PROSPECT RESOURCES LIMITED — Capital/Financing Update 2014

Jul 23, 2014

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Suite 6, 245 Churchill Ave. Subiaco WA 6008 Phone: +61 8 9217 3300 | Fax: +61 8 9388 3006

24 July 2014

The Manager Company Announcements Australian Securities Exchange Level 5, 20 Bridge Street SYDNEY NSW 2000

By E-Lodgement

Dear Sirs

Share Placement Update

As announced by Prospect Resources Limited ( Company ) on 29 May 2014, the Company entered into a placing agreement to raise US$1,000,000 through the issue of approximately 71.9m shares at 1.5 cents each to Armoured Fox Capital (Pty) Ltd, an investment vehicle represented by Sithembiso Mthethwa and Manana Nhlanhla ( Share Placement ).

As noted, the Share Placement was subject to approval from the South African Reserve Bank for an ‘outward capital transfer’.

The Board of the Company wishes to advise that the application for approval has been lodged with the South African Reserve Bank.

For more information, please contact the undersigned on (+61 2) 8072 1400.

Yours faithfully

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Andrew Whitten Company Secretary