Pilot Plant to produce high purity petalite via proven DMS technology, with first production expected in Q2 CY2021.
Finalised Staged Development Strategy with Stage 1 to be 1.2Mtpa and Stage 2 expansion to 2.4Mtpa to follow in due course.
Appointment of Lycopodium to complete Optimised Feasibility Study, with expected completion in Q3 CY2021.
Strategically focussed on the pathway to near term production;
Revised pilot plant design to adopt greatest technical certainty by focussing on existing lower risk Feasibility Study flowsheet;
Revised and optimised Feasibility Study commenced for staged development plan of 1.2Mtpa to 2.4Mtpa;
Advancing various project funding opportunities including strategic investor interest;
Farvic transaction to simplify corporate structure extended a year.
Signing a 7 year offtake agreement with Sibelco for up to 700,000 dmt of Arcadia's high purity petalite product;
Appointed Renaissance Capital as M&A Advisor in relation to the discussions with Uranium One Group;
Progressed both metallurgical testwork and customers qualification; and
Subsequent to the quarter, completed a transformational capital raise of A$6M before costs and signed an option agreement for the sale of the Penhalonga Gold Project for US$1M, to strengthen the Company’s balance sheet and fast track the Arcadia Lithium Project.
Prospect receives subscriptions for 46,153,847 shares at A$O.13 to raise A$6m before costs via a private placement to sophisticated and professional investors. Funds to develop pilot plant to produce low iron spodumene & high purity petalite samples for glass & ceramics customers, initiate a Front End Engineering Design for Prospect's Arcadia Lithium Project and progressing Project financing activities.
Prospect signs offtake agreement with Belgium-based Sibelco N.V for ultra-low iron petalite production from the Arcadia Lithium Project. Arcadia to be the world’s largest ultra-low iron petalite supplier. Seven-year term for up to 700,000 dry metric tonnes (dmt).
Arcadia achieves lithium to iron ratios suitable for the premium glass and ceramics market. Opportunity to be the only lithium mine in the world able to supply both spodumene and petalite to the premium glass and ceramics market; ICP analysis confirm: Spodumene product achieved 6.1% Li2O and 0.18% Fe2O3; Petalite flotation product achieved 4.5% Li2O and 0.02% Fe2O3;
Locked Cycle petalite flotation testwork successfully performed on Main Pegmatite ore; Petalite flotation is expected to significantly increase Arcadia’s life of mine uItra-Iow iron petalite recovery by over 94% compared to November 2019 DFS; Confirms high grade, ultra-low iron petalite concentrate (>4.1% Li2O, 0.02%-0.05% Fe2O3).