Prospect Resources Expands High-Grade Copper Mineralisation in Zambia

Prospect Resources Limited has reported significant new high-grade copper intersections at the Nyungu Central deposit, part of its 90%-owned Mumbezhi Copper Project in north-western Zambia. The latest results from the company’s Phase 3 diamond drilling programme have confirmed the presence of copper mineralisation beyond the boundaries of the existing Mineral Resource, reinforcing the potential for substantial resource expansion. The discovery of additional mineralised zones along the deposit’s previously underexplored eastern flank represents an important development for the project, further strengthening its exploration potential within one of Africa’s most prominent copper-producing regions.

Among the most encouraging results, extensional drill hole NCDD052 intersected 24 metres grading 0.78% copper from a downhole depth of 276 metres and a further 20 metres grading 0.91% copper from 375 metres. Both intersections are located outside the currently defined Mineral Resource at Nyungu Central, demonstrating that significant copper mineralisation extends beyond the established resource boundaries. The relatively high copper grades and substantial mineralised intervals provide encouraging evidence that the deposit could support further resource growth through targeted exploration.

The identification of copper mineralisation along the eastern flank of Nyungu Central is particularly significant, as this area has historically received relatively limited exploration attention. Recent drilling has improved the company’s understanding of the geological characteristics and distribution of mineralisation within this emerging zone. Importantly, the mineralised system remains open in multiple directions, indicating that its full spatial extent has yet to be determined. These findings have created additional opportunities for step-out drilling, which aims to establish the continuity, thickness and grade of mineralisation beyond previously identified boundaries.

Alongside its extensional drilling activities, Prospect Resources has continued to deliver encouraging results from its infill drilling programme. Notable intersections include 39 metres grading 0.64% copper, 37 metres grading 0.52% copper and 30 metres grading 0.53% copper. These results provide further geological information within the established deposit and could contribute to improving confidence in the existing Mineral Resource estimate. Infill drilling plays an essential role in refining geological models, evaluating grade continuity and supporting the potential conversion of lower-confidence resource categories into higher-confidence classifications, subject to further technical assessment.

Prospect Resources has completed a total of 45 diamond drill holes as part of its Phase 3 exploration programme, with assay results currently pending for 12 infill holes and 15 extensional holes. The substantial volume of outstanding analytical data provides scope for additional exploration developments as the company continues to evaluate the scale and characteristics of the mineralised system. Four diamond drill rigs are currently operating across the Nyungu Central, Kamafamba and Chipimpa prospects, reflecting the company's commitment to accelerating exploration across the broader Mumbezhi Copper Project.

Sam Hosack, Managing Director and Chief Executive Officer of Prospect Resources, indicated that the latest drilling results had considerably enhanced the exploration potential of Nyungu Central’s eastern margin. In response to these findings, the company has begun redirecting drilling resources towards this emerging mineralised zone to investigate its potential dimensions and contribution to future resource estimates. This strategic reallocation of exploration capacity reflects the growing geological significance of the eastern flank and the company's intention to prioritise areas offering promising opportunities for resource expansion.

The company intends to incorporate potential new discoveries into upcoming Mineral Resource updates as additional drilling and analytical results become available. Meanwhile, the Mumbezhi Scoping Study remains on track for completion and release during the first quarter of 2027. The study is expected to provide a preliminary assessment of the project's development potential, including possible mining and processing scenarios, infrastructure requirements and indicative economic parameters. Continued exploration success could influence the scale and configuration of future development options, although further geological, metallurgical and economic evaluations will be necessary to establish the project's commercial viability.

From a broader industry perspective, the expansion of copper mineralisation at Mumbezhi highlights Zambia’s continued potential to discover and develop additional copper resources beyond its established mining operations. As global demand for copper continues to be supported by electrification, renewable energy infrastructure, electric vehicles and electricity grid expansion, successful exploration projects could strengthen Zambia’s long-term position within international copper supply chains. Further resource growth at Mumbezhi could potentially attract additional mining investment, support employment creation and generate opportunities for local suppliers and infrastructure development. However, the project's ultimate contribution to Zambia’s copper production and wider economy will depend on future resource estimates, feasibility assessments, financing arrangements, regulatory approvals and prevailing copper market conditions.

Mini-Glossary

• Copper Mineralisation: The natural occurrence and concentration of copper-bearing minerals within rock formations.
• Mineral Resource: An estimated concentration of minerals in the Earth's crust with reasonable prospects for eventual economic extraction.
• Extensional Drilling: Drilling conducted beyond established mineralisation boundaries to identify potential extensions of a deposit.
• Infill Drilling: Drilling between existing drill holes to improve geological understanding and confidence in a Mineral Resource estimate.
• Diamond Drilling: An exploration technique that uses diamond-tipped drill bits to extract cylindrical rock samples for geological analysis.
• Downhole Depth: The distance measured along a drill hole from its starting point at the surface, rather than its vertical depth.
• Copper Grade: The concentration of copper within a rock sample, typically expressed as a percentage. A grade of 1% copper represents approximately 10 kilograms of copper per tonne of rock.
• Step-Out Drilling: Exploration drilling conducted progressively farther from known mineralisation to determine whether a deposit extends into surrounding areas.
• Assay Results: Laboratory analytical results that determine the concentration of metals or other elements in geological samples.
• Grade Continuity: The consistency and distribution of mineral grades across different sections of a deposit.
• Mineralisation Open in Multiple Directions: A geological indication that the known boundaries of a mineralised deposit have not yet been fully established.
• Scoping Study: A preliminary technical and economic assessment that evaluates the potential development options and commercial prospects of a mining project.