Acquisition Boosts Prospect Resources Ownership of Omaruru Lithium Project

Prospect Resources Limited (ASX: PSC) has finalized an agreement with Osino Resources Corp. (OSI.TSXV) to acquire the remaining 60% interest in Richwing Exploration (Pty) Ltd, owner of the Omaruru Lithium Project in Namibia, for US$75,000 cash. This acquisition aligns with Prospect's strategy amid Osino's focus shift due to a combination deal with Yantai Gold.

Phase 2 drilling at Omaruru progresses well, with results expected by late April. The acquisition frees Prospect from joint ventures, facilitating independent exploration. The project, covering 131 square kilometers near advanced mining projects, offers significant potential for lithium deposits. With plans for further exploration and potential resource estimation in 2024, Prospect aims to establish a strategic presence in Namibia's battery minerals sector.

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