Prospect Resources (PSC) Q3 2025 TU earnings summary

Executive summary

• Maiden Mineral Resource Estimate (MRE) for Mumbezhi Copper Project declared: 107.2 Mt at 0.5% Cu for 515 kt contained copper, limited to Nyungu Central and Kabikupa deposits.

• Phase 1 drilling at Nyungu Central and Kabikupa returned thick, high-grade copper intersections, extending mineralisation and strike length.

• Environmental and Social Impact Assessment (ESIA) approved and two large-scale mining licences granted for Mumbezhi, providing 25-year tenure security.

• Strategic A$15.2 million investment from First Quantum Minerals post-quarter, making it a 15% cornerstone shareholder and technical partner.

• Phase 2 drilling to commence in Q2 2025, targeting resource growth at Nyungu Central, Kabikupa, Nyungu North, West Mwombezhi, and new targets at Nyungu South.

Financial highlights

• Cash balance at 31 March 2025: A$6.5 million, with zero debt.

• Net cash used in operating activities for the quarter: A$1.13 million; net cash used in investing activities: A$0.94 million.

• No proceeds from equity issues during the quarter; A$15.2 million equity placement to First Quantum completed post-quarter.

• Estimated quarters of funding available: 3.12 based on current cash and outgoings.

Outlook and guidance

• Phase 2 drilling at Mumbezhi to commence in Q2 2025, aiming to expand the MRE and test new high-priority targets.

• Metallurgical test work underway at Nyungu Central and Kabikupa, with results expected in Q2 2025.

• Step Aside (Zimbabwe) and Omaruru (Namibia) lithium projects under review for potential monetisation or commercialisation.