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Premier African Minerals Ltd - developer of RHA tungsten and Zulu lithium projects in Zimbabwe - While shareholders approve the disapplication of shares to allow it to proceed with phase 5 pre-production readiness, budgeted costs did not include operating costs under normal production after completion of phase 5. Therefore, conducts interim fundraise of £500,000 before expenses to support essential consumables at Zulu’s camp, provide general working capital, and begin preparations for the Xinhai Flotation Plant. However, additional funding is still required for phase 5 and to settle debts. Also, creditor JR Goddard Contracting demands payment of $2.3 million before enforcing a previously stayed judgement of $2.5 million. At the time of the judgement, the total due amounted to just under $4.0 million. Premier has since paid $2.1 million in settlement of the judgement amount. Premier says funds are limited, and it must secure additional financing to meet its payment commitments and obligations. Notes there is no guarantee that such funding will be secured which could have a material adverse effect on both Zulu Lithium and the Premier as a whole which ‘could cast significant doubt’ on its ability to continue as a going concern. Discussions with JR Goddard Contracting are ongoing and it is hopes to reach a commercial resolution. Current share price: 0.034 pence, closed down 41% in London on Wednesday 12-month change: down 93% Copyright 2025 Alliance News Ltd. All Rights Reserved.
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