Prospect Resources (PSC) Investor presentation summary

Investment overview

• Mumbezhi Copper Project in northwest Zambia spans two granted large-scale mining licences covering 356 sq km; the project interest is 90%.

• Established power, roads and water, plus the planned Lobito Corridor, support development; nearby operations include Sentinel, Lumwana and Kansanshi.

• Development options include standalone, regional M&A, toll treatment and joint ventures.

• The team’s Arcadia Lithium sale generated US$378M cash for an 87% interest in April 2022; the presentation cites A$388M in organic equity value realized and over A$150M additional value since the Mumbezhi acquisition.

Resource and exploration

• Mumbezhi MRE totals 208.1 Mt at 0.42% Cu, containing 877 kt Cu, and 0.49% CuEq, containing 1.02 Mt CuEq.

• Nyungu Central totals 154.4 Mt at 0.42% Cu for 651 kt contained Cu; 35% of its MRE is classified as Indicated.

• Phase 3 drilling had completed 16,000m in 2026; the 32,000m programme comprises 22,000m diamond, 8,000m aircore and 2,000m RC drilling.

• Chipimpa and Sharamba are new regional targets, each over 2 km in strike; initial drilling of key regional targets is underway.

• Nyungu Central Phase 3 results include 18m at 1.31% Cu, 44m at 0.60% Cu and 66m at 0.42% Cu.

Development and project economics

• Gold and cobalt by-product mineralisation contributes to the 0.49% CuEq MRE; potential credits could reduce net cash costs of copper production.

• Metallurgical tests reported 96.2% Cu recovery for fresh Nyungu Central material, 81.4% for transitional Nyungu Central, and 95.3% and 94.7% for fresh and transitional Kabikupa material, respectively.

• A coarse P80 250µm primary grind and standard flotation support a potential centralised processing plant; cobalt and gold recovery evaluation is in progress.

• The indicative workstream schedule lists a Mumbezhi MRE update and Scoping Study among upcoming project milestones.