FOR IMMEDIATE RELEASE 
WITH PICTURE
APRIL 15, 2025 

First Quantum Drives Exploration in Zambia with strategic investment in Prospect Resources 

LUSAKA, ZAMBIA – First Quantum Minerals announces a strategic investment in Prospect Resources the Australian-based battery and electrification metals developer.  

Prospect’s principal focus is advancing the Mumbezhi Copper Project in north-western Zambia, around 25km south-east of First Quantum’s Trident combined project (Sentinel and Enterprise mines in Kalumbila).  

First Quantum will invest A$15.2 million (approx. K272 million) for a 15% pro-forma interest in the issued share capital of Prospect Resources and the right to a seat on Prospect’s board.  

This investment will drive the advancement of exploration at Mumbezhi, further demonstrating First Quantum’s commitment to Zambia and the company’s support of the government’s ambition to generate 3 million tonnes of copper per year.  

Prospect Resources recently secured two mining licenses covering the entire land holding at Mumbezhi (356 km2) for an initial period of 25 years and announced that it had identified 514,600 tonnes of contained copper in a maiden mineral resource estimate for the project. Mumbezhi is surrounded by several major copper deposits in north-west Zambia, including First Quantum’s own Sentinel and Kansanshi mines. Mumbezhi benefits from well-established regional transport, power and water infrastructure, and a skilled workforce in North-Western Province, to be enhanced by First Quantum’s participation in a technical working group.  

Anthony Mukutuma, FQM’s Director – Zambia, commented: “First Quantum has been investing in Zambia for almost 30 years; the company’s first-ever investment was in Ndola. As previously announced, the company will expand its exploration programme in Zambia, with an initial focus on the areas around our existing operations, followed by prospective new sites across the country’s mining regions. With the investment in Prospect Resources to support the drill program at Mumbezhi, alongside the delivery of the Kansanshi S3 Expansion Project  later this year, we continue to demonstrate First Quantum’s ongoing and long-term commitment to Zambia.”  

Once opened later this year, the company’s US$1.253 billion investment in its S3 expansion project at Kansanshi mine in Solwezi is expected to increase ore processing capacity by 25 million tonnes a year, from the current 30 million tonnes, and extend the life of the mine by more than 20 years. 

Reliable energy supply will also be vital in achieving the Government’s 3 million tonne target, and the company is working on a series of energy generation projects and grid stabilisation infrastructure upgrades in partnership with ZESCO that will add some 500MW of new renewable generation before the end of the decade. 

-Ends- 



About First Quantum Minerals Ltd 
First Quantum Minerals Ltd is a global metals and mining company producing mainly copper, gold and nickel. The company’s assets are in Zambia, Spain, Mauritania, Australia, Finland, Turkey, Panama, Argentina and Peru.
In 2024, First Quantum globally produced 431,000 tonnes of copper, 139,000 ounces of gold and 24,000 tonnes of nickel.
In Zambia it operates the Kansanshi mine and smelter in Solwezi, and the Sentinel copper mine and the Enterprise nickel mine in Kalumbila.
The company is listed on the Toronto Stock Exchange.
http://www.first-quantum.com/

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