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: Disapplication of pre-emption rights for up to 2 billion shares over 24 months, overwhelmingly approved with over 10 billion votes in favor and a nominal percentage against.

• Resolution 2: Similar disapplication for 2 billion shares over 4 months, passed with over 10.2 billion votes in favor and 40 million against.

• Both resolutions allow directors to issue or grant rights to shares as specified.

Q&A with stakeholders

• Detailed discussion on plant operations: all components functional, but optimization for continuous production is ongoing and time-consuming.

• Plant optimization is expensive, with running costs estimated at $3 million per month for 4,000 tons of spodumene.

• Revenue generation is dependent on achieving full plant optimization; current output is not sufficient to support ongoing costs.

• Discussion of stockpiled materials, potential for tantalum and high-purity quartz recovery, and ongoing test work to validate these opportunities.

• Updates on exploration claims, resource expansion, and negotiations with external parties for asset sales or joint ventures.

• RHA tungsten project discussed as potentially viable again due to improved prices and historical product quality.

• Shareholder questions addressed regarding financing, share issuance, and the process for future capital raises.

• Clarification that share issuance will be managed orderly and not all shares will be placed at once.