20 May 2026

Premier African Minerals Limited

Creditor Settlement

Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce that it has reached agreement with certain creditors to settle outstanding liabilities through the issuance of new ordinary shares in the Company (the "Settlement").

The Settlement forms part of the Company's ongoing creditor management strategy and is intended to preserve working capital while enabling Premier to continue focusing on the advancement of the Zulu Lithium and Tantalum Project and its broader operational objectives.

Settlements

The Company has today settled creditor invoices totalling approximately £0.163 million through the issue of 881,706,541 new ordinary shares in the Company at an issue price of 0.0185 pence per new ordinary share (the "Issue Price"), being the same price as the Company's most recent placing as announced on 13 May 2026.

In addition, a further £0.054 million owed in respect of accrued but unpaid salaries and payments owing to former consultants and directors has been settled through the issue of a further 295,769,135 new ordinary shares in the Company at the Issue Price.

In aggregate, the Company has agreed to issue 1,177,475,676 new ordinary shares pursuant to the settlement arrangements (the "Settlement Shares").

Admission

Application is being made for the Settlement Shares to be admitted to trading on AIM and admission is expected to take place on or around 27 May 2026. The Settlement Shares will, when issued, rank pari passu in all respects with the existing ordinary shares.

Total Voting Rights

Following the issue of the Settlement Shares, the Company's issued share capital consists of 39,303,760,989 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.

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 Graham Hill.

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.

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.

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