Premier African Minerals (LSE:PREM) has raised approximately £800,000 through a direct subscription involving 4 billion new ordinary shares priced at 0.02 pence each. The fundraising was completed under the company’s existing share authorities and is intended to strengthen working capital while supporting the continued advancement of its Zulu Lithium and Tantalum Project in Zimbabwe.
The company said the proceeds will be used primarily to fund activities at Zulu, including operational expenditure, creditor management and the ongoing optimisation of the project’s recently commissioned flotation plant. The funding comes shortly after the production of the first spodumene concentrate from the new processing circuit, a milestone that management believes validates the plant’s initial performance and operational stability.
According to the company, the additional capital will help accelerate efforts to optimise recovery rates, refine processing parameters and progress the project towards consistent commercial-scale production. Following the share issue, Premier African Minerals’ enlarged issued share capital will total approximately 43.3 billion shares. Admission of the new shares to trading on AIM is expected on 17 June 2026.
The company’s outlook remains challenged by weak financial fundamentals, including ongoing losses, negative gross profit and continued cash outflows. Technical indicators also remain unfavourable, with the share price trading below major moving averages and negative momentum signals reflected in the MACD indicator. Valuation support is limited due to the company’s loss-making position and the absence of a dividend.
More about Premier African Minerals
Premier African Minerals is a multi-commodity mining and natural resources development company focused on projects across Southern Africa. Its key assets include the RHA Tungsten Project and the Zulu Lithium Project in Zimbabwe. The company also maintains exposure to tungsten, rare earth elements, lithium and tantalum assets in Zimbabwe, alongside lithium and gold projects in Mozambique, providing a portfolio that ranges from near-term production opportunities to early-stage exploration assets.
Leave a Reply