Prospect Resources (PSC) Q4 2026 TU earnings summary

Executive summary

• Updated Mineral Resource Estimate (MRE) for Mumbezhi Copper Project shows a 20% increase in tonnage to 208 Mt at 0.42% Cu, with significant increases in gold (106%) and copper (14%) compared to February 2026 MRE.

• Phase 3 drilling commenced, targeting further resource growth and infill at Nyungu Central and regional prospects, with 26,000m planned across diamond, RC, and aircore holes.

• Enhanced gold by-product potential confirmed at Nyungu Central, with widespread gold mineralisation and new maiden gold resources declared.

• Kabikupa metallurgical testwork produced high-quality copper concentrates with recoveries above 94%, supporting simple processing and positive economic implications.

Financial highlights

• Cash balance at 30 June 2026 was A$36.6 million (A$41.6 million including term deposit), with zero debt.

• Net cash used in operating activities for the quarter was A$1.5 million; net cash used in investing activities was A$2.3 million.

• Financing activities raised A$6.8 million in the quarter, mainly from equity issues.

• Estimated quarters of funding available: 9.73, indicating strong liquidity.

Outlook and guidance

• Scoping Study for Mumbezhi targeted for Q4 2026/Q1 2027, supported by ongoing drilling and metallurgical testwork.

• Continued focus on expanding and upgrading resources at Nyungu Central and regional prospects, with routine gold assays in all future drilling.

• Additional metallurgical testwork underway for gold and cobalt recoveries and geometallurgical modelling.