Prospect Resources Ltd (ASX: PSC) Announces Maiden Resource Estimate for Mumbezhi Copper Project, Surpassing 500kt Contained Copper

Key Highlights:

• Mumbezhi Copper Project unveils a 107.2 Mt resource at an average grade of 0.5% Cu, totaling 515 kt contained copper.
• The estimate covers the Nyungu Central and Kabikupa deposits, with potential for further resource expansion.
• Exploration targets suggest a much larger copper system, with potential resources between 420–1,050 Mt grading 0.4–0.6% Cu.
• Phase 2 drilling campaign set for Q2 2025 to test high-priority targets.
• Large Scale Mining Licences (LMLs) expected to be granted by Q1 2025.
• Scoping study for project development anticipated in Q4 2025.

A Strategic Copper Discovery in Zambia’s Emerging Copper Corridor

Prospect Resources Limited (ASX: PSC) has delivered a game-changing maiden Mineral Resource Estimate (MRE) for its Mumbezhi Copper Project in north-western Zambia. The announcement marks a significant milestone, positioning Mumbezhi as a potential large-scale copper asset in one of the world’s most prolific copper regions.

The maiden resource estimates 107.2 million tonnes at an average grade of 0.5% Cu, equating to 515,000 tonnes of contained copper (at a 0.2% Cu cut-off grade). This places Mumbezhi firmly within the ranks of notable copper projects in Africa.

Nyungu Central, the primary deposit, accounts for the majority of the resource, with 43% of its mineralization classified as Indicated, signifying a high degree of confidence in resource continuity. Kabikupa, although classified entirely as Inferred, remains a promising zone with significant upside.

Expanding the Copper Footprint – A 1Bt+ Resource Potential?

While the maiden resource itself is robust, Mumbezhi’s upside potential is even more compelling. Prospect has outlined a revised Exploration Target, ranging between 420–1,050 million tonnes grading 0.4–0.6% Cu. This suggests the potential to double or even triple the current resource base.

The Nyungu ‘Corridor’ – a 16km mineralized trend extending north of Nyungu South – is now a focal point for further exploration. The company plans to drill-test multiple high-priority geophysical anomalies across Nyungu North, West Mwombezhi, and the broader Mumbezhi tenure.

Phase 2 Drilling & Project Development Plans

To unlock Mumbezhi’s full potential, Prospect will launch a Phase 2 drill program in Q2 2025, aiming to:

• Expand the resource base at Nyungu Central and Kabikupa.
• Target high-priority geophysical anomalies along strike.
• Conduct metallurgical test work to assess copper recovery potential.

Additionally, the company expects to secure Large Scale Mining Licences (LMLs) in Q1 2025, ensuring full regulatory compliance for eventual project development.

A Scoping Study is set for completion in Q4 2025, providing a roadmap for potential large-scale mining operations.

Mumbezhi in the Global Copper Landscape

With copper demand surging, driven by electrification trends, renewable energy, and EV adoption, new copper sources are critical. Zambia, home to some of the largest copper mines in Africa, remains a strategic jurisdiction for future supply.

If Mumbezhi’s full exploration potential is realized, Prospect Resources could be sitting on a multi-decade copper asset, ready to serve the next generation of global copper demand.

Outlook: A Copper Giant in the Making?

Prospect Resources’ maiden Mumbezhi resource estimate signals the start of a much larger story. With a robust initial 515kt copper resource, a 1Bt+ exploration target, and aggressive drilling plans, the company is well-positioned to expand its footprint and attract strategic interest.

As the global race for copper intensifies, Mumbezhi could emerge as a key player in Zambia’s next-generation copper boom.