#1Investor Presentation Leading Africa in the Battery and Electrification Metals Revolution Prospect Resources Q6YE 20 November 2023 ASX:PSC | FRA:5E8#200 44444 ++++++ Corporate Overview ☐ ++++++ Compelling opportunity to leverage strong fundamentals behind electric vehicle and decarbonisation evolution Advancing three major battery mineral exploration and development projects across Zimbabwe, Namibia and Zambia www Well credentialed Board and Management team++++] ■ Proven ability in exploring, advancing, developing and delivering battery metals projects in Africa Well funded to act on value accretive opportunities in highly prospective sub-Saharan African region 444 Capital structure Market listings Shares on issue Share price (as at 17/11/23) Market capitalisation Cash (30 September 2023) ASX: PSC | FRA: 5E8 462.26M A$0.099 A$45.8M A$23.7M Top shareholders % Weiss Asset Management LP 16.23 Eagle Eye Asset Holdings Pte Ltd 15.29 Board & Management 7.7 Share price performance $0.40 キキキ 444444 Prospect Resources $0.30 $0.20 $0.10 Nov 2022 Feb 2023 May 2023 Volume 50 40 30 20 10 Aug 2023 Nov 2023 2 -Adj Close Millions#3Experienced Board and Management Board of Directors Mark Wheatley Non-Executive Chairman Mark has over 15 years of director and chairman experience with exposure predominantly across gold, copper and uranium sectors Gaurav Gupta Non-Executive Director Gaurav has over 25 years' experience in international trade and is a qualified Chartered Accountant. He manages a Monetary Authority of a Singapore registered family office with high-growth investment holdings. Sam Hosack Managing Director & CEO Sam is a proven senior mining executive with over 20 years' experience within the global resources sector. Gerry Fahey Non-Executive Director Gerry has over 40 years' experience and is specialist in both mining geology and mine development. He is currently a Director of Focus Minerals Ltd and formerly a Director of CSA Global Pty Ltd, and member of the Joint Ore Reserve Committee (JORC). Zed Rusike Non-Executive Director A qualified accountant and resident of Zimbabwe. Director of Cairns Holdings, TSL Limited, Dulux Paints Limited and Halsted Brothers (Pvt) Limited. HeNian Chen Non-Executive Director HeNian is the Chairman of Changshu Yuhua Property Co. Ltd since 2003 and has served as the Deputy Chairman of Afore New Energy Technology (Shanghai) Co. Ltd since 2007. Management and Technical Team lan Goldberg Chief Financial Officer BCom (Bus & Comm Law), CA lan has more than 20 years of senior finance and commercial experience. This includes having held several Chief Financial Officer (CFO) roles in operating mining businesses across Africa and Australia Harry Greaves Bsc (Agriculture) Senior Consultant Harry is a highly respected and well-known member of the Zimbabwean mining community. As an Executive Director at the time, he was a critical contributor to Prospect's acquisition, exploration, advancement and cash sale of the Arcadia Lithium Project to Huayou Cobalt in 2022. James Winch BSc (Geology), Fellow of Sub-Saharan Exploration GSSA Pr.Sci. Nat (South Africa) James is a Zimbabwean geologist with extensive experience in the planning, budgeting, implementation and field management of large-scale exploration programmes. This includes the spearheading of drilling programmes designed for brownfield exploration and resource definition to facilitate mine expansion works. Roger Tyler Chief Geologist MEng (Mineral Resource Evaluation), BSc (Mining Geology), MAusIMM, MSAIMM, ARSM, SACNASP Roger is a geologist with over 35 years' experience in the Africa minerals industry. He has worked across a wide variety of African countries and exploration and mining businesses. He was a core component of the exploration activities that resulted in Prospect's delineation, advancement and subsequent sale of the Arcadia Lithium Project in Zimbabwe. David Broomfield BSc (Geology), MSc Business Development (Mineral Economics) MAusIMM David is a geologist with over 25 years' experience in the mineral resources and exploration industry. He has broad experience managing and coordinating teams in the development of projects, including feasibility studies, technical and economic modelling, appraisals and conducting due diligence for mergers, joint ventures, acquisitions and development proposals John Maketo Technical Manager BSc Engineering Hons. (Metallurgical), MBA, GAICD, MAusIMM John is a metallurgical engineer with over 25 years' experience in mineral processing. He has held various technical and management positions at leading mining companies in Africa and Australia and encompassing broad experience in the mining and processing of lithium, diamonds, nickel, copper, platinum, zinc, lead and gold. Prospect Resources 3#4Corporate Strategy Key management team and growth funding in place Prospect's Board has a well-established strategy framework, aligned with dynamic commodity market factors Business ☐ Existing assets Activities Cash balance Management areas of expertise Battery and electrification metals focused explorer and developer Step Aside Lithium Project, Zimbabwe ■ Omaruru Lithium Project, Namibia Keysa REE Project, Zambia Progression of existing battery metals projects Evaluation, acquisition and advancement of new battery and +.0000000 electrification metals projects globally ■ A$23.7 million (30 September 2023) Exploration, geology and resource development Project planning, development and operations Technical and financial analysis Customer marketing and offtake ויו www Lithium Key commodity ■ REES focus areas Copper ■ Other battery and electrification metals Prospect Resources 0000000000000 キキ 444444 4 +++++ 4444 +++#5Arcadia Lithium Project - Reputation Established Prospect has a proven track record of substantial shareholder value generation through the systematic de-risking and advancement of the world-class Arcadia Lithium Mine Project From 2016 through to early 2022, Prospect was $400 $300 focussed on the exploration and development of $500 its flagship Arcadia Lithium Mine Project in Zimbabwe. Our team progressed Arcadia from initial discovery through resource definition, early- stage technical and economic evaluation, definitive feasibility study, offtake agreements, pilot plant operation and a strategic project financing process. As part of the strategic financing process, we received a highly attractive offer from Zhejiang Huayou Cobalt to sell Arcadia, which was ultimately accepted. Completion of this transaction took place in April 2022 and saw the sale of our 87% interest in Arcadia for approximately US$378 million cash. $200 $100 $0 -$100 PSC market cap. at Arcadia Project acquisition (ASM) (May 2016) Total new equity funds raised (A$M) (May 20 16 July 2022) 84 Cash distribution (ASM) (July 2022) Residual cash (ASM) (July 2022) 444 34 A$388M Organic Equity Value Created and Realised +1,500% PSC share price appreciation over this period Prospect Resources 5#6LCE Market Demand Demand / Supply Forecast, 2023-40, kt LCE (Battery Grade) 3.5 3.0 2.5 2.0 1.5 1.0 .5 22% Deficit (Surplus) % -Demand Supply Supply Gap 14% 7% 2% (1%) 49% 51% 51% 50% 49% 50% 44% 39% 33% 26% 22% 13% 4% 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Source: Wood Mackenzie - Global Lithium Investment Horizon Outlook (Q4 2022) Prospect Resources . Demand Consensus is shifting towards a significant demand gap emerging ~2030 EV penetration expected to reach ~50% by 2030, equating to 5.5x growth Supply . ~ Over 100 new projects will be needed by 2030 to support demand • Near-term supply-side risk as many development peers extend project timelines . . Market-wide cost escalation is impacting developers and operators Government policy influence - US and EU Policy, Chile Nationalisation, Canada ownership laws 6#7LCE Pricing Lithium Carbonate 99.5% Min Price (US$/t) $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Jan-18 Jul-18 Jan-19 Prospect Resources Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Source: Investing.com Macro and Equity market pullback in lithium and battery minerals may be short-lived given: • Huge forecast long-term LCE deficits • Current levels approaching incentive price floors • . Substantial recent strategic and corporate activity in the lithium sector (particularly in Australia) Growing recognition by energy majors of criticality of lithium to global decarbonisation Equities have followed price reductions and now represent good buying opportunities, with Prospect well-positioned to benefit. 7#81 Step Aside Lithium Project, Zimbabwe ■ 90% ownership; located within the Archaean Harare Greenstone Belt, approximately 35km east Zimbabwe's capital city Harare ■ Claim comprises 100 hectares of prospective land west of the Mashonganyika Fault ☐ Prospectivity of the area originally confirmed by positive regional soil sample geochemistry assays and rock chips of surface pegmatites Targeted with three phases of drilling during 2022-23, with recent work discovering the high- grade, coarse spodumene dominant and thick WinBin deposit ■ WinBin is interpreted to be the parent or feeder system to the Colga pegmatite swarm, that was delineated during earlier phases of work 325,00 mE 8,040,000-mN To Harare 8,036 000 mN Step Aside Lithium Project | 330 d0 m 19948BM 335 00 mE 7.5K Map Area Harare ZIMBABWE Located 8km north of the Arcadia Lithium Mine Project, sold to Huayou Cobalt in 2022 for US$378M 4.5km 8.035.000 N- Arcadia Lithium Project do mE 2.5km UTM Zone 36s (WGS 84) Prospect Resources Step Aside Lithium Project Legend Prospect Resources Tenement Prospect Resources 8#9New "WinBin" Discovery ■ Two scout holes, CDD055-CDD056, and five further drill holes returned wide intercepts of strongly mineralised pegmatite from shallow depths ◉ Exciting new discovery with promising assay results: - 33m @ 1.18% Li₂O from 81m, including; ▪ 24m @ 1.41% Li₂O from 88m 23.1m @ 1.03% Li₂O from 45m, including; ■ 11m @ 1.51% Li₂O from 54m 10.45m-wide zone of the WinBin pegmatite was intersected 220m beneath discovery holes (from 388.2m) in re-entry of hole CDD054; assays pending. XRD analysis from pulp samples of the discovery hole CDD055 show WinBin lithium mineralisation is predominantly spodumene (+95%) 1,200m RL -1,250m RL -1,300m RL -1.350m RL 331,700mE- CDD054 331,800mE- 23.1m 1.03% Li₂O 331,900mE- CDD056 CDD055 1,300m RL Re-Entry from 80m 33m 1.18% Li₂O Refer to ASX Announcements "Significant Lithium Discovery at Step Aside" dated 18 October 2023 and "WinBin Discovery Rapidly Growing at Step Aside" dated 13 November 2023 Prospect Resources Step Aside Project Drilling Cross Section 8,040,300mN Legend WinBin Discovery Pegmatite Greenstone Drilling Cross Section through the WinBin deposit at Step Aside Prospect Resources 50m Scale 1:2,000 10.45m Interval (Assays Pending) 9 1,150m RL- 1,200m RL 1,250m RL 1,350m RL Surface 332,000mE#10WinBin Lithium Footprint is Growing ■Further drill holes returned wide intercepts of strongly mineralised pegmatite from shallow depths ■ Visual spodumene visible in all drill holes to date Summary of Visual Estimates for drill holes with outstanding assays DigiMaps PSC23022 331,500mE 8,041,000mN CDD048 CDD046 19948BM Pegmatite E CDD043 CDD049 CDD044 332,000mE CDD033 CDD045 CDD047 Pegmatite A CDD032 Pegmatite D CDD034 O Pegmatite F 20 Collar Co-ordinates UTM Zone 35 South (ARC Survey Data Pegmatite Intercepts 1950) Hole Depth Hole ID (m) CDD054 Easting 331709 Northing 8040306 Elevation Azi (°) Dip (°) From To Interval (m) Spodumene modal abundance (%) 1344 80 60 419.73 CDD059 331910 8040334 1333 10 70 0 60 134.84 388.21 120 120.5 123.5 398.64 120.5 123.5 129.75 10.43 0.5 2-5% 10% 3 10-20% 6.25 20-30% 90 93 3 2-5% CDD061 331931 8040310 1319 50 60 115.08 93 96 3 5-10% 96 101.5 5.5 10-20% 30 33 3 20-30% CDD062 331935 8040308 1319 100 70 50.78 33 37 4 5-10% 37 38.8 1.8 10-20% 39 46 7 5-10% 46 56 10 20-40% CDD063 331933 8040307 1319 100 75 80.84 56 64 8 64 71.5 7.5 20-40% 10-20% -8,040,500mN CDD064 331850 8040297 1329 145 70 230.84 207.3 218.25 10.95 2-5% 129 134 5 2-5% CDD066 331850 8040298 1330 110 60 60 134 138 4 5-10% 152.78 Prospect Resources 138 142 4 10-20% 142 144 2 5-10% Step Aside Lithium Project Legend 49.95 53 3.05 2-5% CDD067 331939 8040311 1319 70 60 53 58 5 10-20% 75 58 68 10 20-30% 68 69.88 1.88 5-10% Tenement Pegmatite Phase 1 Drilling (2022) Phase 2 Drilling (2023) Phase 3 Drilling (2023) Refer to ASX Announcements "Significant Lithium Discovery at Step Aside" dated 18 October 2023 and "WinBin Discovery Rapidly Growing at Step Aside" dated 14 November 2023 Prospect Resources O 8 00 00 Pegmatite B CDD041 CDD040 Project Location Harare ZIMBABWE Pegmatite C CDD042 8,040,500mN CDD035 CDD065 CDD051 CDD036 CDD050 WinBin Discovery Holes CDD037 CDD038 CDD039 CDD052 CDD053 CDD068 CDD057 CDD058 CDD059 CDD056 CDD067 CDD063 ●CDD054 CDD066 CDD064 CDD061 CDD055 CDD062332,000mE CDD060 Plan view showing Phase 3 diamond drilling at Step Aside and WinBin discovery 150m UTM Zone 36S (ARC 1950) 10#11Phase 3 Expanded Programme ◉ Ongoing Phase 3 diamond drilling programme - expanded to 5,000m (3,750m now complete) following WinBin discovery with two rigs currently on site to accelerate exploration works into December ■ Phase 3 key objectives include: - Rapid delineation of the new "WinBin" target zone - Further targeting of strike and depth extensions testing Pegmatites B and C ■ WinBin discovery potentially represents a feeder zone ◉ for defined spodumene mineralisation to the north Regional testing of Pegmatite C northwards from positions where it appears to co-join WinBin ■ Phase 3 should complete in Q4 2023, with most assays. ■ being available by mid-January 2024 Follow up drilling programme being generated Refer to ASX Announcements "Significant Lithium Discovery at Step Aside" dated 18 October 2023 and "WinBin Discovery Rapidly Growing at Step Aside" dated 13 November 2023 Prospect Resources 11#12630,000mE 645,000mE 2 Omaruru Lithium Project, Namibia ■ EPL 5533 tenement covers 175 km² and is located 50 km east of Karibib in Namibia ■ Contains 60 visible outcropping LCT pegmatites, with considerable prospectivity for further lithium- enriched deposits below cover High level achievements AFRICA ■ Delineation of thick feeder zone at Karlsbrunn Main 7.575,000m ■ Recent discovery of large Karlsbrunn SE deposit Project Location NAMIBIA 615,000mE Hillside Spirit Karlsbrunn Project Location Windhoek Walvis Bay NAMIBIA Luderitz EPL 5533 Brockmans C36 ■ Currently in process of earning to 51% (upon completion of Phase 2 programme) Focus of Current Exploration ■ Extensive soil geochemical sampling programmes have identified multiple "blind", shallow, walk-up, exploratory lithium drilling targets 7,560,000mN Refer to ASX Announcements "Significant New Drill Targets identified at Omaruru" dated 15 November 2023 Prospect Resources DigiMaps PSC22003 Location map 615,000mE D1967 B2 Hwy 7,575,000mN- N Prospect Resources Omaruru Lithium Project Legend Tenement Main road Minor road 10km Rail Geology UTM WGS84 Zone 33S 630,000mE for Omaruru Lithium Project tenement in Namibia Pegmatite Occurrences 12#13Karlsbrunn: Ongoing drilling and soil sampling ■ Five drill holes for 345m were completed as part ■ of the Phase 1 drilling programme Significant intercepts returned included: - 35m @ 0.85% Li₂O from surface, including - - 5m @ 1.03% Li₂O from 1m and 13m @ 1.04% Li₂O from 12m (OMR046) 18m @ 0.88% Li₂O from surface, and - 13m @ 0.79% Li₂O from 21m (OMR045) ■ Lithium mineralisation (lepidolite and petalite) appears zoned either side of an unmineralised quartz core, and the southeast flank is interpreted as a feeder zone ☐ ■ Soil geochemistry has outlined a strike extension to the northeast that will be drill tested Maps PSC23020 610,600mE - 7,568,600mN OMR047 OMR048 OMR049 10m @ 1.35% Li₂O OMR046 35m @ 0.85% Li₂O 4m @ 1.73% Li₂O 8m @1.11% Li₂O - 7,568,400mN 5m @1.17% Li,O Swakopmund Project Location Windhoek Walvis Bay NAMIBIA Luderitz 610,600mE 610,800mE 7,568,600mN - OMR045 18m @ 0.88% Li₂O + 13m @ 0.79% Li₂O Location map showing completed RC drill holes at Karlsbrunn Main 610,800mE 7,568,400mN- 50m UTM WGS84 Zone 33S Prospect Resources Omaruru Lithium Project Legend (Karlsbrunn) Q2 2023 Drilling Q1 2023 Drilling Historical Drilling Pegmatite Contacts (approx.) Underground Adits Intepreted Strike Prospect Resources 13#14Significant Regional Potential Defined ■ Soil sampling programmes recently completed over four separate grids, including new Karlsbrunn SE discovery with large pegmatite outcrops ■ Additional work undertaken adjacent to the existing Bergers, Karlsbrunn and Hillside prospects has generated subsurface positions for potential blind lithium mineralisation ■ Numerous regional drilling targets have now been identified and will be targeted with a RAB rig as part of ongoing Phase 2 drilling Large areas of the tenement yet to be evaluated which contain similar host rock sequences Swakopmund 611,000mE EPL 5533 Project Location Windhoek Walvis Bay NAMIBIA Luderitz Map Area -7,570,000mN -7.569,000mN -7,568,000mN Karlsbrunn NE 611,000mE 612,000mE 613,000mE 614,000mE 615,000mE EPL 5533 Brockmans NE Spirit SW 612.000mE 7.571 000mN- Petalite SW Bergers NE 7.570,000mN 7569 000mN- Bergers Central Hillside Brockmans SW Bergers SW Karlsbrunn SE 613.000mE 1km UTM WGS84 Zone 33S 614 000mE 615,000mE Prospect Resources Omaruru Lithium Project (Regional Soil Geochemistry Grids) Legend Pegmatite Contacts (approx.) Soil Geochemistry Grid Prospect Resources Regional Soil Geochemical Sample grids completed for Omaruru 14#15Karlsbrunn SE Pegmatites Prospect recently discovered an unmapped cluster of lithium mineralised pegmatites 1.4km southeast of Karlsbrunn Main ■ A coherent 500m long, 150m wide lithium geochemical anomaly represents a compelling new scout RAB target and will be drilled during Phase 2 ■ The methodical approach to exploration taken at Omaruru has assisted the ongoing regional reconnaissance programmes, followed by surface soil sample surveys to delineate specific targets ■ The Company will continue to apply this rapid, low- cost and successful approach to ongoing evaluation on the rest of the tenement 7.568,600mN 7.568,000mN -7.567 500mN Prospect Resources 611,000F 611,500mE 612,000mE Karlsbrunn SE Pegmatites 611,000mE 611,500mE 612,500mE Project Location Windhoek Swakopmund Walvis Bay NAMIBIA Luderitz RAB Drill Target Area 612,000mE Soil Geochemical Grid for Karlsbrunn SE showing new RAB drill target zones Refer to ASX Announcements "Significant New Drill Targets identified at Omaruru" dated 15 November 2023 7,568,000mM 200m UTM WGS84 Zone 33S A Prospect Resources Omaruru Lithium Project Legend Geochemical Soil Sampling (West) Pegmatite Contacts (approx.) Lippm 300-999 200-299 O 150-199 120-149 ⚫75-119 50-74 25-49 0-24 612.500mE 15#16Bergers Revisited -7,570,000mN 614,500mE Encouraging, near-surface, first-pass lithium. drilling intersections of 7m @ 0.84% Li₂O (OMR032) and 3m @ 0.71% Li₂O (OMR037) during the Phase 1 drilling demanded follow up, with infill soil sampling completed ■ Re-evaluation of Bergers has now identified a strong, lithium-in-soil anomaly that forms a prospective area some 700m long and 300m wide ■ Upcoming RAB drilling will test the extent of this anomaly, with the aim of generating deeper RC drill targets in 2024 OMR028 OMR017 OMR020 OMRO29 OMR019 OMR039 OMRO30 OMR027 OMRO26 OMR022 OMRO18 OMR031 7,589 500 N 7,569,000mN 614.500mE Prospect Resources 615,000mE 615,500m Bergers NE Bergers Workings OMR038 OMR037 615.000mE OMRO3 OMR035 OMRO36 OMR032 Swakopmund OMR033 RAB Drill Target Area 015 500me Project Location Windhoek Walvis Bay NAMIBIA Luderitz 7569,500mN- 200m UTM WGS84 Zone 33S Prospect Resources Omaruru Lithium Project Legend Geochemical Soil Sampling (West) Pegmatite Contacts (approx.) Lippm 300-999 -200-299 150-199 120-149 0 -75-119 Soil Geochemical Infill Grid for Bergers Central showing new drill target zone Refer to ASX Announcements "Significant New Drill Targets identified at Omaruru" dated 15 November 2023 50-74 25-49 0-24 Existing Drill Holes 16#17■ Clear Exploration Pathway Established Ongoing Phase 2 programme is underway with RAB drilling to target soil anomalies defined at Karlsbrunn SE, Bergers and Karlsbrunn NE ■ Prospect expects to complete its Phase 2 earn-in to a 51% majority stake of Omaruru during Q4 2023 ■ The assay results and interpretation of the RAB drilling will inform the next phase of RC work at Omaruru, with the aim of providing a maiden JORC- reportable MRE during 1H CY2024 ■ The Karibib region is considered very prospective for additional lithium discoveries, as the Company seeks to build a significant mineral inventory here Prospect Resources 17#18Lepidolite value - Rising market share in China Lepidolite smelters (mainly in Jiangxi Province) accounted for 30% LCE share in 2022 and grew by 56% between 2017-2022. Supply is expected to reach 157 kt LCE by 2025 with a 20% CAGR. Omaruru is a lepidolite rich area. China Lithium Carbonate Output Distribution 2022E (Unit: K LCE Ton) Tibet Qinghai Brine (Qinghai, Tibet) Spodumene (Sichuan) Lepidolite (Jiangxi, Hunan) Prospect Resources 13% 36% 20% 91 KT LCE 30% Spodumene Lepidolite Brine Others China Lepidolite Output and Forecast 2017-2025E (Unit: K LCE Ton) CAGR 20% ] 157 +56% 91 Sichuan 54 Hunan 40 Jiangxi 27 10 9 2017 2018 2019 2020 2021 2022E 2025E 18#193 Kesya Rare Earths Project, Zambia Exploration Licence (LEL) covering 1,053 hectares ■ Located near the town of Kafue in southern Zambia, 90 km via sealed road to capital, Lusaka ■ Previous geological mapping and surface. sampling has identified a large, rare earth- enriched carbonatite intrusion ☐ Strong potential for world-class, REE-enriched, carbonatite-hosted mineral system, having returned significant values of neodymium and praseodymium from previous studies Option Agreement executed with Antler Gold Inc. (ANTL.TSXV), to acquire 51%, and up to 85%, interest in Kesya AFRICA Project Location --10° --15° 25° Kamina DEMOCRATIC REPUBLIC OF THE CONGO ZAMBIA Kolwezi Lubumbashi ANGOLA ZAMBIA Kesya REE Project Katima Mulilo Ndola 30° Iqurusi Kasama -10°- MOZAMBIQUE Lusaka ZIMBABWE Mzuzu Dowa -15- N 200km Prospect Resources Kesya Rare Earth Element Project Legend Road. City Airport Prospect Resources 25° 30° Active Mine / Mill 19#20Outstanding Geology and Jurisdiction Kesya is composed of a unique mineral (sövite) and breccia associated with the carbonatite's intrusion into granitic gneiss rock sequences of the Zambezi Belt ■ The volcanic intrusion is described as massive, and related to faulting, and covers more than 200 hectares. within the licence ■ Zambia is a leading resource investment jurisdiction with a long-standing history of exploration, mining and export of minerals, particularly copper ■ There has never been a major exploration focus for discovering rare earth mineralisation in the country ■ The region possesses excellent infrastructure and significant support from both Government and community, who seek to diversify from a largely singular copper focus 8,245,000 8,244,000 8,243,000 8,242,000 kilometers 654,000 Kesya Rare Earth Element Project Planned Phase 1 Drill Collars Grab Samples TRE0% 0.2 to 0.66 (5) ☐ 0.1 to 0.2 (23) NO 0.05 to 0.1 (25) 0.01 to 0.05 (2) Location map of Kesya REE Project with proposed diamond drill target areas Phase 1 Collars Tenement 34134-HQ-LEL Carbonatite. Lusaka Kesya Prospect Resources 20#21Potential High Value REE Basket Antler undertook two mapping and sampling campaigns in 2021, including reconnaissance work and collection of 51 rock chip samples ■ Results show REE contained within monazite and bastnaesite mineralisation, with low levels of deleterious uranium and thorium (radionuclides) Average of 1,280 ppm (0.13%) total rare earth oxide (TREO) content, peaking at 6,559 ppm. (0.66%) TREO Sample assays showed consistently high contents. of neodymium and praseodymium (NdPr), averaging 29% of the total rare earth oxide content (Basket) of rock chip samples collected by Antler (considered very encouraging) Average TREO Basket Distribution for Kesya Rock Chips 24% 4% 1:3 0% 5% Y203 La203 17% Ce 203 Pr203 Nd203 Sm203 Eu203 ■Gd203 Tb203 Dy203 Ho203 5% Er203 39% Tm203 Yb203 Lu203 Prospect Resources 21#22Rare Earths Demand Outlook (Deficit Looming) Rare earths - key investment considerations Rare earths within EVs Nexus to decarbonisation Rapid growth supported by accelerated demand for EV and wind turbines Limited substitution technologies Rare earth magnet motors >5x magnetic strength relative to induction motors Price elasticity Rare earths relatively small proportion of overall cost of an EV Anticipated growth in metal demand (2021 to 2030) Contained value of metal within EV (US$) Lithium Natural Graphite Cobalt Rare Earths 7.0x 239 4.0x 985 3.0x 562 Nickel 2.0x 1,139 Copper 2.0x 1,462 Content modified from Peak Rare Earths Limited ASX Announcement 6 February 2023 - "Presentation Mining Indaba Conference" Prospect Resources 11.0x 1,462 22#23Prospect Corporate Outlook for 2024 Step Aside (Zimbabwe) . • Potential high grade spodumene feed source for nearby operating Arcadia Mine (8km away) Finalise definition drilling to establish global resource tonnage Omaruru (Namibia) • . Large ground holding contains significant potential to define a critical mass of lithium resources to justify development Ongoing exploration programmes targeting large volumes of higher-grade mineralisation at Karlsbrunn and Bergers Kesya (Zambia) . . Strong potential to define a world-class REE-enriched asset Currently awaiting award of the licence; drill ready to commence post wet season Advanced Project Strategy • Targeting to acquire an advanced project at resource defined stage or better to complement current early-stage portfolio. Prospect Resources 23#24Prospect Resources: Leading the Way [4] Electrification revolution presents a multi-decade opportunity with strong fundamentals 00 Significant experience in mineral exploration, technical flowsheet design and marketing Proven ability in designing, developing and delivering battery metals projects in Africa Well funded to act on value accretive opportunities in highly prospective sub-Saharan Africa Well credentialled Board and Management team, focused on creating and realising long term shareholder value Prospect Resources 24