Prospect Resources (PSC) Q4 2025 TU earnings summary

Executive summary

• Phase 2 drilling at Mumbezhi Copper Project commenced, targeting resource expansion and new discoveries at Nyungu Central, Kabikupa, Nyungu North, and West Mwombezhi.

• Initial diamond drilling at Nyungu Central returned thick, high-grade copper intersections, validating the geological model.

• Metallurgical testwork produced high-grade, saleable copper concentrates with excellent recoveries, supporting a simple processing flowsheet.

• Strategic investment of A$18.5 million completed, with First Quantum Minerals becoming a 15% cornerstone shareholder and technical partner.

• Cash balance at quarter-end was approximately A$21.06 million, with zero debt.

Financial highlights

• Net cash used in operating activities for the quarter was A$1.25 million; year-to-date A$6.14 million.

• Net cash used in investing activities for the quarter was A$1.93 million; year-to-date A$7.72 million.

• Net cash from financing activities for the quarter was A$17.89 million, driven by equity raises.

• Cash and cash equivalents at quarter-end totaled A$21.06 million.

• Estimated quarters of funding available: 7.5, based on current cash burn.

Outlook and guidance

• Ongoing Phase 2 drilling at Mumbezhi aims to expand and upgrade mineral resources, with further assay results expected in Q3 2025.

• Regional airborne EM and geochemical soil sampling underway to identify new copper targets.

• Follow-up metallurgical work and a proposed Scoping Study for Mumbezhi are planned for later in 2025.

• Monetisation processes initiated for non-core lithium assets in Zimbabwe and Namibia.