Prospect Resources sells lithium project for $2.2M
Prospect Resources Limited has agreed to sell its Step Aside Lithium Project in Zimbabwe to Fatima Resources Pty Ltd for $2.2 million. The Australian mineral exploration company will receive $850,000 immediately and another $150,000 six months later, with an additional $1.2 million payment tied to development goals that must be reached within two years.
The project sits roughly 35 kilometers east of Harare and about eight kilometers north of the Arcadia Lithium Mine, covering approximately 100 hectares in the Harare Greenstone Belt. Prospect explored the site through drilling programs from 2022 to 2024 before lithium prices declined globally. The deal transfers Prospect’s Singapore subsidiary, Promin Resource Holdings Pte Ltd, which controls 90 percent of the venture, to Fatima Resources, a private firm with significant Zimbabwe operational expertise.
Managing Director Sam Hosack said the company secured both immediate returns and potential future gains tied to exploration achievements at Step Aside. Prospect plans to redirect funds from the transaction toward its Mumbezhi Copper Project in northern Zambia, while streamlining operations and cutting overhead expenses. The lithium site contains spodumene mineralization within pegmatite systems that remain open for further drilling in multiple directions and at depth.
