$PSC Resource Development Manager James Winch provides an in-depth update from camp at our Mumbezhi #Copper Project, discussing the updated 208Mt MRE, Phase 3 drilling and the growth opportunities emerging across this district-scale copper system. youtube.com/watch?v=97zj1FTT…

@ProspectResLtd (ASX: PSC) continues to unlock the scale of its flagship Mumbezhi Copper Project in Zambia, delivering a major resource upgrade and advancing the largest exploration campaign in the Company's history. 🔹 Updated MRE grows to 208.1Mt @ 0.42% Cu (0.49% CuEq) 🔹 Contained metals include 877,100t Copper, 43,500t Cobalt & 262,100oz Gold 🔹 Resource tonnage increased by 20% since February 2026 🔹 Contained copper increased by 14% 🔹 Gold resource surged by 106% 🔹 Maiden West Mwombezhi Resource added with 30.7Mt @ 0.37% Cu 🔹 Phase 3 drilling underway with ~26,000m planned across diamond, RC and aircore programs With multiple high-priority targets, expanding resources, and an aggressive exploration strategy, Prospect Resources is rapidly advancing one of the most exciting emerging copper growth stories in the Central African Copperbelt. ⚒️🌍 💰 Share Price: $0.285 📊 Market Cap: $245.41M #PSC #ProspectResources #Copper #CopperMining #CopperStocks #ASX #Mining #CriticalMinerals #ResourceGrowth #Exploration #Zambia #CopperBelt #Investing #MiningStocks Disclaimer: This is not an investment advise, please do your own research for any investment decisions.

$PSC Country Manager Mwelwa Manda discusses the focus of Phase 3 drilling at the Mumbezhi #Copper Project, including resource extension and upgrade drilling at Nyungu Central, alongside testing several high-priority regional targets.

$PSC Executive Director Ian Goldberg spoke with @HotCopper about the Mumbezhi #Copper Project, updated 208Mt @ 0.49% CuEq MRE, 26,000m Phase 3 drilling program, recent equity funding, and ESG initiatives in Zambia. bit.ly/4vrYJnI

$PSC Country Manager Mwelwa Manda sat down with @FinInsightZam to discuss our recently upgraded Mineral Resource Estimate at the Mumbezhi #Copper Project in Zambia. Watch the full interview here: bit.ly/4vtm8oE

$PSC MD & CEO @SamHosack recently spoke with Financial Insight Africa at Mining Indaba 2026 on Zambia’s copper sector, local workforce development, community engagement and the long-term opportunity at the Mumbezhi Copper Project. Read more: bit.ly/4nN55es

Mwelwa, well outlined for our shareholders and stakeholders. 👏👏

What a pleasure to give you an update on our Mumbezhi Copper Project. PSC.ASX @ProspectResLtd

$PSC MD & CEO @SamHosack provides video commentary on our upgraded Mumbezhi Copper Project MRE in Zambia, now 208Mt @ 0.49% CuEq, and the start of Phase 3 drilling. Thank you to our shareholders for your ongoing support as we advance Mumbezhi: bit.ly/4v2qPFH

The scale of the Mumbezhi Copper Project is accelerating. Contained copper is nearing 900 kt and gold now totals 262,000 oz, with all three deposits showing clear growth potential. Combined with this year’s regional drilling, the broader opportunity at Mumbezhi is becoming increasingly compelling. Gold re‑assaying has significantly lifted the Nyungu Central MRE, confirming that gold and cobalt by‑product revenues can materially lower future operating costs. We expect to define this further over the next 6–12 months. Our Phase 3 (2026) drilling has begun, targeting shallow southern extensions at Nyungu Central before testing the wider Nyungu Hub and high‑priority regional targets. These include the large Chipimpa and Sharamba EM conductors—each over 2 km in strike and showing signatures comparable to Nyungu Central.

📈 Strong demand from global electrification, alongside a stockpile rush caused by reduced supply and geopolitical uncertainty, pushed #copper prices to an all-time high of $6.44/lb over the past 24 hours. Supply shocks, like stockpiling, are exacerbating the need for new copper sources, like the Vizcachitas Project, to come online. Read more here ⬇️forbes.com/sites/timtreadgol…

Copper is approaching record highs as rebounding Chinese demand collides with tightening global supply conditions. As prices recently breached the $14,000/t mark, electrification is becoming an increasingly important driver of demand. Data centers and other strategic uses are projected to reach 45% of total copper demand by 2040. ▪️The Supply Shock: Middle East disruptions have triggered a global sulfuric acid shortage — a key input for roughly 20% of copper production. With acid prices nearly doubling and inventories in China falling, production costs are being reset in real-time. ▪️The Strategic Shift: Electrification is now the fastest-growing end-use, shifting demand away from cyclical construction toward long-term energy security and power systems. ▪️The Sprott Outlook: Analysts highlight that these strategic segments are set to jump from 32% to 45% of total copper demand over the next 15 years, significantly outpacing traditional industrial growth.

BREAKING: Copper prices have surged to a record $6.58 per pound, now up 75% since October 2023 and over 40% in 12 months. The surge comes amid tight supply, declining inventories in China, and surging demand for data center construction. Furthermore, supply disruptions at the world's 2nd-largest copper mine in Indonesia are adding to the pressure. Meanwhile, China's exports jumped 14% YoY in April, led by booming clean-tech shipments, components that are materially copper-intensive, tightening the market even further. The global economy is scrambling for copper.

I haven't been this excited about a drill season for a long while. The team on the ground at Mumbezhi are geared and primed for an ambitious and well planned 2026. Keep an eye on progress.

Another strong quarter from your PSC team, we have significant funding for 2026 and a very attractive program to deliver. MRE update in a couple weeks, and drilling starting around the same time. Fantastic platform to launch 2026 from.

Whilst there are no published academic studies that formally document systematic poly-metallic discounting of copper equities, in reality market evidence suggests that one exists. The observation is that when by-product metals lack confirmed recovery data, market analysts face a binary choice: Model them at risk-adjusted value; or Ignore them. The reality is that most choose to ignore them. The result is that by-product upside on projects like Mumbezhi is excluded from valuation models until testwork forces inclusion. The discount is not irrational … it is a rational response to unconfirmed data. But it creates a persistent and exploitable gap between intrinsic value and market price. CRU formally acknowledged in its 2020 report for the International Seabed Authority that "determining a fair value for polymetallic resources is highly challenging." A 2025 Nature Communications paper demonstrated that traditional models systematically undervalue poly-metallic mine outputs, with by-product economics creating non-linear interdependencies that single-metal valuation frameworks fail to capture. The data from M&A transactions supports this too – here’s what major producers actually paid: - BHP paid a 49.3% premium for OZ Minerals' copper-gold-nickel assets. - Zijin paid 57% above market for Nevsun's Timok copper-gold project. - BHP and Lundin paid a 32.2% premium to acquire Filo del Sol's copper-gold-silver resource in 2024. In every large copper transaction since 2010, the highest premiums went to assets with material by-product credits. Acquirers price poly-metallic inventories at full value, whereas public markets discount them until testwork resolves the uncertainty. The re-rating catalysts are identifiable and sequenced: - Maiden resource delivery: 30-60% valuation appreciation observed across comparable projects. - Economic study completion incorporating by-product economics: 40-100% re-rating as projects transition from geological potential to quantified economics. These are documented patterns across the exploration and development lifecycle. The window is the period between by-product identification and by-product confirmation for @ProspectResLtd. That is where the gap between market price and intrinsic value is largest.

PSC.ASX Gold re‑assays at Nyungu Central show wider, continuous mineralisation across the Nyungu system, including the northern zones. Supports a stronger MRE and potential operating‑cost benefits. Updated MRE incoming; Phase 3 drilling on track for early May.

Capital intensity – why African Copperbelt projects occupy a different universe: The global copper development pipeline has a capital intensity problem that most market commentary underweights. S&P Global's December 2025 analysis of 26 upcoming copper projects starting by 2030 found a weighted-average capital intensity of $22,359 per annual tonne of copper production: -Los Azules in Argentina: $20,200/t -Reko Diq in Pakistan: $23,000–25,000/t -Others as high as $38,285/t - built, closed … a monument to the upper bound of what capital intensity can look like when jurisdiction, altitude, and process complexity compound. African Copperbelt sediment-hosted projects are not in this conversation: -Kamoa-Kakula across all phases: $10,177/t -Čukaru Peki Upper Zone in Serbia, the highest-grade copper discovery in decades: $5,200–7,500/t -Khoemacau expansion in Botswana: $6,923/t. BHP stated explicitly in September 2024 that African greenfield projects deliver "highly competitive capital intensities" – driven by high grades, concentrated mineralisation, and improving infrastructure. 8 of the 10 highest-grade copper deposits discovered since 1990 are in Africa, predominantly sediment-hosted systems. The implication for project valuation is significant. Capital intensity determines whether a project can be financed. It determines the copper price required to justify development. It determines where the project sits on the global cost curve in perpetuity. @ProspectResLtd in the Zambian Copperbelt, with sulphide mineralisation, grid power access via established transmission infrastructure, proximity to existing processing capacity, and proven metallurgy such as Mumbezhi Copper Project, does not belong in the same valuation framework as a high-altitude Andean porphyry requiring bespoke water logistics, heap leach chemistry, and a decade of permitting. The market is slow to price this distinction at the exploration and pre-feasibility stage. By the time a scoping study quantifies it, a meaningful portion of the re-rating has already occurred.

$5bn Lobito Corridor rail = game changer. Zambia copper → Atlantic coast via Angola. Shorter route. Lower costs. Strategic shift in global supply chains. This is infrastructure geopolitics critical minerals all in one. #africa #copper #mining bloomberg.com/news/articles/…

The real cost of adding gold and cobalt circuits: Most investors treat poly-metallic complexity as a binary - either the by-products are recoverable, or the processing is too complex to model with confidence. The engineering data tells a different story. Adding a gravity gold circuit to a conventional copper sulphide flotation plant costs between $2 million and $10 million at typical development scale. That is 1–1.5% of total plant capex. It recovers free gold directly to doré, achieving 99% payability versus 85–93% if gold is left in copper concentrate. At $3,000/oz gold, that payability gap is worth $150–435 per ounce … every ounce, every year, for the life of the mine. The cobalt data point is equally specific. Glencore's Kamoto Copper Company in the DRC publicly approved a cobalt debottlenecking project at $15.8 million in December 2017 … 3.6% of their $437 million base processing plant. Full cobalt product dryers added a further $49 million. These are formally published board-approved figures, not estimates. The conclusion is direct. For a copper-gold-cobalt sulphide project, like our @ProspectResLtd Mumbezhi project, the capital required to unlock full by-product value is modest … in the range of 3–15% of total plant capex depending on product specification. Against a by-product revenue stream that can compress C1 cash costs by tens of millions of dollars annually, the return on that incremental investment is among the highest in mining. What the market prices as processing complexity is, in most cases, a recoveries confirmation problem … not an engineering one. The circuits are standard. The reagents are proven. The cost is known. The gap closes when metallurgical testwork publishes the recovery numbers. That is the relevant catalyst … not a change in the engineering, but a change in the market's willingness to price what the engineering already shows is achievable.