Premier African Minerals (PREM) AGM 2024 summary

Opening remarks and agenda

• Meeting formally constituted with quorum confirmed and chaired in the absence of the Chairman.

• Only two special resolutions were on the agenda, both previously published and available to shareholders.

Overview of voting outcomes

• Resolution 1: Approved disapplication of pre-emption rights for 24 months for up to 2 billion new shares; overwhelmingly passed with over 10 billion votes in favor and 187 million against.

• Resolution 2: Approved similar disapplication for 4 months for up to 2 billion shares; passed with over 10.2 billion votes in favor and 40 million against.

Q&A with stakeholders

• Plant optimization is ongoing; all components operational but continuous, cost-effective production not yet achieved.

• Optimization is time-consuming and expensive, with current costs at $750/ton and a target of 4,000 tons/month, totaling $3 million/month.

• Revenue generation is dependent on achieving consistent plant output; current stockpiles and byproducts (tantalum, quartz) offer future value.

• Mutare project under review by a major Chinese mining company; preference is for sale to support other operations, but Canmax has right of first refusal.

• RHA tungsten project may become viable again due to improved prices and prior offtake agreements.

• Plant process adjustments require significant time to stabilize and assess; lab analysis is a bottleneck.

• Plant has produced high-grade spodumene (SC6) in specific circumstances, but consistent output remains a challenge.

• In-pit grades are 30-40% higher than original resource model, indicating positive resource potential.

• Saleable product will be sold ex-mine gate, with initial parcels being prepared for sale.