PROSPECT RESOURCES LIMITED — Capital/Financing Update 2019

Nov 19, 2019

XX November 2018 Prospect Resources set to upgrade project economics at Arcadia following significant increase in Ore Reserve

• Ore Reserve increased to 37.4Mt@1.22% Li2O, a 39% increase;
• Contains an estimated 457,000 tonnes of Li2O (1.12Mt of Lithium Carbonate Equivalent) and 10 million pounds (Mlbs) of Ta2O5;
• Upgrade reduces risks associated with grade control and orebody knowledge, with 30% of the Ore Reserve in the Proved category;
• Increased Life of Mine beyond 15 years based on a 2.4Mtpa operation; and
• Confirms Arcadia as the 7th largest global hard rock lithium asset

African lithium company, Prospect Resources Ltd (ASX:PSC, FRA:5E8) ("Prospect" or "the Company") is pleased to announce a significant increase in the Ore Reserve estimate of its 87%1 owned Arcadia Lithium Project in Zimbabwe, which further extends life of mine and a pathway to updated project economics.

An optimised DFS is currently being finalised to reflect this increased Ore Reserve. The optimised DFS will reflect the optimisation works that has been undertaken over the past 12 months to better reflect the economic potential of the Arcadia Lithium Project.

The upgraded Ore Reserve of 37.4Mt grading 1.22% Li2O and 121ppm Ta2O5, which represents a 39% increase on the Ore Reserve announced in December 2017, incorporates updated pricing provided by Benchmark Minerals Intelligence following the completion of the low iron petalite market assessment in July 2019 and updated petalite recovery in line with recent testwork developments.

Arcadia Ore Reserve Estimate
Category	Tonnes(Mt)	Li2O(%)	Ta2O5(ppm)	Li2O(kt)	Ta2O5(Mlbs)
Proved	11.3	1.28	114	144	2.8
Probable	26.1	1.20	124	314	7.2
TOTAL	37.4	1.22	121	457	10.0

Table 1: Arcadia Lithium Project JORC Ore Reserve Estimate (20 November 2019)

Prospect Managing Director Sam Hosack said "The Prospect team have worked tirelessly to extract the maximum value from the Arcadia deposit, with technical support from CSA Global we have added significantly to our inventory and reinforced the strength of Arcadia's project economics".

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

1 Subject to completion outstanding as per ASX announcement 14 October 2019

"This incredible result confirms Arcadia as a globally unique and significant lithium deposit to supply the glass and ceramics market with technical grade ultra-low iron petalite. We see the battery market as a key driver of lithium demand growth but remain focused on the glass & ceramics market where Arcadia seeks to become a significant, consistent and reliable high-quality supplier and access the premium prices available in this market".

2012 JORC Reserve Estimation

CSA Global were commissioned by Prospect Resources to assist in the development of the new Ore Reserve Estimate on Prospect's 87% owned Arcadia Lithium Project.

The Mineral Resource (capturing material above 0.20% Li2O) is outlined in Table 2 below:

	Table 2: Arcadia Lithium Project Mineral Resource Estimate (25 October 2017)
Arcadia JORC Mineral Resource Statement – (0.2% Li2O Cut-off)
Category	Million Tonnes	Li2O %	Ta2O5ppm	Li2O Tonnes	Ta2O5(Mlbs)
Measured	15.9	1.17%	121	184,900	4.2
Indicated	45.4	1.10%	121	501,500	12.1
Inferred	11.4	1.06%	111	121,400	2.8
TOTAL	72.7	1.11%	119	807,800	19.1

The study consisted of a modification of the Mineral Resource model to a mining model by adding several mining related attributes. This was followed by open pit optimisation to define the new economic mining envelopes and subsequent detailed in pit designs, mine scheduling and input into the Financial Model.

Key parameters used as part of the Ore Reserve estimation process included (but were not limited to): Assumed average of 2.4 million tonnes of ore processing per annum; Selling prices of:

• Chemical grade 6% Li2O Spodumene concentrate US$727/t;
• Weighted average price of chemical and technical 4% Li2O Petalite concentrate at US$818/t;
• Tantalum price of US$75/lb; and
• Average global lithium recovery of 55.2% was applied

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

The November 2019 Ore Reserve for the final pit design is shown below in Table 1. In addition, the lifeof-mine strip ratio was estimated to be 3.2 (waste tonne to ore tonne). This Ore Reserve is the economically mineable part of the Measured and Indicated Resource. It includes mining dilution of 5% and allowance for losses in mining of 5%. Appropriate assessments and studies have been carried out and include consideration of modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and government factors. These assessments demonstrate at the time of reporting what extraction could reasonably be justified.

Material Assumptions

Appropriate studies for the development of the Arcadia Project have been undertaken by Prospect, and a number of suitably qualified independent consultants, experts and contracting firms. All study assumptions are to a minimum for a Definitive Feasibility Study (DFS) standard. The DFS was completed in November 2018 by Prospect for a 2.4 Mtpa Dense Media Separation (DMS) and froth flotation processing facility. This plant size forms the basis for this Ore Reserve estimate.

Geotechnical analysis was completed by South African geotechnical consultant Practara Limited (Practara) in December 2016. The geotechnical analysis identified the geotechnical domains as being in weathered or fresh rock. The optimisation and pit design for this Ore Reserve estimate is based on this geotechnical assessment.

Criteria for Classification

The Ore Reserves have been classified according to the underlying classification of the Mineral Resource and the status of the Modifying Factors. The status of the Modifying Factors is generally considered sufficient to support the classification of Proved Ore Reserves when based upon Measured Mineral Resources and Probable Ore Reserves when based upon Indicated Mineral Resources. Analysis of the financial model on the main economic assumptions indicates that the project is robust in terms of all operating costs, recoveries, and product pricing; it is most sensitive and at greatest risk to changes impacting on revenue, being commodity prices and metallurgical recovery.

Mining

Open cut mining using conventional articulated 40 tonne trucks and 80 to 100 tonne excavators is appropriate for the Arcadia Project as it occurs close to the surface. The equipment selection is appropriate for the proposed scale and selectivity of this operation and this size of equipment is readily available within Zimbabwe.

Mining dilution of 5% and an overall mining recovery of 95% have been applied in the optimisation studies and mine scheduling. A dilution grade of 0% was utilised.

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300 Suite 6, 245 Churchill Ave. Subiaco WA 6008 | Email: info@prospectresources.com.au

Processing

ADP Marine and Modular (ADP Marine) of Cape Town, South Africa supported the current DFS on the lithium processing capital and operating costs for the Project. The DFS was used to establish capital costs of the Project and the expected process and maintenance operating costs to an accuracy of +/- 15%. The DFS proposed a capacity increase from 1.2 Mtpa to a 2.4 Mtpa run of mine ore.

The Arcadia Processing Facility will be based on use of conventional beneficiation techniques including the gravity-based processes of DMS to recover petalite, spirals to recover tantalite and froth flotation to recover spodumene. DRA Global and ADP Marine both contributed to the final process design. The pegmatite ore is hard, brittle and abrasive and a 2-stage crushing process with high pressure grinding rolls (HPGR) has been selected to achieve the -3 mm crush size that is required for the liberation of petalite by the DMS circuit.

The target concentrate grade for petalite is 4% Li2O (i.e. 82% petalite) whilst the target grade for spodumene is 6% Li2O (i.e. 75% spodumene). Both concentrates are packed into bulka bags, sealed and weighed.

Tantalite will be recovered as rough concentrate by the application of wet high intensity magnetics separation (WHIMS). The rough tantalite is then upgraded to a saleable product containing approximately 25% Ta2O5 through the usage of conventional wet shaking tables. The tantalite product is then dried and packed into 205 litre steel drums, sealed and weighed ready for transport.

Process tailings will be disposed of to an engineered tailings storage facility (TSF). Process water that is reclaimed from within the process plant will be added to process water returned from the TSF for reuse in the processing facility.

Metallurgical programs at the Arcadia site were supervised by Mike Kitney of Prospect, with test work prior to November 2018 carried out by FT Geolabs of Centurion, South Africa from 2016 and by NAGROM mineral processing laboratories in Perth, Western Australia from 2017. Subsequent metallurgical programmes to November 2019 continued through Geolabs of South Africa who worked with DMS specialists PESCO of Pretoria to extend the DMS petalite recovery database for Main Pegmatite (MP) ore in particular. Results from these metallurgical programmes demonstrate the ability to produce DMS petalite concentrate containing 4% Li2O and less than 0.05% Fe2O3. Ongoing flotation testwork of MP ore also confirmed the ability to produce Spodumene flotation concentrate containing 6% Li2O.

Basis of Cut-off Grade

The lithium and tantalum cut-off grades have been calculated based on a block by block analysis. Each block takes into account all processing costs including General and Administration charges,

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

XXmetallurgical recovery, and net product prices (including selling costs) for separate spodumene, November 2018 petalite and tantalum concentrates. When the operating costs (minus the mining costs) are subtracted from the product prices, a value is obtained. If the value is positive, that block is defined as "ore" and can therefore be processed economically. All blocks that have a negative value are classified as waste material.

Estimation Methodology

WhittleTM pit optimisation software has been used to identify the preferred pit shell on which the pit designs were based for the recovery of Measured and Indicated Mineral Resources.

Inputs used for the optimisation have been based on the November 2018 DFS as well as up to date information provided by Prospect. A detailed open pit mine design has been developed from the initial optimised pit shells and these pit designs are then fed into the mining schedule. The mining schedule has several operating constraints that must be abided by, and then the bench by bench outputs are fed into the Prospect Financial Model.

Material Modifying Factors

The Arcadia Project has had formal Environmental Management Agency (EMA) approval which means that Prospect can operate in accordance with part XI of the Environmental Management Act (Chapter 20:27). The issue date was 18 March 2019.

The Arcadia project was granted mining lease title number 38 on the 16 August 2018. This mining lease covers an area of 1,031 hectares which allows for all mining activities, processing plant infrastructure, tailings storage facilities and other offices, workshops and infrastructure in order that mining and processing activities can be carried out. In addition to the granted mining lease, there are several additional areas that are known as "mining claims". These mining claims allow for the mining footprint to be increased or for waste dump and stockpile storage. The mining claims are renewable annually and are as detailed in section 172 of the Mines and Minerals Act (MMA).

Process water requirements will be split into two separate systems designed to avoid the contamination of DMS process water by flotation reagents present in water recovered from the TSF. Potable water will be supplied from several bore holes that have been tested as potable. The water will be filtered through sand filters and sterilised.

The mine site power will be fed from a dedicated 20 MvA, 33 kV line which comes from the ZETDC Atlanta 132 kV substation which is located 10 km from the mine.

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300 Suite 6, 245 Churchill Ave. Subiaco WA 6008 | Email: info@prospectresources.com.au

XXThe spodumene and petalite concentrate November 2018 will be shipped via the port of Beira which is located approximately 580 km to the south-east of Arcadia via road. The tantalite concentrate will be exported via the Port of Walvis Bay, Namibia.

The site will have some on-site accommodation with all other employees being bussed to and from various pick-up points around Harare.

*ENDS*

Africa's leading battery mineral company

Well positioned Lithium Resource in regard to both Scale and Grade

Strong Project Economics demonstrated in DFS

Path forward to Financing, Development and Production

Offtake Agreement in place and positioned to capitalise on Market Demand

For further information, please contact:

Nicholas Rathjen General Manager, Corporate Affairs nrathjen@prospectresources.com.au

Competent Person's Statement

The information in this announcement that relates to Ore Reserves is based on information compiled and reviewed by Mr Paul O'Callaghan, a full-time employee of CSA Global Pty Ltd. Mr O'Callaghan takes overall responsibility for the Report as Competent Person. Mr O'Callaghan is a Fellow of The Australasian Institute of Mining and Metallurgy and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as Competent Person in terms of the JORC (2012 Edition). The Competent Person, Paul O'Callaghan has reviewed the Ore Reserve statement and given permission for the publication of this information in the form and context within which it appears.

About Prospect Resources Limited (ASX:PSC, FRA.5E8)

Prospect Resources Limited (ASX:PSC, FRA:5E8) is an ASX listed lithium company based in Perth with operations in Zimbabwe. 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 Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

XXAbout Lithium November 2018

Lithium is a soft silvery-white metal which is highly reactive and does not occur in nature in its elemental form. In nature it occurs as compounds within hard rock deposits (such as Arcadia) and salt brines. Lithium and its chemical compounds have a wide range of industrial applications resulting in numerous chemical and technical uses. Lithium has the highest electrochemical potential of all metals, a key property in its role in lithium-ion batteries.

Caution Regarding Forward-Looking Information

This announcement may contain some references to forecasts, estimates, assumptions and other forward-looking statements. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions, it can give no assurance that they will be achieved. They may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the business, which could cause actual results to differ materially from those expressed herein. All references to dollars ($) and cents in this announcement are in United States currency, unless otherwise stated.

Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company's securities

XX November 2018 JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (eg cut channels, random chips, orspecific specialisedindustry standard measurement tools appropriateto the minerals under investigation, such as down hole gammasondes, or handheld XRF instruments, etc). These examples shouldnot be taken as limiting the broad meaning of sampling.•Include reference to measures taken to ensure sample representivityand the appropriate calibration of any measurement tools or systemsused.•Aspects of the determination of mineralisation that are Material to thePublic Report.•In cases where 'industry standard' work has been done this would berelatively simple (eg 'reverse circulation drilling was used to obtain 1m samples from which 3 kg was pulverised to produce a 30 g chargefor fire assay'). In other cases more explanation may be required,such as where there is coarse goldthat has inherent samplingproblems. Unusual commodities or mineralisation types (egsubmarine nodules) may warrant disclosure of detailed information.	•At the Arcadia Project, the majority of samples were percussion chips generatedfrom a Smith Capital orThor rig, using a double tube reverse circulation (RC)technique. Samples were collected from the cyclone and riffle split on site beforebagging.•3 x 3 kg samples were collected every meter in triplicate, one of which was sentfor pulverizing and assaying, in addition to a smaller sample retained forreference and logging.•For the diamond drill samples, core was marked up on site, and halved with adiamond saw, in a facility close to site. Half of the core (normally left side) wasretained for reference purposes.•Certified Reference Materials (CRMs) produced by AMIS of Johannesburg,blanks and field duplicates were inserted into each sample batch. (5% of totalbeing CRMs, 5% blanks, 5% field duplicates and 5% laboratory duplicates). Thiswas done by Zimlabs who undertook the sample preparation, as well as blankand CRM insertion, under instruction from Prospect Resources.•The AMIS CRMs used were ; AMIS0338;0.1682% Li, AMIS0339; 2.15% LiAMIS0340; 1.43% Li,AMIS0341; 0.4733% Li,AMIS0342; 0.1612% Li,AMIS0343; 0.7016% Li & AMIS0355; 0.7696% Li•All samples were taken in Company transport to Zimlabs laboratory in Harare,where they were pulverized toproduce a 30g charge and then dispatched bycourier to ALS Johannesburg. All samples were analysed by multi-element ICP(ME-MS61, following four acid dissolution. Overlimits on lithium analysed by

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

Criteria	JORC Code explanation	Commentary
XXNovember 2018		LiOG63 method (four acid digestion with ICP or AAS finish).All the pulps fromholes drilled within the planned new pit area have subsequently been resubmitted for XRD analysis at either ALS, SGS or FT Geolabs. XRD Results fromten batches (796 samples) are available. •All the pulps from holes drilledwithin the planned new pit area have subsequently been re-submitted for XRDanalysis at either ALS, SGS or FT Geolabs. XRD. Results from 28batches (2.642samples) are available.
Drillingtechniques	•Drill type (egcore, reverse circulation, open-hole hammer, rotary airblast, auger, Bangka, sonic, etc) and details (eg core diameter, tripleor standard tube, depth of diamond tails, face-sampling bit or othertype, whether core is oriented and if so, by what method, etc).	•Double tube, 5" Reverse Circulation. For Phases 2 –4, two RC rigs were used. Atrailer mounted Smith Capital double tube RC rig was used with a 25 bar(Ingersoll Rand) 2013 compressor. In addition, a Thor truck mounted rig wasused, with a 50 bar Atlas Copco compressor.For Phase 5 a Super Rock 5000 wasused.•3m rods were used, and the hole air blasted to allow sample recovery via acyclone every 1m. A total of 194 RC holes (15, 546m), plus 9 pre-collars (1,490m)were drilled, and 9.494m from 108RC holes were used in this estimate.•For diamond core drilling, two Atlas Copco CS 14 rigs were used. HQ core wasdrilled through the first 20 –30m of broken ground. This section was then cased,and drilling proceeded with NQ sized core.A total of 111DD holes (9.646m)were drilled, with 74 DD holes (8,401m) were used inthe Mineral Resourceestimate.In addition,11 holes were pre-collared by RC, with fourof these beingsubsequently being tailed with core (1,490m) Four of these (556.m were used inthe estimate).•25 dedicated metallurgical holes (HQ) were drilled (ACD017, 018, 022,031, 041,071, and 073 -81) totaling 1,985m.045, 046, 047, 048, 05,055, 066, 068 –Inaddition, 30 extra dedicated PQ diameter holes were drilled in the final Phase 7drilling. (Holes ACD082 –ACD111).•In total approx. 8.4tonnes of drill core has been seen for metallurgical test work

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20 November 2019 ASX.PSC FRA.5E8

Criteria	JORC Code explanation	Commentary
XXNovember 2018		representing around 1099m of pegmatite intercepts.
Drill samplerecovery	•Method of recording and assessing core and chip sample recoveriesand results assessed.•Measures taken to maximise sample recovery and ensurerepresentative nature of the samples.•Whether a relationship exists between sample recovery and gradeand whether sample bias may have occurred due to preferentialloss/gain of fine/coarse material.	•RC chip samples were bagged directly from the cyclone, and immediatelyweighed; virtually all samples weighed more than 30kg, averaging 35kg. Acalculated recovery of around of 85% was achieved.•The sample was then riffle split to produce 3 subsamples (a primary, fieldduplicate and reference sample) of approximately 3kg each.•Material seems largely homogenous, and no relationship has been detectedbetween grain size and assayed grade. Results from the 41 lab duplicatesgenerated from the milled core, in the Phase 3 samples show a correlation ofover 99%, and an under read, bias of less than 10%, which is not consideredmaterial.•The average core loss across the un-weathered portions of the phase 3 DD holesis 3.7%. The vast majority of this loss occurringin the first 20m of weatheredground. The core loss through the pegmatites is less than 2%. For the Phase 3DD holes, the core loss through the un-weathered portions is 1.3%•The overall average Li grade of the 2093 RC chip samples is 0.30% v 0.31% forthe1781DD samples. As there is only a partial overlap in the RC and DD drilling'grids', it is not possible at this stage to make a definitive statistical comparison,to determine if this is geological in origin or as a result of the drilling method.•RC hole ACR167 was drilled as a twin of DD hole; ACD050. In comparison;oACR167: Mean grade 1.51% Li2O, Main Pegmatite 1.58% over 5m. LowerMain Pegmatite 1.73% over 10m.oACD050: Mean grade 1.47% Li2O, Main Pegmatite 1.46% over 4.4m. LowerMain Pegmatite 1.65% over 12m.

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

20 November 2019 ASX.PSC FRA.5E8

Criteria	JORC Code explanation	Commentary
XXNovember 2018Logging	•Whether core and chip samples have been geologically andgeotechnically logged to a level of detail to support appropriateMineral Resource estimation, mining studies and metallurgicalstudies.•Whether logging is qualitative or quantitative in nature. Core (orcostean, channel, etc) photography.•The total length and percentage of the relevant intersections logged.	•A sample of the RC chips was washed and retained in a chip tray. Chip sampleshave been geologically logged at 1m intervals, with data recorded inspreadsheet format using standardized codes. Sample weight, moisture content,lithologies, texture, structure, induration, alteration, oxidation and mineralisationwere recorded.•Specific gravities (SGs) were measured at Zimlabs using the Archimedes methodand at SGS laboratories in Harare, using a pycnometer.•All drill core has been lithologically logged and had first pass batch geotechlogging done (RQD) on site. At a nearby Company facility, detailed structurallogging and field SG measurements were made, using the Archimedes(displacement in water) method. The SG determinations were made on arepresentative material of waste and mineralized pegmatites from every meterin each borehole.•The work is undertaken according to Prospect Resources' standardprocedures and practices, which are in line with international best practice, andoverseen by the CP. The CP considers that the level of detail and quality of thework is appropriate to support the current Mineral Resource estimation.
Subsamplingtechniquesand samplepreparation	•If core, whether cut or sawn and whether quarter, half or all coretaken.•If non-core, whether riffled, tube sampled, rotary split, etc andwhether sampled wet or dry.•For all sample types, the nature, quality and appropriateness of thesample preparation technique.•Quality control procedures adopted for all sub-sampling stages tomaximise representivity of samples.•Measures taken to ensure that the sampling is representative of the insitu material collected, including for instance results for fieldduplicate/second-half sampling.	•RC samples were bagged straight from the cyclone. An average of 35kg ofsample was produced per meter.•The dry samples were split using a 3-stage riffle splitter, with three, 3kg samplesbeing collected per 1m interval. Excess material was dumpedin a landfill.•For RC chip samples, field duplicates were produced every 20th sample.•The 3kg samples were crushed and milled (90%, pass -75µm) at the ZimlabsLaboratory. Pulp duplicates, blanks and standard material (produced by AMIS)were inserted in identical packets to the samples, one per 20 normal samples foreach of the blanks, standards and lab duplicates. This was done under thesupervision of a qualified geologist or experienced geotechnician from Prospect

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

20 November 2019 ASX.PSC FRA.5E8

Criteria	JORC Code explanation	Commentary
XXNovember 2018	•Whether sample sizes are appropriate to the grain size of the materialbeing sampled.	Resources.•DD Core was split in half with a diamond saw. Half was sampled for assay,respecting lithological boundaries up to a maximum sample length of a meter.The other half of core (normally left side) was retained for reference purposes.
Qualityofassaydataandlaboratorytests	•The nature, quality and appropriateness of the assaying andlaboratory procedures used and whether the technique is consideredpartial or total.•For geophysical tools, spectrometers, handheld XRF instruments, etc,the parameters used in determining the analysis including instrumentmake and model, reading times, calibrations factors applied and theirderivation, etc.•Nature of quality control procedures adopted (eg standards, blanks,duplicates, external laboratory checks) and whether acceptable levelsof accuracy (ie lack of bias) and precision have been established.	•All samples were analysed by multi-element ICP (ME-MS61). Over limits (> onlithium analysed by LiOG63 method, after four acid dissolution. All assays wereperformed at ALS Vancouver.•For QAQC a 10% tolerance on CRM & duplicate results was permitted. Of the 41Phase 1 and 2 blank samples inserted, only one was deemed necessary for reassay. Of the 53 CRMs assayed only three fell outside the acceptable range, andsent for re-assay.•Out of 55 pulps produced from field duplicates, 15 fell outside acceptable limits.An investigation identified that the issue was Zimlabs duplicating the wrongsample. One of their staff had become use to duplicating the preceding sample,irrespective of what was requested by Prospect Resources staff.•The affected samples were re-assayed and subsequent results reported wereconsidered acceptable. Following the discovery of this issue with Zimlabs, aProspect Resources technician now follows each batch through the lab, andsupervises insertion of standards.•For the Phase 3 results all assayed at ALS, there were very few issues. Of 84 CRMssubmitted with the DD samples all returned values within acceptable limits forlithium. As per previous releases, the fivesamples of AMIS340, again under-readon Ta. This issue can be confidently linked to the dissolution methods used byboth ALS (and Genalysis on their check samples) being unsuitable for totalextraction of sample type.•For the Phase 4 results, the 49 blanksamples all returned acceptable results. Ofthe 44 CRMs, 5 of the samples, has variations from the theoretical values of

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

20 November 2019 ASX.PSC FRA.5E8

Criteria	JORC Code explanation	Commentary
XXNovember 2018		between 10 and 15%, but these were not considered significant. All of the 30laboratory duplicates returned acceptable results. Of the 44 field duplicates,eight of the samples returned a variation of greater than 10%, but five of thesamples were very low grade and therefore not considered significant. Three ofthe samples failed again on re-assaying, and it was determined that this waslikely due to the wrong samples being duplicated in the field.•For the Phase 5 results received to date, the five blanks, five CRMs and five labduplicates all returned results within acceptable limits. A mixing of one fieldduplicate sample has evidently been made, and this is being re-assayed.•The conclusion is that ALS accuracy is considered good and, Zimlabs samplepreparation procedures were acceptable.•Threebatches of Round Robin checks(124samples) have been undertaken atZimlabs in Harare, (which have returned an 85% correlation). Additional checksamples were analysed for Li and Ta, satisfactorily at Genalysis -Intertek in Perth,Australia as Round Robin checks.
Verificationof samplingand assaying	•The verification of significant intersections by either independent oralternative company personnel.•The use of twinned holes.•Documentation of primary data, data entry procedures, dataverification, data storage (physical and electronic) protocols.•Discuss any adjustment toassay data.	•Prospect Resources' Chief Geologist was on site during most of the drilling andsample pre-preparation. The significant intersections and geological were alsoshown to Zimbabwe Geological Survey staff and checked by an MSA GeologistCP (Michael Cronwright).•All hard copies of data are retained at the Prospect Resource Exploration offices.All electronic data resides in Excel™ format on the office desktop, with back-upsretained on hard-drives in a safe, and in an Access™ database in a data cloudoffsite.•Fourholes from the current campaign were designed to twin historically drilledRand Mines' holes from the 1970's& 80s. JORC compliant detailed assays arenot available, but cross-sections indicate a good correlation with Prospect'sinterpretation of the Main Pegmatite's geometry.

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

Criteria	JORC Code explanation	Commentary
XXNovember 2018		•In addition, RC hole ACR167 was drilled as a twin of DD hole; ACD050. Incomparison;oACR167: Mean grade 1.51% Li2O, Main Pegmatite 1.58% over 5m. LowerMain Pegmatite 1.73% over 10m.oACD050: Mean grade 1.47% Li2O, Main Pegmatite 1.46% over 4.4m. LowerMain Pegmatite 1.65% over 12m.•Logging and assay data captured electronically on Excel™ spreadsheet, andsubsequently imported into an Access™ database.•All assay results reported as Li ppm and over limits (>5,000ppm) as %, adjustedto the same units and expressed as Li2O %. Similarly, Ta assays are reported inppm, but expressed as Ta2O5. Fe2O3assays were reported in %.
Locationofdata points	•Accuracy and quality of surveys used to locate drill holes (collar anddown-hole surveys), trenches, mine workings and other locationsused in Mineral Resource estimation.•Specification of the grid system used.•Quality and adequacy of topographic control.	•All drill holes were surveyed completed with down-hole survey tool using anAzimuth Point System (APS) Single Shot survey method down-hole instrumentat a minimum of every 30m and measured relative to magnetic North. Thesemeasurements have been converted from magnetic to Arc1950 UTM Zone 36South values. No significant hole deviation is evident in plan or section.•All collar positions have been surveyed using a High Target DGPS system, fromFundira Surveys. The topography in the greater project area was surveyed to30cm accuracy using a Leica 1600 DGPS. Permanent survey reference beaconshave been erected on site.•All surveys were done in the WGS84 datum on grid UTM 36S, and subsequentlyconverted to ARC1950 datum.
Data spacinganddistribution	•Data spacing for reporting of Exploration Results.•Whether the data spacing and distribution is sufficient to establish thedegree of geological and grade continuity appropriate for the MineralResource and Ore Reserve estimation procedure(s) and	•Phase 1 –5 drill holes were drilled at an average of 75m intervals along strikeand down dip of the pegmatites. This was sufficient to establish confidence ingeological and grade continuityand appropriate for the Mineral Resource

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

20 November 2019 ASX.PSC FRA.5E8

Criteria	JORC Code explanation	Commentary
XXNovember 2018	classifications applied.•Whether sample compositing has beenapplied.	classification applied,•The approximate grid for along strike and down dip drilling was extended toapproaching 100m for the subsequent drilling phases.•Phase 6 was a short RC programmewhich targeted a satellite orebody, that Isnot part of this resource.•Phase 7 was drilled as infills within the existing grid on Arcadia to produce moreMain Pegmatite intercepts for wrapping up the metallurgical test work. The gridis now less than 30m in these areas.
Orientationof data inrelationtogeologicalstructure	•Whether the orientation of sampling achieves unbiased sampling ofpossible structures and the extent to which this is known, consideringthe deposit type.•If the relationship between the drilling orientation and the orientationof key mineralised structures is considered to have introduced asampling bias, this should be assessed and reported if material.	•Mineralised structures are shallow dipping (10°northwest) pegmatites hostedwithin meta-basalts and drilling was planned to intersect these structuresperpendicularly (drilled at -80 to the southeast)•Though the target pegmatites can show considerable mineralogical and to alesser extent grade variation, the geology is relatively simple.
Samplesecurity	•The measures taken to ensure sample security.	•RC and core samples were placed in sealed bags to prevent movement andmixing. Minimal preparation was done on site. Samples were transported incompany vehicles accompanied by a senior technician to the pre-preparationlaboratory (Zimlabs)
Auditsorreviews	•The results of any audits or reviews of sampling techniques and data.	•The Resource CP (Ms Gayle Hanssenof DMS), is continually auditing samplingand logging practices.

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Section 2 Reporting of Exploration Results

XX November 2018 (Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineraltenementandlandtenurestatus	•Type, reference name/number, location and ownership includingagreements or material issues with third parties such as jointventures, partnerships, overriding royalties, native title interests,historical sites, wilderness or national park and environmentalsettings.•Thesecurity of the tenure held at the time of reporting along with anyknown impediments to obtaining a licence to operate in the area.	An approx 10 square Km (1038 hectares) mining lease, no 38 was issued on•August 16th 2018 to Prospect Lithium Zimbabwe (formerly Examix Investments(Pvt)) This encompasses the entire mineral resource.•No environmental or land title issues or impediments. EIA certificate of approvalgranted by the Environmental Management Agency, to cover all of the company'sexploration activities.•Rural farmland –fallow, effectively defunct commercial farm.
Explorationdonebyother parties	•Acknowledgment and appraisal of exploration by other parties.	•Two rounds of historical drilling were done. Three EXT holes were drilled in 1969with support from the Geological Survey of Zimbabwe, at the site of the historicpit. These logs are available, and the lithologies observed are consistent with thatseen byProspect Resources' drilling.•The sites of at least 10 previously drilled NQ sized boreholes have also beenidentified in the field. Muchdetailed records of this programme have been lost.But the work done is mentioned in theGeological Survey in their 1989 Hararebulletin, no 94 where anon-JORC compliantestimate of 18Mt is recorded.•Recent investigations have revealed that this was actually two campaigns ofdrilling. The first in 1974, consisted of six diamond drill holes and a limited numberof percussion holes by local company Rhodex.•The second round was undertaken in 1981 by Rand Mines' local subsidiary CentralAfrican Minerals. A total of 813.77 m was drilled in eight diamond drill holes. Sixof the old the bore hole collars have been identified, one with a hole number AC#4,and depth 47 m. (This was twinned by PR hole ACD001). It is apparent that thoughRand Mines intersected the Lower Main Pegmatite in one of the holes, they were

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Criteria	JORC Code explanation	Commentary
XXNovember 2018		not aware that the ore body thickened significantly to the north.•A weighted average grade of 1.47 % Li2O over 26 m was recorded from the eightholes. Though non-JORC compliant, the order of magnitude of the results areconsistent with Prospect's work.
Geology	•Deposit type, geological setting and style of mineralisation.	•The deposit comprises a number of pegmatites hosted in meta-basalts of theArcturus Formation within the Harare Greenstone Belt.•The pegmatites belong to the Petalite subclass of the Rare-Element pegmatitedeposit class and belong to the LCT pegmatite family.•The pegmatites are poorly to moderately zoned (but not symmetrically orasymmetrically zoned and have no quartz core).The main lithium bearing mineralsare dominantly petalite and spodumene, with sub-ordinate eucryptite, bikitaite,and minor lepidolite. In addition, disseminated tantalite is present. Gangueminerals are quartz, alkali feldspars and muscovite.•The pegmatites strike 045° and dip at 10° to the northwest.
DrillholeInformation	•A summary of all information material to the understanding of theexploration results including a tabulation of the following informationfor all Material drill holes:oeasting and northing of the drill hole collaroelevation or RL (Reduced Level –elevation above sea level inmeters) of the drill hole collarodip and azimuth of the holeodown hole length and interception depthohole length.•If the exclusion of this information is justified on the basis that theinformation is not Material and this exclusion does not detract fromthe understanding of the report, the Competent Person should clearlyexplain why this is the case.	•See Appendix I

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Criteria	JORC Code explanation	Commentary
XXNovember 2018Dataaggregationmethods	•In reporting Exploration Results, weighting averaging techniques,maximum and/or minimum grade truncations (eg cutting of highgrades) and cut-off grades are usually Material and should be stated.•Where aggregate intercepts incorporate short lengths of high graderesults and longer lengths of low grade results, the procedure usedfor such aggregation should be stated and some typical examples ofsuch aggregations should be shown in detail.•The assumptions used for any reporting of metal equivalent valuesshould be clearly stated.	Borehole intersections were reported using downhole length weighted averaging•methods. No maximum or minimum grade truncations were used. Themineralisation is constrained to within the pegmatites.•For this Mineral Resource estimate,two estimates were made, one usinga cut-offgrade of the statistically determined 0.2% Li2O, and a second using a more realisticmining cut off, of 1%Li2O.
Relationshipbetweenmineralisationwidthsandinterceptlengths	•These relationships are particularly important in the reporting ofExploration Results.•If the geometry of the mineralisation with respect to the drill holeangle is known, its nature should be reported.•If it is not known and only the down hole lengths are reported, thereshould be a clear statement to this effect (eg 'down hole length, truewidth not known').	All drill holes were drilled with an azimuth of 135°. The dip of all the holes is -80°,•planned to intersect the pegmatites perpendicularly.•Virtually all holes intersected the pegmatites as planned, though the pegmatitesdo bifurcate and vary in thickness.There are remarkably little structuralcomplications in the area. A series of northeast –southwest striking faults cut theore body, but with little apparentdisplacement.The NNE trending Mashonganyika fault zone which forms the river valley tothe•east of the current planned pit, has resulted in blocks of Main Pegmatite beingdown faulted and preserved from erosion. Detailed analysis of the multi-elementgeochemistry is underway, but it appears that this fault zone has accentuatedsurficial geochemical leaching of certain of the elements; including lithium.
Diagrams	•Appropriate maps and sections (with scales) and tabulations ofintercepts should be included for any significant discovery beingreported These should include, but not be limited toa plan view ofdrill hole collar locations and appropriate sectional views.	•Maps and cross sections are attached in the body of the report

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Criteria	JORC Code explanation	Commentary
XXNovember 2018Balancedreporting	•Where comprehensive reporting of all Exploration Results is notpracticable, representative reporting of both low and high gradesand/or widths should be practiced to avoid misleading reporting ofExploration Results.	•The Company states that all results have been reported and comply with balancedreporting.
Othersubstantiveexplorationdata	•Other exploration data, if meaningful and material, should be reportedincluding (but not limited to): geological observations; geophysicalsurvey results; geochemical survey results; bulk samples –size andmethod of treatment; metallurgical test results; bulk density,groundwater, geotechnical and rock characteristics; potentialdeleterious or contaminating substances.	•Channel sampling also carried out at the adjacent dormant pit, previously minedin the 1970s. Continuous 1m samples were channel sampled and hand sampledalong cut lines, every 2m on the pit face. Approximately3kg samples werecollected, and assayed at ALS after crushing and milling at Zimlabs. Assays wereincorporated into the MRE.•Geological mapping was undertaken down-dip and along strike of the pit and hasbeen incorporated into the current MRE.•Soil sampling orientation lines have produced lithium geochemical anomalies thatcoincidewith sub-outcropping projections of the pegmatites.
Further work	•The nature and scale of planned further work (egtests for lateralextensions or depth extensions or large-scale step-out drilling).•Diagrams clearly highlighting the areas of possible extensions,including the main geological interpretations and future drilling areas,provided this information is not commercially sensitive.	•A potential Phase 8drilling that would involve drilling 14 x 140m holes on thewestern edge of the planned Main Pit is being considered.This is to upgrade allof the Basal & Lower Basal Pegmatite to at least an Indicated Mineral Resourcecategory.

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria	JORC Code explanation	Commentary
Databaseintegrity	•Measures taken to ensure that data has not been corrupted by, forexample, transcription or keying errors, between its initial collectionand its use for Mineral Resource estimation purposes.•Data validation procedures used.	•All data is stored in Excel spreadsheets, which are checked by the Project Geologistprior to import into an Access Database.•Columns in the spreadsheet have been inserted to calculate the sample lengths

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Criteria	JORC Code explanation	Commentary
XXNovember 2018		and compare them to that recorded by the samplers.•The spreadsheets are set up to, allow only standardized logging codes. Checks arealso done during data capture and prior to import to ensure there are no intervalor sample overlaps, duplication of data or samples.
Site visits	•Comment on any site visits undertaken by the Competent Person andthe outcome of those visits.•If no site visits have been undertaken indicate why this is the case.	•The project has regularly been visited by the Company's Chief Geologist and CP.In addition, Mr Michael Cronwright of The MSA Group, a pegmatite specialist andCP has undertaken a number of site visits to advise on pegmatite zonation andmineralogy and observe sampling practices.
Geologicalinterpretation	•Confidence in (or conversely, the uncertainty of ) the geologicalinterpretation of the mineral deposit.•Nature of the data used and of any assumptions made.•The effect, if any, of alternative interpretations on Mineral Resourceestimation.•The use of geology in guiding and controlling Mineral Resourceestimation.•The factors affecting continuity both of grade and geology.	•The geology of the deposit is relatively simple, a number of shallow dipping (10°to the NW) pegmatites hosted in meta-basalt. The deposit is cross-cut bysouthwest-northeast and north northwest –south southeast trending faults. Thelatter set isthought to have controlled initial emplacement of the pegmatites, butthere is little discernible displacement of the pegmatites along them.•Estimations have been done separately on each of the major three pegmatitesbodies; the Main Pegmatite, the IntermediatePegmatite, the Lower MainPegmatiteand the Basal Pegmatite.•Lithium is a highly mobile element, and weathering has affected and leached thegrade down to 20-30m depth. Separate estimations have been made on theweathered and un-weathered zones.
Dimensions	•The extent and variability of the Mineral Resource expressed aslength (along strike or otherwise), plan width, and depth belowsurface to the upper and lower limits of the Mineral Resource.	•The block model encompasses 2.6km of the 3.5km ofSW-NE strike, by 900m downdip, and to a depth of 130m. The geological model is 300m thick, which representsa depth greater than the combined maximum topographic height, plus maximumdepth drilled.
Estimationand	•The nature and appropriateness of the estimation technique(s)applied and key assumptions, including treatment of extreme gradevalues, domaining, interpolation parameters and maximum distance	•The initial geological models were constructed in Leapfrog software based onhand drawn sections compiled bythe Project and Chief Geologists. The block

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Criteria	JORC Code explanation	Commentary
XXNovember 2018modellingtechniques	of extrapolation from data points. If a computer assisted estimationmethod was chosen include a description of computer software andparameters used.•The availability of check estimates, previous estimates and/or mineproduction records and whether the Mineral Resource estimate takesappropriate account of such data.•The assumptions made regarding recovery of by-products.•Estimation of deleterious elements or other non-grade variables ofeconomic significance (eg sulphur for acid mine drainagecharacterisation).•In the case of block model interpolation, the block size in relation tothe average sample spacing and the search employed.•Any assumptions behind modelling of selective mining units.•Any assumptions about correlation between variables.•Description of how the geological interpretation was used to controlthe resource estimates.•Discussion of basis for using or not using grade cutting or capping.•The process of validation, the checking process used, the comparisonof model data to drill hole data, and use of reconciliation data ifavailable.	modelwas constructed by Digital Mining Services (DMS) in Surpac software. Notop cut was applied, as there were no statistical outliers. Based on frequencydistribution analysis however a bottom cut off of0.2%Li2O was used. In addition,a higher grade resource was defined, using a cut-off of 0.8%%Li2O. OrdinaryKriging (OK) was employed. A spherical model was used, with search parametersset to follow the SW-NE strike and NW dip of the pegmatites.•N/A•Estimations were also made on tantalum, the primary by-product and niobium,which is intimately (mineralogically) associated with it, and also rubidium. Thelatter has a very high background level and is considered to be associated with theK-Feldspar, butunlikely to form economic mineralisation.•Deleterious elements, such as Cd, Fe and U are at acceptable to low levels.Initial block size was set at 40m x 40m x 5m (standard Zimbabwean Bench height).•Sub –blocking done at 10 x 10 x 2.5m.•Statistical analysis suggests a strong correlation between Cs & Rb, and Ta, Nb andBe, but a weak to negative one of the lithium to almost all other elements.•No outlier high values to warrant top cut-off. Statistical analysis suggested a 0.2% Li2O lower cut-off.Sections were sliced through the body at 100m intervals and bore hole intercept•grades visually compared against the estimated block grades.
Moisture	•Whether the tonnages are estimated on a dry basis or with naturalmoisture, and the method of determination of the moisture content.	•Estimated on a dry basis
Cut-offparameters	•The basis of the adopted cut-off grade(s) or quality parametersapplied.	Commodity is an industrial mineral. Key value drivers are Li (or Li2O) grade and•mineralogy. Lower cut -off of 0.2% Li2O determined statistically.•Metallurgical and mineralogical test work has been completed and is ongoing.

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Criteria	JORC Code explanation	Commentary
XXNovember 2018Miningfactorsorassumptions	•Assumptions made regarding possible mining methods, minimummining dimensions and internal (or, if applicable, external) miningdilution. It is always necessary as part of the process of determiningreasonable prospects for eventual economic extraction to considerpotential mining methods, but the assumptions made regardingmining methods and parameters when estimating Mineral Resourcesmay not always be rigorous. Where this is the case, this should bereported with an explanation of the basis of the mining assumptionsmade.	•5m block height size used to confirm with standard Zimbabwean bench height.Open cast mining is planned in the eastern partof the ore body to exploit theBasal, Lower Main, Intermediate,Main & Upper Pegmatites.•A stripping ratio of less than 2.79 :1 to 130m depth has been determined.•Although numerous thin pegmatite bands (14 in all) exist; practical minimum sizeof 2m is deemed possible to economically mine (equates to average bucket widthof an excavator). Bands thinner than this will dictate the necessity of establishinglow grade stockpiles, which may be economic to process once mine and flotationplant and gravity circuits arerunning successfully. The current estimate was madeon the four thickest bands; the Upper Pegmatite, Main Pegmatite, the MiddlePegmatite Lower Main Pegmatite, Basal and Lower Basal Pegmatites.
Metallurgical factors orassumptions	•The basis for assumptions or predictions regarding metallurgicalamenability. It is always necessary as part of the process ofdetermining reasonable prospects for eventual economic extraction toconsider potential metallurgical methods, but the assumptionsregarding metallurgical treatment processes and parameters madewhen reporting Mineral Resources may not always be rigorous.Where this is the case, this should be reported with anexplanation ofthe basis of the metallurgical assumptions made.	•Detailed XRD and petrographic investigations have been completed on a range ofsamples from across and at depth from the Arcadia deposit. The results indicatethe mineralogy of the lithium mineralisation is coarse grained petalite and finegrained spodumene, both of which are amenable to conventional recoverymethods for the production of a potentially saleable lithium concentrate. Initialheavy liquid separation results in petalite reporting largely to the floats andspodumene to the sinks.The two may be separated after primary fine crushingby dense medium separation (DMS) and after successive fine grinding, byflotation. Petalite is coarse grained, primarily reporting to gravityconcentrates.The finer spodumene responds very well to conventional fatty acidflotation.FT Geolabs (South Africa) and NAGROM (Australia) have reported onextensive testing, which has produced very favourable results. (ACD017, 018, 022,033, ACD031,041, 045, 046 048, 049, 051, 055, 066, 068-71 and 073 -081). TestingLowerMain Pegmatite ore produced spodumene concentrate grade of >5%lithium oxide (Li2O) and petalite concentrate at >4% Li2O from dense mediumseparation tests with a lithium recovery of 6% as petalite in gravity

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Criteria	JORC Code explanation	Commentary
XXNovember 2018		concentrates.Spodumene, reporting to DMS sinks graded ~5% Li2O at a lithiumrecovery of ~8%.Lithium recovery of ~44% to spodumene flotation concentrategrading >6% Li2O was achieved. These results reflect near total recovery ofspodumene and significant initial recovery of petalite minerals. Work to maximizepetalite recovery employing spirals and flotation is continuing. Further bulk testingof Upper Pegmatite ore supports the selection of DMS for coarse petalite recovery,and specialist flotation testing has indicated additional petalite may berecoverable while achieving specification grade.
		• The following products have been produced;o Spodumene concentrate @ 6.5% Li2O and 0.33% Fe2O3o Spodumene concentrate @ 6.1% Li2O and 0.52% Fe2O3o Petalite concentrate @ 4.2 % Li2O and 0.08 % Fe2O3
		• Battery grade lithium carbonate has been produced from the laboratoryand pilot test facility established in KweKwe, Zimbabwe.Excellent qualityproduct significantly above battery grade specification been produced atlithium carbonateanalyses >99.5%.
Environmental factors orassumptions	•Assumptions made regarding possible waste and process residuedisposal options. It is always necessary as part of the process ofdetermining reasonable prospects for eventual economic extraction toconsider the potential environmental impacts of the miningandprocessing operation. While at this stage the determination ofpotential environmental impacts, particularly for a greenfields project,may not always be well advanced, the status of early consideration ofthese potential environmental impacts should be reported. Where	•An EIA certificate has been issued by the Environmental Management Agency(EMA) of Zimbabwe for both the exploration and the mining phases. Sterilizationdrilling was successfully done at the planned plantsite located away from anyperennial water courses. There are no centersof dense human habitation.

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Criteria	JORC Code explanation	Commentary
XXNovember 2018	these aspects have not been considered this should be reported withan explanation of the environmental assumptions made.
Bulk density	•Whether assumed or determined. If assumed, the basis for theassumptions. If determined, the method used, whether wet or dry, thefrequency of the measurements, the nature, size andrepresentativeness of the samples.•The bulk density for bulk material must have been measured bymethods that adequately account for void spaces (vugs, porosity,etc), moisture and differences between rock and alteration zoneswithin the deposit.•Discuss assumptions for bulk density estimates used in theevaluation process of the different materials.	•Specific gravities for all RC and DD core samples have been measured, in bothweathered and un-weathered zones. The pegmatites are competent units with novoids, and the specific gravities measured are considered to be a good estimateof future mined bulk densities.•In core, theArchimedes technique has been used by the company. For the RCchips, a pycnometer was used by SGS Harare, and the Archimedes technique byZimlabs. The results from the DD have proved to be more statistically robust, andonly in areas where there is no DD coverage, have the SG measurements from theRC been used.
Classification	•The basis for the classification of the Mineral Resources into varyingconfidence categories.•Whether appropriate account has been taken of all relevant factors (ierelative confidence in tonnage/grade estimations, reliability of inputdata, confidence in continuity of geology and metal values, quality,quantity and distribution of the data).•Whether the result appropriately reflects the Competent Person'sview of the deposit.	•The deposits show reasonable continuity in geology and grade. The basis ofresource classification is therefore largely based in drill hole density. MeasuredResourcesat 50m spacing, Indicated Resources up to 100mand InferredResources> 100m.•The company believes that all relevant factors have been taken into account.•The CP, Chief Geologist and Project Geologist agree that the Mineral Resourceestimateis a fair and realistic model of the deposit.
Auditsorreviews	•The results of any audits or reviews of Mineral Resource estimates.	•The Mineral Resource Estimate was reviewedby amongst others EntechMining ofPerth, BGRIMM of Beijing and Lionhead of Johannesburg.
Discussion ofrelativeaccuracy/confidence	•Where appropriate a statement of the relative accuracy andconfidence level in the Mineral Resource estimate using an approachor procedure deemed appropriate by the Competent Person. Forexample, the application of statistical or geostatistical procedures toquantify the relative accuracy of the resource within stated confidencelimits, or, if such an approach is not deemed appropriate, a qualitativediscussion of the factors that could affect the relative accuracy and	•The individual pegmatite bodies are geologically consistent, and it is deemed thatthe estimates are valid for such deposits over significant distances.•N/A•The statement refers to the four main pegmatite bodies; the Upper Pegmatite, theMain Pegmatite, the IntermediatePegmatite the Lower Main Pegmatite, Basal and

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Criteria	JORC Code explanation	Commentary
XXNovember 2018	confidence of the estimate.•The statement should specify whether it relates to global or localestimates, and, if local, state the relevant tonnages, which should berelevant to technical and economic evaluation. Documentation shouldinclude assumptions made and the procedures used.•These statements of relative accuracy and confidence of the estimateshould be compared with production data, where available.	Lower Basal Pegmatites.

Table 1 Section 4 Estimation and Reporting of Ore Reserves

(Criteria listed in section 1, and where relevant in sections 2 and 3, also apply to this section.)

Criteria	JORC Code explanation	Commentary
MineralResourceestimateforconversion toOre Reserves	•Description of the Mineral Resource estimate used as a basis for theconversion to an Ore Reserve.•Clear statement as to whether the Mineral Resources are reportedadditional to, or inclusive of, the Ore Reserves.	•The Ore Reserve estimate is based on the Mineral Resource estimatereleased on 25 October 2017, by Prospect Resources and prepared byGayle Hanssen as the Competent Person. The Mineral Resource estimateswere reported using both a 0.2 % and a 1.0 % Li2O cut-off.•The Mineral Resource estimate was reported as:
		o72.7 Mt grading 1.11 % Li2O (807 800t contained Li2O)o61.3 Mt grading 1.12 % Li2O (Measured and IndicatedResources)oThis includes a higher-grade zone (using a 1% Li2O cut-off)of 43.2Mt at 1.41% Li2O and 37.4 Mt at 1.41% Li2O(Measured and Indicated Resources)
		•The Mineral Resource is reported inclusive of the Ore Reserve.
Site visits	•Comment on any site visits undertaken by the Competent Personand the outcome of those visits.	•The Competent Person, Paul O'Callaghan (Principal Consultant withCSAGlobal) has not visited site. Michael Cronwright (A Principal

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Criteria	JORC Code explanation	Commentary
XXNovember 2018	•If no site visits have been undertaken indicate why this is the case.	Consultant employed by CSAGlobal), has visited the Arcadia site on threeoccasions in 2016 and the competent person is confident that therequirements of a site visit have been sufficiently fulfilled. There has beenno mining or construction activity on the site since these site visits. Thevisits comprised inspecting the existing old Beryl pit, the area of theplanned ArcadiaMain and the Satellite Pit and the diamond drill core.
Study status	•The type and level of study undertaken to enable Mineral Resourcesto be converted to Ore Reserves.•The Code requires that a study to at least Pre-Feasibility Study levelhas been undertaken to convert Mineral Resources to Ore Reserves.Such studies will have been carried out and will have determined amine plan that is technically achievable and economically viable,and that material Modifying Factors have been considered.	•The Company completed the Arcadia Lithium Project to a DefinitiveFeasibility Study (DFS) level as announced to the ASX market in November2018.•The work undertaken in this updated DFShas addressed all materialmodifying factors required for the conversion of Mineral Resources to OreReserves and has shown that the mine plan is technically achievable andeconomically viable.•This Ore Reserve estimate applies all material modifying factors such asmining dilution, mining recovery, infrastructure, costs, legal,environmental, social and regulatory, in line with the updated DFS.•Subsequent to the completion of the DFS, a Value Engineering exercisehas been completed. A key initiative relating to plant optimisation is toimplement a High Pressure Grinding Rolls (HPGR) system into the processdesign that is expected to deliver material reductions to the Project'scapital expenditure and operating costs, whilst maintaining or improvingmetallurgical recoveries.
Cut-offparameters	•The basis of the cut-off grade(s) or quality parameters applied.	•A variable economic cut-off grade has been used for this Ore Reserveestimation. The cut-off grade has been based on a block by block analysiswhereby if the Revenue obtained from the three products exceeds theoperating costs in processing, G&A, transporting and selling that product,

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Criteria	JORC Code explanation	Commentary
XXNovember 2018		then that block becomes a part of the Ore Reserve. All other blocks withinthe pit design that don't satisfy these criteria are nominated as wastematerial.•The Revenues were based around a spodumene price of US$727/t of 6%concentrate, a petalite price of US$818/t of 4% concentrate and atantalum price of US$75/lb.
Mining factorsorassumptions	•The method and assumptions used as reported in the Pre-Feasibilityor Feasibility Study to convert the Mineral Resource to an OreReserve (i.e. either by application of appropriate factors byoptimisation or by preliminary or detailed design).•The choice, nature and appropriateness of the selected miningmethod(s) and other mining parameters including associated designissues such as pre-strip, access, etc.•The assumptions made regarding geotechnical parameters (eg pitslopes, stope sizes, etc), grade control and pre-production drilling.•The major assumptions made and Mineral Resource model used forpit and stope optimisation (if appropriate).•The mining dilution factors used.•The mining recovery factors used.•Any minimum mining widths used.•The manner in which Inferred Mineral Resources are utilised inmining studies and the sensitivity of the outcome to their inclusion.•The infrastructure requirements of the selected mining methods.	•In order to develop the mine plan for the Arcadia deposit, optimised pitshells and pit designs were prepared using the Dassault System Whittleand Surpac software.•Input parameters for the pit optimisation were based on provided datafrom Prospect. The product prices were reviewed by CSA Global and areconsidered appropriate for the lithium market into the future. Theoperating costs have been based on a mixture of contractor quotationsand first principle estimates, all to a minimum of a Pre-feasibility Studystandard.•The mining method is based on a four staged Main pit and a separateSatellite pit using conventional open cut drill and blast and load and haulmining methods.•Pit slope parameters were made in accordance with the calculationsmade by geotechnical engineers Practara Ltd.•The overall slope angles are planned to be 52° in fresh material with abatter angle of 80° and berm widths of 5m. In weathered material, theoverall slope angle will be 36° based on batter angles of 43° and bermwidths of 5m.•10m high benches are planned with the removal of four 2.5m high miningflitches, with a final berm width of 5m•Modifying factors include mining dilution at 5% and total ore losses at 5%

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Criteria	JORC Code explanation	Commentary
XXNovember 2018		(mining recovery of 95%). The grade of the diluting material, added to theore stream is taken to have an average value of 0% Li2O. These values areconsidered suitable for the deposit geometry, mining method and the sizeof proposed mining equipment.•Inferred Mineral Resources have not been included in the pitoptimisations due to JORC (2012) requirements.•Mining infrastructure includes ROM pad, tailings pad, overburden andwaste rock, stockpiles, haul roads, workshops and offices. Theestablishment of this infrastructure is included in the capital costestimates for the project.
Metallurgicalfactorsorassumptions	•The metallurgical process proposed and the appropriateness of thatprocess to the style of mineralisation.•Whether the metallurgical process is well-tested technology or novelin nature.•The nature, amount and representativeness of metallurgical testwork undertaken, the nature of the metallurgical domaining appliedand the corresponding metallurgical recovery factors applied.•Any assumptions or allowances made for deleterious elements.•The existence of any bulk sample or pilot scale test work and thedegree towhich such samples are considered representative of theorebody as a whole.•For minerals that are defined by a specification, has the ore reserveestimation been based on the appropriate mineralogy to meet thespecifications?	•From October 2016 until July 2019 the Company directed a detailedmetallurgical testing programme using ½ and whole HQ core fromnineteen dedicated diamond holes placed along and across the depositand 2 x 10 t bulk samples of material extracted from the historical openpit.•The test work was undertaken by FTGeolabs (HLS and flotation) inCenturion South Africa, PESCO (DMS) in South Africa, LDE (magneticseparation) in South Africa, NAGROM (HLS, DMS, magnetic separationand flotation) in Perth and Dorfner-Anzaplan (flotation) in Germany.Work done included:oMineralogical analysis using XRD.oHeavy Liquids Separation testing to demonstrate whetherArcadia ore is amenable to concentration of spodumeneand petalite using Dense Media Separation.oFurther grindability testing; and

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

20 November 2019 ASX.PSC FRA.5E8

CriteriaJORC Code explanation	Commentary
November 2018	oBatch and locked cycle flotation testing for the recovery ofspodumene and petalite.
	•Detailed XRD and petrological thin section investigations have beencarried out. The results indicate the mineralogy of the lithiummineralisation is coarse grained petalite and fine grained spodumene,both of which are amenable to conventional recovery methods for theproduction of potentially saleable lithium concentrates.•The liberation characteristics of the coarse-grained petalite render itsuitable for concentration by dense medium separation in which petalitereports to the floats fraction as a low-iron 4% Li2O concentrate. The finergrained spodumene reports to DMS rejects and is subsequently milled toproduce feed for froth flotation separation in which a concentratecontaining 6% Li2O is produced.•Based on the results of these studies, the Company has designed aconcentrator plant to process 2.4 Mtpa of ore feed using conventionalDMS for petalite recovery and froth flotation technology for spodumenerecovery suitable for a pegmatite orebody. The processing plantcomprises key areas including two-stage crushing, HPGR grinding, densemedia separation, mica-flotation, spodumene flotation, magneticseparation, concentrate dewatering and drying, and tailings filtering. Theplant will produce 6% Li2O spodumene concentrate and 4% Li2O petaliteconcentrate suitable for lithium chemical conversion plants that supplyfeed-stock to the lithium battery manufacturers as well as theglass/ceramics markets respectively.•There are allowances made for the tantalite concentrate which needs tobe shipped from the Port of Walvis Bay in Namibia. The reason is due tothe tantalite product contains radionuclides in excess of 0.1%, so it must

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

Criteria	JORC Code explanation	Commentary
XXNovember 2018		be stored, handled and shipped as a Class 7 dangerous good.•Further metallurgical optimisation and enhancement to improve themetallurgical recoveries and concentrate grades is underway. Historically,spodumene recoveries of up to 85% and petalite recoveries up to 40%have been achieved in the principal pegmatite zones of the deposit andfurther testing is required to ascertain whether this can be extendedhomogenously across the deposit.•All technologies proposed are proven and well tested with easily sourcedcomponents.•Potential deleterious elements have not been observed. Removal of ironbeing the sole impurity control measure necessary.
Environmental	•The status of studies of potential environmental impacts of themining and processing operation. Details of waste rockcharacterisation and the consideration of potential sites, status ofdesign options considered and, where applicable, the status ofapprovals for process residue storage and waste dumps should bereported.	•An Environmental Impact Assessment (EIA) was undertaken andapplication made for the project to proceed. The application was approvedand the Zimbabwe Environmental Management Authority (EMA) issued acertificate on the 24 May 2017 which gives approval from the EMA for theproject to proceed to construction and operation.
Infrastructure	•The existence of appropriate infrastructure: availability of land forplant development, power, water, transportation (particularly forbulk commodities), labour, accommodation; or the ease with whichthe infrastructure can be provided, or accessed.	•The project is easily accessed from Harare by either the Main A2 Harareto Mozambique Highway, the Harare to Arcturus Mine strip road or theMain A3 Harare to Mutare highway, turning off to Goromonzi and usingdistrict roads.•Electrical National grid power is available at the project, and groundwaterand surface water are plentiful.
Costs	•The derivation of, or assumptions made, regarding projected capital	•Capital costs (Capex) for the Arcadia Project have been based on,

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

20 November 2019 ASX.PSC FRA.5E8

CriteriaJORC Code explanation

Commentary

XXNovember 2018costs in the study.•The methodology used to estimate operating costs.•Allowances made for the content of deleterious elements.•The source of exchange rates used in the study.•Derivation of transportation charges.•The basis for forecasting or source of treatment and refiningcharges, penalties for failure to meet specification, etc.•The allowances made for royalties payable, both Government andprivate.

estimates of costs at the Arcadia mine, quotations, budget pricesand engineering experience. The Capex estimate can beconsidered to have an accuracy of +/-15 %, based on normalFeasibility Study standards.•Operating costs (Opex) have been based on estimates derived fromquotations, tenders and local mining experience. Costs are basedon existing mining operations within Zimbabwe. Reagent costs arebased on firm and budget quotations or list prices. Labour andadministration costs are based on existing mining operationswithin Zimbabwe, projected workforce numbers and anticipatedlabour costs.•Metallurgical testwork has indicated there are no deleteriouselements that would impact the sale of products.•All costs used in the study have been based on US dollars.•Maintenance costs are calculated based on similar existingoperations in the region and supplier information. The crushing,milling and flotation costs and respective power consumptions pertonne are based on a similar operation in the region for which over18 months of data was analysed. The crushing, milling and flotationcosts per tonne include wear items and maintenance costs.•The mining costs, both contractor and in-house, used in this studyare based on actual quotations, which are the subject of miningcontracts to be finalised.•The mining contractor costs used are wet rates and are all-inclusiveof other runningcosts, fuel usage, capital costs and managementfees. Diesel consumption has been estimated based on unitconsumption rates and the mine schedule. Mobilisation costs are

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

20 November 2019 ASX.PSC FRA.5E8

Criteria	JORC Code explanation	Commentary
XXNovember 2018		included and capitalised under early operational costs.•Costs are based on existing mining operations within Zimbabwe.Reagent costs are based on firm and budget quotations or listprices. Labour and administration costs are based on existingmining operations within Zimbabwe, projected workforcenumbers and anticipated labour costs.•The process plant utilises reagents in the flotation circuit andthickeners for slimes and product thickening. Consumption rateshave been derived from testwork conducted during the DFSperiod.•Concentrate freight costs are based on prices provided by localtransport contractors to deliver product to the port of Beira,Mozambique.•An allowance has been made for a MMCZ marketing fee of 0.875%of gross sales.•Zimbabwe state royalty of 2.0% of gross sales has been included.•A Minerals Lithium Tax of 5.0% chargeable on un-beneficiatedexports of lithium has been included.•Treatment and refining charges do not apply to the products as allsales are based on Freight on Board (FOB) prices.
Revenuefactors	•The derivation of, or assumptions made regarding revenue factorsincluding head grade, metal or commodity price(s) exchange rates,transportation and treatment charges, penalties, net smelterreturns, etc.•The derivation of assumptions made of metal or commodity price(s),for the principal metals, minerals and co-products.	•Sinomine lithium concentrateprices have been based on priceformulae in the 7-year Offtake Agreement with Sinomine.•Lithium concentrate not under Offtake have been based onindependentpricingobtainedfromBenchmarkMineralsIntelligence.•The petalite price has been determined on a 70% technical / 30%chemical split with the understanding that the operation will aim to

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

Criteria	JORC Code explanation	Commentary
XXNovember 2018		maximise its low iron technical grade petalite product as much aspossible.•A range of product prices from external reports and market analystshave been applied to confirm the robustness of the project.•Tantalum prices are based on current data sourced from a thirdparty global sales database.
Marketassessment	•The demand, supply and stock situation for the particularcommodity, consumption trends and factors likely to affect supplyand demand into the future.•A customer and competitor analysis along with the identification oflikely market windows for the product.•Price and volume forecastsand the basis for these forecasts.•For industrial minerals the customer specification, testing andacceptance requirements prior to a supply contract.	•Market commentators continue to forecast strong growth in thedemand for lithium primary products particularly as feedstock for thebattery market sector.•Global primary production is expanding to address the supplyshortfall•Assumed long term product pricing has been based on a morebalanced supply/demand scenario.•Production volumes have been based on the above.•Offtake agreement with Sinomine has been signed off.
Economic	•The inputs to the economic analysis to produce the net present value(NPV) in the study, the source and confidence of these economicinputs including estimated inflation, discount rate, etc.•NPV ranges and sensitivity to variations in the significantassumptions and inputs.	•A discount rate of 10% was applied.•The sensitivity of the project's Internal Rate of Return (IRR)to the various input parameters was subject to a sensitivityanalysis.•The pit optimisation sensitivity showed that with varyingprices and recoveries, similar sized pit shells were formedbased on the same pit shell selection criteria.•The economic analysis of the Project indicates the NetPresent Value (NPV) to be positive based on the givenproduct prices, Capex and Opex estimates.

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

20 November 2019 ASX.PSC FRA.5E8

Criteria	JORC Code explanation	Commentary
XXNovember 2018Social	•The status of agreements with key stakeholders and matters leadingto social licence to operate.	•Key project stakeholders that were consulted during the EIAprocess included:•Goromonzi rural District Council•Chief Chikwaka as local leader•Relatives of identified graves and should the needarise anexhumation consultation and plan•Zinwa•NSSA (National Social Security Agency)•Ministry of Lands/Agritex•ZRP (National Police)•Ministry of Mines•Professor Kajese as the farm owner•All stakeholders were provided the opportunity to raise anyconcerns and those concerns were addressed with the mainstakeholders providing written letters of acceptance of theproject. Most stakeholders were excited at the prospect oflocal jobs being created by the project.
Other	•To the extent relevant, the impact of the following on the projectand/or on the estimation and classification of the Ore Reserves:•Any identified material naturally occurring risks.•The status of material legal agreements and marketingarrangements.•The status of governmental agreements and approvals critical to theviability of the project, such as mineral tenement status, andgovernment and statutory approvals. There must be reasonablegrounds to expect that all necessary Government approvals will be	•Discussions have continued with potential customers in China, Japanand Europe•Mining lease number 38 dated 16 August 2018 has beenissued to Prospect Lithium Zimbabwe (PLZ –"MiningLease"). The Mining Lease was granted pursuant to Part VIIIof the Mines and Minerals Act in respect of an area of 1031hectares. It states that the principal mineral to be mined islithium. There are certain sections where mining will needto take place outside of the mining lease and these are

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

20 November 2019 ASX.PSC FRA.5E8

Criteria	JORC Code explanation	Commentary
XXNovember 2018	received within the timeframes anticipated in the Pre-Feasibility orFeasibility study. Highlight and discuss the materiality of anyunresolved matter that is dependent on a third party on whichextraction of the reserve is contingent.	covered by "Mining Claims", principally by mining claimnumber 23269.•The Mines and Minerals Act permits the holder of a mininglease:oto the use of any surface within the boundariesthereof for all necessary mining purposes of thislocation;othe right to use, free of charge, soil waste rock orindigenous grass situated within his location for allnecessary mining purposes of such location;othe right to sell or otherwise dispose of waste rockrecovered by him from his location in the course ofbona fide mining operations; andothe right of taking water for primary purposes.•The Company has been granted National Project Statuswhich exempts it from certain duties and taxes. It alsoenhances the status of the project which assists with themovement of goods into Zimbabwe during the constructionperiod.
Classification	•The basis for the classification of the Ore Reserves into varyingconfidence categories.•Whether the result appropriately reflects the Competent Person'sview of the deposit.•The proportion of Probable Ore Reserves that have been derivedfrom Measured Mineral Resources (if any).	•Where applicable, Measured Mineral Resources have beenclassified as Proved Ore Reserves.•Where applicable, Indicated Mineral Resources have beenclassified as Probable Ore Reserves.•Mr Paul O'Callaghan, the Competent Person for this OreReserve estimation, has reviewed the work undertaken todate and considers that it is sufficiently detailed andrelevant to the deposit to allow these Ore Reserves to be

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

20 November 2019 ASX.PSC FRA.5E8

Criteria	JORC Code explanation	Commentary
XX	November 2018	classified as Proved and Probable.•No Inferred Mineral Resource material has been usedin theformation of the pit shells.•Zero (0) % of Probable Ore Reserves have been based inMeasured Mineral Resources.
Auditsreviews	•orThe results of any audits or reviews of Ore Reserve estimates.	•At this stage, no formal external audit has been undertakenon the Ore Reserve estimate.•CSA Global has reviewed previous Ore Reserve estimatescompleted by others before completing this currentestimate and no material issues have been identified.

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

20 November 2019 ASX.PSC FRA.5E8

Criteria	JORC Code explanation	Commentary
XXNovember 2018Discussionofrelativeaccuracy/confidence	•Where appropriate a statement of the relative accuracy andconfidence level in the Ore Reserve estimate using an approach orprocedure deemed appropriate by the Competent Person. Forexample, the application of statistical or geostatistical procedures toquantify the relative accuracy of the reserve within statedconfidence limits, or, if such an approach is not deemed appropriate,a qualitative discussion of the factors which could affect the relativeaccuracy and confidence of the estimate.•The statement shouldspecify whether it relates to global or localestimates, and, if local, state the relevant tonnages, which should berelevant to technical and economic evaluation. Documentationshould include assumptions made and the procedures used.•Accuracy and confidence discussions should extend to specificdiscussions of any applied Modifying Factors that may have amaterial impact on Ore Reserve viability, or for which there areremaining areas of uncertainty at the current study stage.•It is recognised that this may not be possible or appropriate in allcircumstances. These statements of relative accuracy andconfidence of the estimate should be compared with productiondata, where available.	•The study to DFSlevel has been undertaken with a statedrelative accuracyof ±15%. Sensitivity analysis of the mostcash flow model indicated that the major project driverswere product prices and metallurgical recovery.•The project is not in operation and no production data isavailable for comparison to projected project parameters.•All costs are in US dollars (USD).•Mining parameters and practises applied are in line withexisting mining operations with pegmatite hosted ore.•At the time of this statement, there are no ModifyingFactors which may impact the viability of the Ore Reserve.

APPENDIX I – SUMMARY OF DRILL HOLES USED IN MINERAL RESOURCE ESTIMATE

BHID	EastingsARC50	NorthingsARC50	Elevation	Azimuth	Dip	Depth
ACD001	331,375.37	8,034,084.52	1,406.87	145	-80	67.10

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

20 November 2019 ASX.PSC FRA.5E8

ACD002	331,344.43	8,034,059.89	1,408.65	148	-79	104.70
November 2018ACD003	331,331.21	8,034,127.59	1,404.69	144	-80	86.70
ACD004	331,336.18	8,034,179.68	1,399.66	135	-80	80.70
ACD005	331,404.84	8,034,110.33	1,401.06	135	-80	71.60
ACD006	331,387.09	8,034,224.41	1,386.85	135	-80	77.70
ACD007	331,292.17	8,034,033.50	1,402.76	135	-80	74.32
ACD008	331,243.12	8,034,063.75	1,393.43	135	-79	53.60
ACD009	331,201.73	8,033,968.64	1,405.58	142	-80	62.70
ACD010	331,109.41	8,033,902.90	1,398.59	135	-80	67.35
ACD011	331,220.44	8,033,907.17	1,405.97	135	-80	32.70
ACD012	331,100.31	8,033,851.10	1,397.82	135	-80	71.96
ACD013	331,075.76	8,033,936.72	1,391.31	145	-79	60.70
ACD014	331,291.75	8,034,171.09	1,404.12	135	-80	29.75
ACD014B	331,288.54	8,034,174.19	1,404.36	150	-78	86.70
ACD015	331,134.81	8,033,976.09	1,398.27	158	-79	58.00
ACD016	331,464.00	8,034,145.40	1,378.00	135	-80	86.70
			Phase 2 RC
ACR001	331,539.78	8,034,132.39	1,366.49	130	-79	51.00
ACR002	331,503.95	8,034,179.73	1,361.24	151	-81	52.00
ACR003	331,453.30	8,034,256.34	1,373.19	144	-80	76.00
ACR004	331,610.58	8,034,203.15	1,343.05	147	-80	37.00
ACR005	331,589.70	8,034,234.81	1,342.52	144	-80	33.00
ACR006	331,535.33	8,034,315.34	1,343.68	148	-80	56.00
ACR007	331,708.76	8,034,254.73	1,327.65	139	-81	43.00

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

20 November 2019 ASX.PSC FRA.5E8

	ACR008	331,671.74	8,034,296.39	1,330.92	148	-80	50.00
XX	November 2018ACR009	331,612.23	8,034,370.25	1,327.21	155	-79	55.00
	ACR010	331,471.00	8,034,399.00	1,346.00	156	-80	70.00
	ACR011	331,685.21	8,034,448.12	1,318.22	156	-80	76.00
	ACR012	331,639.00	8,034,510.44	1,316.34	146	-80	81.00
	ACR013	331,779.82	8,034,489.41	1,312.28	135	-79	81.00
	ACR014	331,781.48	8,034,309.88	1,319.29	150	-78	82.00
	ACR015	331,751.79	8,034,346.86	1,321.29	135	-80	68.00
	ACR016	331,554.34	8,034,449.37	1,325.61	158	-79	76.00
	ACR017	331,500.25	8,034,537.82	1,323.51	135	-80	53.00
	ACR018	331,417.16	8,034,475.73	1,332.79	135	-80	82.00
	ACR019	331,345.31	8,034,424.79	1,343.41	128	-80	77.00
	ACR020	331,398.64	8,034,322.36	1,359.26	127	-77	69.00
	ACR021	331,313.46	8,034,289.43	1,381.18	132	-80	85.00
	ACR023	330,956.26	8,033,777.46	1,403.47	129	-81	89.00
	ACR024	330,881.57	8,033,718.84	1,417.00	150	-77	55.00
	BHID	EastingsARC50	NorthingsARC50	Elevation	Azimuth	Dip	Depth
	ACR025	330,795.46	8,033,657.62	1,420.24	130	-79	55.00
	ACR026	330,705.33	8,034,116.03	1,390.68	135	-77	60.00
	ACR027	330,652.92	8,034,195.07	1,391.80	144	-75	74.00
	ACR028	330,740.59	8,034,249.39	1,394.10	131	-59	70.00
	ACR029	330,815.74	8,034,313.91	1,380.42	130	-79	70.00
	ACR030	330,621.81	8,034,059.22	1,408.56	141	-80	53.00

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

20 November 2019 ASX.PSC FRA.5E8

	ACR031	330,818.97	8,033,796.31	1,411.68	131	-78	61.00
XX	November 2018ACR032	331,671.13	8,034,114.18	1,336.15	135	-79	24.00
				Phase 3 (DD)
	ACD017331,337.01		8,034,200.90	1,398.38	127	-80	83.85
	ACD018	331,644.87	8,034,412.88	1,322.11	125	-80	74.75
	ACD019	331,827.50	8,034,408.51	1,314.25	124	-80	77.70
	ACD020	331,573.20	8,034,593.51	1,316.06	133	-79	139.40
	ACD021	332,023.14	8,034,485.85	1,303.85	130	-80	65.60
	ACD022	331,511.40	8,034,419.82	1,334.54	132	-79.5	74.75
	ACD023	331,719.05	8,034,567.88	1,310.43	137	-78	182.70
	ACD024	332,000.03	8,034,344.41	1,306.64	137	-80	101.60
	ACD025	331,825.32	8,034,627.66	1,305.46	133	-79.5	197.70
	ACD026	331,863.90	8,034,275.86	1,315.11	139	-78.6	89.70
	ACD027	331,883.06	8,034,692.43	1,303.98	136	-79.2	191.00
	ACD028	331,857.12	8,034,551.29	1,307.64	135	-79.4	164.70
	ACD029	331,460.90	8,034,511.98	1,327.78	118.6	-79.13	125.70
	ACD030	331,638.77	8,034,652.11	1,310.90	132.3	-79.1	205.25
	ACD031	331,583.86	8,034,412.21	1,326.37	133.5	-79.5	77.75
	ACD032	331,519.88	8,034,676.15	1,315.39	134.9	-79.2	188.60
	ACD033	331,363.44	8,034,566.64	1,325.95	133.9	-79.2	137.60
	ACD034	331,962.93	8,034,723.46	1,302.06	128.9	-80.2	188.70
	ACD035	331,290.29	8,034,512.25	1,331.84	127.8	-79.3	104.60
	ACD036	332,042.88	8,034,810.39	1,298.79	131.2	-81.4	191.60
	ACD037	332,114.47	8,034,870.89	1,296.15	125.2	-78.3	164.60

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Suite 6, 245 Churchill Ave. Subiaco WA 6008 | Email: info@prospectresources.com.au

Page 40 of 50

20 November 2019 ASX.PSC FRA.5E8

ACD038	331,207.90	8,034,444.88	1,343.14	132.9	-78.1	113.60
November 2018ACD039	332,001.12	8,034,931.82	1,303.99	132.7	-78.2	86.40
ACD039B	332,098.53	8,034,733.24	1,298.53	132.7	-78.2	200.60
ACD041	331,441.74	8,034,613.53	1,320.77	126.4	-80.1	141.25
ACD040	332,099.00	8,034,730.00	1,305.00	134.9	-79.9	77.33
ACD042	332,182.00	8,034,948.00	1,305.00	138.2	-79.5	170.70
ACD043	332,170.00	8,035,053.00	1,290.00	149.3	-79.9	176.70
ACD044	332,088.00	8,034,993.00	1,295.00	134	-77.4	203.60
ACD045	331,708.00	8,034,500.00	1,316.00	135.7	-79.6	104.85
ACD046	331,648.00	8,034,581.00	1,316.00	129.6	-80.4	116.85
ACD048	331,845.00	8,034,478.00	1,311.00	127.6	-79.2	113.85
ACD049	331,788.00	8,034,560.00	1,310.00	124.5	-79.6	107.85
	Eastings	Northings
BHID	ARC50	ARC50	Elevation	Azimuth	Dip	Depth
ACD050	331,240.00	8,034,228.00	1,388.00	141.1	-79.4	80.60
ACD051	331,597.00	8,034,483.00	1,318.00	130.4	-79.3	89.95
ACD052	331,768.00	8,034,420.00	1,321.00	137.8	-80.1	80.60
ACD053	331,160.00	8,034,172.00	1,382.00	130.8	-79.7	83.60
ACD054	331,297.00	8,034,717.00	1,328.00	146.1	-78.8	68.25
ACD055	331,412.00	8,034,414.00	1,349.00	124.4	-78.9	74.85
ACD056	331,182.00	8,034,314.00	1,361.00	131.8	-79.3	104.70
ACD057	331,068.00	8,034,464.00	1,343.00	136.1	-79.4	95.70
ACD058	331,684.00	8,034,361.00	1,329.00	137	-78.9	75.10
ACD059	331,099.00	8,034,257.00	1,369.00	129.6	-79.6	80.70

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20 November 2019 ASX.PSC FRA.5E8

ACD060	330,982.00	8,034,412.00	1,347.00	139.5	-79.3	89.70
XXACD061	November 2018331,018.00	8,034,198.00	1,355.00	131.6	-79.6	131.70
ACD062	330,900.00	8,034,373.00	1,361.00	143.7	-79.2	89.70
ACD063	330,939.00	8,034,137.00	1,358.00	135.5	-80	131.60
ACD064	332,019.00	8,034,669.00	1,305.00	138	-78.4	149.60
ACD065	331,674.00	8,034,789.00	1,312.00	141.5	-77.5	203.70
	Phase 3(RC)
ACR034	330,416.00	8,035,708.00	1,393.00	159	-74.8	80.00
ACR035	330,437.00	8,035,660.00	1,393.00	248	-87.4	100.00
ACR036	330,655.00	8,035,698.00	1,401.00	337	-74.5	90.00
ACR037	330,473.00	8,035,611.00	1,392.00	343	-67.8	82.00
ACR038	330,521.00	8,035,643.00	1,397.00	335	-71.7	72.00
ACR039	330,381.00	8,035,607.00	1,393.00	340	-70	90.00
ACR040	330,580.00	8,035,700.00	1,398.00	340	-70	78.00
ACR041	330,653.00	8,035,736.00	1,398.00	353	-74.7	64.00
ACR042	330,707.00	8,035,776.00	1,394.00	334	-68.7	60.00
ACR043	331,760.18	8,034,172.79	1,322.82	131	-80.8	75.00
ACR044	331,457.41	8,034,025.65	1,376.89	137	-82.2	82.00
ACR045	330,853.00	8,035,804.00	1,393.00	344	-72	65.00
ACR046	331,922.41	8,034,282.84	1,311.24	137	-80.3	83.00
ACR047	331,819.83	8,034,096.44	1,319.15	140	-80.8	81.00
ACR048	331,840.66	8,034,227.19	1,317.12	134	-80.7	77.00
ACR049	331,724.19	8,034,023.21	1,326.88	129	-79.5	79.00
ACR050	331,759.53	8,033,900.35	1,322.79	130	-80.6	75.00

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

20 November 2019 ASX.PSC FRA.5E8

ACR051	330,911.08	8,033,869.20	1,400.10	155	-81.3	80.00
November 2018ACR052	331,869.71	8,033,999.45	1,316.20	140	-80.1	67.00
ACR053	331,901.85	8,034,147.66	1,314.46	144	-75	75.00
ACR054	330,831.09	8,033,952.91	1,384.08	145	-79.3	73.00
ACR055	331,982.73	8,034,208.03	1,309.51	142	-80.7	88.00
ACR056	331,950.69	8,034,425.78	1,308.07	131	-81	75.00
ACR057	332,288.00	8,034,881.00	1,302.00	150	-60	57.00
ACR058	332,244.00	8,035,050.00	1,292.00	150	-60	74.00
	Eastings	Northings
BHID	ARC50	ARC50	Elevation	Azimuth	Dip	Depth
ACR059	332,650.00	8,034,950.00	1,307.00	180	-60	50.00
ACR060	332,650.00	8,035,000.00	1,300.00	180	-60	58.00
ACR061	332,650.00	8,035,050.00	1,302.00	180	-60	76.00
ACR062	332,650.00	8,035,146.00	1,299.00	180	-60	80.00
ACR063	332,650.00	8,035,247.00	1,296.00	180	-60	125.00
ACR064	332,750.00	8,035,000.00	1,305.00	180	-60	63.00
ACR066	332,850.00	8,035,001.00	1,300.00	180	-60	74.00
ACR067	332,850.00	8,035,050.00	1,302.00	180	-60	84.00
ACR068	332,950.00	8,035,000.00	1,295.00	180	-60	85.00
ACR069	332,950.00	8,035,050.00	1,296.00	180	-60	93.00
ACR070	333,050.00	8,035,000.00	1,295.00	180	-60	92.00
ACR071	333,050.00	8,035,050.00	1,297.00	180	-60	92.00
ACR072	333,150.00	8,035,000.00	1,292.00	180	-60	108.00
ACR073	332,950.00	8,034,900.00	1,296.00	174	-62	70.00

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

Suite 6, 245 Churchill Ave. Subiaco WA 6008 | Email: info@prospectresources.com.au

Page 43 of 50

20 November 2019 ASX.PSC FRA.5E8

ACR074	332,950.00	8,034,800.00	1,309.00	180	-59	60.00
November 2018ACR075	333,150.00	8,034,700.00	1,287.00	178	-59	77.00
ACR076	333,238.00	8,034,700.00	1,286.00	169	-63	73.00
ACR077	333,150.00	8,034,800.00	1,283.00	175	-66	75.00
ACR078	333,150.00	8,034,600.00	1,291.00	177	-61	75.00
ACR079	332,550.00	8,035,146.00	1,299.00	180	-63	79.00
ACR080	332,452.00	8,035,150.00	1,294.00	182	-61	80.00
ACR081	332,350.00	8,035,146.00	1,301.00	173	-62	80.00
Phase 3 Tails
ACDT01	331,228.39	8,034,595.14	1,329.10	130.8	-80.7	140.50
ACDT02	331,314.86	8,034,640.81	1,324.39	154.1	-79.9	134.60
ACDT04	331,598.00	8,034,727.00	1,317.00	132.1	-79.8	170.60
ACDT07	331,147.60	8,034,525.55	1,334.51	135	-80	110.60
			Phase 3DD
ACD059	331,099.00	8,034,257.00	1,369.00	129.6	-79.6	80.70
ACD060	330,982.00	8,034,412.00	1,347.00	139.5	-79.3	89.70
ACD061	331,018.00	8,034,198.00	1,355.00	131.6	-79.6	131.70
ACD062	330,900.00	8,034,373.00	1,361.00	143.7	-79.2	89.70
ACD063	330,939.00	8,034,137.00	1,358.00	135.5	-80	131.60
ACD064	332,019.00	8,034,669.00	1,305.00	138	-78.4	149.60
ACD065	331,674.00	8,034,789.00	1,312.00	141.5	-77.5	203.70
ACD066	331,858.00	8,034,367.00	1,316.00	128.5	-79.6	67.95
ACD067	331,733.00	8,034,713.00	1,314.00	136.1	-77.6	173.70
ACD068	331,262.00	8,034,547.00	1,333.00	146	-79.3	101.75

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

20 November 2019 ASX.PSC FRA.5E8

ACD069	331,568.00	8,034,524.00	1,329.00	139.4	-79.7	101.85
ACD070	November 2018331,391.00	8,034,525.00	1,333.00	145.4	-79.5	101.85
ACD071	331,191.00	8,034,557.00	1,332.00	135	-79.6	113.85
ACD072	331,808.00	8,034,773.00	1,311.00	130.9	-79.7	143.70
BHID	EastingsARC50	NorthingsARC50	Elevation	Azimuth	Dip	Depth
ACD073	331,495.00	8,034,535.00	1,325.00	133.1	-79.3	108.12
ACD074	331,358.00	8,034,069.00	1,410.00	132.1	-79.7	41.85
ACD075	331,392.00	8,034,090.00	1,409.00	129.6	79.1	44.85
ACD076	331,322.00	8,034,053.00	1,413.00	128.9	80.5	29.85
ACD077	331,349.00	8,034,102.00	1,403.00	130.1	80.5	41.85
ACD078	331,304.00	8,034,073.00	1,409.00	136.1	79.6	35.75
ACD079	331,293.00	8,034,324.00	1,374.00	131.7	79.3	44.85
ACD080	331,244.00	8,034,398.00	1,349.00	137.8	79.5	44.85
ACD081	331,379.00	8,034,119.00	1,402.00	140.6	79.9	44.85
			Phase 4 (RC)
ACR074	332,950.00	8,034,800.00	1,309.00	180	-59	60.00
ACR075	333,150.00	8,034,700.00	1,287.00	178	-59	77.00
ACR076	333,238.00	8,034,700.00	1,286.00	169	-63	73.00
ACR077	333,150.00	8,034,800.00	1,283.00	175	-66	75.00
ACR078	333,150.00	8,034,600.00	1,291.00	177	-61	75.00
ACR079	332,550.00	8,035,146.00	1,299.00	180	-63	79.00
ACR080	332,452.00	8,035,150.00	1,294.00	182	-61	80.00
ACR081	332,350.00	8,035,146.00	1,301.00	173	-62	80.00

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

20 November 2019 ASX.PSC FRA.5E8

	ACR082	330,980.00	8,034,699.00	1,333.00	133	-81	50.00
XX	November 2018ACR083	330,921.00	8,034,780.00	1,337.00	143	-80	44.00
	ACR084	331,134.00	8,034,915.00	1,333.00	130	-81	30.00
	ACR085	331,110.00	8,034,758.00	1,326.00	127	-81	50.00
	ACR086	331,054.00	8,034,840.00	1,335.00	135	-80	70.00
	ACR087	330,998.00	8,034,920.00	1,344.00	143	-84	51.00
	ACR088	331,210.00	8,034,810.00	1,331.00	136	-81	40.00
	ACR089	330,878.00	8,034,647.00	1,338.00	141	-81	48.00
	ACR090	330,937.00	8,034,565.00	1,343.00	130	-80	50.00
	ACR091	331,638.00	8,033,946.00	1,332.00	135	-80	50.00
	ACR091B	331,634.00	8,033,947.00	1,332.00	114	-82	85.00
	ACR092	331,528.00	8,033,891.00	1,340.00	134	-80	75.00
	ACR093	331,422.00	8,033,823.00	1,360.00	140	-82	76.00
	ACR094	331,370.00	8,033,725.00	1,360.00	150	-79	84.00
	ACR095	331,213.00	8,033,634.00	1,372.00	135	-82	72.00
	ACR096	331,511.00	8,033,634.00	1,348.00	135	-80	36.00
	ACR097	330,469.00	8,033,552.00	1,442.00	138	-79	76.00
	ACR098	330,419.00	8,033,447.00	1,469.00	153	-80	73.00
	ACR099	330,356.00	8,033,362.00	1,443.00	107	-78	80.00
	ACR100	330,581.00	8,033,745.00	1,405.00	135	-80	76.00
	ACR101	330,365.00	8,033,739.00	1,398.00	135	-80	72.00
	ACR102	331,575.00	8,033,759.00	1,339.00	133	-84	95.00
	ACR103	331,670.00	8,033,820.00	1,330.00	141	-82	93.00
	ACR123	331,127.00	8,034,386.00	1,355.00	140	-80	90.00

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

Suite 6, 245 Churchill Ave. Subiaco WA 6008 | Email: info@prospectresources.com.au

Page 46 of 50

20 November 2019 ASX.PSC FRA.5E8

XX	BHIDNovember 2018	EastingsARC50	NorthingsARC50	Elevation	Azimuth	Dip	Depth
	ACR126	331,048.00	8,034,327.00	1,347.00	144	-81	90.00
	ACR128	330,955.00	8,034,265.00	1,361.00	137	-80	90.00
	ACR134	331,775.00	8,034,809.00	1,455.00	128	-81	130.00
	ACR136	330,880.00	8,034,207.00	1,318.00	141	-81	90.00
	ACR139	331,030.00	8,033,704.00	1,387.00	147	-83	70.00
	ACR140	330,758.00	8,033,883.00	1,407.00	140	-82	80.00
	ACR142	330,952.00	8,033,644.00	1,398.00	147	-81	50.00
	ACR145	331,109.00	8,033,644.00	1,381.00	130	-81	100.00
	ACR146	331,110.00	8,033,772.00	1,379.00	146	-82	85.00
	ACR147	331,199.00	8,033,824.00	1,388.00	144	-83	100.00
	ACR148	331,291.00	8,033,864.00	1,384.00	128	-80	103.00
	ACR149	331,499.00	8,033,794.00	1,347.00	138	-79	79.00
	ACR152	331,177.00	8,033,722.00	1,387.00	135	-80	109.00
	ACR153	331,269.00	8,033,768.00	1,384.00	140	-82	105.00
	ACR154	331,349.00	8,033,852.00	1,370.00	137	-80	105.00
	ACR155	331,377.00	8,033,946.00	1,399.00	136.3	-81	102.00
	ACR156	331,162.00	8,033,601.00	1,377.00	142	-81	82.00
	ACR157	331,033.00	8,033,855.00	1,390.00	137	-81	110.00

Phase 5 (RC)

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

20 November 2019 ASX.PSC FRA.5E8

XX	BHIDNovember 2018	EastingsARC50	NorthingsARC50	Elevation	Azimuth	Dip	Depth
	ACR168	330,860	8,034,086	1,372	126	-79	110.00
	ACR169	330,772	8,034,020	1,382	142	-76	151.00
	ACR170	330,689	8,033,956	1,403	134	-79	160.00
	ACR171	331,120	8,034,130	1,377	123	-82	61.00
	ACR172	331,053	8,034,079	1,371	123	-80	113.00
	ACR173	332,551	8,035,054	1,305	179	-60	99.00
	ACR174	330,993	8,034,036	1,370	134	-81	114.00
	ACR175	332,451	8,035,072	1,305	180	-60	97.00
	ACR176	330,939	8,034,009	1,363	135	-80	120.00
	ACR177	332,359	8,035,050	1,301	180	-60	90.00
	ACR178	332,453	8,035,250	1,296	180	-60	121.00
	ACR179	330,814	8,034,150	1,380	135	-80	160.00
	ACR182	332,247	8,035,150	1,289	180	-60	109.00
	ACR183	331,225	8,034,135	1,395	135	-80	131.00
	ACR184	331,152	8,034,065	1,383	135	-80	126.00
	ACR185	331,081	8,034,024	1,386	135	-80	130.00
	ACR186	331,011	8,033,940	1,384	135	-80	118.00
	ACR187	331,197	8,034,041	1,389	135	-80	140.00
	ACR188	331,096	8,033,967	1,397	135	-80	121.00

Phase 6 (RC) – Six RC holes (427m) ACR 189 - 194 drilled on satellite ore body , and not included in this MRE

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

BHID	Eastings	Northings	Elevation	Azimuth	Dip	Depth
	ARC50	ARC50
ACD082	331,614	8,034,364	1,339	135	-80	54.90
ACD083	331,537	8,034,312	1,344	135	-80	35.40
ACD084	331,351	8,034,053	1,404	135	-80	29.50
ACD085	331,383	8,034,081	1,376	135	-80	40.00
ACD086	331,409	8,034,102	1,373	135	-80	35.50
ACD087	331,294	8,034,028	1,381	135	-80	20.50
ACD088	331,351	8,034,038	1,389	135	-80	28.00
ACD089	331,310	8,034,009	1,401	135	-80	25.00
ACD090	331,330	8,033,992	1,392	135	-80	25.52
ACD091	331,351	8,033,959	1,387	135	-80	16.50
ACD092	331,394	8,034,060	1,404	135	-80	29.50
ACD093	331,433	8,034,092	1,401	135	-80	31.00
ACD094	331,465	8,034,107	1,396	135	-80	28.00
ACD095	331,493	8,034,124	1,384	135	-80	14.80
ACD096	331,494	8,034,128	1,379	135	-80	20.50
ACD097	331,300	8,034,096	1,407	135	-80	23.50
ACD098	331,389	8,034,220	1,399	135	-80	36.60
ACD099	331,388	8,034,219	1,377	135	-80	36.50
ACD100	331,337	8,034,176	1,400	135	-80	43.00
ACD101	331,333	8,034,121	1,410	135	-80	40.00

XX November 2018 Phase 7 (DD – Metallurgical test drilling, targeted the Main Pegmatite )

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

20 November 2019 ASX.PSC FRA.5E8

	ACD102	331,296	8,034,165	1,410	135	-80	44.00
XX	ACD103	November 2018331,275	8,034,132	1,408	135	-80	36.00
	ACD104	331,275	8,034,205	1,400	135	-80	55.00
	ACD105	331,243	8,034,227	1,396	135	-80	35.85
	ACD106	331,309	8,034,273	1,372	135	-80	44.50
	ACD107	331,163	8,034,170	1,369	135	-80	40.00
	ACD108	331,183	8,034,315	1,354	135	-80	46.00
	ACD109	331,183	8,034,321	1,376	135	-80	40.00
	ACD110	331,404	8,034,319	1,364	135	-80	40.00
	ACD111	331,451	8,034,259	1,377	135	-80	29.00

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

Suite 6, 245 Churchill Ave. Subiaco WA 6008 | Email: info@prospectresources.com.au

Page 50 of 50