Dr. Rob Carpenter reports

PROSPECTOR OUTLINES FULLY FUNDED 2026 DRILL STRATEGY FOR THE ML PROJECT, YUKON

Prospector Metals Corp. today provided an update on the company's fully financed 2026 drill campaign on the ML project in the Yukon.

Key point summary:

• Prospector's 2026 drilling program will include 25,000 metres. All required land use permits are in place and three drill rigs have been secured with drilling expected to begin in May, 2026.
• The total budget for the 2026 exploration work is estimated at approximately $15-million. Prospector currently has over $42-million in cash and cash equivalents, so the company is well funded for this program maintaining a strong balance sheet through 2026 (see Prospector news release dated Nov. 26, 2025).
• Initial drilling will be focused on the newly discovered TESS zone (see Prospector news release dated Oct. 1, 2025). The first holes will target expansion of mineralization along trend and to depth.
• The 2026 drill program will also test newly generated and previously undrilled TESS look-alike targets which have been identified within a four-kilometre radius of the TESS zone.
• A detailed review of the data sets that cover the 108.69-square-kilometre ML project area following the 2025 program has identified a number of high-priority drill targets which will also be tested in 2026. Key targets include Skarn Ridge, and several newly generated targets that have not been previously drill tested (see Prospector news release dated Nov. 26, 2025).

TESS zone expansion drilling

The first holes of the 2026 season will be drilled at the newly discovered TESS zone. To date, two holes have been drilled at TESS and both yielded wide intervals of high-grade gold, copper and silver, including 13.79 grams per tonne Au (gold), 1.84 per cent Cu (copper) and 38.08 g/t Ag (silver) over 44 metres from hole ML25-31 and 7.29 g/t Au, 0.91 per cent Cu and 24.98 g/t Ag over 14 m from hole ML25-32. The TESS zone is hosted in a near-vertical structural corridor, and the company's 2026 drill plan will systematically test this structure along trend and to depth. Continuing in-house technical work is currently refining proposed final collar locations, and will be reviewed and approved by the ML technical committee. Evaluation of the alteration, mineralization and structural controls of the TESS -- North vein is continuing, and includes additional geochemical analysis and petrographic studies.

The TESS zone occurs north of the historic North vein occurrence and would not have been tested by historic drilling. At surface the TESS zone is obscured by a thin layer of talus and is a blind discovery. Both zones are pervasively oxidized at surface and appear to have a strong association with jarosite alteration. In ML25-031, the TESS zone consisted of an upper, sulphide-rich, zone with disseminated to massive arsenopyrite-chalcopyrite-pyrite-pyrrhotite within calc-silicate to vuggy silicified and clay altered rocks with strongly Au-Cu values (14 m of 4.60 g/t Au, 3.76 g/t Cu and 74.23 g/t Ag from 62 m depth) and a lower, pervasively calc-silicate altered zone with black sulphidic fractures, disseminated arsenopyrite-pyrrhotite-chalcopyrite, coarse Bi-Te (bismuth-tellurium) minerals, local visible gold and significantly elevated Au (24.65 m of 21.93 g/t Au, 1.14 per cent Cu and 25.58 g/t Ag from 81.35 m depth). Hole ML25-032 was an over-cut of ML25-031 and returned 14 m of 7.29 g/t Au, 0.91 per cent Cu and 24.98 g/t Ag from 57.05 m depth, and correlates as the projection of the upper sulphide-rich zone interested in ML25-031, confirming the mineralized zone is steeply dipping. The mineralization occurs within a broader zone of strong oxidation, fracturing and localized brecciation with anomalous pathfinder elements (As plus/minus Bi plus/minus Cu) but low gold grades and includes the projection of the lower gold-rich zone intersected in ML25-031. The current interpretation is that mineralization on the TESS -- North vein is structurally controlled along east-northeast-trending, steeply dipping, zones of fracturing and brecciation. It is also anticipated that the zones of mineralization will have a plunge controlled by the intersection of the structural zones with host lithologies and/or other structures.

Drill testing TESS look-alike targets

The TESS zone displays a distinct geological, geophysical and geochemical signature that the company can use to search for additional look-alike zones. The Prospector technical team has identified several priority drill targets within a roughly four-kilometre radius of TESS based on criteria such as rock geochemistry, alteration and structural setting.

Mineralization at the TESS -- North vein is pervasively oxidized at/near surface and appears to have a strong association with jarosite alteration and other iron oxide minerals, which is coincident with strong linear features interpreted as mineralized structures. Within the broader Java -- TESS area there are multiple other jarosite and iron-oxide anomalies with associated structural trends and a significant population of rock and soil samples with strongly elevated Au (greater than five grams per tonne) with a similar geochemical association as TESS -- North vein. Each of these targets are currently being classified and ranked for follow-up field investigation and, ultimately, drill testing.

Skarn Ridge

Skarn Ridge is located four km to the south of TESS, it has been significantly drilled and has lots of mineralized space between it and TESS. Drilling in 2025 at Skarn Ridge successfully identified several closely spaced gold zones hosted in near vertical structural panels. Key intercepts from 2025 include 45.65 m of 2.11 g/t Au and 0.48 per cent Cu from 44 m depth (ML25-010); 25 m of 2.97 g/t Au from 137 m depth (ML25-014); and 27 m of 2.04 g/t Au and 0.42 per cent from 24 m depth and 19 m of 4.33 g/t Au and 0.5 per cent Cu from 57 m depth (ML25-024). Gold-bearing structures at Skarn Ridge occur parallel to each other and are open along trend and to depth. Drilling in 2026 will test both the strike and depth extent of mineralized corridors identified during the 2025 drill program and test the potential for additional, subparallel, zones of mineralization on the broader Skarn Ridge target. Continuing studies at Skarn Ridge include additional geochemical analysis, petrographic studies and structural-lithologic analysis of drill core and oriented core data to aid in assessment of potential plunge controls on mineralized zones.

Mineralization on Skarn Ridge, and the Bueno target on trend to the south, is hosted within a series of north-northeast-trending, steeply dipping, structural zones and associated splays. Individual mineralized trends range from one to two m wide up to 44 m wide, and can be traced in multiple drill holes (that is, ML-10-13 and 22-25) The corridor has now been traced over 1.5 km along strike and has over 600 m of vertical continuity. The 2025 drilling at Skarn Ridge -- Bueno successfully confirmed key structural interpretations for the ML project resulting in a new exploration model that can be applied project-wide. Within the structural corridors, gold mineralization is noted in every rock type on the Skarn Ridge -- Bueno trend, and is best developed within strongly fractured/brecciated calc-silicate altered and/or iron rich units, and along lithologic contacts. The gold mineralization is, locally, coincident with significant copper mineralization, however, the gold and copper mineralizing events appear to be independent of each other. Gold is focused within structural corridors and is strongly associated with bismuth and tellurium mineralization, whereas copper is more broadly distributed and only occurs within strongly calc-silicate altered units.

New greenfield drill targets

In addition to the Java -- TESS -- North vein and Skarn Ridge targets discussed above, numerous other prospects are known on the project; many of which have received little to no follow-up work. In addition, large portions of the project are underexplored and there is significant potential for new discoveries. An example of this potential is the discovery of the Rubble North target during the 2025 prospecting efforts which returned samples of 57.8 g/t Au and 109 g/t Au from strongly silicified and brecciated siliciclastic rocks with quartz-arsenopyrite veins and are associated with strongly elevated As, Bi and Te. The area lies approximately 750 m north of Skarn Ridge and was targeted based on the projection of mineralized structures on Skarn Ridge to the north-northeast. This is significant because it demonstrates the potential for both strong vertical and lateral continuity on mineralized structural trends across the project. Assessment of the targets is continuing and plans for follow-up work will including additional rock sampling and prospecting, geologic mapping, additional soils and/or ground based geophysical surveys, and drill testing as warranted.

Most of the historic exploration efforts on the ML project have focused on high-grade Au-Cu plus/minus Ag occurrences within thermally altered sediments on the margins of intrusive bodies and/or dikes and sills. Only minor exploration efforts been performed for classic reduced intrusion-related gold system (RIRGS) sheeted vein style mineralization which is more typical of known deposits throughout the Tombstone belt including Dublin Gulch/Eagle, Snowline Gold's Rouge and Sitka Gold's RC/Clear Creek project, among others. Currently, there are five mapped intrusive bodies on the project and include the Anvil, Fishbowl, Mike Lake, Lorrie Lake and Bear stocks; five of which have known occurrences of sheeted vein style mineralization with anomalous Au (plus/minus Cu) and an associated As-Bi-Te geochemical signature. Additionally, modelled geophysical data on the project including magnetic susceptibility and gravity indicate strong potential additional blind intrusive bodies at shallow depths (less than one km). Evaluating the project for intrusion hosted mineralization will be a priority for the 2026 season and current efforts to aid targeting include evaluation of existing geochemical data sets, detailed assessment of geophysical data sets, regional -- target scale lithologic and structural interpretations, and petrographic studies.

Qualified person

The technical content disclosed in this press release was reviewed and approved by Jodie Gibson, PGeo, vice-president of exploration of Prospector, and a qualified person as defined under National Instrument 43-101.

About Prospector Metals Corp.

Prospector Metals is a proud member of Discovery Group. The company is focused on district-scale, early stage exploration of gold and base metal prospects. Prospector currently has over $42-million in cash and cash equivalents. 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. The majority of acquisition activity occurs in Yukon and Ontario, Canada -- historical mining jurisdictions with an abundance of overlooked geological regions possessing high mineral potential. Prospector establishes and maintains relationships with local and indigenous rightsholders, and seeks to develop partnerships and agreements that are mutually beneficial to all interested parties.

We seek Safe Harbor.