Company Announcements

20 October 2022

Premier African Minerals Limited

Zulu Assay Results and Pilot Plant 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"). These results are from boreholes that constitute part of the Mineral Resource update required to support the DFS.

Highlights:

George Roach, CEO commented, "I am pleased to share further important assay results from Zulu, and more so to report that within the main pegmatite ore body, all indications point to the mineralisation being almost exclusively spodumene with little to no petalite and equally low contained micaceous mineralisation carrying any lithium. The effect of this is that lithium reported in the intersections below is contained in spodumene, and the extension thereto being that lithium reported in our resource statements related to the main ore body is indicative of the spodumene content. Whilst the pilot plant will need to demonstrate the recoveries, test work completed in 2017 by Anzaplan, indicated an 80% plus recovery. In effect, it will be possible to draw a direct relationship between lithium contained in the deposit and the gross contained spodumene.

Work at site and on plant construction is proceeding well and at this time, we remain on target and within budget. More to follow."

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 holes ZDD088, ZDD113, ZDD115, ZDD116, ZDD117, ZDD118, ZDD120 & ZDD128.

Table 1 -Assay Summary Results

*Not True Width but lineal width

**0.50% Li₂O cut-off applied.

The following compositing routine was applied:

Table 2 - Drill Holes Collar Coordinates

 * ARC1950 Datum

Table 3 - Drilling Progress

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

Table 4 - Analytical Pipeline

A summary of the status of DFS drill core analysis is set out below:

*Estimate

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.

Currently, drill core samples are crushed and pulverised at the Antec Laboratory, Zimbabwe to 85% passing -75 microns. Sample pulps are inspected for export in Harare by the competent government authorities and 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 50 m. 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 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 from the River Pegmatites (see below) was mined by W. Burchett in partnership with J.S. Willemse. Premier later acquired the claims in 2013.

Recent mapping and interpretation of the pegmatite swarm from semi-quantitative X-Ray Diffraction (XRD) has identified three distinct phases of pegmatites. A spodumene-rich, thick pegmatite named the Main Zone which lies north and south 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 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.

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 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