Prospect Resources (ASX:PSC) trades higher on September...

Prospect Resources (ASXSC) trades higher on September results

Materials

ASXSC MCAP $36.52M

30 October 2020 15:15

· African lithium explorer Prospect Resources' (PSC) shares are trading more than 9 per cent higher on the back of its September quarterly results

· In August, the company secured a seven-year offtake agreement with global minerals company, Sibelco

· Sibelco agreed to offtake up to 700,000 dry metric tonnes of ultra-low iron petalite concentrate from Prospect's Arcadia Lithium Project in Zimbabwe

· Prospect also confirmed the Arcadia Project's position as a potential key player in the glass and ceramics industry

· Prospect kept operating expenditure significantly lower compared to the June quarter - slashing it almost by half

· By the end of September, Prospect had around $1.38 million in cash and received a US$10 million (roughly A$14.1 million) funding commitment from an existing offtake partner

· Company shares are up 9.09 per cent and are trading for 12 cents

Prospect Resources' (PSC) shares are trading more than 9 per cent higher today on the back of its September quarterly results.

Read the full article on The Market Herald here: https://themarketherald.com.au/prospect-resources-asxpsc-trades-higher-on-september-results-2020-10-30/