Shareholder Update

Premier African Minerals Limited ("Premier" or the "Company") provides the following corporate update in response to a number of questions and concerns raised by shareholders following publication of the Notice of General Meeting as announced on the 3 September 2026, and to provide further clarification on the Company's current funding, operational and corporate position.

Graham Hill, Managing Director, commented: "Shareholders have raised a number of questions following publication of the General Meeting notice, and this update is intended to provide additional context around the Company's current position and priorities. It also reflects the Board's continued confidence in the Company's prospects and its positive outlook for the future, as the Company continues to progress its operational priorities.

The Board's focus is on execution: completing the current programme at Zulu Lithium Private Limited ("Zulu Lithium"), progressing to sustainable commercial production and improving the Company's funding position through commercial production of saleable lithium concentrate and alternative sources of capital.

We are also conscious of the impact that continued dilution has had on shareholders. Our objective is to move Premier toward a position where operational delivery, rather than repeated equity funding, supports the development of the business."

Funding Requirement

As previously announced, the Company's current programme through to 31 December 2027 identifies aggregate expenditure of approximately US$19.1 million. The Board wishes to clarify that this figure represents forecast expenditure and should not be interpreted as an amount the Company currently expects to raise entirely through Premier-level equity.

The actual external funding requirement will depend on cash generated from concentrate sales, operational performance, working capital requirements and the availability of strategic, project-level, offtake, debt or other third-party funding.

Share Issuance Authority

The authority being sought to issue up to 58,630,740,625 ordinary shares is intended to provide the Company with maximum funding flexibility and should not be interpreted as an intention or expectation that the full authority will be utilised. At the illustrative price of 0.016 pence used in the meeting notice, the authority represents maximum gross funding capacity of approximately US$12.7 million.

The actual number of shares issued, will depend on the Company's funding requirements, operational performance, prevailing share price, operating cash generation and the availability of alternative financing. Premier continues to pursue strategic investment, project-level finance, offtake-related funding and other third-party alternatives, which the Board intends to utilise in preference to Premier-level equity where available on acceptable terms.

Zulu Lithium Commissioning and Production

The Company's current programme assumes re-start and optimisation of the Xinhai flotation plant by the end of October 2026. Zulu Lithium has previously produced spodumene concentrate during commissioning and optimisation activities, and the Company's immediate objective is to establish stable and continuous production and thereafter progress towards approximately 2,000 tonnes per month of spodumene concentrate.

Mining and stockpiling activities have continued in support of start-up, optimisation and the planned ramp-up of the flotation circuit. As at that date of the announcement, Zulu Lithium has approximately 12,500 tonnes of ROM ore available for processing at Zulu Lithium and further 1000 tonnes in the EPO area that once funding is secured, will be brought to the ROM pad. Management's objective is to ensure there is approximately 20,000 tonnes of ore available to support optimisation and subsequent continuous plant operation.

Subject to successful start-up, achievement of the required product specifications and applicable contractual and regulatory requirements, commercial sales are intended to commence as soon as practicable thereafter. The timing of sales and subsequent cash receipts will depend on product availability, grade, commercial arrangements, logistics and applicable regulatory requirements.

Material operational and commercial milestones will be announced when achieved.

Revenue and Production Costs

The Company has not presently published any formal revenue guidance based on production at approximately 2,000 tonnes per month. Revenue will depend materially on realised spodumene pricing, product grade, recoveries, commercial terms and logistics. Similarly, the Company is not presently publishing definitive steady-state SC6 production cost or margin guidance.

Management expects that meaningful guidance will be possible once the Xinhai plant has achieved sustained continuous operation and sufficient operating data has been generated.

Commissioning Concentrate

The Company continues to assess concentrate produced during previous commissioning activities and currently held at site. Assessment of this material has to date been based principally on the Company's in-house laboratory results which, as previously announced, are preliminary in nature and have not been independently verified. The Board does not consider it appropriate at this stage to attribute a value to this material.

The Company continues to evaluate the most appropriate means of realising value from the material. Subject to further assessment and all applicable contractual and regulatory requirements, this may include sale in-country and/or retaining the material for combination with future production as commercial sales commence.

The Company will provide a further update as appropriate.

Creditors and Existing Judgments

The Company continues to engage with certain creditors in respect of historic liabilities, including amounts subject to existing judgments. The Board acknowledges and appreciates the patience demonstrated by these creditors while the Company progresses its funding and operational programme.

In particular, the Company has made provision within the funding requirements set out in the Notice of General Meeting for the settlement of amounts owing to a J R Goddard Contracting (Private) Limited ("JRG") in respect of which enforcement proceedings have previously been stayed, as announced on 19 January 2026.

The Company was required to make a payment by 11 September 2026 in order to maintain that stay. As that payment has not been made, JRG may now resume enforcement proceedings, including seeking to proceed with the attachment order previously obtained. The Company is engaging with JRG with a view to agreeing an orderly settlement arrangement. While discussions are continuing, there can be no assurance that JRG will refrain from exercising its enforcement rights.

More generally, the Board's preference remains to resolve creditor matters consensually and in an orderly manner. The Company will provide a further update in relation to any material settlement, enforcement action or other significant development as appropriate.

Director and Management Options

The Board intends, following publication of the Company's interim accounts, which are expected to be published on or before 30 September 2026, to amend the terms of the director and management options announced on 27 May 2026.

The proposed amendments are intended to make the vesting and exercise conditions more restrictive and to align the Options more closely with the achievement of defined production milestones at Zulu Lithium. In particular, the Board intends that the ability of an option holder to exercise Options prior to achievement of the applicable production milestones will be removed and that the Options will instead become exercisable only following the relevant additional vesting period.

The Board intends to implement these amendments following publication of the interim accounts and a further announcement will be made once the revised terms have been formally approved and implemented.

RHA Tungsten Private Limited

Premier continues to progress matters relating to RHA Tungsten Private Limited ("RHA") and to assess potential commercial opportunities associated with the project.

The Board's current strategy is to maintain its interest in RHA while actively engaging with potential strategic investors who may be interested in co-investing in the project and participating as an operating partner.

While the Board believes that this approach may improve the prospects of achieving a commercial outcome at RHA, shareholders should not presently assume that RHA will provide near-term funding support for Zulu Lithium.

Any material binding transaction will be announced as appropriate.

Funding and Operational Priorities

The Board recognises shareholder concerns regarding historic dilution and the Company's recent share price performance. The proposed share authority is intended to provide sufficient flexibility to protect and advance Zulu Lithium while the Company completes the re-start and optimisation, progresses towards sustained commercial production and pursues alternative sources of capital. It should not be interpreted as a commitment to utilise the authority in full.

The Company's immediate priorities remain:

Future funding decisions will be assessed against operational progress, available cash resources, operating cash generation, creditor requirements and alternative financing opportunities.

The Company will continue to update shareholders on material operational, financing and corporate developments.

Market Abuse Regulations

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