Phase 3 drilling commences at high-grade Mumbezhi copper site

Prospect Resources Limited is pleased to announce the commencement of the Phase 3 drilling programme at its Mumbezhi Copper Project (PSC 90%) in the world-class Zambian Copperbelt.

Prospect Managing Director and CEO, Sam Hosack, commented:

“We are pleased to recommence drilling at Mumbezhi following four months of detailed planning, marking the start of our Phase 3 programme. After a highly successful 2025, this programme is designed to deliver a further large‑scale resource expansion, building on the compelling regional targets that emerged last year, including the Chipimpa, Sharamba and Kamafamba targets. The comprehensive, tenement‑wide geophysical and geochemical surveys completed in 2025 have significantly refined our drill targeting, providing a high level of confidence heading into this next phase.

“A key focus of Phase 3 will be step‑out and extension drilling at our flagship Nyungu Central deposit, which continues to demonstrate exciting growth potential.

“In addition, the 2026 programme includes ground‑based IP surveys across priority prospects to further optimise drill targeting. Particular attention will be given to the large‑scale Chipimpa and Sharamba EM conductor targets, each exceeding 2 km in strike length and exhibiting similar scale, geometry and conductivity to the Nyungu Central deposit signature.

“The Company is well funded to execute the Phase 3 programme and beyond, following our recently completed A$45 million equity raising, which received strong support from both existing and new investors.”

Mumbezhi Phase 3 drilling commences

Prospect is pleased to announce that it has recommenced drilling at Mumbezhi. The Phase 3 programme consists of approximately 60 diamond boreholes, 30 RC holes and 320 exploratory aircore drill holes for a combined approximate 26,000 metres of drilling.

The Phase 3 drilling is designed to:

• Extend and upgrade the existing Mineral Resource Estimates (MRE) at the Nyungu Central and West Mwombezhi deposits;
• Generate potential maiden Inferred MREs for the Kamafamba, Nyungu South, Sharamba and Chipimpa prospects; and
• Complete first-pass, shallow aircore and RC exploratory drilling of numerous regional copper anomalies defined across the Mumbezhi tenure.

The Phase 3 drilling will be supported by ground-based Induced Polarisation (IP) geophysics across several key prospect areas including Chipimpa, Kamafamba, Shikezi and Luamvunda.

The primary diamond drilling component of the Phase 3 2026 programme is being undertaken by Ox Drilling (see Figure 3) and Leos Investments Limited, who successfully delivered all the Phase 1-2 diamond drilling at Mumbezhi during 2024-25.

Ox Drilling is also engaged to complete the Phase 3 aircore/RC drilling, which is being undertaken via a dedicated dual-purpose rig, providing the opportunity for rapid RC follow-up of positive aircore results returned at key regional prospect areas (see frontispiece).

A portion of the diamond drilling has also been designed to supply materials for ongoing comprehensive metallurgical test work studies (across copper, cobalt and gold), supporting comminution and flotation test work (based on the expected feed ratios for fresh and transitional materials across Mumbezhi). It is also expected to enable initial variability testing.

All current test work programmes have been scheduled with the objective of completing an initial Scoping Study for Mumbezhi by the end of 2026.