Prospect Resources (PSC) H2 2026 earnings summary

Executive summary

• Achieved significant exploration success and resource growth at the Mumbezhi Copper Project, with Phase 2 drilling expanding mineralisation and confirming new copper systems.

• Updated Mineral Resource Estimate (MRE) in May 2026: 208.1 Mt at 0.42% Cu (0.49% CuEq), containing 877,100 tonnes of copper, 43,500 tonnes of cobalt, and 262,100 ounces of gold, representing a 94% increase in tonnage and 70% in contained copper since March 2025.

• Commenced largest-ever Phase 3 drilling campaign at Mumbezhi in May 2026, targeting further resource growth and conversion, with a focus on Nyungu Central, Kabikupa, West Mwombezhi, and regional prospects.

• Completed a A$45 million equity placement in February 2026 to fund exploration and development, maintaining a strong cash position of A$41.6 million as of 30 June 2026.

Financial highlights

• Revenue for FY2026 was $586,000, up from $200,000 in FY2025.

• Net loss after tax was $7.918 million (FY2025: $8.120 million), with a loss from continuing operations of $6.033 million and from discontinued operations of $1.885 million.

• Cash and cash equivalents at year-end were $36.6 million, with total assets of $84.8 million and net assets of $82.7 million.

• No dividends or capital returns declared for the year.

Outlook and guidance

• Scoping Study for Mumbezhi remains on track for completion in Q4 2026/Q1 2027.

• Focus remains on growing and upgrading the copper resource base, advancing technical studies, and unlocking district-scale potential.

• Ongoing exploration and drilling to further expand resource footprint and assess by-product potential from gold and cobalt.