Premier African Minerals Issues Shares for Zulu Li...

Premier African Minerals Issues Shares for Zulu Lithium Upgrade

Oscar J Jeke- Zim Now Reporter

Premier African Minerals Limited has issued 1.67 billion new ordinary shares to settle £200,000 in accrued interest on a 2023 loan from CEO George Roach, as the company progresses with efforts to optimise operations at its Zulu Lithium and Tantalum Project in Zimbabwe.

The new shares, priced at 0.012 pence each —matching the most recent market subscription price from June—represent approximately 2.1% of Premier’s current issued share capital.

Admission of the shares to trading on London’s AIM market is expected on or around July 28, 2025. Following the issuance, Roach will hold 2.91 billion shares, representing a 3.8% stake?in the company.

The loan, originally due for repayment in January 2024, remains outstanding. Under a new extension agreement, Roach will not seek repayment until either June 2026 or the resolution of a separate debt settlement with Canmax Technologies Co., Ltd.—provided no further defaults occur.

Meanwhile, the company has completed an initial test run of its upgraded flotation system after installing new spodumene float section insert.

Premier reported that the plant has now achieved steady-state operation following delays caused by prolonged shutdowns.

Early test results indicate that the new cleaner cell inserts are helping increase concentrate grade, with samples exceeding the targeted 5% lithium oxide threshold.

However, recovery rates remain suboptimal, with significant lithium still present in tailings.

To address this, Premier has halted the initial test run and handed over full operational control to the plant’s Original Equipment Manufacturer starting the week of July 21. The goal is to stabilize operations and conduct a second OEM-led test run, focusing on improving lithium recovery rates.

“While we are pleased with the initial progress, achieving consistent operating parameters has taken longer than expected,” said Roach.

“The support of our staff, contractors, and shareholders has been instrumental. The construction of a fallback flotation section is also nearing completion, which may expand capacity and provide operational flexibility.”