Prospect Resources Limited (ASX: PSC, FRA:5E8) (Prospect), an Australian exploration and development company, has paid $4.2mn for an additional 5% interest in a high-potential copper project in Zambia.
It announced on March 5 that its subsidiary Prospect Copper Holdings executed a share sale and purchase agreement with Global Development Cooperation Consulting Zambia to acquire the additional shares, which takes the Perth-based firm’s interest in the Mumbezhi Copper Project (Mumbezhi) to 90%.
Mumbezhi is situated in Zambia’s famed Copperbelt region and covers approximately 356 square kilometres of highly prospective tenure, close to multiple major mines which are hosted in similar geological settings.
In February 2026, Prospect raised $31.6mn in an equity placement; thus, it is in a good financial position to advance planning for a third phase drilling and exploration programme set to begin at the beginning of the June quarter.
Commenting on the acquisition, which is still subject to regulatory and internal approvals, Prospect’s MD and CEO, Sam Hosack, expressed satisfaction with the firm’s move to boost its interest in the “world-class” project on “attractive” terms.
“With field exploration activities already restarted, the team is gearing up for the restart of drilling activities following completion of the wet season,” he said.
“Our recent equity raising allows us to move forward with confidence on a planned aggressive 50,000m of resource and regional exploration focused drilling at Mumbezhi during 2026-27.'
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