Prospect Resources has received two offers for its Omaruru Lithium Project in Namibia as the Australian-listed explorer moves towards disposing of the asset and concentrates its investment on its flagship Mumbezhi copper project in Zambia.
The company disclosed in its 2026 annual report that two external parties have submitted non-binding offers to acquire Richwing Exploration (Pty) Ltd, the wholly owned Namibian subsidiary through which Prospect holds Omaruru.
The process began before the end of the company’s financial year, with Prospect saying it received non-binding offers from two parties in March 2026. Prospect subsequently submitted revised offers on 31 July.
Prospect has not identified the prospective buyers or disclosed the amounts offered for Richwing.
The company makes clear in its financial statements that selling Richwing would result in the disposal of Omaruru.
“The Omaruru Lithium Project (‘Omaruru’) is held through the Group’s wholly-owned subsidiary in Namibia, Richwing Exploration (Proprietary) Limited (‘Richwing’),” the company said.
It added that it had received non-binding offers from two external parties for its entire interest in Richwing, “which will include the disposal of this project”.
The development could put the Namibian lithium project on course for a change of ownership. However, the report gives no indication that Prospect has selected a preferred bidder or entered into a binding sale agreement.
Prospect’s financial statements carried exploration and evaluation expenditure associated with Omaruru at A$2.383 million at 30 June 2026, marginally higher than A$2.346 million a year earlier.
The figure represents capitalised exploration and evaluation expenditure and should not be treated as either the project’s market value or the amount Prospect expects to receive from a sale.
The identities of the bidders, the values of their offers and the conditions attached to the proposed transactions remain undisclosed.
The report also does not provide a timetable for completing a possible sale.
A potential transaction comes while the exploration licence covering Omaruru is undergoing renewal.
Prospect said the licence was renewable every two years and its latest tenure was due for renewal on 12 February 2026.
The company submitted its renewal application in October 2025, but had not received approval by 30 June.
Despite the outstanding approval, Prospect’s directors concluded that the company continued to hold the rights necessary to conduct exploration at the project, citing the status of the renewal process and continuing engagement with Namibian authorities.
This could become an important issue in any proposed transaction because prospective buyers would acquire the project through Richwing.
The proposed Omaruru disposal comes as Prospect directs substantially greater resources towards the Mumbezhi Copper Project in Zambia.
At the end of June, Prospect spent A$36.815 million on exploration and evaluation at Mumbezhi, compared with A$2.383 million at Omaruru.
Mumbezhi has emerged as the company’s flagship development asset, with Prospect increasing its ownership to 90% in March after paying US$4.25 million for an additional 5% interest.
The company also raised A$45 million in February to fund further work at Mumbezhi, including another 50,000 metres of resource and exploration drilling in 2026 and 2027, as well as metallurgical and development studies.
Prospect says its broader strategy is to position itself as an explorer and developer focused on minerals required for electrification.
The company previously disposed of another lithium asset, the Step Aside Lithium Project in Zimbabwe, under an agreement signed in November 2025.
That transaction provided for US$850,000 upfront, a further US$150,000 deferred payment and a possible conditional payment of up to US$1.2 million linked to future development milestones.
Prospect recorded a A$1.875 million loss on the Step Aside disposal.
Omaruru, however, remained on Prospect’s books at the end of June and Richwing continued to be listed as a 100%-owned Namibian exploration and evaluation subsidiary.
The two revised offers received in July now represent the clearest indication in the annual report of Prospect’s intended direction for the Namibian project.
No transaction has been announced, so Prospect still owns Omaruru while discussions over a potential disposal continue.
