Premier African Minerals Regulatory News (PREM)

29 March 2023

Premier African Minerals Limited

Zulu Lithium Update

Premier African Minerals Limited ("Premier" or the "Company"), is pleased to report on current status at Premier's Zulu Lithium and Tantalum Project ("Zulu").

George Roach, CEO commented, "We expect to produce spodumene, a lepidolite mica rich concentrate and a tantalum rich concentrate late this week provided that final formal outstanding approvals from certain Zimbabwean authorities are received.

It should also be noted that an error on the part of the plant designers led to a late change in reagent dosing and reagent requirements. This and a combination of late delivery of certain components of the floatation system of the plant, a severe wet season in Zimbabwe and the continued issues of slow import clearance of essential plant at Beitbridge, have all combined to cause Premier's self-imposed internal commissioning target of 14 February 2023 to be missed. I expect to be in a position to provide guidance on operating projections in the coming weeks.

Premier was adequately funded to that projected date and remains in funds at this time. It may be necessary to either increase the prepayment amount under current Marketing and Pre-Payment Agreement or accept a short-term loan facility secured against spodumene to be produced to meet operating costs at Zulu in the coming weeks. Should that arise, it will be announced at that time.

Premier has received a number of requests from other mining companies already well established in Zimbabwe to discuss our intentions in regard to the future of Zulu for either future offtake and/or direct equity investment into Zulu. At the same time, Premier is in discussions intended to see a quick increase in production and a broadening of the product base as the focus of production at the Zulu plant has only been the production of spodumene. This is likely to take the form of fully funded extensions and modifications to the existing plant. In that regard, I remind shareholders that the existing plant will only process approximately 60% of the ore feed through to the floatation circuits and the first upgrades will be targeted at increasing floatation capacity to increase concentrate production.

I am personally excited at this prospect of so significant a company-changing moment in the history of our Company and am somewhat in awe when I consider that in September 2022 this was virgin bush!

None of this would have been possible without the massive contribution made by so many of our staff and our contractors and the incredible support of our shareholders through some really trying years in getting to where we are today."

Marketing and Pre-Payment Agreement ("Agreement")

In accordance with the Agreement entered into between Premier and Suzhou TA&A Ultra Clean Technology CO. LTD. ("Suzhou TA&A") as announced on 24 June 2022, Premier was required to supply product by the 31 March 2023. Suzhou TA&A will begin charging interest at rate 3.5% per annum on the prepayment amount of US$34,644,385 from the 1 April 2023. Premier will have until 30 May 2023 to begin providing Suzhou TA&A with product in accordance with the Agreement, a failure to do this will provide CanMax with the right to terminate the Agreement by notice in writing to Premier and Premier will need to enact repayment of the prepayment amount plus interest in full within ninety (90) days of such termination notice.

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

Enquiries:

Forward Looking Statements:

Certain statements in this announcement are or may be deemed to be forward looking statements. Forward looking statements are identied 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 reect 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. 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.

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