Prospect Resources Limited Suite 6, 245 Churchill Avenue Subiaco WA 6008 Postal: PO Box 1273 Subiaco WA 6904 +61 8 9217 3300 info@prospectresources.com.au

 Prospect Resources Limited (ASX:PSC) is an Africa-focused battery minerals company based in Perth with operations in Zimbabwe, and exploration activities in Zimbabwe and the DRC.

Prospect’s flagship project is the Arcadia Lithium Project located on the outskirts of Harare in Zimbabwe. The Arcadia Lithium Project represents a globally significant hard rock lithium resource and is being rapidly developed by Prospect’s experienced team, focusing on near term production of petalite and spodumene concentrates

Prospect has a strong, agile team split between Africa and in Perth who have the optimal experience to rapidly develop the Arcadia Lithium Project alongside building Prospect’s portfolio of battery metal projects:

Africa Team - focus on development and exploration

• Strong and experienced local team with a track record of discovering, proving, building and operating mining projects in Africa
• Significant majority of the Prospect team based on the ground in the region

Australia Team – focus on transactions, financing, investor relations, corporate governance and marketing / offtake:

• Small and focused, Perth based, head office team
• Deep lithium and related minerals process and marketing experience and network
• Deep financial market and transaction experience

 

Pre-development of world-class Arcadia Lithium Project is underway

Following completion of the Pre Feasibility Study in June 2017 (updated in March 2018), the Company is now focusing on securing offtake and funding plans for development of Arcadia towards production, anticipated to be in 2Q of 2019.

Key outcomes of the updated PFS include a Life of Mine (LOM) of over 20 years based on an Ore Reserve of 26.9Mt grading 1.31% Li2O and 128ppm Ta2O5. Cash costs of USD 287/t lithia concentrate produced are envisaged over the LoM and a low start up CAPEX of USD 52.5 Million is envisaged. The updated PFS has also increased Mineral Resources to 43.2 Mt @ 1.41 % Li2O and 119 ppm Ta2O5.

The Company is also evaluating the development of an integrated lithium chemical plant at Arcadia.

The Company’s primary focus is the development of the Arcadia Project, but exploration and review of other battery metal projects within Prospect’s portfolio is ongoing:

• Good Days (Lithium – Zimbabwe)
• Tombolo (Copper/Cobalt – DRC)
• Chishanya Carbonatite (Rare Earth Elements – Zimbabwe)