23 September 2026

Premier African Minerals Limited
('Premier' or 'the Company')

Unaudited Interim Results for the six months ended 30 June 2026

Premier African Minerals Limited ("Premier" or the "Company") announces its unaudited interim results for the six months ended 30 June 2026 ("Period").

Statement from the Managing Director

Dear Shareholders,

The period under review, and the months since, have continued to require a careful balance between progressing Zulu Lithium Private Limited ("Zulu Lithium") towards sustainable production, meeting the Group's working capital requirements, addressing outstanding creditor obligations and protecting the value of Premier's wider portfolio. Our immediate priority remains clear. Zulu Lithium is the principal operational focus of the Group and, following the conclusion of an agreement with Canmax Technologies Co. Ltd ("Canmax") as announced on the 14 September 2026, our primary capital allocation objective will be to ensure that Zulu Lithium is appropriately supported, subject to available funding, and positioned to progress towards sustainable production.

Creditor and Financial Position

As at 30 June 2026, the Group had total current liabilities of approximately US$60.380 million. This included approximately US$48.222 million relating to amounts recognised in connection with the Group's Offtake and Prepayment Agreement, US$7.885 million of trade creditors, US$1.460 million of accrued and payroll-related liabilities and US$2.813 million of other current liabilities.

Alongside the funding requirements of Zulu Lithium, the Board remains focused on resolving a number of material outstanding creditor positions in an orderly and commercially responsible manner. As previously announced, amounts remain outstanding to J R Goddard Contracting (Private) Limited ("JRG") under the existing settlement arrangements. JRG has agreed to refrain from taking further enforcement action until 30 September 2026 while Premier progresses its proposed fundraising, General Meeting and contemplated share issue and sale process. The Company has undertaken to use all reasonable endeavours to maximise the funding available and make as substantial a payment as possible to JRG during this period, although there can be no guarantee as to the amount or timing of funds available. JRG has confirmed that it remains prepared to proceed with the proposed share issue and orderly sale mechanism contemplated in the Notice, with the objective of reducing and ultimately settling the remaining indebtedness. The standstill is limited to 30 September 2026 and does not constitute a waiver of JRG's existing rights.

Separately, an amount of £1,727,609.60, together with applicable interest, remains outstanding and in default under a Loan Facility Agreement provided by George Roach (details of the Loan Facility Agreement were set out in the announcements dated 9 and 18 August 2023). The Company remains in discussions with George Roach regarding the timing and structure of repayment and has under the Notice allocated approximately US$300,000 towards the payment of interest. George Roach has to date continued to engage constructively with the Company; however, the absence of a firm repayment timetable has become a matter of increasing concern to George Roach and legal action is being contemplated should an acceptable way forward not be agreed.

A further amount of approximately US$192,397.81 remains outstanding pursuant to an existing judgment in favour of Pick Glow Trading (Pvt) Limited, trading as Glow Petroleum. Zulu Lithium has not been able to maintain the agreed monthly instalments of US$40,000 and, as a consequence, the judgment is enforceable. As at the date of this report, however, the Company is not aware of any further enforcement action having been taken. Zulu Lithium is seeking to engage constructively with Glow Petroleum with the objective of agreeing an orderly resolution, although its ability to propose and maintain a revised payment arrangement is dependent on greater certainty around the availability of funding.

The Company has also received correspondence from Environmental and Process Technologies (Pty) Ltd ("ENPROTEC") demanding payment in respect of amounts outstanding by Zulu Lithium, with a balance of ZAR15,940,455.08. Zulu Lithium remains committed to engaging constructively with ENPROTEC with a view to regularising the outstanding account and establishing an orderly and commercially sustainable repayment arrangement, and discussions are ongoing regarding the timing and structure of an appropriate way forward.

The creditor matters referred to above are not intended to constitute an exhaustive list of all amounts owing by the Group. As reflected in the interim financial statements, the Company continues to receive and manage correspondence from a number of creditors seeking payment of outstanding balances or agreement on viable repayment terms. The Board continues to engage with these counterparties with the objective of reaching orderly and commercially sustainable arrangements; however, there can be no assurance that any particular creditor will continue to defer enforcement or refrain from taking formal recovery action where amounts remain unpaid.

Premier's senior management is actively managing a number of additional obligations arising in the ordinary course of the Group's operations, including matters relating to the Zimbabwe Revenue Authority in respect of VAT deferment associated with plant and machinery imported for Zulu Lithium and unpaid statutory deductions, as well as outstanding amounts due to certain employees and consultants at Zulu Lithium and Premier. These matters are being managed by senior management and do not arise from any demand made by a director or member of the Board. Their resolution will depend, in part, on the availability and timing of additional funding.

Capital Allocation and Portfolio Strategy

Premier's capital allocation strategy is focused on prioritising Zulu Lithium, preserving the value of its wider portfolio and reducing the Group's direct funding burden wherever appropriate. Zulu Lithium remains the Company's principal operational and development priority and, following the conclusion of an agreement with Canmax, the Board intends, subject to available funding, to support the project towards sustainable production.

Across the wider portfolio, Premier will adopt a selective approach, focusing on protecting strategically important mineral rights, advancing assets with a credible pathway to production or value realisation, and introducing appropriately capitalised strategic partners where this can accelerate development and reduce Premier's direct funding requirement. Where commercially appropriate, Premier will seek to retain a meaningful economic interest together with appropriate governance or operational participation.

Premier does not intend indefinitely to fund early-stage assets where there is no clear route to production, partnership or value realisation. Where assets continue to demonstrate strategic or commercial potential, including Katete and Licomex, the Company will take proportionate steps to protect its interests while pursuing the appropriate development, partnership or transaction strategy.

The Period has been extensively reported within post financial year end events in our annual financial statements that were released just a few months ago.

Our interim financial statements for the six-month period to 30 June 2026 are set out below.

Funding Strategy and Shareholder Authority

In the Notice of General Meeting announced on 3 September 2026 ("Notice"), the Company illustrated the potential funding capacity of the proposed 58.63 billion share authority by reference to an illustrative share price of 0.016 pence per share. The 0.016 pence reference price broadly corresponded with Premier's share price at the expiry of the then-existing Canmax Long Stop Date on 30 June 2026. At the time the Notice was prepared, discussions regarding an extension of the Long Stop Date were well advanced and the Board considered that confirmation of an extension would remove a significant area of uncertainty affecting the Company.

The 0.016 pence price was therefore used as an illustrative reference point for assessing the potential funding capacity of the authority. It was not intended to represent a forecast, target or assurance as to the price at which future equity funding would be undertaken. Since publication of the Notice, Premier's share price has declined materially. The Board recognises that, at lower share prices, the amount of capital that can be raised from a given number of shares is reduced and the potential dilution associated with raising capital increases. At the same time, the Company continues to require additional funding to support Zulu Lithium, meet working capital requirements and address outstanding creditor obligations. It is therefore important that Premier retains sufficient flexibility to access capital when required.

The Board will seek to balance these considerations carefully. Wherever practicable, we will seek to minimise unnecessary dilution and consider the timing, size and structure of future equity financing having regard to prevailing market conditions, investor demand, operational progress and the Company's immediate funding requirements. Equally, the Board must retain the ability to raise sufficient capital to protect the Company's operations and assets.

Premier-level equity is not intended to be the Group's only source of capital. The Company continues to explore strategic investment, project-level financing, offtake-related funding and other third-party financing opportunities. Successful production and sales from Zulu Lithium should, in the Board's view, broaden the financing options available to Premier and potentially reduce reliance on equity funding over time, although there can be no assurance as to the timing, availability or terms of such funding.

Financial and Statutory Information

The Group incurred an operating loss of US$6.873 million for the six months ended 30 June 2026. The loss was principally due to the on-going overheads and administration costs associated with the construction, installation and optimisation of the Zulu Lithium mine in Zimbabwe. Cash at hand on 30 June 2026 was US$0.781 million.

Premier received continued financial support from its shareholders throughout the period.

These interim statements to 30 June 2026 have not been reviewed by the auditors.

Mr. Graham Hill

Managing Director

23 September 2026

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 Graham Hill.

For further information please visit www.premierafricanminerals.com or contact the following:

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in 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.

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

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CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

EXPRESSED IN US DOLLARS