Prospect Resources (PSC) Q2 2026 TU earnings summary

Executive summary

• Completed Phase 2 drilling at Mumbezhi Copper Project, Zambia, with 14,792m diamond and 3,507m aircore drilling across multiple targets.

• Extended mineralised zones at Nyungu Central and Kabikupa, confirming large-scale copper system potential.

• Identified significant by-product gold mineralisation at Nyungu Central, with 26 of 32 holes showing anomalous gold.

• Sale of Step Aside Lithium Project in Zimbabwe for up to US$2.2 million, strengthening cash position.

• Appointment of Dr Doug Jones as Non-Executive Director, bringing extensive exploration experience.

Financial highlights

• Ended the quarter with a cash balance of approximately A$10.4 million and zero debt.

• Net cash used in operating activities for the quarter was A$1.93 million.

• Net cash used in investing activities was A$609,000, including proceeds from asset sales.

• Proceeds from exercise of options totaled A$150,000.

• Estimated quarters of funding available: 3.01.

Outlook and guidance

• Updated Mineral Resource Estimates (MRE) for Nyungu Central and Kabikupa, including maiden gold resource, expected in Q1 2026.

• Phase 3 drilling at Mumbezhi planned to commence in Q2 2026.

• Final AEM survey interpretation and soil geochemistry results to inform future exploration targets.

• Initial metallurgical test results from Kabikupa expected late February 2026.