Prospech secures exclusive rights to Finnish rare earth element projects

Prospech, an Australian firm specializing in mineral exploration primarily in Slovakia and Finland, has successfully exercised its first option to acquire a 51% interest in Bambra Oy.

This milestone was announced following the satisfaction of the Earn-In Agreement conditions publicised on March 15, 2023. Finland-incorporated Bambra Oy holds a 100% interest in the Korsnas and Jokikangas rare earth element (REE) projects as well as the Saarenkylä lithium project.

This majority stake in Bambra Oy, and hence control over the Finnish projects, was secured through exploration expenditure and the issue of 1.5 million Prospech shares.

Prospech has solidified its position in the European mineral exploration landscape by acquiring this controlling interest in Bambra, coupled with its exclusive right to earn the remaining interest in the company. This can be achieved by the additional expenditure of A$200,000 on the exploration and evaluation of the Finland Projects, and potentially issuing an extra 4.5 million Prospech shares to Bambra’s shareholders if the option is exercised.

The acquisition of this significant interest in Bambra and its projects, along with the concurrent drilling of Prospech’s 100% owned Kolba copper-cobalt project in Slovakia, has refined the company’s exploration activities. It is now firmly focused on projects hosting a suite of forward-looking minerals such as REE, lithium, and other critical minerals, recognized by the European Union as crucial to its self-determination.

This strategic acquisition positions Prospech as a key player in the European Union’s drive for mineral self-sufficiency, emphasising its contribution to the Union’s mineral exploration sector.