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ASX:PSC | FRA:5E8 2 September 2026 Pure-Play Copper Opportunity Clear development pathway Scale and expansion upside
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Important Notices Caution Regarding Forward Looking Information The information contained in this presentation or subsequently provided to any recipient of this presentation whether orally or in writing by or on behalf of Prospect Resources Ltd (“Prospect Resources” or “the Company”) or its respective employees, agents or consultants (“Information”) is provided to the recipients on the terms and conditions set out in this notice. The purpose of this presentation is to provide recipients with information relating to Prospect Resources. This presentation has been prepared by Prospect Resources and each recipient must make his/her own independent assessment and investigation of Prospect Resources and its business and assets and should not rely on any statement or the adequacy and accuracy of any information. Prospect Resources makes no representation or warranty (either expressed or implied) as to the accuracy, reliability or completeness of the Information. Prospect Resources and its directors, employees, agents and consultants shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied) arising out of, contained in or derived from, or for any omissions from the presentation, except liability under statute that can not be excluded. This presentation contains references to certain intentions, expectations and plans of Prospect Resources. These intentions, expectations and plans may or may not be achieved. They are based on certain assumptions which may not be met or on which views may differ. The performance and operation of Prospect Resources may be influenced by a number of factors, many of which are outside the control of Prospect Resources. No representation or warranty, express or implied, is made by Prospect Resources or its respective directors, employees, officers, agents, consultants or advisers that intentions, expectations or plans will be achieved either totally or partially or that any particular rate of return will be achieved. This presentation does not constitute in any way an offer or invitation to subscribe for securities in Prospect Resources pursuant to the Corporations Act 2001 (Cth). Competent Person’s Statements The information in this announcement that relates to Exploration Results, is based on information compiled by Mr Roger Tyler, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy and The South African Institute of Mining and Metallurgy. Mr Tyler is the Company’s Chief Geologist. Mr Tyler has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person (CP) as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Tyler consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears. The information in this report that relates to the Mumbezhi Project Mineral Resource and Exploration Target is based on information compiled by Steve Rose, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy (FAusIMM (CPGeo)). Mr Rose is a full-time consultant with Rose and Associates, Mining Geology Consultants. Mr Rose has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Rose consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Prospect confirms it is not aware of any new information or data which materially affects the information included in the original market announcements. Prospect confirms the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. Authorisation This Presentation has been authorised for release by the CEO and Managing Director, Mr Sam Hosack. Prospect Resources 2
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Emerging pure-play copper opportunity Rapidly advancing the flagship Mumbezhi Copper Project in the NW Zambian Copper Belt Multiple development options: stand-alone, regional M&A, toll treatment and JVs Growing MRE of 208.1Mt at 0.42% (877kt Cu); 0.49% CuEq (1.02Mt CuEq)1 Two granted Large Scale Mining Licences across 356 square kilometres Proven Board and Management team with significant African project experience Benefits from established infrastructure (power, roads, water supply) and planned Lobito Corridor Prospective regional geology, copper endowment and adjacent to several existing copper operations Clear pathway to unlock, grow and de-risk multi- commodity potential at Mumbezhi (cobalt/gold) 1. Prospect Resources ASX Announcement 20 May 2026 (Copper Equivalent (CuEq) grade calculation methodology described therein)Prospect Resources
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The Prospect Business Driving the sustainable copper revolution
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Who we are A high-velocity, copper-focused exploration and development business With a proven track record in commercialising large-scale projects in Africa Market listings Capital structure Ordinary shares on issue (as of 31 August 2026) Share price (as of 31 August 2026) Market capitalisation (as of 31 August 2026) Cash balance (as of 30 June 2026) ASX: PSC FRA: 5E8 832.7 M A$0.21 A$175 M A$42 M Key shareholders Prospect Resources About Prospect Resources (ASX:PSC) Leadership Non-Executive Chairman Mark Wheatley CEO & Managing Director Sam Hosack Executive Director, Finance Ian Goldberg 5 15.0% 12.5% 5.4% Prospect Board and Management Eagle Eye Asset Holdings Pte. Ltd.
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Advanced the Arcadia Lithium Project in Zimbabwe from discovery to sale to Zhejiang Huayou Cobalt for US$378M cash (87% PSC) in April 2022 Prospect Resources 6 What we have done Confirmed value creators with a proven track record 🗸 Over A$388M in organic equity value created and realised for Prospect shareholders through this journey1 This same team acquired the Mumbezhi Copper Project in the world- class Zambian Copper Belt for approx. US$6.5M in May 2024 🗸 Over A$150M in additional organic market equity value created for Prospect shareholders to date2 1. Refer www.prospectresources.com.au/arcadia-case-study/ 2. Current Prospect market capitalisation net of acquisition cost and equity raises undertaken since May 2024
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Defining a large-scale copper system in the Zambian Copper Belt 18,275m Phase 2 drilling (diamond and aircore) completed in 2025 Updated MRE (May 2026) of 1.02Mt contained CuEq and growing1,2 70% from maiden MRE Technical partner and Prospect cornerstone investor Regional growth-focused Phase 3 drilling programme in progress Where we are now Advancing our flagship Mumbezhi Copper Project (90% PSC) Prospect Resources 7 Cu 29 1. Prospect Resources ASX Announcement 20 May 2026 (Copper Equivalent (CuEq) grade calculation methodology described therein) 2. Prospect Resources ASX Announcement 11 March 2025 Maiden Mineral Resource Estimate for Mumbezhi Exceeds 500kt Contained Copper
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The Mumbezhi Project An emerging, world-class copper asset
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An outstanding copper mining address ► Situated in the world-class Zambian Copper Belt ► Strategically proximate to several existing Tier-1 copper operations (FQM and Barrick) ► Regional transport, power and water infrastructure ► Experienced mining workforce and services base ► Downstream copper smelting/refining facilities ► Recent +US$3B existing copper mine expansions ► Ambitious national strategy to grow copper production to +3Mtpa (from <1Mtpa) Zambia is a global copper geology and production cornerstone 9Prospect Resources An outstanding location for a major new emerging copper mine development to be advanced, developed and operated
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Established scale and scalability Rapidly growing Mumbezhi resource towards a Tier-1 copper development1 10Prospect Resources 1. Prospect Resources ASX Announcement 20 May 2026 (Copper Equivalent (CuEq) grade calculation methodology described therein) 2. Mineral Resources expressed inclusive of Ore Reserves (if relevant); Sentinel and Kansanshi Mine data sourced from First Quantum 2025 Annual Information Form (February 2026) and Lumwana Mine data sourced from Barrick Mining Full Year 2025 MD&A (February 2026) ► 27,815m of drilling completed during the last two field seasons ► Mumbezhi MRE now contains >1 million cont. CuEq tonnes1 ► 35% of Nyungu Central MRE within the Indicated classification, a robust foundation for near-term development studies ► Drilling continues to provide clear validation of a growing large- scale copper system with strike extensions Deposit Tonnes (millions) Copper (Cu%) Cobalt (Co%) Au (g/t) Tonnes Contained Cu Tonnes Contained Co Ounces Contained Au Copper Equiv (CuEq%) Nyungu Central 154.4 0.42 0.03 0.05 651,300 39,500 242,800 0.51 W. Mwombezhi 30.7 0.37 0.01 0.02 115,000 4,000 19,300 0.40 Kabikupa 23.0 0.48 - - 110,800 - - 0.48 TOTAL 208.1 0.42 0.02 0.04 877,100 43,500 262,100 0.49 Cut-off reporting grade is 0.2% Cu. Rounding has been applied Geology and grade consistent with other Tier-1 deposits in the Zambian Copper Belt Total resource (kt cont. Cu)2 Average resource grade (M&I+Inf) 0.6% Cu 0.5% Cu 0.3% Cu 0.4% Cu 0 10,0008,0006,0004,0002,000 Mumbezhi Sentinel (First Quantum) Kansanshi (First Quantum) Lumwana (Barrick) GROWTH POTENTIAL AS PER MUMBEZHI PROJECT EXPLORATION TARGET
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11Prospect Resources Nyungu Central: The baseload TOTAL NYUNGU CENTRAL MINERAL RESOURCE 154.4 Mt @ 0.42% Cu for 651 kt cont. Cu (0.51% CuEq) A growing footprint with further substantial strike and down-dip extension opportunity INDICATED COMPONENT 53.4 Mt @ 0.45% Cu for 240 kt cont. Cu (0.56% CuEq) INFERRED COMPONENT 101.0 Mt @ 0.41% Cu for 411 kt cont. Cu (0.48% CuEq)
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District-scale copper growth potential ► Two new large-scale target areas identified at Chipimpa and Sharamba ► Both targets +2km in strike and exhibit similar scale, shape and conductivity to Nyungu Central ► Other prospective EM conductors surrounding Kamafamba and Nyungu South and Nyungu West (part of “Nyungu Hub”) ► New IP geophysical surveys completed at Chipimpa, West Mwombezhi and Kamafamba Exciting potential for new, transformative copper discoveries during 2026 Prospect Resources 12 Initial drilling of key regional targets currently in progress AIRBORNE EM IMAGERY OVERLAIN
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The Path to Commercialisation Growing and de-risking the Mumbezhi development opportunity
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Unlocking the greater Mumbezhi potential Phase 3 drilling objectives ► Targeting shallow southern up-plunge strike extensions at Nyungu Central ► Testing of new structural/geophysical targets at Nyungu West and Nyungu South (“Nyungu Hub”) ► Scout diamond drilling of regional targets: Chipimpa, Sharamba, Kamafamba + others ► Increase JORC classification confidence within existing MREs ► Testing for discrete surface gold 14 High-velocity 2026 drilling and exploration programme Phase 3 2026 drilling Growth-focused 32,000m programme commenced early May 22,000m DD / 8,000m AC / 2,000m RC Extending Nyungu Central and ‘Hub’ Testing large-scale regional targets Increasing MRE confidence + Au content Driving Mumbezhi resource scale and further enhancing independent project potential and economics Serious expansion of exploration spend and drilling metres
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By-product cost advantages ► Existing gold and cobalt within MRE delivers ~0.49% CuEq grade1 ► Substantial re-assaying has strengthened Au grade and contained gold content ► Significant potential to materially upgrade forecast Mumbezhi Project economics ► By-product credit potential from gold and cobalt to benefit Mumbezhi’s relative copper cost positioning 15Prospect Resources A compelling additional value lever for Mumbezhi 1. Prospect Resources ASX Announcement 20 May 2026 (Copper Equivalent (CuEq) grade calculation methodology described therein) Cu 0.42% Mumbezhi MRE (May 2026) 0.49% CuEq Grade Composition1 Co 0.04% CuEq Au 0.03% CuEq By-product credits: Reducing net cash cost of copper production Widespread cobalt and gold by-product mineralisation confirmed at Nyungu Central
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Compelling metallurgical results High-grade copper concentrates with strong recoveries1,2,3 ► Excellent metallurgical results confirm robust and scalable nature of targeted flowsheet ► Standard flotation process effective and efficient for both Nyungu Central and Kabikupa materials ► Coarse primary grind size (P80 250µm) reflects strong potential for lower capital and operating cost efficiencies ► Results on baseload Nyungu Central fresh and transition materials point to overall Cu recovery potential of +95% ► Technical work underway to ascertain cobalt and gold grades and recoveries 16 Deposit Material Type As Proportion Of Deposit MRE Cu-in- Conc. Grade Copper Recovery Nyungu Central (Fresh) 90% 24.6% 96.2% (one-stage clean) Nyungu Central (Transitional) 9% 32.1% 81.4% (two-stage clean) Kabikupa (Fresh) 87% 27.5% 95.3% (two-stage clean) Kabikupa (Transitional) 13% 31.9% 94.7% (one-stage clean) 1. Prospect Resources ASX Announcement 19 May 2025 2. Prospect Resources ASX Announcement 17 July 2025 3. Prospect Resources ASX Announcement 25 June 2026 Supports development of a simple, centralised and highly efficient processing plant at Mumbezhi Cobalt and gold recovery evaluation and optimisation workstream in progress
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Outlook and indicative schedule Leveraging Prospect’s proven credentials in economic stewardship and value creation Key workstream 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Environmental Social Impact Assessment (ESIA) 🗸 Mining Licences granted 🗸 Maiden Mumbezhi MRE 🗸 2025 Phase 2 drilling and exploration programme 🗸 Metallurgical testwork – Nyungu Central/Kabikupa 🗸 Gold re-assaying programme and results 🗸 🗸 🗸 Mumbezhi MRE updates (Feb 2026 and May 2026) 🗸 🗸 2026 Phase 3 drilling and exploration programme 🗸 ◆ ◆ Metallurgical testwork 🗸 ◆ ◆ Mumbezhi MRE update ◆ Scoping Study ◆ ◆ Prospect Resources 17
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Investment highlights An emerging pure-play copper opportunity at a world-class Zambian address Prospect Resources 18 Scalable pure-play copper exposure in a Tier-1 copper mining jurisdiction Robust array of potential project development options Strong foundational Cu resource with substantial further growth potential Compelling metallurgy and emerging Co-Au by-product upside Proven value creation team with strong strategic shareholder support
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Contact us +61 405 524 960 info@prospectresources.com.au Level 2, 33 Richardson Street West Perth WA 6005 Australia
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Who we are Mark has over 15 years of director and chairman experience with exposure predominantly across gold, copper and uranium sectors. Sam Hosack Managing Director & CEO Doug Jones Non-Executive Director Mark Wheatley Non-Executive Chairman Gaurav Gupta Non-Executive Director Ian Goldberg Executive Director – Finance Matt Pascall Non-Executive Director James Winch Resource Development Manager John Maketo Technical Manager Roger Tyler Chief Geologist Mwelwa Manda Country Manager – Zambia David Broomfield Corporate Development Board of Directors Management and Technical Team Sam is a proven senior mining executive with over 20 years’ experience within the global resources sector including considerable experience in Zambian Copper Belt with FQM. Ian has more than 20 years of senior finance and commercial experience. This includes having held several Chief Financial Officer (CFO) roles in operating mining businesses across Africa and Australia. Gaurav has over 25 years’ experience in international trade and is a qualified Chartered Accountant. He manages a family office registered with the Monetary Authority of Singapore with high-growth investment holdings. Doug has over 45 years’ experience in the international mining industry. He was most recently General Manager (Exploration) at Perseus Mining and has a proven track record of advancing the development of mineral assets from initial discovery through to production. Matt, a founding Director of First Quantum Minerals, has been central to its global growth, particularly in Zambia. Renowned for his leadership in complex mining projects, he also champions sustainable practices and community development. Roger is a geologist with over 35 years’ experience in the Africa minerals industry. He has worked across a wide variety of African countries and exploration and mining businesses. He was a core component of the Arcadia Lithium Project in Zimbabwe. James is a Zimbabwean geologist with extensive experience in the planning, budgeting, implementation and field management of large-scale exploration drilling programmes designed for brownfield exploration and resource definition to facilitate mine expansion works. Mwelwa is a seasoned corporate finance professional with over 12 years experience in mining investments. He specialises in deal origination, investment strategies, capital deployment and investment management within the Southern African regional market. John is a metallurgical engineer with over 25 years’ experience in mineral processing. He has held various senior technical and management positions at leading mining companies in Africa and Australia. David is a geologist with over 25 years’ experience in the mineral resources and exploration industry. He has broad experience managing and coordinating teams in the development of projects, including feasibility studies, technical and economic modelling, and appraisals. 20Prospect Resources Peter is a geologist with 25 years’ experience in leading exploration teams. He has a strong track record in African project development, with considerable exposure to the Zambian Copper Belt via ZCCM, Konkola Copper Mines, Chibuluma Mines and Zambian geology specialists, African Mining Consultants. Peter Chipulu Exploration Manager – Zam.