Premier African Minerals Limited has issued an additional 303 million new shares to partially settle outstanding fees owed to J.R. Goddard Contracting (Private) Limited (JRG), continuing the company’s reliance on equity to manage liabilities at its Zulu Lithium and Tantalum Project in Fort Rixon, Mining Zimbabwe can report.
By Rudairo Mapuranga
The settlement, announced this week, covers US$77,765 (approximately £60,753) through the issuance of new ordinary shares at 0.02 pence per share, the closing bid price on 24 February 2026, as stated in the company’s regulatory announcement.
The share-based payment falls under the mutual release and settlement agreement reached between Premier and JRG in January 2026. That agreement followed enforcement proceedings initiated by the contractor late last year, when JRG moved to execute a High Court writ over unpaid amounts exceeding US$2 million. The structured repayment plan suspended enforcement, provided Premier remained compliant with the payment schedule.
This latest issuance represents a partial settlement within that agreed framework, as disclosed in the company’s announcement.
Following the issuance of 303,768,117 settlement shares, Premier’s total issued share capital now stands at approximately 14.21 billion ordinary shares. The new shares will rank equally with existing shares, with any sales managed by Premier’s brokers. Admission to trading on AIM is expected on or around 3 March 2026, per the company’s statement.
Based on Premier’s regulatory announcements since late November 2025, the company has issued approximately:
· 869.6 million shares (November 2025 subscription – £500,000 raise)
· 134.3 million shares (December 2025 Canmax interest conversion)
· 3.83 billion shares (January 2026 £1 million subscription, plus supplier and director settlements)
· 591.1 million shares (February 2026 Canmax interest conversion)
· 303.8 million shares (February 2026 JRG settlement shares)
Total issued in approximately six months: around 5.73 billion new shares
Over the same period, Premier’s total issued share capital has increased from roughly 9.35 billion shares to 14.21 billion shares, based on figures reported in the company’s own disclosures.
The JRG settlement shares follow a series of equity issuances tied to working capital funding, flotation plant acquisition, interest conversion under the Canmax offtake facility, settlement of supplier invoices, and settlement of accrued director remuneration — all as disclosed in Premier’s regulatory updates.
The company has stated that using shares allows it to conserve cash resources while pursuing its primary objective: completing the installation of a new Xinhai flotation plant at Zulu to achieve commercially acceptable lithium concentrate grades and recoveries.
Premier has consistently communicated that its priority is stabilising operations at Zulu. In February 2025, the company announced it had finalised a contract with Xinhai Technology Processing for a new flotation plant, with commissioning and optimisation expected during the second quarter of 2026, subject to logistics and site readiness.
The company maintains that these funding and settlement measures are necessary to maintain operational continuity while working toward sustained production.
Based on the company’s public disclosures, cumulative dilution has expanded the share base significantly over the past six months. Whether the planned improvements at Zulu will generate sufficient revenue to reduce reliance on equity issuance remains a key question for shareholders.
The company’s ability to achieve stable production in the coming months will likely determine whether this pattern of dilutive funding continues or begins to ease.
