From 2016 through to early 2022, Prospect was focussed on the exploration and development of its flagship Arcadia Lithium Mine Project in Zimbabwe. Our team progressed Arcadia from initial discovery through resource definition, early-stage technical and economic evaluation, definitive feasibility study, offtake agreements, pilot plant operation and a strategic project financing process.

As part of the strategic financing process, we received a highly attractive offer from Zhejiang Huayou Cobalt to sell Arcadia, which was ultimately accepted. Completion of this transaction took place in April 2022 and saw the sale of our 87% interest in Arcadia for approximately US$378 million cash.