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Minerals Limited (“Company”) in relation to a proposed placing (“Placing”) by the Company of new ordinary shares. The Presentation Materials do not comprise an admission document, listing particulars or a prospectus relating to the Company or any of its subsidiaries or associated companies (together, the “Group”). The
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www.premierafricanminerals.com CORPORATE PRESENTATION, March 2014
2

Any such distribution could result in a violation of American, Canadian, Australian, Japanese, South African or Irish law. It is the responsibility of each recipient outside the
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The forward-looking information contained in these Presentation Materials is expressly qualified by this cautionary statement. Any financial projections contained in the Presentation Materials have been prepared by the Company in accordance with a number of economic and other assumptions, which may prove to be incorrect or unreasonable. No assurance or representation is made that any financial projection will be achieved. Nothing in these
Presentation Materials is a promise or representation as to the future.
DS&C, which is authorised and regulated by the Financial Conduct Authority, is advising the Company and no one else in relation to the Placing and will not be responsible to anyone other than the Company for providing the protection afforded to customers of DS&C.
INSIDER NOTICE
The Presentation Materials may contain unpublished price sensitive information with regard to the Company and/or the Company Securities. Recipients of the Presentation
Materials should not deal or encourage or enable any other person to deal in the Company Securities of the Company whilst they remain in possession of such unpublished price sensitive information and until the transaction described in the Presentation Materials is announced. Dealing in the Company Securities when in possession of unpublished price sensitive information could result in liability under the insider dealing restrictions set out in the Criminal Justice Act 1993. The Presentation Materials may contain information which is not generally available, but which, if available, would or would be likely to be regarded as relevant when deciding the terms on which transactions in the Company Securities should be effected. Unreasonable behaviour based on such information could result in liability under the market abuse provisions of FSMA.
www.premierafricanminerals.com CORPORATE PRESENTATION, March 2014
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AIM-listed multi-commodity (tungsten, REE, lithium, tantalum, fluorspar, gold, nickel, zinc) exploration & development company, focused on Africa
Advance portfolio up the resource curve towards production, forming JV partnerships and/or corporate transactions to add value
1. Flagship RHA Tungsten Project, Zimbabwe
2. Katete REE & Zulu Lithium/Tantalum Projects, Zimbabwe
3. 42% stake in TSX-V listed AgriMinco Corp.
4. Pipeline multi-commodity portfolio offering value upside
Near-term production and cash flow potential at RHA Tungsten Project
Exploration upside – Katete REE and Zulu Lithium/Tantalum Projects
Major shareholder of AgriMinco – exposure to potash, phosphates, clays www.premierafricanminerals.com CORPORATE PRESENTATION, March 2014
4

PREM
432,283,126
0.72p
3.11
MAJOR SHAREHOLDERS
(as of 28 February 2014)
Company & % of issued shares
Coc ’ roach Ltd/ZRH Nominees Ltd*
Alpha International Business Ltd
Yorkville Advisors
Paddington Commercial Ltd
Richard Dollar
Cumming Family Trust
*structures associated with G Roach
44.39%
11.31%
9.30%
4.43%
3.67%
3.58% www.premierafricanminerals.com CORPORATE PRESENTATION, March 2014
5

GEORGE ROACH
Chairman & CEO
Extensive experience in securing and establishing mineral exploration tenure and operations throughout Africa, including the Central African Republic,
Zimbabwe, South Africa, Chad, Mali,
Namibia, Zambia and Tanzania. Founding
Director and former Managing Director
Africa for UraMin Inc., a uranium resource company with operations in Namibia,
South Africa and the CAR. UraMin was sold in 2007 for US$2.5 billion. Former
President and CEO of Axmin Limited
(TSX-V:AXM). Chairman and CEO of
AgriMinco Corp. (TSX-V: ANO).
PAMELA HUESTON
Finance Director
Former CFO designate of AgriMinco Corp
(TSX-V: ANO) and current non-executive director. Former CFO of G & B Central
African Resources, former CFO of Virginia
Diamond Field. Head Accountant with
Caledonia Mining Corporation (TSX-V:
CAL), a junior gold mining and exploration company with operations in
South Africa, Zimbabwe and Zambia. Four years with Deloitte in various locations, working as a Senior Manager in Forensic
Accounting. Canadian Chartered
Accountant and MBA Graduate from the
University of Cape Town.
NEIL HERBERT
Non Executive Director
Fellow of the Association of Chartered
Certified Accountants and has over 20 years’ experience in finance. Worked in the management of mining and exploration companies for over 15 years and was Co-Chairman and Managing
Director of AIM quoted Polo Resources
Limited. Former Financial Director for
UraMin Inc.
IAN STALKER
Non Executive Director
Over 30 years of development and operational mine experience in Europe,
Africa, and Australia. Chairman and
Director of TSX-listed Azincourt Resources
Inc., Chairman and former CEO of TSXlisted Brazilian Gold Corp. before its recent trade sale and former CEO of
Berkeley Resources, listed on ASX and
AIM. Former CEO of UraMin Inc. and former Vice President of Gold Fields Ltd., the world ’ s fourth largest gold producer at the time.
ALEXANDER DU PLESSIS
Non Executive Director
Professional Engineer with extensive experience in management, development and operational roles, covering a range of commodities including diamonds, coal and gold in the African mining arena.
Holds a BSc (Eng.) (Electrical) and MSc
(Eng.) from the University of the
Witwatersrand in South Africa. Consults with a wide range of mining industry clients around the world, and is also a
Visiting Adjunct Professor at the Centre for Mechanised Mining at the University of the Witwatersrand.
BRUCE CUMMING
Consulting Geologist
A SACNASP registered geoscientist and member of the Geological Society of South
Africa. Initial 26 years' work experience spent with Falconbridge Limited group companies through Southern and West Africa exploring for nickel, copper, gold, diamonds and uranium.
Further work experience in Bushveld Igneous
Complex, Zambian Copper Belt and Sierra
Leone. Was Chief Operating Officer for G&B
Group of companies between 2007 and 2012 and instrumental in generating many of the
Group’s exploration projects, including the
Danakil Potash project. Currently CEO and
Director AgriMinco Corp.
www.premierafricanminerals.com CORPORATE PRESENTATION, March 2014
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The RHA Tungsten Project (RHA) covers a 1,800-hectare land-holding in the prospective multi-commodity
Kamativi Tin Belt in NW Zimbabwe. RHA has potential to be developed into a low capital and operational cost mine in the near-term, with proven mineralisation and good local infrastructure.
Kamativi Tin Belt, NW Zimbabwe
Wolframite - WO
3
Geological model focuses on 6 mineralised lodes. To date, SAMREC code compliant Resource declared only for Lode 2 (covering two areas, Lode 2A and Lode 2B):
• Lode 2A: Inferred 1,093,000 tonnes at 8.7 kg/t WO
3
• Lode 2B: Indicated 147,000 tonnes at 4.7 kg/t WO
3
Open pit to at least 40m (improved with Whittle optimisation) followed by underground mining to 200m below surface, initially
6 years at annual production of 192,000 tonnes
• Positive PEA and resource statement published Aug/Sept 2013
• Additional drilling Lode 2A completed, metallurgical work, updated resource statement and geological model expected April 2014
Further information is contained in PREM ’ s News Release dated 28 August 2013, which is available on the Company ’ s website.
www.premierafricanminerals.com CORPORATE PRESENTATION, March 2014
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 Total drilling campaign of seventeen holes, 2,603m with over 258m of trenching. Most recent drilling completed late December 2013.
 Latest drilling confirmed presence of numerous quartz tourmaline veins highly mineralised with wolframite – not previously identified in the hanging wall, including best assays at up to 359kg per tonne
 SAMREC code compliant Resource declared only for 1 of 6 lodes and based on the initial 6 drillholes:
Lode 2A - Inferred 1,093,000t @ 8.7kg/t WO
3
Lode 2B - Indicated 147,000t @ 4.7 kg/t WO
3
 Resource update expected in April 2014
 Ore body described in Lode 2A identified as expected in all additional drilling
 Mineralogical work completed with metallurgical test work underway. Full specification of product expected April
2014
 Off-take and marketing agreements to follow product specification www.premierafricanminerals.com CORPORATE PRESENTATION, March 2014
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 Updated Mining Study expected April 2014
 Previous study indicates robust economics of a
192,000 tonnes per annum tungsten operation,
LOM 6 years
 Conventional open pit mining to 40m below surface (BS) followed by underground mining to
200m BS over strike length of 300m
 Strong promise to be expanded in future with further exploration over known mineralised lodes
 Underground mechanised mining using long hole open stoping with pillars; low strip ratio
 Flow sheets and recoveries to be defined in updated Mining Study
 Excellent infrastructure – accessibility via
Bulawayo-Victoria Falls tar road 23km
 Low OPEX due to visible upgrade of mineralised material
www.premierafricanminerals.com CORPORATE PRESENTATION, March 2014
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Tungsten APT (Ammonium Paratungstate) price of $400/mtu, and a 20% discount factor for 65% WO3 concentrate, a price of
$20,800/t (metric tonne) of WO3 concentrate sold
FINANCIAL EVALUATION SCHEDULE*
Year
Mined Tonnes
(65%) WO3 concentrate
Revenue
Capex t
Unit t ’000
Total
907
8,908
1
52
511
2
192
1,887
3
192
1,887
4
192
1,887
5
192
1,887
6
87
851
USDm
USDm
185.3
13.4
10.6
13.4
39.2
39.2
39.2
39.2
17.7
Opex USDm 51.7
4.8
10.0
11.1
11.3
9.7
4.8
Undiscounted
Pre Tax Real
Cash Flow
USDm 120.1
-7.7
29.2
28.2
28.0
29.5
12.9
* These numbers are gross for the local company, and are undiscounted and pre-tax.
The average life of mine operating cost is estimated to be USD 59.3 per Run of Mine (ROM) tonne.
Pre-tax internal rate of return - 378%
Production starts in year 1 and continues for 6 years. Full mine production of 192 ktpa (16,000 tpm) is reached within 12 months.
Source: Technical Report on the RHA Tungsten Project dated 10 September 2013 www.premierafricanminerals.com CORPORATE PRESENTATION, March 2014
10

World tungsten demand is growing at an annual rate of approximately 6%. World supply declined from 90,800 metric tonnes in 2006 to 72,000 tonnes in 2011. A strategic metal that is essential in such applications as steel tools and cutting blades, defence applications, alloys, lighting and electronics, tungsten is a natural resource with long-term upside potential.


Tungsten is one of few metals to have withstood the recent metals bear market
 China produces approximately 85% of world tungsten supply but has greatly restricted tungsten exports to keep pace with its own industrial demand
Prices have shot up from US$50 per MTU in
2002 to c. US$400 in H2 2013
 On-going supply/demand imbalances are expected to keep tungsten at historic high price levels, or to increase prices in the medium-term
 Outlook is generally positive, with a tightening market likely to increase APT prices over the longer-term
APT price chart, 2008-June 2013
(Source: Bloomsburg)
550
450
350
250
150
2009 2010 2011 2012 2013
• Wolframite is easily bagged and shipped – no need for high logistics capex spend
• Strong demand for primary tungsten: only 30% of tungsten is recycled back into the market
• Strong demand and off-take potential. Off-take can underpin bank financing for project or mine development finance www.premierafricanminerals.com CORPORATE PRESENTATION, March 2014
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 Extensive mineral resource base of more than 60 different minerals
 Ore bodies in Zimbabwe are generally present at shallower depths than comparable ore bodies in South
Africa, lending themselves to lower operating costs
 Premier is one of over 20 international companies successfully operating in Zimbabwe, including companies listed on the London, Australian and
Toronto exchanges such as Aquarius Platinum, Rio
Tinto, Caledonia Mining and Mwana
 Zimbabwe has great infrastructure and a skilled and well-educated workforce
 Premier holds its Zimbabwean assets through
Mauritian subsidiaries, lending protection through
SADC Treaty
Zimbabwe’s mining sector has shown a significant recovery over the last five years, with an overall upward trend in mineral production. Mining leads the economy in export earnings, rising from US$1.8 billion in 2011 to US$2 billion in 2012. Zimbabwe’s natural resource riches offer strong upside opportunities across many commodities.
WORKING WITH INDIGENISATION
 Premier’s subsidiaries in Zimbabwe are fully indigenised with empowerment partner: National Indigenisation and
Economic Empowerment Fund (NIEEF)
 Shareholder agreements in place with
NIEEF holding 51% of the RHA Tungsten
Project. Premier appointed operator of the project.
 All exploration loans made by Premier to be repaid as agreed with NIEEF
 Profit distribution fixed with repayment of debt made first followed by 50/50 split of remaining profit between dividends and mine development
 RHA Tungsten project responsible for funding mine development www.premierafricanminerals.com CORPORATE PRESENTATION, March 2014
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www.premierafricanminerals.com CORPORATE PRESENTATION, March 2014
13

PREMIER AFRICAN MINERALS
George Roach, Chairman & CEO
Pamela Hueston, Finance Director
E: info@premierafricanminerals.com
www.premierafricanminerals.com CORPORATE PRESENTATION, March 2014
14

South-central Zimbabwe
Lithium & Tantalum
Structurally controlled lithium bearing pegmatites with historical data from trenches and diamond drillholes
Two types of pegmatite have been identified in the area, both with estimated grades of 1.2% lithium
Mapping and trenching has extended the pegmatite strike extent by approximately 5km
6 diamond drillhole programme completed with grab samples indicating tantalum content of between 220ppm and 1,037ppm and lithium contents ranging from 0.2% to 0.7% LiO
2
Premier intends to commence a bulk sampling programme combined with further drilling and trenching to define a maiden code compliant mineral resource www.premierafricanminerals.com CORPORATE PRESENTATION, March 2014
16

Province of Matabeleland North, Zimbabwe
Rare Earth Elements (REEs)
25 mineral claim blocks
Previous work identified prospective rare earth mineralisation including dysprosium, cerium, thorium, lanthanum, samarium and yttrium
Results from trenching programme undertaken in 2001 indicated highest total rare earth oxide (TREO) value was 14.6% with an average of 1.74%.
Completed 7 drillhole drilling campaign totaling 1,187m and assays of 4 holes indicate TREO distribution consistent with depth
Undertake mineralogical and metallurgical studies followed by definition of a maiden code compliant mineral resource www.premierafricanminerals.com CORPORATE PRESENTATION, March 2014
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Western Togo
Zinc
4 contiguous Exploration Permits issued for zinc and associated minerals
Mineralisation hosted in graphite-sericite schist and sideritic breccias within a volcano sedimentary sequence
Exploration began in 1983- BRGM and Anglo-American have undertaken drill testing
In 2000, Ambase Exploration Ltd recorded a non-SAMREC compliant
‘ exploration target ’ as defined in SAMREC code of 3.6 Mt @ 2.7% zinc
Initially, re-interpretation of existing data before decision on further exploration programme www.premierafricanminerals.com CORPORATE PRESENTATION, March 2014
18

Northern Togo
Gold
2 Exploration Permits covering 400 sq km for gold and associated metals
Area underlain by volcanic and sedimentary Birimian-aged intrusive rocks with minor volcano-sedimentary sequences, quartz veins and pegmatites, forming part of larger West African Craton geologic region
Area has seen extensive artisanal activity but no systematic exploration as yet
Initial exploration - mapping, sampling, assays, data interpretation www.premierafricanminerals.com CORPORATE PRESENTATION, March 2014
19

Politically stable and strategically located in West Africa with good enabling infrastructure and a deep-water port at Lomé, Togo has implemented a new investment code that improves ease of doing business and is a member state of the Extractive
Industries Transparency Initiative.
 Togo ’ s mining industry has been dominated by phosphates, marble and limestone, but there is strong prospectivity for other commercial minerals, including zinc, nickel, uranium, gold, diamonds and iron ore
 Stable political environment and positive foreign investment business environment
 Mining legislation framed to liberalise the mining and natural resources sector
 Investment code in place to encourage investment and the development of mining activities
 Improving infrastructure including expansion of the
Port of Lomé. Two airports and an unsophisticated but operational road and rail network www.premierafricanminerals.com
CORPORATE PRESENTATION, March 2014
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