Ann: Presentation - Investment Outline Arcadia Lithium Project, page-6

Hmm, interesting. In my notes on the different lithium companies I watch I have 45% ownership for PSC but can not find this. However, I did find the following:

Zimbabwe Indigenisation Approvals
• Zimbabwe Investment Authority has approved the Company’s application to own a 70% equity interest in Hawkmoth (via Prospect Singapore) with the following conditions:
• The Company funds all exploration costs and upon commencement of production, funds development costs
• Funding is via Reserve Bank approved loans to the subsidiaries carrying a commercial rate interest having regard to operating risks of the company
• All loans have priority for repayment in front of any payments of dividends • After repayment of all loan funds, dividends may be payable
• Farvic has the right to claw back a 21% equity interest in Hawkmoth via the purchase of shares from Prospect Singapore. Funds to be used for the purchase must be from dividend payments from Hawkmoth and the valuation per share shall be ‘market value’ or a valuation calculated as 5xEBIT (whichever is the higher)
• Background: Under the laws of Zimbabwe, all operating companies must be either 51% owned by indigenous parties or have the capacity to be 51%-owned

Based on that it seems PSC, or rather Prospect Singapore, owns 70% but will have to give up 21% to Farvic as company must be 51% indigenous owned. So PSC ownership seems to be 70% to be reduced to 49% in due time (maybe I just misread/mistyped 49% for 45%).

But this information is hard to find... Did find it in (Presentation from November 2016):
http://media.abnnewswire.net/media/en/docs/ASX-PSC-798342.pdf

If ownership is indeed 90% this is a very good investment possibility. If the ownership is 70% it is still good but if it goes down to 49% it becomes a mediocre investment opportunity. Although the statement that "via the purchase of shares from Prospect Singapore" could mean that ownership remains 70% but that Farvic would have 21% of the shares of PSC (or rather Prospect Singapore, not sure how that is related to PSC).

Anyway, I have now confused myself a bit due to my notes claiming 45% and me being unable to find it except for this 2016 presentation which comes to 49% (but could also be 70%). And the JORC statements indicating 90%.

Does anyone have some better insight into this then me?