20 January 2025

Premier African Minerals Limited 

Offtake and Prepayment Agreement

Premier African Minerals Limited ("Premier" or the "Company") is pleased to confirm that following the Placing and Retail Offer as announced on the 16 January 2025, that Canmax Technologies Co., Ltd ("Canmax") without limitation to their rights under the restated Offtake and Prepayment Agreement as announced in August 2023 and further amended in December 2024 ("Agreement") have reaffirmed that their intention at this time is to work in alignment with Premier to ensure the completion of the commissioning and optimisation of both the primary flotation plant and secondary flotation plant to achieve the targeted grade and recovery at the Zulu Lithium and Tantalum Project ("Zulu").

Canmax have further confirmed that the basis of their prepayment under the Agreement is unchanged and remains for the delivery of SC6 and not the ownership and/or management of Zulu. 

George Roach, CEO commented, "I remain confident that Premier will complete the optimisation and final commissioning of the spodumene float circuit at Zulu. The extensive additional test work completed in the latter part of 2024 and the purchase of additional float cells to be installed at Zulu will support this.

In my opinion, the objectives of Premier and Canmax are aligned with the sole intention of meeting delivery of product and liquidation of the prepayment, without which Zulu could not have been built."

Market Abuse Regulation

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.

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

Enquiries:

Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.

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.

 
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