Premier African Minerals Regulatory News (PREM)

28 April 2026

Premier African Minerals Limited

Operational Update and Funding

Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce that it has today completed a subscription to raise approximately £1 million before expenses through the issue of new ordinary shares of nil par value in the capital of the Company (the "Subscription Shares") at an issue price of 0.0136 pence per new ordinary share (the "Issue Price") (the "Subscription") and also pleased to report further positive progress at Zulu Lithium and Tantalum Project ("Zulu Lithium").

Graham Hill, Managing Director, commented: "I am very pleased with the continued progress being made by the engineering team. The team has continued to demonstrate strong technical capability and commitment in advancing Zulu Lithium.

Completion of the new Xinhai Flotation Plant, together with targeted upgrades across the existing operations, is expected to position Zulu Lithium to demonstrate the ability to produce a consistent, quality spodumene concentrate, to the benefit of all stakeholders.

Commissioning and optimisation activities remain firmly on track for completion during Q2.

We will publish photographs of ongoing site progress via our official Twitter (X) account tomorrow morning, and I would encourage shareholders to follow this channel for supplementary visual updates on the development of Zulu Lithium."

Zulu Lithium Operational Update

Construction continues to progress well on the new spodumene flotation plant, with operational upgrades advancing in parallel to improve overall plant reliability and operability.

The new electrical switchgear and control panel, after successful factory assembly and testing, have been delivered to site and installed on the platform adjacent to the plant. Cabling to provide power to the switchgear is now complete, and connections to plant drive motors are at an advanced stage. The switchgear manufacturer is expected on site imminently to undertake final site testing.

Piping connections to both the concentrate froth pump and tailings pump are nearing completion. Installation of the primary air manifold, which will supply air to the flotation cells, is also well advanced. In parallel, additional piping modifications within the existing plant are progressing, aimed at delivering improvements to operability and reducing historical bottlenecks.

Commissioning activities are now underway across the crushing and milling circuit, with conveyor systems being brought back into operation. Testing of the newly installed bypass chutes, replacing the previously utilised sorting equipment, has been completed successfully to date.

Subscription

Premier has today issued by way of a direct subscription ("Subscription"), conditional on admission, 7,352,941,176 new ordinary shares of nil par value ("Subscription Shares") at the Issue Price per Subscription Share. The Subscription Shares will, when issued, rank pari passu in all respects with the existing ordinary shares.

​The issue of the Subscription Shares has been arranged within the Company's existing share authorities. Premier intends to use the proceeds of the Subscription principally to assist with the ongoing commissioning of new Xinhai Flotation Plant, operating expenses at Zulu Lithium, and the management of essential creditors at Zulu and to provide general working capital for Premier.

Admission

Application has been made for the Subscription Shares, to be admitted to trading on AIM and admission is expected to take place on or around 1 May 2026.

Total Voting Rights

Following the issue of the Subscription Shares, the Company's issued share capital will consist of 32,720,879,908 ordinary shares with voting rights.

This figure may be used by shareholders as the denominator for the purposes of calculating whether they are required to notify an interest in, or any change to an interest in, the Company's share capital under the Financial Conduct Authority's Disclosure and Transparency Rules.

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.

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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