PROSPECT RESOURCES LIMITED — Regulatory Filings 2020

Update of Sibelco MOU

African lithium developer, Prospect Resources Ltd (ASX: PSC, FRA:5E8) (“ Prospect ” or “ the Company ”) and SCR-Sibelco N.V ( “Sibelco” ) have mutually agreed to extend the date of signing a Binding Offtake Agreement to 1 July 2020.

Whilst both parties have confirmed their satisfaction with the progress of negotiations, an extension is required due to challenges presented by the COVID-19 restrictions.

The Memorandum of Understanding ( “MOU” ) is more fully described in the Company’s announcement of 15 April 2020.

About Sibelco

Sibelco is a global industrial minerals solutions company. Sibelco was founded in 1872, initially supplying silica sand from deposits in Flanders to Belgium’s major glass producers. Sibelco is a privately owned family business, generating revenues over €3.5 billion, operating 160 production sites in more than 30 countries and with a team of over 8,500 people. Sibelco’s main products are silica, high purity quartz and speciality minerals such as petalite. https://www.sibelco.com/

This release was authorised by Mr Hugh Warner, Executive Chairman of Prospect Resources Ltd.

ENDS

For further information, please contact:

Nicholas Rathjen General Manager, Corporate Affairs [email protected]

About Prospect Resources Limited (ASX:PSC, FRA:5E8)

Prospect Resources Limited (ASX:PSC, FRA:5E8) is an ASX listed lithium company based in Perth with operations in Zimbabwe. Prospect’s flagship project is the Arcadia Lithium Project located on the outskirts of Harare in Zimbabwe. The Arcadia Lithium Project represents a globally significant hard rock lithium resource and is being rapidly developed by Prospect’s experienced team, focusing on near term production of petalite and spodumene concentrates.

About Lithium

Lithium is a soft silvery-white metal which is highly reactive and does not occur in nature in its elemental form. In nature it occurs as compounds within hard rock deposits (such as Arcadia) and salt brines. Lithium and its chemical compounds have a wide range of industrial applications resulting in numerous chemical and technical uses. Lithium has the highest electrochemical potential of all metals, a key property in its role in lithium-ion batteries.

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300

Suite 6, 245 Churchill Ave. Subiaco WA 6008 | Email: [email protected]

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Caution Regarding Forward-Looking Information

This announcement may contain some references to forecasts, estimates, assumptions and other forward-looking statements. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions, it can give no assurance that they will be achieved. They may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the business, which could cause actual results to differ materially from those expressed herein. All references to dollars ($) and cents in this announcement are in United States currency, unless otherwise stated.

Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company’s securities.

Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 8 9217 3300 Suite 6, 245 Churchill Ave. Subiaco WA 6008 | Email: [email protected]

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