Highlights

• Prospect Resources has reported new drilling results from its Mumbezhi copper project in Zambia, including intersections outside the.

• Mumbezhi is 90 per cent owned by Prospect and hosts a Mineral Resource, announced in May 2026, of.

• The current Phase 3 programme totals about 32,000 metres, including roughly 22,000 metres of diamond drilling.

• At Kabikupa, an eight-hole, 1,725-metre extensional programme is under way with four holes (550 metres) complete and all.

Prospect Resources (ASX:PSC) — has reported new drilling results from its Mumbezhi copper project in Zambia, including intersections outside the existing Mineral Resource estimate at the Nyungu Central deposit. The company released its quarterly report for the period to 30 September 2026 on 29 October 2026, alongside a cash position of about A$33.93m and a Scoping Study targeted for the first quarter of 2027.

Drilling at Nyungu Central

Mumbezhi is 90 per cent owned by Prospect and hosts a Mineral Resource, announced in May 2026, of 208.1 million tonnes at 0.42 per cent copper (0.49 per cent copper equivalent), containing 877,000 tonnes of copper. Nyungu Central accounts for 154.4 million tonnes at 0.42 per cent copper. The report cites both an 85 and a 90 per cent interest.

The current Phase 3 programme totals about 32,000 metres, including roughly 22,000 metres of diamond drilling. Thirty-two diamond holes covering 10,151 metres have been completed at Nyungu Central. Extensional holes outside the current resource returned 66 metres at 0.42 per cent copper from 226 metres in NCDD028, including 13 metres at 0.82 per cent from 278 metres, 44 metres at 0.60 per cent from 270 metres in NCDD026, and 27 metres at 0.69 per cent from 102 metres in NCDD033. The company said a new zone to the south-east remains open.

The first infill hole, NCDD040, returned 18 metres at 1.31 per cent copper from 148 metres, with 0.05 per cent cobalt and 0.05 grams per tonne gold, and 7 metres at 1.11 per cent copper from 101 metres. Assays are still pending for 16 infill holes and four extensional holes. Infill drilling is intended to upgrade Inferred resources to the Indicated category, which the Scoping Study depends on.

Regional exploration

At Kabikupa, an eight-hole, 1,725-metre extensional programme is under way with four holes (550 metres) complete and all assays pending. At West Mwombezhi, 81 aircore holes totalling 1,480 metres defined two north-striking copper corridors, each more than one kilometre long and about 650 metres apart. These are portable XRF indications rather than laboratory assays.

At Chipimpa, a 33-line induced polarisation survey covering about 26 square kilometres is complete, and 291 termite hill geochemistry samples identified a copper anomaly north-west of the largest conductor. Maiden drilling at Sharamba comprised eight holes for 2,358 metres, with one hole abandoned. Results included 7 metres at 0.22 per cent copper from 106 metres and 4 metres at 0.25 per cent copper from 154 metres; five holes await assay.

Cash and funding

Prospect held about A$33.93m at quarter end, made up of A$28.93m in cash and equivalents plus A$5.0m in a 12-month term deposit, with no debt. Operating cash outflow was A$1.47m and investing outflow was A$6.39m, including A$6.03m of exploration and evaluation spending. The company's own calculation gave a runway of about 3.86 quarters at the current rate of spending, with no undrawn facilities. Directors' fees of A$183k were paid to related parties.

Next steps and risks

The company expects to complete the Mumbezhi Scoping Study, with Lycopodium assisting, in the first quarter of 2027. Drill rigs were due to move to Chipimpa and Kamafamba in October 2026, and further metallurgical testing for copper, gold and cobalt is planned. Samples are being redirected to Intertek in Perth to speed up assays after Zambian laboratory turnaround lagged; the company has not yet shown whether that pathway resolves the delays.

Risks highlighted include assay delays, dependence of the Scoping Study on resource upgrades and metallurgical results, early-stage regional results, and the possibility that outcomes differ from forward-looking statements. Separately, exploration at the Omaruru lithium project in Namibia has ceased, with spending cut to minimum holding commitments while the company explores commercialisation options.