The Reserve Bank of Zimbabwe offered Prospect 10 Mio. US$ in September 2018 with an intreset rate of 7,5% to be paid back in 36 months. Prospect did not take this offer so far! I personally think they will never take it, because they would have done it so fa. and therefore they didn't mention the offer on this Q1/2019 report anymore. Why do they not take the offer? I do not know, only speculations, but it might be that they will find better ways to get the funding.
Prospect raised 10 Mio. A$ via share placement and another 10 Mio. A$ to Sinomine in the beginning of 2018.
Prospect closed the last Quarters with cash available:
Q1/2018 with 20 Mio. A$
Q2/2018 with 16 Mio. A$
Q3/2018 with 12.8 Mio. A$
Q4/2018 with 8.1 Mio. A$
Q1/2019 with 3.0 Mio. A$ (2.973)
I understand that you are dissapointed, but there is no change in the last 5 Quarters. I am not an expert to judge if around 4 Mio. A$ per Quarter are to much to spend for a company in our situation.
What I do not like at all is this: Summary of Activities Planned for the 30 June 2019 Quarter Project finance discussions Offtake discussions...
Only discussions till end of June 2019. I do hope very much that this will happen instead and the managment do not want/can't to tell us more right now because of their negotiation strategy.
Lithium production is headed for a massive growth underlined by three new deals expected to be sealed mid next month (May). Investors are flocking to the sector with Australian based Prospect Resources already firmly on the ground prospecting for the much sought mineral. Mines and Mining Development Minister Winston Chitando is bullish of the prospects from the resource revealing that three new deals will be sealed next month (May), a development that will position Zimbabwe on the global map.
(20min delay)