Premier African Minerals (Premier) has raised approximately £500 000 through a share subscription as it moves to stabilise operations at its flagship Zulu Lithium and Tantalum Project in Zimbabwe.
The emerging producer of spodumene – a lithium aluminum inosilicate mineral widely used in the electric vehicle battery production – issued new ordinary shares priced at 0.0185 pence each to investors, with the funds earmarked for operational support across both the group and the Zulu project.
In a parallel move to ease short-term financial pressures, Premier also settled £100 000 worth of supplier invoices through the issuance of shares at the same price.
Chief executive, Graham Hill, said the funding was critical to maintaining progress at the site.
“Maintaining the momentum we have created in advancing the Xinhai Flotation Plant is of vital importance as we move toward stable operations and a positive future at Zulu,” he said.
The capital raise comes as the company continues to navigate funding and operational challenges at the lithium project, which remains central to its long-term growth strategy.
In a related development, Premier has also reached an agreement with Canmax Technologies (Canmax) to extend the long stop date under its existing offtake and prepayment agreement. The deadline has been pushed to June 30, 2026, from the previous December 31, 2025 target.
The extension provides additional time for Premier to secure a suitable buyer to conclude a binding agreement that will settle or restructure Canmax’s prepayment, along with accrued interest.
Hill welcomed the revised timeline, saying it offers greater certainty as discussions continue.
“We are grateful for Canmax’s continued support and collaboration, and the revised long stop date provides welcome clarity as we work together towards a successful outcome at Zulu,” he said. – TML