Exploration Update on Mumbezhi Copper Project

Prospect Resources Limited (ASX:PSC) has reported impressive extensional intercepts from the Phase 1 diamond drilling at the Mumbezhi Copper Project in Zambia. The drilling has extended high-grade copper mineralisation at the Nyungu Central deposit, with significant new intersections including 64.3m @ 0.53% Cu and 15.2m @ 0.73% Cu. The company's Managing Director and CEO, Sam Hosack, highlighted the significance of these initial results and the acceleration of drilling efforts, aiming to declare a maiden JORC-reportable Copper Mineral Resource estimate for the Nyungu deposits during Q1 2025.

Executive Commentary on Exploration Progress

These initial results from the Phase 1 drilling at Mumbezhi are highly revealing. In acquiring Mumbezhi, it was our strong belief that this advanced exploration project had large existing deposit growth potential plus regional discovery prospectivity. These initial results have already demonstrated the former dynamic and demand that we accelerate our drilling efforts. We have also recently commenced a ground-based Induced Polarisation survey targeting five regional areas, including the Kabikupa prospect, which has previously returned significant historical drill intercepts. This work is a first and exciting step in interrogating the extent of the regional prospectivity at Mumbezhi. Our recent capital raising has funded delivery of key exploration and project advancement milestones at Mumbezhi over the next 12 months. This includes targeting the declaration of a maiden JORC-reportable Copper Mineral Resource estimate for the Nyungu deposits during Q1 2025. We are serious about advancing the Mumbezhi Project rapidly in all key respects. To that end, and amongst a range of project workstreams, our Environmental and Social Impact Assessment (ESIA) studies are advancing well for full reporting by the end of 2024, which will support the completion of a Scoping Study, to coincide with the maiden Mineral Resource estimate declaration next year.

Exploration Summary and Outlook

The Phase 1 drilling programme at Mumbezhi has delivered impressive extensional intercepts, validating the growth potential of the significant endowment of copper mineralisation at Nyungu Central. Prospect Resources is accelerating the programme by mobilising a third diamond drill rig to site later this month. Additionally, ground-based Induced Polarisation geophysical surveys have commenced on site, covering five regional prospect areas identified outside the main Nyungu series of deposits. The company aims to declare a maiden JORC-reportable Copper Mineral Resource estimate for the Nyungu deposits during Q1 2025. With the ongoing exploration activities and the focus on advancing the Mumbezhi Project rapidly, Prospect Resources demonstrates a strong commitment to unlocking the full potential of the project and contributing to the copper mining sector in an attractive, mining-friendly African jurisdiction.