Prospect Resources Advances Mumbezhi Copper Project as Phase 3 Exploration Uncovers New Growth Opportunities Across Zambia
Prospect Resources Limited (ASX: PSC) has advanced its Phase 3 exploration programme at the Mumbezh…
Prospect Resources Limited (ASX: PSC)
Company Overview, Share Price, Latest News and Announcements
Prospect Resources Limited (ASX: PSC): Company Overview
Prospect Resources (ASX: PSC | FRA: 5E8) (“Prospect” or the “Company”) is an ASX-listed electrification and battery metals developer currently exploring and developing a large copper project in Zambia. The flagship Mumbezhi Copper Project is located in the heart of the world’s most prolific copper-producing region, the Copperbelt of Africa. It has expanded via two successive drilling seasons to a multi-deposit resource of 208.1Mt with copper, cobalt, and gold likely to all contribute to the Project’s economics.
The Company has a 90% interest in Mumbezhi under two granted Large Scale Mining Licenses of area 356 km². Prospect has been successfully developing African mineral projects, having sold the Arcadia Lithium Project in Zimbabwe to Zhejiang Huayou Cobalt for a US$378 million in 2022. Phase 3 exploration and drilling programmes are now underway at Mumbezhi to expand copper resources further and make regional discoveries at several high-priority prospects.
| Full Company Name | Prospect Resources Limited |
| ASX Ticker | ASX: PSC | FRA: 5E8 |
| Sector | Base Metals / Copper Development |
| Country | Australia (operations in Zambia) |
| Registered Office | Level 2, 33 Richardson Street, West Perth WA 6005, Australia |
| Phone | +61 405 524 960 |
| info@prospectresources.com.au | |
| Flagship Project | Mumbezi Copper Project, NW Zambia |
| Project Ownership | 90% Prospect Resources / 10% Global Development Cooperation Consulting Zambia Limited (GDC) |
| Mining Licences | Two granted Large Scale Mining Licences; 39445-HQ-LML and 39465-HQ-LML |
| Project Area | 356 km² inclusive of two licence areas |
| Website | prospectresources.com.au |
Prospect Resources Limited (ASX: PSC): News and Announcements
Below is the latest news from ASX regarding Prospect Resources Limited (ASX: PSC), including drilling updates and other strategic developments.
Prospect Resources Delivers High-Quality Copper Concentrates from Kabikupa Testwork, Strengthening Mumbezhi Project Potential
Prospect Resources (ASX: PSC) has strengthened the outlook for its Mumbezhi Copper Project after Ka…
Prospect Resources Limited Accelerates Mumbezhi Growth with Major Resource Upgrade and Phase 3 Drilling Campaign
Prospect Resources Limited (ASX: PSC) (“Prospect” or the “Company”) has delivered another significa…
Mumbezhi Resource Grows to 208Mt: Phase 3 Drilling Launches
On 20 May 2026, Prospect announced an upgraded Mineral Resource estimate, increasing the total resources to 208.1 million tonnes at 0.42% copper (and 0.49% copper equivalent). Final copper assays from the Phase 2 drilling and the gold re-assaying programme was a major exercise that produced a 70% increase in contained copper through 2025, and a substantive 106% increase in contained gold resources against the February 2026 MRE. Phase 3 drilling began simultaneously with a number of new targets, including a group of prospective regional exploration prospects and the southern extensions of Nyungu Central.
A maiden resource was confirmed in West Mwombezhi.
The resource update for the West Mwombezhi satellite deposit was released in May 2026 and outlined that the current resource is 30.7Mt with 115,000 tonnes of contained copper at 0.37%. The deposit is located approximately 13km northeast of Nyungu Central, and remains open along strike and at depth, and has yielded good diamond drilling results, including 8.9m @ 0.78% Cu from 54.6m in hole MWDD004.
Gold Re-Assay Program Doubles Gold Content
A geological re-logging programme for the Nyungu Central drill core was completed on site during Q1 2026. Subsequently, more than 2,800 existing copper drill-hole intersections were then re-assayed for gold, resulting in a significant 106% increase in total gold resources to 262,100 oz compared with the previous estimate. A significant proportion of the retested hole samples intersected highly anomalous gold within the oxide, transitional, and fresh zones. The Company announced that it would now routinely test all future copper mineralised intersections for gold.
Quarterly Activities Report for 1st Quarter 2026
The March 2026 quarterly report showed that the February 2026 MRE experienced 63% tonnage growth and 50% growth in contained copper compared to the March 2025 MRE, with more than 41% of that tonnage classified in the Indicated category. The Mumbezhi Project mineral resources were subsequently updated on 20th May 2026, as outlined above resulting in an overall 70% increase in total copper from the March 2025 MRE. Prospect also increased its stake in Mumbezhi from 85% to 90% by purchasing additional 5% stake from GDC for US$4.25 million. A substantial equity placement raised A$45 million, and the Company ended the quarter with A$38.7 million in cash (including A$5m in term deposits) and no debt.
Prospect Resources Limited (ASX: PSC): Business Core Insights
What Prospect Resources Does
Prospect Resources is a pure play copper developer with a Zambia focus. The Company has no revenues. All capital has been channelled into exploration drilling, resource definition, metallurgical test work, and readiness for development studies for its flagship 90% owned Mumbezhi Copper Project in Zambia. The Omaruru Lithium and Rubidium Project (OLRP), located in Namibia, is kept at a minimum expenditure whilst commercialisation options are being explored.
Core Projects
| Projects/Deposits | Location | Key Highlights | Status / Next Steps |
|---|---|---|---|
| Mumbezhi Copper Project |
NW Zambia; 25km SE of Sentinel Copper Mine |
356 km² with two granted large-scale mining licences; 208.1Mt @ 0.42% Cu resource; 90% Prospect interest (10% GDC); 35% Indicated Resources | Phase 3 drilling underway (~26,000m); scoping study targeted end 2026 |
| Nyungu Central | Core of Mumbezhi licences | Flagship deposit; 154.4Mt @ 0.42% Cu (0.51% CuEq); gold and cobalt defined; over 2,800 gold re-assays recently completed | Southern up-dip extensions; Nyungu West and SE conductor testing |
| Kabikupa | Within Mumbezhi licences | 23.0Mt @ 0.48% Cu; highest average grade of the three deposits | Limited resource expansion drilling |
| West Mwombezhi | ~13km NE of Nyungu Central | Maiden resource 30.7Mt @ 0.37% Cu; shallow tabular mineralisation; open along strike | Further RC and diamond drilling planned with regional aircore drilling |
| Chipimpa and Sharamba | Regional, within Mumbezhi licences | Large EM conductor targets; both over 2km strike; similar scale, shape, and conductivity to Nyungu Central | IP geophysical surveying, scout aircore, RC and diamond drilling to commence on best defined targets |
| Omaruru Lithium and Rubidium Project | Namibia; 20km east of Karibib (EPL 5533) | 111 km²; 100% Prospect interest; lithium, rubidium, and caesium in pegmatites; Phase 1 and 2 drilling completed in 2023-24 | Minimum holding expenditure; commercialisation options under review |
| Arcadia Lithium Project (sold) | Zimbabwe | Sold to Zhejiang Huayou Cobalt for US$378 million cash (completed April 2022); full DFS, pilot plant and offtake completed prior to sale | Divested; demonstrates Prospect track record of value creation |
Mumbezhi Copper Project
Mumbezhi is located in the Central African Copperbelt of northwestern Zambia, about 95km west-southwest of Solwezi and 25km southeast of the operating Sentinel Copper Mine (First Quantum Minerals). There are two granted Large Scale Mining Licenses, covering approximately 356 km². Prospect owns 90% of Prospect Copper Holdings Pte Ltd in Singapore, with the remaining 10% held by GDC.
The copper mineralisation at the Nyungu deposits was established early in the exploration process by Orpheus Uranium Limited. Prospect completed Phase 1 in December 2024 (9,520m of mixed RC and diamond drilling) and Phase 2 in November 2025 (14,792 metres of diamond drilling in 59 holes alongside 3,507 metres of shallow aircore (AC) drilling in 165 holes). It started Phase 3 in May 2026 (aiming for approximately 26,000m in diamond, RC, and aircore drilling). The May 2026 MRE totals 208.1Mt at 0.42% Cu and 0.49% CuEq.
Mumbezhi Copper Project: Deposit Detail
The combined 208.1Mt copper mineral resources span three deposits with consistent copper grades and growing by-product credits:
| 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 |
Nyungu Central
The flagship deposit makes up about three-quarters of the total resource, with a total resource of 154.4Mt and 0.42% copper (0.51% copper equivalent). The development study has over 35% Indicated resources and a strong level of confidence for a near-term study. Widespread gold was detected by re-assaying gold, with the full data set then used to update the Mumbezhi MRE in May 2026. The deposit strike is over 1.5km, depth to >400m, and continues to the north and southeast.
Kabikupa
The Kabikupa deposit has an average grade of 0.48% copper, which is the highest of the three deposits, with a current resource of 23.0Mt. Metallurgical test work yielded a copper concentrate grade of 27.5% and a recovery of 95.3%, indicating that the ore is amenable to conventional flotation processing.
West Mwombezhi
The maiden resource consists of 30.7Mt of ore with a copper grade of 0.37% and 115,000 tonnes of contained copper. Two narrow zones of near-surface, high-grade copper sulphide mineralisation, dipping 15 degrees to the west and over a strike length of over 1km, were identified by diamond drilling. The deposit remains accessible to the west and south. A gold re-assaying program is now in place, and assays of historical samples have returned up to 0.17 g/t gold.
- MWDD004: 8.9m at 0.78% Cu from 54.6m, including 7.0m at 0.93% Cu from 54.6m
- MWDD009: 6.7m at 0.57% Cu from 86.0m, including 4.2m at 0.75% Cu from 88.5m
- MWDD001: 5.8m at 0.44% Cu from 145.0m
- MWDD002: 5.0m at 0.47% Cu from 85.0m, including 2.7m at 0.78% Cu from 87.3m
- MWDD005: 4.9m at 0.49% Cu from 89.1m and 3.9m at 0.53% Cu from 48.1m
- MWDD006: 5.0m at 0.41% Cu from 42.0m
Gold Growth: By-Product Potential
Retesting of oxide, transitional, and fresh ore at Nyungu Central revealed a high proportion of holes with elevated gold grade concentrations. Cobalt has also been found throughout the deposit. Combined, these by-product credits have potential to significantly impact project economics and operating costs. Selected gold re-assaying results included:
| Hole / Interval | From (m) | Width (m) | Au Grade (g/t) |
|---|---|---|---|
| NYDD062 | 82.9 | 23.1 | 0.55 |
| NCMT002 | 187 | 30.0 | 0.21 |
| NCRD021 | 52.0 | 12.0 | 0.23 |
| NCRD005 | 175 | 6.0 | 0.44 |
| NCDD011 | 83.6 | 4.38 | 0.60 |
| NCRD008 | 47.0 | 17.0 | 0.17 |
| NYDD056 | 125 | 15.0 | 0.15 |
| NYDD053 | 149 | 2.5 | 0.61 |
| NYDD054 | 16.0 | 9.0 | 0.15 |
| NCDD002 | 38.0 | 7.55 | 0.18 |
Metallurgical Test Work
Flotation test work confirmed that both Nyungu Central and Kabikupa are easily amenable to traditional copper flotation processing.
Key results: Nyungu Central fresh composite achieved 24.6% Cu concentrate grade, 96.2% recovery; Kabikupa fresh composite achieved 27.5% Cu concentrate and 95.3% recovery; Nyungu Central transition composite had a copper concentrate grading 32.1% Cu and 9.1% Co, with an 81.4% copper recovery achieved after two cleaning stages. The coarse primary size grind to approx. 250 microns allows for lower future capital and operating costs.
Phase 3 Drilling Programme
Phase 3 began in May 2026. The program is designed to run for approximately 26,000 metres, with the following diamond, RC, and scout aircore holes: approximately 60 diamond holes, 30 RC holes, and 320 scout aircore drill holes. The main goals include:
- Core Expansion Targets:
- ‘Nyungu Hub’: Extension drilling adjacent to the shallower southern up-dip areas of the Nyungu Central deposit.
- Nyungu West: Growth and extension drilling focused on this specific prospect zone.
- Nyungu South: Targeted drilling of a geophysical conductor located to the northeast of this prospect.
- Regional Targets:
- West Mwombezhi: Shallow aircore and RC drill testing of this large-scale, high-potential target.
- Kamafamba: Regional target testing paired with ground-based geophysical Induced Polarization (IP) surveys.
- Sharamba: Drill testing of a large-scale Electro-Magnetic (EM) conductor target exceeding 2 km in strike length.
- Chipimpa: Drill testing of a large-scale EM conductor target exceeding 2 km in strike length, supported by ground-based IP surveys.
- Chalamba: Regional drill testing with diamond drill follow-up where warranted.
Omaruru Lithium and Rubidium Project, Namibia
EPL 5533 is a 111-square-kilometre area near Wilhelmstal, 20km east of Karibib, Namibia. Prospect owns the Project 100%, having earned those rights in May 2024. Phase 1 RC drilling in 2023 yielded good lithium and rubidium results at Karlsbrunn and identified a wide, parallel pegmatite system at Brockmans. In early 2024, Phase 2 RAB and RC drilling was completed. Since then, exploration has stopped, and expenditure has been kept at a minimum. Several NDAs have been signed with parties participating in a Technical Data Room set up for commercialisation. The reclassification of rubidium and cesium as critical minerals is expected to help attract long-term interest.
Arcadia Lithium Project: Proven Track Record
In 2016, Prospect acquired the Arcadia Lithium Mine Project in Zimbabwe, and in April 2022, the Company returned 96% of its invested capital to shareholders through cash sales to Zhejiang Huayou Cobalt. This transaction resulted in A$388 million of organic equity value and, during the project development period, a PSC share price appreciation of over 1500%.
Prospect Resources Limited (ASX: PSC): Financial Performance
Prospect Resources is a company in the pre-production phase and has not yet generated any revenue. All capital is channelled into drilling and metallurgical test work, as well as corporate administration. The Company has no debt and is financed by equity.
Q1 2026 Cash Flow Summary (Quarter Ended 31 March 2026)
| Cash at End of Quarter | A$33.7 million (A$38.7M including A$5M term deposit) |
| Debt | Zero |
| Net Cash Used in Operating Activities | A$1.297 million |
| Exploration and Evaluation (capitalised) | A$1.270 million |
| Net Cash from Financing Activities | A$36.919 million (equity placement proceeds) |
| Net Cash Used in Investing Activities | A$12.364 million (includes US$4.25M GDC acquisition and A$5M term deposit) |
| Related Party Payments (Q1 2026) | A$176,000 (director fees) |
| Estimated Quarters of Funding Available | 13.14 quarters at current spend rate |
The A$45 million placement in Q1 2026 at A$0.38 per share consisted of an unconditional tranche of A$38.2 million and a conditional tranche of A$6.8 million to Eagle Eye Asset Holdings to retain its 15% shareholding. With the 2026 drilling season commenced, Management has indicated release of new drilling assays monthly.
Prospect Resources Limited (ASX: PSC): Board of Directors and Management
| Non-Executive Chairman | Mr Mark Wheatley |
| Managing Director and CEO | Mr Sam Hosack |
| Executive Director Finance | Mr Ian Goldberg |
| Non-Executive Director | Dr Doug Jones |
| Non-Executive Director | Mr Gaurav Gupta |
| Non-Executive Director | Mr Matt Pascall |
Mr Mark Wheatley, Non-Executive Chairman
Mark has over 15 years of director and chairman experience, with exposure predominantly in the gold, copper, and uranium sectors.
Mr. Sam Hosack, Managing Director and CEO
Sam is a proven senior mining executive with over 20 years of experience in the global resources sector, including considerable experience in the Zambian Copperbelt with First Quantum Minerals. He led the Arcadia Lithium Project through to a US$378 million cash sale in 2022 and has since driven Mumbezhi from initial drilling to a 208.1Mt resource with Phase 3 now underway.
Mr Ian Goldberg, Executive Director, Finance
Ian has more than 20 years of senior finance and commercial experience, including several Chief Financial Officer roles in operating mining businesses in Africa and Australia.
Dr Doug Jones, Non-Executive Director
Doug has over 45 years of experience in the international mining industry. Most recently, General Manager (Exploration) at Perseus Mining, he has a proven track record of advancing mineral assets from initial discovery through to production.
Mr. Gaurav Gupta, Non-Executive Director
Gaurav has over 25 years of experience in international trade and is a qualified Chartered Accountant. He manages a Monetary Authority of Singapore-registered family office with high-growth investment holdings.
Mr Matt Pascall, Non-Executive Director
Matt is a founding Director of First Quantum Minerals and has been central to its global growth, particularly in Zambia. He is known for his leadership on complex mining projects and his commitment to sustainable practices and community development.
Prospect Resources Limited (ASX: PSC): Share Price and Market Information
Market Context
Prospect Resources is strategically positioned to benefit from strong structural demand for copper, cobalt, and gold. The global copper market is expected to expand from US$248.2 billion in 2025 to US$388.8 billion by 2033, supported by electrification, renewable energy infrastructure, and industrial development. Copper prices reached record highs above US$13,000 per tonne in early 2026, while gold surpassed US$4,500 per ounce. Zambia, where Mumbezhi is located, produced 890,346 tonnes of copper in 2025, and has set an ambitious national production target of 3 million tonnes per annum by 2031.
Strategy and Future Outlook
Prospect’s approach has two clear pillars. First, drive resource growth and de-risking at Mumbezhi through its Phase 3 drilling, additional metallurgical work, and delivery of an initial scoping study by the end of 2026. Second, advance the Omaruru Lithium and Rubidium Project toward commercialisation through a dedicated data room process whilst maintaining the asset at the lowest possible cost.
For Mumbezhi, multiple value-realisation pathways exist, including stand-alone operations, mergers, or acquisitions with neighbouring operators (FQM and Barrick), toll treatment through existing regional infrastructure, or a development joint venture. The presence of First Quantum Minerals as a 12.5% cornerstone investor and technical partner strengthen the credibility of all these options.
Development Roadmap
| ESIA completed | H1 2025 (done) |
| Mining Licences granted | H1 2025 (done) |
| Maiden Indicated and Inferred MRE | H1 2025 (done) |
| 2025 Drilling Programmes | H1 and H2 2025 (done) |
| Metallurgical Studies (Copper and Gold) | H1 and H2 2025 (done); Q1 and Q2 2026 (in progress) |
| Further Gold Assaying and Re-logging | Q1 2026 (done) |
| Updated Indicated and Inferred MRE (Nyungu Central and Kabikupa) | Q1 2026 (done) |
| 2026 Drilling Programmes | Q1 to H2 2026 (underway) |
| Maiden Inferred MRE (West Mwombezhi) | Q2 2026 (done) |
| Initial Scoping Study | H2 2026 (targeted) |
Prospect Resources Limited (ASX: PSC): Frequently Asked Questions
Prospect Resources is an ASX-listed pure play copper developer focused on the Mumbezhi Copper Project in northwest Zambia, within the world-class Zambian Copperbelt. The Company is advancing Mumbezhi through an active Phase 3 drilling campaign, metallurgical test work, and development studies toward an initial scoping study targeted for the end of 2026.
Mumbezhi is a district-scale copper project covering 356 km2 in two granted Large Scale Mining Licenses in northwest Zambia. It holds a May 2026 updated resource of 208.1Mt at 0.42% copper (and 0.49% CuEq) in three deposits: Nyungu Central, Kabikupa, and West Mwombezhi.
The May 2026 MRE totals 208.1 million tonnes containing 877,100 tonnes of copper, 43,500 tonnes of cobalt, and 262,100 ounces of gold. 35% is within the Indicated category of confidence. The exploration target for the broader Mumbezhi system ranges from 420 Mt to 1,050 Mt at 0.4% to 0.6% Cu.
Phase 3 comprises approximately 26,000 metres with diamond, RC, and aircore programs commenced in May 2026. It targets extensions at Nyungu Central, classification upgrades, potential maiden resources at Chipimpa, Sharamba, and Kamafamba, expansion to West Mwombezhi, and systematic testing of priority EM conductors identified from the comprehensive 2025 airborne survey.
No. Prospect is a pre-production development company generating no revenue. All capital is deployed toward exploration, resource definition, metallurgical studies, and corporate costs.
The Company paid a one-off dividend of $0.96/share in August 2022 after the sale of its Arcadia Lithium project; however, no dividend is currently paid. All available capital is directed toward advancing Mumbezhi toward a scoping study and eventual development decision.
The Company is led by Managing Director and CEO Sam Hosack, with the Arcadia Lithium Project sale to Huayou Cobalt in 2022 as his most significant prior achievement. The board includes Matt Pascall, a founding director of First Quantum Minerals, providing direct experience in large-scale Zambian copper operations.
Gold was included in the CuEq calculation for the first time following the May 2026 update, after re-assaying at Nyungu Central confirmed 262,100 ounces of contained gold. CuEq calculations use US$11,500 per tonne of copper, US$3,500 per ounce of gold, and US$40,000 per tonne of cobalt, with conservative recovery assumptions applied.
Key risks include exploration results not meeting expectations, copper, cobalt, and gold price movements, changes to Zambian mining regulation or fiscal terms, funding requirements for future drilling and development, and the time and capital needed to move from resource development to ore reserve delineation and eventual production, based on economics. Investors should seek independent financial advice before making any investment decisions.
Disclaimer
This document has been prepared in collaboration with Prospect Resources Ltd, a client of Colitco at the time of publication. The content is intended solely for informational and educational purposes and should not be construed as financial product advice, investment advice, a recommendation, or an offer to buy or sell any securities. Investors should conduct their own research and carefully consider their individual financial objectives, circumstances, and risk tolerance before making any investment decision.