Prospect Resources (PSC) investor relations material

Strategic positioning and project overview

• Focused on developing the Mumbezhi Copper Project in the Zambian Copper Belt, with two large-scale mining licenses covering 356 sq km and proximity to major copper operations and infrastructure.

• Market capitalization of A$245M, cash balance of A$39M (as of March 2026), and strong shareholder support including First Quantum Minerals.

• Proven management team with extensive African mining experience and a track record of value creation, including the sale of the Arcadia Lithium Project for US$378M.

Resource growth and exploration

• Mumbezhi's Mineral Resource Estimate (MRE) updated to 208.1 Mt at 0.42% Cu (877kt Cu), or 0.49% CuEq (1.02Mt CuEq), with a 70% increase from the maiden MRE.

• Ongoing Phase 3 drilling targets shallow extensions and new regional prospects, aiming to expand resources and increase JORC confidence.

• District-scale exploration underway with new targets at Chipimpa and Sharamba, and multiple EM conductors identified for further drilling.

Project economics and metallurgical advantages

• By-product credits from cobalt and gold reduce net copper production costs, with recent assays strengthening gold grades.

• Metallurgical tests show high copper recoveries (+95%) and robust concentrate grades using standard flotation, supporting a simple and efficient processing plant.

• Multiple development options considered, including standalone, regional M&A, toll treatment, and joint ventures.