Funding and Operational Update

Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce that it has today completed a subscription to raise approximately £1,200,000 before expenses through the issue of 27,522,935,780 new ordinary shares of nil par value in the capital of the Company at an issue price of 0.00436 pence per new ordinary share (the "Issue Price").

The net proceeds of the funds will provide additional working capital to support the planned recommencement of operations at the Zulu Lithium and Tantalum Project ("Zulu"), including the potential remobilisation of mining activities and restart of the processing plant.

Graham Hill, Managing Director, commented: "This funding enables us to move directly towards restarting plant operations at Zulu. This represents a change from our original plan, which was to build a larger ROM stockpile before recommencing processing. However, the progress achieved during the previous operating period has provided the Board with a basis to proceed with the restart, while maintaining our focus on achieving stable and consistent production of spodumene concentrate.

We believe the best use of the Company's available resources at this stage is to process the material already on the ROM pad and demonstrate the satisfactory performance of the plant. Our immediate target is an approximately 15-day campaign, during which the principal focus will be on sustained plant operation, product quality and recoveries. Importantly, this approach should provide us with the opportunity to extend operations. Additional blasted material remains available within the EPO and may be mobilised to the ROM pad following the initial campaign, subject to satisfactory performance and the availability of working capital.

A successful campaign should provide the Board, shareholders and potential funding partners with greater visibility on the operational capability of Zulu and a stronger basis from which to determine the next stage of the project."

Operational Update

The Company is now focused on the immediate mobilisation of plant operations at Zulu and the recommencement of processing activities using approximately 13,000 tonnes of ore currently available on the ROM pad. The Company is targeting an initial operating campaign of approximately 15 days. During this period, performance will be assessed across key operating parameters, including throughput, recoveries, plant stability and product quality.

Personnel, diesel, reagents and other consumables required for the restart are being mobilised, and supplier engineers are expected to be on site to support operations and further optimisation of the spodumene flotation plant. Following completion of the initial campaign, the Company will review the operating results and determine the next phase of operations. Subject to satisfactory plant performance and the availability of working capital, additional blasted ore currently available within the EPO may be mobilised to the ROM pad to support continued processing.

The results of the campaign will therefore inform subsequent operational and funding decisions, including the potential remobilisation of mining activities and continuation of plant operations beyond the initial 15-day period.

Subscription

Premier has today issued, by way of a direct subscription arranged by the Company (the "Subscription") and conditional on admission, 27,522,935,780 new ordinary shares of nil par value (the "Subscription Shares") at the Issue Price. The Subscription Shares will, when issued, rank pari passu in all respects with the Company's existing ordinary shares. The Subscription has been arranged directly by the Company with a number of institutional and professional investors.

The Subscription Shares are being issued within the Company's existing share authorities. The net proceeds of the Subscription will be used principally to support operating expenditure at Zulu, including mining and stockpiling activities, the mobilisation of operational personnel, diesel, reagents and other consumables, the management of essential creditors at Zulu and the Company's general working capital requirements.

Admission

Application has been made for the Subscription Shares to be admitted to trading on AIM. Admission is expected to take place on or around 9 October 2026.

Total Voting Rights

Following the issue of the Subscription Shares, the Company's issued share capital will consist of 77,597,203,602

ordinary shares with voting rights.

Distribution