Funding

Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce that it has today completed a subscription to raise approximately £500,000 before expenses through the issue of new ordinary shares of nil par value in the capital of the Company (the "Subscription Shares") at an issue price of 0.0185 pence per new ordinary share (the "Issue Price") (the "Subscription").

In addition, the Company has settled £100,000 of supplier's invoices through the issue of new ordinary shares in the Company, also at the Issue Price.

Following the Company's operational update announced on 4 March 2026 in relation to the Zulu Lithium and Tantalum Project ("Zulu"), it remains of fundamental importance that Premier continues to support all essential operational requirements across both Premier and Zulu. In particular, the funding will assist with operational requirements, the ongoing installation and commissioning of the 15-20 TPH flotation 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.

Graham Hill, CEO, commented: "This funding provides important working capital to support ongoing operational requirements at Zulu and the continued progress of the installation and commissioning of the Xinhai Flotation Plant. Maintaining the momentum we have created in advancing the Xinhai Flotation Plant is of vital importance as we move toward stable operations and a positive future at Zulu.

The Board remains firmly focused on stabilising operations at Zulu and progressing towards consistent production".

Subscription

Premier has today issued by way of a direct subscription ("Subscription"), conditional on admission, 2,702,702,703 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. CMC Markets UK Plc trading as CMC CapX, acted as the Company's placing agent in respect of the Subscription.

The Company has also today settled creditor invoices totalling £100,000 through the issue of 540,540,541 new ordinary shares in the Company at the Issue Price (the "Settlement Shares"). The Settlement Shares will, when issued, rank pari passu in all respects with the existing ordinary shares.

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The issue of the Subscription and Settlement Shares, which in aggregate amount to 3,243,243,244 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 ongoing commissioning 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 has been made for the New Shares, to be admitted to trading on AIM and admission is expected to take place on or around 17 March 2026.

Total Voting Rights

Following the issue of the New Shares, the Company's issued share capital will consist of 17,501,485,100 ordinary shares with voting rights.