PREM Premier African Minerals Limited

17 October 2024

Premier African Minerals Limited

 Zulu Lithium Plant Update

The Board of Premier African Minerals Limited ("Premier" or the "Company") is pleased to provide this update on the plant status and next steps to recommence production at Zulu Lithium and Tantalum ("Zulu").

Status of operations at Zulu

Test work reports now submitted by Enprotec, and further supported by independent work undertaken by the supplier of the reagents used to float Spodumene from Zulu ore, indicate that inconsistent grade and recovery in the Spodumene flotation plant are primarily due to inadequate reagent dosing in the flotation circuit and excessive residence time in the Spodumene cleaning circuit. Adjustments to the reagent dosing should enhance selectivity in the flotation process, while reducing the residence time in the cleaning circuits should minimize the flotation of gangue minerals.

The proposed adjustments will consist of fabricated inserts within the cleaning stages that will reduce the volume of each cleaner respectively. These adjustments will align the residence times more closely with the test work which produced the best results for Spodumene grade and recovery. Designs for the inserts is complete and fabrication will commence as soon as possible. The direct cost for the inserts is less than US$50,000 and the time to fabricate is estimated at roughly 6 weeks.

As previously advised, the Company has a further fall-back position in the recommendations made following the engagement of Chinese Engineering, Procurement and Construction Management ("EPCM Contractor") as an alternative remedial strategy to the floatation plant. The strategy recommended by EPCM Contractor involves the supply of a complete spodumene flotation plant based on similar technology to that in extensive use elsewhere. The Company considers that the option discussed above related to inserts to the existing float cells is of sufficiently low cost and short time to support this option immediately. The EPCM Contractor option remains and may still be considered as part of the near-term plans to increase production at Zulu.

At the same time, it should be noted that the Company has engaged other reagent suppliers to continuously review and if indicated recommend alternative reagent regimes. The Company previously reported on several options for the future of Zulu, all of which remain under consideration, and due diligence is being undertaken by potentially interested parties. As the Company cannot rely on any single outcome this strongly supports the decision to proceed with Enprotec's advice on the plant, irrespective of the outcome of these strategic initiatives.

Shareholders should note that the effectiveness of the measures referred to above will only be known as and when the Zulu plant is fully commissioned and brought into commercial production, the timing of which continues to be uncertain.

George Roach, CEO commented" With this progress on the plant, and the recently notified updated resource estimate, Premier and its shareholders should be looking at the immediate future with much more confidence. "

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").

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

ENPROTEC

Enprotec have reviewed and approved this release to the extent that reference is made to the flotation plant. Enprotec is a Multi-disciplinary Engineering Applications Group that Offers End-to-end Solutions to the Mining & Mineral Processing Industry. Enprotec aim to extract ore optimally and derive tangible value for its clients from their operations while eliminating environmental risks. Enprotec is a global partner in the mineral processing industry, offering a diverse range of solutions and technologies.

Enprotec involvement in Zulu was originally under the engagement and direction of Stark. Following Zulu's engineering team taking over as the operator of the Zulu plant, Enprotec have agreed to provide such support as requested by Zulu as may be required in the continuing optimisation, remedy and improvement of the Stark designed flotation plant.

Enquiries:

Important notice

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.

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