Australia's Prospect Resources gains on investment from First Quantum

Prospect Resources

15/04/2025 03:08

** Shares of Prospect Resources PSC.AX rise 27.3% to A$0.140

** Stock set for its strongest session since April 10, 2024, if current trends hold

** Battery metals miner enters into investment agreement with copper miner First Quantum Minerals FM.TO to raise A$15.2 million ($9.63 million) by way of placement

** Issue price of A$0.15 represents a premium of 36.4% to stock's last close

** Says First Quantum to become a 15% stakeholder in PSC and aid in exploration of the Mumbezhi Copper Project in Zambia

** About 1.6 mln shares traded in stock's busiest session since March 21

** PSC up 48.4% YTD, including current session's moves

($1 = 1.5783 Australian dollars)

 (Reporting by Manasi Dasa in Bengaluru)

 ((Manasi.DasaSundeep@thomsonreuters.com;))