Prospect Resources Acquires 90% Stake in Mumbezhi Copper Project in Zambia
Prospect Resources has increased its ownership of the Mumbezhi Copper Project in Zambia to 90% with a US$4.25 million investment. This acquisition precedes Phase III drilling set to begin in Q2 CY26. The completion of the deal is contingent on approvals from Zambia's tax authority and minerals regulators, expected to finalize by April 2026.
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Prospect Resources has acquired an additional 5% of the Mumbezhi Copper Project in Zambia for US$4.25 million, increasing its ownership to 90%. This majority ownership is subject to clearance from Zambia's tax authority, a waiver from minerals regulators, and a revised shareholder agreement.
Phase III drilling is scheduled to begin in Q2 CY26, with exploration activities already underway. The company plans an aggressive drilling campaign of 50,000 meters at Mumbezhi during 2026-27, supported by recent equity raising. The deal is expected to be finalized by April 2026.
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