Premier African Minerals (LON:PREM) said it will continue to optimise the open pit at the RHA tungsten project in Zimbabwe in the year ahead, as it released 2014 results.
Earlier this month, the company reported production of first concentrates and it has now completed full mechanical installation and commissioning of the process plant. Fine tuning is now in progress.
George Roach, executive chairman and chief executive, said: "We have made significant strides during the last 12 months to move our company from an explorer and developer to a producer.
"During the year ahead we will continue to optimise the open pit operations and plan to develop the underground model to reserve status and start planning work on the Phase 2 development and implementation of the underground mining operations.
"In addition, we will look to develop the Zulu Project and will continue to look for opportunities to develop our other assets within the parameters of the group's cash position.
He added: "We are in a fortunate position within the industry as we see revenue from production from first shipments of wolframite concentrate in the very near term and I look forward to updating shareholders in the year ahead."
The loss for the year to end December was $537,000 compared to a loss of $4.7mln in 2013.
Separately, the firm said it had issued 35mln shares to Darwin Strategic after it exercised warrants at 1.25p each. Premier shares eased 10% today to 2.475p.