Canada’s First Quantum Minerals (TSX: FM) is acquiring a 15% stake in Prospect Resources (ASX: PSC), a battery and electrification metals developer based in Australia, as it deepens its presence in Zambia’s copper belt.
The deal sees First Quantum invest A$15.2 million ($9.7m) in a share placement at A$0.15 per share — a 36% premium to Prospect’s last closing price. The investment also gives First Quantum a seat on Prospect’s board and a role as technical partner.
Shares in Prospect soared on the news, closing 32% higher in Sydney at A$0.14 each, capitalizing the junior at A$83 million ($53m).
Prospect’s Mumbezhi copper project sits just 25km east of First Quantum’s Trident project, which includes the Sentinel and Enterprise mines. The funds will help accelerate exploration at Mumbezhi, aligning with Zambia’s push to triple annual copper output to 3 million tonnes by 2031.
Prospect…
