Prospect Resources Limited has placed its Omaruru Lithium Project in Namibia on hold as the company shifts its focus to advancing its flagship copper operations in Zambia.
The company, which acquired full ownership of the Omaruru project in March 2024, has confirmed that exploration activities have ceased, with expenditure scaled back to minimum holding commitments.
This follows the completion of phase two drilling and the conclusion of obligations under its former joint venture with Osino Resources.
“As advised last year, we have put on hold our exploration spending at the Step Aside and Omaruru Projects.
The company is, however, continuing to look at potential commercialisation routes for these two lithium assets,” the company says.
While exploration has been paused, the company says it is pursuing commercialisation strategies to unlock the long-term value of the asset, noting that further progress will depend on improvements in global lithium market conditions.
“Consequently, the company is now pursuing commercialisation strategies to unlock the project’s longer-term value as lithium markets improve,” the company adds.
Despite the pause in activity, Prospect emphasises that the asset remains strategically important and could provide significant value should market dynamics strengthen.
The Omaruru Lithium Project, valued at US$2.3 million and held through subsidiary Richwing Exploration, forms part of the group’s broader electrification metals portfolio across southern Africa.
Prospect Resources is an Australian-based exploration and development company focused on opportunities in electrification and battery metals across sub-Saharan Africa
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