Prospect Resources (ASX:PSC) is preparing for a key drilling program at the Mumbezhi copper project after taking its interest in the Zambia project to nearly 100%.
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The company has now completed a share sale and purchase agreement with Global Development Cooperation Consulting Zambia (GDC) to acquire an additional five percent interest in the project located in the north-west of the southern African nation. The March buy brings it to 90% control at the works.
Prospect is in advanced planning for its CY26 phase three drilling and exploration programme for Mumbezhi, with field exploration activities underway.
The company’s MD and CEO, Sam Hosack, said Prospect is looking forward to drilling, which is planned to commence early in the second quarter of CY26.
“This transaction further reinforces our long-term commitment to advancing the development of this potentially world-class copper asset in Zambia,” Mr Hosack told shareholders today. “Supported by the proceeds of our recent equity raising, the company is well positioned to undertake an extensive drilling campaign of approximately 50,000 metres over the 2026–2027 period.”
The program is designed to further resource growth and to test new regional copper targets across the broader Mumbezhi project area, as well as significantly enhance cobalt and gold potential.
Mumbezhi sits in the world-class central African copperbelt region on two granted large-scale mining licences. The project covers some 356 square kilometres near several major mines, which are hosted in similar geological settings.
Prospect’s phase one drilling in CY24 confirmed the growth potential of the significant copper mineralisation at the Nyungu Central deposit and delivered confidence in possible large-scale, open-pit mining at Mumbezhi.
Following extensive phase two drilling in CY25, Prospect last month unveiled an updated indicated and inferred mineral resource estimate of 173.8 million tonnes (Mt) at 0.44% copper for 772,000 tonnes of contained copper.
In mid-February, Prospect received binding commitments to raise $45M to fund the resource and regional exploration drilling campaign at Mumbezhi. The placement received strong demand from both domestic and offshore institutions, including existing shareholders and high-quality new investors.
PSC is up +1.59% to 32¢ in early Thursday trading. Mkt cap $256.4M.
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