Premier African Minerals secures £1 million funding as Zulu lithium plant approaches hot commissioning (PREM)

PREM Premier African Minerals (LSE:PREM) has raised approximately £1 million through a direct subscription for new ordinary shares on AIM, with proceeds intended to support commissioning work at the Zulu Lithium and Tantalum Project, alongside operating costs, creditor obligations and general working capital requirements. Following completion of the fundraising, the company’s issued share capital will increase to 38.13 billion ordinary shares. Operationally, Premier said the new flotation plant, crushing circuit and conveyor infrastructure at Zulu have now substantially completed cold commissioning and remain on course to enter hot commissioning with ore feed during the second quarter of 2026.

At the Zulu Lithium project, water-based cold commissioning activities across the flotation system and associated crushing and milling facilities have largely been finalised. The company said testing has included successful operation of conveyor systems, bypass chutes and recommissioning of the crushing circuit using ore. The next stage will involve hot commissioning, including the introduction of reagents and ore to begin spodumene froth recovery, marking an important step toward bringing the processing plant into full commercial operation. Management stated that progress remains aligned with the previously communicated Q2 2026 commissioning schedule.

The company’s outlook is held down primarily by weak financial performance (persistent losses, negative gross profit, and continued cash burn) and a bearish technical setup (price below major moving averages with negative MACD). Valuation is also constrained by a negative P/E and no dividend yield data, offering limited support.

More about Premier African Minerals

Premier African Minerals is a multi-commodity mining and resource development business focused on projects across Southern Africa. Its portfolio includes assets such as the RHA Tungsten and Zulu Lithium projects in Zimbabwe and spans commodities including tungsten, lithium, tantalum and rare earth elements, covering both near-production brownfield developments and earlier-stage exploration opportunities.