29 January 2024

Premier African Minerals Limited

Offtake and Prepayment Agreement Update

Premier African Minerals Limited ("Premier" or the "Company"), provides a further update on the Restated and Amended Offtake and Prepayment Agreement ("Agreement") entered into between Premier and Canmax Technologies Co., Ltd. ("Canmax") as announced on 15 August 2023 for spodumene concentrate produced at Zulu Lithium and Tantalum Project ("Zulu").

George Roach, CEO commented: "Premier is pleased that Canmax has elected to carry forward the monthly payments in respect of the non-delivery of product in the months of November and December 2023. The effect of this is that the monthly payment contemplated is rolled forward and clear indication that Canmax requires delivery of Spodumene concentrate as soon as possible.

Premier is deeply appreciative for the understanding and assistance Canmax has provided. And we remain committed to production in late February provided only that all commitments made by contractors are met."

Restated and Amended Offtake and Prepayment Agreement

Premier has received a notice of election under the Agreement from Canmax following Premier's failure to deliver at least 1,000 tonnes of product per month for the months of November 2023 and December 2023 ("Notice") to have the current outstanding balance owed to Canmax of US$3 million (US$1.5 million per month) of the monthly payment carried forward.

In accordance with the Agreement, the interest rate for the outstanding balance of the prepayment amount will be increased to 12% per annum with effect from the 1 December 2023.

Further details of the Agreement, including Canmax possible remedies under the Agreement are detailed in the announcement on the 15 August 2023 on the Company webpage:

 https://polaris.brighterir.com/public/premier_african_minerals/news/rns/story/xje3pgr.

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.

Ends