Premier African Minerals Ltd (LON:PREM) closed out 2018 with just US$16,000 in cash. During the period the company raised net proceeds of US$1.715mln, but found its ability to proceed with key projects in Zimbabwe stymied by ongoing political confusion there.
Overall losses rang in at nearly US$7.8mln.
WATCH: Premier African CEO would be disappointed if RHA not producing this year
“It is abundantly clear to me today in late June 2019, that reliance exclusively on any event that is not entirely under our control risks further delay and frustration in returning value in our company,” said chief executive George Roach.
“There is little doubt in my mind that Premier must diversify and identify revenue generating assets that are actually in production and profitable now.”