Premier African Minerals Ltd. has successfully raised approximately £1.2 million before expenses by issuing 27.5 billion new shares at 0.00436p each to a select group of institutional and professional investors.
This funding is earmarked to reactivate operations at the company’s Zulu Lithium and Tantalum Project in Zimbabwe, including the potential restart of the processing plant and the remobilisation of mining activities.
In a strategic shift from the original plan to build a larger run-of-mine (ROM) stockpile before resuming processing, Premier will now work through around 13,000 tonnes of ore already stockpiled on the ROM pad. The initial campaign is expected to last about 15 days, focusing on stabilising plant operations and assessing throughput, recovery rates, and product quality.
Managing Director Graham Hill commented, “A successful processing run will provide the board, shareholders, and potential funders with clearer insight into Zulu’s potential and a stronger basis for deciding the next steps.”
Depending on plant performance and available working capital, additional blasted ore within the Exclusive Prospecting Order (EPO) area may be moved to the pad for processing.
The newly issued shares are expected to commence trading on AIM on or around 9 October, increasing the total share count to 77.6 billion.
