Overview of Prospect Resources' recent acquisition

Prospect Resources Ltd (ASX: $PSC) has successfully acquired the large-scale Mumbezhi Copper Project located in the geologically prized Zambian Copper Belt. The acquisition includes an 85% interest in Mumbezhi from Global Development Corporation Consulting Zambia Limited (GDC) for US$6.5M cash and scrip, as well as the acquisition of all historical project and geological data, plus the release of legal challenge from Orpheus Uranium Limited (ORP) for approximately A$1.1M scrip and options, along with a milestone payment of A$2.5M cash upon JORC-reportable Mineral Resource exceeding 500kt contained Cu (at 0.5% Cu cut-off grade).

Executive commentary on the acquisition

Prospect Resources is excited to announce the successful acquisition of the Mumbezhi Copper Project in Zambia. This acquisition aligns with our strategic focus on advancing battery and electrification projects in Africa. The Mumbezhi Project offers significant potential for copper and cobalt mineralization, and we are confident in its scalability and development pathway. We are committed to leveraging our expertise and resources to unlock the full value of this world-class asset.

Summary of the acquisition and outlook

The acquisition of the Mumbezhi Copper Project in Zambia marks a significant milestone for Prospect Resources, positioning the company to capitalize on the increasing global demand for copper, particularly in the manufacturing of electric vehicles, wind, and solar energy. With the project's strategic location in the Zambian Copper Belt and its proximity to world-class copper mines, Prospect Resources is well-positioned to tap into the growing copper market. The company's strong geological potential, coupled with its experienced team and financial capability, bodes well for the future development of the Mumbezhi Project. Prospect Resources remains committed to creating long-term shareholder value and driving sustainable growth in the battery metals sector.