• Prospect Resources increased the Mumbezhi project’s mineral resource by 63% to 174 million tonnes
• The upgrade comes as copper prices hit record highs in January, driven by strong demand from electrification, renewable energy and electric vehicle manufacturing, alongside constrained global supply growth
• Located in Zambia’s Copperbelt, Mumbezhi remains largely underexplored, with further upside expected from pending gold assays and a Phase III drilling programme targeting new prospects

Harare - Prospect Resources Limited, the Australia (ASX)-listed battery minerals explorer, has reported a 63% increase in total ore tonnage to 174 million tonnes, alongside a 50% rise in contained copper to 772,000 tonnes, compared with its March 2025 mineral resource estimate.

The upgrade highlights both the scale of the Mumbezhi project and the effectiveness of Prospect’s step-out drilling strategy, which has continued to expand mineralisation across the project’s core deposits.

The revised mineral resource estimate incorporates copper and associated gold mineralisation and comes amid a renewed upswing in global metals markets.

Copper prices have strengthened in the weeks, reaching at  an all-time high of $14,527.50 a metric ton  on the 29^th of January 2026,underpinned by structurally rising demand linked to electrification, renewable energy infrastructure and electric vehicle manufacturing, while supply growth remains constrained.

Gold prices, meanwhile, have pushed to record highs, reinforcing investor appetite for assets offering both industrial exposure and defensive value.

Mumbezhi is located in Zambia’s Copperbelt, one of the world’s most prolific copper-producing regions, hosting several long-life, large-scale sediment-hosted copper mines.

The belt’s geological endowment, combined with established infrastructure and a deep skills base, has historically underpinned Zambia’s role as Africa’s second-largest copper producer after the Democratic Republic of Congo.

In recent years, the Zambian government has sought to restore investor confidence in the mining sector through policy reforms aimed at improving fiscal stability, streamlining licensing processes and encouraging exploration-led growth.

Against this backdrop, projects such as Mumbezhi are increasingly viewed as strategically significant, particularly as global miners look to secure future copper supply amid accelerating energy-transition demand.

Prospect said copper grades at Mumbezhi are comparable with those of operating mines elsewhere in the Copperbelt, supporting confidence in the project’s development potential. The company also flagged further upside from gold, noting that approximately 2,000 samples are currently in assay laboratories and have yet to be incorporated into formal resource calculations.

According to company, the latest resource upgrade represents only part of the overall project area.

“It is important to recognise that this update is limited to only the Nyungu Central and Kabikupa deposits,” Prospect Resources chief executive Sam Hosack said.

He added that pending assay results from drilling undertaken last year at the West Mwombezhi prospect could support the declaration of a maiden inferred mineral resource later in the current half, potentially expanding the project’s overall resource base.

The company is now preparing for a Phase III drilling campaign scheduled for the second quarter, which will test a number of previously untested targets across the broader Mumbezhi tenure. These include the large-scale Chipimpa and Sharamba prospects, identified through comprehensive geochemical and geophysical surveys conducted in 2024.

With copper increasingly viewed as a cornerstone metal for the global energy transition  essential to power grids, electric vehicles and energy storage  Prospect’s expanding footprint in Zambia positions it to benefit from both favourable geology and a strengthening policy environment.

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