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2026-11-06
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Prospect Resources Limited

Scoping Study Developer · Copper · Zambia · Namibia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.25
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$209.3M
EV
A$167.8M
Cash
A$36.6M
Debt
A$42K
4 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$36.6M Finite
Debt A$42K Net cash A$36.6M
Basic shares 837.4M 2026-09-17
Runway 9.73 quarters June Appendix 5B A$36.616m cash divided by A$3.764m quarterly operating plus capitalised exploration outflows equals 9.73 quarters; A$5m short-term investment is excluded.

Liquidity

Financial position

Audited A$36.616 million cash plus A$5.0 million short-term investment, A$42,000 lease liabilities and no bank borrowing. June-quarter 9.73-quarter cash runway excludes the deposit and does not finance any future mine construction.

Capital structure

Ownership and dilution

Ordinary shares
837.4M
Fully diluted
878.7M

30 June and 14 July ordinary shares were 832,737,627. Appendix 2A reports 833,063,238 after 325,611 rights converted in August; 835,299,705 after 2,236,467 rights converted in early September; and 837,390,933 on 17 September after 157,895 service rights and 1,933,333 A$0.15 options converted. The 2 September Appendix 3H records 1,082,109 rights lapsing without share cancellation. The latest Appendix 2A lists 41,338,311 remaining unquoted options and rights; adding these to ordinary shares gives a conservative 878,729,244 full-conversion denominator, with no exercise proceeds credited.

Security classes7
ClassTypeQuantityStrikeExpiry
ASX-quoted ordinary fully paid sharesOrdinary Share837.4M——
Unlisted options exercisable at A$0.16Option14.4MA$0.162028-09-03
Unlisted performance rightsPerformance Right1.7M——
Unlisted nil-exercise-price optionsOption6.3MA$02029-08-16
Unlisted options exercisable at A$0.20Option15.8MA$0.22027-08-09
Unlisted service rightsPerformance Right1.6M——
Unlisted options exercisable at A$0.12Option1.6MA$0.122027-08-09
Company guidance3
MetricProjectPeriodLowHighStatus
Phase 3 Drilling Programmemumbezhi2026 Phase 3 campaign32,00032,000 metresCurrent
Initial Scoping Study DeliverymumbezhiQ1 2027—— Q1 2027 windowCurrent
Pre Feasibility Study Delivery TargetmumbezhiH2 2027—— H2 2027 windowCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-16Ann. 2026-09-17RaisingA$290K1.9M—Completed—
2026-05-21Ann. 2026-02-16RaisingA$45M118.4M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-26

FY2026 audited annual report plus March ownership completion, earlier annual partnership terms and current September disclosures. No current royalty, stream, offtake, tolling agreement or hedge was disclosed in reviewed evidence.

Prospect Copper Holdings owns 90% of Osprey, the Mumbezhi licence holder; GDC retains 10%. A new shareholders agreement was a closing condition. Funded ownership and minority economics are not fully disclosed.

Joint Venture · Active
Counterparties
Global Development Cooperation Consulting Zambia Limited
Applies to
Mumbezhi Copper Project · Copper · Cobalt · Gold
Economic direction
Mixed
Period
From 2026-03-26; no end date stated
Key terms
Prospect economic interest: 90 %
GDC retained interest: 10 %
How it affects our valuation

No valuation treatment is available for this arrangement.

A$2.5m conditional payment if qualifying resource criteria are met. FY2026 report says conditions had not been achieved by 30 June 2026; conservatively reserve full amount in equity bridge.

Other · Conditional
Counterparties
Orpheus Uranium Limited
Applies to
Mumbezhi Copper Project · Copper
Economic direction
Burden
Period
From 2024-04-30; no end date stated
Key terms
Conditional cash milestone: 2,500,000 AUD
Contained copper threshold: 500,000 tonnes Cu
How it affects our valuation

No valuation treatment is available for this arrangement.

FQM subscribed equity, gained technical working group, governance and participation rights tied to ownership. No disclosed exclusive offtake or guaranteed funding; regional knowledge informs execution, but no separate project cash flow is added.

Strategic Partnership · Active
Counterparties
First Quantum Minerals Limited
Applies to
Mumbezhi Copper Project · Copper
Economic direction
Mixed
Period
From 2025-04-15; no end date stated
Key terms
Technical group threshold: 10 % shareholding
Regional exploration use of proceeds: 2,500,000 USD minimum
How it affects our valuation

No valuation treatment is available for this arrangement.

Step Aside disposal completed with upfront and deferred consideration recognized. An additional US$1.2m remains contingent on the buyer achieving milestones; no value included pending verification.

Other · Conditional
Counterparties
Undisclosed private African buyer
Applies to
Company-wide · Lithium
Economic direction
Benefit
Period
2025-11-24 to 2027-11-24
Key terms
Conditional additional payment: 1,200,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.