Prospect Resources Advances Phase 3 Drilling with New Copper Zones at Mumbezhi

Diamond Drilling at Nyungu Central Reveals New Copper Zones

Prospect Resources Limited (ASX:PSC) has made significant progress in its Phase 3 exploration at the Mumbezhi Copper Project in Zambia, with ten diamond drill holes completed at the southern end of the flagship Nyungu Central deposit. Visual copper mineralisation, including chalcopyrite and chalcocite sulphides, was observed outside the existing Indicated and Inferred Mineral Resource boundaries, notably in hole NCDD026 where approximately 40 metres of mineralised rock was intersected around 271 metres depth. Although assays are pending, portable XRF readings suggest an estimated grade of 0.5% copper over a 4.5-metre interval, indicating potential resource growth.

Two diamond rigs continue to test shallow, up-plunge extensions at Nyungu Central, targeting both eastern and western extensions. The company plans to extend diamond drilling to other parts of the “Nyungu Hub” including Nyungu West and Nyungu South within the coming month, aiming to further delineate resource extensions.

Aircore Drilling Uncovers New Copper Anomalies West of West Mwombezhi

In parallel, a substantial aircore drilling campaign west of the West Mwombezhi deposit has been completed, comprising 81 holes over 1,480 metres. This work has identified two coherent north-south trending corridors of anomalous copper mineralisation near surface, extending over more than one kilometre each and spaced approximately 650 metres apart. These zones, previously untested by drilling, represent walk-up targets for follow-up diamond drilling planned for the second half of 2026.

The maiden Inferred Mineral Resource Estimate for West Mwombezhi, announced in May 2026, totals 30.7 million tonnes grading 0.37% copper, containing 115,000 tonnes of copper alongside cobalt and gold by-products. The new anomalies lie directly west of this resource, highlighting the prospect's expanding footprint.

Exploratory Drilling and Geophysical Surveys at Sharamba and Chipimpa

Diamond drilling has commenced at Sharamba, a historically defined copper prospect approximately 10.5 kilometres northeast of Nyungu Central. The first hole intersected a visually mineralised 20-metre zone at 140 metres vertical depth, with assays awaited. Sharamba is underlain by a cluster of conductive electromagnetic and induced polarisation anomalies, which recent 3D modelling suggests were previously under-drilled and mis-targeted by earlier operators.

At Chipimpa, located 18 kilometres east of Nyungu Central, a 33-line kilometre ground-based IP survey has been completed over strong airborne electromagnetic anomalies. Termite hill geochemical sampling has revealed an additional northwestern copper anomaly outside the largest EM anomaly, confirmed by both portable XRF and ICP-MS assays. Maiden diamond drilling at Chipimpa is scheduled to begin in the third quarter of 2026, aiming to test these newly defined targets.

Scoping Study and Resource Upgrade Drilling on Track

Prospect is advancing a Scoping Study for Mumbezhi, targeting completion in Q4 2026 or Q1 2027. The study contemplates a 12 million tonnes per annum open-pit mining operation, with Lycopodium appointed to assist in execution. To support this, the board has approved a modest drilling program focused on upgrading Inferred Resources to Indicated Resources at Nyungu Central, enhancing confidence in the resource base.

Overall, the Phase 3 program is progressing on schedule and within budget, with approximately 20% of diamond drilling and 35% of aircore drilling completed since May. Assay results from diamond drilling are expected in the coming weeks and will be critical for refining resource estimates and guiding further exploration.

Strategic Implications for Mumbezhi Project Development

The ongoing exploration success at Mumbezhi, including new mineralised zones at Nyungu Central and West Mwombezhi and promising early results from Sharamba and Chipimpa, underscores the project's potential to evolve into a large-scale copper operation in Zambia’s prolific Central African Copperbelt. The integration of geophysical surveys, geochemical sampling, and drilling is systematically expanding the project’s footprint and resource confidence.

With an updated JORC Mineral Resource Estimate of 208.1 million tonnes at 0.42% copper (0.49% copper equivalent), containing 877,000 tonnes of copper, Mumbezhi is positioning itself among the region’s significant copper assets. The upcoming Scoping Study will provide a clearer picture of development pathways, capital requirements, and economic viability, setting the stage for subsequent feasibility studies.