Update on the Acquisition of Mining Assets

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

For immediate release

17 April 2019

Premier African Minerals Limited

Update on the Acquisition of Gold and Mining Equipment Assets

Premier African Minerals Limited ("Premier" or the "Company") announces that following the announcement on 14 February 2019, which outlined the proposed conditional acquisitions of 50% of KME Plant (Proprietary) Limited ("KME Plant Hire") and 50% of the equity in Honey Badger Resources Limited ("HBR"), Premier will now not proceed with either transaction until there is some finality on the future of RHA Tungsten (Private) Limited ("RHA"). Accordingly, the proposed transactions with KME Plant Hire and HBR have been terminated today.

Premier notes that pursuant to our announcement on 13 March 2019, the final agreements are with the office of the Ministry of Industry, Commerce and Enterprise Development ("Ministry") and Premier now awaits final sign-off.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged the release of this announcement on behalf of the Company was George Roach.

Enquiries:

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. In addition, the Company holds 5,010,333 shares in Circum Minerals Limited ("Circum"), the owners of the Danakil Potash Project in Ethiopia, which has the potential to be a world class asset.

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.

ENDS