Prospect Resources Cashes Penhalonga Gold Project

Prospect Resources (WKN A1JW80 / ASX PSC) With the Arcadia lithium project in Zimbabwe, it has the seventh-largest hard rock lithium deposit worldwide. As MD Sam Hosack recently explained to, you have come to a crucial point in its development that requires a high level of focus.

So it is hardly surprising that Prospect is shedding other projects that it has in Zimbabwe. Especially not if the company manages to get a good deal. As Prospect has now announced, a binding term sheet has been signed with Luzich Resources (Africa) LLC, a subsidiary of Luzich Partners LLC, which grants it the option to acquire 100% of the Penhalonga gold project.

Luzich, a private US investment company, will pay Prospect $ 1 million for this, with a non-refundable deposit of $ 200.00 within 45 days of the date of the agreement and another $ 800,000 within 180 days of receipt of the deposit. Until then, Luzich has time to conduct a due diligence review of the project, and if the outcome is positive, the second payment will be made.

Prospect’s Managing Director Sam Hosack is understandably delighted with the deal and reiterates that the company is focused on getting the Arcadia lithium project into production as soon as possible. The proceeds from the prospective sale of the Penhalonga gold project are to be used for this purpose – a welcome inflow of funds given the numerous tasks ahead …

New, top-class Executive Chairman wanted

Executive Chairman Hugh Warner was also instrumental in aligning Prospect with Zimbabwe and acquiring the Penhalonga and Arcadia projects. Now, eight years later, since Prospect is on the right track with Arcadia, Warner is stepping down and is being represented by Executive Director Harry Greaves, who also pushed the move to Zimbabwe.

In the meantime, Prospect will start looking for a replacement for Warner. The company has a high-caliber, independent expert in mind who has the necessary experience to advance Prospect.

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According to Section 34b WpHG and Section 48f Paragraph 5 BörseG (Austria), we would like to point out that clients, partners, authors and employees of GOLDINVEST Consulting GmbH hold or can hold shares in Prospect Resources and that there is therefore a possible conflict of interest. Furthermore, we cannot rule out that other stock market letters, media or research firms will discuss the values ​​recommended by us during the same period. Therefore, symmetrical information and opinion generation can occur during this period. Furthermore, there is a consulting or other service contract between a third party who is in the Prospect Resources warehouse and GOLDINVEST Consulting GmbH, which creates a conflict of interest, since this third party pays GOLDINVEST Consulting GmbH for reporting on Prospect Resources. This third party may also hold, sell or buy Nova Minerals stock and would benefit from a rise in Prospect Resources stock. This is another clear conflict of interest.

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