Funding

Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce a subscription today for 1,746,031,746 new ordinary shares to raise approximately £550,000 before expenses at an issue price of 0.0315 pence per new ordinary share.

Following the announcement on announcement of Premier Interim Accounts on the 30 September 2024, it remains of fundamental importance that Premier continues to support all essential operational requirements at both Premier and Zulu Lithium and Tantalum Project ("Zulu") while the multi option approach on how best to move the Zulu forward, which includes a possible sale of Zulu, either in its entirety, partially or as a joint venture, or the potential installation of an additional spodumene float plant.

In regard to the spodumene float plant as installed, it should be noted that one of several solutions under review would require an increase in throughput above the original design capacity to match the surplus capacity of the cleaner cells. At the same time the Company is in negotiations that may result in direct investment into Zulu. The Company is also happy to advise that it is also in early discussions regarding payment options with a Chinese Engineering, Procurement and Construction Management company that could potentially install an additional spodumene float plant at Zulu.

George Roach, CEO, commented, "We are making progress, and I do expect a resolution to this final problem after which we do expect to produce at grade and at design recovery. The alternatives set out above are under active negotiation and a satisfactory outcome should result."

Subscription

Premier has today issued by way of a direct subscription ("Subscription"), conditional on admission, 1,746,031,746 new ordinary shares of nil par value ("Subscription Shares") at a Subscription price of 0.0315 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.

Admission

Application is being made for 1,746,031,746 Subscription Shares, to be admitted to trading on AIM and admission is expected to take place on or around 9 October 2024.

Total Voting Rights

Following the issue of the Subscription Shares, the Company's issued share capital consists of 36,027,719,957 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