Premier African Minerals Regulatory News (PREM)

24 November 2021 

Premier African Minerals Limited

Circum Update

Premier African Minerals Limited ("Premier" or the "Company"), is pleased to provide an update on developments at Circum Minerals Limited ("Circum").

The full text of the Shareholder Letter to Circum shareholders can be viewed on the webpage link below:

http://www.rns-pdf.londonstockexchange.com/rns/4456T_1-2021-11-24.pdfGeorge Roach, CEO commented," The board of Circum has provided an update in a letter to shareholders. Significantly, the updated DFS for Circum reports a staged approach and a much-reduced capital cost with a real NPV at a 10% discount rate of US$576 Million, IRR of 23.6% and compelling unit costs.

In my view, the letter to shareholders is positive and with an anticipation of the conflict in Ethiopia reaching a settlement and the strong fundamentals under-pinning potash, and SOP, as discussed in the letter.

I am optimistic that Circum will yield a good return to Premier."

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.

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

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 holds 5,010,333 shares in Circum Minerals Limited, the owners of the Danakil Potash Project in Ethiopia, which has the potential to be a world class asset. This holding represents 4,8% of Circum shares in issue.

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

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Ends