Premier African Minerals has secured about £1 million (approximately US$1,3 million) through a share subscription to support ongoing works at its Zulu Lithium and Tantalum project in Zimbabwe, as the firm targets completion of key activities in the second quarter of the year.
The Alternative Investment Market (AIM)-listed miner issued more than 7,3 billion new ordinary shares at a price of 0,0136 pence each to raise the funds.
According to the company, the capital injection will be directed towards commissioning of the processing plant, meeting working capital requirements, and settling critical creditors linked to the Zulu Lithium project, which is situated near Fort Rixon.
Premier managing director Graham Hill said the project continues to make steady progress on the ground.
“I am very pleased with the continued progress being made by the engineering team. The team has continued to demonstrate strong technical capability and commitment in advancing Zulu Lithium,” Hill said in an operational update released this week.
He added that the installation of new processing infrastructure would enhance output quality.
“Completion of the new Xinhai Flotation Plant, together with targeted upgrades across the existing operations, is expected to position Zulu Lithium to demonstrate the ability to produce a consistent, quality spodumene concentrate, to the benefit of all stakeholders. Commissioning and optimisation activities remain firmly on track for completion during Q2,” he said.
Work at the site has advanced significantly, with construction of the flotation plant nearing completion. Key systems, including electrical switchgear and control infrastructure, have already been installed, while cabling has been finalised.
Final connections to drive motors are now at an advanced stage, with manufacturer testing expected soon. Mechanical installations are also progressing, including piping for concentrate and tailings systems, as well as the primary air manifold needed for flotation operations.
Within the existing plant, further modifications are underway to eliminate long-standing bottlenecks and improve operational efficiency.
Sections of the plant have already entered the commissioning phase, particularly in the crushing and milling circuits. Conveyor systems are being reactivated, and tests on newly installed bypass chutes have yielded encouraging results.
The latest fund-raising exercise comes as Premier moves to stabilise operations at Zulu following earlier delays and funding challenges. Part of the proceeds will be used to address outstanding obligations to key creditors associated with the project.
The newly issued shares are expected to begin trading on AIM around May 1, 2026, ranking pari passu with the company’s existing shares. – TML