Prospect Secures AU$15.2 million Strategic Investment from First Quantum Minerals

Prospect Resources (ASX: PSC) has secured a strategic investment of approximately AU$15.2 million from First Quantum Minerals, which will become a 15% cornerstone shareholder. The shares were issued at AU$0.15, a 36% premium to Prospect’s last closing price. This investment aligns both companies technically and strategically, with First Quantum providing exploration expertise for Prospect’s 85%-owned Mumbezhi Copper Project in Zambia’s Copper Belt, near its own Sentinel Mine. Additionally, Eagle Eye Asset Holdings will invest AU$2.8 million at the same issue price, maintaining its 15.3% stake. The combined AU$18.5 million in funding will accelerate exploration at Mumbezhi, with Phase 2 drilling set to begin in Q2 2025. This partnership strengthens Prospect’s position in Zambia and supports its goal of increasing copper resource estimates and contributing to the country’s 2031 copper production strategy.

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