Placing and Appointment of a Financial Adviser

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

For immediate release

21 October 2020

Premier African Minerals Limited

Placing and

Appointment of a Financial Adviser

Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce a placing today to raise £1,100,000 before expenses at an issue price of 0.04 pence per new ordinary share which has been arranged by States Bridge Capital Limited ("SBC"), who the Company has also appointed as a financial adviser to assist the Company with the identifying and securing of high value exploration and/or cash generative assets.

George Roach, CEO commented: "This placement and the strong support we have received will facilitate Premier's stated objective of mitigating country risk and allowing the Company to access other high value exploration and/or cash generative assets.

At the same time, Premier will be in a position to responsibly reassess its Zimbabwean assets and determine the best course of action to generate value for shareholders. I continue to believe in the value of our Zimbabwean assets and it is my fervent desire that the Zimbabwean government will resolve the issues surrounding RHA Tungsten and grant Premier the Exclusive Prospecting Order over the extended area at Zulu Lithium.

I expect to provide a further update in the near future."

Placing

Premier has today issued by way of a placing ("Placing"), conditional on admission, 2,750,000,000 new ordinary shares of nil par value ("Placing Shares") at a Placing price of 0.04 pence per Placing Share. The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. Application will be made for the Placing Shares to be admitted to trading on AIM and admission is expected to take place on or around 28 October 2020.

The Placing has been arranged by SBC and undertaken within the Company's existing share authorities. Premier intends to use the proceeds of the Placing to assist with the funding to identify and secure high value exploration and/or cash generative assets in other jurisdictions, payment of certain debts and for general working capital purposes necessary for the Group.

Appointment of Financial Adviser

Premier is also pleased to announce the appointment of SBC as a financial adviser to the Company to work alongside its existing advisers to assist the Company with identifying and securing high value exploration targets in other jurisdictions, with immediate effect.

Total Voting Rights
Following the issue of the Placing Shares, the Company's issued share capital consists 16,292,866,360 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 operator of the Otjozondu Manganese Mining Project in Namibia.

ENDS