PREM Premier African Minerals Limited

29 May 2024

Premier African Minerals Limited

 Zulu Project Update

Premier African Minerals Limited ("Premier" or the "Company") is pleased to provide this further update in regard to Zulu Lithium and Tantalum Project ("Zulu"), following on our announcements of 8 May 2024 and 21 May 2024.

Whilst the plant is able to run continuously and produce spodumene concentrates at up to 50 tons per day during this commissioning phase, ongoing testing clearly demonstrated that to achieve recovery and acceptable SC6 grade would require a final modification to the spodumene float circuit. Profitable plant operations require concentrate at grade.

It was anticipated that the plant could run whilst the additional conditioning tank was being installed but with no further advances in plant performance without this addition being possible, it is logical to stop the float circuit now and in so doing both expedite the changes to be made and preserve cash to the extent possible.

The civil construction to support this conditioner is expected to complete by 10 June 2024 and assembly of the new components to commence as soon after 20 June 2024 as possible. Target completion date is now 10 July 2024, and all efforts are targeted at shortening this period.

George Roach, CEO commented, "The overall component cost for this change is minor and modest in the context of the plant, the resource, the overall operation and the future of Zulu.

I am as deeply frustrated and disappointed as any shareholder would be but the underlying fundamentals of Zulu are compelling."

Shipment

Approximately 350 tons of spodumene concentrate produced over the past weeks has averaged at >4% Li₂O and is saleable. Procedurally, each bag must be sampled and tested. A composite sample of all bags must be prepared. Samples must be independently assayed. This is the first shipment of product from Zulu and the process is carefully monitored by both Minerals Marketing Corporation of Zimbabwe and the independent inspectorate.

Market Abuse Regulations

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

It is expected that this process will become easier with time and the use of an in-line sampling system when continuous production occurs.

The person who arranged the release of this announcement on behalf of the Company was George Roach.

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

Enquiries:

Nominated Adviser Statement

Beaumont Cornish Limited ("Beaumont Cornish"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in connection with this announcement and will not regard any other person as its client and will not be responsible to anyone else for providing the protections afforded to the clients of Beaumont Cornish or for providing advice in relation to such proposals. Beaumont Cornish has not authorised the contents of, or any part of, this document and no liability whatsoever is accepted by Beaumont Cornish for the accuracy of any information, or opinions contained in this document or for the omission of any information. Beaumont Cornish as nominated adviser to the Company owes certain responsibilities to the London Stock Exchange which are not owed to the Company, the Directors, Shareholders, or any other person.

Forward Looking Statements

Certain statements in this announcement are or may be deemed to be forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'' ''could'' "should" ''envisage'' ''estimate'' ''intend'' ''may'' ''plan'' ''will'' or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount. Nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward looking statements.

Notes to Editors:

Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and natural resource development company focused on Southern Africa with its RHA Tungsten and Zulu Lithium projects in Zimbabwe.

The Company has a diverse portfolio of projects, which include tungsten, rare earth elements, lithium and tantalum in Zimbabwe and lithium and gold in Mozambique, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company has accepted a share offer by Vortex Limited ("Vortex") for the exchange of Premier's entire 4.8% interest in Circum Minerals Limited ("Circum"), the owners of the Danakil Potash Project in Ethiopia, for a 13.1% interest in the enlarged share capital of Vortex. Vortex has an interest of 36.7% in Circum.

Ends