rights.
Market Abuse Regulations
The person who arranged the release of this announcement on behalf of the Company was Graham Hill.
A copy of this announcement is available at the Company's website, www.premierafricanminerals.com.
APPENDIX
Canmax Interest Conversion
The table below sets out the four interest conversions made by Canmax under the Addendum to the Agreement.
| Premier funding announcement date | Interest to be converted by Canmax £ and US$ | Applicable conversion price (pence), being the funding issue price | Number of new ordinary shares to be issued to Canmax |
|---|---|---|---|
| 11 June 2026 | £154,467.79/US$208,809.56 | 0.0136 | 1,135,792,576 |
| 20 May 2026 | £154,467.79/US$208,886.79 | 0.0185 | 834,961,029 |
| 13 May 2026 | £33,648.18/US$45,206.33 | 0.0185 | 181,882,066 |
| 28 April 2026 | £123,574.23/US$165,799.55 | 0.0200 | 617,871,162 |
| Total | £466,158/US$628,702.23 | 0.016826 pence (Note 1) | 2,770,506,833 |
Note 1:
The average conversion price has been calculated by dividing the aggregate amount of interest converted by the total number of new ordinary shares issued to Canmax pursuant to the four conversions.
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