Premier African Minerals secures £1m funding as Zulu plant commissioning approaches

Premier African Minerals (LSE:PREM) has raised approximately £1 million before expenses through a direct subscription of new ordinary shares on AIM, with admission expected around 1 May 2026. The proceeds will be used to support the commissioning of the Xinhai flotation plant, meet operating costs and key creditor obligations at the Zulu Lithium project, and provide additional working capital.

Zulu project advances toward second-quarter production milestone

At the Zulu Lithium and Tantalum Project in Zimbabwe, development of the spodumene flotation plant and related upgrades is progressing steadily. Key infrastructure elements, including electrical switchgear and most cabling, have been installed, while piping and air systems are nearing completion.

Commissioning and optimisation work across the crushing and milling circuits is already underway and remains on schedule for completion in the second quarter. This progress is expected to position Zulu to achieve stable production of high-quality spodumene concentrate.

Financial and technical pressures continue to weigh on outlook

Despite operational progress, the company’s outlook remains constrained by ongoing financial challenges, including persistent losses, negative gross margins and continued cash outflows. Market indicators also reflect a weak technical position, with the share price trading below major moving averages and momentum signals remaining negative.

Valuation offers limited support, given the company’s negative P/E ratio and the absence of any dividend yield.

More about Premier African Minerals

Premier African Minerals is a multi-commodity mining and natural resources company focused on Southern Africa. Its portfolio includes key assets such as the RHA Tungsten and Zulu Lithium projects in Zimbabwe, alongside interests in lithium and gold projects in Mozambique. The group’s holdings span a range of commodities—including tungsten, rare earth elements, lithium and tantalum—covering assets from early-stage exploration through to near-term production.