Funding

Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce a subscription today to raise £1 million before expenses at an issue price of 0.03 pence per new ordinary share ("Issue Price") for the Zulu Lithium and Tantalum Project ("Zulu").

In addition, the Company has settled £0.140 million of supplier's invoices and certain accrued but unpaid salaries of former directors through the issue of new ordinary shares in the Company, also at the Issue Price.

Premier's principal priority and the basis of this funding is firstly, to complete the purchase of the 15-20 TPH flotation cell plant manufactured by Xinhai Technology Processing EPC ("Xinhai Flotation Plant") with the objective of enabling Zulu to produce product at commercially acceptable levels of grade and recovery. Secondly, to part fund certain operating expenses at Zulu as part of the installation of the Xinhai Flotation Plant and ongoing creditor management.

Graham Hill, Managing Director, commented, "I am delighted that we have been able to progress with this subscription to enable us to advance the project to install the new flotation plant. I am confident this will provide Zulu with the opportunity to progress to commercial production in the shortest possible time. I would like to thank the whole team for staying focussed on the needs of the Company and the future of Zulu".

Subscription and Contractor Settlement

Premier has today issued by way of a Company arranged direct subscription ("Subscription"), conditional on admission, 3,333,333,333 new ordinary shares of nil par value ("Subscription Shares") at the Issue Price per Subscription Share. The Subscription Shares will, when issued, rank pari passu in all respects with the existing ordinary shares.

The Company has also today settled creditor invoices totalling £0.088 million through the issue of 293,333,333 new ordinary shares in the Company at the Issue Price, together with a further £60,000 owed in respect of accrued but unpaid salaries and payments owing to former consultants and directors, through the issue of a further 200,000,000 new ordinary shares in the Company at the Issue Price (representing 1.5% of the issued share capital), amounting in aggregate to 493,333,333 new ordinary shares (the "Settlement Shares").

The issue of the Subscription and Settlement Shares, which in aggregate amount to 3,826,666,666 new ordinary shares (the "New Shares"), has been arranged within the Company's existing share authorities. Premier intends to use the proceeds of the Subscription principally to assist with the purchase of Xinhai Flotation Plant, operating expenses at Zulu, and the management of essential creditors at Zulu and to provide general working capital for Premier.

Admission

Application is being made for the New Shares, to be admitted to trading on AIM and admission is expected to take place on or around 27 January 2026.

Total Voting Rights

Following the issue of the New Shares, the Company's issued share capital consists of 13,316,454,605 Ordinary Shares, with voting rights.

Market Abuse Regulations

The person who arranged the release of this announcement on behalf of the Company was Graham Hill.

A copy of this announcement is available at the Company's website, www.premierafricanminerals.com.