Prospect Resources Limited has commenced an expanded Phase 2 drilling programme at its Mumbezhi Copper Project in Zambia. The campaign includes 18,000 metres of drilling across multiple targets, aiming to extend existing resources and uncover new copper zones.

Highlights:

• Phase 2 drilling, comprising approx. 50 diamond drill holes and 140 exploratory aircore drill holes, for a total of approx. 18,000m drilling, is underway at Mumbezhi.
• Includes Mineral Resource extension drilling at Nyungu Central and Kabikupa and scope exploration drilling of regional targets defined by geophysics and geochemistry during Phase 1.
• Targeting significant growth in maiden Mumbezhi MRE of 107.2 Mt @ 0.5% Cu (declared in March 2025), generating maiden Inferred copper Mineral Resources on new targets, and first-pass exploratory drilling of regional anomalies.
• Drilling will be supplemented by airborne electromagnetic geophysical surveys (AEM) over the Mumbezhi Project tenure and a widespread programme of surface soil geochemical sampling, including areas not previously evaluated historically.
• Work programmes to be supported by establishment of the Technical Working Group with First Quantum Minerals following its strategic investment into Prospect.
• Well-funded with proforma cash position of circa $24 million

Prospect Managing Director and CEO, Sam Hosack, commented: “We are delighted to be drilling again at Mumbezhi. The Phase 2 programme has been designed to validate the significant potential for a material, large-scale resource at Mumbezhi. As well as targeting extension of the existing deposits at Nyungu Central and Kabikupa, our Phase 2 drilling is set to test further key regional targets at Nyungu North, Nyungu South and West Mwombezhi.

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“It is exciting to be commencing Phase 2 exploration at Mumbezhi with our new strategic partner and cornerstone prospect shareholder, First Quantum Minerals, alongside us. Mumbezhi is hosted in a similar regional geological setting to First Quantum’s proximate Sentinel copper operations. Gaining access to First Quantum’s breadth of regional exploration and development expertise, to complement our current multi-disciplinary exploration strategy, means that we are well placed to continue identifying further regional prospects, make targeted new discoveries that can be accelerated into production, and add potential new copper tonnages to the existing Mumbezhi Mineral Resource estimate at a far greater rate.

“We are well funded to undertake the expanded exploration and evaluation activities at Mumbezhi following last month’s completion of the A$15.2 million strategic placement to First Quantum.”