How are Propsect’s (ASX:PSC) shares faring post AGM update?

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 How are Propsect’s (ASX:PSC) shares faring post AGM update?
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Highlights:

  • Prospect’s shares closed 25.93% higher at AU$0.17 apiece on annual general meeting update.
  • Mark Wheatley, the non-executive chairman of Prospect, said that the Arcadia Lithium Project is positioned for growth.

Shares of Prospect Resources Limited (ASX:PSC) had gained on ASX on Wednesday (23 November 2022) as the company has released its annual general meeting 2022 results, in which it mentioned that it had achieved several milestones in 2022. Today, at 10:22 AM AEDT, the shares were trading flat at AU$0.17 apiece.

On the date of release, the shares of Prospect closed 25.93% higher at AU$0.17 per share with a market capitalisation of AU$62.40 million. Including this gain, the share price has dropped by 75.36% in the past one year. On a year-to-date basis, the share price has fallen by 79.01% and recorded a fall of 82.11% in the last six months.

Prospect Resources is a mining company focused on developing and exploring mining projects, especially electrification and battery minerals.

Milestones achieved by the Prospect in 2022

Mark Wheatley, the non-executive chairman, informed the market that in 2022, the group has built and manage the operations of the Arcadia pilot plant. Also, the company has completed two optimized feasibility studies that demonstrated numerous pathways for the development of the Arcadia Lithium Project.

He added that these activities had positioned Arcadia for growth at a time when the lithium market is growing.

As reported in the announcement, 87% of interest in the project was sold to Huayou Cobalt for a consideration of US$378 million. Wheatley said that this transaction resulted in a significant return to the shareholder. AU$443 million were distributed to the shareholders in August 2022, and circa AU$33 million were retained for future activities.

Prospect strengthened its business development and exploration teams

Through AGM 2022, the company shared that David Broomfield was appointed to lead business development efforts in Perth.

James Winch joined the team and oversaw the exploration regionally out of Harare. Willem Kotze joined to manage the exploration activities in Namibia.

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