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PROSPECT RESOURCES LIMITED Capital/Financing Update 2026

Feb 8, 2026

65617_rns_2026-02-08_5bb84a8e-7c11-4f67-bc43-7a6c350e8a05.pdf

Capital/Financing Update

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ASX ANNOUNCEMENT 9 February 2026

Updated Mumbezhi MRE Delivers 63% Increase In Copper Resources

HIGHLIGHTS:

  • Significant Resource Expansion: Updated Indicated & Inferred Mineral Resource estimate (“MRE”) delivers 63% increase in tonnage (174 Mt at 0.44% Cu, 0.50% CuEq) and 50% increase in contained copper (772 kt, 0.2% Cu cut-off) compared to the March 2025 MRE.

  • Tier-1 Grade Comparison: Copper grades are now directly comparable to world-class operating mines in the Zambian Copperbelt, further enhanced by a 0.50% CuEq poly-metallic grade.

  • Latent Value Unlocked: First-time inclusion of maiden Indicated & Inferred gold and cobalt resources provides substantial potential by-product credits; 2,000+ additional gold assays are underway to further bolster grade confidence.

  • High Geological Confidence: Over 41% of the resource is now in the Indicated category, providing a robust foundation for near-term development studies.

  • Pipeline of Further Catalysts: Maiden Inferred MRE for West Mwombezhi and an updated Global Exploration Target are both expected in H1 2026.

  • Phase 3 Growth: Regional drilling to commence in Q2 2026, targeting the flagship Nyungu Central deposit and the high-priority Chipimpa and Sharamba discovery targets.

Prospect Resources Limited (ASX:PSC) ( Prospect ) is pleased to announce an updated Mineral Resource Estimate ( MRE ) for its Mumbezhi Copper Project ( Mumbezhi ) in north-west Zambia.

The MRE totals 173.8 million tonnes ( Mt ) at an average grade of 0.44% Cu (0.50% CuEq**) across the Nyungu Central and Kabikupa deposits (using a cut-off grade of 0.2% Cu), as tabulated below.

Deposit Tonnes
(millions)*		 Copper
(Cu%)*		 Cobalt
(Co%)*		 Au
(g/t)*		 Tonnes
Contained
Cu*		 Tonnes
Contained
Co*		 Ounces
Contained
Au*		 Copper
(CuEq%)**
Nyungu Central 150.8 0.43 0.02 0.02 661,100 38,600 127,100 0.50
Kabikupa 23.0 0.48 - - 110,800 - - 0.48
TOTAL 173.8 0.44 0.03 0.02 771,900 38,600 127,100 0.50

* Rounding has been applied

Deposit Resource
Classification		 Tonnes
(millions)*		 Copper
(Cu%)*		 Cobalt
(Co%)*		 Au
(g/t)*		 Tonnes
Contained
Cu*		 Tonnes
Contained
Co*		 Ounces
Contained
Au*		 Copper
(CuEq%)**
Nyungu Central Indicated
Inferred		 53.8
97.0		 0.45
0.43		 0.03
0.02		 0.03
0.02		 243,100
418,000		 19,200
19,400		 52,300
74,800		 0.52
0.48
Kabikupa Indicated
Inferred		 18.0
5.0		 0.46
0.55		 -
-		 -
-		 83,600
27,200		 -
-		 -
-		 0.46
0.55
TOTAL 173.8 0.44 0.02 0.02 771,900 38,600 127,100 0.50

* Rounding has been applied

Prospect Resources Limited ACN 124 354 329 Level 2, 33 Richardson Street. West Perth WA 6005 E: [email protected] W: prospectresources.com.au

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Maiden cobalt and gold MRE components were estimated for the Nyungu Central deposit, delivering strong potential to enhance the value of Mumbezhi via substantial by-product revenue.

** For CuEq grade calculation methodology, refer to page 28 of this release

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

“We are delighted with the outcomes of the updated MRE for Mumbezhi. Taking total contained copper tonnage towards 800kt, plus the addition of meaningful cobalt and gold content, provides a further indication of the world-class growth pathway that we believe the Mumbezhi Copper Project is on.

“It is also important to recognize that this update is limited to only the Nyungu Central and Kabikupa deposits. Pending assays from the drilling of the West Mwombezhi prospect last year offer strong potential for declaration of a maiden Inferred MRE for this zone later in the current half.

“The exercise of incorporating gold content into the Nyungu Central MRE has unearthed a broader potential in this respect. We have now commenced a major drill core re-logging and re-assaying programme for the Nyungu Central deposit, with the objective of further bolstering the grade and confidence of the gold content within the updated MRE.

“This programme is set to run in parallel with the extensive Phase 3 drilling and exploration campaign at Mumbezhi this year, which is targeted to commence during Q2 2026. We are particularly excited about the testing of several new regional exploration targets within this campaign. These include the large-scale Chipimpa and Sharamba prospects, identified last year across our comprehensive geochemical and geophysical evaluations of the broader Mumbezhi tenure.

“We have hit the ground running this year and the team is enthusiastically awaiting drilling commencing again. The potential of Mumbezhi continues to grow and we look forward to advancing it purposefully and with the overriding objective of maximizing value for all our stakeholders.”

Updated Mumbezhi Inferred & Indicated MRE (February 2026)

The February 2026 MRE has been estimated in accordance with the JORC (2012) Code guidelines for reporting and is summarised in JORC Table 1 (Section 3), accompanying this release.

The MRE was completed by Mr Steve Rose (FAusIMM), an independent expert, and the Competent Person as defined in the JORC (2012) Code, who is a full-time consultant with Rose Mining Geology Consultants (Perth, WA).

Table 1: Mumbezhi Copper Project Mineral Resource at 0.2% Cu cut-off grade

Deposit Resource
Classification		 Tonnes
(millions)*		 Copper
(Cu%)*		 Cobalt
(Co%)*		 Au
(g/t)*		 Tonnes
Contained
Cu*		 Tonnes
Contained
Co*		 Ounces
Contained
Au*		 Copper
(CuEq%)**
Nyungu Central Indicated
Inferred		 53.8
97.0		 0.45
0.43		 0.03
0.02		 0.03
0.02		 243,100
418,000		 19,200
19,400		 52,300
74,800		 0.52
0.48
Kabikupa Indicated
Inferred		 18.0
5.0		 0.46
0.55		 -
-		 -
-		 83,600
27,200		 -
-		 -
-		 0.46
0.55
TOTAL 173.8 0.44 0.02 0.02 771,900 38,600 127,100 0.50

* Rounding has been applied

  • ** For CuEq grade calculation methodology, refer to page 28 of this release

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Gold Potential

A programme of geologically re-logging Nyungu Central drill core continues at site, and there exists significant upside in defining additional gold resources, with more than 2,000 existing copper drill hole intersections to be re-assayed for gold, ensuring sufficient sample support to confidently increase overall gold grades.

Currently, the gold resource is estimated by only half the number of gold assays, as there are copper assays at present. In the current estimate, where gold assays are absent, a conservative approach has been followed, where a background gold grade of 0.005 g/t Au is assumed.

Grade-Tonnage Analysis

Grade-Tonnage curve analysis of the Nyungu Central and Kabikupa copper Mineral Resources shows the robustness of grade continuity with a reduction in tonnes and increase in copper grade with increasing cut-off, but with more inconsistent continuity as higher-grade cut-offs are applied. Figure 1 shows the global Resource Grade-Tonnage relationship for the Nyungu Central MRE and Figure 2 shows the global Resource Grade-Tonnage relationship of the Kabikupa MRE.

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Figure 1: Grade-Tonnage relationship of Nyungu Central MRE

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Figure 2: Grade-Tonnage relationship of Kabikupa MRE

Summary of Material Information Used to estimate the Mineral Resources

The following is a summary of the material information used to estimate the Mineral Resources, as required by Listing Rule 5.8.1 and JORC (2012) Code Reporting Guidelines.

Mineral Tenement and Land Tenure Status

The Mumbezhi Copper Project is located in the northwest of Zambia, approximately 95km west southwest of the town of Solwezi, in the district of Lumwana.

The mineral tenements include two active Large Scale Mining Licences 39445-HQ-LML (Mumbezhi North) and 39465-HQ-LML (Mumbezhi South) totalling 356km[2] , which were granted by the MLC (Mining Licensing Committee), part of the Ministry of Mines and Mineral Development (MMD) in Zambia for 25 years each, on 31[st] March 2025 (see Table 2).

The Mining Licences have had an Environmental Social and Impact Assessment (ESIA) reviewed and approved by the Zambia Environmental Management Agency (ZEMA) under the various statutory Government Acts and all licences are in good standing with no known impediments.

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Table 2: Mumbezhi Copper Project Tenement Details

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Licence ID Licence Type Application Date Granted Date Expiry Date Area (km2)
39445-HQ-LML Mining 16 December 2024 31 March 2025 30 March 2050 137.59
39465-HQ-LML Mining 18 December 2024 31 March 2025 30 March 2050 218.01
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Figure 3: Mumbezhi Copper Project Location Plan showing Mineral Licences

The tenements are all 100% owned by Osprey Resources Limited, a Zambian based subsidiary of Prospect Resources, who holds an 85% interest in Osprey Resources.

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Local Geology, Structure and Mineralisation

The regional geological setting of Mumbezhi Copper Project is shown below in Figure 4.

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Location of Mumbezhi
Copper Project
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Figure 4: Regional Geological Setting of the Mumbezhi Copper Project in Northwest Zambia (grid lines shown in Latitude and Longitude)

The main copper deposits in the Lumwana district area of northwestern Zambia are hosted by schists to gneisses within the north-eastern lobe of the Mwombezhi Dome. The region is characterised by broadly north-directed thrusts and antiformal basement domes, surrounded by the Katangan Supergroup metasediments, which host both the Central African and Zambian Copper Belts and are major sources of global copper production.

The local stratigraphy is broadly based on the original basement-Katangan stratigraphy, but it has been overturned and modified by shearing, high grade metamorphism and thrusting.

The host rocks at the Mumbezhi Project show contacts from unmineralised quartzfeldspar±phlogopite basement gneiss to a Cu ± Co mineralised quartz-phlogopite-muscovitekyanite-sulphide "mineralised ore schist". Ore-rock relationships suggest the ore is the result of metasomatic alteration and mineralisation of foliated pre-Katangan basement although alternate

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interpretations are that the ore is hosted by sheared and structurally interleaved, mineralised Katangan sedimentary rocks.

The Nyungu Central deposit represents a continuous, well-defined zone of copper mineralisation. The broad mineralised zones of economic interest range between structurally complex, folded geometry at Nyungu Central; to relatively simple, moderate east-dipping geometry at Nyungu South, 4km to the south southeast. The mineralisation boundaries are well-defined at both deposits. Drilling has confirmed the presence of mineralisation over a strike length of 1,700m at Nyungu Central (and 600m at Nyungu South).

The actual orebodies, hosted by the "mineralised ore schist,” comprise high-grade metamorphosed, intensely mylonitised, recrystallised, muscovite-phlogopite-quartz-kyanite schists with disseminated sulphides (typically <5%), and dominated by chalcopyrite and bornite in fresh rock.

Weak Cu, Co and Au mineralisation is also found in the intervening gneiss units between stacked orebodies. The internal structure of the mineralised package has an intensely transposed foliation defined by layer-parallel alignment of both mica and quartz, and is attenuated and boudinaged in part, causing lensing along strike and down dip. The distribution of copper mineralisation is controlled by visibly identifiable strata-bound geology, within which copper grades are generally consistent (see Figure 5).

The Kabikupa deposit is located 11km northeast of the main Nyungu Central deposit and hosted within a banded, mica-rich biotite feldspathic gneiss host rock, with disseminated copper mineralisation present as both chalcopyrite and bornite and occasionally malachite in smaller veinlets. The deposit is dated some 500 million years younger than Nyungu Central and genetically thought to be re-worked from the older deposit during intrusion of the granitic domal features.

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Figure 5: High-grade copper mineralisation from Nyungu Central within the “ore schist”

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Supplied Data

Prospect Resources has collated and compiled a large dataset covering the Mumbezhi Copper Project and the main data utilised in the generation of the Mineral Resource estimates include:

  • Export of the drillhole database dated 24[th] January 2025

  • Extensive archive of maps and reports

  • Extensive archive of geophysical images

  • Working cross-sections and plans supplied by Prospect’s geological teams

The drillhole data is stored in Prospect’s Geospark 3D spatial database. Prospect spent considerable time validating and checking the historical drilling. All work is being carried out in UTM Grid WGS84_ Zone 35S.

Drilling Techniques and Drill Hole Spacing

Drill hole details (including drilling type) for the Mumbezhi Copper Project are tabulated in Appendix 1.

A review of sample spacing was carried out. This showed that the drill spacing could generally be determined as 30m to 120m at Nyungu Central and 120m to 180m at Kabikupa (see Figures 6-7).

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Figure 6: Plan showing zones of influence for Nyungu Central drilling – circles coloured by radius from drill collar

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Figure 7: Plan showing zones of influence for Kabikupa drilling – circles coloured by radius from drill collar

Review and Validation of Data

All relevant data was initially imported into Micromine software for viewing and validation.

The drill holes were incorporated into a Micromine drill database file called MUMBEZHI_2026.DHDB. The drilling database is summarised in Table 3.

The topographical file “ topography ” was used as the topography surface for Nyungu Central (and Nyungu South), provided by Prospect Resources.

The topographical file “kabikupa_lidar_contours_0_2.dxf” was used as the topography surface for Nyungu Central (and Nyungu South), provided by Prospect.

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A collar plot of the drill holes is shown in Figure 8.

Table 3: Mumbezhi Copper Project drill hole data set used for MRE

PROSPECT
NAME		 Hole_Type Metres Number of
Holes		 Increase
in Metres
since last
estimate		 Increase
in
Number
of Holes
since last
estimate
Kabikupa DD 6,325 28 3,249 15
Subtotal 6,325 28 3,249 15
Nyungu Central DD 15,658 49 6,467 18
RC 4,829 30 0 0
RD 11,226 55 1,114 1
Subtotal 31,713 134 7,581 19
Total 38,038 162 10,830 34

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Mumbezhi Copper Project
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Figure 8: Plan of drill hole collars in the database with Prospect names denoted

28 holes have been ignored for the updated MRE, out of a total dataset of 162. The holes that have been ignored are set out in Table 4 below, along with the reasons for exclusion from the estimate. The doubtful assays are mainly to do with only the significant intercept or composite

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value being available in the database. The data has been used to guide interpretation, but ignored for estimation.

Table 4: List of holes ignored for this estimate (Prospect NC means Nyungu Central. Hole Type DD means diamond drillhole; RC means reverse circulation drillhole)

Prospect Hole
**Type **		 Year Hole Number Hole
length		 Comment
NC DD 1999 MM295 303 Doubtful assays in historic
hole
NC DD 2012 NYU1 300 Doubtful assays in historic
hole
NC DD 2012 NYU2 350 Doubtful assays in historic
hole
NC DD 2014 NYDD047 300 Doubtful assays in historic
hole
NC DD 2014 NYDD050 264 Doubtful assays in historic
hole
NC DD 2025 NCMT001 242 Selective sampling for
metallurgicalpurposes
NC RC 1999 MBD00RC001 228 Doubtful assays in historic
hole
NC RC 1999 MBD00RC002 180 Doubtful assays in historic
hole
NC RC 1999 MBD00RC003 200 Doubtful assays in historic
hole
NC RC 1999 MBD00RC004 252 Doubtful assays in historic
hole
NC RC 1999 MBD00RC005 200 Doubtful assays in historic
hole
NC RC 1999 MBD00RC006 156 Doubtful assays in historic
hole
NC RC 1999 MBD00RC007 234 Doubtful assays in historic
hole
NC RC 1999 MBD00RC008 196 Doubtful assays in historic
hole
NC RC 1999 MBD00RC009 150 Doubtful assays in historic
hole
NC RC 1999 MBD00RC010 125 Doubtful assays in historic
hole
NC RC 1999 MBD00RC011 100 Doubtful assays in historic
hole
NC RC 1999 MBD01RC001 228 Doubtful assays in historic
hole
NC RC 1999 MBD01RC002 200 Doubtful assays in historic
hole
NC RC 1999 MBD01RC003 195 Doubtful assays in historic
hole

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NC RC 1999 MBD01RC004 252 Doubtful assays in historic
hole
NC RC 1999 MBD01RC005 270 Doubtful assays in historic
hole
NC RC 1999 MBD01RC006 200 Doubtful assays in historic
hole
NC RC 1999 MBD01RC007 200 Doubtful assays in historic
hole
NC RC 1999 MBD01RC008 130 Doubtful assays in historic
hole
NC RC 1999 MBD01RC009 220 Doubtful assays in historic
hole
NC RC 2012 NYRC031 117 Doubtful assays in historic
hole
NC RC 2024 NCRD019R 20 Hole abandoned;not assayed
Total 28 7,263

Drill Hole Surveys

Collars plot correctly on the topographic surface. All collar surveys are in UTM WGS84_Zone 35S grid. Details on the downhole survey data are listed below:

  • Drill holes from before 2014 were surveyed by an EMS multishot camera.

  • Drill holes between 2014 and 2024 were surveyed with Reflex Ezishot EMS instrument.

  • Drill holes from 2024 and afterwards have been surveyed by an INS downhole gyroscopic tool.

Bulk Density

Density measurements were taken from diamond drill core (using the mass in water method), and by down hole survey of RC holes The density values were domained based on geology and weathering, to give average values for each domain:

  • 1.80 g/cm[3] for overburden;

  • 2.47 g/cm[3] for oxide;

  • 2.80 g/cm[3] for transition; and

  • 2.83 g/cm[3] for fresh.

Project Site Visit

The Company’s Competent Person for reporting of Mineral Resources and Exploration Targets, Mr Steve Rose (Rose Mining Geology, Perth, Australia), visited the Mumbezhi Project site during May 2025 to review QAQC, site, software data storage and laboratory protocols used by Prospect at Mumbezhi. Mr Rose saw drilling in progress, the core logging facilities, and visited the SGS and ALS assay laboratories in Kalulushi and Kitwe respectively. Mr Rose indicated that he was satisfied that Prospect Resources were aligned with industry standard practices at the Project, and in some areas working at best practice.

Mr Rose had previously visited Zambia many times during the 1990s, including the Mumbezhi Copper Project area, when carrying out exploration for ZamAnglo and Equinox Resources.

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Subsequently, he visited Kansanshi Copper Mine several times when consulting to FQM during 2010. This has provided him with the geological experience and background to understand the differing complex geology and mineralisation styles present at the Mumbezhi Copper Project.

Geological and Mineralisation Interpretation

With drilling and topography surface loaded into Micromine, the first step was to model the solid geology.

Weathering Surfaces

Weathering surfaces were interpreted for the Nyungu Central and Kabikupa prospects. Weathering surfaces were interpreted in Micromine as strings, and then converted to 3D wireframes. Surfaces were created for base of complete oxidation (“BOCO”) and top of fresh (“TOFR”).

Geology Model

A geology model incorporating faults, cover rocks, and bedrock lithologies was developed from the logged lithology and structures. This was interpreted in Leapfrog and Micromine software.

Mineralisation Model

Copper mineralisation was modelled using implicit vein tools within Micromine for the Nyungu Central and Kabikupa deposits (see Figures 9-12).

Mineralisation was split based on the weathering domain, with mineralisation interpreted as being basically flat in oxide and transition domains, whereas in fresh domains the mineralisation was interpreted to reflect lithology and foliation.

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Mumbezhi Copper
Project
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Figure 9: Plan view showing mineralisation wireframes for Nyungu Central prospect

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Figure 10: Drilling cross section showing mineralised wireframes for Nyungu Central at 8629980mN

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Figure 11: Plan view showing mineralised wireframes for Kabikupa

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Figure 12: Oblique cross-section showing mineralisation wireframes for Kabikupa, together with drillholes coloured by year drilled and lithology. Mineralisation shapes are stippled.

Technical Data Review

QAQC Analysis

QAQC has been documented for post 2014 drilling. The QAQC procedure has involved the use of Certified Reference Materials (CRM’s), blanks and field duplicates.

  • For every 100 samples, 2 standards, 2 field duplicates and 2 blanks are inserted; or

  • In each hole insert 1 standard, 1 field duplicate and 1 blank

  • A selection of CRM’s is available to the geologists and insertion points are predetermined prior to drilling.

  • 1m field duplicates RC samples are collected using a riffle splitter.

The results are stored in the drill hole database. They are assessed as the results are returned from the assay laboratory. No material issues have been found with the drill hole sampling.

Domaining

The assay file was flagged with the relevant geology, mineralisation, and weathering codes. Gaps in the downhole sequence were rectified with the missing interval function in Micromine. The assigned background values are shown in Table 5.

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Table 5: Background values assigned to missing or unassayed intervals

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Basic Statistics

Statistical analysis was carried out on samples to determine a suitable cut-off grade for modelling of the mineralisation – copper, cobalt and gold.

Statistical analysis was carried out on samples within the mineralisation wireframes, grouped by weathering and by lithology.

The samples showed a high enough Coefficient of Variation to investigate the need for top-cutting. Plots were generated in Micromine based on weathering, lithological and mineralisation domain based mainly on percentile (95%), and the probability plots. No top-cuts were necessary for Kabikupa samples.

Table 6: Summary of top-cuts used for Nyungu Central by mineralisation/weathering domain. Top cut of 10,000 means no top cut is applied

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Geostatistics

Geostatistical analysis was carried out on the 1m composite assay files to generate variograms for the various mineralisation and weathering domains at Nyungu Central, to allow estimation of copper grades using Ordinary Kriging (OK). Inverse Distance (IDW) estimation method was used for copper, as a check estimate. Gold and cobalt were estimated with Inverse Distance because of difficulties in plotting reliable variograms.

At Kabikupa, Inverse Distance was used for all three metals because of difficulty in plotting useful variograms. Micromine software was used for this analysis.

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Analysis was carried out to test for proportional effect. This showed that it was present, and so relative variograms were used for Nyungu Central copper estimation.

Block Modelling

A blank block model was created using Micromine for Nyungu Central. A separate block model was created Kabikupa. This process and the subsequent estimation processes were controlled by a macro to ensure the process could be repeated, with the variables stored in forms.

Parent block sizes for both MRE models were 10mE x 10mN x 5mRL.

Weathering and lithology codes were assigned to the block models using the geology model wireframes. Sub-blocking to 1m was applied to ensure block model volume reflected the source wireframes.

The Mineral Resource estimation workflow was as follows:

  1. Create a blank block model.

  2. Assign geology domains to model.

  3. Assign weathering domains to model.

  4. Assign AIR or BEDROCK based on topography.

  5. Assign various mineralisation codes.

  6. Assign global density values.

  7. Update weathering flagging to fix areas where only a few blocks are coded.

  8. Estimate mineralisation domains using Inverse Distance Weighting (IDW) in three passes. Estimate copper, gold and cobalt (the last two only for Nyungu Central).

  9. Estimate mineralisation domains using Ordinary Kriging (OK) in three passes. Estimate copper only for Nyungu Central.

  10. Apply classification and clean up model.

  11. Report the models’ outputs

Block Model Estimation

Micromine Version 2026 was used for the Mineral Resource estimations. Estimation was run in three passes, with progressively larger search radius being applied. A code of 1, 2 or 3 was written to the field PASS.

Grades were estimated into the model using the relevant value from the composite file. Only composites from within the mineralisation wireframe were used to estimate blocks within the wireframe. Estimation was carried out using an anisotropic search ellipse, with parameters determined from variographic analysis.

Resource Model Validation

The Resource models were taken through the following validation steps once estimation was completed:

  • Volume comparison with the mineralisation;

  • Comparison with composite grades;

  • Visual checking;

  • Checking for blocks that were empty; and

  • Swath plots in various XYZ dimensions.

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Mineral Resource Classification

Classification is based on:

  • Drill spacing;

  • Kriging variables (kriging efficiency and kriging variance); and

  • Estimation pass block filling.

Both Nyungu Central and Kabikupa have been classified into Indicated and Inferred Mineral Resource estimates.

Reasonable Prospects for Eventual Economic Extraction

Clause 20 of the JORC 2012 Reporting Code states that a Mineral Resource must have reasonable prospects for eventual economic extraction (RPEEE) (Joint Ore Reserves Committee, 2012). In applying this Clause, Rose Mining Geology Consultants has considered:

  • Mumbezhi is within 60km of the existing copper processing plants at Sentinel and Lumwana;

  • The Project sits on two 25-year granted mining licences;

  • The copper grades are reported above a sensible cut-off grade;

  • The deposits are geologically similar to those currently being mined at Lumwana and have similar copper grades;

  • Metallurgical testing on transition and fresh mineralised composites from Nyungu Central and Kabikupa has shown that a copper concentrate can be recovered at economic grades.

The field code in the block model is “RESCAT,” with code “2” meaning “Indicated”, and code “3” meaning “Inferred”. Figure 13 shows the classified blocks for Nyungu Central and Figure 14 shows the classified blocks for Kabikupa.

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Figure 13: Long section projection of Nyungu Central Resource block model coloured by classification (looking west)

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Figure 14: Oblique long section projection of Kabikupa Resource block model coloured by classification (looking northeast)

Summary and Reporting

Summaries of Mineral Resource estimates for Nyungu Central and Kabikupa (Tables 7-8). 89% of the Nyungu Central resources report as fresh, whilst 87% of Kabikupa resources report as fresh.

Table 7: Nyungu Central Mineral Resource estimate using 0.2% Cu cut-off and classified using JORC2012

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Table 8: Kabikupa Mineral Resource estimate using 0.2% Cu cut-off and classified using JORC2012

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Comparison with Previous Estimates

Comparison to March 2025 Indicated & Inferred MRE for Mumbezhi Copper Project.

Tables 9-10 show comparisons between the current Mineral Resource estimate (MRE) and the previous estimates for Nyungu Central and Kabikupa respectively. It shows that there has been in increase of 74% more tonnes and 63% more contained copper tonnes at Nyungu Central. At Kabikupa, there is an increase of 12% more tonnes and 3% more contained copper tonnes.

Table 9: Comparison between current and previous Nyungu Central Mineral Resource estimate using 0.2% Cu cut-off and classified using JORC2012

2025 2026 % Difference
CLASSIFICATION Indicated
Inferred
Total		 Indicated
Inferred
Total		 Indicated
Inferred
Total
Mass (000,000) (t) 37.5
49.2
86.7		 53.8
97.0
150.8		 143%
197%
174%
COPPER Grade (%) 0.47
0.50
0.50		 0.45
0.43
0.44		 96%
86%
88%
COPPER IDW Mass (t) 178,100
228,700
406,800		 243,100
418,000
661,100		 136%
183%
163%

Table 10: Comparison between current and previous Kabikupa Mineral Resource estimate using 0.2% Cu cut-off and classified using JORC2012

2025 2026 % Difference
CLASSIFICATION Indicated
Inferred
Total		 Indicated
Inferred
Total		 Indicated
Inferred
Total
Mass (000,000) (t) -
20.5
20.5		 18.0
5.0
23.0		 -
24%
112%
COPPER IDW Grade (%) -
0.5
0.5		 0.46
0.55
0.48		 -
110%
96%
COPPER IDW Mass (t) -
108,000
108,000		 83,600
27,200
110,800		 -
25%
103%

==> picture [181 x 38] intentionally omitted <==

Upside Potential

Both deposits remain open along strike and down plunge.

Conclusions

The Indicated & Inferred Mineral Resource estimates (MRE) for the Nyungu Central and Kabikupa deposits at the Mumbezhi Copper Project have generated slightly lower copper grades in the February 2026 update, compared to the maiden MRE announced in March 2025[1] .

However, the estimation of maiden gold and cobalt Mineral Resources for Nyungu Central in this 2026 update, indicates valuable by-product commodity values, which have also been supported by metallurgical test work studies carried out by Prospect and reported during 2025.

The Mineral Resources are set out in Tables 7-8. The combined Mineral Resource is estimated to be 173.8 Mt at 0.50% CuEq for 771,900 kt copper, 127,100 oz of gold and 38.6 kt of cobalt, classified as Indicated and Inferred, as set out in the tables above.

Recommendations

  • Carry out open pit optimisation engineering works and scoping economic studies before carrying out further extensive drilling;

  • Significantly increase re-assaying of gold in existing drillholes at Nyungu Central to increase confidence in the sample support for Mineral Resources, with the aim of significantly growing the gold inventory of the deposit; and

  • Progress metallurgical test work on indicative gold and cobalt recoveries from the fresh, transition and oxide domains at Nyungu Central, to confirm metallurgical performance and production of an copper concentrate with economic by-product gold credits.

Proposed Phase 3 Drilling and Exploration Programmes

The Phase 3 drilling and exploration programmes at Mumbezhi are expected to commence in Q2 2026, after the current wet season climatic conditions in northern Zambia subside.

The drilling programme comprising approximately 16,000 metres of diamond core drilling and 2,000m of RC drilling, will target Mineral Resource development work at the key Nyungu Central deposit and the completion of exploratory scout drilling programmes at Chipimpa, Sharamba and Nyungu South.

The latter prospects were defined by strong airborne aeromagnetic anomalies (AEM) that extend discontinuously over 2km each at Chipimpa and Sharamba, and 1km at Nyungu South, with all indicating a depth potential and encouraging structural complexity (like Nyungu Central) in their geophysical signature profiles[2] .

In addition, shallow aircore drilling programmes totalling 8,000 metres will be employed widely across the Mumbezhi Mining Licences during 2026, targeting new areas with concurrent airborne and/or geochemical copper anomalies defined by Prospect during 2025.

1 Refer to PSC ASX release dated 11 March 2025, Maiden Mineral Resource Estimate for Mumbezhi Exceeds 500kt Contained Copper

2 Refer to PSC ASX release dated 19 November 2025, Strong Exploration Targets Identified at Mumbezhi

==> picture [181 x 38] intentionally omitted <==

Additional surface geophysical gridded Induced Polarisation (IP) arrays will also be completed, as these have proven useful for prospect targeting near surface, where electrical and resistivity profiles help define the underlying rock sequences for deeper drill targeting.

The aim and strategy for the 2026 programmes at the Mumbezhi Copper Project is two fold:

  • To firm up, and grow, the flagship Nyungu Central deposit for economic scoping studies during Q4 2026 (including its latent gold endowment); and

  • Complete first-pass drilling of newly defined regional exploration targets, most of which have had no (or at least very limited ineffectual) drilling by previous operators in the area now defined by the Project’s boundaries.

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

For further information, please contact:

Sam Hosack Ian Goldberg Managing Director Executive Director - Financial [email protected] [email protected]

Competent Person’s Statement

The information in this announcement that relates to the Mumbezhi Project 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 (MAusIMM) 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.

The information in this report that relates to the Mumbezhi Project Mineral Resources and Exploration Targets is based on information compiled by Steve Rose, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy (FAusIMM). Steve Rose is a full-time consultant with Rose Mining Geology Consultants. Mr Rose has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Rose consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to the Mumbezhi Copper Project metallurgical testing, is based on information compiled by Mr John Maketo, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Maketo 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 Maketo 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.

==> picture [181 x 38] intentionally omitted <==

Compliance Statements

Copper equivalent (CuEq) has been used to report Mineral Resource estimated tonnages and associated grades that carry both gold and cobalt credits at the Mumbezhi Copper Project. Prospect has confidence in the existing metallurgical test work completed for transition and fresh copper composites from the Nyungu Central deposit, that gold and cobalt will be recoverable by conventional flotation processing and copper concentration. These metals are commonly traded on worldwide commodity markets. It is the opinion of Prospect that all the elements included in the metal equivalents calculation have reasonable potential of being recovered and sold in the future.

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.

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 electrification and battery metals mining projects in the broader sub-Saharan African region.

==> picture [181 x 38] intentionally omitted <==

About the Mumbezhi Copper Project

The Mumbezhi Copper Project (85% Prospect) ( Mumbezhi ) is situated in the world-class Central African Copperbelt region of north-western Zambia. Located on two granted Large Scale Mining Licences (39445-HQ-LML; 39465-HQ-LML), Mumbezhi covers approximately 356 square kilometres of highly prospective tenure which lies in close proximity to several major mines which are hosted in similar geological settings

Prospect’s Phase 1 drilling programme at Mumbezhi returned highly encouraging results, validating the growth potential of the significant endowment of copper mineralisation at Nyungu Central and delivering further confidence in a potential future large-scale, open pit mining development at Mumbezhi.

The Phase 2 drilling and exploration programmes began in mid-May and were completed in November 2025.

In February 2026, Prospect delivered an updated JORC-reportable Indicated and Inferred Mineral Resource estimate for Mumbezhi of 173.8Mt @ 0.44% Cu (0.50% CuEq) for 772 kt of contained copper.

==> picture [284 x 235] intentionally omitted <==

About Copper

Copper is a red-orange coloured metallic element in its pure form. It 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 up to 80kg of copper, four times the amount typically used in combustion engine vehicles.

==> picture [181 x 38] intentionally omitted <==

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

Hole_ID Drill Type Deposit DH_East DH_North DH_RL Datum DH_Dip DH_Azimuth DH_Depth
DD23_1 DD Nyungu Central 339101 8630197 1315 UTM_WGS84_35S -70 90 300.00
DD23_3 DD Nyungu Central 339081 8629900 1311 UTM_WGS84_35S -70 270 300.00
DD23_4 DD Nyungu Central 339176 8629751 1308 UTM_WGS84_35S -70 90 300.00
KBDD001 DD Kabikupa 348748 8635752 1251 UTM_WGS84_35S -70 228 206.90
KBDD002 DD Kabikupa 348880 8635900 1261 UTM_WGS84_35S -70 228 297.00
KBDD003 DD Kabikupa 349325 8635200 1251 UTM_WGS84_35S -60 273 154.20
KBDD004 DD Kabikupa 349000 8635500 1251 UTM_WGS84_35S -70 228 244.91
KBDD005 DD Kabikupa 349780 8634830 1253 UTM_WGS84_35S -70 228 201.00
KBDD006 DD Kabikupa 348390 8635940 1255 UTM_WGS84_35S -70 138 290.00
KBDD007 DD Kabikupa 349298 8635354 1246 UTM_WGS84_35S -70 228 267.00
KBDD008 DD Kabikupa 349987 8635042 1265 UTM_WGS84_35S -70 228 212.00
KKDD001 DD Kabikupa 348820 8635870 1318 UTM_WGS84_35S -70 220 250.10
KKDD002 DD Kabikupa 348830 8635680 1320 UTM_WGS84_35S -70 220 224.10
KKDD003 DD Kabikupa 349190 8635420 1318 UTM_WGS84_35S -70 220 206.00
KKDD004 DD Kabikupa 348950 8635600 1320 UTM_WGS84_35S -70 220 220.00
KKDD005 DD Kabikupa 349420 8635290 1320 UTM_WGS84_35S -70 220 203.50
KKDD006 DD Kabikupa 349218 8635356 1309 UTM_WGS84_35S -60 225 225.70
KKDD007 DD Kabikupa 348676 8635668 1314 UTM_WGS84_35S -60 225 150.90
KKDD008 DD Kabikupa 349472 8635228 1321 UTM_WGS84_35S -60 225 191.10
KKDD009 DD Kabikupa 349000 8635390 1317 UTM_WGS84_35S -60 225 176.40
KKDD010 DD Kabikupa 349195 8635733 1324 UTM_WGS84_35S -70 180 379.90
KKDD011 DD Kabikupa 349000 8635800 1327 UTM_WGS84_35S -70 220 360.40
KKDD012 DD Kabikupa 349139 8635926 1333 UTM_WGS84_35S -60 225 389.50
KKDD013 DD Kabikupa 349648 8635143 1327 UTM_WGS84_35S -60 225 170.00
KKDD014 DD Kabikupa 348605 8635595 1311 UTM_WGS84_35S -60 225 152.60
KKDD015 DD Kabikupa 348817 8635544 1319 UTM_WGS84_35S -60 220 227.60
KKDD016 DD Kabikupa 349012 8635353 1316 UTM_WGS84_35S -60 225 225.20
KKDD017 DD Kabikupa 349398 8635148 1318 UTM_WGS84_35S -60 225 200.60
KKDD018 DD Kabikupa 348664 8635814 1310 UTM_WGS84_35S -70 220 197.70
KKDD019 DD Kabikupa 348537 8635645 1304 UTM_WGS84_35S -70 220 150.90
KKMT001 DD Kabikupa 348748 8635607 1312 UTM_WGS84_35S -60 220 150.00
MBD00RC001 RCD Nyungu Central 339080 8630422 1318 UTM_WGS84_35S -60 90 228.00
MBD00RC002 RCD Nyungu Central 339167 8630397 1315 UTM_WGS84_35S -60 90 180.00
MBD00RC003 RCD Nyungu Central 339319 8630401 1310 UTM_WGS84_35S -60 90 200.00
MBD00RC004 RCD Nyungu Central 339075 8629994 1313 UTM_WGS84_35S -60 90 252.00
MBD00RC005 RCD Nyungu Central 339143 8630059 1312 UTM_WGS84_35S -60 90 200.00
MBD00RC006 RCD Nyungu Central 339295 8630062 1307 UTM_WGS84_35S -60 90 156.00
MBD00RC007 RCD Nyungu Central 338795 8629685 1315 UTM_WGS84_35S -60 90 234.00
MBD00RC008 RCD Nyungu Central 339048 8629652 1310 UTM_WGS84_35S -60 90 196.00
MBD00RC009 RCD Nyungu Central 339201 8629665 1308 UTM_WGS84_35S -60 90 150.00
MBD00RC010 RCD Nyungu Central 339354 8629672 1304 UTM_WGS84_35S -60 90 125.00
MBD00RC011 RCD Nyungu Central 339625 8629650 1310 UTM_WGS84_35S -60 90 100.00
MBD01RC001 RCD Nyungu Central 339161 8629474 1307 UTM_WGS84_35S -60 93 228.00
MBD01RC002 RCD Nyungu Central 339136 8629860 1310 UTM_WGS84_35S -60 90 200.00
MBD01RC003 RCD Nyungu Central 339342 8630264 1308 UTM_WGS84_35S -60 93 194.65
MBD01RC004 RCD Nyungu Central 339198 8630256 1312 UTM_WGS84_35S -60 93 252.00
MBD01RC005 RCD Nyungu Central 339222 8630803 1317 UTM_WGS84_35S -90 0 270.00
MBD01RC006 RCD Nyungu Central 339347 8630814 1314 UTM_WGS84_35S -90 0 200.00
MBD01RC007 RCD Nyungu Central 339438 8631238 1328 UTM_WGS84_35S -90 0 200.00
MBD01RC008 RCD Nyungu Central 339240 8631238 1333 UTM_WGS84_35S -90 0 130.00
MBD01RC009 RCD Nyungu Central 338646 8630834 1342 UTM_WGS84_35S -90 0 220.00
MM296 RCD Nyungu Central 339090 8630290 1316 UTM_WGS84_35S -90 0 551.70
MWDD001 DD West Mwombezhi 341600 8642850 1285 UTM_WGS84_35S -70 90 299.80
MWDD002 DD West Mwombezhi 341750 8642700 1285 UTM_WGS84_35S -70 90 247.90
MWDD003 DD West Mwombezhi 342173 8643037 1278 UTM_WGS84_35S -70 90 215.30
MWDD004 DD West Mwombezhi 342324 8643167 1283 UTM_WGS84_35S -70 110 149.30
MWDD005 DD West Mwombezhi 342345 8643374 1287 UTM_WGS84_35S -70 110 149.20
MWDD006 DD West Mwombezhi 342515 8643698 1292 UTM_WGS84_35S -70 110 150.60

==> picture [181 x 38] intentionally omitted <==

Hole_ID Drill Type Deposit DH_East DH_North DH_RL Datum DH_Dip DH_Azimuth DH_Depth
MWDD007 DD West Mwombezhi 341755 8642850 1280 UTM_WGS84_35S -70 90 200.40
MWDD008 DD West Mwombezhi 341621 8643164 1295 UTM_WGS84_35S -70 90 250.00
MWDD009 DD West Mwombezhi 341925 8643165 1280 UTM_WGS84_35S -70 100 175.00
MWDD010 DD West Mwombezhi 342125 8643165 1285 UTM_WGS84_35S -70 100 150.20
MWDD011 DD West Mwombezhi 342125 8643565 1280 UTM_WGS84_35S -70 100 150.60
NCDD001 DD Nyungu Central 339199 8629849 1308 UTM_WGS84_35S -70 90 172.20
NCDD002 DD Nyungu Central 339300 8629851 1306 UTM_WGS84_35S -70 90 201.70
NCDD003 DD Nyungu Central 339048 8630097 1315 UTM_WGS84_35S -70 90 289.40
NCDD004 DD Nyungu Central 338944 8630393 1321 UTM_WGS84_35S -70 90 523.00
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 90 500.00
NCDD008 DD Nyungu Central 339000 8629974 1310 UTM_WGS84_35S -70 90 406.90
NCDD009 DD Nyungu Central 339125 8630650 1320 UTM_WGS84_35S -70 90 475.00
NCDD010 DD Nyungu Central 338910 8630050 1315 UTM_WGS84_35S -70 90 380.00
NCDD011 DD Nyungu Central 339175 8360900 1315 UTM_WGS84_35S -70 90 400.90
NCDD012 DD Nyungu Central 338850 8629970 1315 UTM_WGS84_35S -70 90 361.90
NCDD013 DD Nyungu Central 338300 8630400 1330 UTM_WGS84_35S -60 90 770.00
NCDD014 DD Nyungu Central 339200 8631150 1325 UTM_WGS84_35S -70 90 424.90
NCDD015 DD Nyungu Central 339000 8629755 1310 UTM_WGS84_35S -70 90 250.84
NCDD016 DD Nyungu Central 338845 8629755 1314 UTM_WGS84_35S -70 90 284.00
NCDD017 DD Nyungu Central 339000 8629595 1310 UTM_WGS84_35S -70 90 121.90
NCDD018 DD Nyungu Central 339000 8629450 1309 UTM_WGS84_35S -70 90 214.90
NCDD019 DD Nyungu Central 339000 8629325 1308 UTM_WGS84_35S -70 90 259.90
NCDD020 DD Nyungu Central 338780 8629655 1309 UTM_WGS84_35S -70 90 275.00
NCDD021 DD Nyungu Central 338940 8629655 1309 UTM_WGS84_35S -70 90 175.90
NCDD022 DD Nyungu Central 338925 8629850 1309 UTM_WGS84_35S -70 90 275.00
NCDD023 DD Nyungu Central 338850 8630145 1309 UTM_WGS84_35S -70 90 425.00
NCMT001 DD Nyungu Central 339098 8629969 1312 UTM_WGS84_35S -90 0 242.00
NCMT002 DD Nyungu Central 339064 8630394 1315 UTM_WGS84_35S -70 82 443.00
NCRD001 RCD Nyungu Central 339299 8630197 1309 UTM_WGS84_35S -70 90 250.40
NCRD002 RCD Nyungu Central 339340 8629898 1305 UTM_WGS84_35S -70 90 180.50
NCRD003 RCD Nyungu Central 339268 8630396 1312 UTM_WGS84_35S -70 90 234.10
NCRD004A RCD Nyungu Central 338966 8630197 1318 UTM_WGS84_35S -70 90 72.00
NCRD004R RCD Nyungu Central 338960 8630197 1318 UTM_WGS84_35S -70 90 431.00
NCRD005 RCD Nyungu Central 339123 8630502 1318 UTM_WGS84_35S -70 90 401.00
NCRD006 RCD Nyungu Central 339221 8630098 1310 UTM_WGS84_35S -70 90 100.00
NCRD007 RCD Nyungu Central 339049 8630197 1316 UTM_WGS84_35S -70 90 385.60
NCRD008 RCD Nyungu Central 339219 8630049 1310 UTM_WGS84_35S -70 90 183.00
NCRD009 RCD Nyungu Central 338950 8630096 1317 UTM_WGS84_35S -70 90 405.40
NCRD010 RCD Nyungu Central 339000 8630146 1317 UTM_WGS84_35S -70 90 450.10
NCRD011 RCD Nyungu Central 339296 8629748 1305 UTM_WGS84_35S -70 90 182.00
NCRD012 RCD Nyungu Central 339251 8630246 1311 UTM_WGS84_35S -70 90 310.00
NCRD013 RCD Nyungu Central 339298 8630253 1309 UTM_WGS84_35S -70 90 42.40
NCRD014 RCD Nyungu Central 338898 8629745 1313 UTM_WGS84_35S -70 90 69.00
NCRD015 RCD Nyungu Central 338799 8629747 1315 UTM_WGS84_35S -70 90 55.00
NCRD016 RCD Nyungu Central 339099 8629594 1308 UTM_WGS84_35S -70 90 80.00
NCRD017 RCD Nyungu Central 339144 8629594 1307 UTM_WGS84_35S -70 90 55.00
NCRD018 RCD Nyungu Central 339203 8629596 1306 UTM_WGS84_35S -70 90 81.00
NCRD019 RCD Nyungu Central 339245 8629597 1305 UTM_WGS84_35S -70 90 49.00
NCRD019R RCD Nyungu Central 339256 8629598 1305 UTM_WGS84_35S -70 90 20.00
NCRD020 RCD Nyungu Central 339300 8629597 1304 UTM_WGS84_35S -70 90 73.00
NCRD021 RCD Nyungu Central 339241 8629949 1309 UTM_WGS84_35S -70 90 81.00
NCRD022 RCD Nyungu Central 339218 8629975 1310 UTM_WGS84_35S -70 90 183.00
NCRD023 RCD Nyungu Central 338920 8630496 1323 UTM_WGS84_35S -70 90 587.00
NCRD024 RCD Nyungu Central 339304 8630297 1310 UTM_WGS84_35S -70 90 57.00
NCRD025 RCD Nyungu Central 339200 8630277 1313 UTM_WGS84_35S -70 90 97.00
NCRD026 RCD Nyungu Central 338817 8630445 1325 UTM_WGS84_35S -70 90 680.00
NCRD027 RCD Nyungu Central 338997 8630050 1315 UTM_WGS84_35S -70 90 106.00
NSDD001 DD Nyungu South 338370 8626370 1290 UTM_WGS84_35S -70 270 250.90

==> picture [181 x 38] intentionally omitted <==

Hole_ID Drill Type Deposit DH_East DH_North DH_RL Datum DH_Dip DH_Azimuth DH_Depth
NSDD002 DD Nyungu South 338370 8626570 1290 UTM_WGS84_35S -70 270 250.90
NSDD003 DD Nyungu South 338310 8626060 1282 UTM_WGS84_35S -70 270 250.90
NSDD004 DD Nyungu South 338480 8626770 1286 UTM_WGS84_35S -70 270 250.00
NSDD005 DD Nyungu South 338331 8626199 1290 UTM_WGS84_35S -70 270 247.20
NYDD047 DD Nyungu North 338340 8630800 1349 UTM_WGS84_35S -70 93 300.00
NYDD048 DD Nyungu North 339120 8632800 1306 UTM_WGS84_35S -70 93 257.80
NYDD049 DD Nyungu Central 339482 8630000 1302 UTM_WGS84_35S -60 93 254.80
NYDD050 DD Nyungu North 338845 8630800 1341 UTM_WGS84_35S -70 93 263.90
NYDD051 DD Nyungu East 339750 8629900 1295 UTM_WGS84_35S -60 93 248.80
NYDD052 DD Nyungu Central 339160 8630142 1313 UTM_WGS84_35S -70 90 216.00
NYDD053 DD Nyungu Central 339164 8630087 1312 UTM_WGS84_35S -70 90 287.00
NYDD054 DD Nyungu Central 339146 8630192 1314 UTM_WGS84_35S -65 93 299.00
NYDD055 DD Nyungu Central 339150 8630240 1314 UTM_WGS84_35S -65 90 380.00
NYDD056 DD Nyungu Central 339148 8630293 1314 UTM_WGS84_35S -65 90 383.00
NYDD057 DD Nyungu Central 339080 8630394 1318 UTM_WGS84_35S -65 90 400.90
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 90 460.50
NYRC031 RC Nyungu Central 339120 8630222 1314 UTM_WGS84_35S -70 90 117.00
NYRC032 RC Nyungu Central 339061 8630776 1321 UTM_WGS84_35S -70 90 133.00
NYRC033 RC Nyungu Central 338979 8630775 1323 UTM_WGS84_35S -70 90 85.00
NYRC034 RC Nyungu Central 339820 8635601 1268 UTM_WGS84_35S -70 90 100.00
NYRC035 RC Nyungu Central 339742 8635601 1272 UTM_WGS84_35S -70 90 127.00
NYRC036 RC Nyungu Central 339540 8633199 1294 UTM_WGS84_35S -70 90 91.00
NYRC037 RC Nyungu Central 339621 8633203 1289 UTM_WGS84_35S -70 90 91.00
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
NYRD024 RCD Nyungu South 338217 8626373 1290 UTM_WGS84_35S -70 90 216.00
NYRD025 RCD Nyungu South 338144 8626377 1292 UTM_WGS84_35S -70 90 186.15
NYRD026 RCD Nyungu South 338061 8626374 1295 UTM_WGS84_35S -70 90 113.65
NYRD027 RCD Nyungu South 338298 8626775 1292 UTM_WGS84_35S -70 90 198.65
NYRD028 RCD Nyungu South 338220 8626776 1294 UTM_WGS84_35S -70 90 201.15
NYRD029 RCD Nyungu South 338142 8626774 1296 UTM_WGS84_35S -70 90 149.65
NYRD030 RCD Nyungu Central 339016 8629836 1312 UTM_WGS84_35S -70 90 200.65
NYRD031 RCD Nyungu Central 339120 8630222 1314 UTM_WGS84_35S -70 90 305.65
NYRD038 RCD Nyungu Central 339139 8630775 1319 UTM_WGS84_35S -70 87 300.00
NYRD039 RCD Nyungu South 338216 8626578 1292 UTM_WGS84_35S -70 90 216.45
NYRD040 RCD Nyungu South 338134 8626578 1294 UTM_WGS84_35S -70 90 159.55
NYRD041 RCD Nyungu South 338096 8626178 1291 UTM_WGS84_35S -70 90 116.46
NYRD042 RCD Nyungu South 338174 8626178 1289 UTM_WGS84_35S -70 90 170.55
NYRD043 RCD Nyungu Central 339200 8630738 1317 UTM_WGS84_35S -70 93 242.65
NYRD044 RCD Nyungu Central 339180 8630578 1316 UTM_WGS84_35S -70 93 239.75
NYRD045 RCD Nyungu Central 339095 8630273 1316 UTM_WGS84_35S -70 93 302.55
NYRD046 RCD Nyungu Central 339113 8630080 1313 UTM_WGS84_35S -70 90 290.25
NYU1 DD Nyungu Central 338960 8630290 1320 UTM_WGS84_35S -90 0 300.00
NYU11RD001 RCD Nyungu Central 339086 8630391 1317 UTM_WGS84_35S -90 0 308.50
NYU11RD002 RCD Nyungu Central 339233 8630395 1313 UTM_WGS84_35S -90 0 299.81
NYU11RD003 RCD Nyungu Central 339377 8630392 1308 UTM_WGS84_35S -90 0 194.65
NYU11RD004 RCD Nyungu Central 338933 8630394 1322 UTM_WGS84_35S -90 0 296.50
NYU11RD005 RCD Nyungu Central 339122 8629658 1308 UTM_WGS84_35S -90 0 185.60
NYU11RD006 RCD Nyungu Central 338970 8629656 1311 UTM_WGS84_35S -60 90 149.20

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==> picture [452 x 224] intentionally omitted <==

----- Start of picture text -----

Hole_ID Drill Type Deposit DH_East DH_North DH_RL Datum DH_Dip DH_Azimuth DH_Depth
NYU11RD007 RCD Nyungu Central 338724 8629657 1316 UTM_WGS84_35S -60 90 70.00
NYU11RD008 RCD Nyungu Central 339244 8629657 1306 UTM_WGS84_35S -60 90 191.20
NYU11RD009 RCD Nyungu Central 339278 8630002 1308 UTM_WGS84_35S -60 90 200.30
NYU11RD010 RCD Nyungu Central 339123 8629999 1312 UTM_WGS84_35S -60 90 305.14
NYU11RD011 RCD Nyungu Central 338977 8629993 1315 UTM_WGS84_35S -60 90 300.10
NYU11RD012 RCD Nyungu Central 338545 8630024 1336 UTM_WGS84_35S -60 90 121.50
NYU11RD013 RCD Nyungu Central 339275 8630795 1315 UTM_WGS84_35S -60 90 116.20
NYU11RD014 RCD Nyungu Central 338736 8630826 1343 UTM_WGS84_35S -60 90 200.20
NYU11RD015 RCD Nyungu Central 338450 8630820 1345 UTM_WGS84_35S -60 90 82.00
NYU11RD016 RCD Nyungu Central 339434 8631226 1329 UTM_WGS84_35S -60 90 180.30
NYU11RD017 RCD Nyungu Central 338699 8631218 1339 UTM_WGS84_35S -60 90 53.00
NYU11RD018 RCD Nyungu Central 338494 8631224 1342 UTM_WGS84_35S -60 90 76.00
NYU11RD019 RCD Nyungu Central 338600 8630822 1342 UTM_WGS84_35S -60 90 179.30
NYU11RD020 RCD Nyungu Central 338405 8630420 1332 UTM_WGS84_35S -60 90 150.30
NYU11RD021 RCD Nyungu Central 339123 8629865 1310 UTM_WGS84_35S -70 90 297.89
NYU11RD022 RCD Nyungu Central 339238 8630193 1311 UTM_WGS84_35S -90 0 180.40
NYU11RD023 RCD Nyungu Central 339090 8630203 1315 UTM_WGS84_35S -90 0 67.00
NYU2 DD Nyungu Central 338960 8630030 1316 UTM_WGS84_35S -90 0 350.50
WMDD001 DD West Mwombezhi 341940 8643000 1278 UTM_WGS84_35S -60 93 252.00
WMDD002 DD West Mwombezhi 341760 8643000 1280 UTM_WGS84_35S -60 93 302.80
WMDD003 DD West Mwombezhi 341630 8643000 1285 UTM_WGS84_35S -70 93 287.90
WMDD006 DD West Mwombezhi 341640 8643700 1298 UTM_WGS84_35S -60 93 277.30
----- End of picture text -----

APPENDIX 2 : Formula for Copper Equivalent (CuEq%) calculations

Metal equivalents have been calculated at a copper price of US$11,500/tonne, gold price of US$3,500/ounce and cobalt price of US$40,000/tonne.

Prospect Resources has taken a conservative approach to its commodity pricing assumptions and utilised Canaccord Genuity (CG) commodity price forecasts for copper and cobalt as stated in its December 2025 commodity price deck (https://canaccordgenuity.bluematrix.com , to arrive at the figures used in the CuEq% calculation.

Gold spot price was reviewed (https://www.kitco.com/charts/gold) and a conservative long term gold pricing was arrived at to support the figure used in the CuEq% calculation.

Copper metallurgical recovery is 90% and cobalt metallurgical recovery is 50% based on metallurgical test work undertaken by Prospect Resources Ltd (refer PSC ASX releases dated 19 May 2025 and 17 July 2025). Gold metallurgical recovery is conservatively estimated at 70% based on limited testing having been completed to date.

The estimated recoveries are consistent with regional benchmarks for similar low-grade copper deposits in Zambia, notably neighbouring operations managed by First Quantum Minerals and Barrick, who mine and process similar deposits to those defined at the Mumbezhi Project.

Copper equivalent was calculated based on the formula: CuEq% = Cu% + (Au grade x ((Au Price/Cu Price) x (Au recovery /Cu recovery)) + Co grade x ((Co price/Cu price) x (Co recovery/Cu recovery)).

In Prospect Resources’ opinion, the elements included in the copper metal equivalent calculation have reasonable potential to be recovered and sold.

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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 Commentary
Sampling •Nature and quality of sampling (eg • Prospect
Resources’
Mumbezhi
techniques cut channels, random chips, or Mineral Resource definition drilling
specific specialised industry programmes were aimed at verifying
standard measurement tools parts of the existing Nyungu Central
appropriate to the minerals under model, and testing the potential for
investigation, such as down hole eastern
oxide-transition
up-dip,
gamma sondes, or handheld XRF northern down plunge, western
instruments, etc). These examples down-dip sulphide, and southern up-
should not be taken as limiting the plunge oxide-transition extensions.
broad meaning of sampling. • At Kabikupa, drilling was completed
•Include reference to measures taken to test historical drilling intersections
to ensure sample representivity and and then extend those both up-dip,
the appropriate calibration of any down dip and along strike to the
measurement tools or systems used. southeast and northwest.
•Aspects of the determination of • In total, 22,283m of DD (93 holes)
mineralisation that are Material to and 2,025m RC (29 holes) have
the Public Report. been completed at Nyungu Central,
•In cases where ‘industry standard’ Kabikupa,
West
Mwombezhi,
work has been done this would be Nyungu North and Nyungu South by
relatively simple (eg ‘reverse Prospect in 2025 (Phase 1) and
circulation drilling was used to obtain 2026 (Phase 2).
1 m samples from which 3 kg was • Cu–Co results are available for the
pulverised to produce a 30 g charge majority of holes drilled during
for fire assay’). In other cases more Phase 2; being 4,443 out of 6,452
explanation may be required, such core samples at the date of this
as where there is coarse gold that release.
has inherent sampling problems. • Gold re-assay results are also
Unusual commodities or available for 1,604 samples for
mineralisation types (eg submarine Nyungu Central (Phase 2).
nodules) may warrant disclosure of • Drill holes were completed to sample
detailed information. across the copper mineralisation as
close to perpendicular as possible.
• Samples were either collected on
1m spacing or separated at defined
lithology boundaries.
• Diamond drilling (DD) at Nyungu
Central was completed using two
track mounted LF90s (driven by a
Cummings 6.7L) were operated by
Ox Drilling - drill core size was PQ.
Initially,
drilling
through
the
transitional zone normally 60-80m
depth, thereafter NQ size was used.
• DD was completed with a Leos
Drilling Altas Copco CS14 wireline

==> picture [181 x 38] intentionally omitted <==

Criteria JORC Code explanation Commentary Commentary
with standard PQ and HQ core size
at Kabikupa and West Mwombezhi.
• Handheld
pXRF
measurements
were taken on RC samples, using an
Innovx Vanta C with composite
sampling
conducted
on
non-
mineralised 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 copper 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.
• Diamond drill core samples were
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, with 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 8,785.7m DD in 36 holes
was drilled at Nyungu Central and
West Mwombezhi.
• Samples from zones defined as lying
within the Cu-Co mineralisation
were dispatched for multi-element

==> picture [181 x 38] intentionally omitted <==

Criteria JORC Code explanation Commentary Commentary
assay at ALS-Johannesburg by the
ICP-ME61 method.
• Gold fire assays were completed
retrospectively on mineralised Cu
intersections from Nyungu Central at
SGS (Kalulushi).
Drilling •Drill type (eg core, reverse • In Phase 2, at Nyungu Central, a total
techniques circulation, open-hole hammer, of 6570.7m diamond drilling in 24
rotary air blast, auger, Bangka, holes was conducted by Ox Drilling.
sonic, etc) and details (eg core At West Mwombezhi, 12 holes were
diameter, triple or standard tube, drilled
for
2,217.6m.
Whilst
at
depth of diamond tails, face- Kabikupa 3,348.5m were drilled in 15
sampling bit or other type, whether holes and 1,249.9m in 5 holes for
core is oriented and if so, by what Nyungu South.
method, etc). • Orientation
determined
by
Axis
Mining orientation instrument. Down
hole
surveying
was
completed
initially by Board Longyear TruShot
Multishot EMS, superseded (after
validatory comparison) by an Axis
Mining Technology ChampNavigator
North-Seeking Continuous Gyro.
Drill sample •Method of recording and assessing • Initial geotechnical logging recording
recovery core and chip sample recoveries and core recoveries and RQD, with
results assessed. recoveries exceeding 95%.
•Measures taken to maximise sample
•		 For RC chips, samples are weighed
recovery and ensure representative and weights recorded to estimate
nature of the samples. recovery.
•Whether a relationship exists • No observed relationship between
between sample recovery and grade core loss and grades.
and whether sample bias may have
occurred due to preferential
loss/gain of fine/coarse material.
Logging •Whether core and chip samples • For Mumbezhi, logging of drill core
have been geologically and incorporated the following details:
geotechnically logged to a level of from-to depths, colour and hue,
detail to support appropriate Mineral stratigraphy,
weathering,
texture,
Resource estimation, mining studies structure, structure orientation; type,
and metallurgical studies. mode and intensity of alteration and
•Whether logging is qualitative or ore
minerals,
zone
type
for
quantitative in nature. Core (or mineralised rock (oxide, transition,
costean, channel, etc) photography. sulphide), geological notes and %
•The total length and percentage of estimate of ore minerals present.
the relevant intersections logged. • Logging of RC chips was conducted
on a metre-by-metre basis whilst for
the diamond drill core, criteria for unit
boundaries
were
based
on
contrasting lithologies, absence or
presence of mineralisation; sudden

==> picture [181 x 38] intentionally omitted <==

Criteria JORC Code explanation Commentary Commentary
changes of weathering–usually
associated
with
structures,
plus
changes in major rock forming or
alteration minerals such as the
presence of large garnets. A guide to
core logging was written to provide
uniformity of interpretations and
consistent data entry.
• 100% of all drilling was geologically
logged, using standard Prospect
Resources codes.
• All core was photographed wet and
dry, photographs digitally named and
organised.
Sub-sampling
•If core, whether cut or sawn and		 • For Mumbezhi, all core cut with core
techniques whether quarter, half or all core saw.
Half
core
sampled
in
and sample taken. mineralised
units; quarter
core
preparation •If non-core, whether riffled, tube sampled in non-mineralised units.
sampled, rotary split, etc and • High quality sampling procedures
whether sampled wet or dry. and appropriate sample preparation
•For all sample types, the nature, techniques were followed.
quality, and appropriateness of the • Several
standards
(commercial
sample preparation technique. certified reference material (CRM))
•Quality control procedures adopted were inserted at intervals of 1 in 20 in
for all sub-sampling stages to rotation. Immediately following a
maximise representivity of samples. standard, a blank was inserted.
•Measures taken to ensure that the • Sample size (approximately 2kg in
sampling is representative of the in mass) considered appropriate to the
situ material collected, including for grain size of material being sampled.
instance results for field • Testing for gold focused initially on
duplicate/second-half sampling. three rock types; i) base of the
•Whether sample sizes are transitional zone, ii) cross-cutting
appropriate to the grain size of the younger veins and iii) zones of Cu-Co
material being sampled. mineralisation.
Quality of •The nature, quality and • For
the
Nyungu
Central
and
assay data appropriateness of the assaying and Kabikupa
drilling,
certified
and laboratory procedures used and laboratories (SGS and ALS) were
laboratory whether the technique is considered used. The AAS techniques are
tests partial or total. considered appropriate for the type of
•For geophysical tools, mineralisation being assayed.
spectrometers, handheld XRF • Several
standards
(commercial
instruments, etc, the parameters certified reference material) were
used in determining the analysis inserted at intervals of 1 in 20 in
including instrument make and rotation. Immediately following a
model, reading times, calibrations standard, a blank was inserted.
factors applied and their derivation, QA/QC monitored on each batch and
etc. re-analysis conducted where errors
•Nature of quality control procedures exceeded set limits. The 15 CRMs
adopted (eg standards, blanks, inserted were AMIS 0795 (0.40%Cu),
duplicates, external laboratory AMIS 0622(3.33% Cu),AMIS 0623

==> picture [181 x 38] intentionally omitted <==

Criteria JORC Code explanation Commentary Commentary
checks) and whether acceptable (3.1% Cu), AMIS 0873 (0.96% Cu),
levels of accuracy (ie lack of bias) AMIS 0858 (2.94%Cu), AMIS 0842
and precision have been (1.05% Cu), AMIS 0847 (1.05% Cu),
established. 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).
• 81 blanks were inserted and all
returned satisfactory to inconclusive
results. 250 of the different CRM
types lie within 2std deviations of the
theoretical values. The correlation
factor on the 181 fine and coarse
duplicates inserted was 99.6%. The
3 samples that fell outside the
acceptance range of mean + 2 Std
dev., are all very low grade samples,
and the issue is not considered
material.
• For
gold
assaying,
certified
laboratories (SGS and ALS) were
used. The AAS techniques are
considered appropriate for the type
of 46 Au certified standards, CRMs
(Commercial
Certified
Reference
Materials) produced by AMIS of
Johannesburg
were
inserted
at
intervals of 1 in 20 in rotation.
Immediately following a standard, a
blank
was
inserted.
QA/QC
monitored on each batch and re-
analysis conducted where errors
exceeded set limits. The ten different
CRMs inserted were AMIS 0881
(5.25g/t Au), AMIS 0923 (1.22g/t Au)
AMIS 0622 (0.014g/t Au), AMIS 0623
(0.014g/t Au), AMIS 0695 (0.093g/t
Au), AMIS 0696 (0.556g/t Au), AMIS
0795 (0.046g/t Au), AMIS 0844
(0.004g/t Au), AMIS 0845 (0.016g/t
Au) and AMIS 0695 (0.022g/t Au).
• For the most recent gold re-assaying
of Phase 2 drilling samples all the
blanks produced satisfactorily low
results and all the CRM types lie
within 2 std deviations of the

==> picture [181 x 38] intentionally omitted <==

Criteria JORC Code explanation Commentary Commentary
theoretical values. The correlation
factor on the 40 fine laboratory
duplicates is a creditable 76%. Four
of the results lay beyond acceptable
limits, and have been marked for
“blind” re-assay. It should be noted
however that these are all low
<0.16g/t Au sample assays.
• In
conclusion,
the
sample
preparation procedures at ALS and
the accuracy and precision of SGS
Kalulushi are adequate for purpose.
Verification of
•The verification of significant		 • For Mumbezhi, all the significant
sampling and intersections by either independent intersections and the majority of drill
assaying or alternative company personnel. core were inspected by numerous
•The use of twinned holes. geologists including Prospect’s Chief
•Documentation of primary data, data Geologist and Competent Person.
entry procedures, data verification, • All the core from Argonaut’s 2011
data storage (physical and and 2014 drilling is stored at Kitwe-
electronic) protocols. based geological consultants, AMC.
•Discuss any adjustment to assay • All data has now been transferred to
data. Access Database and migrated to
Geospark.
• No adjustments were made to any
current or historical data. If data could
not be validated to a reasonable level
of certainty, it was not used in any
resource estimations.
Location of •Accuracy and quality of surveys • 63 of the historical drill collars were
data points used to locate drill holes (collar and located and surveyed using DGPS by
down-hole surveys), trenches, mine survey consultants, SurvBuild Ltd.
workings and other locations used in Only eight of the historic holes were
Mineral Resource estimation. not located. Holes from the Phase 1
•Specification of the grid system and Phase 2 work were initially
used. located by handheld Garmin 62.
•Quality and adequacy of topographic Once
the
programme
was
control. completed, the new collars were
surveyed by DGPS. The co-ordinate
system used is WGS UTM Zone 35S.
• For 2024-25 Kabikupa holes, DGPS
pick-ups
of
collars
have
been
undertaken and a detailed drone
topographic survey undertaken.
Data spacing •Data spacing for reporting of • For Nyungu Central the original data
and Exploration Results. spacing was generally 200 metre
distribution •Whether the data spacing and traverses with 160 metre drillhole
distribution is sufficient to establish spacing, some traverses have 80
the degree of geological and grade metre drillhole spacing.
continuity appropriate for the Mineral
•		 Additional drilling to a nominal 100
Resource and Ore Reserve metre traverse by 80 metre drill

==> picture [181 x 38] intentionally omitted <==

Criteria JORC Code explanation Commentary Commentary
estimation procedure(s) and spacing
has
been
estimated
classifications applied. geostatistically as being sufficient to
•Whether sample compositing has establish
geological
and
grade
been applied. continuity.
• For Kabikupa, drill spacing is more
variable, with approx. 50m centres
per drill section and drill sections
between
100-200m
spacing
northwest to southeast.
• Samples from within the mineralised
wireframes were used to conduct a
sample length analysis. The vast
majority of samples were 1m in
length. Standard mining software
was then used to extract fixed length
1m down hole composites within the
intervals coded as mineralisation
intersections.
• Current drill spacing and density for
Nyungu Central and Kabikupa is
considered sufficient to report to
JORC (2012) standard.
• Prospect
Resources’
Mineral
Resource drilling programmes were
focused on expanding the existing
resource footprint of Nyungu Central
to the north, south and west. Holes
were drilled to test the northern down
plunge, the eastern extent of the flat
lying oxides and the nature of the
mineralised system up plunge to the
south.
• Two metallurgical holes NCMT001
and NCMT002 were drilled in the
centre of the Nyungu Central deposit
for 685.0m.
• At Kabikupa, the Phase 2 drill
programme was directed at testing
the down dip (NE), up-dip to sub-
outcrop (SW) and SE strike extension
of the ore body defined by the PSC
Phase 1 and historical 2015 Argonaut
work. The positive results of the
drilling corelate well with the PSC IP
anomalies, well defined termite hill
geochemical
anomalies
and
occurrences
of
convincing
geo-
botanical indicators.
• One metallurgical holes KKMT001
was drilled at the northwest end of

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Criteria JORC Code explanation Commentary Commentary
the Kabikupa deposit for 150.0m.
Orientation of
•Whether the orientation of sampling		 • For Nyungu Central, the current
data in achieves unbiased sampling of drillholes were orientated to intercept
relation to possible structures and the extent to normal to the strike of mineralisation
geological which this is known, considering the and were inclined to the east, at -70°.
structure deposit type. Mineralisation is interpreted to strike
•If the relationship between the 015° true, dip moderately to steeply
drilling orientation and the orientation to the west and plunge moderately to
of key mineralised structures is the north.
considered to have introduced a • Due to the dip attitude of the
sampling bias, this should be mineralisation, 70° inclined drillholes
assessed and reported if material. do not intersect the mineralisation
completely perpendicularly. This is
not considered to have introduced
any significant bias.
• Geological mapping was undertaken
at prospect scale to refine local
structural fabric and thus to drill
perpendicular
to
the
interpreted
deposit’s strike.
• For Kabikupa, drill holes were
generally
drilled
-70º
to
the
southwest, which is perpendicular to
the NW-SE strike of the deposit.
• At West Mwombezhi, drill holes were
drilled -70º to the east which is
perpendicular to the N-S strike of the
deposit.
Sample •The measures taken to ensure • For Nyungu Central and Kabikupa, all
security sample security. retained drill core are stored on Site,
with historical drill samples in
secure sheds in Kitwe at the
geological
contractor’s
AMC’s
facility.
• Samples were collected and bagged
on site under supervision of the
geologist.
They
were
then
transported directly to the assay
laboratory using sample cages. Once
at the assay laboratory the samples
were received into the laboratory
storage
compound
before
processing.
Audits or •The results of any audits or reviews • A review was carried out in 2024 by
reviews of sampling techniques and data. ERM Consultants. This provided a
series of recommendations, many of
which have been adopted. It did not
show any material issues with
sampling.
• In addition, Copperbelt structural

==> picture [181 x 38] intentionally omitted <==

Criteria JORC Code explanation Commentary
specialist Tect Consultants
undertook a
detailed
structural
investigation of the Nyungu Central
drill core in February and December
2025.

==> picture [181 x 38] intentionally omitted <==

Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral •Type, reference name/number, • The initial Large Scale Prospecting
tenement and location and ownership including Licence, 16121-HQ-LPL, for Mumbezhi,
land tenure agreements or material issues (formerly Lumwana West) is located
status with third parties such as joint approximately 95km west southwest of
ventures, partnerships, Solwezi, Zambia. The licence was due to
overriding royalties, native title expire
on
20/07/2018
and
was
interests, historical sites, subsequently renewed as Large-Scale
wilderness or national park and Exploration Licence, 22399-HQ-LEL on
environmental settings. 29/12/2017, which was due to expire on
•The security of the tenure held 28/12/2021.
at the time of reporting along • This latter tenement was revoked, and a
with any known impediments to similar ground position was then covered
obtaining a licence to operate in by 30426-HQ-LEL, and was initially
the area. granted
for
4
years
to
Global
Development
Corporation
(GDC)
Consulting
Zambia
Limited
on
02/12/2021, expiring on 01/12/2025.
• GDC held 100% of the 30426-HQ-LEL
(now 356 sq km). The licence excluded
the northeast portion of the former
licence, which incorporated the historic
LMW and Kavipopo prospects.
• Following the signing of the deal on 29th
May 2024, PSC has acquired 85% of the
project from GDC, with the licence now
held under the name Osprey Resources
Limited (85% PSC, 15% GDC).
• The applications for two mining licences
were granted in the name of Osprey
Resources on the 31stMarch 2025 for 25
years each.
• These
licences
are
39465-HQ-LML
which covers the 218 sq km of the
southern portion of the original licence,
including Nyungu Central, and 39445-
HQ-LML which covers 138 sq km of the
northern
portion,
including
West
Mwombezhi and Kabikupa.
• Licences are in good standing.
Exploration •Acknowledgment and appraisal • Roan Selection Trust (1960’s-1970’s)
done by other of exploration by other parties. completed
regional
soil
sampling,
parties augering, wagon drilling and diamond
drilling. Drilling completed at Nyungu
Central (drillholes MM295 and MM296).
• AGIP-COGEMA
JV
(1982-1987)
-
Systematic
regional
radiometric
traversing, soil and stream sediment
sampling, geological mapping, pitting and
trenching, largely targeting the uranium

==> picture [181 x 38] intentionally omitted <==

Criteria JORC Code explanation Commentary Commentary
potential. No drilling was completed.
• Phelps Dodge (1990’s) - Soil sampling
and drilling. Diamond drilling completed at
Nyungu Central (drillholes NYU1 and
NYU2).
• ZamAnglo (2000 - 2003) – Regional and
infill soil sampling. Geological mapping,
IP/CR/CSAMT
geophysical
surveys.
Three
phases
of
RC
drilling,
two
programmes
at
Mumbezhi
(MBD00RC001-011 and MBD01RC001-
009) and one regional programme
(MBD02RC001- 007; 012).
• Anglo Equinox JV (2003 – 2008) –
unknown but some drill collars located are
presumably from this phase of work.
• Orpheus Uranium Limited (previously
Argonaut Resources NL (2011-2021),
various phases of intermittent RC and
diamond drilling in JV with Antofagasta
plc of Nyungu, Kabikupa and the
Lumwana West (LMW) prospects.
• Further drilling and exploration works
(including geophysics and geochemical
surface
sampling)
were
conducted
between 2012-2021 on the Nyungu
(Central, South, East and North), West
Mwombezhi,
Kabikupa,
Kamafamba,
Mufuke, Sharamba and Luamvunda
prospects by Orpheus Uranium Limited
both internally and under a JV with
Antofagasta plc. As part of this
geophysical contractors UTS flew a high
resolution aeromagnetic and radiometric
survey in 2012, which was audited by
Earth Maps. This was accompanied by a
detailed Landsat structural interpretation
and in addition induced polarisation
programmes were initiated with mixed
results at Nyungu Central and North.
Geology •Deposit type, geological setting, • The
style
of
copper
and
cobalt
and style of mineralisation. mineralisation being targeted is Lumwana
Mine style, structurally controlled, shear
hosted, Cu +/- Co (+/- U and Au), which
are
developed
within
interleaved
deformed Lower Roan and basement
schists and gneisses. The predominant
structural tend at Nyungu is north-south.
Southeast – northwest and to a lesser
extent southwest-northeast cross-cutting
structures have also affected the ore

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Criteria JORC Code explanation Commentary Commentary
body.
• The mineralisation at Kabikupa, which is
ascribed to a younger mineralisation
remobilisation event, during Lufilian
deformation, has a southeast-northwest
trend.
Drill hole •A summary of all information • Exploration results are
not
being
Information material to the understanding of reported.
the exploration results including
a tabulation of the following
information for all Material drill
holes:
oeasting and northing of the
drill hole collar
oelevation or RL (Reduced
Level – elevation above sea
level in meters) of the drill
hole collar
odip and azimuth of the hole
odown hole length and
interception depth
ohole length.
•If the exclusion of this
information is justified on the
basis that the information is not
Material and this exclusion does
not detract from the
understanding of the report, the
Competent Person should
clearly explain why this is the
case.
Data •In reporting Exploration Results,
•		 Exploration results are
not
being
aggregation weighting averaging techniques, reported.
methods maximum and/or minimum
grade truncations (eg cutting of
high grades) and cut-off grades
are usually Material and should
be stated.
•Where aggregate intercepts
incorporate short lengths of high
grade results and longer lengths
of low grade results, the
procedure used for such
aggregation should be stated
and some typical examples of
such aggregations should be
shown in detail.
•The assumptions used for any
reporting of metal equivalent
values should be clearly stated.

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Criteria JORC Code explanation Commentary Commentary
Relationship •These relationships are • Exploration
results		 are not
being
between particularly important in the reported.
mineralisatio reporting of Exploration Results.
•		 For Nyungu prospects, due to the dip
n widths and •If the geometry of the attitude of the mineralisation, 70o
intercept mineralisation with respect to inclined drillholes do not all intersect the
lengths the drill hole angle is known, its mineralisation completely perpendicular.
nature should be reported. At Kabikupa the drillholes do intersect at
close to perpendicular. Drilling is normal
to strike of the mineralisation but not
completely perpendicular to the dip.
• Exploration
results		 are not
being
reported.
•If it is not known and only the
down hole lengths are reported,
there should be a clear
statement to this effect (eg
‘down hole length, true width not
known’).
Diagrams •Appropriate maps and sections • Exploration
results		 are not
being
(with scales) and tabulations of reported.
intercepts should be included for
any significant discovery being
reported These should include,
but not be limited to a plan view
of drill hole collar locations and
appropriate sectional views.
Balanced •Where comprehensive reporting
•		 Exploration
results		 are not
being
reporting of all Exploration Results is not reported.
practicable, representative
reporting of both low and high
grades and/or widths should be
practiced to avoid misleading
reporting of Exploration Results.
Other •Other exploration data, if • For Nyungu Central and Kabikupa,
substantive meaningful and material, should coincident
Airborne		 Electromagnetic
exploration be reported including (but not (AEM)
chargeability		 anomalies
are
data limited to): geological apparent with the copper mineralisation
observations; geophysical and hence are considered a useful
survey results; geochemical exploration
method		 for targeting
survey results; bulk samples – additional copper mineralisation at the
size and method of treatment; Mumbezhi Project.
metallurgical test results; bulk • A coincident Cu surface geochemical
density, groundwater, anomaly to ≥200ppm Cu is considered
geotechnical and rock anomalous to background.
characteristics; potential • Bulk density information was captured
deleterious or contaminating regularly from the Phase 1 and Phase 2
substances. diamond drilling programmes at Nyungu
Central and Kabikupa.
• This data complements the historical
measurements completed for Nyungu

==> picture [181 x 38] intentionally omitted <==

  • Criteria JORC Code explanation Commentary Central by Orpheus Uranium.

  • • Flotation test work completed on sulphide materials from the Nyungu Central deposit returned high-grade saleable copper concentrates with excellent recoveries during 2025.

  • • Test work programmes utilised a simple flowsheet, similar to that used at other operations in the Zambian Copper Belt.

  • • Representative fresh composite sample from Nyungu Central achieved a copper concentrate grading 24.6% Cu & 9,000 ppm Co at 96.2% Cu recovery after a single cleaning stage.

  • • After two cleaning stages, a copper concentrate grading 33.3% Cu & 2,800 ppm Co was produced with 90.1% Cu recovery.

  • • Primary grind size can be coarsened from 150μm up to approx. 250μm with minimal impact on copper recovery delivering positive implications for future plant capital and operating costs.

  • • Relatively high graphitic carbon levels (up to 4.8% TGC) presented no barrier to achieving good quality copper concentrates, with the use of carboxymethylcellulose (CMC), as an effective depressant for graphitic carbon.

  • • In addition, metallurgical test work on fresh sulphide Kabikupa composite sample achieved a copper concentrate of 27.5% Cu and 310 ppm Co at 95.3% Cu recovery after only one cleaning stage.

  • • Nyungu Central fresh composite achieved a copper concentrate of 24.6% Cu and 0.9% Co at 96.2% Cu recovery after a single cleaning stage.

  • Nyungu Central transition composite achieved a copper concentrate of 32.1% Cu and 9.1% Co at 81.4% Cu recovery after two cleaning stages.

  • Further work • The nature and scale of planned • The Company proposes to undertake further work (eg tests for lateral Scoping Studies and Feasibility Studies extensions or depth extensions and seek to bring the Mumbezhi Project or large-scale step-out drilling). into commercial copper production as

  • • Diagrams clearly highlighting the soon as is practicable, if economic to do areas of possible extensions, so. including the main geological • Prospect will also review all other interpretations and future drilling substantive copper anomalies defined on areas, provided this information the existing licence as potential satellite

==> picture [181 x 38] intentionally omitted <==

Criteria JORC Code explanation Commentary Commentary
is not commercially sensitive. 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.
• Three phases of development drilling are
planned for Nyungu Central, with at least
three of the new airborne electromagnetic
(AEM) anomalies identified in late 2025
(including Chipimpa, Sharamba and
Nyungu South) for potential exploratory
drill testing in 2026, for approximately
26,000m total (DD, RC and aircore).

==> picture [181 x 38] intentionally omitted <==

Section 3 Estimation and Reporting of Mineral Resources (Criteria listed in Section 1, and where relevant Section 2, also apply to this section)

Criteria JORC Code explanation Commentary Commentary
Database •Measures taken to ensure that • Data collected in the field has been
Integrity data has not been corrupted by, validated prior to and during upload to the
for example, transcription or master database. Field data collection
keying errors, between its initial sheets
and master database
have
collection and its use for Mineral validation controls on data entry (i.e. a
Resource estimation purposes. filter in the input Excel sheets). Pre-2014
data has been verified before importing
into the Geospark database. Any queries
or errors are reported back to the
Database Manager for correction before a
new export is delivered.
•Data validation procedures • Prospect uses Geospark. Data is entered
used. directly into the database. Rules have
been set up to ensure only valid data is
entered.
• Once data has been entered it is plotted
up using Micromine or Leapfrog software
to check against neighbouring holes.
• The company’s DBA imports all electronic
data received into the Geospark
database
• The Geospark database is a MS SQL
Server database, which is relational and
normalised. As a result of normalisation,
the following data integrity categories
exist:
• Entity Integrity: No duplicate rows in a
table, eliminated redundancy and chance
of error.
• Domain Integrity: Enforces valid entries
for a given column by restricting the type,
the format, or a range of values.
• Referential Integrity: Rows cannot be
deleted which are used by other records.
• User-Defined Integrity: Logging rules and
validation codes set up by the company.
• Data extracted from the database was
validated visually in Micromine software
and when using the data any errors
regarding incorrect locations, missing
collar information, logging, sampling, and
downhole survey data and overlapping
intervals are highlighted.
Site Visits •Comment on any site visits • Mr. Steve Rose (Rose Mining Geology
undertaken by the Competent Consultants) is the Competent Person.
Person and the outcome of He has visited Mumbezhi area many

==> picture [181 x 38] intentionally omitted <==

Criteria JORC Code explanation Commentary Commentary
those visits. times when working as a consultant
•If no site visits have been geologist in the 1990’s, and again in the
undertaken indicate why this is 2010’s when carrying out consulting work
the case. at FQM’s Kansanshi Copper Mine. This
has provided knowledge of the geological
controls on this mineralisation.
• Steve Rose visited the Mumbezhi Copper
Project during May 2025, at the start of
the Phase 2 drilling programme being
actively carried out by Prospect.
• Steve Roseindicated and concluded that
he was satisfied that Prospect Resources
were
aligned
with
industry
standard
practices at the Project, and in some areas
working at best practice.
Geological •Confidence in (or conversely, • The Nyungu Central deposit consists of a
Interpretation the uncertainty of ) the series
of
stacked
thrust
hosted
geological interpretation of the mineralised
ore
schists,
that
dip
mineral deposit. moderately to the west. The existence of
•Nature of the data used and of
any assumptions made.		 these north-south trending thrusts has
been confidently interpreted from the
•The effect, if any, of 2011 UTS aeromagnetic and radiometric
alternative interpretations survey.
on Mineral Resource • Numerous
small-scale
southeast-
estimation. northwest
and
southwest-northeast
•The use of geology in
guiding and controlling
Mineral Resource
estimation.
•The factors affecting continuity
both of grade and geology.		 • trending faults are also interpreted from
the same geophysics and can be
interpreted
as
controlling
certain
drainages.
The position and general morphology of
the mineralisation, which has no surface
exposure
was
determined
by
soil
geochemistry and Induced Polarisation
surveys between 2000 – 2010, prior to the
2011 Argonaut Resources NL (now
Orpheus
Uranium
Limited)
drilling
programmes.
• Oxide, transition and (fresh) sulphide
domains were determined on the degree
of weathering and associated mineral
assemblages.
• There is a high degree of confidence in
the
interpretation
of
the
copper
mineralisation based on the relatively
tight
drill
grid,
and
the
relative
predictability of the depths of the
mineralised
ore
sheets
that
were
intercepted during Prospect Resources’
most recent Phase 1 and Phase 2 drilling
programmes.
• The Kabikupa satellite deposit is hosted

==> picture [181 x 38] intentionally omitted <==

  • Criteria JORC Code explanation Commentary by similar mica-schists and gneisses and has a very similar mineral assemblage to Nyungu Central, but is seemingly younger, and less structurally complex. The ore zones form two, possibly three, sub-parallel layers within a broader stratabound sulphide assemblage that strikes for 1.5km southeast-northwest and dips at approx. 30° to the northeast.

  • • Overall, there is a reasonable level of confidence in the geological interpretation of the mineralisation at Nyungu Central, and at Kabikupa, reflecting the relative amount of drilling now completed by Prospect at those deposits.

  • • The grade and lithological interpretation form the basis for the modelling. Lithological envelopes defining the prospective mineralisation within which the grade estimation have been completed.

  • • Weathering domain and lithology orientation and foliation, affect the continuity both of grade and geology.

  • Dimensions • The extent and variability of the • The site of Nyungu Central is essentially Mineral Resource expressed as a flat lying wooded plain. The ore body length (along strike or extends approximately 1,700m northotherwise), plan width, and south, and ~1,000m east-west (based on depth below surface to the the new deep intersection within upper and lower limits of the NCDD013). Mineral Resource. • The mineralisation has been intercepted to ~600m below surface and remains open down dip to the west.

  • • Recent airborne electromagnetic chargeability anomalies indicate that the deposit also has a similar footprint to that described above.

  • • At Kabikupa, the mineralisation has been interpreted over a strike length of 1,800m, with a width of 500m, and a depth extent of 300m.

  • Estimation • The nature and appropriateness • For Nyungu Central prospect, grade and Modelling of the estimation technique(s) estimation was carried out using ordinary Techniques applied and key assumptions, kriging, with inverse distance used as a including treatment of extreme check estimate. The 1 m composite topgrade values, domaining, cut dataset was used for the grade interpolation parameters and interpolation. Estimation of the resource maximum distance of was completed using Micromine extrapolation from data points. If software. The mineralisation domains, a computer assisted estimation resource category and lithology were method was chosen include a coded to the block model. Density data

==> picture [181 x 38] intentionally omitted <==

  • Criteria JORC Code explanation Commentary description of computer software was also imported. and parameters used. • For Kabikupa, grade estimation was

  • • The availability of check carried out using inverse distance only estimates, previous estimates (reflecting the relatively limited dataset

  • and/or mine production records and whether the Mineral and difficulty in plotting meaningful Resource estimate takes variograms). The 1 m composite top-cut appropriate account of such dataset was used for the grade data. interpolation. Estimation of the resource was completed using Micromine software. The mineralisation domains, resource category and lithology were coded to the block model. Density data was also imported.

  • • For Nyungu Central the Ordinary Kriged estimate has been reported. As part of the model validation this has been compared to an Inverse Distance estimate. In addition, an informal estimate was carried out using Micromine’s Grade Co-Pilot method to provide a check.

  • • For Kabikupa prospect the Inverse Distance estimate has been reported. In addition, an informal estimate was carried out using Micromine’s Grade Co-Pilot method to provide a check.

  • • The assumptions made • The MRE includes copper, gold and regarding recovery of bycobalt estimations. Copper is assumed as

  • products. the economic metal. A CuEq% value has been calculated using grades of the three metals and accountability of likely recoveries and conservative metal commodity prices (see Appendix 2).

  • • Estimation of deleterious • No potentially deleterious elements have elements or other non-grade been considered. variables of economic • A 3D block model was generated to significance (eg sulphur for acid enable grade estimation. The selected mine drainage characterisation). block size was based on the geometry of

  • • In the case of block model the domain interpretation and the data

  • interpolation, the block size in relation to the average sample configuration. A block model was created spacing and the search using 10.0 mE x 10.0 mN x 5.0 mRL employed. parent blocks. Sub-cells were generated down to 1 mE x 1 mN x 1 mRL as appropriate to honour wireframe domains and geological interpretations during model construction. This compares with infill drill spacing of 40-120 m.

  • • No selective mining units were assumed in this estimate.

  • • No strong correlations were found

  • • Any assumptions behind between the grade variables. modelling of selective mining • Geological interpretation was used as a

==> picture [181 x 38] intentionally omitted <==

Criteria JORC Code explanation JORC Code explanation Commentary Commentary
• units.
Any assumptions about
correlation between variables.		 basis for mineralisation modelling. Lower
cut-off grades of 0.15% was used for
copper
domains.
Hard
boundaries
• Description of how the
geological interpretation was		 between the grade envelopes were used
to select sample populations for grade
used to control the resource estimation.
estimates. • Copper mineralisation wireframes was
▪ interpreted using implicit vein modelling
tools within Micromine.
• Top cuts were used to treat the high-
grade outliers of the domains. Top cuts
were based on review of the domain
histogram and log probability plot. Top-
• Discussion of basis for using or cut values at Nyungu Central vary
not using grade cutting or between weathering domain. In the oxide
capping. domain, no top cut is required; in the
transitional domain a top-cut of 1.8% was
applied to Cu grade, with no top-cutting
necessary for Au and Co. For the fresh
domain Au was cut to 0.6 g/t Au, Co was
cut to 0.46%, and Cu was cut to 5%.
• No top-cutting was needed for the
Kabikupa samples.
• Validation of the block model consisted of
comparison of the block model volume to
the wireframe volume. Grade estimates
were validated by statistical comparison
• The process of validation, the
checking process used, the
comparison of model data to drill
hole data, and use of		 with the drill data, and visual comparison
of grade trends in the model with the drill
data trends. Additionally, swath plots
were generated to verify block model
reconciliation data if available. grades vs drill hole grades along easting,
northing and elevation slices.
Moisture • Whether the tonnages are • Tonnages are estimated on a dry basis.
estimated on a dry basis or with
natural moisture, and the
method of determination of the
moisture content.
Cut-Off • The basis of the adopted cut-off • By statistical analysis of the TCu assay
Parameters grade(s) or quality parameters data,
and
by
comparison
with
applied_._ neighbouring operations (notably Sentinel
and Lumwana), initial cut-off grades of
0.15% Cu, 0.2% Cu and 0.3% Cu were
delineated.
• This was broadly based on a metallurgical
recovery of 85%, copper price of
US$11,500/t, and mining/milling costs of
US$10.80/t and royalty of 5%.
Mining • Assumptions made regarding • The assumed mining method would be
factors or possible mining methods, standard drill, blast, load and haul using
assumptions minimum mining dimensions excavator and truck configuration for an

==> picture [181 x 38] intentionally omitted <==

Criteria JORC Code explanation Commentary Commentary
and internal (or, if applicable, open pit (cast) operation.
external) mining dilution. It is
always necessary as part of the
process of determining
reasonable prospects for
eventual economic extraction to
consider potential mining
methods, but the assumptions
made regarding mining methods
and parameters when
estimating Mineral Resources
may not always be rigorous.
Where this is the case, this
should be reported with an
explanation of the basis of the
mining assumptions made.
Metallurgical •The basis for assumptions or • A metallurgical hole (HQ diameter) at
factors or predictions regarding Nyungu Central intercepted all expected
assumptions metallurgical amenability. It is ore domains of mineralisation (oxide,
always necessary as part of the transition and fresh), was completed
process of determining (Hole ID: NCMT002).
reasonable prospects for • A metallurgical hole (HQ diameter) at
eventual economic extraction to Kabikupa intercepted all expected ore
consider potential metallurgical domains
of
mineralisation
(oxide,
methods, but the assumptions transition and fresh), was completed
regarding metallurgical (Hole ID: KKMT002).
treatment processes and • The selected Nyungu Central samples for
parameters made when met test work weighed 224kg and were
reporting Mineral Resources received in Australia in December 2024
may not always be rigorous. with metallurgical test work completed in
Where this is the case, this Q2 2025 completion.
should be reported with an • The selected Kabikupa samples for met
explanation of the basis of the test work weighed 31kg and were
metallurgical assumptions received in Australia in Q1 2025 with
made. metallurgical test work completed in Q3
2025.
• Technical studies are being undertaken
by Core Metallurgy (previously owned by
Mt Isa Mines with rich history in copper
technical studies).
• Core
Metallurgy
carried
out
initial
metallurgical scoping
test
work for
Mumbezhi, under the supervision of
Argonaut during 2019-2020.
• The
analytical
results
from
the
metallurgical samples will feed into the
geo-metallurgical
framework
development for Mumbezhi.
Environmenta •Assumptions made regarding • Initial site layout designs have considered
l factors or possible waste and process tailings emplacement locations. At this
assumptions residue disposal options. It is stage, no mining waste dump or long-term

==> picture [181 x 38] intentionally omitted <==

Criteria JORC Code explanation Commentary Commentary
always necessary as part of the stockpiles locations have been planned.
process of determining There is a sufficient land holding for
reasonable prospects for adequate waste dumping.
eventual economic extraction to • It is assumed that waste rock will be
consider the potential dumped into an engineered waste rock
environmental impacts of the dump, with a design to control acid mine
mining and processing drainage.
operation. While at this stage
the determination of potential
environmental impacts,
particularly for a greenfields
project, may not always be well
advanced, the status of early
consideration of these potential
environmental impacts should
be reported. Where these
aspects have not been
considered this should be
reported with an explanation of
the environmental assumptions
made.
Bulk Density •Whether assumed or • Specific Gravity has been determined by
determined. If assumed, the using the Archimedes immersion method.
basis for the assumptions. If Measurements were completed on 317
determined, the method used, individual drill core measurements from
whether wet or dry, the 14 DD holes on Nyungu Central, and 61
frequency of the measurements, measurements from 3 out of the 5 holes
the nature, size and drilled in Kabikupa. The samples were
representativeness of the oven dried, weighed, coated with wax
samples. then weighed dry and in water using a
•The bulk density for bulk Density Scale.
material must have been • The average SG for Nyungu Central has
measured by methods that
adequately account for void
spaces (vugs, porosity, etc),
moisture and differences
between rock and alteration		 been approximated at 2.82 - being a
straight
average
of
the
measured
samples in the mixed and fresh zone, as
only a few measurements could be done
in the oxide zone which is predominantly
too weathered for the samples to
zones within the deposit. withstand the method.
•Discuss assumptions for bulk • The average SG for Kabikupa from the 3
density estimates used in the holes is approximated at 2.64, also
evaluation process of the coming predominantly from the solid core
different materials. which could withstand the determination
method.
• Density has been applied on the basis of
weathering domain.
Classification
•The basis for the classification		 • The Mineral Resources are classified as
of the Mineral Resources into Inferred and Indicated, considering the

==> picture [181 x 38] intentionally omitted <==

Criteria JORC Code explanation Commentary Commentary
varying confidence categories. level of geological understanding of the
•Whether appropriate account deposit, quality of samples, density data,
has been taken of all relevant drill hole spacing and sampling and
factors (ie relative confidence
in tonnage/grade estimations,
reliability of input data,
confidence in continuity of
geology and metal values,		 •
•		 assaying processes.
The
following
initial
classification
approach was adopted:
The Mineral Resource was classed as
Indicated if a block was assigned a grade
in the first and second estimation pass
quality, quantity and and reviewing kriging values for slope and
distribution of the data). kriging efficiency.
•Whether the result appropriately
•		 The Mineral Resource was classed as
reflects the Competent Person’s
view of the deposit.		 Inferred if assigned a grade in the third
estimation pass and reviewing kriging
values for slope and kriging efficiency.
• Once blocks were coloured up with these
codes, the classification was simplified to
remove “spotty dogs” and applied based
on strings and wireframes.
• The classifications of the MREs and
appropriately reflect the view of the
Competent Person.
Audits or •The results of any audits or • No external audits or reviews have been
reviews reviews of Mineral Resource completed for the Mineral Resource
estimates. estimate.
• An internal peer review of the estimate
was carried out by a colleague of Steve
Rose, as part of the Rose Mining Geology
(RMG) process.
Discussion of
•Where appropriate a statement		 • The relative accuracy of the Mineral
relative of the relative accuracy and Resource estimates are reflected in the
accuracy / confidence level in the Mineral reporting of the Mineral Resource as per
confidence Resource estimate using an the guidelines of the 2012 JORC Code.
approach or procedure deemed • The statement relates to the global
appropriate by the Competent estimates
of
tonnes,
grades
and
Person. For example, the calculated contained metals. There has
application of statistical or been no trial mining or production
geostatistical procedures to undertaken to date at the Mumbezhi
quantify the relative accuracy of Copper Project.
the resource within stated • The Mineral Resource statement relates
confidence limits, or, if such an to a global tonnage and grade estimate.
approach is not deemed Grade estimates have been made for
appropriate, a qualitative each block in the block model.
discussion of the factors that
could affect the relative		 • Mumbezhi Copper Project is a prospect
and is not in production.
accuracy and confidence of the
estimate.
•The statement should
specify whether it relates to
global or local estimates,

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Criteria JORC Code explanation Commentary
and, if local, state the
relevant tonnages, which
should be relevant to
technical and economic
evaluation. Documentation
should include assumptions
made and the procedures
used.
•These statements of relative
accuracy and confidence of the
estimate should be compared
with production data, where
available.

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