Prospect Resources

Prospect Resources Limited is an Australian-domiciled mineral exploration and development company, listed on the ASX, with a strategic focus on battery and electrification metals within sub-Saharan Africa. The company’s operational headquarters are in Perth, Western Australia, complemented by a significant presence in Harare, Zimbabwe, and Lusaka, Zambia, enabling direct oversight of its African projects.

A pivotal moment in the company's history was the development and subsequent sale of the Arcadia Lithium Project in Zimbabwe. Prospect advanced Arcadia from initial discovery to a world-class, development-ready asset. In a significant transaction completed in April 2022, Prospect sold its 87% interest in the Arcadia project to Zhejiang Huayou Cobalt for approximately US$378 million in cash. This sale generated substantial returns for shareholders and provided the capital to fund the company's subsequent growth strategy.

Post-Arcadia, Prospect has concentrated its efforts on a portfolio of projects targeting critical minerals. The company's flagship asset is now the Mumbezhi Copper Project in Zambia, where it acquired an 85% stake in April 2024. Situated in the Central African Copperbelt, Mumbezhi is surrounded by major copper mines. Prospect released a maiden Mineral Resource estimate for Mumbezhi in March 2025, detailing 107 million tonnes grading 0.5% copper. The business model is centered on the exploration, evaluation, and development of these mineral assets, with the ultimate goal of either operating mines or monetizing the projects through strategic sales, as demonstrated with Arcadia. Revenue is currently derived from mineral exploration activities.

The company also holds interests in several lithium projects. The Step Aside Lithium Project is located approximately 8km north of the former Arcadia site in Zimbabwe. After multiple phases of drilling that confirmed high-grade lithium intersections, Prospect is now exploring commercialization options for this asset. In Namibia, the company consolidated its ownership of the Omaruru Lithium Project to 100% in March 2024. While exploration has shown promise, spending is currently minimized as the company prioritizes the Mumbezhi Copper Project.

The management team, led by Managing Director and CEO Sam Hosack and Non-Executive Chairman Mark Wheatley, possesses extensive experience in advancing mineral projects in Africa. Mr. Hosack's background includes project development at First Quantum Minerals, while Mr. Wheatley has a long history as a director for various listed resource companies.

Keywords: mineral exploration, battery metals, electrification metals, copper mining, lithium exploration, sub-Saharan Africa mining, resource development, ASX-listed, Mumbezhi Copper Project, Step Aside Lithium Project, Omaruru Lithium Project, African mining, mineral assets, project monetization, Central African Copperbelt, resource estimation, mining investment, exploration drilling, junior mining, base metals