Amendment to Options Terms
Premier African Minerals Limited has amended the vesting terms for director and management options, removing the ability to exercise them before production milestones are met at the Zulu Lithium and Tantalum Project. Each option tranche will now become exercisable eight months after achieving specific SC6 production targets, ranging from 12,000 to 48,000 tonnes, with exercise prices from 0.0185 to 0.036 pence. An alternative vesting event, such as the full repayment of the Canmax prepayment amount, will also trigger the commencement of the eight-month vesting period for any unexercised options.
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Premier African Minerals Limited ("Premier" or the "Company") announces that the Board has agreed to amend certain vesting terms and conditions attaching to the director and management options announced on 27 May 2026 (the "Options"). The number of Options awarded, their respective exercise prices and the final expiry date of 27 May 2037 remain unchanged.
Under the revised terms, the ability of an option holder to exercise any Options prior to the achievement of the applicable production milestones at the Zulu Lithium and Tantalum Project ("Zulu Lithium") will be removed. Each tranche of Options will instead only become exercisable eight months after the achievement of the applicable production milestone as follows:
| Tranche | Exercise Price | Revised Exercise Condition |
| 1. | 0.0185 pence | Eight months after production of 12,000 tonnes of SC6 |
| 2. | 0.023 pence | Eight months after production of 24,000 tonnes of SC6 |
| 3. | 0.028 pence | Eight months after production of 36,000 tonnes of SC6 |
| 4. | 0.036 pence | Eight months after production of 48,000 tonnes of SC6 |
In addition, should the Canmax Technologies Co. Ltd ("Canmax") Prepayment Amount, together with any accrued interest, be repaid in full, settled, compromised, discharged, waived, released, novated, transferred, assumed by a third party or otherwise extinguished such that Premier no longer has the relevant payment obligation to Canmax (an "Alternative Vesting Event"), the eight-month vesting period for each and every tranche of Options that has not already become exercisable shall commence on the date of the Alternative Vesting Event.
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