Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining

For immediate release

24 January 2024

Premier African Minerals Limited

 Zulu Lithium Update

The Board of Premier African Minerals Limited ("Premier" or the "Company") is pleased to provide an update on further assay results and current progress on Zulu Lithium and Tantalum ("Zulu").

George Roach, CEO commented: "ZDD162 and ZDD163 are very pleasing results coming from the Southeast zone under development which is not part of the current pit operations. This Southeast zone appears to be Spodumene Quartz Intergrowths ("SQI") dominant with more than 90% of the mineralisation associated with spodumene. ZDD165 is infill from our North pit (Main zone) and supportive of our conclusions to date.

By way of update on the Zulu plant, all components for the thickener are now either at site or on route. The final components and the ball mill are all expected to be loaded for planned departure for site on 29 January 2024. The mill is expected to be factory run on the 26 January 2024 immediately prior to loading."

Drill Holes: Lithium, Tantalum & Rubidium 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 core drill holes ZDD162, ZDD163 and ZDD165*.

Table 1 -Assay Summary Results

*Not True Width but drilled width

**0.50% Li2O cut-off applied.

The following compositing routine has been applied:

· 0.50% Li2O cut-off was applied to the pegmatitic intersections only.

· <2m standalone composites at the cut-off grade but with an overall weighted average grade of >0.5% Li2O are not reported.

· Within any composite of >2m thickness, high-grade intersections of 1m and greater are reported provided the high-grade intersection is a multiple of x 1.5 of the overall weighted composite grade, and

· Within any composite, inclusions of country rock of <2m thickness are included within the composite provided the overall grade of the composite is not <0.50% Li2O.

Table 2 - Drill Holes/Trench Collar Coordinates

Table 3 - Drilling & Trenching Progress

A summary of the number of drill holes & trenches completed both prior to and for the ongoing drilling is set out below:

Table 4 - Analytical Pipeline

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

*QA/QC samples = 15% of total

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-quantative 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 (North Pit) , South Pegmatite (South Pit) 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, a consulting geologist to Premier, has reviewed and approved this release to the extent that reference is made to the geology and mineralogy 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.

Market Abuse Regulations

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 ("UK MAR").

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 ("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. 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.

Glossary of Technical Terms:

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

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