Prospect Resources Launches 26,000m Phase 3 Drilling at Mumbezhi Copper Project

Ambitious 26,000m Drilling Program Underway

Prospect Resources Limited (ASX:PSC) has officially commenced its Phase 3 drilling campaign at the Mumbezhi Copper Project in Zambia’s prolific Central African Copperbelt. The program is sizeable, comprising approximately 60 diamond core holes, 30 Reverse Circulation (RC) holes, and 320 scout aircore holes, totalling around 26,000 metres of drilling. This marks a significant escalation in exploration activity following the company’s resource upgrade earlier this year.

The campaign’s primary objective is to extend and upgrade the existing Mineral Resource Estimates (MRE) at the flagship Nyungu Central and West Mwombezhi deposits, while also generating maiden inferred resources at key prospects such as Kamafamba, Nyungu South, Sharamba, and Chipimpa. The drilling will also test numerous regional copper anomalies across the Mumbezhi tenure, reflecting a broad and aggressive exploration approach.

Targeting High-Potential Regional Deposits

The Phase 3 program is heavily focused on the Nyungu ‘Hub’, particularly step-out drilling adjacent to the shallower southern up-dip areas of Nyungu Central, as well as the Nyungu West prospect zone. Additionally, the company is targeting a geophysical conductor northeast of Nyungu South, which could indicate further mineralisation. Regional targets include West Mwombezhi, Kamafamba, Sharamba, Chipimpa, and Chalamba, where shallow aircore and RC drilling will be followed by diamond drilling where warranted.

Supporting this drilling is a suite of ground-based Induced Polarisation (IP) geophysical surveys, designed to refine drill targeting. Notably, the Chipimpa and Sharamba prospects feature large-scale electromagnetic conductors exceeding 2 kilometres in strike length, with geophysical signatures comparable to Nyungu Central. These targets have emerged as compelling opportunities for resource growth, building on the company’s earlier discoveries of continuous copper mineralisation at West Mwombezhi and widespread gold at Nyungu Central, which have been documented in recent updates.

Well-Funded and Technically Supported Exploration

Prospect Resources enters this phase well capitalised, with approximately A$39 million in cash as of 31 March 2026, bolstered by a recent A$45 million equity raising that attracted strong support from both existing and new investors. The drilling contractors Ox Drilling and Leos Investments Limited, who successfully completed the earlier phases, are engaged again, with Ox Drilling also providing a dual-purpose rig capable of rapid RC follow-up on positive aircore results.

Besides resource drilling, a portion of the diamond core will be allocated to metallurgical test work across copper, cobalt, and gold. This includes comminution and flotation studies, aimed at understanding variability and supporting an initial Scoping Study targeted for completion by the end of 2026. These technical efforts underline the company’s methodical approach to de-risking the project and advancing it towards development readiness.

Building on a Strong Foundation of Results

The Mumbezhi Project holds an updated Indicated and Inferred Mineral Resource Estimate of 173.8 million tonnes at 0.44% copper (0.50% copper equivalent), containing 772,000 tonnes of copper, as announced in February 2026. This represented a 63% increase in copper resources and included maiden gold and cobalt credits, which could enhance project economics. The Phase 3 drilling is poised to build on this momentum, with the company aiming to convert exploration success into a meaningful resource expansion.

Recent discoveries of widespread gold mineralisation at Nyungu Central add another layer of potential value, as gold and cobalt by-products may lower operating costs and improve project viability. The integration of these elements into the resource base and metallurgical understanding will be critical as the project advances.

Prospect’s strategic increase in ownership to 90% of Mumbezhi, completed in early 2026, consolidates control over this promising asset and aligns with the company’s aggressive exploration and development plans. The current drilling campaign and supporting technical programs are key steps in realising Mumbezhi’s potential as a large-scale copper mining operation in a globally significant copper province.