African lithium developer, Prospect Resources has announced that Luzich Partners LLC has paid the non-refundable deposit of US$200,000 in accordance with the option to purchase the Penhalonga Gold Project announced on 23 October 2020.
Luzich will now undertake due diligence on the asset for a period of 180 days and pay further consideration of US$800,000 if it elects to exercise the option.
Prospect’s MD Sam Hosack says:
“Prospect is focused on maximising shareholder value by rapidly progressing the Arcadia lithium project and extracting value from its non-core assets.
Read more about the Arcadia lithium project
The funds received strengthen the Company’s balance sheet at a time when sentiment in the lithium market is improving and the opportunity for Prospect to become the next producer in the market is presenting itself.”