Good Afternoon, Broking house VSA Capital has issued a research note on AIM listed Premier African Mineral’s (SPEC BUY to 2p - current sp 1.15p), as it develops its flagship RHA Tungsten mine in north-west Zimbabwe into a producing tungsten mine in the near term.

A PEA and concept mining study has outlined a 192,000t per annum (6yr LOM) mine with highly attractive economics with a low-capex of US$13.5, NPV of US$120m, and IRR of 378%.

Premier are also in advanced discussions regarding potential off-take partners and project financing to fast-track RHA’s development.

In addition to this, Premier holds a 42% stake in TSX quoted Agriminco, which holds the Danakil potash deposit in Ethiopia and also prospective clay and potash projects in Togo which offer future value upside potential for Premier at no risk or exploration spend. I have include and attached the full note. Kind regards, Felicity Premier African Minerals# Very Strong PEA Results for RHA Tungsten Premier African Minerals (PREM) is an AIM-listed explorer and project developer, with a diverse range of metals and minerals projects in Togo and Zimbabwe.

Its primary project is the RHA Tungsten Mine in Zimbabwe, which it hopes to bring back into production in a relatively short timeframe.

PREM was formed in 2007 and listed in 2012.

Management have previously monetised early-stage projects, and hope to repeat this past performance. Pre-tax IRR of 316%; Development Finance Next Preliminary Economic Assessment (PEA) results for the RHA Tungsten Mine were released on 28 August, which indicate a pre-tax IRR of 316% for a gravity circuit and secondary floatation recovery operation to produce a wolframite concentrate and potential copper concentrate.

After release of the PEA, a further refinement of the open pit model resulted in an improvement in stripping ratio and subsequent pre-tax IRR to 378%.

Our own modelling of the data, using a more conservative tungsten price (as ammonium paratungstate, or APT), higher opex assumptions and discount rate, still shows robust results with a pre-tax IRR of 72%. The company is seeking to raise funds for the next phase of activity to further define the resources with drilling and sampling, and proceed through a Concept Study, to engineering and construction. Risks Togo is one of the poorer and less-developed countries in Africa.

It brings challenges in labour skills, infrastructure limitations, capital and banking covenants and less political maturity.

Zimbabwe is more developed, with an established mining industry, but is more politically challenging.

It was ranked in the Bottom 10 countries in the most recent Fraser Institute Survey of favourability for mining investment.

Road infrastructure is well developed; however, farmland has declined in productivity and annual output under the current leadership. Tungsten price volatility has been significant in recent years, with variance amounting to c30%/t APT over the past twelve months.

In the past five years, however, prices have been significantly higher than previously, as supply has become more constrained with the curb in exports from China. Recommendation and Target Price We initiate coverage on PREM with a SPECULATIVE BUY recommendation and a target price of 2.00p. For charts and disclosures, please see the attached .pdf file. #Indicates VSA house stock. If you wish to be removed from our distribution list, either click unsubscribe or email . Paul Renken, Senior Geologist | T: +44 (0)20 3005 5011 | E: Dr Dougie Youngson, Head of Research | T: +44 (0)20 3617 5184 | E: VSA Capital Research | T: +44 (0)20 3005 5000 | E: VSA Research Online VSA research is now available on the VSA website.

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