Prospect Resources Limited has provided an update on exploration progress at its Mumbezhi Copper Project in north‐western Zambia, detailing encouraging advancements during the Phase 2 programme. The company is actively employing three diamond rigs to target the Nyungu Central and Kabikupa deposits. At Nyungu Central, initial diamond drilling has validated the wider structural geological model with an intersection in drill hole NCRD009 returning 49.0 metres at 0.52% copper, including a section of 12.3 metres at 0.79% copper and 8.0 metres at 0.80% copper. This significant result builds on earlier intercepts from Phase 1 and re-entry holes designed to extend the current Mineral Resource Estimate of 86.7 million tonnes at 0.5% copper. The Company’s strategy includes infill and extensional drilling, with additional holes confirming a 50 to 100 metre extension of mineralisation beyond the previously defined limits. The technical review of the drillcore, supported by contributions from a leading mining partner, has refined the interpretation of “ore schist” horizons that dilate adjacent to less mineralised amphibolite sequences. Meanwhile, at the Kabikupa deposit—approximately 11 kilometres northeast—extensional diamond drilling is underway with assays pending, as the drill rigs expand the resource envelope in multiple directions. In parallel with the drilling campaign, Prospect Resources Limited is set to commence an airborne electromagnetic survey, initially focusing on two key copper-mineralised corridors before proceeding to a broader licence-wide test programme. A comprehensive geochemical soil sampling grid, with 48-element analyses, will also be implemented across the project area later in July, with full results expected to inform further aircore and diamond drilling campaigns in the latter half of 2025. Ongoing metallurgical test work on transitional mineralisation from both Nyungu Central and Kabikupa has produced promising early results, nearing completion and potentially bolstering the economic case for large-scale open pit mining development. Market sentiment surrounding this update is mixed. On the bullish side, the strong Phase 2 drill results that extend known mineralisation, the robust technical underpinning from detailed geophysical and geochemical initiatives, and the proactive exploration strategy in a world-class copperbelt region position the project as a promising long-term asset. However, from a bearish perspective, there remain uncertainties regarding pending assay results at Kabikupa and the successful delineation of mineralised extensions. Moreover, while the technical data validate the geological model, the commercial viability and scalability of the resource will depend on upcoming results from broader regional testing and the successful integration of multi-disciplinary datasets into a definitive resource evaluation.