Premier African Minerals Limited and the Lender Agree to Vary the Facility by Increasing the Size of the Facility from £1.7 Million to £2 Million

Premier African Minerals Limited (Premier or the Company) made an announcement on 20 July 2023 stating that they had entered into a loan agreement with George Roach (Lender) for a maximum of £1.7 million (Facility). Premier and the Lender have now decided to change the Facility by increasing it to £2 million and waiving any interest if Premier pays back the Facility in cash (AmendedFacility). They have also agreed that Premier will request a withdrawal of £2 million under the Amended Facility.

Since George Roach is considered a related party according to the rules of AIM, the Loan, which includes the Facility and the Amended Facility, is regarded as a transaction involving related parties as per the AIM Rule 13. The directors who are independent (excluding George Roach) have been consulted regarding the Loan. Therefore, after discussing with the Company's Nominated Adviser, the independent directors believe that the Facility and the Amended Facility are fair and reasonable for the benefit of the Company's shareholders.

The directors who are not affiliated with the company have specifically observed that the loan is not guaranteed by any collateral, there are no charges for setting up the loan, and as previously stated, the company requires financing to address its urgent operational expenses. The independent directors have also highlighted that due to the elimination of interest charges under the revised agreement, the lender will not directly benefit financially from the loan. As previously mentioned, the loan will be utilized for various unfunded general operational costs at Zulu, including ongoing expenses until the necessary repairs are done on the plant and commercial production begins.