Prospect Resources Ltd. announced that it has entered into a Memorandum of Understanding (MOU) with SCR- Sibelco N.V (Sibelco) for the offtake of Arcadia's ultra-low iron petalite product. The purpose of the MOU is to provide an exclusive period of time for the parties to negotiate and execute a Binding Offtake Agreement for Arcadia's ultra-low iron petalite product ("the Product"). The MOU contemplates signing the Binding Offtake Agreement by 1 June 2020.

Whilst Prospect and Sibelco have agreed not to deal with any other party in relation to the supply of ultra low iron petalite, nothing in the MOU prohibits Prospect from continuing discussions with the Uranium One Group.