Premier African Minerals (LON:PREM) saw shares advance as it revealed financier Darwin has converted the remaining eight loan notes worth £200,000 into company shares.
It means the firm no longer owes any debt to Darwin.
The loan notes were used to part fund the re-opening of underground operations at RHA Tungsten in Zimbabwe and for general working capital purposes.
George Roach, Premier's chairman and chief executive, said: "I am delighted that this debt is now cleared and particularly that our share price and market capitalisation has continued to improve significantly through this process.
"We are strongly focused on three objectives that we believe will drive future value; getting RHA profitable, developing our lithium and tantalite assets and adding another low capex early production opportunity in the southern Africa region."
Shares in the mining firm added almost 7% to 0.775p.