Prospect and First Quantum enter AUS$15.2 million investment agreement

Highlights

• Prospect has entered into an investment agreement with established global copper miner, First Quantum, to make a placement of shares to raise approximately AUS$15.2 million in new equity proceeds.
• Issue price of AUS$0.15 per share represents a 36% premium to Prospect’s last closing price of AUS$0.11 and 28% premium to 20-day VWAP of AUS$0.117.
• First Quantum will become a 15% cornerstone shareholder in Prospect and assist with future exploration of Prospect’s Mumbezhi Copper Project as a key technical partner, supporting Prospect’s exploration team.
• The Sentinel Copper Mine (100% owned by First Quantum) is located approximately 25 km northwest of Mumbezhi, within the world-class Northwestern Zambian Copper Belt.
• Prospect has also entered into a placement agreement with long-term substantial shareholder, Eagle Eye, subject to receiving shareholder approval, to raise approximately AUS$2.8 million in new equity proceeds, at an issue price of AUS$0.15, which will allow Eagle Eye to maintain its existing 15.3% shareholding in Prospect.
• Together, the placements to First Quantum and Eagle Eye will facilitate Prospect raising up to a total of approximately AUS$18.5 million.
• Prospect is now well-funded to further accelerate exploration and advancement of Mumbezhi, with Phase 2 drilling set to commence during 2Q25.

Prospect’s Managing Director and CEO, Sam Hosack, commented:

“We are delighted to welcome First Quantum to the Prospect share register testament to their conviction on the scale potential at Mumbezhi. The FQM Strategic Investment offers us considerable funding runway, coupled with serious regional exploration expertise, to continue advancing our planned exploration of Mumbezhi. We are also grateful for the continued support of our existing shareholder, Eagle Eye, as a reflection of its confidence in Prospect’s strategy and vision in Zambia as we welcome First Quantum.”

Read the article online at: https://www.globalminingreview.com/mining/17042025/prospect-and-first-quantum-enter-aus152-million-investment-agreement/