PROSPECT RESOURCES LIMITED — Capital/Financing Update 2021

Nov 4, 2021

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ASX ANNOUNCEMENT 5 November 2021

CLEANSING NOTICE UNDER SECTION 708A(5)(e) OF THE

CORPORATIONS ACT

Prospect Resources Ltd (ASX: PSC, FRA:5E8) ( Prospect or the Company ) issued 45,000,000 fully paid ordinary shares on Friday, 5 November 2021, as detailed in the Appendix 2A lodged today on ASX ( Shares ).

This notice is being given under section 708A(5)(e) of the Corporations Act 2001 (Cth) ( Corporations Act ) and the Company advises that:

1. the Shares were issued without disclosure to investors under Part 6D.2 of the Corporations Act;

2. as at the date of this notice, the Company has complied with:

   • a. the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and

   • b. section 674 of the Corporations Act; and

3. as at the date of this notice there is no information that is "excluded information" within the meaning of sections 708A(7) and 708A(8) of the Corporations Act.

Approved for release by the Board of the Company.

For further information, please contact:

Sam Hosack Managing Director shosack@prospectresources.com.au

Nicholas Rathjen Head of Corporate Development nrathjen@prospectresources.com.au

Prospect Resources Limited ACN 124 354 329 Level 2, 33 Richardson Street. West Perth WA 6005 PO Box 1273, Subiaco, Western Australia 6904 E: info@prospectresources.com.au W: prospectresources.com.au