Prospect uncovers new copper growth fronts at Mumbezhi

Nyungu Central drilling pushes beyond existing resource

Prospect Resources Ltd (ASX:PSC, FRA:5E8) has added another layer to the growth case for its Mumbezhi Copper Project, with multiple copper intercepts outside the existing Nyungu Central Mineral Resource estimate and a new regional discovery at Sharamba.

“Nyungu Central long section (looking west) showing the locations of the new Phase 3 drill hole intercepts in blue.”

The strongest infill result reported in the quarter came from hole NCDD040, which returned 18 metres at 1.31% copper from 148 metres, including cobalt and gold credits. The same hole also produced 7 metres at 1.11% copper from 101 metres and 31 metres at 0.42% copper from 52 metres. Those results were reported after quarter-end but are included in the quarterly activities report.

Extensional drilling delivered a series of broad intersections beyond Nyungu Central's May 2026 resource boundary, including 66 metres at 0.42% copper from 226 metres in NCDD028 and 44 metres at 0.60% copper from 270 metres in NCDD026. Other results included 27 metres at 0.69% copper from 102 metres and 20 metres at 0.83% copper from 87 metres. Prospect said the newly defined zone comes closer to surface up-plunge and remains open to the south-east.

The update builds on the first Phase 3 infill assays, which included the 18-metre, 1.31% copper intercept and highlighted the number of assays still pending at the time. Prospect has now completed 32 Phase 3 diamond holes for 10,151 metres at Nyungu Central, with assays pending for 16 infill holes and four extensional holes.

Sharamba provides a second copper growth front

At Sharamba, maiden drilling returned more modest grades but established copper mineralisation across a prospective structural sequence exceeding 3 kilometres. Hole SADD001 returned 4 metres at 0.25% copper from 154 metres, while SADD002 returned 7 metres at 0.22% copper from 106 metres. Five subsequent holes remain to be assayed.

“Mumbezhi Mining Licences showing deposits and currently delineated prospects over Airborne Electromagnetic geophysics (Time Derivative – Mid Time).”

“West Mwombezhi Phase 3 AC drilling has generated two new coherent copper anomalies (dashed blue lines) directly west of the defined Inferred Mineral Resource.”

Caption and image © Prospect Resources Limited. From “Quarterly Activities and Cashflow Report Sept 2026”, 29 Oct 2026.

Prospect is treating Sharamba as an early-stage discovery rather than a defined resource. The company said the mineralisation sits within coincident airborne electromagnetic and induced-polarisation anomalies, and warrants further drilling along the broader structural corridor. Elsewhere, aircore drilling at West Mwombezhi outlined two north-striking, near-surface copper anomalies, each more than a kilometre long. Those results were generated using portable XRF and are target-generation indications, not laboratory assays or resource estimates.

“Chipimpa termite hill copper geochemistry over the three large conductive AEM anomalies, showing pXRF assays in ppm Cu.”

Regional work is also advancing at Kabikupa and Chipimpa. Four of eight planned Kabikupa holes had been completed by the report date, while a 33-line-kilometre IP survey and termite-hill sampling programme at Chipimpa identified a coherent copper anomaly north-west of the largest conductive airborne geophysical anomaly. Maiden Chipimpa diamond drilling is expected after Nyungu Central infill work.

Cash supports drilling and Q1 2027 study target

Four diamond rigs were operating at Mumbezhi, with three at Nyungu Central and one at Kabikupa. Prospect plans to move rigs towards Chipimpa and Kamafamba as the current programmes progress. The company is also redirecting resource-related samples through Intertek in Zambia and Perth to address assay delays caused by laboratory congestion in Zambia.

Prospect spent A$6.03 million on Mumbezhi exploration during the quarter, alongside A$1.47 million in net operating cash outflows. It finished September with A$28.93 million in cash and cash equivalents, plus a A$5 million 12-month term deposit, and reported zero debt. The Appendix 5B calculation showed 3.86 quarters of funding based on the quarter's relevant outgoings, although that measure will move with drilling intensity and study expenditure.

The Mumbezhi Scoping Study remains scheduled for completion in Q1 2027, with Lycopodium assisting and further metallurgical work underway on copper, gold and cobalt at Nyungu Central and copper at Kabikupa. The immediate test is whether the pending assays can convert the expanding geological picture into a larger, higher-confidence resource before the study is released.