PROSPECT RESOURCES LIMITED — Share Issue/Capital Change 2024

Sep 16, 2024

ASX ANNOUNCEMENT 17 September 2024

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Issue of Shares and Cleansing Notice

Prospect Resources Limited (ASX: PSC, FRA:5E8) ( Prospect or the Company ) advises that it has today issued 512,327 shares to a consultant of the Company, Mr Valentine Chitalu, for services rendered (Consultant Shares).

As previously advised in the Company's announcement dated 9 April 2024 titled "Acquisition of advanced copper-cobalt project in Zambia" , the Company entered into a consulting agreement with Mr Chitalu to provide consultation to the Company on completion of the Mumbezhi acquisition and the Company's broader operations and investments in Zambia. Under the consulting agreement, the Company pays Mr Chitalu US$10k per month (the Fee). 80% of the Fee is payable to Mr Chitalu in PSC shares and 20% of the Fee is payable in cash. The number of shares for the share component of the Fee is determined based on the VWAP of PSC shares for each relevant quarter with the shares to be issued to Mr Chitalu every 6 months.

The Consultant Shares have been issued for nil cash consideration and in accordance with the consulting agreement.

241,073 Consultant Shares have been issued at a deemed issue price of $0.15 per Consultant Share based on the quarterly VWAP calculations for the period 1 March 2024 to 31 May 2024. 271,254 Consultant Shares have been issued at a deemed issue price of $0.13 per Consultant Share based on the quarterly VWAP calculations for the period 1 June 2024 to 31 August 2024.

An Appendix 2A – Application for quotation of securities reflecting the issue of the Consultant Shares will follow this release.

Cleansing Notice

For the purposes of section 708A(6) of the Corporations Act, the Company gives notice under section 708A(5)(e) of the Corporations Act in relation to the issue of the Consultant Shares and the issue of the 11,230,000 SPP Shares on 11 September as follows:

• a) The Company issued the Consultant Shares and the SPP Shares without disclosure to investors under Part 6D.2 of the Corporations Act.

• b) As at the date of this notice the Company has complied with:

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

  • II. Section 674 and 674A of the Corporations Act; and

• c) As at the date of this notice, there is no excluded information of the type referred to in sections 708A(7) and 708A(8) of the Corporations Act.

This release is authorised by the Company Secretary of Prospect Resources Limited.

For further information, please contact:

Sam Hosack Managing Director shosack@prospectresources.com.au

Ian Goldberg Executive Director - Finance igoldberg@prospectresources.com.au

Prospect Resources Limited ACN 124 354 329 Level 2, 33 Richardson Street. West Perth WA 6005 E: info@prospectresources.com.au W: prospectresources.com.au