Premier African Minerals has raised about £1.2 million ($1.3 million) through a share subscription to fund the planned restart of its Zulu lithium and tantalum project in Zimbabwe.

The London-listed miner issued 27.52 billion new ordinary shares at 0.00436 pence each before expenses, providing fresh working capital. The proceeds will support the potential remobilization of mining activities and the restart of Zulu’s processing plant.

The funding comes as Premier shifts its strategy toward restarting processing sooner, rather than first building a larger run-of-mine stockpile, following progress made during the project’s previous operating period.

Zulu restart takes priority

Premier Managing Director Graham Hill said the new funding allows the company to move directly toward restarting plant operations at Zulu. The immediate objective is to process material already sitting on the run-of-mine pad and establish whether the plant can deliver stable production of spodumene concentrate.

“We believe the best use of the company’s available resources at this stage is to process the material already on the RoM pad and demonstrate the satisfactory performance of the plant,” Hill said. The company plans an initial campaign lasting about 15 days.

Testing the plant’s performance

During the campaign, Premier will focus on sustained plant operations, product quality and recovery rates, Hill said. A successful run could allow the company to extend processing, using additional blasted material already available within the exclusive prospecting order, or EPO, subject to plant performance and available working capital.

Hill said the approach could give Premier, its shareholders and potential funding partners greater visibility into Zulu’s operating capability. A successful campaign would also provide a stronger basis for deciding how to finance and advance the project beyond the initial restart period.

Zimbabwe lithium asset advances

The Zulu project is located about 80 kilometers from Bulawayo and covers 14 mineral claims spanning 3.5 square kilometers. The property is prospective for lithium and tantalum mineralization and is regarded by Premier as one of Zimbabwe’s largest undeveloped lithium-bearing pegmatite projects.

Premier has previously advanced Zulu through commissioning and optimization of a processing plant designed to produce and export SC6 spodumene concentrate.

The company’s latest funding is aimed at putting that processing infrastructure back into operation while testing the economics and reliability of the project’s existing mineral inventory.

Premier builds Southern portfolio

Premier African Minerals is developing a portfolio of mineral assets across Southern Africa, with projects spanning exploration, development and historically productive operations.

The company’s portfolio includes lithium, tungsten, phosphates, tantalum, rare earth elements and clays, reflecting its strategy of targeting commodities with potential near-term and longer-term commercial value.

The company is listed on the London Stock Exchange and has focused on mineral development opportunities across the region.

Its portfolio includes the RHA tungsten project in Zimbabwe, while Zulu remains a key lithium asset as Premier seeks to demonstrate reliable production and secure the capital needed for further development.