Dr. Rob Carpenter reports

PROSPECTOR STRENGTHENS TEAM AND PROVIDES CORPORATE UPDATE

Prospector Metals Corp. has made key additions to the technical and corporate team. The company is also providing an update to its coming drill program and the proposed transaction with Bemetals Corp., pursuant to which Bemetals will acquire Prospector's remaining viable non-Yukon mineral exploration projects in exchange for 29.4 million common shares of Bemetals on a postconsolidation basis, which consolidation was completed effective May 8, 2026 (see Prospector's news release dated April 16, 2026).

Highlights:

• Prospector has received conditional TSX Venture Exchange approval to sell its non-Yukon assets (See "Asset portfolio" below) for 29.4 million consideration shares.
• In connection with closing the transaction, Prospector plans to distribute the consideration shares to its shareholders on a pro rata basis, with a date of record to be announced shortly.
• Bemetals will be renamed Lightning Resource Corp. after the transaction is completed. Bemetals has completed a 1:10 consolidation and is now trading on a postconsolidation basis.

Benefits for Prospector shareholders:

• Transaction will unlock value in projects that have been overshadowed by the flagship ML project in Yukon;
• Intended share distribution gives Prospector shareholders direct exposure to a new ground-floor opportunity led by proven leadership;
• The transaction is intended to create two focused exploration companies; Prospector will concentrate on developing its ML project and is planning a 25,000-metre drill program on ML in 2026;
• Initial crews have been mobilized to the ML project for the fully financed 25,000-metre drill program; a further news release will be issued when diamond drilling has begun.

Asset portfolio:

• Savant project (gold): district-scale land position (24,197 hectares) in a proven greenstone belt in Northwestern Ontario, with underexplored iron formations and favourable shear zones providing opportunity for a discovery of size;
• Devon project (nickel, copper and PGEs (platinum group elements)): located near Thunder Bay, Ont., the Devon project lies on the Archean craton margin, covered by a sulphide-bearing sedimentary basin, a known ideal geotectonic setting for major magmatic sulphide deposits;
• Whitton project (gold, nickel, copper and PGEs): dominant land position in the Archean Heaven Lake greenstone belt located in Northwestern Ontario; numerous nickel and PGE occurrences as well as potential for banded-iron-formation-hosted gold mineralization;
• TooGood project (gold): high-grade district-scale potential in Newfoundland with strong access and infrastructure, with a successful drill campaign in 2025 identifying a 15-kilometre-long target corridor; currently optioned to TooGood Gold Corp.;
• Proprietary geological database relating to gold deposits in Ontario and Quebec;
• Marketable securities consisting of five million shares of TooGood Gold, together with potential future share option payments under an option agreement with TooGood Gold;
• The assets to be acquired do not include the company's previously held Leopard Lake, Campbell Lake, Fairchild Lake, Fuchsite Lake, Schefferville Gold, Schefferville Ashuanipi or Gaffney properties, all of which have either lapsed or been written down.

New appointments strengthen Prospector team:

• Key additions to the technical team include senior geologist Dane Harwood, BSc, PGeo, and chief geologist Curran Wearmouth, MSc, PGeo; both will be instrumental to the success of the ML project in 2026.
• Connor Currie, BA, has joined the team for corporate communications, working together with Michael Rockandel, vice-president of corporate communications.

About Prospector Metals Corp.

Prospector Metals is a proud member of Discovery Group and focuses on district-scale, early-stage exploration of gold and base metal prospects. The company creates shareholder value through new discoveries and identifies underexplored or overlooked mineral districts displaying important structural and mineralogical occurrences similar to more established mining operations. Prospector is currently concentrating its efforts on its ML project in Yukon, where it has discovered a high-grade gold-copper-silver zone (see news release dated Oct. 1, 2025). 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.