Resource Upgrade Looms as Kabikupa Drilling Reveals New Copper Zones

• Phase 2 drilling assays extend Kabikupa copper mineralisation along strike beyond 1km
• Significant copper intervals include 8.5m at 1.06% Cu and 21m at 0.48% Cu
• Updated Mineral Resource estimate targeted for Q4 2025
• Drilling continues at other Mumbezhi prospects including Nyungu Central and West Mwombezhi
• Strategic partnership with First Quantum supports regional exploration efforts

Extending the Copper Footprint at Kabikupa

Prospect Resources Limited (ASX – PSC) has announced compelling assay results from its ongoing Phase 2 diamond drilling program at the Kabikupa deposit, part of the Mumbezhi Copper Project in north-west Zambia. The latest data from 10 of 14 holes drilled this year reveal a significant extension of copper mineralisation along strike, now exceeding one kilometre, with new zones confirmed both closer to surface and at depth. This expansion underscores Kabikupa’s growing importance within Prospect’s broader strategy to scale up the Mumbezhi asset.

Key Drill Intercepts Highlight Resource Upside

Among the standout intervals reported are 8.5 metres grading 1.06% copper from 69.3 metres depth, and a 21-metre section averaging 0.48% copper starting at 247 metres, including a higher-grade 10-metre segment at 0.77%. Other notable intercepts include 18 metres at 0.59% copper and multiple zones of disseminated mineralisation across the deposit. These results not only confirm the continuity of mineralisation but also suggest meaningful upside potential to the existing Inferred Mineral Resource of 20.5 million tonnes at 0.5% copper.

Advancing Towards an Updated Resource Estimate

With several assay results still pending, Prospect is targeting an updated Mineral Resource estimate for Kabikupa in the fourth quarter of 2025. This update will integrate the new drilling data and is expected to provide a more comprehensive picture of the deposit’s scale and grade distribution. The company’s Managing Director, Sam Hosack, emphasised the significance of these findings in advancing the Mumbezhi Project’s development and aligning with Zambia’s strategic copper production goals for 2031.

Broader Exploration Momentum at Mumbezhi

Beyond Kabikupa, Prospect’s Phase 2 drilling continues across other key prospects within the Mumbezhi tenure, including Nyungu Central, Nyungu South, and West Mwombezhi. The company’s collaboration with strategic partner First Quantum Minerals is accelerating regional exploration efforts, with early results from Nyungu Central also showing promise. This coordinated approach aims to rapidly delineate a major new copper resource in one of Africa’s premier copper belts.

Strategic Implications and Next Steps

The Mumbezhi Copper Project’s expanding resource base positions Prospect Resources as a noteworthy player in Zambia’s mining landscape. The combination of strong extensional drilling results and ongoing exploration success supports the company’s ambition to develop a large-scale, open-pit copper operation. Upcoming milestones include the release of the updated resource estimate and further assay results from remaining drill holes, which will be closely watched by investors and analysts alike.

Bottom Line?

Kabikupa’s growing copper footprint signals a pivotal step for Prospect Resources as it advances towards a major resource upgrade and commercial development.

Questions in the middle?

• How will the updated resource estimate impact the project’s valuation and development timeline?
• What are the expected metallurgical characteristics and processing plans for the expanded Kabikupa mineralisation?
• How will ongoing exploration at Nyungu Central and other prospects influence the overall Mumbezhi project scale?