Prospect Resources (PSC) Q1 2025 TU earnings summary

Executive summary

• Phase 1 drilling at Mumbezhi Copper Project in Zambia completed 34 of 50 planned holes, returning wide, high-grade copper intersections and extending mineralisation at Nyungu Central.

• Regional IP geophysical surveys commenced, targeting five prospective areas, including Kabikupa, with historical significant copper results.

• Environmental and Social Impact Assessment (ESIA) and groundwork for a Scoping Study are advancing.

• Bikita Gem and Step Aside lithium projects in Zimbabwe discontinued or scaled back; Omaruru Lithium Project in Namibia under commercialisation review.

Financial highlights

• Raised A$9.1 million gross through equity placement and Share Purchase Plan during the quarter.

• Cash balance at 30 September 2024 was A$12.8 million, with zero debt.

• Net cash used in operating activities was A$1.69 million; investing activities used A$2.29 million; net cash from financing activities was A$8.6 million.

• Estimated quarters of funding available: 3.21, based on current cash and outgoings.

Outlook and guidance

• Targeting maiden JORC-compliant Copper Mineral Resource estimate for Nyungu deposits in Q1 2025.

• Ongoing Phase 1 drilling and geophysical surveys expected to deliver substantial news flow in the next quarter.

• Continued focus on advancing Mumbezhi development, including ESIA and Scoping Study workstreams.