Zulu and Corporate Update

Premier African Minerals Limited ("Premier" or the "Company"), is pleased to report on the progress of operations at Premier's Zulu Lithium and Tantalum Project ("Zulu") and provide a corporate update which includes the appointment of a new interim Chairman and settlement of Contractor fees of US$2.5 million through the issue of 465,625,750 new ordinary shares at an issue price of 0.44 pence per new ordinary share.

Zulu Update

Subsequent to the update on 29 September 2023, extensive optimisation of the Zulu plant continues. Passing adequate tonnage of correctly sized material to the floatation section of the plant has highlighted various other ongoing ore sorter, instrumentation and material flow challenges that Stark International Projects Limited ("Stark"), the operator of the plant, is currently addressing.

Zulu is producing concentrates, and we anticipate that these concentrates will meet the required specification as set out in the amended and restated Offtake and Prepayment Agreement (as announced on the 15 August 2023) ("Restated Prepayment Agreement") on completion of the optimisation process. Meeting the 1,000-ton shipment of Spodumene concentrate required by 25 November 2023 as set out in the Restated Prepayment Agreement will be largely dependent on the resolution of the ongoing commissioning and optimisation issues referred to above, the overall plant performance and the delivery of competent grade to the plant.

George Roach, CEO, commented," Meeting the initial shipment target date is our main priority at this time and we will provide further updates in due course.

I would be remiss if I did not also express my appreciation to Mr Godfrey Manhambara for undertaking the Chairmanship of Premier and look forward to working under his stewardship".

Corporate update

The Board of Premier is pleased to confirm the immediate appointment of Mr Godfrey Manhambara (an existing Non-Executive Director) as Non-Executive Chairman of the Company. George Roach will be reverting to his Board role of Chief Executive.

Contractor Settlement

In accordance with the announcement on 25 August 2023, Stark has accepted payment of US$2.5 million in new ordinary shares at the price of 0.44 pence per Share ("Stark Shares"). The Stark Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. Application will be made for the Stark Shares to be admitted to trading on AIM and admission is expected to take place on or around 9 November 2023.

Total Voting Rights

Following the issue of the Stark Shares, the Company's issued share capital consists of 25,873,102,694 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.