ASX
221 days, 11 hours ago 
PRS
Prospech Limited
Korsnas REE Inferred Resource Estimate Further Information
Prospech Ltd. reports an initial JORC Inferred Mineral Resource Estimate of 7.1Mt @ 1.1% TREO at its Korsnas project, alongside an Exploration Target of 10-12Mt @ 1.0-1.2% TREO.
ASX
221 days, 14 hours ago 
PRS
Prospech Limited
Receipt of EU REMHub Funding for Korsnas Project
Prospech Limited has received the first tranche of funding, approximately A$346,000, from the European Commission's REMHub project for its Korsnäs REE project.
ASX
226 days, 13 hours ago 
PRS
Prospech Limited
Korsnas REE Inferred Resource Estimate
Prospech Limited announced an initial inferred mineral resource estimate of 7.1 million tonnes at 1.08% TREO at its Korsns REE project in Finland, with an additional exploration target of 10-12 million tonnes at 1.0-1.2% TREO.
ASX
227 days, 15 hours ago 
PRS
Prospech Limited
Application for quotation of securities - PRS
Prospecch Limited (PRS) applied for quotation of 26,198,132 ordinary fully paid shares on the ASX, issued as part of a previously announced rights issue, priced at AUD 0.03 each.
ASX
228 days, 11 hours ago 
PRS
Prospech Limited
Completion of Rights Issue
Prospech Limited successfully completed its rights issue, raising $785,944 by issuing 26,198,132 new shares, exceeding initial expectations.
Better than expected
 
ASX
245 days, 13 hours ago 
PRS
Prospech Limited
Presentation to Noosa Mining Conference
Prospech Limited (ASX:PRS) announced a capital raising of up to \$2.2 million to fund exploration at its Korsns REE project in Finland and Slovakian projects, supported by positive drilling results and a favorable commodity outlook.
Better than expected
 
Capital raise
 
ASX
249 days, 13 hours ago 
PRS
Prospech Limited
Heavy REEs Terbium and Dysprosium from Korsnas
Prospech Limited announced highly encouraging assay results from its Korsns project in Finland, revealing significant intersections of heavy rare earth elements (HREEs) terbium and dysprosium, crucial for high-strength magnets used in green technologies.
Better than expected
 
ASX
253 days, 13 hours ago 
PRS
Prospech Limited
Extension to Rights Issue Closing Date
Prospech Limited extends the closing date of its rights issue to November 26th, 2024, to allow shareholders more time to participate following the release of positive assay results from the Korsns project.
Capital raise
 
ASX
256 days, 13 hours ago 
PRS
Prospech Limited
More Impressive Assay Results from Korsnas
Prospech Limited announced highly encouraging assay results from its Korsns project in Finland, revealing significant intersections of high-grade rare earth elements (REEs), bolstering the foundation for a future JORC-compliant resource estimate.
Better than expected
 
ASX
262 days, 13 hours ago 
PRS
Prospech Limited
Opening of Rights Issue
Prospech Limited's rights issue, offering approximately 75.6 million shares at $0.03 each to raise up to $2.27 million, is now open to eligible shareholders.
PRS 
Prospech Limited 
ASX

Extension to Rights Issue Closing Date

Sentiment:
 Rights Issue Update
 6 November 2024 5:52 PM

Prospech Limited extends the closing date of its rights issue to November 26th, 2024, to allow shareholders more time to participate following the release of positive assay results from the Korsns project.

Capital raise
  The rights issue is a form of capital raising. 

Summary
  • Prospech Limited announced an extension to the closing date of its rights issue.
  • The new closing date is Tuesday, November 26th, 2024.
  • This extension is to give eligible shareholders more time to participate.
  • The extension follows the release of further positive assay results from the Korsns project.
  • The company is preparing an ASX announcement detailing these new results.
  • An initial resource estimate for the Korsns project is also being compiled.
  • Eligible shareholders who take up their full entitlement may apply for additional shortfall shares.
  • The amended timetable includes a last date to extend the closing date of November 21st, 2024, an issue date of December 3rd, 2024, and trading of new shares beginning December 4th, 2024.
  • These dates are indicative only and subject to change.
Sentiment

Score: 7

Explanation: The announcement is positive overall, with the extension of the closing date viewed as a positive development for shareholders. However, the lack of specific financial details and the inherent risks associated with resource exploration temper the overall sentiment.

Positives
  • Positive assay results from the Korsns project prompted the rights issue extension.
  • The extension gives shareholders more time to participate in the rights issue.
  • The company is preparing an ASX announcement with further details on the Korsns project.
  • An initial resource estimate for the Korsns project is underway.
Risks
  • The indicative dates for the rights issue are subject to change.
  • Delays in releasing the ASX announcement or completing the resource estimate could impact the timeline.
Future Outlook

The company expects to release an ASX announcement with further details on the Korsns project and is compiling an initial resource estimate for the project.

Industry Context

This announcement is typical of resource companies seeking to raise capital and provide updates on exploration activities. The extension reflects the importance of the Korsns project results and the need to allow shareholders sufficient time to respond.

Next Steps
  • Release of ASX announcement with new assay results from Korsns project
  • Completion of initial resource estimate for Korsns project
  • Issue of new shares
Key Dates
  • October 21, 2024: Rights Issue announced to ASX
  • November 7, 2024: Announcement of rights issue closing date extension
  • November 21, 2024: Last date to extend the Closing Date
  • November 26, 2024: Closing Date (7pm AEDT)
  • December 3, 2024: Issue Date
  • December 4, 2024: Trading of New Shares begins
Keywords
Rights Issue, Prospech Limited, Korsns Project, Assay Results, Resource Estimate, ASX Announcement, Shareholders, Closing Date
PRS 
Prospech Limited 
ASX
Sector: Materials
 
Filings with Classifications
Better than expected
22 June 2025 7:48 PM
Exploration Update
  • The detection of gold in historically discarded core, despite modest grades, indicates a previously overlooked significant gold potential within the Zlatno project, which is a positive surprise.
Worse than expected
28 May 2025 7:18 PM
Regulatory Compliance Update
  • The results were worse because specific disclosures in a previous presentation were found to be non-compliant with ASX Listing Rules 5.12 or 5.7 and had to be retracted, which negatively impacts investor confidence.
Capital raise
28 May 2025 7:18 PM
Regulatory Compliance Update
  • Future drilling at the Hodrua-Hmre project in Slovakia is explicitly stated as being subject to securing additional funding, indicating a potential need for capital.
Capital raise
26 May 2025 7:21 PM
Trading Halt Request
  • Prospech Limited expects to make an announcement regarding a material capital raising.
  • The trading halt is specifically requested to facilitate this capital raising announcement.
Capital raise
6 May 2025 8:52 PM
Company Presentation
  • The company is considering joint venture partners in Slovakia, which may imply a potential need for additional funding or capital.
Better than expected
28 April 2025 2:49 AM
Resource Estimate Update
  • The company reported a 90% increase in the updated JORC Code 2012 Inferred Mineral Resource Estimate (MRE) at the Korsns project.
Capital raise
27 April 2025 7:52 PM
Quarterly Activities Report
  • The Company intends undertaking a capital raising post the Companys Annual General Meeting on 7 May 2025 and is in discussing with a number of parties about this.
  • The Company and Directors have an established record of being able to raise successfully.
Better than expected
27 April 2025 7:52 PM
Quarterly Activities Report
  • The Inferred Mineral Resource Estimate at Korsns REE project increased by 90% to 13.5Mt @ 1.02% TREO, which is a significant improvement.
Better than expected
21 April 2025 7:58 PM
Resource Estimate Update
  • The Inferred Mineral Resource Estimate increased by 90% compared to the previous estimate.
Capital raise
3 April 2025 7:22 PM
Notice of Annual General Meeting
  • The company is seeking approval for additional capacity to issue equity securities up to 10% of its issued capital under ASX Listing Rule 7.1A.
  • The company intends to use any funds raised under such an issue for continued exploration and evaluation of the Company's exploration projects and general working capital.
Capital raise
26 March 2025 1:14 AM
Annual Results
  • Management have prepared cash flow projections for the period from 1 January 2025 to 31 March 2026 that indicate the Group is able to continue as a going concern.
  • These cash flow projections assume the Group continues substantial exploration activities in the areas of interest and that additional funding from shareholders or other parties will be obtained.
Worse than expected
26 March 2025 1:14 AM
Annual Results
  • The company reported a loss for the year ended 31 December 2024 of $1,820,276 (2023 $1,600,611).
Better than expected
17 March 2025 6:55 PM
Exploration Update
  • The assay results are better than expected due to the confirmation of high-grade REE mineralization continuity and extent.
Better than expected
26 February 2025 5:06 PM
Exploration Update
  • The assay results are better than expected due to the confirmation of high-grade REE zones and the discovery potential within the old mine area.
Better than expected
19 February 2025 5:43 PM
Exploration Update
  • The assay results indicate higher grades and continuity of REE mineralization than previously known, suggesting a potentially larger and more valuable resource.
Better than expected
6 February 2025 5:02 PM
Exploration Update
  • The assay results confirm the strongest mineralized intercepts seen to date, reinforcing the continuity of high-grade zones.
Capital raise
22 January 2025 5:57 PM
Quarterly Activities Report
  • The company has until 26 February 2025 to place the Shortfall from the Rights Issue which completed on 26 November 2024.
  • The company anticipates receiving up to a further 223,330 (~A$372,000) of European Union grant funding.
Better than expected
5 January 2025 5:57 PM
Exploration Update
  • The document highlights a significant increase in hafnium prices, making the project more economically viable than previously anticipated.
  • Historical drill results indicate promising hafnium grades, exceeding the economically interesting benchmarks.
Better than expected
1 December 2024 7:44 PM
Rights Issue Completion Announcement
  • The rights issue exceeded expectations by raising $785,944, surpassing the likely minimum target needed for the project.
Better than expected
14 November 2024 5:58 PM
Exploration Update
  • The drilling results at the Korsns project exceeded expectations, with high-grade REE intersections reported.
Capital raise
14 November 2024 5:58 PM
Exploration Update
  • Prospech is raising up to \$2.2 million through a rights issue and placement.
  • The funds will be used to fund exploration and evaluation expenditure at the Korsns REE project and Slovakian projects.
Better than expected
10 November 2024 5:58 PM
Exploration Update
  • The assay results significantly exceeded expectations, revealing higher-than-anticipated grades of terbium and dysprosium, crucial HREEs for high-strength magnets.
Capital raise
6 November 2024 5:52 PM
Rights Issue Update
  • The rights issue is a form of capital raising.
Better than expected
3 November 2024 5:35 PM
Exploration Update
  • The assay results significantly exceeded expectations, revealing high-grade REE intersections that were previously unknown due to the historical focus on lead mining.
Better than expected
21 October 2024 5:46 PM
Investor Presentation
  • Drill results at the Korsns project exceeded expectations, validating historical data and supporting resource estimation.
Capital raise
21 October 2024 5:46 PM
Investor Presentation
  • Prospech is undertaking a non-renounceable rights issue of 1 for 4 shares and a placement to raise up to \$2.2 million.
  • The funds will be used for exploration and evaluation expenditure at the Korsns REE project in Finland and Slovakian projects.
Capital raise
20 October 2024 6:31 PM
Prospectus
  • The company may require future additional funding to continue both existing and proposed activities.
  • Raising additional capital may be dilutive to existing shareholders.
Worse than expected
20 October 2024 6:31 PM
Prospectus
  • The company's half-year report shows a net loss of $1,148,899 and cash on hand of only $1,127,433, indicating a precarious financial position and raising concerns about its ability to continue as a going concern.
Capital raise
20 October 2024 6:19 PM
Capital Raising Announcement
  • Prospech Limited is undertaking a $2.3 million non-renounceable rights issue.
  • The issue price is $0.03 per share.
Better than expected
15 October 2024 5:55 PM
Exploration Update
  • The assay results significantly exceeded expectations, with high-grade REE intercepts surpassing previous estimates and revealing substantial enrichment in high-value magnet REEs.
Better than expected
18 September 2024 7:36 PM
Exploration Update
  • The successful completion of over 1,000 meters of drilling and the securing of a significant EU grant exceeded expectations for the project's progress.
Worse than expected
12 September 2024 9:49 PM
Interim Financial Report
  • The company reported a loss of $1,148,899 for the period, indicating worse than expected financial performance.
Capital raise
12 September 2024 9:49 PM
Interim Financial Report
  • The company completed a placement to raise $1,071,808 for further drilling, resource definition, metallurgical test work at the Korsns project in Finland, and potential drilling at the Pukanec gold-silver project in Slovakia.
Better than expected
10 September 2024 7:40 PM
Exploration Update
  • The assay results significantly exceeded expectations, revealing a much higher grade of TREO and NdPrO than initially anticipated, enhancing the project's economic viability.
Better than expected
9 September 2024 7:16 PM
Grant Announcement
  • The securing of a substantial EU grant for the Korsnäs project is a positive development, exceeding expectations and demonstrating the project's merit within the European critical minerals strategy.
Better than expected
23 July 2024 8:49 PM
Quarterly Activities Report
  • The company reported multiple high-grade REE intercepts with strong NdPr enrichment from historical core sampling at Korsnäs, exceeding typical exploration expectations.
  • An initial Exploration Target was successfully established for the Korsnäs TSF, adding potential scale to the project.
  • The company successfully completed a capital raise, securing funding for near-term exploration activities.
Capital raise
23 July 2024 8:49 PM
Quarterly Activities Report
  • The company noted its estimated funding availability is 1.5 quarters based on current expenditure.
  • Prospech anticipates receiving further funding from the exercise of 71,668,343 options at $0.04, expiring in April 2025.
  • The company stated it will also be examining alternative funding options.
Capital raise
12 June 2024 7:15 PM
Trading Halt Request
  • Prospech expects to make an announcement regarding a material capital raising.
Better than expected
12 May 2024 7:37 PM
Exploration Update
  • The assay results show a higher average TREO (6,465 ppm) compared to the grab samples taken last year (4,139 ppm).
Capital raise
23 April 2024 9:58 PM
Quarterly Activities Report
  • The Company is in discussions with a number of brokers with a view to raising further funds following the completion and announcement of a substantial number of drill core assay results which are, as previously reported, pending.
Better than expected
23 April 2024 9:58 PM
Quarterly Activities Report
  • The assay results from Korsns REE project show better than expected high-grade rare earth element intersections.
Capital raise
27 March 2024 6:58 PM
Annual Results
  • The ongoing operations of the Group are dependent upon the Group raising additional funding from shareholders or other parties or reducing discretionary expenditure in line with available funding.
Delay expected
27 March 2024 6:58 PM
Annual Results
  • The drill program at Kolba was terminated due to mechanical failure and inadequate core recovery.
Worse than expected
27 March 2024 6:58 PM
Annual Results
  • The company reported a net loss of $1,600,611 for the year ended 31 December 2023, which is worse than the previous year's loss of $1,750,601.
Better than expected
25 March 2024 6:09 PM
Exploration Update
  • The assay results show higher grades of TREO, including NdPr oxide, than previously anticipated, indicating a better-than-expected potential for the Korsns project.

Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.