Commodity: Potash

Premier has accepted a share offer by Vortex Limited ("Vortex") for the exchange of Premier's entire 4.8% interest in Circum Minerals Limited, the owners of the Danakil Potash Project in Ethiopia, for 5,010,333 new shares in the capital of Vortex, representing an interest of approximately 13.1% of the enlarged share capital of Vortex. Vortex is expected to hold in aggregate approximately 36.7% of the shares in issue of Circum. Vortex has not traded to date nor prepared any accounts and has no other assets or business activities other than its interest in Circum.

Background to the Share Exchange and Information on Vortex

Since the formation of Circum in September 2011, Circum has invested significant funds in its development to bring the project to the stage where it is ready to be financed and constructed. Premier believes that there is significant global interest in fertilizer projects such as Circum, with recent announcements of substantial investments into fertilizer projects demonstrating the attractiveness of potash as an investment opportunity.

Vortex is a newly formed unquoted special purpose company founded by Regent Mercantile Holdings Limited ("Regent"). Regent proposed a share exchange to the minority shareholders in Circum, including Premier, for new shares in Vortex. Accepting shareholders would have an indirect interest in Circum through their holding in Vortex, and their Vortex interest would mirror their current ownership of Circum.