Prospect Resources (PSC) investor relations material

Strategic positioning and project overview

• Focused on developing a large-scale copper project in the Zambian Copper Belt, leveraging two granted mining licenses over 356 km².

• Flagship Mumbezhi Copper Project benefits from established infrastructure and proximity to major copper operations.

• Multiple development options include stand-alone, regional M&A, toll treatment, and joint ventures.

• Proven management team with significant African mining experience and a track record of value creation.

Resource growth and exploration

• Mumbezhi Project's Mineral Resource Estimate (MRE) updated to 208.1 Mt at 0.42% Cu (877kt Cu), or 0.49% CuEq (1.02Mt CuEq), up 70% from maiden MRE.

• Ongoing Phase 3 drilling targets shallow extensions and new regional prospects, aiming to further increase resource scale and confidence.

• Two new large-scale targets, Chipimpa and Sharamba, identified with similar characteristics to Nyungu Central.

• District-scale exploration underway, with geophysical surveys and initial drilling on key regional targets.

Project economics and metallurgical advantages

• By-product credits from cobalt and gold enhance project economics, with current MRE delivering a 0.49% CuEq grade.

• Metallurgical testwork shows high copper recoveries (+95%) and efficient processing potential for both Nyungu Central and Kabikupa.

• Coarse grind size and standard flotation process support lower capital and operating costs.