• Prospect Resources intersected 44 metres grading 0.60% copper beyond the existing Nyungu Central resource boundary
• 13 Phase 3 drill holes covering 4,043 metres have been completed, with six priority assays pending
• A further 6,000 metre infill drilling programme will test resource growth and improve confidence in project economics

Harare - Prospect Resources has extended high grade copper mineralisation beyond the current Mineral Resource Estimate at its flagship Nyungu Central deposit in Zambia after step out drilling intersected 44 metres grading 0.60% copper from 270 metres and 17 metres grading 0.57% copper from 186 metres according to the latest circular.

This confirms that the deposit remains open to the southeast and increasing the potential scale of the Mumbezhi Copper Project.

The latest drilling results represent one of the strongest exploration updates from the project this year because they expand mineralisation outside the existing resource boundary. Exploration success beyond the current Mineral Resource Estimate increases the probability of future resource growth, extends potential mine life and improves the economic value of large scale copper projects before development decisions are made.

Prospect reported that thirteen Phase Three diamond drill holes covering 4,043 metres have now been completed at the southern end of Nyungu Central, with priority laboratory results still outstanding for six holes. One drill rig continues targeting shallow copper mineralisation beyond the current resource envelope while a second rig has commenced growth focused exploration at Nyungu West.

The company also plans to begin a further 6,000 metre infill drilling programme at Nyungu Central later this month, accelerating the conversion of exploration success into higher confidence mineral resources.

The drilling results also improve confidence in the geological continuity of the deposit. Wide intercepts generally support bulk mining opportunities because they increase the volume of mineralised rock that can potentially be extracted within a single mining sequence. Mineralisation remaining open in multiple directions indicates the system has not yet been fully defined, leaving additional upside as drilling advances.

The announcement strengthens the investment case for the broader Mumbezhi Copper Project, where Prospect holds a 90% interest. Nyungu Central already hosts one of Zambia’s largest undeveloped copper resources following the maiden Mineral Resource Estimate announced in 2025, making exploration growth increasingly valuable as global miners compete for long life copper assets capable of supplying future demand from electrification, renewable energy infrastructure and electric vehicle manufacturing.

Copper has become one of the world’s most strategically important industrial metals. Rising investment in electricity networks, battery storage, data centres, electric vehicles and renewable energy continues increasing long term copper demand while the pipeline of new large scale discoveries remains limited. Exploration companies capable of expanding quality copper resources therefore attract greater strategic interest from mining investors and potential development partners.

Chief Executive Officer Sam Hosack said the latest results demonstrate further extension success beyond the already substantial resource while returning wide, high grade intersections from relatively shallow positions. Management also confirmed that exploration has expanded beyond Nyungu Central into the wider Nyungu Hub, with drilling planned at Nyungu West, Kamafamba, Chipimpa and Sharamaba as Prospect seeks to unlock additional discoveries across the Mumbezhi project area.

The update follows a series of exploration successes that have steadily increased the scale of the Mumbezhi project since Prospect shifted its focus from lithium exploration in Zimbabwe to copper exploration in Zambia.

The company sold its Arcadia Lithium Project in Zimbabwe in 2022, providing the capital to reposition its portfolio toward copper at a time when global demand forecasts increasingly favour metals supporting the energy transition.

The commercial significance extends beyond Prospect Resources. Zambia is strengthening its position as one of Africa’s leading copper investment destinations through supportive mining policies and ambitious production targets aimed at lifting annual copper output to 3 million tonnes over the next decade. Continued resource growth at projects such as Mumbezhi expands the country’s future production pipeline while reinforcing its role in supplying copper to global manufacturing and clean energy markets.

The latest drilling campaign shifts attention from resource definition to resource expansion. Every successful step out intersection increases the probability that Nyungu Central will support a larger future resource, longer mine life and improved project economics.

The remaining laboratory results and the upcoming 6,000 metre drilling programme now become the next catalysts in determining how much additional value Prospect can unlock across the wider Mumbezhi Copper Project.

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