Result of Placing

This Announcement does not constitute a prospectus or offering memorandum or an offer in respect of any securities and is not intended to provide the basis for any investment decision in respect of Premier African Minerals Limited or other evaluation of any securities of Premier African Minerals Limited or any other entity and should not be considered as a recommendation that any investor should subscribe for or purchase any such securities.

Premier African Minerals Limited

Result of Placing

Launch of Retail Offer

Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce that following the accelerated bookbuild which was announced on 16 January 2025, the Company has conditionally raised gross proceeds of £1.2 million through the Placing of 4,336,999,996 new Ordinary Shares at a price of 0.0275 pence (the "Issue Price") per share.

Retail Offer

As part of the Fundraising the Company is launching a separate retail offer to raise the balance of the Fundraising not raised in the Placing to raise gross proceeds of up to £2.3 million at the Issue Price (the "Retail Offer"). The Board values its retail shareholder base, which have continued to support the Company alongside various institutional investors. Given the strong support of our retail shareholders, the Company believes that it is appropriate to provide its retail shareholders the opportunity to participate in the Retail Offer.

A separate announcement will be made in due course regarding the Retail Offer and its terms. For the avoidance of doubt, the Retail Offer is not part of the Placing. The results of the Retail Offer are expected to be announced on 21 January 2025.

The Placing is conditional on, inter alia, (i) the Placing Agreement becoming unconditional in all respects in relation to the Placing and not having been terminated in accordance with its terms; (ii) the Retail Offer and (iii) Admission (as defined below). The Retail Offer is conditional on the Placing. Completion of each of the Placing and Retail Offer is inter-conditional upon, inter alia, the gross proceeds of the Fundraising, taken together with the value of liabilities that creditors agree to settle by accepting new shares ("Settlement Shares"), on the same terms as to price as the Placing, being not materially less than £3.5 million. Accordingly, should the gross proceeds of the Fundraising, together the value of Settlement Shares issued at the Issue Price, be materially less than £3.5 million, the Placing and Retail Offer will not proceed.

Admission

Application will be made for the admission of the Placing Shares to trading on the AIM market of London Stock Exchange plc ("Admission"). It is ‎expected that such Admission will take place at or around 8.00 a.m. (London time) on 23 January 2025.