Prospect Resources Limited, the ASX-listed battery minerals explorer, has reported a 63% increase in the Mumbezhi project’s mineral resource in Zambia, bringing total ore tonnage to 174 million tonnes. Contained copper also rose by 50%, reaching 772,000 tonnes compared with the company’s March 2025 estimate.
By Ryan Chigoche
The upgrade underscores the success of Prospect’s step-out drilling strategy, which has steadily expanded mineralisation across the project’s core deposits.
The revised estimate includes both copper and associated gold, coming at a time when global metals markets are experiencing a notable upswing.
Copper prices have recently surged to record highs, hitting $14,527.50 per metric tonne on 29 January 2026.
Analysts say this rally is being driven by accelerating demand from electrification, renewable energy projects, and electric vehicle production, while supply growth remains constrained.
Gold has also strengthened, further boosting investor appetite for assets that combine industrial potential with defensive value.
Mumbezhi sits in Zambia’s Copperbelt, one of the world’s most prolific copper-producing regions.
The belt hosts several long-life, large-scale sediment-hosted copper mines, and its combination of rich geology, strong infrastructure, and a skilled workforce has cemented Zambia’s position as Africa’s second-largest copper producer after the Democratic Republic of the Congo.
CEO Sam Hosack noted that the current update covers only the Nyungu Central and Kabikupa deposits.
“Pending assay results from last year’s drilling at the West Mwombezhi prospect could support a maiden inferred mineral resource later this half, potentially further expanding the project’s footprint,” he said.
Looking ahead, Prospect is preparing for a Phase III drilling campaign in the second quarter, which will test a number of previously untested targets across the broader Mumbezhi tenure.
Key areas include the large-scale Chipimpa and Sharamba prospects, identified through geochemical and geophysical surveys conducted in 2024.
The company’s expansion in Zambia also reflects a broader strategic shift. In late 2025, Prospect completed the sale of its Step Aside Lithium Project in Zimbabwe, formally exiting local lithium operations to focus on copper.
The Mumbezhi resource increase illustrates the company’s evolution from a successful Zimbabwean lithium explorer into a strategic copper developer in Africa, leveraging its experience and capital from past operations to pursue new opportunities across the continent.
