Business
Operational Update and Funding
Premier African Minerals Limited has successfully raised approximately £1 million before expenses through a subscription of new ordinary shares at 0.0136 pence per share, with proceeds intended for commissioning the new Xinhai Flotation Plant, operating expenses, and general working capital. The company also reported significant operational progress at its Zulu Lithium and Tantalum Project, with the new flotation plant construction and operational upgrades advancing well, and commissioning activities underway for the crushing and milling circuit. Following the share issue, the company's total issued share capital will be 32,720,879,908 ordinary shares. Disclaimer*
About this update from Premier African Minerals Ltd.
28 April 2026 Premier African Minerals Limited Operational Update and Funding Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce that it has today completed a subscription to raise approximately £1 million 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 0.0136 pence per new ordinary share (the "Issue Price") (the "Subscription") and also pleased to report further positive progress at Zulu Lithium and Tantalum Project ("Zulu Lithium"). Graham Hill, Managing Director, commented: "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. 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. We will publish photographs of ongoing site progress via our official Twitter (X) account tomorrow morning, and I would encourage shareholders to follow this channel for supplementary visual updates on the development of Zulu Lithium." Zulu Lithium Operational Update Construction continues to progress well on the new spodumene flotation plant, with operational upgrades advancing in parallel to improve overall plant reliability and operability. The new electrical switchgear and control panel, after successful factory assembly and testing, have been delivered to site and installed on the platform adjacent to the plant. Cabling to provide power to the switchgear is now complete, and connections to plant drive motors are at an advanced stage. The switchgear manufacturer is expected on site imminently to undertake final site testing. Piping connections to both the concentrate froth pump and tailings pump are nearing completion. Installation of the primary air manifold, which will supply air to the flotation cells, is also well advanced. In parallel, additional piping modifications within the existing plant are progressing, aimed at delivering improvements to operability and reducing historical b...
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