Namibia is the fourth largest producer of non-fuel minerals in Africa and a leading development jurisdiction boasting political stability, security, a strong rule of law and an assertive development agenda.

Prospect’s capabilities in the sub-Saharan region coupled with an existing management team holding substantial lithium experience present a compelling pathway for the rapid advancement of the Omaruru Project.

Namibia is also underexplored for lithium and associated pegmatite mineralisation, with Lepidico’s Karibib Project and Andrada Mining’s Uis Tin Mine (which also contains lithium and tantalum) the main projects currently progressing elsewhere in-country.

Prospect completed its first phase of RC drilling at Omaruru in February 2023. The drilling program produced excellent results, including the discovery of a flat-lying, wide pegmatite system, mineralised with lithium at the Brockmans prospect.

Key assay results from that program included:

• 6m @ 1.30% Li₂O from 13m (Brockmans) within 14m @ 0.79% Li₂O (from 13m)
• 8m @ 0.99% Li₂O from 6m (Karlsbrunn)
• 11m @ 0.95% Li₂O from 51m (Karlsbrunn)
• 7m @ 0.90% Li₂O from 17m (Brockmans)
• 10m @ 0.88% Li₂O from 35m (Karlsbrunn)

Subsequently, RC drilling recommenced in June 2023 targeting extensions to the newly defined Brockmans mineralisation along with regional exploratory drilling of the Bergers, Hillside, Brockmans SW and Karlsbrunn NE soil geochemical anomalies.

This phase of the program is planned to comprise about 24 RC drillholes for a total of approximately 2,000 metres drilled and is scheduled to be completed in mid-2023. Assay results from this phase of drilling are expected to be returned during Q3 2023.