Premier African Min. - Funding

Premier African Minerals

26/03/2026 07:00

RNS Number : 1723Y

Premier African Minerals Limited

26 March 2026

 

26 March 2026

Premier African Minerals Limited

 

Funding  

Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce that it has today raised approximately £750,000 before expenses through the issue of new ordinary shares of nil par value in the capital of the Company (the "Subscription Shares") at an issue price of 0.0126 pence per new ordinary share (the "Issue Price") (the "Subscription").

Following the Company's operational update announced on 25 March 2026 in relation to the Zulu Lithium and Tantalum Project ("Zulu"), which highlighted the continued and positive progress being made in the installation and development of the Xinhai flotation plant, it remains essential that Premier continues to support all essential operational requirements across both Premier and Zulu. In particular, the funding will support ongoing operational activities and the continued installation and commissioning of the Xinhai Flotation Plant, with the objective of advancing Zulu through the commissioning and optimisation phases towards the production of spodumene concentrate at commercially acceptable grades and recoveries.

Graham Hill, Managing Director, commented: "We are very encouraged by the continued and tangible progress being made at the Zulu Lithium Project, particularly with the installation and advancement of the Xinhai flotation plant. The coordination between our on-site team and the manufacturer's engineer has been strong, and we are now approaching a critical phase of construction completion and now detailed planning of commissioning becomes a clear focus. There is a growing sense that we are on the brink of turning an important corner operationally.

At the same time, we remain acutely aware of the broader market backdrop. Geopolitical uncertainty, volatility in capital markets and the continued pressure on junior resource equities have all contributed to challenging funding conditions, often reflected in the discounts required to secure capital. Whilst these dynamics are not unique to Premier, they do influence market perception, often disproportionately to both the underlying progress being made on the ground and the value of projects.

Notwithstanding these external factors, the Board remains firmly of the view that the steps being taken, including this fundraise, represent the most responsible course of action to ensure operational continuity, advance the Xinhai flotation plant through commissioning, and position Zulu for stable production. We believe that delivering consistent, demonstrable operational performance is the most effective way to shift market perception and unlock more sustainable funding options going forward.

Our focus remains unchanged, to bring Zulu into steady-state production, establish a reliable and saleable spodumene concentrate, and in doing so, create a platform from which shareholder value can be rebuilt and grown".

Subscription

 

Premier has today issued by way of a Company arranged direct subscription ("Subscription"), conditional on admission, 5,952,380,952 new ordinary shares of nil par value ("Subscription Shares") at the Issue Price per Subscription Share. The Subscription Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. 

 

The issue of the Subscription Shares has been arranged within the Company's existing share authorities. Premier intends to use the proceeds of the Subscription principally to assist with the ongoing commissioning of Xinhai Flotation Plant, operating expenses at Zulu, and the management of essential creditors at Zulu and to provide general working capital for Premier.

 

Admission

 

Application has been made for the Subscription Shares, to be admitted to trading on AIM and admission is expected to take place on or around 1 April 2026.

 

Total Voting Rights

 

Following the issue of the Subscription Shares, the Company's issued share capital will consist of 23,453,866,052 ordinary shares with voting rights.

 

This figure may be used by shareholders as the denominator for the purposes of calculating whether they are required to notify an interest in, or any change to an interest in, the Company's share capital under the Financial Conduct Authority's Disclosure and Transparency Rules.

 

Enquiries:

 

Graham Hill
Premier African Minerals Limited
Tel: +27 (0) 100 201 281
Michael Cornish / Roland Cornish
Beaumont Cornish Limited
(Nominated Adviser)
Tel: +44 (0) 20 7628 3396
Douglas Crippen
CMC Markets UK Plc
Tel: +44 (0) 20 3003 8632
Toby Gibbs/Harry Davies-Ball
Shore Capital Stockbrokers Limited
Tel: +44 (0) 20 7408 4090

 

Nominated Adviser Statement

Beaumont Cornish Limited ("Beaumont Cornish"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in connection with this announcement and will not regard any other person as its client and will not be responsible to anyone else for providing the protections afforded to the clients of Beaumont Cornish or for providing advice in relation to such proposals. Beaumont Cornish has not authorised the contents of, or any part of, this document and no liability whatsoever is accepted by Beaumont Cornish for the accuracy of any information, or opinions contained in this document or for the omission of any information. Beaumont Cornish as nominated adviser to the Company owes certain responsibilities to the London Stock Exchange which are not owed to the Company, the Directors, Shareholders, or any other person.

Forward Looking Statements

Certain statements in this announcement are or may be deemed to be forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'' ''could'' "should" ''envisage'' ''estimate'' ''intend'' ''may'' ''plan'' ''will'' or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount. Nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements. 

Notes to Editors:

Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and natural resource development company focused on Southern Africa with its RHA Tungsten and Zulu Lithium projects in Zimbabwe.

 

The Company has a diverse portfolio of projects, which include tungsten, rare earth elements, lithium and tantalum in Zimbabwe encompassing brownfield projects with near-term production potential to grass-roots exploration.

 

Ends

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