Ann: Appointment of Lycopodium for Optimised Feasibility Study, page-3

May as well copy the commentary for discussion...bolded interesting comment...(Chinese, Germans or Russians?)

"The Company is in discussions with its existing offtake partners and, as well as institutional financiers with respect to financing pathways for the staged development of Arcadia. It is also in early-stage discussions with multiple strategic partners regarding joint development structures.

The Company believes that the use of a tier one engineering firm for the Optimised Feasibility Study should assist in the process of securing funding for the Project.

Prospect will also continue to retain the ability to go direct to plant capacity of 2.4Mtpa,should market conditions and funding activities allow.

Prospect’s Managing Director Sam Hosack said: “We believe that Lycopodium is the perfect partner
for Prospect to align with on the Arcadia Project. Their broad capabilities, technical rigour, team of
highly skilled engineers and designers, and track record in Australia, Africa and Zimbabwe provide a
highly valuable service offering to Prospect.

“We are very pleased with the progress that the Company is making towards delivering on its plan to
build and operate a Pilot Plant to rapidly move Arcadia through optimised feasibility and into
development. Prospect is determined to deliver on a clear development pathway in as short a
timeframe as possible, whilst still ensuring that the technical and economic risks are fully understood
and addressed.

“The staged development plan of 1.2Mtpa to 2.4Mtpa reduces time to production by leveraging lower capital expenditure and funding requirements. It also enables clear expansion in line with market growth. This development strategy allows project execution and market integration risks to be minimised whilst accelerating the pathway to first cashflow.

Critically, Prospect maintains the ability to go direct to a plant capacity of 2.4Mtpa should market conditions and funding activities allow. We look forward to providing regular market updates on the progress of the Optimised Feasibility Study over the coming months.”

Lycopodium Minerals Africa director Andrew Jakins said: “Our historical relationship with Prospect’s
management team and global involvement in Lithium projects makes Lycopodium a logical fit for the
Arcadia Lithium project and one which we are excited to be a part of. It is Lycopodium’s strategic intent to focus on battery mineral projects that will contribute to the success of sustainable battery powered transport solutions, and thereby contribute to a greener environment through the reduction of greenhouse gasses.”