Dr. Rob Carpenter reports

PROSPECTOR COMPLETES CONSOLIDATION

Prospector Metals Corp., further to its news release dated Jan. 3, 2024, has consolidated its common shares on the basis of one new postconsolidation common share for every three preconsolidation common shares effective as of March 4, 2024. There will be no name change or trading symbol change in conjunction with the consolidation.

Effective at the opening of market on March 4, 2024, the common shares of Prospector will commence trading on a post-Consolidation basis under the existing ticker symbol "PPP" and new CUSIP: 74359L204; ISIN: CA74359L2049. There are currently 63,462,472 common shares of Prospector outstanding and following the Consolidation Prospector will have approximately 21,154,157 common shares outstanding.

No fractional shares will be issued in connection with the Consolidation. Shareholders who would otherwise be entitled to receive a fraction of a common share will be rounded down to the nearest whole common shares and no cash consideration will be paid in respect of the fractional shares. Registered holders of common shares of Prospector will receive a letter of transmittal from TSX Trust Company with instructions on how to exchange existing share certificates for new post-Consolidation share certificates.

The exercise price and number of Common Shares issuable upon the exercise of Prospector's outstanding stock options and warrants have been proportionately adjusted to reflect the Consolidation in accordance with the terms of such securities.

About Prospector Metals Corp.

Prospector Metals Corp., a member of Discovery Group, is focused on district scale, early-stage exploration of gold and base metal prospects. Creating shareholder value through new discoveries, the Company identifies underexplored or overlooked mineral districts displaying important structural and mineralogical occurrences similar to more established mining operations. Prospector is led by an experienced technical and corporate team that has a proven track record of making world-class mineral discoveries. Prospector establishes and maintains relationships with local and Indigenous rightsholders, and seeking to develop partnerships and agreements that are mutually beneficial to all stakeholders.

We seek Safe Harbor.