Premier African Minerals Ltd (AIM:PREM, OTC:PRMMF) shares traded lower in Thursday's early trade, accounting for a new equity raise to support operations and commissioning work at its Zulu lithium and tantalum project in Zimbabwe.
Raised around £750,000 in a share subscription, the AIM-listed group issued 5.95 billion new shares at 0.0126p each.
Premier said the funds will go mainly toward the ongoing commissioning of the Xinhai flotation plant, operating costs at Zulu, management of essential creditors at the project and general working capital.
The raise comes a day after the company updated the market on progress at Zulu, where it said installation and development of the Xinhai flotation plant continued to advance.
Premier is targeting commissioning and optimisation as it works toward producing spodumene concentrate at commercially acceptable grades and recoveries.
Managing director Graham Hill said the group was approaching a critical phase as construction nears completion and commissioning planning comes into sharper focus. Admission of the new shares to AIM is expected on or around 1 April 2026.