Funding

Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce that it has today completed a subscription to raise approximately £800,000 before expenses through the issue of new ordinary shares of nil par value in the capital of the Company at an issue price of 0.02 pence per new ordinary share (the "Issue Price").

Following the Company's operational update announced on 10 June 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. The funding will principally be utilised to support ongoing activities at Zulu following the successful production of first spodumene concentrate from the newly commissioned flotation plant and general working capital requirements.

The funding will enable the Company to continue optimisation activities, refine operating parameters and support the ongoing operational requirements necessary to advance Zulu towards sustained production and commercial operation.

Graham Hill, Managing Director, commented:

"This funding provides important working capital to support ongoing operational requirements at Zulu and the continued optimisation of the modified existing plant and the newly commissioned flotation plant.

The recent production of first spodumene concentrate represents an important operational milestone for the Project and provides initial confirmation that the flotation circuit is operating and producing as expected. Whilst optimisation remains ongoing, we are encouraged by the initial plant performance and the improvements in operational stability that have been achieved to date.

The Board remains firmly focused on advancing Zulu towards sustained production, improving concentrate quality and recovery, and delivering long-term value from what we believe is a significant lithium asset."

Subscription

Premier has today issued by way of a direct subscription ("Subscription"), conditional on admission, 4,000,000,000 new ordinary shares of nil par value ("Subscription Shares") at the Issue Price. 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 optimisation of the new Flotation Plant, operating expenses at Zulu, and the management of essential creditors at Zulu and to provide general working capital for Premier.

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 placing.

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Admission

Application has been made for the 4,000,000,000 Subscription Shares to be admitted to trading on AIM. Admission is expected to take place on or around 17 June 2026.

Total Voting Rights

Following the issue of the Subscription Shares, the Company's issued share capital will consist of 43,303,760,989 ordinary shares with voting rights.