PROSPECT RESOURCES LIMITED — Capital/Financing Update 2024

Nov 25, 2024

ASX.PSC FRA.5E8

ASX ANNOUNCEMENT 26 November 2024

Further strong intercepts returned from drilling at Nyungu Central Deposit

HIGHLIGHTS:

• Phase 1 diamond drilling has continued to produce wide, high-tenor intersections of significant copper mineralisation at the key Nyungu Central deposit.
• New intersections from the current drilling include:
  • 47.3m @ 0.63% Cu from 232.3m and 10m @ 0.76% Cu from 87.0m (NCDD007)
  • 13.4m @ 0.53% Cu from 81.3m (NCDD005)
• These results continue to demonstrate down dip extensions of sulphide mineralisation at Nyungu Central westwards, and increase the deposit's strike length plunging northwest.
• Widths and copper grades from Prospect drilling have strongly validated and extended the historical Mumbezhi data sets, increasing confidence in overall prospectivity to significantly grow the Nyungu deposits.
• Four drill rigs remain on site, to ensure full completion of the Phase 1 drilling ahead of the pending wet season in Zambia.
• Ground-based Induced Polarisation (IP) surveys now completed over five prospective regional targets, with initial follow-up scout drilling nearing completion at Kabikupa.
• Pipeline of Phase 1 drill programme assays expected well into Q1 2025, with eight holes still pending for Nyungu Central and five holes pending for Kabikupa.
• Initial Mineral Resource estimate declaration for Nyungu Central deposit on track for Q1 2025, with just over 21,000 metres of drilling now completed.
• Broader development activity workstreams in progress ahead of planned Mining Licence application submission later this year.

Prospect's Managing Director and CEO, Sam Hosack, commented:

"The results from these further diamond drill holes at Nyungu Central again deliver us intercepts with the appealing combination of strong width and robust tenor. They demonstrate that the sulphide mineralisation we are targeting at Nyungu Central continues to extend down dip to the west, as well as delivering additional strike and north-west plunge continuity. We are also excited about the potential of the drilling being undertaken at Kabikupa, and the opportunity to test some of the other identified regional IP targets, particularly Nyungu North, during our Phase 2 drilling campaign next year."

Mumbezhi Phase 1 drilling progress

Prospect Resources Limited (ASX:PSC) (Prospect or the Company) advises of further significant assay results from its Phase 1 drilling programme (in progress) at the Mumbezhi Copper Project (85% Prospect) (Mumbezhi).

Mumbezhi is situated in the world-class Central African Copperbelt region of north-western Zambia (refer Figure 1) and located on a single Large Scale Exploration Licence (30426-HQ-LEL), covering an area of approximately 356 km2 . Several major mines lie proximate to Mumbezhi and are hosted in very similar geological settings, including the Lumwana Copper Mine, operated by Barrick Gold, centred approximately 40km to the northeast (refer Figure 2).

Figure 1. Location Map for Mumbezhi Copper Project in Zambia

The Phase 1 programme (~9,000m drilling) is aimed at extending the mineralised footprint for the key Nyungu Central deposit, along strike, down dip to the west and down plunge of the historically defined, sedimentary-hosted copper mineralisation. The Phase 1 work has progressed well, with four diamond drill rigs still on site to complete the programme, ahead of the pending wet season.

The new assays returned from Phase 1 are very positive, further validating the growth potential of the significant endowment of copper mineralisation at Nyungu Central. They also deliver further confidence in the potential for Mumbezhi to develop into a high-calibre discovery capable of underwriting a large-scale, open pit mining operation in an attractive, mining-friendly African jurisdiction.

A maiden JORC-reportable copper Mineral Resource estimate for Nyungu Central will be completed in Q1 2025 and will be informed by just over 21,000 metres of drilling.

The remaining assays for the Phase 1 drill programme will be reported into Q1 2025, with eight holes currently pending results for Nyungu Central and five holes for Kabikupa.

Figure 2. Mumbezhi Copper Project and surrounds in north-western Zambia

Phase 1 drilling further extends copper mineralisation

Prospect's Phase 1 drilling programme commenced at Mumbezhi in July 2024, with 46 mixed RC and diamond drill holes for a total of 8,921 metres having now been completed as at 20 November 2024. There are four diamond drill rigs on site completing an extended Phase 1 programme, with two rigs targeting the Nyungu Central deposit and two rigs targeting the Kabikupa Prospect. The Nyungu Central holes are shown in green in Figure 3. No results are being reported from Kabikupa in this current ASX Announcement

Drill assay results are reported in this release for a number of new diamond holes at Nyungu Central since the Company's previous ASX release for the Mumbezhi Project on 4 November 2024. Drill collar locations and hole data are tabulated in Appendix 1.

A full set of significant new copper drilling intersections returned from the Phase 1 programme described in this release, are tabulated in Appendix 2.

Figure 3. Nyungu Central drill hole collar plan showing Phase 1 drill holes (green), historical holes (yellow) and drilling sections targeted in this release (dashed blue lines)

Nyungu Central

Drill hole NCDD007 on drilling cross section 8630300mN returned two exceptional intersections and has extended the copper sulphide mineralisation down dip and importantly, extended the strike by an additional 100m north from drill hole NCRD004R, which was reported by Prospect on 4 November 2024.

In addition, a wide, westerly horizontal extension to the transitional ore zone was recorded higher up in this same drill hole NCDD007 (see Figure 4).

Newly returned drilling intercepts include:

• 47.3m @ 0.63% Cu from 232.3m; and
• 10.0m @ 0.76% Cu from 87.0m

Figure 4. Drilling cross section at 8630300mN

An extension to historical drill hole NYDD056 (from 246.0m to 383.0m) was unsuccessful in extending the lower ore zone up dip and intersected unmineralised amphibolite. However, the lower ore zone remains open at depth to the west and along strike/plunge to the north (Figure 4).

The termination of the lower ore zone intersected within the NYDD056 re-entry is interpreted as being caused by block faulting (east side up), which emplaced unmineralised amphibolite in this area of the Nyungu Central deposit.

At the far southern end of the deposit (8629600mN), Prospect recently drilled two diamond holes (NCDD005-006) to test the continuity of near-surface oxide and transitional copper mineralisation (and sulphide zones), with NCDD006 reporting narrow intervals of:

• 2.1m @ 0.30% Cu from 27.0m oxide
• 1.5m @ 0.44% Cu from 33.6m oxide; and
• 2.2m @ 1.89% Cu from 128.8m fresh

NCDD005 was drilled ~100m west of NCDD006 and returned 13.4m @ 0.53% Cu (from 81.3m) at the transitional-fresh rock boundary (see Figure 5) and represents a 70m down-dip western continuity to a similar 13m @ 0.49% Cu (from 22.0m) oxide intersection returned from the RC precollar NCRD018, previously reported by Prospect on 4 November 2024.

This mineralised zone remains open at depth and further exemplifies the extensive copper endowment of the Nyungu Central deposit, with this drilling section being located 900m south of the northernmost cross section completed by Prospect to date at 8630500mN, where strong copper mineralisation was intersected.

Figure 5. Drilling cross section at 8629600mN

Update on Geophysical IP surveys

In addition to the drilling programmes currently underway at Nyungu Central (and Kabikupa), ground-based Induced Polarisation (IP) geophysical surveys have now completed on site and covered five regional prospect areas outside the main Nyungu series of deposits (see Figure 6) – including Kabikupa.

A number of these regional prospects were drilled lightly in the mid-2010s as exploration targets by Argonaut Resources NL, with some returning anomalous copper intersections that have never been followed up in the period since, as the main focus was primarily on Nyungu Central.

Preliminary interpretations are now available for the remaining four IP surveys (Kabikupa IP survey results and interpretation were reported by Prospect in ASX Announcement 4 November 2024), completed across the Mumbezhi Project, with new chargeable anomalies being identified for all regional areas targeted, except Nyungu West.

Follow-up, surface termite hill geochemical sampling is also underway to determine the potential copper prospectivity of the IP anomalies identified from the survey work, and will form the basis for prioritising regional drill targeting at Mumbezhi in the field season of 2025.

The interpreted results of these remaining four IP surveys are discussed in more detail below.

Figure 6: Mumbezhi exploration licence showing grid locations of IP surveys in relation to Nyungu Central location and footprint size

Nyungu North IP Survey

This large geophysical survey was conducted over 6 km in the Nyungu "Corridor", covering the area directly on strike to the north-northeast of the Nyungu Central deposit and juxtaposed to the northern end of the current Phase 1 drilling programme. This corridor follows the thrusts that are interepreted from the high-quality airborne aeromagnetics undertaken by the previous operator, Argonaut Resources NL in 2012 (see Argonaut Resources NL Annual Report 2012).

The interpreted results from the IP survey data captured are considered very encouraging with three large separate chargeable anomalies located over 5 km of strike, north of Nyungu Central.

Two impressive chargeable IP anomalies are interpreted to form up at about 200m depth and located in the south and centre of the surveyed area, with both having low resistivity responses (see Figure 7).

The Southern anomaly is directly adjacent and to the north of the current drilling at Nyungu Central (near 8630500mN) - see Figure 8, whilst the Central anomaly exists between 8632750- 8633750mN.

Two wide-spaced shallow historical holes (NYRC036-037) were reportedly drilled in the vicinity of this central anomaly (on cross section 8633200mN), with one hole reporting weak Cu anomalism at about 65m vertical depth.

Both the Southern and Central IP anomalies interpreted from the Nyungu North IP survey are considered very prospective targets for Phase 2 drilling in 2025, particularly, as the Southern anomaly co-joins the current drilling focus in the northwest region of the Nyungu Central deposit and is interpreted as an extension of it in 3D, based on continuity of the interpreted plunge of the ore zones (see Figure 8 for interpretation).

The northernmost of the three chargeable IP anomalies at Nyungu North forms up at about 100m depth and also has a high resistivity signature, implying it may be closer to the gneissic basement rocks at Mumbezhi and/or potentially have sulphide mineralisation at or within the geological contact with the overlying meta-quartzite rock sequences. It appears to be a compelling drilling target, south of a major WNW-ESE trending fault interpreted around 8636000mN.

Only two historical holes (NYRC034-035) were reportedly drilled in the area of this Northern IP anomaly, with both sited slightly north of it (on cross section ~8635600mN), and therefore more adjacent to the interpreted fault zone, and were reported to be unmineralised.

Prospect has verified the locations of the four above-mentioned drill holes (NYRC034-037), which were reported by Argonaut Resources NL in an ASX Announcement dated 28 February 2017 for direct reference.

West Mwombezhi IP Survey

The relatively small IP survey covered an historical geochemical anomaly and structurally interesting geological feature ~13 km north-northeast of the Nyungu Central deposit, at the far end of the Nyungu "Corridor".

Four (4) historical diamond holes (WMDD001-003; WMDD006) were completed by Argonaut Resources NL in the general area of the survey in 2014 (see Argonaut ASX Announcement 19 December 2014 for details), with two holes (WMDD001-002) on drill section ~8643000mN returning anomalous copper intersections in the 0.2-0.3% Cu grade range.

Encouragingly, the IP survey conducted by Prospect produced a single chargeable anomaly in the vicinity of these two holes and forms up from about 100m depth. Interestingly, the survey also indicated a distinctive resistivity anomaly from about 300m depth, potentially indicating a 200m slice of prospective rock sequences for copper mineralisation above basement rocks (possibly an unmineralised gneiss).

The 400m long NNE-trending chargeable anomaly recorded remains open to the south (see Figure 9) and clearly requires follow up drill targeting to ascertain potential for further copper deposition at West Mwombezhi, if supported by coincident surface geochemical results.

Sharamba IP Survey

This small survey was completed 3.5 km to northwest of Kabikupa and produced two chargeable IP anomalies forming at 300m depth (see Figure 10).

Prospect is currently completing surface geochmical termite sampling across both anomalies to ascertain potential, with the results of that work likely to determine the prospectivity of subsurface drill targeting at Sharamba next year.

Nyungu West IP Survey

This short IP survey was conducted 2 km to the west of Nyungu Central near the licence boundary, where an anomalous clustering of historical, surface geochemical copper assays had been noted.

The survey work produced no discernable chargeable IP anomaly over the area and no further work was recommended. The indications are that the copper soil anomalies were simply a surface feature derived from the capillary action of copper from possibe extensions of the Nyungu Central deposit mineralisation at depth, exacerabted by the high mobility of copper in a supergene environment.

Figure 7: Nyungu North IP Survey Interpretations – Chargeability anomaly (200m depth) – left, Chargeability anomaly (300m depth) – middle and Resistivity anomaly (200m depth) with interpreted structures – right

Figure 8: Oblique Section looking southeast showing locations of current drillholes at Nyungu Central (copper mineralisation in red) and the interpreted plunge of mineralised zones in relation to Southern Nyungu North IP Anomaly

Figure 9: West Mwombezhi IP Survey Interpretations – Chargeability anomaly (200m depth) – left and Resistivity anomaly (300m depth) - right

This release was authorised by Sam Hosack, CEO and Managing Director.

For further information, please contact:

Sam Hosack Managing Director shosack@prospectresources.com.au Ian Goldberg Executive Director - Financial igoldberg@prospectresources.com.au

About Prospect Resources Limited (ASX: PSC, FRA:5E8)

Prospect Resources Limited (ASX: PSC, FRA:5E8) is an ASX listed company focused on the exploration and development of mining projects, specifically battery and electrification metals, in Zimbabwe and Zambia and the broader sub-Saharan African region.

About Copper

Copper is a red-orange coloured metallic element in its pure form and is highly conductive to heat and electricity and is physically soft and malleable. Copper has been used for various purposes dating back at least 10,000 years. Today, it is mostly used by the electrical industry to make wires, cables, and other electronic components and is the key component. The metal is widely seen as a green-energy transition material, in part because of the wiring needed for electric cars. EVs can use as much as 80kg of copper, four times the amount typically used in combustion engine vehicles. It is also used as a building material or can be melted with other metals to make coins and jewellery.

Competent Persons Statement

The information in this announcement that relates to Exploration Targets and Exploration Results, is based on information compiled by Mr Roger Tyler, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy and The South African Institute of Mining and Metallurgy. Mr Tyler is the Company's Chief Geologist. Mr Tyler has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person (CP) as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Tyler consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Prospect confirms it is not aware of any new information or data which materially affects the information included in the original market announcements. Prospect confirms the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.

Caution Regarding Forward-Looking Information

This announcement may contain some references to forecasts, estimates, assumptions, and other forward-looking statements. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions, it can give no assurance that they will be achieved. They may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the business, which could cause actual results to differ materially from those expressed herein. All references to dollars ($) and cents in this announcement are in Australian currency, unless otherwise stated. Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company's securities.

APPENDIX 1: Drill collar locations and drill hole details for the Mumbezhi Project (Datum is UTM_WGS84_35S**)**

Hole_ID	Drill Type	Deposit	DH_East	DH_North	DH_RL	Datum	DH_Dip	DH_Azimuth DH_Depth
NCDD005	DD	Nyungu Central	339141	8629594	1307	UTM_WGS84_35S	-70	90	177.00
NCDD006	DD	Nyungu Central	339245	8629597	1305	UTM_WGS84_35S	-70	90	188.00
NCDD007	DD	Nyungu Central	338976	8630274	1319	UTM_WGS84_35S	-70	90	395.00
NCRD002	RCD	Nyungu Central	339340	8629898	1305	UTM_WGS84_35S	-70	90	180.50

APPENDIX 2: Significant drill hole intersections for the Mumbezhi Copper Project

Hole ID	Deposit		From (m)	To (m)	Width (m)	Cu%
NCDD005	Nyungu Central		81.26	94.70	13.44	0.53
NCDD006	Nyungu Central		27.00	29.10	2.10	0.30
		and	33.60	35.10	1.50	0.44
		and	128.78	131.00	2.22	1.89
NCDD007	Nyungu Central		87.00	97.00	10.00	0.76
		and	232.34	279.62	47.28	0.63
		and	289.20	291.00	1.80	1.02
		and	346.00	348.00	2.00	0.50
NCRD002	Nyungu Central		36.00	41.00	5.00	0.53
			93.00	97.33	4.33	0.70
			105.00	107.00	2.00	0.43

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.)

taken on RC samples, using an Innovx Vanta C with composite sampling conducted on nonmineralised material (cut-off grade <0.1% Cu) and single metre sampling of mineralised material (cut-off grade >0.1% Cu). These composited and single metre samples were then dispatched to the certified laboratory, as required.

• Half drill core was sampled based on observed mineralisation and intervals of one metre or less determined by geological contacts within mineralised units.
• Drill core cut at a consistent distance relative to solid orientation line or dashed mark up line.
• RC and diamond core samples dispatched in batches to ALS Ndola, for preparation and blind standard insertion. Samples were dried, crushed to 85% (-5mm), spilt up to 1.2kg, pulverised to 85% (-75µm).
• The pulps were then collected by courier and delivered to SGS Kalulushi for analysis.
• AAS42S analysis conducted was standard 4-acid digestion (HNO3/HClO4/HCl/HF) using a 0.4g pulp. Digestion temperature is set at 200ºC for 45 minutes AAS finish on bulked up solution to produce Total Cu and Co analyses.
• AAS72C "single acid" (5% H2SO4 + Na2SO3) cold leach using a 0.5g pulp, followed by AAS gives Acid Soluble Cu, Co.
• A total of 2,197 DD and 1,067 RC pre-collar samples have been analysed to date for Cu & Co as batches THNCD001-011 & OLNCD001 – 5 for core and THNCR001 and OLNCR001 – 5 for RC chips.
• Samples from zones defined as lying with Cu-Co ore body have also been dispatched for multi-element assay

at ALS- Johannesburg by ICP-ME61 method.

• Concurrently with the drilling exercise at Nyungu Central, Induced polarisation surveys were taken on five target areas; Kabikupa, Nyungu North, Nyungu West, Sharamba and West Mwombezhi. The Zambian subsidiary of South African based geophysical contractor Geo Focus undertook the work. The survey is being done as a 50m pole-dipole IP/RES survey, with 200m spaced lines and 50m spaced stations.
• Instruments being used are Zonge GDP-32 multi-function receivers and Zonge GGT-10 transmitter, as well as a 5kVa GDD IP transmitter backup.
• Lines had been pre cut at 200m intervals by a PSC team at varying strike directions, aimed at being perpendicular to the perceived lithology strike.
• Areas of high chargeability have been targeted for follow-up termite hill geochemical sampling. 3kg of material was pre-sieved to -5mm in the field, and then to -1mm in the camp. Resultant samples were tested by the handheld Vanta XRF.

Drilling•techniques	Drill type (eg core, reversecirculation, open-hole hammer,rotary air blast, auger, Bangka,sonic, etc) and details (eg corediameter, triple or standard tube,depth of diamond tails, facesampling bit or other type, whethercore is oriented and if so, by whatmethod, etc).	•At Nyungu Central, a total of 2,027metres of RCdrilling was conductedbyLeo'sDrillingusingafacesampling bit, to drill 29 pre-collars. Atotal of 3,505m diamond drilling wasconducted by the same company,and3,389mbyOxDrilling.OrientationdeterminedbyAxisMiningorientationinstrument. DownholesurveyingisbyTruShotTMV7R7.
Drill sample•recovery•	Method of recording and assessingcore and chip sample recoveries andresults assessed.Measures taken to maximise sample	•Initial geotechnical logging recordingcorerecoveriesandRQD.Recoveries exceeded 95%.•For RC chips, samples are weighed

	recovery and ensure representative	and weights recorded to estimate
	nature of the samples.•Whether a relationship existsbetween sample recovery and gradeand whether sample bias may haveoccurred due to preferentialloss/gain of fine/coarse material.	recovery.•No observed relationship betweencore loss and grades.
Logging	•Whether core and chip sampleshave been geologically andgeotechnically logged to a level ofdetail to support appropriate MineralResource estimation, mining studiesand metallurgical studies.•Whether logging is qualitative orquantitative in nature. Core (orcostean, channel, etc) photography.•The total length and percentage ofthe relevant intersections logged.	•For Mumbezhi, logging of drill coreincorporated the following details:from-todepths,colourandhue,stratigraphy,weathering,texture,structure, structure orientation; type,mode and intensity ofalteration andoreminerals,zonetypeformineralised rock (oxide,transitional,sulphide),geologicalnotesand%estimate oforeminerals present.•Logging of RC chips was conductedon a metre-by-metrebasis whilst forthe diamond drill core, criteria for unitboundarieswerebasedoncontrastinglithologies,absenceorpresenceofmineralisation; suddenchanges of weathering –usuallyassociatedwithstructures,pluschangesinmajorrockformingoralterationmineralssuchasthepresence oflarge garnets. Aguide tocoreloggingwaswrittentoprovideuniformityofinterpretationsandconsistentdataentry.•100% of all drilling was geologicallylogged,usingstandardProspectResources codes.•All core was photographed wet anddry, photographs digitally named andorganised.
Sub-samplingtechniquesand samplepreparation	•If core, whether cut or sawn andwhether quarter, half or all coretaken.•If non-core, whether riffled, tubesampled, rotary split, etc andwhether sampled wet or dry.•For all sample types, the nature,quality, and appropriateness of thesample preparation technique.•Quality control procedures adoptedfor all sub-sampling stages tomaximise representivity of samples.•Measures taken to ensure that thesampling is representative of the insitu material collected, including for	•For Mumbezhi, allcorecutwithcoresaw.Halfcoresampledinmineralisedunits;quartercoresampled innon-mineralisedunits.•RCsampleswerecheckedformoisture.Ifwetordamp,allowedtodryforseveral daysandthen splitusinga multi-layeredriffle.•High quality sampling proceduresand appropriate sample preparationtechniqueswere followed.•Severalstandards(commercialcertifiedreferencematerial(CRM))wereinserted at intervals of 1 in 20 inrotation.Immediatelyfollowinga

	instance results for fieldduplicate/second-half sampling.•Whether sample sizes areappropriate to the grain size of thematerial being sampled.	standard,ablankwasinserted.•RCreferencesampleinstorageandhalftothreequartercoreretained iffurtheranalysisrequired.Fieldduplicates taken at rate of 1in33samplesforRCsamples.•Sample size (approximately 2kg inmass) considered appropriate tothegrainsizeofmaterial beingsampled.
Quality ofassay dataandlaboratorytests	•The nature, quality andappropriateness of the assaying andlaboratory procedures used andwhether the technique is consideredpartial or total.•For geophysical tools,spectrometers, handheld XRFinstruments, etc, the parametersused in determining the analysisincluding instrument make andmodel, reading times, calibrationsfactors applied and their derivation,etc.•Nature of quality control proceduresadopted (eg standards, blanks,duplicates, external laboratorychecks) and whether acceptablelevels of accuracy (ie lack of bias)and precision have beenestablished.	•FortheNyunguCentraldrilling,certifiedlaboratories(SGSandALS)were used.The AAS techniquesareconsideredappropriateforthetypeofmineralisation being assayed.•Severalstandards(commercialcertifiedreferencematerial)wereinserted at intervals of 1 in 20 inrotation.Immediatelyfollowingastandard,ablankwasinserted.QA/QC monitored on each batch andre-analysisconductedwhere errorsexceededsetlimits. The 15 CRMsinserted were AMIS 0795 (0.40%Cu),AMIS 0622 (3.33% Cu), AMIS 0623(3.1% Cu), AMIS 0873 (0.96% Cu),AMIS 0858 (2.94%Cu), AMIS 0842(1.05% Cu), AMIS 0847 (1.05% Cu),AMIS 0873 (0.67% Cu), AMIS 0795(0.34% Cu), AMIS 0830 (0.24% Cu),AMIS 0844 (0.14% Cu), AMIS 0856(1.56% Cu), AMIS 0857 (0.96%),AMIS 0247 (4.13% Cu), AMIS 0829(0.46% Cu), AMIS 0249 (0.37% Cu),AMIS 0795 (0.35% Cu), AMIS 0858(2.92% Cu) & AMIS 0249 (0.37%Cu).•For the recent drilling samples, 76blank types were inserted and allreturned satisfactory to inconclusiveresults. 80 of the different CRM typesliewithin2stddeviationsofthetheoreticalvalues.OnesampleT04180 CRM 0795 is just beyond 3std deviations, and two with slightoverreads(AMIS249).ThisCRM0795willbemonitoredinsubsequent batches. The correlationfactor on the 99 fine and coarseduplicates inserted was almost 99%.•Inconclusion,thesamplepreparation procedures at ALS andthe accuracy and precision of SGS

Verification ofsampling andassaying	•The verification of significantintersections by either independentor alternative company personnel.•The use of twinned holes.•Documentation of primary data, dataentry procedures, data verification,data storage (physical andelectronic) protocols.•Discuss any adjustment to assaydata.	Kalulushi are adequate for purpose.•For Mumbezhi, all the significantintersections and the majority of drillcore were inspected bynumerousgeologistsincludingProspect's ChiefGeologistand Competent Person.•All the core from Argonaut's 2011and 2014 drilling is stored at Kitwebased geological consultants; AMC.•All data has now been transferred toAccess Database, in preparation fora migration to GeoSpark.
Location ofdata points	•Accuracy and quality of surveysused to locate drill holes (collar anddown-hole surveys), trenches, mineworkings and other locations used inMineral Resource estimation.•Specification of the grid systemused.•Quality and adequacy of topographiccontrol.	•63 of the historical drill collars werelocated and surveyed using DGPS bysurvey consultants, SurvBuild Ltd.Only eight of the historic holes werenot located. Holes from the currentPhase 1 work were initially located byhandheldGarmin62.Oncetheprogramme is completed, the newcollars will be surveyed by DGPS.The co-ordinate system used is WGSUTM Zone 35S.
Data spacinganddistribution	•Data spacing for reporting ofExploration Results.•Whether the data spacing anddistribution is sufficient to establishthe degree of geological and gradecontinuity appropriate for the MineralResource and Ore Reserveestimation procedure(s) andclassifications applied.•Whether sample compositing hasbeen applied.	•For NyunguCentral the originaldataspacingwasgenerally200metretraverseswith160metredrillholespacing,some traverseshave 80metredrillholespacing.•Additional drilling to a nominal 100metre traverse by 80 metre drillspacinghasbeenestimatedgeostatisticallyas being sufficienttoestablishgeologicalandgradecontinuity.•Samplesfromwithinthemineralisedwireframeswereusedtoconduct asample length analysis. The vastmajority of samples were1m inlength. Surpac software was thenused to extract fixed length1m downhole composites within the intervalscoded as mineralisationintersections.•Current drill spacing and density forNyungu Central and Nyungu South isconsidered sufficient to report toJORC(2012)standard,butnoMineral Resource or Ore Reservesare being reportedin this release.•Prospect Resources' Phase 1 drillingprogramme is focused on expandingthe existing resource footprint ofNyungu Central both to the east and

		west. Priority has been placed thoughin deeper holes testing the westwarddown-dip extension of the stackedmineralised thrust sheets to the west,and in addition an apparent NW ofthe ore body at its northern extremity.
Orientation ofdata inrelation togeologicalstructure	•Whether the orientation of samplingachieves unbiased sampling ofpossible structures and the extent towhich this is known, considering thedeposit type.•If the relationship between thedrilling orientation and the orientationof key mineralised structures isconsidered to have introduced asampling bias, this should beassessed and reported if material.	•ForNyunguCentral,thecurrentdrillholes were orientated to interceptnormal to the strike ofmineralisationandwereinclinedtotheeast, at -70°.Mineralisationisinterpretedtostrike015°true,dipmoderatelytosteeplytothewest andplungemoderatelytothenorth.•Duetothedipattitudeofthemineralisation, 70°inclined drillholesdonot intersect the mineralisationcompletely perpendicular. This is notconsideredtohaveintroduced anysignificantbias.•Geological mapping was undertakenat prospect scale to refine localstructural fabric and thus to drillperpendiculartotheinterpreteddeposit's strike.
Samplesecurity	•The measures taken to ensuresample security.	•ForNyungu,allreferenceRCsamplesandretaineddrillcorearestoredinsecure sheds inKitweatthegeologicalcontractor'sAMC'sfacility.
Audits orreviews	•The results of any audits or reviewsof sampling techniques and data.	•No recent audits.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Mineral••Type, reference name/number,TheinitialLargeScaleProspectingtenement andlocation and ownership includingLicence, 16121-HQ-LPL, for Mumbezhi,

Criteria

land tenureagreements or material issues(formerlyLumwanaWest)islocatedstatuswith third parties such as jointapproximately100kmwestofSolwezi,ventures, partnerships,Zambia.The licence was due to expire onoverriding royalties, native title20/07/2018andwassubsequentlyinterests, historical sites,renewedasLarge-ScaleExplorationwilderness or national park andLicence, 22399-HQ-LEL on 29/12/2017,environmental settings.which was due to expire on 28/12/2021.•The security of the tenure held•This latter tenement was revoked, and aat the time of reporting alongsimilar ground position is now covered bywith any known impediments to30426-HQ-LEL, granted for 4 years toobtaining a licence to operate inGlobal Development Corporation (GDC)the area.ConsultingZambiaLimited02/12/2021, expiring on 01/12/2025.

		•GDC held 100% of the 30426-HQ-LEL(now 356 sq km). Thelicence excludesthenortheastportionoftheformerlicence, which incorporatedthe historicLMW and Kavipopo prospects.29th•Following the signing of the deal onMay2024, PSC hasacquired85% of theprojectfrom GDC, with the licence nowheld under the name Osprey ResourcesLimited(85% PSC, 15% GDC).
Explorationdone by otherparties	•Acknowledgment and appraisalof exploration by other parties.	•RoanSelectionTrust(1960's-1970's)completedregionalsoilsampling,augering, wagon drilling and diamonddrilling. Drilling completed at Nyungu(Drillholes MM295 and MM296).•AGIP-COGEMAJV(1982-1987)-Systematicregionalradiometrictraversing,soilandstreamsedimentsampling, geological mapping,pittingandtrenching, largely targeting the uraniumpotential. Nodrilling was completed.•Phelps Dodge (1990's) -Soil samplingand drilling. Drilling completed at Nyungu(DrillholesNYU1andNYU2).•ZamAnglo(2000-2003)–Regionalandinfillsoilsampling.Geologicalmapping,IP/CR/CSAMTgeophysicalsurveys.ThreephasesofRCdrilling,twoprogrammesatMumbezhi(MBD00RC001-011and MBD01RC001-009)andoneregionalprogramme(MBD02RC001-007; 012).•Equinox (2003 –2008) –unknown butsome drill collars located are presumablyfrom this phase of work.•OrpheusUraniumLimited(previouslyArgonaut Resources NL (2011-2021),various phases of intermittent drilling inJV with Antofagasta of Nyungu, Kabikupaand Lumwana West (LMW) prospects.•Further drilling and exploration works(including geophysics and geochemicalsurfacesampling)wereconductedbetween2012-2021ontheNyungu(Central, South, East and North), WestMwombezhi,Kabikupa,Kamafamba,Mufuke,SharambaandLuamvundaprospects by Orpheus Uranium Limitedboth internally and under a JV withAntofagasta plc. As part of this UTS flewahighresolutionaeromagneticandradiometric survey in 2012, which was

Geology	•Deposit type, geological setting,and style of mineralisation.	auditedbyEarthMaps.ThiswasaccompaniedbyadetailedLandsatstructural interpretation and in additioninduced polarization programmes wereinitiated with mixed results at NyunguCentral and North.•Thestyleofcopperandcobaltmineralisationbeing targetedisLumwanaMine style,structurallycontrolled,stackedmineralised shears and thrustshostingCu+/-Co(+/-UandAu), which aredeveloped within interleaved deformedLower Roan and basements schists andgneisses.Thepredominantstructuraltend is controlled by north-south. Thrustsheets. Southeast –northwest and to alesser extent southwest-northeast crosscutting structures have also affected theore body.
Drill holeInformation	•A summary of all informationmaterial to the understanding ofthe exploration results includinga tabulation of the followinginformation for all Material drillholes:oeasting and northing of thedrill hole collaroelevation or RL (ReducedLevel –elevation above sealevel in meters) of the drillhole collarodip and azimuth of the holeodown hole length andinterception depthohole length.•If the exclusion of thisinformation is justified on thebasis that the information is notMaterial and this exclusion doesnot detract from theunderstanding of the report, theCompetent Person shouldclearly explain why this is thecase.	•See Appendix 1.
Dataaggregationmethods	•In reporting Exploration Results,weighting averaging techniques,maximum and/or minimumgrade truncations (eg cutting ofhigh grades) and cut-off gradesare usually Material and shouldbe stated.•Where aggregate intercepts	•For Nyungu(Central and South), theinterpretedmineralisationenvelopeswere based on a nominal0.2% Cu cut-offgrade for low grade material and 0.7% Cucut-offgrade for highgrade material,witha minimumdownholelength of2m.•Statistical analysis of the assay valuesindicated a natural cut-offfor low grade at

	incorporate short lengths of highgrade results and longer lengthsof low grade results, theprocedure used for suchaggregation should be statedand some typical examples ofsuch aggregations should beshown in detail.•The assumptions used for anyreporting of metal equivalentvalues should be clearly stated.	0.1% Cu andbetween 0.6 and 0.8% Cufor highgrade.•No upper limit to Cu grades has beenapplied and all metal grades are reportedas single element (Cu and Co).•Samples from within the mineralisationwireframeswereusedtoconductasample length analysis. Themajority ofsampleswere 1m in length.•Surpac software was used to extract fixedlength1mdownholecompositeswithintheintervalscodedasmineralisationintersections.•Followingareviewofthepopulationhistograms and log probability plots byOrpheus Uranium Limited (and noting thelow coefficient ofvariation statistics forCu), it was determined that the applicationof ahigh-gradecutwasnotwarranted.•SeeAppendix 2 ofthisannouncementregarding significant copper and cobalt(respectively)drillholeintersections
Relationshipbetweenmineralisation widths andinterceptlengths	•These relationships areparticularly important in thereporting of Exploration Results.•If the geometry of themineralisation with respect tothe drill hole angle is known, itsnature should be reported.•If it is not known and only thedown hole lengths are reported,there should be a clearstatement to this effect (eg'down hole length, true width notknown').	reported for the Nyungu deposits only.•For Nyungu, duetothedipattitudeofthe70omineralisation,inclineddrillholesdonotallintersectthemineralisationcompletelyperpendicular.•Drillingisnormaltostrikeofthemineralisationbutnotcompletelyperpendiculartothedip.Down hole lengthis being reported,not•the true width.▪
Diagrams	•Appropriate maps and sections(with scales) and tabulations ofintercepts should be included forany significant discovery beingreported These should include,but not be limited to a plan viewof drill hole collar locations andappropriate sectional views.	•Location maps are attached in the body ofthe release.
Balancedreporting	•Where comprehensive reportingof all Exploration Results is notpracticable, representativereporting of both low and highgrades and/or widths should bepracticed to avoid misleadingreporting of Exploration Results.	Aggregatereportingisappropriatesince•themineralisationisdisseminatedthroughthehostunit and is consideredbalanced by the Competent Person.

Other•Other exploration data, ifsubstantivemeaningful and material, shouldexplorationbe reported including (but not
datalimited to): geologicalobservations; geophysicalsurvey results; geochemicalsurvey results; bulk samples –size and method of treatment;metallurgical test results; bulkdensity, groundwater,geotechnical and rockcharacteristics; potentialdeleterious or contaminatingsubstances.	method.
Further work•The nature and scale of plannedfurther work (eg tests for lateralextensions or depth extensionsor large-scale step-out drilling).•Diagrams clearly highlighting theareas of possible extensions,including the main geologicalinterpretations and future drillingareas, provided this informationis not commercially sensitive.	so.

• For Nyungu Central, a coincident IP chargeability anomaly is apparent with the copper mineralisation and hence considered a useful exploration targeting method.
• Coincident Cu surface geochemical anomaly to greater than 200ppm Cu.
• No bulk density information is available.
• Limited metallurgical test work programmes have been conducted on fresh sulphidic mineralisation from Nyungu, with encouraging preliminary results producing a copper concentrate at 25.6% Cu and showing 87% recovery.
• The Company proposes to undertake Scoping Studies and Feasibility Studies and seek to bring the Mumbezhi Project into commercial copper production as soon as is practicable, if economic to do
• Prospect will also review all other copper anomalies defined on the existing licence as potential satellite open pit feed options to a central mining and processing facility hub, situated proximal to the prospective Nyungu series of deposits, which are presently considered the flagship assets at the Project.
• Induced polarisation (IP) surveys were completed over five prospect areas (totaling 102 line kms) outside Nyungu Central, which had been subject to previously limited exploration by Argonaut. The deposits are Kabikupa, Nyungu North, Sharamba, West Mwombezhi, and Nyungu West. The Kavipopo and LMW prospects formerly drilled by Argonaut, now lie outside the current licence boundary.
• Impressive chargeability anomalies have been identified at Kabikupa, Nyungu North, West Mwombezhi and to a lessor extent Sharamba.
• Follow up termite hill geochemical sampling of these anomalies is well underway, and initial results indicate the presence of sub-outcropping copper mineralisation in a number of locations, which will require drill testing in 2025
• Three phases of exploratory and development drilling are planned for Nyungu Central, with at least three of the

satellite bodies (including Kabikupa) to be targeted with scout exploratory drill testing in H1 2025, for approximately 17,500m