Offtake and Prepayment Agreement

Premier African Minerals Limited ("Premier" or the "Company") is pleased to confirm that following the Placing and Retail Offer as announced on the 16 January 2025, that Canmax Technologies Co., Ltd ("Canmax") without limitation to their rights under the restated Offtake and Prepayment Agreement as announced in August 2023 and further amended in December 2024 ("Agreement") have reaffirmed that their intention at this time is to work in alignment with Premier to ensure the completion of the commissioning and optimisation of both the primary flotation plant and secondary flotation plant to achieve the targeted grade and recovery at the Zulu Lithium and Tantalum Project ("Zulu").

Canmax have further confirmed that the basis of their prepayment under the Agreement is unchanged and remains for the delivery of SC6 and not the ownership and/or management of Zulu.

George Roach, CEO commented, "I remain confident that Premier will complete the optimisation and final commissioning of the spodumene float circuit at Zulu. The extensive additional test work completed in the latter part of 2024 and the purchase of additional float cells to be installed at Zulu will support this.

In my opinion, the objectives of Premier and Canmax are aligned with the sole intention of meeting delivery of product and liquidation of the prepayment, without which Zulu could not have been built."