African lithium company, Prospect Resources Ltd (ASX:PSC, FRA:5E8) (“Prospect” or “the Company”), is pleased to advise that it has updated its DFS on the 2.4 million tonne per annum (Mtpa) development of its flagship 87% owned Arcadia Lithium Project (“Arcadia” or “the Project”) in Zimbabwe. The results reinforce the Project’s financial and geological merits, positioning the Company as a leading lithium producer to both the chemical and technical markets.
Prospect’s Managing Director Sam Hosack said “The material upgrade to our DFS on a base case of a 2.4 Mtpa development of the Project is a significant achievement. The DFS results position the Company to secure a key role in the expanding global lithium market and validates my belief that Arcadia is Africa’s leading lithium project with respect to its scale, grade, economics and management team. These outcomes demonstrate Arcadia’s ability to rapidly payback project finance.”
The Mining Lease covers an area of 1,031 hectares and encompasses some 57 Mining Claims owned by Prospect Lithium Zimbabwe. The purpose of a Mining Lease is to amalgamate contiguous mining claims under one licence, to simplify tenement management.
Arcadia’s Environmental Impact Assessment approved by the Zimbabwe Environmental Management Agency providing permission to develop and operate · Investment License awarded by the Zimbabwe Investment Authority to develop Arcadia providing fiscal and investment incentives