Company Announcements

1 July 2022

Premier African Minerals Limited

Zulu Assay Results Update

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

Highlights:

George Roach, CEO commented, "The detailed results set out below are impressive. Similarly, the early QXRD work confirms our view that the Zulu deposit is predominately spodumene. Notable is the pervasive Tantalum and Rubidium presence. The results reported on are from boreholes within the existing resource area and are part of the ongoing programme that is intended to upgrade confidence in the original resource estimate from an inferred level to an indicated level. At the same time, we have reviewed all the previous work done prior to January 2022, adjusted the geological model as indicated and we are in the process of revalidating many of the previously obtained assay results. The work to date has provided the level of confidence we needed internally to support the pilot plant concept as recently announced. In fact, what we are now understanding about the Zulu deposit is entirely complementary to the use of sensor-based ore sorting and in time is likely to result in a most efficient and effective process.

It is worth noting that these results below are likely indicative of more than 2,000 outstanding assays now starting to come through. To date since the commencement of the DFS programme, we have completed 82 holes and 18,466 m. Much of the recent drilling has been at close-spaced centres of approximately 50 m and it is this intensity that supports our confidence in this section of the resource. It should be noted that these results are all confined within the original claims area. The deposit remains open on strike in both directions and at depth. The initial QXRD results have highlighted the value of this work providing a better description of the pegmatites and will contribute to future grade control in the pilot plant phase of the Zulu development".

Drill Holes: Lithium & Tantalum Results

The table below sets out the independent external laboratory analyses for holes ZDD063, ZDD067, ZDD068, ZDD070, ZDD072, ZDD076, ZDD077, ZDD078 and ZDD079.

Table 1 - Assay Summary Results

*Not True Width but lineal width

**0.50% Li₂O cut-off applied.

***Check analyses of Rb awaited.

The following compositing routine was applied:

With the application of the above compositing routine, it has become evident that many of the thicker pegmatites are zoned from a lithium perspective, often with a high-grade core and weaker mineralised rims. It is further noted that the weaker mineralised rims are often carrying the higher grades of both tantalum and rubidium where the rubidium is associated with the occurrence of lepidolites.

In cases where pegmatites are <2m thick or grades are below the cut-off, the tantalum and rubidium values are still present and remain of value and significant to the overall Resource.

QXRD Test Work - Table 2

A 35-sample test QXRD programme has demonstrated from a range of different pegmatite samples, the value of this analytical technique in quantifying the percentages of the lithium bearing minerals within any pegmatite sample and its value to core logging of complete pegmatite intersections, verification of analytical results. The results have confirmed that a systematic programme of QXRD analysis will be valuable in both the upcoming Resource Estimate, grade control in the future test pit and pilot test plant.

From the test programme, in samples with Li2O >1%, the ratio of the spodumene: petalite: lepidolite is 56:13:31. It is anticipated that a broader, more systematic programme of QXRD analysis will confirm these ratios.

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.

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 10^th 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.

All samples are crushed and pulverised to 75 microns with 85% of the pulverised sample passing -75microns. Samples are analysed at the SGS Laboratory Services in Randfontein, South Africa as 30-element scans following a sodium peroxide fusion and ICP-OES and ICP-MS analytical finish. (SGS code ICM90A).

Qualified Person:

Bruce Cumming, Geologist with Premier, has reviewed and approved this release to the extent that reference is made to Zulu.  Mr. Cumming is a SACNASP and GSSA registered geoscientist with 46 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.

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.

About the Geology at Zulu

The area, located in the Fort Rixon Greenstone Belt, is underlain by Archaean-aged meta-volcanics and meta-sedimentary sequences of the Bulawayan System, with serpentinites and banded iron formations at the base in the east and metamorphosed volcanics and sediments 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 up to chlorite facies.

The Zulu Pegmatite is a LCT (Lithium-Caesium-Tantalum) pegmatite swarm which intrudes along the contacts between serpentine and meta-sedimentary rocks over a strike length of several kilometres. Outcrop widths vary between 10 and 25 m. The pegmatite bodies strike N20° and dip with 70° to 90° to the west.

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

The thickest pegmatite, north and south of the Machakwe river, is rich in spodumene, petalite and lepidolite while the thinner footwall pegmatites tend to be lower in Li-grade but carry good tantalum and rubidium grades.

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.

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.

Enquiries:

LITHIUM CLASSIFICATION AND CONVERSION FACTORS

Lithium grades are normally presented in percentages or parts per million (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