Earnings release
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ASX.PSC FRA.5E8 ASX ANNOUNCEMENT 27 January 2026 QUARTERLY ACTIVITIES REPORT FOR THE QUARTER ENDED 31 DECEMBER 2025 Prospect Resources Ltd (ASX: PSC, FRA:5E8) (Prospect or the Company) is pleased to report on its activities undertaken during the December 2025 quarter. Highlights Mumbezhi Copper Project (Mumbezhi), Zambia Phase 2 drilling programme successfully completed Prospect’s Phase 2 drilling programme at Mumbezhi is now complete, consisting of approximately 14,792m drilled across fifty-nine (59) diamond drill holes and 3,507m drilled across 165 exploratory aircore (AC) drill holes. Extensional drilling across the flagship Nyungu Central deposit continues to validate potential for a growing, large-scale copper system. Drilling at both the northern and southern ends of Nyungu Central has extended the main mineralised system up plunge into the oxide and transitional zones (south) and down plunge into fresh sulphides (north). Total mineralised footprint at Nyungu Central has expanded to over 1.5km long. Significant intervals from Nyungu Central returned during the quarter include: ─ 20.9m @ 0.70% Cu from 226m and 14.4m @ 0.45% Cu from 83.6m, incl. 4.4m @ 0.60 g/t Au from 83.6m (NCDD011) ─ 36.0m @ 0.33% Cu from 52m (NCDD015) ─ 34m @ 0.88% Cu from 128m, incl. 2.7m @ 0.52% Cu from 114m (NCDD021) Significant extensions at Kabikupa with copper mineralisation now over 1km along strike, with zones confirmed up-dip closer to surface and at depth, following the shallow dip of the deposit. Significant intervals from Kabikupa drilling include: ─ 13.0m @ 0.50% Cu from 138m (KKDD018) ─ 13.0m @ 0.31% Cu from 37.0m, incl. 5.0m @ 0.48% Cu from 42.0m (KKDD014) Residual Phase 2 assays received from Kabikupa deposit, with metallurgical hole KKMT001 returning 18.6m @ 0.48% Cu from 98.0m, incl. 13.6m @ 0.56% Cu from 103m. Phase 2 results expected to support and underpin an updated Mineral Resource estimate (MRE) for the Nyungu Central and Kabikupa deposits, which remains on track for later in Q1 2026. New, strong EM targets identified from AEM surveying Preliminary interpretation of tenement-wide geophysical airborne electromagnetic (AEM) surveying identified 11 strong electromagnetic conductors, representing highly attractive exploration targets. For personal use only
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Page 2 of 15 Standout target is the 2.5km-long Chipimpa cluster, with a strike length, scale, shape and conductivity, mirroring the distinctive response from Nyungu Central, providing confidence in the potential prospectivity of Chipimpa. Regional geochemical sampling has extended the historical Sharamba and Kamafamba prospect footprints and defined a new target at Kamafamba West. Widespread gold identified at Nyungu Central Re-assaying of existing drill samples completed post-end of quarter at Nyungu Central has confirmed significant by-product gold mineralisation. Highly anomalous gold intersected in 26 of 32 holes re-tested to date, with samples sourced primarily from the transitional and fresh mineralised copper zones. Gold re-assay data from four drill holes remains pending, expected in late January 2026. New gold by-product results will be incorporated into the updated Nyungu Central MRE, complementing the existing copper resources. Corporate Appointment of Dr Doug Jones as Non-Executive Director in October 2025, replacing Non- Executive Director Mr Gerry Fahey who retired following the Company’s Annual General Meeting (AGM) in November 2025. Successful sale of Step Aside Lithium Project in Zimbabwe for US$2.2 million consideration in November 2025. Prospect well-funded to accelerate exploration and advancement of Mumbezhi with a robust cash balance of approx. A$10.4 million cash and zero debt as at 31 December 2025. Prospect Managing Director and CEO, Sam Hosack, commented: “Prospect enters 2026 from a position of strength; scale and potential of the Mumbezhi Project, our solid balance sheet, commodity exposure and our team capability. We closed the December quarter with a cash balance of A$10.4 million, providing strong support for our exploration and development plans. We also welcomed Dr Doug Jones to the Board during the December Quarter — a highly respected geologist whose career includes success in gold exploration across Africa and globally. “What excites me most as I look ahead is the combination of two major value drivers now emerging at Mumbezhi: the growing regional prospectivity increasing the scale potential, particularly at new targets such as Chipimpa, and the confirmation of significant gold by‑product mineralisation alongside copper at Nyungu Central. Together, these developments point to a broader, multi‑commodity opportunity that extends well beyond the promising resource growth at our existing deposits. “During the December quarter, Prospect made strong progress on the development of the Mumbezhi Copper Project. We successfully completed our Phase 2 drilling programme, and the results received so far show further extensions to the mineralised zone at both the northern and southern ends of the Nyungu Central deposit. “Our latest interpretation indicates that Nyungu Central now extends over 1.5 kilometres. Mineralisation continues both towards the surface and at depth, which is encouraging for future resource growth. A large number of Phase 2 assays are still pending and are expected later in January 2026. These results will be material inputs into the updated Mineral Resource Estimates for Nyungu Central and Kabikupa, which remain on schedule for release in the first quarter of 2026. “Across the wider licence area, regional exploration also delivered positive results. Early analysis of airborne electromagnetic survey data championed by our partners First Quantum Minerals (FQM) identified 11 strong conductors, forming a new cluster of targets at the Chipimpa prospect in the For personal use only
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Page 3 of 15 southeast of the Mumbezhi tenure. Chipimpa spans more than 2.5 kilometres and shows geological similarities to Nyungu Central, making it a high‑priority target for drilling. “Additional results still to come — including the final detailed AEM interpretation, termite hill sampling, ground IP surveys, and licence‑wide soil geochemistry — will improve the quality of our target generation ahead of Phase 3 drilling, planned to begin in the second quarter of 2026. “After the end of the December quarter, we also confirmed significant gold by‑product mineralisation at Nyungu Central through the re‑assaying of samples from both our Phase 1 and Phase 2 programmes. This emerging multi‑commodity potential adds another value driver for the Mumbezhi Project, especially given the strong market performance of both gold and copper in recent months. “Overall, 2026 is shaping up to be a pivotal year for Prospect. Working closely with our technical partner, FQM, we will continue to advance our strategy to grow resources and unlock new exploration opportunities across the broader Mumbezhi licence area. “Finally, I would like to express my sincere thanks to Gerry Fahey, who has completed a very respectable term on the Board. Gerry has provided invaluable leadership, guidance and support through every major chapter of Prospect’s history and proposed the opportunity for renewal. His contribution to the company’s success has been significant, and I wish him well for the future.” Project Development Mumbezhi Copper-Cobalt Project (Zambia); 85% PSC Phase 2 drilling programme During the December 2025 quarter, Prospect completed its Phase 2 drilling programme at Mumbezhi with approximately 14,792 metres of diamond drilling completed across 59 holes (including 8 re-entries). Phase 2 diamond drilling was supplemented with 3,507 metres of shallow aircore (AC) drilling for 165 holes covering wide swathes of prospective ground at Mumbezhi. AC drilling has proven to be an effective exploration technique in terms of cost and time, assisting greatly in delineating new regional subsurface targets. Due to its efficacy in the Phase 2 programme, Prospect intends to utilise AC drilling more extensively in future exploration drill programmes at Mumbezhi. The Phase 2 programme was designed with the following key objectives in mind: Extend and upgrade the existing Mineral Resource estimates at the Nyungu Central and Kabikupa deposits; Generate maiden Inferred Mineral Resource estimates for the West Mwombezhi and Nyungu South prospects; Complete first-pass, shallow AC exploratory drilling of numerous regional copper anomalies defined across the Mumbezhi tenure; and Undertake subsequent diamond drilling to test depth extent of coherent copper mineralisation defined by the widespread AC work. Over the December 2025 quarter, Prospect provided two (2) exploration progress updates for Mumbezhi including assay results received from Phase 2 drilling completed at both the Nyungu Central and Kabikupa deposits. Analysis and release of remaining assay results from a number of Phase 2 diamond drill holes remains pending, primarily due to extended turnaround times at the local analytical laboratories used by Prospect. This delay reflected increased industry-wide drilling activity during the dry field season (May to November) For personal use only
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Page 4 of 15 across northwestern Zambia, and is a consequent effect of a significant increase in exploration within the Zambian Copper Belt, in turn linked to rising copper prices. Figure 1: Mumbezhi Mining Licences showing deposits and currently delineated prospects Further extensions defined at Nyungu Central Phase 2 drilling at Nyungu Central aimed to produce extensions to the currently defined Indicated and Inferred MRE, and to test new targets defined to the immediate north and south. The northern drill targets were predicated on strong ground-based chargeable IP anomalies defined by Prospect in 20241, whilst the previously undrilled southern target is supported by historical chargeable IP geophysical surveys completed by Anglo American in 20012. 1 Refer to PSC ASX release dated 26 November 2024, Further strong intercepts returned from drilling at Nyungu Central Deposit 2 Refer to PSC ASX release dated 6 March 2025, IP Geophysics Strongly Validated as an Effective Targeting Tool at Nyungu For personal use only
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Page 5 of 15 Figure 2: Nyungu Central drill hole collar plan showing Phase 2 drill holes (green), pre-2025 holes (yellow) and the drilling section described in this release (dashed blue line) and long section (orange dashed line) On 15 October 2025, Prospect released assay results from two holes targeting the far northern down- plunge (NCDD011) and far southern up-plunge (NCDD015) positions of the Nyungu Central deposit. Both returned strong results, successfully extending the footprint of copper mineralisation to a total strike length exceeding 1.5 km (see Figures 2-3). Prospect also assayed the entirety of NCDD011 for gold, which returned significantly elevated results, coinciding with copper mineralisation in the transition zone of that hole. Significant intervals returned from the latest drilling included: 20.9m @ 0.70% Cu from 226m (sulphide) and 14.4m @ 0.45% Cu from 83.6m (transition), incl. 4.4m @ 0.60 g/t Au from 83.6m (transition) (NCDD011); and 36.0m @ 0.33% Cu from 52.0m (transition) (NCDD015). Given the latent value it could provide to the Mumbezhi Project’s overall economics, the encouraging gold results from NCDD011 provided a strong impetus for the re-assaying of existing pulp samples from the transition-fresh zones across Nyungu Central for gold. This work was completed post-end of the quarter, the details of which are contained further below in this release. For personal use only
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Page 6 of 15 On 4 December 2025, Prospect announced significant drill assays from a further three holes drilled at Nyungu Central. These drill holes targeted an under-drilled area at the southern end of the existing MRE, where copper mineralisation surfaces up plunge before being terminated or offset on an east-southeast trending fault. Drill hole NCDD021 returned a highly encouraging shallow intercept of 34m @ 0.88% Cu from 128m, and 2.7m @ 0.52% Cu from 114.3m (see Figure 4). The result from NCDD021 is important as it grows the potential to define significant near-surface tonnages and extensions to the large-scale copper system already defined at Nyungu Central. The other two significant intervals returned were: 8.46m @ 0.34% Cu from 213.5m (sulphide) and 6.0m @ 0.42% Cu from 50m (oxide) (NCMT001) 2.06m @ 0.33% Cu from 50.9m (oxide) (NCDD017) Figure 3: Long Section Projection of Nyungu Central Deposit For personal use only
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Page 7 of 15 Figure 4: Nyungu Central drilling section at 8629650mN showing NCDD021 drilling result (looking north) Kabikupa extended in multiple directions Phase 2 drilling at Kabikupa consisted of both infill and extensional drill holes aimed at increasing confidence in the continuity of the mineralised copper zones interpreted from the existing Inferred Mineral Resource estimate, and more importantly, extending the footprint up-dip, down-dip and along strike to the northwest and southeast. A total of 14 diamond holes for 3,200m were completed at Kabikupa as part of the Phase 2 programme. On 15 October 2025, Prospect released the remaining Kabikupa assays. Significant intervals included: 13.0m @ 0.50% Cu from 138m (KKDD018); and 13.0m @ 0.31% Cu from 37m, incl. 5m @ 0.48% Cu from 42m (KKDD014) Phase 2 drilling at Kabikupa has generated impressive strike extensions and mineralised thicknesses at the northwest end of the deposit (e.g. KKDD018) in a region that lies close to an interpreted fault offset, which appears to close off (or displace) the copper mineralisation (see Figures 5-7). On 4 December 2025, final assays were also reported from the dedicated metallurgical drill hole KKMT001 completed at Kabikupa, which returned3: 18.6m @ 0.48% Cu from 98m (fresh), incl. 13.6m @ 0.56% Cu from 103m; and 5.0m @ 0.35% Cu from 72.0m (transitional) The metallurgical drill hole has since undergone composite sampling of its transitional and fresh copper mineralisation. Samples were sent to Core Metallurgy in Brisbane (Australia) for comprehensive testing. Initial results from this testing are anticipated late in February 2026. 3 Refer to PSC ASX release dated 4 December 2025, New High-Grade Zone Identified at Mumbezhi For personal use only
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Page 8 of 15 Figure 5: Kabikupa drill hole collar plan showing Prospect Phase 2 drill holes (green), pre-2025 holes (yellow) and oblique drilling cross sections described in this release (as dashed blue lines) Figure 6: Kabikupa oblique drilling Section 1 (+/-50m) facing northwest, showing logged mineralisation (red) and the natural topographic surface (green line). Scale is 1:1 For personal use only
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Page 9 of 15 Figure 7: Kabikupa oblique drilling Section 2 (+/-50m) facing northwest, showing logged mineralisation (red). Scale is 1:1 All Phase 2 assay results for Kabikupa will be utilised in updating the existing Kabikupa MRE. This update remains scheduled for delivery in Q1 2026. Full details including all collar locations, drillhole data and significant copper drilling intersections, refer to ASX release dated 15 October 2025 and 4 December 2025. Preliminary AEM results deliver new regional targets and extensions to historical prospects During the quarter, South African geophysical consultants, GeoFocus, completed a preliminary geophysical interpretation of the Company’s licence-wide AEM survey data. This interpretation has identified 11 strong electromagnetic (EM) conductors (refer Figures 8-9). A number of these conductors lie over known copper deposits (e.g. EM 7 = Nyungu Central; EM 8 = Nyungu South) or regionally identified prospects (e.g. EM 1,2,3 Cluster = Sharamba). However, the remaining conductors have never previously been explored and represent compelling new regional exploration targets for 2026. In particular, the EM 9,10,11 Cluster (the Chipimpa prospect) stands out, extending over approximately 2.5km of strike in the south-east corner of the Mumbezhi licence. It is similar in shape and tenor to the conductor identified over the flagship Nyungu Central deposit. This preliminary geophysical interpretation has produced very positive results, and generated numerous large conductive EM anomalies across the Mumbezhi tenure – several of which are located on tenure where no historical exploration has been undertaken. These results also affirm previous interpretations of the 2010 aeromagnetic data, both in terms of the positions of the major thrust structures and also the existence of significant east-west trending normal faults, which are also interpreted to affect the main Nyungu Central deposit (EM 7). Canadian geophysical specialists, Axiom Exploration, are also completing 3D depth inversions (“Maxwell Slices”) through the main conductive anomalies identified at Mumbezhi, with that data expected to better inform drilling targets, particularly if supported by IP and geochemical anomalies. For personal use only
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Page 10 of 15 Once the final geophysical data interpretation of this AEM survey data is finalised and all coincident licence-wide soil geochemistry data is received, a ranking and prioritisation of future exploration and drilling targets will be established by Prospect for future drill testing. Figure 8: Mumbezhi Project – Licence wide processed EM geophysical output showing identified strong EM conductors and prospect locations Figure 9: Mumbezhi Project – Licence wide processed EM geophysical output showing Tau Decay Constant data For further details, tables and figures, refer to ASX release dated 19 November 2025. For personal use only
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Page 11 of 15 Widespread gold identified at Nyungu Central Following the identification of highly anomalous gold values in metallurgical test work and separate limited assaying of previous drill holes at Nyungu Central, Prospect commenced a detailed investigation of gold deportment and grade as a potential material and valuable by-product to the associated copper resources currently defined at the deposit4. Prospect selected a large number of drill samples from both the Phase 1 and Phase 2 diamond and RC drilling programmes for re-assaying to determine the distribution of gold (and gold grades) within existing defined transition and fresh mineralised zones, that already encompassed economic copper intersections. This gold re-assaying has now been completed for 36 drill holes at Nyungu Central. The results in this release pertain to 32 holes, 26 of which contain highly anomalous grades of gold5. Significant intersections included: 30.0m @ 0.21g/t Au from 187m, within 30.0m @ 0.79% Cu from 187m (NCMT002); 12.0m @ 0.23g/t Au from 52.0m, within 19.0m @ 0.46% Cu from 46.0m (NCRD021); 6.0m @ 0.44g/t Au from 175m, within 28.0m @ 0.52% Cu from 175m (NCRD005); 4.38m @ 0.60g/t Au from 83.62m, within 14.38m @ 0.45% Cu from 83.62m (NCDD011); 40.37m @ 0.06g/t Au from 264m, within 40.37m @ 0.14% Cu from 264m (NCDD011); 7.55m @ 0.18g/t Au from 38.0m, within 12.0m @ 1.13% Cu from 36.0m (NCDD002); and 5.0m @ 0.25g/t Au from 96.0m, within 17.0m @ 0.42% Cu from 88.0m (NCMT002) Gold assay results for the remaining four (4) holes that total just under 500 samples will be available later in January 2026. Once received, all gold re-assay data will be incorporated into the ongoing update of the MRE for Nyungu Central with a maiden gold resource estimate having the potential to materially upgrade the economics of the Mumbezhi Project and strongly complement the copper resources already defined there. Next steps Phase 2 drilling copper assays remain pending for several drill holes completed at Nyungu Central, Nyungu South, and West Mwombezhi, with results expected later in January 2026. These results are expected to inform the delivery of updated MREs for both the Nyungu Central and Kabikupa deposits, which remain scheduled for release later in Q1 2026. The update to the Nyungu Central MRE will also incorporate a maiden gold resource estimate based on the gold re-assay results received post-end of the December quarter and incorporating the remaining assays expected to be released later in January 2026. Prospect also continues to advance the following exploration workstreams: Project-wide AEM survey data is undergoing final geophysical interpretation. All residual assays from a licence-wide soil geochemical sampling programme completed in September 2025 will be reported by late January 2026 for full analysis, alongside the final AEM survey results and recommendations. 4 Refer to PSC ASX release dated 17 July 2025, Compelling New Results from ongoing Mumbezhi Metwork 5 Refer to PSC ASX release dated 14 January 2026, Widespread gold identified at Nyungu Central For personal use only
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Page 12 of 15 The collation of these new data sets by Prospect is primarily aimed at generating new copper targets across the wider Mumbezhi tenure, in areas where historical sub-surface drilling is largely absent. These target generative activities will strongly support the ongoing planning of the Phase 3 exploration, aircore and diamond drilling programmes, which remains scheduled to commence in Q2 2026. Initial results from composite sampling of transitional and fresh mineralisation within the dedicated metallurgical drill hole (KKMT001) at Kabikupa are expected by late February 2026. Omaruru Lithium and Rubidium Project (Namibia); 100% PSC Forward strategy Exploration activities have ceased with expenditure pared back to minimum holding commitments. Prospect is pursuing potential commercialisation strategies to unlock Omaruru longer-term value, with NDA’s having now been executed with a number of parties interested in the critical mineral suite (lithium, rubidium and caesium) already discovered at the Project. The exploration licence was recently renewed for another two (2) years and an associated Environmental Clearance Certificate (ECC) submitted to the Namibian Ministry of Mines for approval. Corporate Appointment of Non-Executive Director In October 2025, Prospect announced the appointment of Dr Doug Jones to the Prospect Board as Non- Executive Director. Dr Jones is a highly qualified geological leader and resources executive bringing more than 45 years’ experience in international technical, commercial, corporate and project management roles across Sub- Saharan and North Africa, Australia, Europe and the Americas. His executive experience ranges across senior roles with ASX- and TSX-listed companies and board positions with ASX-, AIM- and TSX-listed companies. Dr Jones is a PhD qualified geologist with experience ranging from project generation and grass roots exploration through to resource definition and feasibility studies, along with extensive involvement in M&A project assessment and due diligence activities. This technical experience extends across a wide range of commodities and mineralisation styles for gold, porphyry and iron oxide copper-gold deposits, other base metals and uranium. Dr Jones replaced non-executive director, Mr Gerry Fahey, who elected to retire following the Company’s AGM held on 25 November 2025. Mr Fahey was a foundational director of Prospect Resources and has served on the Board since July 2013. Successful sale of the Step Aside Lithium Project On 5 November 2025, Prospect executed a share sale and purchase agreement with private company Fatima Resources Pty Ltd (Fatima), for the sale of its Singapore-registered subsidiary, Promin Resource Holdings Pte Ltd (Promin) for a consideration of up to US$2.2 million. Promin is a wholly owned subsidiary of Prospect and holds a 90% interest in the Step Aside Lithium Project (Step Aside) in Zimbabwe. The share sale and purchase agreement was completed on 25 November 2025 with the receipt of an initial cash sum of US$850,000. An additional US$150,000 will be payable by Fatima within 6 months post completion of the transaction. For personal use only
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Page 13 of 15 A payment of up to US$1.2 million is also payable to Prospect if, within 24 months of transaction completion, Fatima achieves certain milestones including the execution of binding offtake agreements, upgrades to the Step Aside MRE, or a future sale transaction where the value of Step Aside is more than US$5.0 million. Cash balance Prospect finished the quarter with a cash balance of approximately A$10.4 million and zero debt (excluding typical trade creditors). Issued capital The Company confirms it currently has 705,076,726 ordinary shares, 50,119,952 unlisted options, 5,748,486 performance rights on issue, and 2,052,633 service rights Appendix 5B – Related Party payments During the Quarter, the Company made payments of A$181,000 to related parties and their associates. This release was authorised by Sam Hosack, Managing Director of Prospect Resources Ltd. For further information, please contact: Sam Hosack Managing Director shosack@prospectresources.com.au Ian Goldberg Executive Director – Finance igoldberg@prospectresources.com.a For personal use only
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Page 14 of 15 About Prospect Resources Limited (ASX: PSC, FRA:5E8) Prospect Resources Limited (ASX: PSC, FRA:5E8) is an ASX listed company focused on the exploration and development of battery and electrification metals mining projects in the broader sub-Saharan African region. About the Mumbezhi Copper Project The Mumbezhi Copper Project (85% Prospect) (Mumbezhi) is situated in the world-class Central African Copperbelt region of north-western Zambia. Located on two granted Large Scale Mining Licences (39445-HQ-LML; 39465-HQ-LML), Mumbezhi covers approximately 356 square kilometres of highly prospective tenure which lies in close proximity to several major mines which are hosted in similar geological settings. Prospect’s Phase 1 drilling programme at Mumbezhi returned highly encouraging results, validating the growth potential of the significant endowment of copper mineralisation at Nyungu Central and delivering further confidence in a potential future large-scale, open pit mining development at Mumbezhi. In March 2025, Prospect delivered a maiden JORC-compliant Mineral Resource estimate (MRE) for Mumbezhi of 107.2Mt @ 0.5% Cu for 514.6 kt of contained copper. The Phase 2 drilling and exploration programmes began in mid-May and were completed in November 2025. About Copper Copper is a red-orange coloured metallic element in its pure form and is highly conductive to heat and electricity and is physically soft and malleable. Copper has been used for various purposes dating back at least 10,000 years. Today, it is mostly used by the electrical industry to make wires, cables, and other electronic components and is the key component. The metal is widely seen as a green-energy transition material, in part because of the wiring needed for electric cars. EVs can use as much as 80kg of copper, four times the amount typically used in combustion engine vehicles. It is also used as a building material or can be melted with other metals to make coins and jewellery. For personal use only
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Page 15 of 15 Competent Persons Statements The information in this announcement that relates to Exploration Targets and 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 Consultant 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 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 report of the matters based on his information in the form and context in which it appears. Caution Regarding Forward-Looking Information This announcement may contain some references to forecasts, estimates, assumptions and other forward-looking statements. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions, it can give no assurance that they will be achieved. They may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the business, which could cause actual results to differ materially from those expressed herein. All references to dollars ($) and cents in this announcement are in United States currency, unless otherwise stated. Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company’s securities. APPENDIX A: PROSPECT TENEMENT SCHEDULE As at 31 December 2025, Prospect Resources Limited has interests in tenements via the following companies: Osprey Resources Limited – Mumbezhi Project Richwing Exploration (Pty) Limited – Omaruru Project Tenement Type & Number Tenement Name Country Project Registered Company Name % Held at End of Quarter % Acquired During Quarter % Disposed During Quarter 39445-HQ-LML Mumbezhi North Zambia Mumbezhi Osprey Resources 85% 0% 0% 39465-HQ-LML Mumbezhi South Zambia Mumbezhi Osprey Resources 85% 0% 0% ME19948BM Step Aside Zimbabwe Step Aside Eagle Lithium 0% 0% 90% EPL 5533 Omaruru Namibia Omaruru Richwing Exploration 100% 0% 0% For personal use only
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Rule 5.5 ASX Listing Rules Appendix 5B (01/12/19) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity PROSPECT RESOURCES LIMITED ABN Quarter ended (“current quarter”) 30 124 354 329 31 December 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 1. Cash flows from operating activities 0 0 1.1 Receipts from customers 1.2 Payments for 0 0 (a) exploration & evaluation (if expensed) (b) development 0 0 (c) production 0 0 (d) staff costs (1,066) (1,986) (e) administration and corporate costs (917) (1,683) 1.3 Dividends received (see note 3) 0 0 1.4 Interest received 52 147 1.5 Interest and other costs of finance paid 0 0 1.6 Income taxes paid 0 0 1.7 Government grants and tax incentives 0 0 1.8 Other (provide details if material) 0 0 1.9 Net cash from / (used in) operating activities (1,931) (3,522) 2. Cash flows from investing activities 0 0 2.1 Payments to acquire: (a) entities (b) tenements 0 0 (c) property, plant and equipment (395) (616) (d) exploration & evaluation (if capitalised) development expenditure (1,533) (7,901) (e) investments 0 0 (f) other non-current assets 0 0 For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (01/12/19) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 2.2 Proceeds from the disposal of: 0 0 (a) entities (b) tenements 0 0 (c) property, plant and equipment 0 0 (d) investments 0 0 (e) other non-current assets 0 0 2.3 Cash flows from loans to other entities 0 0 2.4 Dividends received (see note 3) 0 0 2.5 Other (provide details if material) Net proceeds from assets held for sale 1,319 1,319 2.6 Net cash from / (used in) investing activities (609) (7,198) 3. Cash flows from financing activities 0 0 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 0 0 3.3 Proceeds from exercise of options 150 150 3.4 Transaction costs related to issues of equity securities or convertible debt securities 0 0 3.5 Proceeds from borrowings 0 0 3.6 Repayment of borrowings 0 0 3.7 Transaction costs related to loans and borrowings 0 0 3.8 Dividends paid 0 0 3.9 Other (return of capital) 0 0 3.10 Net cash from / (used in) financing activities 150 150 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 12,726 21,062 4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,931) (3,522) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (609) (7,198) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 150 150 For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (01/12/19) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 4.5 Effect of movement in exchange rates on cash held 76 (80) 4.6 Cash and cash equivalents at end of period 10,412 10,412 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 1,456 5,150 5.2 Call deposits 4,227 1,137 5.3 Bank overdrafts 0 0 5.4 Other (provide details) US dollars at bank Zimbabwe dollars at bank Petty cash 0 4,703 8 18 0 6,353 62 24 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 10,412 12,726 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 (181) 6.2 Aggregate amount of payments to related parties and their associates included in item 2 0 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments Director fees For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (01/12/19) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities 0 0 7.2 Credit standby arrangements 0 0 7.3 Other (please specify) 0 0 7.4 Total financing facilities 0 0 7.5 Unused financing facilities available at quarter end 0 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (Item 1.9) (1,931) 8.2 Capitalised exploration & evaluation (Item 2.1(d)) (1,533) 8.3 Total relevant outgoings (Item 8.1 + Item 8.2) (3,464) 8.4 Cash and cash equivalents at quarter end (Item 4.6) 10,412 8.5 Unused finance facilities available at quarter end (Item 7.5) 0 8.6 Total available funding (Item 8.4 + Item 8.5) 10,412 8.7 Estimated quarters of funding available (Item 8.6 divided by Item 8.3) 3.01 8.8 If Item 8.7 is less than 2 quarters, please provide answers to the following questions: 1. Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A. 2. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A 3. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (01/12/19) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 27 January 2026 Authorised by: Sam Hosack (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only