Premier African Minerals Regulatory News (PREM)

20 May 2025

Premier African Minerals Limited 

Corporate Update

Premier African Minerals Limited ("Premier" or the "Company") announces that George Roach and Premier have today agreed to mutually terminate his consultancy agreement as both the Chief Executive Officer ("CEO") and a director of the Company in accordance with the terms of the consultancy agreement entered into on the 12 December 2012 ("Executive Service Agreement").

George Roach, CEO, said, "It has been an incredible journey to see this business develop and what has been accomplished since I founded Premier in 2007. Following the announcement on the 1 April 2025, Premier now has an opportunity to remedy the last remaining element of the plant not yet fully commissioned and demonstrate definitively the potential that the Zulu Lithium and Tantalum Project has to be a world class producer of Spodumene concentrate and other associated bye products.

In July 2023 I indicated to the Board and our shareholders that it was time for me to step down and that a new CEO be appointed. With our prepayment and offtake partner support in both the lifting of the long stop date and future funding it is as good a time as any to proceed with this change. To whatever extent is necessary and required, I will offer support and assistance as Premier embarks on this next and exciting step."

Godfrey Manhambara, Chairman, commented: "On behalf of the Board and everyone at the Company, I would like to thank George Roach for his support over the years, both in terms of the vital contribution to the founding of Premier and the years of development that have been achieved since. It is fundamental to acknowledge that without his passion, drive and devotion Premier wouldn't have been able to build two mines under his management and guidance.

Premier wishes George the best in his future endeavours and I personally look forward to working with him closely during the next three months to ensure that an orderly transition and handover can be achieved."

Executive Service Agreement

Under the terms of the Executive Service Agreement, George Roach will continue in his role as CEO and director for a further three calendar months with his final day of service being the 31 August 2025 ("Notice Period"). The Notice Period ensure an orderly handover and continuity while a replacement is appointed

In accordance with the Company share dealing code, George Roach will be classified as a good leaver, and he will have a 12-month period following the Notice Period to exercise any previously awarded Options.

The Board has already begun the search for a replacement CEO or non-board managing director and will make further announcements on the new executive management team and any applicable Board appointments in due course.

Market Abuse Regulation

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.

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

Enquiries:

Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.

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.

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