PROSPECT RESOURCES LIMITED — Capital/Financing Update 2024

Jun 16, 2024

ASX.PSC FRA.5E8

ASX ANNOUNCEMENT 17 June 2024

Further Assays Confirm Strong Prospectivity of Mumbezhi Copper Project

HIGHLIGHTS:

• New wide, excellent tenor copper intercepts from Nyungu Central deposit at Mumbezhi Project (85% acquired by Prospect), located in the world-class Zambian Copperbelt.
• Previously unreleased results derived via concurrent acquisition of prior drilling data.
• Significant new intersections from that drill programme (undertaken in 2021) include:
  • 38.0m @ 0.87% Cu from 101.0m and 32.0m @ 0.68% Cu from 159.0m (NYDD058)
  • 32.0m @ 0.87% Cu from 353.0m and 28.1m @ 0.79% Cu from 103.0m (NYDD062)
  • 20.0m @ 1.08% Cu from 27.0m (NYDD054)
  • 17.0m @ 1.03% Cu from 29.0m (NYDD055)
• Similar widths and tenor of copper grades to other historical Mumbezhi data sets, providing further confidence in overall prospectivity of the Nyungu deposits.
• Other historical drill data sets have also now been validated by Prospect, including significant intersections previously reported for Nyungu Central such as:
  • 30.0m @ 1.62% Cu from 174.0m incl. 6.0m @ 5.50% Cu from 174.0m (NYU11RD021)
  • 31.0m @ 1.06% Cu from 166.0m (NYU11RD010)
  • 44.5m @ 0.96% Cu from 177.0m (NYRD046)
  • 76.1m @ 0.60% Cu from 216.9m incl. 35.1m @ 0.77% Cu from 216.9m (NYRD031)
  • 148.0m @ 0.35% Cu from 16.0m (MBD01RC002)
• Targeting declaration of a maiden JORC-reportable Copper Mineral Resource for Mumbezhi (Nyungu deposits) during Q4 2024.
• Field activities commenced with site access and associated infrastructure being established.
• First-phase RC and diamond drilling expected to commence in the next few weeks.
• Environmental and Social Impact Assessment (ESIA) studies have commenced.

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

"Wide, strongly mineralised copper intercepts are a hallmark of the Nyungu deposits and these newly released results again confirm the outstanding prospectivity of this land package. The further we progress in our initial post-purchase evaluation of Mumbezhi, the more evident are key facets of a potential high value, long-life, open-pittable copper-cobalt mining and processing operation, with regionally favourable metallurgy and a significant exploration upside.

"Prior to completion, the Mumbezhi Licence was transferred to our new Zambian subsidiary Osprey Resources Ltd (85% Prospect), and we are now proceeding to unlock Mumbezhi's potential, and with the strong backdrop provided by the global copper market, Prospect is well positioned and capitalised to rapidly advance Mumbezhi. We are eagerly anticipating commencement of our first drill programme there in the next few weeks."

Mumbezhi Project

Prospect Resources Limited (ASX:PSC) (Prospect or the Company) is pleased to advise that it has now compiled and commenced assessing all the technical and hard data (drill core, RC chips, sample pulps) it recently purchased from Orpheus Uranium Limited (Orpheus) (refer PSC ASX release dated 7 May 2024), as part of its acquisition of an 85% interest in the highly prospective Mumbezhi Copper Project (Mumbezhi or the Project), located in north-western Zambia (see Figure 1) (refer PSC ASX release dated 9 April 2024).

Figure 1. Location Map for Mumbezhi Copper Project in Zambia

Mumbezhi is situated in the world-class Central African Copperbelt region of north-western Zambia and located on a single Large Scale Exploration Licence (30426-HQ-LEL) (Licence), covering an area of approximately 356 square kilometres. The area is prospective for large tonnage, low to medium grade copper deposits. Several major mines lie proximate to Mumbezhi and are hosted in similar geological settings (see Figure 2).

Figure 2. Mumbezhi Copper Project in northwestern Zambia

Review of data and newly reported drilling intersections

The data set purchased from Orpheus included previously unreported drill intersections and unassayed pulped samples from 13 deep infill diamond holes completed at Nyungu Central, and seven RC drill holes conducted at Nyungu East, during 2021.

Nyungu Central results

The drill intersections from the diamond holes (NYDD052-064) were particularly impressive with the following significant intervals now being reported for the first time:

• 38.0m @ 0.87% Cu from 101.0m and 32.0m @ 0.68% Cu from 159.0m (NYDD058)
• 32.0m @ 0.87% Cu from 353.0m and 28.1m @ 0.79% Cu from 103.0m (NYDD062)
• 20.0m @ 1.08% Cu from 27.0m (NYDD054)
• 17.0m @ 1.03% Cu from 29.0m (NYDD055)
• 24.0m @ 0.72% Cu from 104.0m (NYDD061)
• 11.0m @ 1.37% Cu from 134.0m incl. 8.0m @ 1.58% Cu from 135.0m (NYDD056)

• 17.0m @ 0.79% Cu from 182.0m incl. 4.0m @ 1.03% Cu from 195.0m (NYDD057)

In addition, Prospect has now been able to interrogate and validate the entire data set purchased from Orpheus for historical drilling completed before 2022, and other drill data information collated for Mumbezhi that pre-dates Orpheus' exploration activities at the Project.

Prospect has been able to verify actual locations and assays for 62 drill holes completed at the Nyungu Central and Nyungu South deposits located in the southwest corner of the Mumbezhi licence. Some of the better copper intersections returned from Nyungu Central (previously reported, and now validated by Prospect) during these historical programmes include:

• 148.0m @ 0.35% Cu from 16.0m (MBD01RC002)
• 30.0m @ 1.62% Cu from 174.0m incl. 6.0m @ 5.50% Cu from 174.0m (NYU11RD021)
• 76.1m @ 0.60% Cu from 216.9m incl. 35.1m @ 0.77% Cu from 216.9m (NYRD031)
• 44.5m @ 0.96% Cu from 177.0m (NYRD046)
• 31.0m @ 1.06% Cu from 166.0m (NYU11RD010)
• 48.0m @ 0.63% Cu from 36.0m (MBD00RC009)
• 61.0m @ 0.42% Cu from 184.0m (NYU11RD001)
• 21.2m @ 1.03% Cu from 63.6m and 18.0m @ 0.85% Cu from 258.3m (NYRD045)
• 34.0m @ 0.67% Cu from 64.0m (NYU11RD022)
• 17.0m @ 0.68% Cu from 50.0m (NYU11RD023)

Nyungu East results

The assay results returned from Orpheus' seven RC holes, which tested a coherent geochemical copper anomaly at Nyungu East in late 2021, did not return any significant sub-surface intersections from the 4 metre composite samples taken there. The copper soil anomaly over Nyungu East is now inferred to be a surface feature related to an accumulation of anomalous copper in soils downslope from the main Nyungu Central deposit (about 900m to the west) in an area bounded by a dry pan (intermittent lake) directly to the east.

Figure 3 below shows the location of all drill holes recorded that cover the area from Nyungu Central to Nyungu South, including Nyungu East.

Appendix 1 outlines the drill collar locations for the Nyungu holes and Appendix 2 shows the significant copper drilling intersections returned to date, and includes drilling intersections recording over 0.1% cobalt (Co%) having downhole widths of 2 metres or more.

Figure 3. Drill Collar Location Map for Nyungu Deposits (Mumbezhi Project)

Figure 4 below shows all the significant copper drilling intersections for the Nyungu Central deposit, including all the data recently purchased from Orpheus Uranium Limited (refer PSC ASX release dated 7 May 2024). Thicker and higher-grade intersections are denoted in orange text.

The validated drilling data sets have now been captured into a dedicated spatial database, which forms the basis for ongoing 3D modelling of the Nyungu deposits and ultimately the estimation of a maiden JORC-reportable copper mineral resource for Mumbezhi.

Figure 4: Plan view of Nyungu Central showing Significant Copper Drilling Intersections

Upcoming Activities and Development Pathway

With the consolidation of all the historical and more recent drilling information into a single drill hole database, Prospect has now commenced the 3D interpretation of geological and assay data to support the estimation of a maiden, JORC-reportable copper mineral resource for the Mumbezhi Project.

This will initially be focused on the Nyungu series of NNE-trending copper deposits in the southwest corner of the exploration licence (see Figure 3 above). The mineral resource will be reported in Q4 2024.

In parallel, the Company will shortly commence its first RC and diamond drilling programmes at the Project, initially focused on infill and extensional works at Nyungu Central, to inform the mineral resource estimation of that key deposit.

This drilling work will later be extended to Nyungu South and then to more exploratory drilling programmes on regional prospect areas later in the year. Most of those regional areas were only targeted on a cursory basis historically and require more detailed investigation to uncover their copper prospectivity and potential.

The drilling contract has been awarded to Leos Investments Limited, a well-respected Zambian company, based in Kitwe, whose Director, Mr John Valasquez, has significant experience operating in the Copperbelt and beyond, and retains a substantial fleet of drilling rigs and equipment to service Prospect's needs at Mumbezhi.

The upcoming drill campaign will also include an aligned programme of diamond coring to supply physical materials for comprehensive metallurgical studies targeting comminution test work, and flotation test, based on the expected feed ratios for the fresh and transition ores and leaching test work, as well as initial variability testing to support future economic evaluation of Mumbezhi Project.

This work will also directly inform a proposed Scoping Study for Mumbezhi which is due for publication in early 2025.

Earlier metallurgical studies carried out by the previous owners (ORP) produced encouraging results based on flotation work on both the fresh and transition ores, providing a solid footing for future studies to be undertaken by Prospect.

It is expected that the maiden mineral resource estimation work underway will provide suitable domaining of oxide, transition and fresh material splits to further support the metallurgical test work studies.

On the ground in Zambia, Prospect staff have now mobilised to site who have begun setting up camp facilities and logistical support for the upcoming drilling activities and field-based Environmental and Social Impact Activity (ESIA) studies.

The latter work has been awarded to an experienced and well-credentialled local Zambian company, MVC Consulting Engineers Ltd, who have considerable exposure to similar copper project studies and investigations in the country.

The ESIA activities will directly support the Company's proposed later application for mining leases at Mumbezhi, and foster and integrate local community involvement into the Project, in line with Prospect's stated Corporate Social Investment plan and initiatives.

Prospect staff were recently invited to visit the local Chiefs, whose Chiefdoms cover the area overlain by Prospect's exploration licence in the Northwestern Province of Zambia. Representatives from Prospect and GDC were warmly received and this sets the platform for more detailed community interaction once site-based activities commence later this month.

Prospect looks forward to keeping its shareholders fully informed of our activities in Zambia.

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 Chief Financial Officer 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 all work at 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
NYDD052	DD	Nyungu Central	339160	8630142	1313	UTM_WGS84_35S	-70	90	216.00
NYDD053	DD	Nyungu Central				UTM_WGS84_35S	-70	90	198.00
			339164	8630087	1312
NYDD054	DD	Nyungu Central	339146	8630192	1314	UTM_WGS84_35S	-65	90	171.00
NYDD055	DD	Nyungu Central	339150	8630240	1314	UTM_WGS84_35S	-65	90	201.00
NYDD056	DD	Nyungu Central	339148	8630293	1314	UTM_WGS84_35S	-65	90	246.00
NYDD057	DD	Nyungu Central	339080	8630394	1318	UTM_WGS84_35S	-65	90	249.00
NYDD058	DD	Nyungu Central	339069	8629971	1312	UTM_WGS84_35S	-70	90	231.00
NYDD059	DD	Nyungu Central	339123	8629971	1311	UTM_WGS84_35S	-70	90	198.00
NYDD060	DD	Nyungu Central	339151	8629655	1308	UTM_WGS84_35S	-60	90	234.00
NYDD061	DD	Nyungu Central	339046	8629901	1312	UTM_WGS84_35S	-65	90	234.00
NYDD062	DD	Nyungu Central	339022	8630341	1318	UTM_WGS84_35S	-60	90	426.00
NYDD063	DD	Nyungu Central	339142	8629761	1309	UTM_WGS84_35S	-70	90	198.00
NYDD064	DD	Nyungu Central	339027	8630497	1320	UTM_WGS84_35S	-65	90	300.00
NYRC038	RC	Nyungu East	339893	8629932	1291	UTM_WGS84_35S	-70	90	120.00
NYRC039	RC	Nyungu East	339940	8629932	1290	UTM_WGS84_35S	-70	90	110.00
NYRC040	RC	Nyungu East	339991	8629931	1288	UTM_WGS84_35S	-70	90	98.00
NYRC041	RC	Nyungu East	340041	8629930	1287	UTM_WGS84_35S	-70	90	108.00
NYRC042	RC	Nyungu East	339839	8629833	1292	UTM_WGS84_35S	-70	90	48.00
NYRC043	RC	Nyungu East	339892	8629832	1291	UTM_WGS84_35S	-70	90	70.00
NYRC044	RC	Nyungu East	339918	8630231	1289	UTM_WGS84_35S	-70	90	24.00
NYU11RD001	DD	Nyungu Central	339086	8630391	1317	UTM_WGS84_35S	-90	0	308.50
NYU11RD002	DD	Nyungu Central	339233	8630395	1313	UTM_WGS84_35S	-90	0	299.81
NYU11RD003	DD	Nyungu Central	339377	8630392	1308	UTM_WGS84_35S	-90	0	194.65
NYU11RD004	DD	Nyungu Central	338933	8630394	1322	UTM_WGS84_35S	-90	0	296.50
NYU11RD005	DD	Nyungu Central	339122	8629658	1308	UTM_WGS84_35S	-90	0	185.60
NYU11RD006	DD	Nyungu Central	338970	8629656	1311	UTM_WGS84_35S	-60	93	149.20
NYU11RD007	DD	Nyungu Central	338724	8629657	1316	UTM_WGS84_35S	-90	0	70.00
NYU11RD008	DD	Nyungu Central	339244	8629657	1306	UTM_WGS84_35S	-60	93	191.20
NYU11RD009	DD	Nyungu Central	339278	8630002	1308	UTM_WGS84_35S	-60	93	200.30
NYU11RD010	DD	Nyungu Central	339123	8629999	1312	UTM_WGS84_35S	-60	93	305.14
NYU11RD011	DD	Nyungu Central	338977	8629993	1315	UTM_WGS84_35S	-60	93	300.10
NYU11RD021	DD	Nyungu Central	339123	8629865	1310	UTM_WGS84_35S	-70	93	206.30
NYU11RD022	DD	Nyungu Central	339238	8630193	1311	UTM_WGS84_35S	-90	0	180.40
NYU11RD023	DD	Nyungu Central	339090	8630203	1315	UTM_WGS84_35S	-90	0	67.00
NYRD024	DD	Nyungu South	338240	8626396	1307	UTM_WGS84_35S	-70	90	216.00
NYRD025	DD	Nyungu South	338162	8626400	1310	UTM_WGS84_35S	-70	90	186.15
NYRD026	DD	Nyungu South	338079	8626401	1311	UTM_WGS84_35S	-70	90	113.65
NYRD027	DD	Nyungu South	338320	8626800	1307	UTM_WGS84_35S	-70	90	198.65
NYRD028	DD	Nyungu South	338240	8626800	1310	UTM_WGS84_35S	-70	90	201.15
NYRD029	DD	Nyungu South	338161	8626800	1312	UTM_WGS84_35S	-70	90	149.65
NYRD030	DD	Nyungu Central	339016	8629836	1312	UTM_WGS84_35S	-70	90	200.65
NYRD031	DD	Nyungu Central	339120	8630222	1332	UTM_WGS84_35S	-70	90	305.65
NYRD039	DD	Nyungu South	338237	8626601	1309	UTM_WGS84_35S	-70	90	216.45
NYRD040	DD	Nyungu South	338154	8626600	1311	UTM_WGS84_35S	-70	90	159.55
NYRD041	DD	Nyungu South	338125	8626203	1311	UTM_WGS84_35S	-70	90	116.46
NYRD042	DD	Nyungu South	338201	8626198	1312	UTM_WGS84_35S	-70	90	170.55
NYRD044	DD	Nyungu Central	339180	8630578	1316	UTM_WGS84_35S	-70	93	239.75
NYRD045	DD	Nyungu Central	339095	8630273	1316	UTM_WGS84_35S	-70	93	302.55
NYRD046	DD	Nyungu Central	339113	8630080	1313	UTM_WGS84_35S	-70	93	290.25
MBD00RC002	RC	Nyungu Central	339167	8630397	1315	UTM_WGS84_35S	-60	93	180.00
MBD00RC003	RC	Nyungu Central	339319	8630401	1310	UTM_WGS84_35S	-60	93	125.00
MBD00RC004	RC	Nyungu Central	339075	8629994	1313	UTM_WGS84_35S	-60	93	252.00
MBD00RC005	RC	Nyungu Central	339143	8630059	1312	UTM_WGS84_35S	-60	93	200.00
MBD00RC006	RC	Nyungu Central	339295	8630062	1307	UTM_WGS84_35S	-60	93	156.00
MBD00RC007	RC	Nyungu Central	338795	8629685	1315	UTM_WGS84_35S	-60	93	234.00
MBD00RC008	RC	Nyungu Central	339048	8629652	1310	UTM_WGS84_35S	-60	93	196.00
MBD00RC009	RC	Nyungu Central	339201	8629665	1308	UTM_WGS84_35S	-60	93	150.00
MBD00RC010	RC	Nyungu Central	339354	8629672	1304	UTM_WGS84_35S	-60	93	125.00
MBD01RC001	RC	Nyungu Central	339161	8629474	1307	UTM_WGS84_35S	-60	93	200.00
MBD01RC002	RC	Nyungu Central	339136	8629860	1310	UTM_WGS84_35S	-60	93	200.00
NYRC031	RC	Nyungu Central	339120	8630222	1332	UTM_WGS84_35S	-70	93	117.00
NYU1	DD	Nyungu Central	338960	8630290	1320	UTM_WGS84_35S	-90	0	300.00

Hole ID	Deposit		From (m)	To (m)	Width (m)	Cu%	Co%
NYDD052	Nyungu Central		31.00	35.00	4.00	0.51
		and	106.00	112.00	6.00	0.68
		and	124.00	130.15	6.15	0.90
		and	146.80	152.00	5.20	0.73
		and	160.00	169.00	9.00	0.68
NYDD053	Nyungu Central		148.50	151.00	2.50	1.12
		and	153.00	155.00	2.00	0.55
NYDD054	Nyungu Central		21.00	24.00	3.00	0.95
		and	27.00	47.00	20.00	1.08
		incl.	28.00	33.00	5.00		0.21
		and	115.00	120.00	5.00	0.80
NYDD055	Nyungu Central		23.00	25.00	2.00	0.92
		and	29.00	46.00	17.00	1.03
		incl.	40.00	47.00	7.00		0.29
		and	54.00	58.90	4.90	0.61
		and	68.00	75.00	7.00	0.51
		and	118.00	123.00	5.00	1.20
		and	126.00	128.00	2.00	1.10
NYDD056	Nyungu Central		53.00	62.80	9.80	0.89
		incl.	54.00	62.80	8.80		0.48
		and	65.00	74.00	9.00	0.56
		incl.	69.35	74.00	4.65		0.21
		and	83.00	92.20	9.20		0.26
		and	125.00	132.10	7.10	0.56
		incl.	129.00	132.10	3.10	0.73
		and	134.00	145.00	11.00	1.37
		incl.	135.00	143.00	8.00	1.58
		incl.	137.00	143.00	6.00		0.13
		and	189.00	191.00	2.00	0.80
NYDD057	Nyungu Central		37.00	40.00	3.00	0.56
		and	57.00	65.00	8.00	0.50
		and	71.00	79.95	8.95	0.57
		and	82.00	86.00	4.00	0.59
		and	90.00	100.00	10.00		0.33
		incl.	91.00	92.00	1.00	0.64
		incl.	98.00	100.00	2.00		0.88
		andandandandandincl.	100.00110.00122.00168.00182.00195.00	104.00114.00125.00175.00199.00199.00	4.004.003.007.0017.004.00	0.611.180.730.791.03	0.22

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

Hole ID	Deposit		From (m)	To (m)	Width (m)	Cu%	Co%
NYDD058	Nyungu Central		51.00	65.00	14.00	0.73
		incl.	62.00	65.00	3.00	1.35
		and	71.00	73.00	2.00	0.89
		and	76.00	84.00	8.00	1.03
		and	86.00	93.00	7.00	0.55
		and	101.00	139.00	38.00	0.87
		incl.	101.00	111.00	10.00	0.94
		incl.	115.00	129.00	14.00	1.05
		and	159.00	191.00	32.00	0.68
		incl.	175.00	178.00	3.00	0.96
NYDD059	Nyungu Central		73.00	74.00	1.00	1.68
		and	110.00	112.00	2.00	0.69
		and	116.00	118.00	2.00	0.72
		and	126.00	129.00	3.00	1.69
		and	156.00	159.00	3.00	0.91
NYDD060	Nyungu Central		34.00	38.00	4.00	0.39
		and	146.00	147.00	1.00	0.65
NYDD061	Nyungu Central		62.00	64.00	2.00	0.72
		and	104.00	128.00	24.00	0.72
		incl.	120.00	123.00	3.00		0.28
		and	132.00	136.74	4.74	0.80
		and	142.00	148.00	6.00	0.51
		and	162.43	178.00	15.57	0.69
		incl.	162.43	169.00	6.57	0.92
		and	176.00	178.00	2.00	0.92
NYDD062	Nyungu Central		91.00	97.00	6.00	0.53
		and	103.00	131.06	28.06	0.79
		incl.	103.00	105.00	2.00		0.21
		incl.	114.00	122.00	8.00		0.25
		and	160.00	163.00	3.00	0.99
		and	189.00	190.17	1.17	1.08
		and	209.00	212.00	3.00	0.70
		and	215.00	235.00	20.00	0.74
		and	265.00	270.00	5.00	1.28
		and	281.00	288.00	7.00	0.70
		and	299.00	301.00	2.00	0.61
		and	314.00	316.00	2.00	0.69
		and	344.00	346.00	2.00	0.51
		and	353.00	385.00	32.00	0.87
		incl.	353.00	363.00	10.00		0.22
NYDD063	Nyungu Central		26.00	35.21	9.21	0.77
		and	163.00	166.00	3.00	1.17
NYDD064	Nyungu Central		170.00	179.00	9.00		0.18
		and	178.00	181.00	3.00	0.69
		and	223.00	225.00	2.00	1.51
		and	239.00	248.00	9.00	0.79

Hole ID	Deposit		From (m)	To (m)	Width (m)	Cu%	Co%
NYU11RD001	Nyungu Central		63.00	90.00	27.00	0.51
		incl.	68.00	80.00	12.00	0.57
		and	136.00	141.00	5.00	0.50
		and	152.00	153.00	1.00	1.20
		and	184.00	245.00	61.00	0.42
		incl.	188.00	192.00	4.00	0.99
		incl.	209.00	224.00	15.00	0.86
		incl.	236.00	239.00	3.00	0.58
		and	274.00	284.00	10.00	0.98
NYU11RD002	Nyungu Central		94.00	135.00	41.00	0.37
		incl.	102.00	112.00	10.00	0.78
		incl.	125.00	133.00	8.00	0.42
		and	142.00	151.00	9.00	0.48
		incl.	148.00	151.00	3.00	0.72
NYU11RD004	Nyungu Central		121.00	139.00	18.00	0.57
		incl.	127.00	137.00	10.00	0.74
NYU11RD005	Nyungu Central		61.00	74.00	13.00	0.70
		incl.	64.00	66.00	2.00	1.40
		and	79.00	83.20	4.20	0.61
NYU11RD006	Nyungu Central		16.00	26.00	10.00	0.27
		and	107.00	113.00	6.00	1.05
NYU11RD008	Nyungu Central		104.00	111.00	7.00	0.75
NYU11RD009	Nyungu Central		26.00	31.00	5.00	0.74
		and	61.00	64.00	3.00	0.55
		and	128.00	140.00	12.00	0.32
NYU11RD010	Nyungu Central		66.00	75.00	9.00	1.32
		and	96.85	112.00	15.15	0.79
		and	126.00	136.00	10.00	0.77
		and	156.00	162.00	6.00	0.55
		and	166.00	197.00	31.00	1.06
NYU11RD021	Nyungu Central		49.00	58.00	9.00	0.50
		and	70.00	75.00	5.00	0.96
		and	90.00	95.00	5.00	1.07
		and	115.00	121.00	6.00	0.53
		and	147.00	161.00	14.00	0.65
		and	174.00	204.00	30.00	1.62
		incl.	174.00	180.00	6.00	5.50
		incl.	184.00	191.00	7.00	1.02

Hole ID	Deposit		From (m)	To (m)	Width (m)	Cu%	Co%
NYU11RD022	Nyungu Central		42.00	48.00	6.00	0.75
		and	64.00	98.00	34.00	0.67
		incl.	80.00	88.00	8.00	1.24
NYU11RD023	Nyungu Central		34.00	40.00	6.00	0.78
		and	50.00	67.00	17.00	0.68
		incl.	66.00	67.00	1.00	1.93
NYRD030	Nyungu Central		143.00	151.00	8.00	0.74
		and	157.00	164.82	7.82	0.62
NYRD031	Nyungu Central		32.00	53.00	21.00	0.60
		and	77.00	83.10	6.10	0.65
		and	157.00	162.35	5.35	0.88
		and	216.90	293.00	76.10	0.60
		incl.	216.90	252.00	35.10	0.77
		incl.	278.00	290.00	12.00	0.76
NYRD039	Nyungu South		107.00	119.00	12.00	0.47
NYRD040	Nyungu South		31.00	55.00	24.00	0.63
		incl.	47.00	54.00	7.00	1.25
NYRD044	Nyungu Central		152.20	154.68	2.48	0.97
NYRD045	Nyungu Central		31.55	50.55	19.00	0.57
		and	57.55	84.79	27.24	0.93
		incl.	63.55	84.79	21.24	1.03
		and	98.00	101.00	3.00	0.65
		and	128.66	132.10	3.44	0.50
		and	138.00	142.00	4.00	0.66
		and	220.55	229.55	9.00	0.54
		and	240.25	248.25	8.00	0.69
		and	258.25	276.25	18.00	0.85
NYRD046	Nyungu Central		73.00	77.85	4.85	0.55
		and	89.00	92.25	3.25	0.87
		and	98.69	121.75	23.06	0.62
		and	148.00	161.00	13.00	0.59
		and	177.00	221.50	44.50	0.96
		and	227.50	233.50	6.00	0.61
		and	258.50	264.88	6.38	0.84
MBD00RC002	Nyungu Central	and	36.00141.00	44.00172.00	8.0031.00	0.450.57
		incl.	164.00	166.00	2.00	1.30
MBD00RC004	Nyungu Central		215.00	231.00	16.00	0.80
MBD00RC005	Nyungu Central		35.00	62.00	27.00	0.34
MBD00RC007	Nyungu Central		88.00	96.00	8.00	0.91
MBD00RC008	Nyungu Central		82.00	101.00	19.00	0.44
MBD00RC009	Nyungu Central		36.00	84.00	48.00	0.63
MBD00RC010	Nyungu Central		102.00	108.00	6.00	0.63
		and	118.00	120.00	2.00	2.14
MBD01RC002	Nyungu Central		16.00	164.00	148.00	0.35
NYRC031	Nyungu Central		75.00	81.00	6.00	1.29
NYU1	Nyungu Central		81.40	88.90	7.50	0.74

JORC Code, 2012 Edition – Table 1

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

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (egcut channels, random chips, orspecific specialised industrystandard measurement toolsappropriate to the minerals underinvestigation, such as down holegamma sondes, or handheld XRFinstruments, etc). These examplesshould not be taken as limiting thebroad meaning of sampling.•Include reference to measures takento ensure sample representivity andthe appropriate calibration of anymeasurement tools or systems used.•Aspects of the determination ofmineralisation that are Material tothe Public Report.•In cases where 'industry standard'work has been done this would berelatively simple (eg 'reversecirculation drilling was used to obtain1 m samples from which 3 kg waspulverised to produce a 30 g chargefor fire assay'). In other cases moreexplanationmay be required, suchas where there is coarse gold thathas inherent sampling problems.Unusual commodities ormineralisation types (eg submarinenodules) may warrant disclosure ofdetailed information.	•AttheMumbezhi(formerlyLumwana West) Project, there havebeen a number of campaigns ofdrilling, starting with RST in the1970s, Phelps Dodge in the 1990s,Zamanglo in 2000 –2002, and thenArgonautResources NLfrom 2011 –2021. The work completed between2014 –2016 was undertakenin JVwith Antofagasta. Most drilling workover the years has concentrated onthe Nyungu Central deposit, but 20holesweredrilledonotherprospects,in other parts of theMumbezhilicence;notablyKabikupa,MwombezhiWest,Kamafamba,SharambaandLuamvunda.The Kavipopo andLMW deposit formerly drilled byArgonaut, now lie outside the currentlicenceboundary.•For theArgonaut(now OrpheusUraniumLtd)drillingoftheMumbezhideposits,RCchipsampleswerecollectedinplasticbagsonaonemetrebasis,weighed, checked for moisture andsplit using a multi-layeredrifflewithareferencesamplestoredandasamplesetasidefor dispatch tocertified laboratory.•HandheldXRF measurements weretakenonRCsampleswithcompositesamplingconductedonnon-mineralisedmaterial(cut-offgrade<0.1%Cu)andsinglemetresamplingofmineralisedmaterial(cut-off grade >0.1% Cu). Thesecompositedandsinglemetresamples were then dispatchedto thecertifiedlaboratory.•Halfdrillcore(NQpredominantly,minorPQ/HQ)was sampledbasedonobservedmineralisationandintervalsofonemetreorless

determined by geological contacts within mineralised units.

• Quarter drill core sampled outside observed mineralisation and intervals of two metres or less determined by geological contacts within non-mineralised units.
• Drill core cut at a consistent distance relative to solid orientation line or dashed mark up line.
• RC and core samples dispatched in batches to SGS Kalulushi (2011) and Intertek Genalysis (2012) on single metre or composited basis.
• Sample preparation involved sorting, drying, crushing and pulverising to produce a pulp. These sample pulps were air freighted to SGS Townsville (2011) or Intertek Genalysis Johannesburg and Perth (2012).
• Analysis conducted was standard 4 acid digestion for 40 to 46 elements by ICP-OES and ICP-MS analysis (SGS – ICP40Q, Genalysis – 4A/OM10) and a 25 or 30g charge for fire assay (SGS – FAA303, Genalysis – FA25/AA).
• For the 2014 diamond drilling at Nyungu, samples were dried, crushed to 85% (-5mm), spilt up to 1.2kg, pulverised to 85% (-75µm) and pulps taken for four acid digest followed by ICP-OES (multielement), ICP-MS (U) or Aqua Regia/AAS (Au) finish.
• 13 holes with a total of 1642.74 metres were drilled in 2021. BluRock drilling conducted the drilling exercises using Drill Rig 2_CS14. Drill core size was PQ. 10 of the 13 holes were assayed in 2021. The assays for the remaining 3 holes were carried out by Intertek Genalysis - Perth (2024) on the stored pulps.
• There are no detailed sampling records for the RC holes (pre-fixed MBD*RC*) conducted by ZamAnglo

between 2000-02.

• Additionally, 650.5m of diamond drilling (2 holes NYU1 & 2) was conducted by Phelps Dodge in 1994.
• Two holes' MM295 & 296 were drilled in the 1970s by RST (Roan Selection Trust) for 854.8m.
• RC sampling assumed to be 4m composites.
• ZamAnglo diamond core sampling intervals assumed to be geological boundaries.
• No laboratory records exist or could be located for ZamAnglo. RST or Phelps Dodge drilling.
• The Kamafamba Prospect 2015 drilling was conducted by BluRock Drilling. 3 Diamond Drill holes (prefixed KMDD) totaling 409.27 metres were drilled. Half drill core and quarter drill core were sampled based on mineralization.
• For the Luamvunda deposit, 1 drillhole (LVDD001) totaling 123 metres was drilled. This 2015 drilling was conducted by BluRock Drilling. No sampling was conducted for this project, as no significant mineralisation was intersected.
• For the Sharamba deposit, 2 drill holes (prefixed SHDD) with a total of 302 metres were drilled. This 2015 Project was conducted by BluRock Drilling. Half drill core was sampled based on observed mineralisation and intervals of one metre or less determined by geological contacts within mineralised units.
• For the Kabikupa deposit, 8 diamond drill holes (pre-fixed KBDD) with a total of 1,873m metres were drilled. This 2015 programme was conducted by BluRock Drilling. Half drill core was sampled based on observed mineralisation and intervals of one metre or less determined by geological contacts within mineralised units.
• Quarter drill core sampled outside

observed mineralisation and intervals of two metres or less.

• For the West Mwombezhi deposit, 6 DD holes with a total of 1478.84 metres were drilled by BluRock Drillers in 2014. Quarter drill core and half drill core were sampled based on mineralization. Sample preparation was done by Genalysis.

drillingconductedtheDrill core size was PQ.•work,norecordsofthecontractors have•beendrilledovertheRCand 35 pure DD holes.•Historicaldiamondholesfarm.	Drillingtechniques	•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).	•For Nyungu, a total of 3,586 metres(1,930m in 2011 and 1,656m in 2012)of RCdrilling was conducted by OxDrilling using a face sampling bit. Atotal of4,881.19metres(2,183.43min2011and2,697.76min2012)oforientateddiamonddrillingwasconductedbyOxDrilling.Mostdiamonddrillingwere astailsonRCdrillholes,predominantlyNQdiameterandminor HQ diameter.OrientationdeterminedbyReflexACT II RD NQ orientationinstrument(2012)andbyspearorientation(2011).•2014 drilling at Nyungu was NQ3diamond core, with PQ3 or HQ3collaring.HQ and NQ core wasorientatedusinganEzyMarkdownhole orientation tool.•13holes with a total of 1,642.74metres were drilled in 2021. BluRockdrillingexercises using Drill Rig 2_CS14.Historically for pre-ZamAnglo 2000drillingbeen maintained.A total of 99 exploration holes haveyearsatNyungu, with 63 of these at NyunguCentral deposit, totaling 13,908m. 14of these were DD tailed RC holes, 14(before2011), are assumed to be located inBarrick Gold's Lumwana Mine core
Drill sample•Method of recording and assessing•ForMumbezhi,Argonaut'srecoverycore and chip sample recoveries andgeotechnical loggingresults assessed.recoveriesandRQD.exceeded 95%.•Measures taken to maximise sample•recovery and ensure representative			initialrecording coreRecoveriesFor RC chips, samples were weighed

Logging	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.•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.	and weightsrecorded to estimaterecovery.•No observed relationship betweencore loss and grades.•For the older pre-2011 holes noaccurate records could be found.•For Mumbezhi, logging of drill coreincorporated the following details:from-todepths,colourandhue,stratigraphy, weathering, nature ofbasalcontact,texture,structure,structure orientation; type, mode andintensityofalterationandoreminerals, zone type for mineralisedrock (oxide,supergene,hypogene,leached),geologicalnotesand%estimate oforemineralspresent.•Logging of RC chips was conductedon a metre-by-metrebasis whilstforthe diamond drill core, criteria for unitboundarieswerebasedoncontrastinglithologies,absenceorpresenceofmineralisation; suddenchanges of weathering –usuallyassociatedwithstructures,pluschangesinmajorrockformingoralterationmineralssuchasthepresence oflarge garnets. Aguide tocoreloggingwaswrittentoprovideuniformityofinterpretationsandconsistentdataentry.•100% of all drilling was geologicallylogged.•All core was photographed wet anddry, photographs digitally named andorganised.•For the pre-2000 ZamAnglo work nohard copies of the logging exist.•Information retrieved from originalEquinox ASX Quarterly Report forSeptember 2002 Quarter, indicatedthatofcompletedholes,onemineralisedholehadvisibledisseminatedsulphides–chalcopyrite, pyrrhotite and pyrite,being observed within a 7m wideorezone, similar to that defined at theLumwana Mine.
Sub-samplingtechniquesand samplepreparation	•If core, whether cut or sawn andwhether quarter, half or all coretaken.•If non-core, whether riffled, tube	•For Mumbezhi, allcorecutwithcoresaw.Halfcoresampledinmineralisedunits;quartercoresampled innon-mineralisedunits.

	sampled, 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 forinstance results for fieldduplicate/second-half sampling.•Whether sample sizes areappropriate to the grain size of thematerial being sampled.	•RCsampleswerecheckedformoisture.Ifwetordamp,allowedtodryforseveral daysandthen splitusinga multi-layeredriffle.•High quality sampling proceduresand appropriate sample preparationtechniqueswere followed.•Severalstandards(commercialcertifiedreferencematerial)wereinserted at intervals of 1 in 20 inrotation.Immediatelyfollowingastandard,ablankwasinserted.•RCreferencesampleinstorageandhalftothreequartercoreretained iffurtheranalysisrequired.Fieldduplicates taken at rate of 1in33samplesforRCsamples.•Sample size (approximately 2kg inmass) considered appropriate tothegrainsizeofmaterial beingsampled.•For the pre-2011 workby Argonaut,no historical records exist or could befound.
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.	•For Nyungu, Certifiedlaboratoriesutilised(SGSandIntertekGenalysis),appropriatetechnique(ICP-OESandICP-MS,fireassay)forelements.Techniquesareconsideredappropriateforthetypeofmineralisationbeing assayed.•Severalstandards(commercialcertifiedreferencematerial)wereinserted at intervals of 1 in 20 inrotation.Immediatelyfollowingastandard,ablankwasinserted.QA/QC monitored on each batch andre-analysisconductedwhere errorsexceededsetlimits.•Forthepre-2015samples,10different blanks types were inserted(1,106 samples) and all returnedsatisfactory results. 56 different typesof CRMs (produced by OREAS andAMIS), totaling 1,523 samples wereinserted.1,263laywithin2stddeviations of the theoretical values,resultsforthebalanceofthestandards no data on the theoreticalvalues were available.•For the 2021 DD samples, samples,4blanktypes wereinserted(125samples),andallreturned

		satisfactory to inconclusive results.58 different CRM types (295 samplesproduced by OREAS and AMIS) 195of them lay within 2std deviations ofthe theoretical values.Two CRMtypes;OREAS550and924appearedproblematical.Thecorrelation factoron the 67duplicatesinserted was almost 99%•In conclusion,despite the lack of reassaying data,and details of some oftheolderproprietaryCRMs,theresultsproducedbySGSandIntertek-Genalysisareconsideredreliable.•For the pre-2011 work by Argonaut,no historical records exist or could befound.
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.	•ForNyungu,allthesignificantintersections and the majority of drillcorewereinspected bynumerousgeologistsincludingArgonaut'sExplorationDirector,Chief Geologistand the PrincipalGeologistfromthegeologicalcontractor.•Verificationdrillingofhistoricinterceptsfromearly2000'sZamAnglodrilling, was conducted in2011by Argonaut and Kitwe basedconsultants; AMC.•All geological data including thecoordinates, dip, azimuth, drill type,coresize,dateetcwasenteredintotheproprietaryioLoggerdatabase(2012)andintoExcelspreadsheettemplates(2011).•ElevationcoordinateschangedfromhandheldGPSdatatocoordinateextractedfromUTS 2010surveyDTM.•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.	•For Nyungu, drillholecollarsweresurveyedbyhandheldGarmin72or62GPS.NoDGPSsurveywasundertakenin 2011-12.•AllGPScollarlocationswererecordedinWGS84UTM Zone 35South.•For the 2014 Nyungu drilling, drillhole locationswere surveyed by

		averagingGarminGPSmeasurements, down hole surveyswere collected every 50m using aReflex EZ-TRAC instrument.•Where possible, hole locations wereinvestigated with a GPS on theground and recorded with Garmin62shandsets, if located.•Original grid system for Kabikupa(from plans) was Arc1950 (GaussKrugerLO27).AllGPScollarlocationswere recorded asWGS84UTM Zone 35South.•No collar elevations were recordedhistorically, but GPS collar locationswere corrected to UTS 2010 surveyDTM.•Drilling completed before 2003 byRoan Selection Trust, PhelpsDodgeandZamAnglohasnorecordeddown-hole surveys.•ForthedrillingcompletedbyArgonaut, the NYRC* prefixedholeshavea mixed componentof downhole surveyingrecords, with about50% havingbeen surveyed.•Fordrilling completed by Argonautwith NYRD* and NYU11RD* prefixes,the majority of drill holes are recordedas having had down-hole surveyingcompleted.•DGPS work was recently carried outby contractors SurvBuild.47existingdrill holes (mostly located in NyunguCentral) have been re-surveyed andSurvey information isnow available.
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.	•ForNyungu,dataspacingwasgenerally200metretraverseswith160metredrillhole spacing,sometraverseshave 80 metredrillholespacing.•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 then

		used 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 thisrelease.
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.	•For Nyungu, the majority of drillholeswere orientated to intercept normal tothe strike ofmineralisationandwereinclinedtotheeast.Mineralisationisinterpretedtostrike015°true,dipmoderatelytosteeplytothewestandplungemoderatelytothenorth.•Duetothedipattitudeofthemineralisation, 70oinclined drillholesdonot intersect the mineralisationcompletely perpendicular. This is notconsideredtohaveintroduced anysignificantbias.•Geological mapping was undertakenat prospect scale to refine localstructural fabricand thus to drillperpendiculartotheinterpreteddeposit's strike.
Samplesecurity	•The measures taken to ensuresample security.	•ForNyungu,allreferenceRCsamplesandretaineddrillcorearestoredinsecure sheds inKitweatthegeologicalcontractor'sfacility.•For Kabikupa, no historical materialsexist or could be found.These mayexist at Barrick Gold's Lumwanafacility.
Audits orreviews	•The results of any audits or reviewsof sampling techniques and data.	•No known audits or reviews of thesampling procedures or protocolstook placefor the 2011-12 Nyungudrillingbutthereafter,visitsandreviews of the sample preparationlaboratoryatIntertekGenalysisChingola(Zambia)andIntertekGenalysis Adelaide (Australia) wereconductedbyseniorArgonautpersonnel.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineraltenement andland tenurestatus	•Type, reference name/number,location and ownership includingagreements or material issueswith third parties such as jointventures, partnerships,overriding royalties, native titleinterests, historical sites,wilderness or national park andenvironmental settings.•The security of the tenure heldat the time of reporting alongwith any known impediments toobtaining a licence to operate inthe area.	•TheinitialLargeScaleProspectingLicence, 16121-HQ-LPL, for Mumbezhi,(formerlyLumwanaWest)islocatedapproximately100kmwestofSolwezi,Zambia.The licence was dueto expireon20/07/2018andwassubsequentlyrenewedasLarge-ScaleExplorationLicence, 22399-HQ-LEL on 29/12/2017,which was due to expire on 28/12/2021.•This latter tenement was revoked,and asimilar ground position is nowcovered by30426-HQ-LEL, granted for 4 years toGlobal Development Corporation (GDC)ConsultingZambiaLimitedon02/12/2021, expiring on 01/12/2025.•GDCheld100% of the 30426-HQ-LEL(now 356 sq km).Thelicence excludesthenortheastportionoftheformerlicence, which incorporatedthe historicLMW and Kavipopo prospects.Following the signing of the deal om 29th•May2024, 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.	Roan Selection Trust (1960's-1970's)•completedregionalsoilsampling,augering, wagon drilling and diamonddrilling. Drilling completed at Nyungu(DrillholesMM295andMM296).AGIP-COGEMAJV(1982-1987)-•Systematicregionalradiometrictraversing,soilandstreamsedimentsampling, geological mapping,pittingandtrenching.Nodrillingwas 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 butsomedrillcollarslocatedarepresumablyfromthisphaseof work.

		Orpheus Uranium Limited (previously•Argonaut Resources NL (2011-2021),various phases of intermittent drillingof Nyungu, Kabikupa, Lumwana West(LMW) prospect.Further drilling and exploration works•(includinggeophysicsandgeochemical surface sampling) wereconducted between 2013-2021 on theNyungu(Central, South, EastandNorth), West Mwombezhi, Kabikupa,Kamafamba, Mufuke, SharambaandLuamvunda prospects by OrpheusUraniumLimitedboth internally andunder a JV with Antofagastaplc. Aspart of this UTS flew a high resolutionaeromagnetic and radiometric surveyin 2012, which was audited by Earthmaps.This was accompanied by adetailedLandsatstructuralinterpretationandin addition inducedpolarizationprogrammeswereinitiated with mixed results at NyunguCentral and North.
Geology	•Deposit type, geological setting,and style of mineralisation.	•Thestyleofcopperandcobaltmineralisationbeing targetedisLumwanaMine style,structurallycontrolled,shearhosted, Cu+/-Co(+/-UandAu).
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 the	•See Appendix 1.

Dataaggregationmethods	case.•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 interceptsincorporate 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.	•For Nyungu(Central andSouth), theinterpretedmineralisationenvelopeswere based on a nominal0.1% 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 at0.1% Cu andbetween 0.6 and 0.8% Cufor highgrade.•No upper limit to Cu grades has beenappliedand 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 plotsbyOrpheus 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)drillholeintersectionsreported for the Nyungu deposits only.
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').	•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 and	•Location maps are attached in the body ofthe release.

	appropriate sectional views.
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.
Othersubstantiveexplorationdata	•Other exploration data, ifmeaningful and material, shouldbe reported including (but notlimited to): geologicalobservations; geophysicalsurvey results; geochemicalsurvey results; bulk samples –size and method of treatment;metallurgical test results; bulkdensity, groundwater,geotechnical and rockcharacteristics; potentialdeleterious or contaminatingsubstances.	•For NyunguCentral, a coincidentIPchargeabilityanomalyis apparent withthecopper mineralisationand henceconsidered a useful exploration targetingmethod.•CoincidentCusurfacegeochemicalanomaly to greater than 200ppmCu.•No bulk density information is available.•Limitedmetallurgicaltestworkprogrammes have been conducted onfreshsulphidicmineralisationfromNyungu, with encouraging preliminaryresults producing a copper concentrate at25.6% Cu and showing 87% recovery.
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.	•In the short-to medium-term, Prospectwill aim to estimate a maiden, JORCreportable copper Mineral Resource forNyunguCentral and South, with theexpectation that further infill, extensionand twin-hole drilling will be required forappropriate checks of QAQC on theexisting data provided by Orpheus.•The Company proposes to undertakeScoping Studies andFeasibility Studiesand seek to bring the MumbezhiProjectinto commercial copper productionassoon as is practicable, if economicto doso.•Prospect will alsoreview all other copperanomalies defined on the existing licenceas potential satellite open pit feed optionsto a central mining and processing facilityhub,situated proximal to the prospectiveNyungu series of deposits, which arepresently considered the flagship assetsat the Project.