9 January 2024

  Premier African Minerals Limited

Zulu Assay Results and Update

Premier African Minerals Limited ("Premier" or the "Company"), is pleased to report an update including assay results at Premier's Zulu Lithium and Tantalum Project ("Zulu"). These results include both surface trenches and drill holes located within the area of the mineral claims block but outside of the existing mining operations and pit development.

George Roach, CEO commented, "Those surface trench and drill hole results originating from the Southeast pegmatite, represent very good potential for this pegmatite that is adjacent but discrete from the main mining and pit developments underway at present. More important is that geological logging indicates that the lithium mineralisation in this pegmatite is almost exclusively spodumene. For reference purposes, a grade of 1% Li2O when the mineralisation is all spodumene, is the equivalent of 12.5% of the ore body being made up of the mineral spodumene. Test work in our laboratory at Zulu has consistently confirmed that Zulu is able to produce SC6 at acceptable grades from a contained spodumene content in the ore body as low as 4%, representing a potential economic cut-off grade as low as 0.37% Li2O when the contained mineral is spodumene.

By way of general update, civils associated with the thickener and new mill installation are substantially complete and first materials are now at site with further loads on route. The new mill is expected to be the last component to be positioned at Zulu late in January 2024 with anticipated restart of operations as early in February as possible and the Board believes as previously reported that the Company is still on track to target revenue generating production by late-February 2024.

Mining operations are now well developed, and we anticipate no issues associated with ore delivery to Run of Mine pad in future. Whilst mining operations are a major cash cost at present, the future benefit when operations are underway at much reduced stripping ratios will more than offset this cost in the future.

Preliminary indications from the Company's internal budget (which has not been independently verified) at this time model an average mine gate cost of the order of $800 per ton for SC6 for the first 12 months, and which discounts any technical grade spodumene produced and sold and any sale of any lepidolite and other mica-rich concentrates or future tantalum production."

Drill Holes: Lithium & Tantalum Results

The table below sets out the composites determined, as per the outlined compositing routine in the text below the table, from analyses received from the independent external laboratory (SGS) for surface trenches ZT012, ZT016, ZT017, ZT018, ZT020, ZT022, ZT025, ZT026, ZT027 and core drill holes ZDD156, ZDD160 and ZDD161. Of the trench results, ZT025, ZT026 and ZT027 together with all the drill holes are from the Southeast pegmatite that is located approximately 350 meters southeast of current pit developments.

Table 1 -Assay Summary Results

*Not True Width but drilled width

**0.50% Li₂O cut-off applied.

The following compositing routine has been applied:

The following Table 3 sets out the drill hole collar coordinates for the drill holes reported in Table 1 above:

Table 2 - Drill Holes/Trench Collar Coordinates - This RNS

Table 3 - Drilling & Trenching Progress

A summary of the number of drill holes & trenches completed both prior to and for the ongoing Mineral Resource Estimate:

Table 4 - Analytical Pipeline

A summary of the status of drill core & trench analyses is set out below:

Quality Assurance/Quality Control (QA/QC)

The drill holes are initially sited using a hand-held GPS (Global Positioning System device) within the tenement areas. Accurate coordinates and elevations of drill holes collars are subsequently derived from a DGPS (Differential Global Position devices) survey upon completion of the drill hole.

Drill cores are geologically logged, intersections of interest are selected are marked-up with unique sample ID assigned before splitting and sampling. Cores are cut in half using a core cutter, individual samples bagged, and sent for analysis.

Alternating Certified Refence Materials (CRM), blank or duplicate samples are inserted every 10th sample into the sample stream sent to the laboratory to ensure QA/QC compliance. These QA/QC samples are assessed upon receipt of analyses, checked and, if acceptable, accepted into the analytical database. Follow-up with the laboratory is instigated in cases were any QA/QC sample fails the QA/QC parameters.

Currently, drill core samples are crushed and pulverised at the Antec Laboratory, Zimbabwe to 85% passing -75 microns. Sample pulps are couriered to the SGS Laboratory Services in Randfontein, South Africa where pulps are fused with sodium peroxide and analysed by ICP-OES and ICP-MS to report 51-elements. (SGS code ICP90A50 & IMS90A50).

The Geology of Zulu

The area, located in the Fort Rixon Greenstone Belt, is underlain by Archaean-aged meta-volcanics and meta-sedimentary sequences of the Bulawayan Supergroup, with serpentinites and banded iron formations at the base in the east and metamorphosed volcano-sedimentary sequences to the west. The greenstone belt is tear drop shaped measuring 30 km long and 19 km wide near the broad section at the top. Metamorphism is retrograded to Greenschist facies.

The Zulu Pegmatite is a LCT (Lithium-Caesium-Tantalum) pegmatite swarm which intrudes along the contacts between serpentine and metamorphosed volcano-sedimentary sequences over a strike length of several kilometres. Outcrop widths vary between 10 and 50m. The pegmatite bodies strike N20° and dip 70° to 90° to the west.

The area was first pegged in 1955 by J.S. Willemse and intensely explored, under option, by mapping, trenching and drilling by Rhodesian Selection Trust Co. Ltd. ("RST") in 1958. In 1961 and 1962 a small quantity of petalite from the River Pegmatites (see below) was mined by W. Burchett in partnership with J.S. Willemse. Premier later acquired the claims in 2013.

Mapping and logging of drill cores within some pegmatites semi-quantitative powder X-Ray Diffraction (XRD)a has identified three distinct pegmatite classes in the Mineral claims block. Spodumene-rich, thick pegmatites named the Main Zone, South Pegmatite and SE Zone which are located north, south and SE of the Machakwe River; footwall low-spodumene pegmatites with associated tantalum and rubidium; and a suite of petalite-bearing pegmatites of short strike length, named the River Pegmatites.

In general, the lithium minerals, occurring in varying quantities, are coarse grained with associated feldspars and quartz with only very minor sulphides being observed. In several contact zones, the lithium-bearing amphibole, holmquistite, has been observed.

Qualified Person

Bruce Cumming, geologist with Premier, has reviewed and approved this release to the extent that reference is made to the geology of the Zulu pegmatites. Mr. Cumming is a SACNASP and GSSA registered geoscientist with 48 years' experience in exploration and project management, in multicommodity projects throughout Africa.

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.

Enquiries:

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in 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. 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.

LITHIUM CLASSIFICATION AND CONVERSION FACTORS

Lithium grades are normally presented in percentages or ppm. Grades of deposits are also expressed as lithium compounds in percentages, for example as a percent lithium oxide (Li₂O) content. The standard conversion factors are set out in the table below:

Table: Conversion Factors for Lithium Compounds and Minerals

 
Ends