Prospect Resources Limited (ASX: PSC) (“Prospect” or the “Company”) has delivered another significant milestone at its flagship Mumbezhi Copper Project in Zambia, unveiling a substantially upgraded Mineral Resource estimate (MRE) while simultaneously launching its highly anticipated Phase 3 drilling programme.
The latest developments reinforce Mumbezhi’s emergence as one of the ASX’s rapidly growing copper development stories, with expanding copper, gold and cobalt resources now underpinning a district-scale exploration and development opportunity within the world-class Zambian Copperbelt.
The Company’s latest announcements demonstrate growing geological confidence, accelerating exploration momentum, and a clear pathway toward future development studies.
Figure 1: Drilling operations at the Mumbezhi Copper Project in Zambia. [Source: Prospect Resources Limited]
Mumbezhi Resource Expands to 208Mt
On 20 May 2026, Prospect announced an upgraded Indicated and Inferred MRE for Mumbezhi totalling 208.1 million tonnes at 0.42% copper and 0.49% copper equivalent (CuEq).
The updated resource now contains:
- 877,100 tonnes of contained copper
- 43,500 tonnes of contained cobalt
- 262,100 ounces of contained gold
The resource spans three key deposits:
- Nyungu Central
- Kabikupa
- West Mwombezhi
The revised estimate represents a major uplift in the scale of the project, including:
- 20% increase in overall resource tonnage
- 14% increase in contained copper
- 106% increase in contained gold
Importantly, the addition of significant gold into the copper equivalent calculation has materially strengthened the overall project grade and highlighted Mumbezhi’s growing by-product potential.
Prospect Managing Director and CEO Sam Hosack described the update as a transformational step for the project.
“Today marks a major milestone for the Mumbezhi Copper Project. Drilling has officially commenced for the third season, and with it, the next chapter in unlocking one of Zambia’s most exciting new copper opportunities commences.”
Mr. Hosack added:
“This marks a genuine step change in scale, confidence, and momentum for Mumbezhi as we announce a significant upgrade. This is an outcome we committed to our shareholders and are delivering on.”
Figure 2: Sam Hosack recently discussed the latest progress at the Mumbezhi Copper Project following the upgraded Mineral Resource estimate, highlighting ongoing drilling activities, resource growth, expanding gold potential, and the broader development opportunity emerging within the Zambian Copperbelt. [Source: YouTube/Prospect Resources Limited]
Updated Mumbezhi Resource Snapshot
| Deposit | Tonnes (Mt) | Cu (%) | CuEq (%) | Contained Cu |
| Nyungu Central | 154.4 | 0.42 | 0.51 | 651,300t |
| Kabikupa | 23.0 | 0.48 | 0.48 | 110,800t |
| West Mwombezhi | 30.7 | 0.37 | 0.40 | 115,000t |
| Total | 208.1 | 0.42 | 0.49 | 877,100t |
Mr Hosack further highlighted the scale and quality of the resource:
“Mumbezhi continues to demonstrate Tier 1 grades. The copper grades reported today are comparable to world-class operating mines across the Zambian Copperbelt.”
“This is not just a large resource at Mumbezhi, it is a large resource with quality grades.”
Figure 3: Mumbezhi Mining Licences highlighting the Nyungu Central, Kabikupa and West Mwombezhi deposits, along with currently defined regional prospects. [Source: Prospect Resources Limited]
Gold Growth Strengthens the By-Product Story
One of the standout features of the updated MRE was the dramatic increase in contained gold following a comprehensive re-assaying programme using existing drill core samples.
Prospect completed more than 2,800 gold re-assays at Nyungu Central during Q1 2026, which resulted in a 106% increase in total gold resources.
The Company will now routinely assay all future copper mineralisation intersections for gold as part of ongoing exploration programmes.
Regarding this announcement, Mr Hosack has 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.”
Recent drilling and re-assay programmes delivered encouraging gold intersections, including:
- 29.0m @ 0.22 g/t Au from 47m
- 27.7m @ 0.21 g/t Au from 172m
- 21.0m @ 0.19 g/t Au from 74m
- 23.1m @ 0.55 g/t Au from 83m
The combination of copper, cobalt and gold credits could materially reduce future operating costs and strengthen the project’s development profile.
Figure 4: Cross-section drilling view illustrating mineralised wireframes at the Nyungu Central deposit along 8629980mN. [Source: Prospect Resources Limited]
West Mwombezhi Emerges as New Satellite Deposit
The upgraded MRE also introduced the maiden resource for the West Mwombezhi deposit, located approximately 13km northeast of Nyungu Central.
West Mwombezhi now hosts:
- 30.7Mt at 0.37% Cu
- 115,000 tonnes of contained copper
Mr Hosack described the inclusion of West Mwombezhi as an important expansion of the project footprint.
“This update also introduces meaningful new upside. For the first time the West Mwombezhi satellite deposit has been included in the MRE.”
“These additions demonstrate that Mumbezhi is not a single deposit story — it is a growing cluster of mineralised systems with room to expand.”
Earlier drilling programmes at West Mwombezhi identified broad zones of shallow copper mineralisation extending over significant strike lengths.
The deposit remains open and continues to offer further expansion potential through future drilling.
Figure 5: Cross-section along 8643165mN highlighting shallow tabular copper mineralisation at West Mwombezhi. [Source: Prospect Resources Limited]
Phase 3 Drilling Campaign Commences
Prospect has now officially commenced its extensive Phase 3 drilling programme at Mumbezhi.
The campaign includes approximately:
- 60 diamond drill holes
- 30 reverse circulation (RC) holes
- 320 exploratory aircore holes
- Around 26,000 metres of total drilling
The programme aims to:
- Expand existing resources
- Upgrade resource classifications
- Test new regional targets
- Deliver maiden resources at additional prospects
Priority targets include:
- Nyungu Central extensions
- Kamafamba
- Sharamba
- Chipimpa
- West Mwombezhi
- Chalamba
Mr Hosack highlighted the strong exploration pipeline ahead.
“The growth pipeline is already advancing. Phase 3 diamond drilling is now underway, targeting further expansion at the southern shallow end of Nyungu Central.”
“In parallel, aircore and RC drilling has begun across a suite of high-priority regional targets.”
The Company believes these regional targets could represent the next wave of major discoveries within the broader Mumbezhi district.
Particular attention is being placed on the large-scale Chipimpa and Sharamba aeromagnetic geophysical conductor targets, which share geological similarities with the Nyungu Central system in terms of size and potential.
Figure 6: Photo of active aircore drill rig operating at the West Mwombezhi prospect during the Phase 3 programme. [Source: Prospect Resources Limited]
Increasing Geological Confidence Supports Development
Prospect also highlighted increasing confidence in the geological model at Mumbezhi.
Approximately 35% of the Nyungu Central resource now sits within the higher-confidence Indicated category, providing a solid foundation for upcoming development studies.
Mr Hosack described this level of confidence as exceptional for a project at Mumbezhi’s stage.
“This level of geological confidence at this stage of the project is rather exceptional.”
“It accelerates the pathway towards scoping, engineering and ultimately production.”
The Company has already commenced metallurgical test work programmes designed to support an initial scoping study targeted for completion by the end of 2026.
Zambia Provides Strategic Copper Exposure
Mumbezhi is located within Zambia’s north-western Copperbelt, one of the world’s premier copper-producing regions.
The project spans approximately 356 square kilometres across two granted large-scale mining licences valid through to 2050.
Mr Hosack emphasised Zambia’s supportive mining environment and strategic importance to the global copper market.
“Zambia is committed to expanding copper production. Projects such as Mumbezhi are central to that national vision.”
“With strong government backing, established infrastructure in the region and a deep mining workforce, Zambia offers one of the most attractive environments for copper development anywhere in the world.”
As global demand for copper continues to rise strongly through electrification, renewable energy infrastructure, drive towards AI computation, and electric vehicles, Mumbezhi appears well-positioned to benefit from long-term structural demand trends.
About Managing Director and CEO Sam Hosack
Figure 7: Prospect Resources MD & CEO Sam Hosack. [Source: Prospect Resources Limited]
Mr Sam Hosack is a seasoned mining executive with more than 20 years of experience across the global resources industry, bringing extensive expertise in project development, mining operations, infrastructure delivery, and strategic growth.
Since joining Prospect Resources Limited in 2018, he has been instrumental in advancing the Company’s major African mining assets. Mr Hosack previously led the successful progression of the Arcadia Lithium Project in Zimbabwe, overseeing its feasibility evaluation, early pilot operations, and eventual cash sale to Huayou Cobalt in 2022.
Under his leadership, Prospect has rapidly transformed the Mumbezhi Copper Project in Zambia into a large-scale emerging copper development opportunity. The latest upgraded Mineral Resource Estimate expanded Mumbezhi to 208.1Mt at 0.49% CuEq, while ongoing Phase 3 drilling continues to target additional copper resource growth across multiple regional prospects.
Share Price Activity (ASX: PSC)
- Last Price: $0.32 (25 May 2026)
- Change: +0.01 (+3.23%)
- 1 Week: +8.47%
- 1 Month: +4.92%
- 2026 Year-to-Date performance: +25.49%
- 1 Year performance: +128.57%
- Outperformance vs Sector (1 year): +77.90%
- Outperformance vs ASX 200 (1 year): +124.61%
- Market Cap: $266.21 million
Figure 8: Share price performance of Prospect Resources in the last 52 weeks.
Investors’ Outlook
Prospect Resources continues to rapidly advance the Mumbezhi Copper Project into a large-scale, multi-deposit copper development opportunity with growing by-product upside.
The upgraded Nyungu Central MRE, maiden West Mwombezhi resource, expanding gold credits, and commencement of Phase 3 drilling collectively demonstrate accelerating momentum across the project.
Investors can also expect steady news flow throughout 2026, with the Company planning regular drilling updates and assay results as exploration progresses across multiple targets.
Mr Hosack reinforced the Company’s commitment to maintaining consistent market communication.
“Investors can expect monthly assay results throughout the balance of 2026, supported by weekly progress updates throughout the program.”
With strong funding, increasing resource confidence, district-scale exploration potential and exposure to the global copper thematic, Prospect appears well positioned for continued growth.
Disclaimer
This article has been prepared by Colitco in collaboration with Prospect Resources Limited, a Colitco client at the time of publishing. It is intended for informational and editorial purposes only. The content is based on publicly available announcements, company disclosures, and other sources believed to be reliable at the time of publication. However, it should not be considered financial, investment, or professional advice. Readers are encouraged to conduct their own independent research and seek professional advice before making any investment decisions. Colitco and its associates do not guarantee the accuracy, completeness, or timeliness of the information contained in this article and accept no liability for any loss arising from its use.
Last modified: May 28, 2026
