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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.