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

For immediate release

13 March 2024

Premier African Minerals Limited

 Zulu Lithium Plant and General Update

Premier African Minerals Limited ("Premier" or the "Company") is pleased to provide an update on operations at Zulu Lithium and Tantalum ("Zulu").

Stark International Projects Limited ("Stark")

As announced on 24 June 2022, Premier accepted a proposal and a quotation to design, supply and deliver to Zulu and to assemble and commission a plant at an additional charge, that was to meet certain specific design and through-put specifications ("Zulu Plant Performance"). The plant was expected to produce Spodumene concentrate at 6% Li20 from March 2023. The plant had not met the specific design and through-put specifications a year after the original target completion date. Material reasons have been set out in previous announcements. Accordingly, Premier has requested that Stark demobilise and leave Zulu immediately and Stark has agreed and done so.

Stark and Premier will continue to engage on the final terms and conditions of any separation and on how best to move forward, however at this time there is a dispute between Stark and Premier pertaining to the Zulu Plant Performance. Premier fully reserves its rights in this regard.

At this time the Zulu plant is being run by the Zulu management team. Premier is now the operator of Zulu.

George Roach, CEO commented, "As is apparent from the points above, this has been a dramatic week, but a necessary one. On the one hand, Premier is obviously disappointed with the further delays, but Premier is pleased with the ability displayed by our engineering team to take on plant operations and demonstrate the skills we have in our team.

Premier is encouraged by the response we have had from OEM suppliers and their commitment to ensure their equipment is optimised to the maximum. As Premier stated on 29 February, we are getting there. Not as quickly as Premier had hoped and with more unnecessary issues than we had anticipated.

Premier does believe this is a major turning point and we look forward providing further updates from Zulu."

Market Abuse Regulations

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 ("UK MAR").

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

A copy of this announcement is available at the Company's website, www.premierafricanminerals.com

Enquiries:

Nominated Adviser Statement Beaumont Cornish Limited ("Beaumont Cornish"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in connection with this announcement and will not regard any other person as its client and will not be responsible to anyone else for providing the protections afforded to the clients of Beaumont Cornish or for providing advice in relation to such proposals. Beaumont Cornish has not authorised the contents of, or any part of, this document and no liability whatsoever is accepted by Beaumont Cornish for the accuracy of any information, or opinions contained in this document or for the omission of any information. Beaumont Cornish as nominated adviser to the Company owes certain responsibilities to the London Stock Exchange which are not owed to the Company, the Directors, Shareholders, or any other person.

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.