Operational Update and Funding

Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce that it has today completed a subscription to raise approximately £1 million 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") and also pleased to report further positive progress at Zulu Lithium and Tantalum Project ("Zulu Lithium").

Graham Hill, Managing Director, commented: "We are pleased with the continued progress being made at the new Zulu Lithium flotation plant, particularly the successful completion of the majority of cold commissioning activities utilising water through the circuit. Importantly, water has now been introduced through the new flotation plant, and we are encouraged by the operational performance observed during these initial commissioning stages.

The Company is now preparing to transition into hot commissioning involving the introduction of ore into the circuit, representing another important milestone in the overall commissioning and optimisation process. Whilst commissioning activities naturally remain iterative in nature, we are encouraged that progress to date continues to support our commissioning timeline of Q2."

Zulu Lithium Operational Update

The majority of cold commissioning activities across the flotation plant and associated crushing and milling circuits have now been completed successfully utilising water. Water has now been run through the flotation plant as part of these cold commissioning activities and shareholders are referred to the below video link demonstrating these ongoing tests. Shareholders are further advised that the flotation cell scraper paddles have not yet been connected during this current stage of wet commissioning utilising water only, with connection and operation of the scraper paddles expected to coincide with the introduction of reagents and ore feed during hot commissioning activities associated with spodumene froth recovery.

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Conveyor systems have been brought back into operation and testing of the newly installed bypass chutes, replacing the previously un-utilised sorting equipment, has to date been completed successfully. The crushing circuit was successfully re-commissioned on ore as part of this testing.

The Company is now planning to transition into hot commissioning activities involving the introduction of ore feed into the complete process plant as part of the next phase of commissioning and optimisation, with all activities continuing to remain on track for the previously guided Q2 2026 commissioning timeline.

Subscription

Premier has today issued by way of a direct subscription ("Subscription"), conditional on admission, 5,405,405,405 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 issue of the Subscription 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 the new Flotation Plant, operating expenses at Zulu Lithium, and the management of essential creditors at Zulu and to provide general working capital for Premier.

Admission

Application has been made for the Subscription Shares, to be admitted to trading on AIM and admission is expected to take place on or around 19 May 2026.

Total Voting Rights

Following the issue of the Subscription Shares, the Company's issued share capital will consist of 38,126,285,313 ordinary shares with voting rights.