The start of production on the giant Arcadia lithium project by Prospect Resources (WKN A1JW80 / ASX PSC) gets closer. In order to take this decisive change into account, the company is now installing the renowned financial market and mining expert Mark Wheatley as (non-executive) Chairman, who is to accompany the next development step in this direction, with immediate effect!
Mr. Wheatley has more than 15 years of experience as a director and chairman, primarily in the gold, copper and uranium industries. In the past he held a position like at Prospect at Norton Gold Fields Limited, Xanadu Mines Ltd and Gold One International Limited and was a (non-executive) director at St Barbara Limited. He was also involved in the founding of Uranium One as a director, and his five-year tenure included successful growth that ultimately led to the state-owned Russian Rosatom acquiring the majority of Uranium One! Uranium One, as a reminder, is interested in a possible acquisition of Arcadia or Prospect Resources as a whole …
Mr. Wheatley is currently still a (non-executive) Director at Ora Banda Mining Ltd and Peninsula Energy Limited. He is well known among institutional investors, Prospect continues, and has also been appointed by a private equity group as a director for several of their portfolio companies. Mr. Wheatley has experience driving businesses forward through project financing and development and has been instrumental in a number of merger and acquisition transactions.
Mr. Wheatley justified his decision to join Prospect by saying that the company had experienced and high-profile management and that Arcadia had a high quality asset. In addition, the step into the European market has already been successful, Prospect already has purchase agreements and major shareholders who would support the company. The company will offer customers an alternative source of supply and high-purity products and can develop the project in parallel with market growth, said Mr. Wheatley.
The expert is obviously convinced that Prospect has good prospects of successfully bringing the Arcadia lithium project into production – and should be able to help make this opportunity a reality with his extensive experience. That Mr. Wheatley is motivated to contribute to this success should ensure that Prospect has guaranteed him, in addition to a base salary, 2 million options, which can be exercised by January 7, 2025 at $ 0.24.
But only if a final investment decision on the first phase of Arcadia development has been made before the end of 2021, which assumes that all the necessary components of the project have been procured and sufficient capital is secured to fully finance this first phase of the project (50% of the options) . And the second half of the options will not be issued until Prospect succeeds in shipping the first product that meets customer specifications within 18 months of the investment decision.
Prospect Resources is at an exciting time in the company’s development where the expertise of a finance and mining professional like Mr. Wheatleys can be invaluable. We will tell you how this exciting, if still risky, lithium play continues!
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In accordance with 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, especially since this third party pays GOLDINVEST Consulting GmbH for reporting on Prospect Resources. This third party may also hold, sell or buy shares in the issuer and would benefit from a rise in the price of Prospect Resources’ shares. This is another clear conflict of interest.
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