Zulu Lithium Update

Premier African Minerals Limited ("Premier" or the "Company") provides a further update on the ongoing Zulu Lithium plant audit.

The Board has received the interim findings of the third-party audit report on the Zulu Lithium plant and associated operations ("Audit Report") as announced on 30 October 2025. The Audit Report assessed the entire plant, including those elements that may be utilised for the new plant configuration, and including observations and recommendations concerning the current flotation plant. The Audit Report's interim findings are currently under review by both the Company and, in particular, the OEM supplier of the existing flotation plant. Upon completion of this review and consultation process, and once the key findings have been agreed between the parties, a further update will be provided.

At this stage, the Audit Report in its current form underlies and supports the board decision (as announced on 30 October 2025) to proceed immediately with the acquisition, installation and commissioning of the 15-20 TPH flotation cell plant manufactured by Xinhai Technology Processing EPC ("Xinhai Flotation Plant") with the objective of enabling Zulu Lithium to produce product at commercially acceptable levels of grade and recovery. In the meantime, the Company is waiting for the OEM's conclusions on the current flotation plant and whether this can be configured to deliver further product to supplement the Xinhai Flotation Plant.

In parallel, the Company remains in ongoing dialogue with a number of potential lenders and/or alternative offtake funders in relation to a possible purchase or restructuring of the prepayment amount (plus accrued interest) owed under the Offtake Agreement. Any such arrangement would be subject to the Zulu Lithium plant demonstrating continuous and consistent production at both the required grade and tonnage. At this stage, there can be no guarantee that these discussions with the offtake partner or the potential lenders and/or funders will result in a successful outcome, nor that any funding which may arise from these processes will be secured on terms acceptable to the Company and a further announcement will be made in due course.

Graham Hill, Managing Director, commented, "The Audit Report findings include practical suggestions for improving overall plant operational performance, and comments on the suitability and current configuration of certain aspects of the plant and in particular the current flotation plant design, on which we are waiting for the OEM's conclusions.

The general consensus is that the overall design of the Zulu Lithium plant processing technology is appropriate and that the Zulu Lithium ore is definitely amenable to processing by the selected processing route at the Zulu Lithium plant.

The Audit Report will be extremely valuable in helping us ensure that the current flotation plant can ultimately serve as a supplement to the Xinhai Flotation Plant. However, our immediate priority is the Xinhai Flotation Plant, as it offers the strongest assurance of achieving the earliest possible commercial production at Zulu Lithium".