Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining

For immediate release

15 May 2023

Premier African Minerals Limited

Funding of Ongoing Zulu Plant Optimisation

The Board of Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce a placing today to raise £1,759,500 before expenses at an issue price of 0.925 pence per new ordinary share for the ongoing Zulu Lithium and Tantalum Project ("Zulu") Pilot Plant Optimisation.

The Company is also pleased to report that the plant is now producing concentrate from both the spodumene and mica floatation circuits.

George Roach, CEO commented: "Work on optimisation of the plant and process control procedures to achieve nameplate throughput will remain the sole focus of Zulu.

Mining operations continue to encourage with both grade and ore body definition meeting our expectations. At the same time, exploration activities outside of the current mining operations have identified additional spodumene dominant pegmatites not included in the resource currently being mined.

Similarly, our joint venture partner at our Mutare Project (as announced on the 25 April 2022) has indicated to us that early trenching has uncovered substantial pegmatites and we look forward to reporting on results from that activity in the near future."

Placing

Premier has today issued by way of a placing ("Placing"), conditional on admission, 190,216,216 new ordinary shares of nil par value ("Placing Shares") at a Placing price of 0.925 pence per Placing Share. The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. CMC Markets UK Plc ("CMC Markets"), acted as the Company's sole placing agent in respect of the Placing.

Application will be made for the Placing Shares to be admitted to trading on AIM and admission is expected to take place on or around 19 May 2023.

The Placing has been arranged within the Company's existing share authorities. Premier intends to use the proceeds of the placing principally to assist with further operational funding of the ongoing optimisation operations at Zulu and general working capital purposes necessary for the Group.

Total Voting Rights

Following the issue of the Placing Shares, the Company's issued share capital consists of 22,770,103,177 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.

Qualified Person

Bruce Cumming, geologist with Premier, has reviewed and approved this release to the extent that reference is made to Zulu. Mr. Cumming is a SACNASP and GSSA registered geoscientist with 46 years' experience in exploration and project management, in multicommodity projects throughout Africa.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.

The person who arranged the release of this announcement on behalf of the Company was George Roach.

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.

Glossary of Technical Terms:

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, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company holds 5,010,333 shares in Circum Minerals Limited, the owners of the Danakil Potash Project in Ethiopia, which has the potential to be a world class asset.

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

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