• Updated Mineral Resource Estimate (MRE) delivers a +20% increase in tonnage
• Phase 3 drilling program underway to expand resources
• High-quality copper concentrates produced in metallurgical testwork
• Robust cash balance of approximately A$36.6 million as of June 2026

Prospect Resources Ltd (ASX: PSC) reported significant updates to its Mumbezhi Copper Project in Zambia for the quarter ended June 2026. The company's updated Mineral Resource Estimate (MRE) shows a 20% increase in tonnage, with the Nyungu Central deposit now estimated at 208.1 million tonnes at 0.42% Cu (0.49% CuEq). The update includes a maiden Inferred MRE for the West Mwombezhi deposit and incorporates results from gold re-assaying programs. Prospect has commenced Phase 3 drilling, which includes 60 diamond drilling holes, 30 Reverse Circulation holes, and 320 scout Aircore drill holes, targeting further resource expansion. Metallurgical testwork at Kabikupa produced high-quality copper concentrates, reinforcing the potential for a centralized processing facility at Mumbezhi. The company maintains a robust cash balance of approximately A$36.6 million as of June 2026.

Robust cash balance of approximately A$36.6 million as of June 2026

Prospect Resources Ltd is actively pursuing further resource growth at Mumbezhi through Phase 3 drilling and metallurgical testwork, with a focus on expanding the Nyungu Central deposit and exploring new targets. The company expects to receive results from the Phase 3 drilling program progressively throughout H2 2026.