Funding of Zulu Project and Update

Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce a subscription today for 1,212,121,212 new ordinary shares to raise approximately £2 million before expenses at an issue price of 0.17 pence per new ordinary share primarily for the Zulu Lithium and Tantalum Project ("Zulu").

George Roach, CEO, commented, "The final step in commissioning Zulu looks to be the changes to be made to the material flow through the floatation plant as described in our announcement of 10 April 2024. These changes expect to see the floatation plant able to accept the design tonnage and to remove the restrictions on potential spodumene concentrate production.

The required piping and valves are expected to load for site by Tuesday 16 April, and the expectation is that fitment could be complete as early as the week commencing 22 April 2024. A further update will be made in due course".

Funding and Subscription

Premier has today issued by way of a direct subscription ("Subscription"), conditional on admission, 1,212,121,212 new ordinary shares of nil par value ("Subscription Shares") at a Subscription price of 0.17 pence per Subscription Share. The Subscription Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. CMC Markets UK Plc trading as CMC CapX, acted as the Company's placing agent in respect of the placing.

Premier continues to engage with Zimbabwean based lenders for working capital facilities and Zulu has now secured an interim working capital facility of US$300,000 in Zimbabwe. An extended and larger term facility from potential lenders will only be potentially available once Zulu can demonstrate a steady state of production.

Premier believes that securing funding through the Subscription is the best immediate solution to securing further project funding. Premier continues to believe that once a steady state of production has commenced at Zulu, Premier should be able to secure further working capital in Zimbabwe.

Application will be made for the Subscription Shares to be admitted to trading on AIM and admission is expected to take place on or around 17 April 2024.

Total Voting Rights

Following the issue of the Subscription Shares, the Company's issued share capital consists of 29,028,702,917 Ordinary Shares, with voting rights.

Market Abuse Regulations

The person who arranged the release of this announcement on behalf of the Company was George Roach.

A copy of this announcement is available at the Company's website, www.premierafricanminerals.com.

CMC CapX