How does your experience with FQM and Prospect Resources’ experience at the Arcadia lithium project in Zimbabwe translate into the company’s current strategy?

Our strategy is built on three pillars: de-risking projects at every stage, preserving optionality in development or monetization, and positioning for scale or strategic M&A.

My 13 years at First Quantum Minerals (FQM), followed by leading the Arcadia lithium project in Zimbabwe and now the Mumbezhi project in Zambia, have shaped a hands-on, disciplined approach to strategy execution. This approach has consistently delivered strong returns for shareholders and stakeholders.

At FQM, I contributed to seven global projects, including Cobre Panama—one of the world’s largest copper mines—where I oversaw over US$1.5 billion in capital development from 2015 to 2018. FQM’s reputation for executing large-scale projects in-house, rather than outsourcing to EPCMs, taught me the value of direct control and expertise. This experience is now central to how we preserve optionality and position Prospect Resources for growth.

The results speak for themselves. I joined Prospect in 2018 to help transition the Arcadia project from exploration to development. Under our stewardship, Arcadia became the world’s 7th largest hard-rock lithium deposit at the time. In 2022, we sold 100% of Arcadia to Zhejiang Huayou Cobalt for US$422 million, delivering an exceptional return to shareholders and significant benefits to Zimbabwe.

With approximately A$30 million in cash post-sale, Prospect shifted focus to Zambia and copper. After reviewing multiple assets, we acquired the Mumbezhi copper project in 2024—a standout for its scale, quality, and straightforward development potential.

Immediately after acquiring Mumbezhi, we launched a preliminary exploration program to begin de-risking the project. This was followed by a larger drilling campaign, resulting in our maiden Mineral Resource: 107 million t at 0.5% copper (about 500,000 t contained copper). An independent geologist also assessed our broader tenement, identifying an exploration target of 420 million to over 1 billion t at a similar grade.

What drove you to switch from lithium in Zimbabwe to copper in Zambia?

Market fundamentals were decisive. We saw lithium entering a period of oversupply, while copper’s supply deficit is deepening as global electrification accelerates. Zambia was a natural pivot, given its stability, rich mining tradition, and the government’s goal to triple national copper production by 2031.

Prospect declared a first MRE for Mumbezhi earlier this year. What are the focuses of Phase 2 drilling campaign?

Our 2025 work program targets three outcomes: doubling the Nyungu Central mineral resource to 200 million t; advancing exploration across the broader tenement to identify additional targets; and evaluating by-product potential, specifically cobalt and gold, to enhance project economics and align with Zambia’s multi-metal growth strategy.

We expect to release an updated Mineral Resource Estimate (MRE) by the end of 2025, followed by scoping and metallurgical studies in early 2026.

How do you find the regulatory framework in Zambia?

Zambia has one of Africa’s most progressive mining codes, supported by over a century of production history. The government’s 3-million t/y copper target is ambitious but achievable through new discoveries and rapid project advancement.

Recent policy changes, such as “use-it-or-lose-it” provisions, encourage active development and reallocation of idle assets. The national Xcalibur airborne survey is a landmark initiative that will generate critical geological data and attract new exploration capital.
Politically, Zambia remains peaceful, investor-friendly, and reform-minded.

Do you have a final message?

Mineral exploration is inherently uncertain, and success depends on deep subject matter expertise. That’s why Prospect Resources’ strategy is ultimately about people. We invested US$35 million over four years to develop Arcadia, resulting in a high-quality bankable feasibility study and a significant transaction for shareholders. The same team and expertise are now driving our copper ambitions in Zambia.

We have invested heavily in turnkey expertise across exploration, development and operational readiness. After selling Arcadia, we worked hard to keep the team together, even relocating families to ensure continuity. This technical and execution capability now underpins our work at Mumbezhi.

Our team is seasoned in project development and execution, our balance sheet is strong, and Mumbezhi provides the foundation for Prospect’s next growth phase. We have learned from industry leaders like FQM and Barrick and believe our unique approach to exploration allows us to compete with the giants. We have a great team, big ambitions, and every reason to be excited about the future.