HIGHLIGHTS

: ▪ Initial 2,000m Reverse Circulation (RC) drilling program commenced.

▪ Omaruru is located in the highly prospective Karibib region, which hosts multiple LCT-style pegmatites at surface and confirmed by several walk-up targets where previous drilling has returned strong lithium intercepts.

▪ Outstanding potential to rapidly delineate a Mineral Resource estimate and make significant new lithium discoveries.

Prospect Resources Limited (Prospect or the Company) is pleased to announce that the initial RC drilling program has commenced at its highly prospective Omaruru Lithium Project (Omaruru) in Namibia (see Figure 1). Omaruru comprises the EPL 5533 tenement and is centred on the village of Wilhelmstal, located 50 km east of Karibib in Namibia and covers 175 square kilometres. The tenement is located near several historical and developing mining operations in central Namibia (see Figure 2). EPL 5533 contains over 60 visible, outcropping pegmatites of variable size, some of which (notably Karlsbrunn) have been subject to limited near surface lithium and beryl mining.

Only three pegmatites have been the subject of drilling to date (see Prospect ASX release dated 29 September 2022). The initial 15-hole, 2,000m drilling program is focussed on the Karlsbrunn and Brockmans pegmatite targets. Since commencing drilling last week (with minor operational and logistical delays), the work has advanced rapidly, with approximately 20% of the planned program completed. Drilling should be finalised early in Q1 2023 and all assay results and initial geological interpretations and lithium grade distribution of the drilled targets at Omaruru, will be available towards the end of Q1 2023.

Africa Team