Premier African Minerals has completed a further £1 million equity subscription, its third fundraising in less than two months, while reporting that the new Zulu Lithium flotation plant has successfully completed the majority of cold commissioning activities using water and is now preparing to introduce ore.
By Rudairo Mapuranga
The company issued new shares at 0.0185 pence each, notably higher than the 0.0136 pence used in late April and the 0.0126 pence used in March and mid-April. The improved pricing suggests some firming of investor appetite, though the continued reliance on equity funding underscores the project’s persistent cash constraints.
Cold Commissioning Complete
According to an operational update on Wednesday, water has been run through the new Xinhai flotation plant as part of cold commissioning, with the majority of those activities now successfully completed. Conveyor systems have been brought back into operation, and testing of newly installed bypass chutes has been completed. The crushing circuit was successfully recommissioned on ore as part of the testing.
Managing Director Graham Hill noted that flotation cell scraper paddles have not yet been connected during this water-only stage. Their connection and operation will coincide with the introduction of reagents and ore feed during hot commissioning.
Transition to Hot Commissioning
The company is now planning to transition into hot commissioning, which involves introducing ore feed into the complete process plant. This phase will be critical in determining whether the new flotation circuit can achieve the spodumene concentrate grades and recoveries that have eluded previous processing attempts.
Premier stated that all activities remain on track for the previously guided Q2 2026 commissioning timeline, though commissioning activities are acknowledged to be “naturally iterative” in nature.
The £1 million subscription (before expenses) was completed at an issue price of 0.0185 pence per share. Based on that price, approximately 5.4 billion new shares have been issued, though the company did not specify the exact number in today’s announcement.
This latest raise follows:
· £750,000 at 0.0126 pence on 26 March 2026
· £1 million at 0.0136 pence on 28 April 2026
The cumulative dilution to existing shareholders over the past six months remains severe, with total issued share capital now likely exceeding 30 billion shares.
Video Demonstration
Shareholders were referred to a video link demonstrating ongoing water tests at the flotation plant, with the company promising further updates as hot commissioning progresses.
The next few weeks will determine whether the new Xinhai plant can finally deliver commercial production. Successful hot commissioning would mark a turning point for a project that has consumed enormous shareholder value over years of delays. Failure to achieve design performance would likely trigger further funding crises.
