31 May 2022

Premier African Minerals Limited

("Premier" or the "Company")

Grant of Options  

Premier African Minerals Limited (AIM: PREM), announces that, on 31 May 2022 options for 1,127,500,000 ordinary shares of no-par value in the Company were awarded to both directors and management ("Options"). Options for up to 317,500,000 ordinary shares of no-par value in the Company (the "Director Options") were awarded to Directors. In addition, the Company has also issued a further 810,000,000 options to a non-board members and management on similar terms ("Management Options").

In aggregate, the award of new Director Options to the Directors represents approximately 1.42 per cent. of the Company's current issued share capital and is therefore not being treated as a Related Party Transaction under AIM Rule 13.

Further details of the Options awards are set out below:

Option Schedule

122,500,000 of the Director Options and 202,500,000 Management Options will be exercisable and converted into ordinary shares in the Company at a nil cost on the sooner of 31 May 2023 or completion of the Definitive Feasibility Study at the Zulu Lithium Project.

65,000,000 of the Director Options and 202,500,000 Management Options will be exercisable and converted into ordinary shares in shares in the Company from1 December 2023 at a price 0.4p.

65,000,000 of the Director Options and 202,500,000 Management Options will be exercisable and converted into ordinary shares in shares in the Company from 31 May 2024 at a price 0.5p.

65,000,000 of the Director Options and 202,500,000 Management Options will be exercisable and converted into ordinary shares in shares in the Company from 1 December 2024 at a price 0.5p.

The Director Options and the Management Options will, unless otherwise exercised, all expire on 31 May 2032.

Following this issue of Options, the Company has a total of 1,251,950,860 ordinary shares under option, equivalent to approximately 5.03 per cent of the Company's current issued ordinary share capital.

Enquiries

Notes to Editors

Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and natural resource development company focused on Southern Africa with its RHA Tungsten and Zulu Lithium projects in Zimbabwe.

The Company has a diverse portfolio of projects, which include tungsten, rare earth elements, lithium and tantalum in Zimbabwe and lithium and gold in Mozambique, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company has accepted a share offer by Vortex Limited ("Vortex") for the exchange of Premier's entire 4.8 per cent interest in Circum Minerals Limited ("Circum"), the owners of the Danakil Potash Project in Ethiopia, for a 13.1 per cent interest in the enlarged share capital of Vortex. Vortex has an interest of 36.7 per cent in Circum.

In addition, the Company holds a 19 per cent interest in MN Holdings Limited, the operator of the Otjozondu Manganese Mining Project in Namibia.

APPENDIX

ENDS