Prospect Resources Limited is pleased to advise that its wholly-owned Singapore-based subsidiary, Prospect Copper Holdings Pte. Ltd. (PCH), has executed a Share Sale and Purchase Agreement with Global Development Cooperation Consulting Zambia Limited (GDC) to acquire an additional 5% interest in the Mumbezhi Copper Project in north-western Zambia. Consideration for the purchase is US$4,250,000 cash. Upon completion of the Agreement, PCH will hold a 90% interest in Mumbezhi (currently 85% Prospect; moving to 90%).
The transaction is subject to the following key conditions precedent:
- completion and receipt of a Property Transfer Tax Clearance Certificate issued by the Zambian Revenue Authority;
- GDC obtaining clearance from the Minerals Regulation Commission (MRC) that MRC consent is not required for the Agreement, or obtaining MRC consent for the transfer of an interest in a mining right pursuant to the relevant MRC Act in relation to the transaction under the Agreement;
- GDC board and shareholder approval for the transaction under the Agreement; and
- a new Shareholders Agreement being entered into between Prospect, GDC and the holding company of Mumbezhi, on the same commercial terms as the existing shareholders agreement.
It is currently expected that the transaction will complete in April 2026. Following its recent A$45 million equity placement (refer to Prospect’s ASX announcement dated 16 February 2026), Prospect is currently in the advanced planning stages for its 2026 Phase 3 drilling and exploration programme for Mumbezhi. Field exploration activities have recommenced on site, with drilling planned to commence in early Q2 2026.
Prospect’s Managing Director and CEO, Sam Hosack, commented:
“We are pleased to have moved to increase our interest in the world-class Mumbezhi Copper Project on attractive terms. With field exploration activities already restarted, the team is gearing up for the restart of drilling activities following completion of the wet season. Our recent equity raising allows us to move forward with confidence on a planned aggressive 50,000m of resource and regional exploration focused drilling at Mumbezhi during 2026-27.”
