Corporate Update

Premier African Minerals Limited ("Premier" or the "Company") provides the following update on the Company's funding plans and creditors of both the Company and Zulu Lithium Private Limited ("Zulu Lithium").

Funding update

As set out in the notice of General Meeting announced on 15 October 2025 ("GM Notice"), the Board was seeking shareholder approval for the disapplication of such number of shares to allow the Company to proceed with Phase 5 "Pre-production Readiness" and to also meet certain immediately due creditor payments. The utilisation of funds was broken down into the following essential categories:

This budget did not deal with operating costs under normal production after completion of Phase 5. It was also noted in the GM Notice that the payment arrangements for outstanding debts did not call for immediate payment of the amounts set out above.

Following approval of the enabling resolutions at the adjourned General Meeting on 19 November 2025, the Company conducted an interim fundraising to raise approximately £500,000 before expenses to support essential consumables at Zulu's camp and to provide general working capital for Premier and allow for necessary preparation to commence for the Xinhai Flotation Plant. The Interim funding did not provide the full funds identified in the GM Notice, and the Company still intends to conduct a further funding to settle the identified obligations as set out further below.

The Company has recently received correspondence from JR Goddard Contracting ("Creditor") demanding payment of US$2.3 million to them before enforcing a previously stayed judgement of US$2.5 million ("Demand"). At the time of the judgement, the total due amounted to US$3.985 million. Premier has since paid US$2.1 million in settlement of the judgement amount.

Discussions with the Creditor remain ongoing, and the Company is seeking to reach a commercial resolution.

Current trading

As at 30 November 2025, unaudited total group liabilities (including amounts due to the Offtake Partner under the Offtake and Prepayment Agreement of $46.568 million including unsettled interest of $11.9 million) amounted to $62.143 million, of which group trade creditors including unpaid salaries amounted to approximately $15.035 million.

Premier has limited funds and must secure additional financing arrangements to meet its payment commitments and obligations as they fall due. The Company considers that a further extension of the Long Stop Date under the amended Offtake and Prepayment Agreement announced on 1 April 2025 is also an essential part to raising the further funding required, although there can be no guarantee at this time as to what further variations to the Long Stop Date may be agreed between the parties. As announced on 24 December 2024, Premier also provided the Offtake Partner with an extension of their existing security by providing a fixed charge over the shares of Zulu Lithium (but with no security over Premier's other assets or projects) ("Security").

Shareholders should note there is further no guarantee that the further funding will be secured on terms acceptable to the Company and in the event that further funding arrangements cannot be secured within the required timeframe and on acceptable terms, this could have a material adverse effect on both Zulu Lithium and the financial position of the Company as a whole which could cast significant doubt on the Group's ability to continue as a going concern.

A further announcement will be made as appropriate.