Prospect Resources (PSC) Q1 2026 TU earnings summary

Executive summary

• Phase 2 drilling at the Mumbezhi Copper Project in Zambia advanced toward completion, with significant extensions to copper mineralisation at both Nyungu Central and Kabikupa deposits, expanding the mineralised footprint to over 1.5km and 1km, respectively.

• Aircore drilling at West Mwombezhi identified a new shallow copper target over 1km of strike, with highly anomalous results, and further regional exploration is ongoing.

• Metallurgical testwork confirmed robust, scalable processing potential, with high-grade copper concentrates and strong recoveries from both Nyungu Central and Kabikupa.

• Updated Mineral Resource estimates for Nyungu Central and Kabikupa are on track for late Q4 2025, with Phase 3 exploration planning underway.

Financial highlights

• Cash expenditure for the quarter from investing activities was A$6.6 million, primarily for Phase 2 exploration.

• Cash and cash equivalents at quarter end were A$12.7 million, with zero debt.

• Net cash used in operating activities was A$1.6 million for the quarter.

Outlook and guidance

• Updated Mineral Resource estimates for Nyungu Central and Kabikupa are expected in late Q4 2025.

• Phase 3 drilling and exploration are planned for 2026, leveraging new geophysical and geochemical datasets.

• Expenditure is expected to decrease in the next quarter due to the completion of the current exploration program and the onset of the wet season.