Premier African Minerals Limited has secured approximately £800,000 in fresh funding through a share subscription aimed at sustaining operations at its flagship Zulu Lithium and Tantalum Project in Zimbabwe, as the company continues efforts to stabilise and optimise early-stage production.
The AIM-listed miner said it completed the subscription by issuing 4 billion new ordinary shares at an issue price of 0.02 pence per share. The capital injection comes shortly after the company reported progress at the Zulu Lithium project, including the production of its first spodumene concentrate from a newly commissioned flotation plant.
In its announcement, the company emphasised that the funding is critical to maintaining operational momentum. It said the proceeds will be directed towards optimisation work, operating expenses at Zulu, managing creditors, and general working capital needs.
The company noted that the funding will support continued refinement of plant performance and production processes as it works towards commercial-scale output.
Managing Director Graham Hill described the raise as a key step in sustaining operations at a crucial stage of development.
“This funding provides important working capital to support ongoing operational requirements at Zulu and the continued optimisation of the modified existing plant and the newly commissioned flotation plant,” he said.
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He added that the project had reached a technical milestone, despite ongoing adjustments to improve efficiency.
“The recent production of first spodumene concentrate represents an important operational milestone for the Project and provides initial confirmation that the flotation circuit is operating and producing as expected,” Hill said.
While acknowledging that optimisation work is still underway, he expressed cautious optimism about early plant performance.
“Whilst optimisation remains ongoing, we are encouraged by the initial plant performance and the improvements in operational stability that have been achieved to date,” he said.
Following the subscription, Premier African Minerals’ issued share capital will rise significantly, with the company confirming that its total voting rights will increase to 43,303,760,989 ordinary shares upon admission to trading on AIM, expected around June 17, 2026.
The company, which has diversified mineral interests across Zimbabwe and Mozambique, including tungsten, rare earths, lithium and gold, said it remains focused on advancing Zulu towards sustained production and long-term value creation.
As Hill concluded, the board remains committed to execution at the project level: “The Board remains firmly focused on advancing Zulu towards sustained production, improving concentrate quality and recovery, and delivering long-term value from what we believe is a significant lithium asset.”
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