Quarterly Activities Report
Perth, Aug 1, 2018 AEST (ABN Newswire) - Prospect Resources Ltd (
ASX:PSC) (Prospect, the Company) is pleased to report on another busy quarter of activities.
Summary of Significant Announcements in the Quarter and up to the date of this announcement:
4 April - Completion of A$10m placement at 6c per share to Sinomine and US$557m Sinomine offtake agreement
5 April - Hunter Capital Advisers issues research report
3 May - Zimbabwe Minister for Mines visits Prospect's Lithium Carbonate Pilot Plant
14 May - Appointment of Sam Hosack as Managing Director
16 May - Appointment of DRA to provide upfront engineering & design services
21 May - Appointment of Earthmoving Contractor
8 June - Release of BBC Radio interview with Harry Greaves
14 June - Arcadia Lithium Mine progress update in photos
15 June - Arcadia Mine flyover
We finished the Quarter with:
- A$16m cash available to spend on Arcadia and a further US$10m funding commitment;
- Continued interest in securing the balance of the Stage 1 offtake volume along with finance proposals for the Arcadia Mine;
- Additional interest in Stage 2 offtake supplies;
- First mining contracts signed;
- The tailings storage facility cleared, starter pit cleared, working accommodation facilities under construction and the platform for some 5,000m2 of covered facilities being prepared; and
- A strong trading cashflow of some A$548,000 (YTD A$1.496m) from farm sales and currency trading. Gross profit from these activities for the quarter was A$580,000.
To view the full report, please visit:
http://abnnewswire.net/lnk/S60B03R7
About Prospect Resources Ltd
Prospect Resources Limited (ASX:PSC) is based in Australasia with operations in Zimbabwe and is a publicly listed company. We are committed to creating value for Prospect's shareholders and the communities in which our company operates. Our vision is to build a Southern African based mining company of international scale.
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