Notable new gold results from Nyungu Central

Prospect Resources Ltd. is pleased to provide a further update on gold re-assaying results from the Nyungu Central deposit, sourced from its Phase 1 and Phase 2 drill programmes and historical drilling at the Mumbezhi Copper Project (90% Prospect) (Mumbezhi) in north-west Zambia.

Prospect’s Managing Director and CEO, Sam Hosack, commented:

“This latest batch of gold re-assay results further confirms the widespread nature of the gold mineralisation at the flagship Nyungu Central deposit. Significant gold (and cobalt) credits deliver excellent potential to drive Mumbezhi’s forecast operating costs lower on the global cost curve. These results add further weight to the reality of this gold by-product opportunity.

“The extent of this opportunity is expected to become more apparent with the pending completion of an updated MRE for Nyungu Central, inclusive of the significant gold re-assay outcomes. This updated MRE is expected during the current quarter.

“Preparations for the commencement of drilling in early May remain on track. Key objectives from this Phase 3 drill programme include targeted extension of the Nyungu Central deposit in shallower up-dip positions to the south, testing of the broader ‘Nyungu Hub’ potential (including Nyungu West and a key conductor northeast of the Nyungu South prospect), along with initial scout drilling of high-potential regional targets. These key regional targets include the large-scale Chipimpa and Sharamba EM conductor targets, which are both over 2km in strike and show a similar scale, shape and conductivity to the Nyungu Central deposit signature.”

New gold re-assays received for Nyungu Central

For detail on the significant gold re-assaying programme undertaken on Nyungu Central over recent months, refer to Prospect ASX release dated 14 April 2026, Gold Assays Boost By-Product Potential of Nyungu Central.

Today’s release outlines significant gold results received from the next batch of re-assay samples, which comprises samples from across 50 re-assayed holes (some of which had partial results previously reported on 14 April 2026). Notable new intersections returned (from within previously reported copper intercepts) included:

• 29.0m @ 0.22 g/t Au from 47.0m (NCRD008)
• 27.7m @ 0.21 g/t Au from 172m (NYDD064)
• 21.0m @ 0.19 g/t Au from 74.0m (NCMT002)
• 7.3m @ 0.41 g/t Au from 20.0m (NCDD010)
• 2.5m @ 0.78 g/t Au from 155m (DD23_4)
• 4.0m @ 0.43 g/t Au from 159m (NYDD062)
• 3.46m @ 0.51 g/t Au from 102m (NCMT002); and
• 7.0m @ 0.18 g/t Au from 164m (NCDD004)

The results for two further sample batches (326 samples total) of gold re-assaying at Nyungu Central remain pending at the date of this release (being full results for one (1) hole and residual results for 17 holes).

Once all new gold assays have been received, they will be incorporated into an update of the existing Indicated and Inferred MRE for Nyungu Central. The significant by-product gold distribution (along with cobalt) at the flagship Nyungu Central deposit has the potential to significantly enhance the forecast economics of Mumbezhi, strongly complementing the large-scale copper resources already defined there.