• Prospect Resources lifts Mumbezhi copper resources 63%, adds gold and cobalt

• Project now hosts 174 million tonnes at 0.44% copper

• Exploration to continue as Zambia eyes higher copper output

Australian junior miner Prospect Resources said on Feb. 9 that mineral resources at its Mumbezhi copper project in Zambia had risen by 63%, with the updated estimate now also including gold and cobalt.

The revision enhances the project’s development potential and supports the company’s ambition to eventually build a new copper mine at the site.

Prospect said the update covers only the Nyungu Central and Kabikupa zones, the two deposits identified so far. The company now reports 174 million tonnes of ore at an average grade of 0.44% copper, classified as indicated and inferred mineral resources, compared with 107 million tonnes at 0.5% copper announced in March 2025.

The updated estimate contained copper of about 771,900 tonnes, alongside 127,100 ounces of gold and 38,600 tonnes of cobalt as by-products.

“We are delighted with the outcomes of the updated MRE for Mumbezhi. Taking total contained copper tonnage towards 800kt, plus the addition of meaningful cobalt and gold content, provides a further indication of the world-class growth pathway that we believe the Mumbezhi Copper Project is on,” said Prospect Resources Chief Executive Sam Hosack.

Exploration outlook

Looking ahead, Prospect plans to continue exploration to support the project’s growth on a sustainable basis. The company aims to integrate the West Mwombezhi exploration target as a third deposit by mid-2026.

A new exploration campaign is scheduled to begin in the second quarter, focusing primarily on the Nyungu Central deposit as well as two other high-priority prospects. Technical and financial details of the program have yet to be disclosed.

Despite recent progress, development of Mumbezhi into a producing copper mine remains uncertain. The project must still advance through technical studies required to convert mineral resources into economically viable reserves.

The project is being closely watched in Zambia, where authorities are seeking to sustainably boost national copper output. Canada’s First Quantum Minerals, the country’s leading copper producer, took a 15% stake in Prospect Resources in April 2025.

Aurel Sèdjro Houenou