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Premier African Minerals looks to US for lithium project funds amid ‘ever increasing’ EV demand

It has appointed EAS, a New York-based boutique corporate advisory firm that works with early-stage mining and industrial groups.

Premier African Minerals Ltd - Premier African Minerals looks to US for lithium project funds amid ‘ever increasing’ EV demand

Premier African Minerals Ltd (LON:PREM) has hired New York-based EAS Advisors to introduce institutions and funding, as the explorer works to advance mining and exploration projects in sub-Saharan Africa.

In particular, the company said it intends to fund a definitive feasibility study (DFS) at the company's Zulu Lithium project in Zimbabwe.

Zulu spans 3.5 square kilometres of ground that is described by the company as “potentially the largest undeveloped lithium bearing pegmatite” in the country.

EAS founder Edward Sugar, in a statement, highlighted “ever increasing” demand for electric vehicles which sees supplies of lithium becoming essential.

“We're looking forward to working with the company regarding its ongoing finance, particularly regarding the company's Zulu lithium project, as well as lifting its profile in North America," Sugar said.

Premier chief executive George Roach, meanwhile, added: "I'm delighted that we have brought on EAS as our US corporate advisers.

“We're looking forward to working with them as we develop our US profile and take significant steps forward in the development of Zulu."

EAS is described as a boutique advisory firm that aims to help early-stage mining and industrial groups access US and international financial markets and institutional capital. It has participated in over US$6bn of transactions since its inception.

Zulu was last drilled in 2017 and a subsequent maiden resource estimate covering only 35% of the project previously detailed some 526,000 tonnes of Lithium Carbonate Equivalent (LCE) with the ‘Main Zone’ deposit remaining open at depth and along strike.

The company highlights that the Main Zone has an exploration target of 60mln to 80mln tonnes, whilst the whole project, including the ‘New Zone’ deposit, has a target pitched at 120mln to 160mln tonnes.

Quick facts: Premier African Minerals Ltd

Price: 0.12 GBX

AIM:PREM
Market: AIM
Market Cap: £21.35 m
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