Prospect Resources (ASX:PSC) secured binding commitments for a $45 million equity placement.
The capital raise, priced at $0.38 per share, saw robust demand from a mix of high-quality domestic and international institutional investors, signaling strong market confidence in the company’s strategic direction.
A highlight of the placement is the continued backing from Prospect's major shareholder, Eagle Eye Asset, which intends to participate pro-rata to maintain its 15.1% stake.
The primary objective for this fresh capital is a massive 50,000-meter drilling program scheduled across 2026 and 2027.
Following a recent mineral resource estimate update that identified 772,000 tonnes of contained copper, Prospect aims to use these funds to expand resources, focusing on the flagship Nyungu Central deposit.
Managing Director Sam Hosack emphasised that Phase 3 drilling is slated to begin in Q2 2026.