PREM Premier African Minerals Limited

6 November 2024

Premier African Minerals Limited

Zulu and Corporate Update

Premier African Minerals Limited ("Premier" or the "Company") is pleased to provide a further update on the operations at the Zulu Lithium and Tantalum Project ("Zulu") and the rescheduled General Meeting to be held at the Chesterfield Mayfair Hotel, 35 Charles Street, London W1J 5EB, United Kingdom at 15:30 on 11 November 2024 ("Rescheduled GM").

Rescheduled GM

As announced on 22 October 2024, Premier postponed the General Meeting originally scheduled for 23 October 2024 when it became clear that a significant shareholder's CREST vote had not been properly captured within the CREST system at the time. The Rescheduled GM will be held at 15:30 on 11 November 2024 and shareholders are reminded that, while the deadline for shareholders who hold their shares through Depositary Interests was 15.30 today, voting in person remains possible and shareholders who hold their interests through a depository should ensure that they have a letter of representation to vote at the meeting. Shareholders who intend to vote through a Form of Proxy must do so by no later than 15.30 on 7 November 2024.

The vote is critical to the Company and shareholders are encouraged to ensure that they exercise their right to vote in the Rescheduled GM.

The Company will also stream the Rescheduled GM by a webinar that will allow direct access to the meeting from any internet linked computer or smart device. Shareholders can download via the link the link below:

https://us02web.zoom.us/j/87039519758

The Notice of the Rescheduled GM with the Form of Proxy was posted to shareholders and remains available together with this announcement for download on the Company's website:

https://www.premierafricanminerals.com/investors/circulars-and-notices

Zulu Operations

Whilst the operations at Zulu remain on hold at this time, it is important to note the following:

Following the announcement 17 October 2024, the Company is pleased to report that on-going interpretation of results from current float test work supports the ability to achieve a reduction in retention time in the spodumene cleaner cells through a minor variation in the reagents in use. The proposed variation will result in a lower viscosity in the froth layer and a quicker flow rate from the cleaner cells.

As previously described, the only aspect of the Zulu plant that is not fully commissioned is the spodumene recovery circuit and in conjunction with the previously described plant fixes, this reagent change now represents a potential third option and, in this case, will have no capital cost requirement.

Central to plant operations is finance. The Company continues to pursue various key options regarding the Zulu project as announced on 30 September 2024 in the interim results and summarised below:

George Roach, CEO commented, "The latest test work and the resource update recently announced together with all the running time on the plant, has once again confirmed that the remaining obstacle to production is to achieve grade and recovery through the spodumene section of the float plant. The fix proposed by Enprotec and the reagent variation should now allow for continuous operations when proven. To this end, the Company will seek when possible to bring the plant into operation for a limited period to prove this. A limited budget will be allocated for a short 3-to-5-day test run of the plant using ore already mined and ready to feed.

This short run will also afford other parties the opportunity to access the plant.

Throughout the challenges we have faced with this project, the facts remain that Zulu is a built mine with all the fundamentals in place which needs to be properly financed to be put into operation".

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:

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.

In addition, the Company holds a 19% interest in MN Holdings Limited, the operator of the Otjozondu Manganese Mining Project in Namibia.

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.

 
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