Zulu Project Update

Premier African Minerals Limited ("Premier" or the "Company") is pleased to provide this further update in regard to Zulu Lithium and Tantalum Project ("Zulu"), following on our announcements of 8 May 2024 and 21 May 2024.

• Zulu has now commissioned the plant and the plant is able to run continuously.
• Optimising the plant performance is ongoing.
• Installation of additional conditioning cell on target for early July completion.

Whilst the plant is able to run continuously and produce spodumene concentrates at up to 50 tons per day during this commissioning phase, ongoing testing clearly demonstrated that to achieve recovery and acceptable SC6 grade would require a final modification to the spodumene float circuit. Profitable plant operations require concentrate at grade.

It was anticipated that the plant could run whilst the additional conditioning tank was being installed but with no further advances in plant performance without this addition being possible, it is logical to stop the float circuit now and in so doing both expedite the changes to be made and preserve cash to the extent possible.

The civil construction to support this conditioner is expected to complete by 10 June 2024 and assembly of the new components to commence as soon after 20 June 2024 as possible. Target completion date is now 10 July 2024, and all efforts are targeted at shortening this period.

George Roach, CEO commented, "The overall component cost for this change is minor and modest in the context of the plant, the resource, the overall operation and the future of Zulu.

I am as deeply frustrated and disappointed as any shareholder would be but the underlying fundamentals of Zulu are compelling."

Shipment

Approximately 350 tons of spodumene concentrate produced over the past weeks has averaged at >4% Li2O and is saleable. Procedurally, each bag must be sampled and tested. A composite sample of all bags must be prepared. Samples must be independently assayed. This is the first shipment of product from Zulu and the process is carefully monitored by both Minerals Marketing Corporation of Zimbabwe and the independent inspectorate.

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It is expected that this process will become easier with time and the use of an in-line sampling system when continuous production occurs.

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.

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