Premier African Minerals Regulatory News (PREM)

7 July 2026

Premier African Minerals Limited

Canmax Interest Conversion

Premier African Minerals Limited ("Premier" or the "Company") announces that Canmax Technologies Co., Ltd ("Canmax") has elected to convert certain accrued interest due under the Restated and Amended Offtake and Prepayment Agreement ("Agreement") into new ordinary shares in the Company, in accordance with the terms of the Addendum to the Agreement as announced on 24 December 2024.

Under the terms of the Addendum to the Agreement, Canmax, at its absolute discretion, has the right to receive partial repayment of interest owed by the issuance of new ordinary shares in the Company, such that Canmax would continue to hold 13.38% of the shares in issue of the Company on a fully diluted basis, immediately following a funding by Premier, and on similar terms. The conversions relate to four separate fundings announced by the Company since 28 April 2026, details of which are set out in the Annex to this announcement.

In aggregate, Canmax has elected to convert US$628,702.23 of accrued interest (equivalent to £466,158) into 2,770,506,833 new ordinary shares in the Company ("Canmax Shares"). The Canmax Shares have been issued at an average issue price of 0.016826 pence per Canmax Share, calculated by reference to the applicable issue prices for each relevant funding.

Admission

The Canmax Shares will rank pari passu in all respects with the existing ordinary shares. Application will be made for the Canmax Shares to be admitted to trading on AIM and admission is expected to take place on or around 14 July 2026.

Total Voting Rights

Following the issue of the Canmax Shares, the Company's issued share capital consists of 46,074,267,822 Ordinary Shares, with voting rights.

This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

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").

The person who arranged the release of this announcement on behalf of the Company was Graham Hill.

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.

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 encompassing brownfield projects with near-term production potential to grass-roots exploration.

APPENDIX

Canmax Interest Conversion

The table below sets out the four interest conversions made by Canmax under the Addendum to the Agreement.

Note 1:

The average conversion price has been calculated by dividing the aggregate amount of interest converted by the total number of new ordinary shares issued to Canmax pursuant to the four conversions.