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Prospect Resources Ltd.
Summary
| Project: | Arcadia | |
|---|---|---|
| Deposit: | Arcadia | |
| Location: | Zimbabwe | |
| Commodities: | Lithium-Tantalum | |
| Date: | 12/12/2019 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Mine Development | |
| Report details: | 12-12-2019: Prospect Resources Ltd. announces a Feasibility Study report for its Arcadia deposit at the Arcadia project. Updated DFS results incl. pre-tax NPV (10%) of $710M, IRR of 71%. African lithium company, Prospect Resources Ltd (ASX:PSC, FRA:5E8) ( | |
| Resources: | (Reserve, P+P): 37.4Mt @ 1.22% Li2O, 121ppm TaO5 | |
| CP/QP: | [Overall Report]: n/a (n/a) | |
| ABSTRACT: | African lithium company, Prospect Resources Ltd (ASX:PSC, FRA:5E8) (“Prospect” or “the Company”), is pleased to advise that it has updated its DFS on the 2.4 million tonne per annum (Mtpa) development of its flagship 87% owned Arcadia Lithium Project (“Arcadia” or “the Project”) in Zimbabwe. The results reinforce the Project’s financial and geological merits, positioning the Company as a leading lithium producer to both the chemical and technical markets. Prospect’s Managing Director Sam Hosack said “The material upgrade to our DFS on a base case of a 2.4 Mtpa development of the Project is a significant achievement. The DFS results position the Company to secure a key role in the expanding global lithium market and validates my belief that Arcadia is Africa’s leading lithium project with respect to its scale, grade, economics and management team. These outcomes demonstrate Arcadia’s ability to rapidly payback project finance. ” “What stands out from the intensive workstreams as part of the DFS update is the technical and financial strengths of Arcadia Project. This DFS represents a major milestone for Prospect as we transition through finance towards development. We are excited by the opportunity to capitalise on the strong fundamentals of the lithium market, particularly the unique ability to supply the glass and ceramics market with technical grade ultra-low iron petalite. We see the battery market as a key driver of lithium demand growth but remain focused on the glass & ceramics market where Arcadia seeks to become a significant, consistent and reliable high-quality supplier and thereby access the premium prices available in this market. | |
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