Further interest in MN Holdings Limited

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

For immediate release

11 June 2020

Premier African Minerals Limited

Further interest in MN Holdings Limited

Premier African Minerals Limited ("Premier" or the "Company") is pleased to confirm the completion of the purchase of a further 7% in MN Holdings Limited ("MNH"), the owner and operator of the Otjozondu Manganese Mining Project ("Otjozondu"). Premier's holding in MNH has now been increased to 19%.

As announced on 6 May 2020, the Company entered into a conditional Sale and Purchase Agreement ("Agreement") with MNH. Following the approval of the Agreement by shareholders at the Company's General Meeting on the 4 June 2020, the Company has satisfied the purchase consideration of US$700,000 in the form of 498,229,730 new ordinary Premier shares issued at an issue price of 0.0111p ("Payment Shares"), being Premier's quoted closing share price on 4 June 2020.

Application will be made for the Payment Shares, which rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on AIM and admission is expected to take place on or around 17 June 2020.

Total Voting Rights

Following the issue of the Payment Shares, the Company's issued share capital consists of 11,935,375,754 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.

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

In addition, the Company holds a 19% interest in MN Holdings Limited, the owner and operator of the Otjozondu Manganese Mining Project in Namibia.

ENDS