Premier African Minerals Limited has secured fresh funding of about £500 000 through the issuance of new shares as the mining firm seeks to sustain operations and advance processing infrastructure at its flagship lithium project in Zimbabwe.
The company said the capital was raised through a subscription involving 2.7 billion new ordinary shares issued at 0.0185 pence per share, generating the funding before expenses.
In addition to the capital raise, the company also settled £100 000 worth of supplier invoices by issuing 540.5 million new shares at the same price.
The financing comes as Premier continues to work on stabilising production at the Zulu Lithium and Tantalum Project, one of Zimbabwe’s emerging lithium mining operations.
Chief executive Graham Hill said the funding would provide critical working capital as the company advances processing capacity at the mine.
“This funding provides important working capital to support ongoing operational requirements at Zulu and the continued progress of the installation and commissioning of the Xinhai Flotation Plant,” Hill said.
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He added that maintaining momentum in installing the flotation plant remained essential for the project’s operational stability.
“Maintaining the momentum we have created in advancing the Xinhai Flotation Plant is of vital importance as we move toward stable operations and a positive future at Zulu. The Board remains firmly focused on stabilising operations at Zulu and progressing towards consistent production,” he said.
The flotation facility, manufactured by Chinese engineering firm Xinhai Mining Technology, is designed to process 15–20 tonnes of ore per hour, with the aim of producing lithium concentrate at commercially viable grades and recovery levels.
The company said the proceeds from the subscription would primarily fund the ongoing commissioning of the plant, cover operational costs at the Zulu project and assist in managing essential creditors.
Following the transaction, Premier will issue a combined 3.24 billion new shares, bringing the company’s total issued share capital to 17.5 billion ordinary shares with voting rights once the shares are admitted to trading.
Admission of the new shares to the London Stock Exchange AIM market is expected to take place on or around 17 March 2026.
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