Premier African Minerals Limited has secured fresh funding of approximately £1 million as the company accelerates commissioning work at its flagship Zulu Lithium and Tantalum Project in Zimbabwe, while reporting continued operational progress on-site.
The AIM-listed mining firm announced on Monday that it completed a subscription through the issuance of new ordinary shares priced at 0.0136 pence each, with proceeds earmarked primarily for advancing plant commissioning activities, meeting operational expenses, managing creditors and strengthening working capital.
Managing director Graham Hill said developments at the Zulu Lithium project were progressing steadily, crediting engineering teams for maintaining momentum as the company moves closer to production stability.
“I am very pleased with the continued progress being made by the engineering team,” Hill said. “The team has continued to demonstrate strong technical capability and commitment in advancing Zulu Lithium.”
He added that the completion of the new Xinhai flotation plant, alongside upgrades to existing infrastructure, is expected to enhance operational performance and product quality.
“Completion of the new Xinhai Flotation Plant, together with targeted upgrades across the existing operations, is expected to position Zulu Lithium to demonstrate the ability to produce a consistent, quality spodumene concentrate, to the benefit of all stakeholders,” Hill said.
The company confirmed that commissioning and optimisation activities remain on schedule, with completion targeted during the second quarter of 2026.
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According to the operational update, construction of the spodumene flotation plant continues to advance, with new electrical switchgear and control panels already delivered, installed and nearing final testing stages. Cabling works have been completed while connections to plant drive motors are at an advanced phase.
Key mechanical installations are also nearing completion, including piping connections for concentrate froth and tailings pumps, as well as installation of the primary air manifold required to supply flotation cells. Additional piping modifications within the existing plant are being implemented to improve operability and eliminate historical bottlenecks.
Premier African Minerals said commissioning has begun across the crushing and milling circuit, with conveyor systems gradually returning to operation. The company also confirmed successful testing of newly installed bypass chutes replacing previously used sorting equipment.
Hill indicated that shareholders will soon receive visual updates on progress at the mine.
“We will publish photographs of ongoing site progress via our official Twitter (X) account tomorrow morning, and I would encourage shareholders to follow this channel for supplementary visual updates on the development of Zulu Lithium,” he said.
The company issued more than 7.35 billion new ordinary shares under the subscription, which remain subject to admission to trading on the AIM market of the London Stock Exchange, expected around May 1, 2026.
Following admission, Premier African Minerals’ issued share capital will rise to over 32.7 billion ordinary shares with voting rights.
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