13 May 2026

Premier African Minerals Limited

Operational Update and Funding  

Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce that it has today completed a subscription to raise approximately £1 million before expenses through the issue of new ordinary shares of nil par value in the capital of the Company (the "Subscription Shares") at an issue price of 0.0185  pence per new ordinary share (the "Issue Price") (the "Subscription") and also pleased to report further positive progress at Zulu Lithium and Tantalum Project ("Zulu Lithium").

Graham Hill, Managing Director, commented: "We are pleased with the continued progress being made at the new Zulu Lithium flotation plant, particularly the successful completion of the majority of cold commissioning activities utilising water through the circuit. Importantly, water has now been introduced through the new flotation plant, and we are encouraged by the operational performance observed during these initial commissioning stages.

The Company is now preparing to transition into hot commissioning involving the introduction of ore into the circuit, representing another important milestone in the overall commissioning and optimisation process. Whilst commissioning activities naturally remain iterative in nature, we are encouraged that progress to date continues to support our commissioning timeline of Q2."

Zulu Lithium Operational Update

The majority of cold commissioning activities across the flotation plant and associated crushing and milling circuits have now been completed successfully utilising water. Water has now been run through the flotation plant as part of these cold commissioning activities and shareholders are referred to the below video link demonstrating these ongoing tests. Shareholders are further advised that the flotation cell scraper paddles have not yet been connected during this current stage of wet commissioning utilising water only, with connection and operation of the scraper paddles expected to coincide with the introduction of reagents and ore feed during hot commissioning activities associated with spodumene froth recovery.

Conveyor systems have been brought back into operation and testing of the newly installed bypass chutes, replacing the previously un-utilised sorting equipment, has to date been completed successfully. The crushing circuit was successfully re-commissioned on ore as part of this testing.

The Company is now planning to transition into hot commissioning activities involving the introduction of ore feed into the complete process plant as part of the next phase of commissioning and optimisation, with all activities continuing to remain on track for the previously guided Q2 2026 commissioning timeline.

Subscription

Premier has today issued by way of a direct subscription ("Subscription"), conditional on admission, 5,405,405,405 new ordinary shares of nil par value ("Subscription Shares") at the Issue Price per Subscription Share. The Subscription Shares will, when issued, rank pari passu in all respects with the existing ordinary shares.

The issue of the Subscription Shares has been arranged within the Company's existing share authorities. Premier intends to use the proceeds of the Subscription principally to assist with the ongoing commissioning of the new Flotation Plant, operating expenses at Zulu Lithium, and the management of essential creditors at Zulu and to provide general working capital for Premier.

Admission

Application has been made for the Subscription Shares, to be admitted to trading on AIM and admission is expected to take place on or around 19 May 2026.

Total Voting Rights

Following the issue of the Subscription Shares, the Company's issued share capital will consist of 38,126,285,313 ordinary shares with voting rights.

This figure may be used by shareholders as the denominator for the purposes of calculating whether they are required to notify an interest in, or any change to an interest in, the Company's share capital under the Financial Conduct Authority's Disclosure and Transparency Rules.

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 encompassing brownfield projects with near-term production potential to grass-roots exploration.

Ends