Prospect Resources Boosts Mumbezhi Copper Resources by 20% with Gold Resources Doubling

Significant Resource Growth and Gold Upside at Mumbezhi

Prospect Resources Limited (ASX:PSC) has delivered a substantial update to its Mumbezhi Copper Project in Zambia, reporting a 20% increase in mineral resource tonnage to 208.1 million tonnes at 0.42% copper (0.49% copper equivalent). Notably, gold resources have surged by 106% to 262,100 ounces, underscoring the growing importance of by-product credits in the project’s economics.

The updated Mineral Resource Estimate (MRE) incorporates the flagship Nyungu Central deposit, an unchanged Kabikupa deposit, and a maiden Inferred resource for the shallow West Mwombezhi deposit, which alone holds 115,000 tonnes of contained copper. The combined resource now contains 877,100 tonnes of copper and 43,500 tonnes of cobalt, positioning Mumbezhi as a robust copper-cobalt-gold asset in the Central African Copperbelt.

Nyungu Central’s copper grades, averaging 0.42% Cu and 0.51% CuEq, are directly comparable to world-class mines in Zambia, supported by a 35% Indicated classification that strengthens the foundation for near-term development studies. The project’s tier-1 grade and scale are particularly noteworthy given the proximity to established processing plants at Sentinel and Lumwana, which could facilitate future operational synergies.

Phase 3 Drilling Underway to Extend Resources and Explore Regional Targets

Building on this momentum, Prospect has commenced an aggressive Phase 3 drilling campaign focused initially on extending the shallower southern up-dip zones of Nyungu Central and testing nearby satellite prospects such as Nyungu West. The program also targets large-scale regional prospects including Kamafamba, Sharamba, Chipimpa, West Mwombezhi, and Chalamba, with a mix of diamond, reverse circulation, and aircore drilling underway.

This drilling phase is designed to unlock further resource growth and upgrade the confidence of existing estimates, as well as to support a scoping study targeted for completion in Q4 2026. The campaign follows a recent launch of the 26,000m Phase 3 drilling program, which was well capitalised by a A$45 million equity raise.

Gold Reassays Reveal Material Upside for By-Product Credits

The dramatic uplift in gold resources stems from a comprehensive reassaying program of more than 2,800 copper drill intersections at Nyungu Central. This initiative revealed widespread gold mineralisation previously underappreciated, prompting Prospect to commit to routine gold assays in all future drilling across the project.

Gold and cobalt by-products are expected to materially improve project economics by lowering operating costs and enhancing revenue streams. This aligns with recent findings from Prospect’s metallurgical test work, which demonstrated effective recovery of copper, gold, and cobalt from fresh and transition mineralisation domains. The company is now advancing further metallurgical studies to confirm these results and optimise concentrate quality.

These developments echo earlier confirmation of widespread gold mineralisation at Nyungu Central, which had already set the stage for the current resource update and drilling focus.

Geological Setting and Resource Confidence

Mumbezhi sits within the renowned Central African Copperbelt, hosted by structurally complex, metamorphosed basement schists and gneisses. The Nyungu Central deposit extends over 1.7 kilometres strike and remains open at depth and along strike, while West Mwombezhi, located 13 kilometres northeast, presents a shallower, tabular mineralisation style with promising continuity.

The updated MRE was compiled under JORC 2012 standards by independent consultant Steve Rose, who confirmed that approximately 35% of Nyungu Central’s resource is Indicated, with the balance Inferred. West Mwombezhi is currently classified as Inferred due to wider drill spacing, but remains open for expansion.

Drill spacing ranges from 30 to 120 metres at Nyungu Central and 100 to 200 metres at West Mwombezhi, considered sufficient for the current resource classifications. The company has excluded 29 drill holes with doubtful assays from the updated estimate, ensuring data integrity.

Path to Development and Economic Extraction

Prospect Resources points to several factors supporting reasonable prospects for eventual economic extraction, including granted mining licences valid for 25 years, proximity to existing infrastructure, and metallurgical test work confirming recoverable copper concentrates with valuable gold and cobalt credits.

Ongoing technical workstreams include open pit optimisation, metallurgical test work for West Mwombezhi, and continuous gold reassaying to build confidence in resource growth. The company aims to complete an initial scoping study by the end of 2026, a key milestone for advancing the project towards feasibility.

The Mumbezhi Project’s growing resource base and favourable geology underscore its potential as a significant copper-gold-cobalt development in the region, but the ultimate economic viability will hinge on forthcoming drilling results and metallurgical outcomes.

As Prospect Resources pushes forward with its Phase 3 campaign, market watchers will be keen to see how the resource expansions and by-product credits translate into project economics and whether Mumbezhi can join the ranks of Zambia’s top copper producers.