Prospect secures $9.5m from First Quantum for Mumbezhi Copper Project in Zambia

Prospect Resources has signed a strategical concern statement with copper miner First Quantum Minerals (FQM) to rise astir A$15.2m ($9.5m) successful equity with the placement of 101.06 cardinal caller shares astatine A$0.15 each.

FQM volition go a 15% shareholder successful the institution and service arsenic a cardinal method spouse successful the aboriginal exploration and advancement of the Mumbezhi Copper Project successful Zambia.

With this investment, First Quantum secures the close to nominate a committee member.

First Quantum's expertise successful copper mining and processing successful Zambia, evidenced by its operations astatine the Sentinel and Kansanshi copper mines, volition beryllium invaluable to Prospect arsenic Mumbezhi is situated successful a akin geological situation to Sentinel, according to Prospect.

Prospect is acceptable to commence its signifier 2 drilling programme astatine Mumbezhi successful the 2nd 4th of 2025 (Q2 2025) to grow the mineral assets estimates and research caller determination targets.

Prospect managing manager and CEO Sam Hosack said: “Bringing First Quantum into the fold arsenic some a strategical cornerstone shareholder and method spouse offers exceptional value-accretive opportunities for some parties.

“Gaining entree to First Quantum’s breadth of determination expertise to complement our existent multi-disciplinary exploration strategy, Prospect is good placed to proceed identifying further determination prospects, marque targeted caller discoveries and adhd imaginable caller copper tonnage to the existing Mumbezhi Mineral Resource estimation astatine a acold greater rate.”

In summation to the FQM strategical investment, Prospect volition rise astir A$2.8m successful caller equity proceeds backing from Eagle Eye Asset Holdings with a placement of 18.86 cardinal caller shares.

Eagle Eye volition support its 15.3% shareholding successful Prospect done its subscription agreement.

The combined funds raised from some investments, taxable to shareholder approval, volition bolster Prospect's moving superior and enactment ongoing activities astatine Mumbezhi.

Azure Capital acted arsenic the fiscal advisor for Prospect connected these strategical investments, with King & Wood Mallesons providing ineligible counsel.

Hosack added: “We look guardant to moving intimately with First Quantum with the ongoing enactment of Eagle Eye successful targeting the adjacent world-class copper plus successful Zambia and successful doing truthful making a worldly publication to the Zambian strategy 2031 to nutrient 3 cardinal tonnes of copper.”

In March 2025, First Quantum’s Cobre Panama excavation initiated steps to suspend arbitration proceedings against Panama.

"Prospect secures $9.5m from First Quantum for Mumbezhi Copper Project successful Zambia" was primitively created and published by Mining Technology, a GlobalData owned brand.