Prospect Receives Two Offers for Namibia’s Omaruru Lithium Project
Australian-listed Prospect Resources has received two non-binding offers to acquire its Omaruru Lithium Project in Namibia as the company shifts its focus towards its flagship Mumbezhi Copper Project in Zambia.
The offers, submitted by two undisclosed parties, are for Richwing Exploration, Prospect’s wholly owned Namibian subsidiary that holds the Omaruru project.
Initial offers were received in March 2026, with revised proposals submitted on 31 July.
Prospect has not disclosed the identities of the prospective buyers, the value of the offers or the conditions attached to them.
No binding sale agreement has been announced, meaning Prospect remains the owner of Omaruru while discussions continue.
The project had A$2.383 million in capitalised exploration and evaluation expenditure as of 30 June 2026, up slightly from A$2.346 million a year earlier.
The figure represents exploration expenditure recorded on the company’s balance sheet and does not indicate the project’s potential sale value.
The proposed disposal comes as Prospect directs significantly more capital towards Mumbezhi in Zambia.
The company recorded A$36.815 million in exploration and evaluation expenditure at Mumbezhi compared with A$2.383 million at Omaruru.
Prospect increased its interest in Mumbezhi to 90% in March after acquiring an additional 5% stake for US$4.25 million.
It also raised A$45 million earlier this year to fund further exploration, including 50,000 metres of resource and exploration drilling during 2026 and 2027, alongside metallurgical and development studies.
Meanwhile, Omaruru’s exploration licence remains subject to a renewal process. Prospect submitted its renewal application in October 2025, with the previous tenure due for renewal in February 2026.
Any potential transaction would therefore depend on the outcome of negotiations and the relevant conditions, including the status of the exploration rights.
For now, the two revised offers mark the latest step in Prospect’s efforts to divest Omaruru and concentrate its resources on copper exploration and development in Zambia.
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