Premier African Minerals Limited (LON:PREM) booked an operating loss of just under £5mln for the year to December 2016 as it continues to transition from an explorer to a developer and producer with the ongoing work at the RHA tungsten project in Zimbabwe.
The company also made substantial progress with the Zulu lithium project and the TCT project in Mozambique, giving it further strength in depth in terms of the development pipeline.
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During fiscal 2016 the company raised just over US$5 mln, including US$3.2 mln in direct subscriptions and US$2.35 mln through loan notes.
The company expects to be self sustaining and cash generative by the end of this year.