In May 2023, Prospect announced that it had acquired an option which, subject to the satisfaction of conditions precedent, delivers it the right to earn a 51% interest in the Kesya Project.

The rare earth element (REE) mineralisation defined at Kesya is contained within monazite and bastnaesite and is strongly and consistently enriched in neodymium and praseodymium oxides (NdPrO) that average 29% of the basket of rare earth oxides.

Previous exploratory work was undertaken in 2021, directly targeting surface outcrop extent of the Kesya carbonatite intrusion. Results from rock chip surface sampling returned exceptionally consistent and highly anomalous rare earth oxide assays with values of up to 0.66% total rare earth oxide (TREO) contents along with low levels of uranium and thorium.

Kesya offers outstanding prospectivity to deliver a significant new discovery for Prospect, expanding the battery minerals focus and footprint in sub-Saharan Africa.

High-value rare earth mineral resources (containing appreciable NdPrO contents like Kesya), are recognised globally as critical inputs in alloys for the manufacture of strong permanent magnets used in powerful motors contained in key decarbonisation drivers such as wind turbines, electric vehicles, and high-speed rail (HSR) passenger trains.

The maiden diamond drilling program at Kesya is anticipated to commence in Q3 2023.