PROSPECT RESOURCES LIMITED — Capital/Financing Update 2021

Jun 30, 2021

XX November 2018Arcadia Pilot Plant Officially Opened

• First petalite product delivered to Sinomine from pilot plant
• Customers to undertake petalite product qualification processes before 31 December of 2021
• Additional spodumene samples being prepared to meet customer demand

Prospect Resources Ltd (ASX: PSC, FRA:5E8) ("Prospect" or "the Company") is pleased to announce that it has successfully delivered a ceremonial sample of product from the Arcadia Pilot Plant to offtake partner and shareholder, Sinomine Resources. The delivery was made on-site at a ceremony hosted by the Minister of State for Mashonaland East, Honourable Aplonia Munzverengwi with the Minister of Mines and Mining Development, Honourable Winston Chitando, as the Guest of Honour.

From Left to Right: Mr Sergy Loshkarev (Managing Director of Alrosa Zimbabwe), Mr Dmitry Korolenko (Embassy of the Russian Federation), Hon Sydney Sekeramayi (PB Member Mashonaland East), Mr Paul Chimbodza (Executive Director of Prospect Lithium Zimbabwe ), Hon Winston Chitando (Minister of Mines and Mining Development), Hon Aplonia Munzverengwi (Minister of State for Mashonaland East), Hon Polite Kambamura (Deputy Minister of Mines and Mining Development), Henrietta Rushwaya (President of Zimbabwe Miners Federation), Mr Harry Greaves (Executive Director of Prospect Resources), Mr Wang Zhenhua, General Manager of Sinononferrous Metal Resources (trading as Sinomine Resources Zimbabwe) and Mr Benson Xu (Managing Director of Afrochine, a subsdiary of Tsingshan).

Prospect Managing Director, Sam Hosack, said: "Yesterday was a significant and memorable achievement for Prospect – demonstrating our ability to successfully deliver the pilot plant project by producing petalite in Zimbabwe. The close proximity of the Arcadia Project to the country's capital, Harare, provides significant advantages, which have already been utilised to successfully execute on the Pilot Plant project through development and into production.

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au

XX"Continue November 2018 d support from our parent Ministry of Mines and Mining Development led by the Honourable Minister Winston Chitando, has enabled us to achieve this important milestone on the path to full scale development of Arcadia and commercial production. We are a team made up of Zimbabweans, with a deep determination to get Arcadia funded and operational. The Special Economic Zone license, and the close integration and alignment we enjoy with Zimbabwe Investment and Development Agency (ZIDA) has been critical to the success of the Pilot Plant and is expected to make a material difference to our ability to fund the Arcadia Project.

"With the Arcadia Pilot Plant in production, the team are now focused on generating high purity on specification technical grade petalite to showcase Arcadia's petalite to the largest customers in the global glass and ceramics markets. The petalite produced in operation will be independently assayed for quality assurance. The final qualification gate we are set to pass through should deliver customers confidence that Arcadia can deliver a high quality, long life raw material source for both petalite and spodumene supply chains."

Mr Paul Chimbodza (Executive Director of Prospect Lithium Zimbabwe), Mr Wang (Managing Director Sinomine Resources Zimbabwe) and Honourable Minister Chitando (Minister of Mines and Mining Development) posing with a ceremonial petalite sample from the pilot plant

The Company plans to produce, and then ship sizeable volumes of technical grade petalite product to both Sibelco and Sinomine for on-delivery to customers across Europe and Asia, where Arcadia's

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au

XXpetalite November 2018 is set to be utilised by customers in their respective production runs to provide product qualification processes through the second half of 2021.

Whilst petalite samples are being produced from the Pilot Plant, additional Arcadia spodumene samples being prepared by a third-party lab, Geolabs, are nearing completion. The production of spodumene is not required from a pilot plant stage as the DFS flowsheet is standard and fully derisked for spodumene production. The Company is progressing engagement with a range of strategic groups from across Japan, China and Europe who have an interest in securing spodumene offtake and assisting with development of the Arcadia Project.

Details of the Pilot Plant Programme

Prospect Resources undertook extensive metallurgical testwork over the period 2017-2020 to optimise Dense Media Separation (DMS) recovery efficiency and product quality. A key outcome of the testwork supported a split DMS concept in which coarse and fines fractions are treated separately using a twostage DMS consisting of 'rougher' and 'cleaner' steps with the coarse fraction targeted at producing technical grade product.

The Arcadia pilot plant design accordingly embraced the technical study outcomes and implemented a 2-stage crushing plant and a single DMS plant capable of producing technical grade petalite products. A coarse fraction of size envelope 5mm x 1.7mm was selected as the optimum crush size for recovery of technical grade petalite product. The pilot plant can also be repurposed to process the fines fraction (<1.7mm) and produce chemical grade petalite product.

The pilot plant first ore feed came from the blasted section of the main pegmatite (MP) ore body which constitutes >16% of the Arcadia total ore body and based on the 2.4Mtpa DFS size pit development, more than 31% of the first 5 years ore supply will be from the MP ore body.

This release was authorised by the Sam Hosack, Managing Director of Prospect Resources Ltd.

*ENDS*

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au

XXFor further information, please contact: November 2018 Nicholas Rathjen Head of Corporate Development nrathjen@prospectresources.com.au

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 high purity petalite and spodumene concentrates. Arcadia is one of the most advanced lithium projects globally, with a Definitive Feasibility Study, Offtake Partners secured and a clear pathway to production.

About Lithium

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. Prospect confirms that for the purposes of Listing Rule 5.19.2, all material assumptions underpinning the information continue to apply and have not materially changed

Competent Persons Statements

The information in this announcement that relates to Exploration Results, is based on information compiled by Mr Roger Tyler, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy and The South African Institute of Mining and Metallurgy. Mr Tyler is the Company's Senior Geologist. Mr Tyler has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the JORC Code 2012 Edition. Mr Tyler consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this study that relates to Metallurgical Testing is based on information compiled by or under the supervision of Mr John Maketo, who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Maketo is an independent mineral processing consultant. Mr Maketo has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the JORC Code 2012 Edition.

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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 ofsampling (e.g. cut channels,random chips, or specificspecialised industry standardmeasurement toolsappropriate to the mineralsunder investigation, such asdown hole gamma sondes, orhandheld XRF instruments,etc.). These examples shouldnot be taken as limiting thebroad meaning of sampling.•Include reference tomeasures taken to ensuresample representivity and theappropriate calibration of anymeasurement tools orsystems used.•Aspects of the determinationof mineralisation that areMaterial to the Public Report.•In cases where 'industrystandard' work has been donethis would be relatively simple(e.g. 'reverse circulationdrilling was used to obtain 1 msamples from which 3 kg waspulverised to produce a 30 gcharge for fire assay'). Inother cases more explanationmay be required, such aswhere there is coarse goldthat has inherent samplingproblems. Unusualcommodities or mineralisationtypes (eg submarine nodules)may warrant disclosure ofdetailed information.	•3 core samples from Phase 7 drilling campaign whichspecifically targeted the Main Pegmatite MP) representingfirst 18 -24 months LOM were selected.•3x selected cores approximately 80Kg each were crushedto -25 mm by jaw crusher and further crushed to -3.5mmemploying HPGR crushing at the ThyssenKrupp facility inJohannesburg.•The crushed sample was sized to 3 size fractions 3.5x 1mm,1 x 0.3 mm and -0.3mm•Each size fraction was sampled during crushing by takingregular sub-samples during the crushing and sizingprocess.The sub-samples were blended and sampled again by•rotary splitter at Geolabs to produce head samples foranalysis and heavy liquid separation (HLS).•3.5 x 1mm and 1 x 0.3mm size fractions were subjected toDMS with further sampling of feed and products taken.•Further sampling was carried out during flotation stage.•All samples were analysed by semi-quantitative XRDemploying Reitveld mineral content estimation, and multielement XRF and ICP-OES.•Validated quantitative mineral analysis was produced bymatching ICP elemental analyses to the mineral phasespresent.
Drillingtechniques	•Drill type (e.g. core, reversecirculation, open-holehammer, rotary air blast,auger, Bangka, sonic, etc.)and details (e.g. corediameter, triple or standardtube, depth of diamond tails,	•There was no drilling conducted in relation to thismetallurgical testwork announcement

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XXCriteriaNovember 2018	JORC Code explanation	Commentary
	face-sampling bit or othertype, whether core is orientedand if so, by what method,etc.).
Drill samplerecovery	•	•There was no new drilling conducted in relation to thismetallurgical testwork announcement
Logging	•	All core previously logged in detail using standard Prospect•Resources logging codes.
Subsamplingtechniquesandsamplepreparation	•If core, whether cut or sawnand whether quarter, half orall core taken.•If non-core, whether riffled,tube sampled, rotary split, etc.and whether sampled wet ordry.•For all sample types, thenature, quality andappropriateness of the samplepreparation technique.•Quality control proceduresadopted for all sub-samplingstages to maximiserepresentivity of samples.•Measures taken to ensurethat the sampling isrepresentative of the in situmaterial collected, includingfor instance results for fieldduplicate/second-halfsampling.•Whether sample sizes areappropriate to the grain sizeof the material being sampled.	•Entire PQ sized core was crushed•The samples were crushed to P100 25 mm at the ProspectLaboratory.•Secondary crushing to -3.5 mm was carried out using pilotscale HPGR equipment.•3.5 mm screen undersize was sampled on a regular basis toproduce a representative composite sample of each batch ofcrusher feed.•The -3.5 mm material was then blended and split to provide ahead analysis sample using a rotary splitter.
Qualityofassaydataandlaboratorytests	•The nature, quality andappropriateness of theassaying and laboratoryprocedures used and whetherthe technique is consideredpartial or total.•For geophysical tools,spectrometers, handheld XRFinstruments, etc., theparameters used indetermining the analysisincluding instrument makeand model, reading times,calibrations factors appliedand their derivation, etc.•Nature of quality control	•All samples were analysed by multi-element ICP (ME-MS61).Over limits (> on lithium analysed by LiOG63 method, after fouraciddissolution.AllassayswereperformedatALSJohannesburg.•All samples were analysed by XRD techniques to produce aninitial Rietveld estimate of mineral content.•The XRD data was subsequently validated against the ICPelemental analyses.

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XXCriteriaNovember 2018	JORC Code explanation	Commentary
	procedures adopted (e.g.standards, blanks, duplicates,external laboratory checks)and whether acceptable levelsof accuracy (i.e. lack of bias)and precision have beenestablished.
Verificationofsamplingand assaying	•The verification of significantintersections by eitherindependent or alternativecompany personnel.•The use of twinned holes.•Documentation of primarydata, data entry procedures,data verification, data storage(physical and electronic)protocols.•Discuss any adjustment toassay data.	ProspectResources'ChiefGeologistandConsulting•Metallurgist were on site during bulk sample collection.•The Consulting Metallurgist accompanied the samples to theProspect Laboratory and supervised the primary crushing,packaging and dispatch of all 10 bags.•All hard copies of data are retained at the Prospect ResourceExploration offices. All electronic data resides in Excel™ formaton the office desktop, with back-ups retained on hard-drives ina safe, and in an Access™ database in a data cloud offsite.•All assay results reported as Li2O %. Ta assays are expressed asTa2O5. Fe2O3 assays were reported in %.
Locationofdata points	•Accuracy and quality ofsurveys used to locate drillholes (collar and down-holesurveys), trenches, mineworkings and other locationsused in Mineral Resourceestimation.•Specification of the gridsystem used.•Quality and adequacy oftopographic control.	•Virimai Mining was contracted to carry out blast hole drillingand blasting focused on the old Arcadia Pit.•In order to generate the required material, three 1.2 m widebenches were developed to fully expose the 7 m verticalthickness of the Main Pegmatite
Data spacinganddistribution	•Data spacing for reporting ofExploration Results.•Whether the data spacing anddistribution is sufficient toestablish the degree ofgeological and gradecontinuity appropriate for theMineral Resource and OreReserve estimationprocedure(s) andclassifications applied.•Whether sample compositinghas been applied	•Samples were generated from both from the blasted andbroken Main Pegmatite stockpiles. Continuous 1 m sampleswere channel sampled and hand sampled along cut lines, every2 m on the pit face.
Orientationofdatainrelationtogeologicalstructure	•Whether the orientation ofsampling achieves unbiasedsampling of possiblestructures and the extent towhich this is known,considering the deposit type.•If the relationship between the	•Face sampling in the pit was carried out as vertical channels(approx. normal to the dip of the mineralisation.

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au

XXCriteriaNovember 2018		JORC Code explanation	Commentary
		drilling orientation and theorientation of key mineralisedstructures is considered tohave introduced a samplingbias, this should be assessedand reported if material
Samplesecurity		•The measures taken toensure sample security.	•Bulk samples were placed in sealed bulk bags to loss duringtransport. Minimal preparation was done on site. Sampleswere transported in company vehicles accompanied by theConsulting Metallurgist to the pre-preparation laboratory inKwekwe.
Auditsreviews	or	•The results of any audits orreviews of samplingtechniques and data.	•The Chief Metallurgist is continually reviewing samplemanagement practices and data generation and collection.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineraltenementandlandtenurestatus	•Type, referencename/number, location andownership includingagreements or material issueswith third parties such as jointventures, partnerships,overriding royalties, native titleinterests, historical sites,wilderness or national parkand environmental settings.•The security of the tenureheld at the time of reportingalong with any knownimpediments to obtaining alicence to operate in the area.	•An approx. 10 square km (1,038 hectares) mining lease, no 38was issued on August 16th 2018 to Prospect Lithium Zimbabwe(formerly Examix Investments (Pvt)). This encompasses theentire mineral resource.•No environmental or land title issues or impediments. EIAcertificateofapprovalgrantedbytheEnvironmentalManagement Agency, to cover all of the company's explorationactivities.•Rural farmland – fallow, effectively defunct commercial farm.
Explorationdonebyother parties	•Acknowledgment andappraisal of exploration byother parties.	•Two rounds of historical drilling were done. Three EXT holeswere drilled in 1969 with support from the Geological Surveyof Zimbabwe, at the site of the historic pit. These logs areavailable, and the lithologies observed are consistent with thatseen by Prospect Resources' drilling.•The sites of at least 10 previously drilled NQ sized boreholeshave also been identified in the field. Much detailed records ofthis programme have been lost. But the work done ismentioned in the Geological Survey in their 1989 Hararebulletin, no 94 where a non-JORC compliant estimate of 18 Mtis recorded.

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au

XXNovember 2018		•Recent investigations have revealed that this was actually twocampaigns of drilling. The first in 1974, consisted of sixdiamond drill holes and a limited number of percussion holesby local company Rhodex.The second round was undertaken in 1981 by Rand Mines'•local subsidiary Central African Minerals. A total of 813.77 mwas drilled in eight diamond drill holes. Six of the old the borehole collars have been identified, one with a hole numberAC#4, and depth 47 m. (This was twinned by PR hole ACD001).It is apparent that though Rand Mines intersected the LowerMain Pegmatite in one of the holes, they were not aware thatthe ore body thickened significantly to the north.•A weighted average grade of 1.47 % Li2O over 26 m wasrecorded from the eight holes. Though non-JORC compliant,the order of magnitude of the results are consistent withProspect's work.
Geology	•Deposit type, geologicalsetting and style ofmineralisation.	•The deposit comprises a number of pegmatites hosted inmeta-basalts of the Arcturus Formation within the HarareGreenstone Belt.•The pegmatites belong to the Petalite subclass of the RareElement pegmatite deposit class and belong to the LCTpegmatite family.•The pegmatites are poorly to moderately zoned (but notsymmetrically or asymmetrically zoned and have no quartzcore). The main lithium bearing minerals are dominantlypetalite and spodumene,with sub-ordinateeucryptite,Bikitaite, and minor lepidolite. In addition, disseminatedtantalite is present. Gangue minerals are quartz, alkali feldsparsand muscovite.•The pegmatites strike 045° and dip at 10° to the northwest.
DrillholeInformation	•A summary of all informationmaterial to the understandingof the exploration resultsincluding a tabulation of thefollowing information for allMaterial drill holes:oeasting and northing of thedrill hole collaroelevation or RL (ReducedLevel – elevation abovesea level in meters) of thedrill hole collarodip and azimuth of the holeodown hole length andinterception depthohole length.•If the exclusion of thisinformation is justified on the	•There was no new drilling conducted in relation to thismetallurgical testwork announcement .

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XXNovember 2018	basis that the information isnot Material and this exclusiondoes not detract from theunderstanding of the report,the Competent Person shouldclearly explain why this is thecase.
Dataaggregationmethods	•In reporting ExplorationResults, weighting averagingtechniques, maximum and/orminimum grade truncations(e.g. cutting of high grades)and cut-off grades are usuallyMaterial and should be stated.•Where aggregate interceptsincorporate short lengths ofhigh grade results and longerlengths of low grade results,the procedure used for suchaggregation should be statedand some typical examples ofsuch aggregations should beshown in detail.•The assumptions used for anyreporting of metal equivalentvalues should be clearlystated.	•There was no drilling conducted in relation to this metallurgicaltestwork announcement.•There was no drilling conducted in relation to this metallurgicaltestwork announcement•Sampling for metallurgical testwork has no effect on currentMineral Resource.
Relationshipbetweenmineralisationwidthsandinterceptlengths	•These relationships areparticularly important in thereporting of ExplorationResults.•If the geometry of themineralisation with respect tothe drill hole angle is known,its nature should be reported.	•There was no drilling conducted in relation to this metallurgicaltestwork announcement
	•If it is not known and only thedown hole lengths arereported, there should be aclear statement to this effect(e.g. 'down hole length, truewidth not known').
Diagrams	•Appropriate maps andsections (with scales) andtabulations of interceptsshould be included for anysignificant discovery beingreported These shouldinclude, but not be limited to aplan view of drill hole collarlocations and appropriatesectional views.	•N/A

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XXBalancedNovember 2018reporting	•Where comprehensivereporting of all ExplorationResults is not practicable,representative reporting ofboth low and high gradesand/or widths should bepracticed to avoid misleadingreporting of ExplorationResults.	•	The Company states that all results have been reported andcomply with balanced reporting.
Othersubstantiveexplorationdata	•Other exploration data, ifmeaningful and material,should be reported including(but not limited to): geologicalobservations; geophysicalsurvey results; geochemicalsurvey results; bulk samples –size and method of treatment;metallurgical test results; bulkdensity, groundwater,geotechnical and rockcharacteristics; potentialdeleterious or contaminatingsubstances.	•••••	Channel sampling also carried out at the adjacent dormant pit,previously mined in the 1970's. Continuous 1 m samples werechannel sampled and hand sampled along cut lines, every 2 mon the pit face. Approximately 3 kg samples were collected,and assayed at ALS after crushing and milling at Zimlabs.Assays were incorporated into the MRE.Geological mapping was undertaken down-dip and alongstrike of the pit and has been incorporated into the currentMRE.Soil sampling orientation lines have produced lithiumgeochemical anomalies that coincide with sub-outcroppingprojections of the pegmatites.Detailed XRD and petrographic investigations have beencompleted on a range of samples from across and at depthfrom the Arcadia deposit. The results indicate the mineralogyof the lithium mineralisation is coarse grained petalite and finegrained spodumene, both of which are amenable toconventional recovery methods for the production of apotentially saleable lithium concentrate. Initial heavy liquidseparation results in petalite reporting largely to the floats andspodumene to the sinks.The two may be separated afterprimary fine crushing by dense medium separation (DMS) andafter successive fine grinding, by flotation. Petalite iscomparatively coarse grained, primarily reporting to gravityconcentrates.The finer spodumene responds very well toconventional fatty acid flotation.Testing Lower Main Pegmatite ore produced spodumeneconcentrate grade of >5% lithium oxide (Li2O) and petaliteconcentrate at >4% Li2O from dense medium separation testswith a lithium recovery of up to 20% as petalite in gravityconcentrates.Spodumene, reporting to DMS sinks graded~5% Li2O at a lithium recovery of ~8%. Lithium recovery of~44% to spodumene flotation concentrate grading >6% Li2Owas achieved. These results reflect near total recovery ofspodumene and significant initial recovery of petaliteminerals. Work to maximize petalite recovery employingspirals and flotation is continuing. Further bulk testing of MainPegmatite ore supports the selection of DMS for coarsepetalite recovery, and specialist flotation testing has indicated

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au

November 2018		additional petalite may be recoverablewhile achieving
		specification grade.
		The following products have been produced;•o Spodumene flotation concentrate @ 6.5% Li2O and0.33% Fe2O3o Spodumene flotation concentrate @ 6.1% Li2O and0.52% Fe2O3o Petalite gravity concentrate @ 4.2 % Li2O and 0.08 %Fe2O3
		•Dry magnetic separation was carried out on Petalite andSpodumene concentrates and the results below achieved•Spodumene flotation concentrate 6.1% Li2O and 0.18%Fe2O3•Petalite flotation concentrate 4.5% Li2O and 0.02% Fe2O3•Petalite DMS concentrate 4.26% LI2O and 0.045% Fe2O3
		• Battery grade lithium carbonate has been produced fromthe laboratory and pilot test facility established inKwekwe,Zimbabwe.Excellentqualityproductsignificantly above battery grade specification beenproduced at lithium carbonate analyses >99.5%.
•Further work•	The nature and scale ofplanned further work (e.g.tests for lateral extensions ordepth extensions or largescale step-out drilling).Diagrams clearly highlightingthe areas of possibleextensions, including the maingeological interpretations andfuture drilling areas, providedthis information is notcommercially sensitive.	•Phase 7 was drilled as infills within the existing grid on Arcadiato produce more Main Pegmatite intercepts for continuing themetallurgical test work. The geological information from thelogging was to update the geological and resource models, asthe grid is now less than 30 m in these areas.•

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au