Premier African Minerals (LSE:PREM) has raised approximately £1.2 million through a direct subscription of more than 27.5 billion new shares to provide working capital for the planned restart of operations at its Zulu Lithium and Tantalum Project in Zimbabwe.
The company intends to use the proceeds to remobilise mining activities, restart the processing plant and manage payments to key creditors.
The new shares are expected to be admitted to trading on AIM on or around 9 October 2026.
Initial 15-Day Processing Campaign Planned
Premier plans to begin with a 15-day operating campaign using approximately 13,000 tonnes of ore currently held on the run-of-mine pad at Zulu.
The campaign will focus on assessing plant stability, recoveries and the quality of spodumene concentrate produced.
Premier said the results will be used to inform decisions on whether to extend processing operations and restart mining activities.
The company also expects the campaign to provide the board, shareholders and prospective funding partners with additional information on the project’s operational performance.
Future funding and development plans for Zulu will be considered in light of the results from the initial operating campaign.
More about Premier African Minerals
Premier African Minerals is a multi-commodity mining and natural resource development company focused on Southern Africa.
Its principal assets include the Zulu Lithium and Tantalum Project and RHA Tungsten Project in Zimbabwe. The company also has interests covering commodities including rare earth elements, lithium, tantalum and gold across Zimbabwe and Mozambique.
Its portfolio includes projects at different stages of development, ranging from exploration assets to projects targeting production.
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