28 April 2023

Premier African Minerals Limited

Exercise of Options

Director / PDMR shareholding

Premier African Minerals Limited ("Premier" or the "Company"), announces that on 27 April 2023, Mr George Roach, Chief Executive Officer and Mr. Wolfgang Hampel, Non-Executive Director, exercised options over in aggregate 24,500,000 new ordinary shares in the capital of the Company as set out in the table below pursuant to the terms of the 2017 Share Option Plan:

In addition, the Company advises that on 27 April 2023, previous board members, current and former employees also exercised a further 70,688,565 options at a price of 0.28p per ordinary share and 70,688,565 options at a price of 0.40 pence per ordinary share.

In aggregate therefore, a total of 165,877,130 new ordinary shares have been issued by Company pursuant to the exercise of the options ("New Ordinary Shares") as set out above. The total proceeds of the exercise amounts to £563,982.24 which will be used by the Company for general working capital purposes.

Application is being made to the London Stock Exchange for 165,877,130 New Ordinary Shares to be admitted to trading on AIM and it is expected that Admission will become effective, and dealings will commence in the New Ordinary Shares at 8.00 a.m. on or around 5 May 2023. The New Ordinary Shares shall rank pari passu in all respects with all other Ordinary Shares then in issue.

Total Voting Rights

Following the issue of the New Ordinary Shares, the Company's issued share capital consists of 22,583,886,961 Ordinary Shares, with voting rights. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

Enquiries:

Forward Looking Statements:

Certain statements in this announcement are or may be deemed to be forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'' ''could'' "should" ''envisage'' ''estimate'' ''intend'' ''may'' ''plan'' ''will'' or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount. Nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward looking statements.

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% interest in Circum Minerals Limited ("Circum"), the owners of the Danakil Potash Project in Ethiopia, for a 13.1% interest in the enlarged share capital of Vortex. Vortex has an interest of 36.7% in Circum.

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

 
Ends