This partnership aims to support the future exploration of Prospect’s Mumbezhi Copper Project in Zambia.
FQM’s involvement includes the right to nominate a board member, bringing its extensive experience in copper mining from its Sentinel and Kansanshi operations in Zambia. The geological similarities between Mumbezhi and Sentinel are expected to enhance Prospect’s exploration efforts. “Bringing First Quantum into the fold as both a strategic cornerstone shareholder and technical partner offers exceptional value-accretive opportunities for both parties,” said Sam Hosack, Prospect’s managing director and CEO. “Gaining access to First Quantum’s breadth of regional expertise to complement our current multi-disciplinary exploration strategy, Prospect is well placed to continue identifying further regional prospects, make targeted new discoveries and add potential new copper tonnage to the existing Mumbezhi Mineral Resource estimate at a far greater rate.”
Prospect plans to launch its phase two drilling program at Mumbezhi in the second quarter of 2025 to expand mineral resource estimates and explore new regional targets. Additionally, Prospect secured A$2.8 million in funding from Eagle Eye Asset Holdings through the placement of 18.86 million new shares, allowing Eagle Eye to maintain its 15.3% shareholding. Subject to shareholder approval, the combined funds will support ongoing activities at Mumbezhi and strengthen Prospect’s working capital.
Azure Capital served as Prospect’s financial adviser for these investments, with legal counsel provided by King & Wood Mallesons. “We look forward to working closely with First Quantum with the ongoing support of Eagle Eye in targeting the next world-class copper asset in Zambia and in doing so making a material contribution to the Zambian strategy 2031 to produce three million tonnes of copper,” Hosack added.
The Mumbezhi Copper Project aligns with Zambia’s ambition to boost copper production, leveraging the region’s rich mineral resources. In a separate development, First Quantum’s Cobre Panama mine began steps to suspend arbitration proceedings against Panama in March 2025, though this is unrelated to the Mumbezhi partnership. These investments position Prospect to advance its exploration and contribute to sustainable mining development in Zambia.
