Premier African Minerals (LSE:PREM) has secured approximately £550,000 before expenses through a direct subscription of 4 billion new ordinary shares priced at 0.01375 pence each. The capital will primarily be used to strengthen working capital and support ongoing activities at the Zulu Lithium and Tantalum Project in Zimbabwe, including mining operations, stockpiling, payments to key creditors and general corporate requirements.
The company said the fundraising is designed to ensure operational continuity at both Premier and the Zulu project while discussions continue with offtake partner Canmax Technologies regarding an extension to the existing Long Stop Date. The new shares are expected to be admitted to trading on AIM on or around 3 August 2026, increasing the company’s total issued share capital to just over 50 billion shares. As a result, shareholders may see changes to their voting interests and disclosure obligations under FCA regulations.
Management reiterated that its priority remains progressing the Zulu project towards stable commercial production. The additional funding is expected to support preparations for the next production and optimisation phase once an updated operating schedule has been agreed. Premier also confirmed that it will provide further updates once negotiations with Canmax have concluded or if any significant developments occur, highlighting the importance of the Zulu project to the company’s long-term strategy.
Premier’s investment outlook continues to be constrained by weak financial fundamentals, including the absence of revenue, ongoing losses and continued cash outflows, although its relatively modest debt levels provide some support. Technical indicators suggest limited short-term stabilisation but continue to point to a broader long-term downward trend, with the share price remaining below its 200-day moving average. Valuation also remains challenging as the company is loss-making and does not currently offer a dividend.
About Premier African Minerals
Premier African Minerals Limited is a multi-commodity mining and natural resources company focused on developing projects across Southern Africa. Its portfolio includes the RHA Tungsten Mine and the Zulu Lithium and Tantalum Project in Zimbabwe, alongside interests in rare earth elements, gold and other strategic minerals in Zimbabwe and Mozambique. The company manages a mix of advanced development projects and earlier-stage exploration assets.
Listed on AIM under the ticker PREM, Premier African Minerals is focused on supplying critical minerals that play an important role in battery technologies and industrial applications. The Zulu Lithium and Tantalum Project represents the company’s principal development asset and is expected to play a central role in its future commercial production and long-term growth strategy.
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