Mr. Mike Iverson reports

PROSPECT RIDGE AWARDED EXCALIBUR DRILL PERMIT - MAIDEN DRILL PROGRAM PLANNED FOR JULY 2026

Prospect Ridge Resources Corp. has secured a multiyear area-based (MYAB) drilling permit, valid for five years and all other ancillary permits for its 100-per-cent-owned Excalibur copper-gold porphyry project. Excalibur is a road-accessible, 28-square-kilometre tenure in British Columbia's prolific Babine porphyry belt -- strategically positioned near the former Huckleberry, Bell and Granisle mines -- and hosts a compelling, never-drilled one-kilometre-by-two-kilometre geophysical and geochemical target.

Why Excalibur matters

• Large, untested target: A strong, coincident chargeability, magnetic and multielement soil anomaly highlights potential for a sizeable buried porphyry-style system.
• Classic porphyry signatures: Recent induced polarization (IP) survey work shows moderate chargeability in the target zone flanked by high chargeability/low resistivity interpreted as a pyrite halo -- exactly the hallmarks of copper-bearing calc-alkaline porphyries. A coincident moderate magnetic high is interpreted as magnetite-rich potassic alteration in a potential copper-bearing core.
• Strategic location: Proximal to known Babine belt deposits, Excalibur's signatures mirror features seen at nearby past-producing porphyry deposits and recently discovered mineralized porphyries such as Duke (Amarc Resources Ltd. and Boliden Mineral Canada Ltd.) and NAK (American Eagle Gold Corp.; Teck Resources Ltd. and South32).

Management comments

"IP chargeability, magnetic response, and anomalous copper, gold and molybdenum in soils, and limited peripheral outcrop have defined a large volume of altered, sulphide-bearing rock that has never been drilled," said Henry Awmack, member of Prospect Ridge's technical committee. "Taken together, the geophysics and geochemistry make this a high-priority target for a new discovery."

"Our team have been preparing to drill test this exciting new porphyry target in an established mining district since fieldwork in late 2025 more clearly defined the target," added Prospect Ridge president and chief executive officer Len Brownlie, PhD. "This program is designed to discover a new Babine-style copper-gold porphyry system -- a potentially transformational event for the company."

Program and next steps

• Drill program: Targeting multiple drill collars for an initial approximately 3,000-metre program, subject to drill contract finalization. Commencement anticipated in July, 2026.
• Technical basis: 2025 IP survey, 2021 airborne magnetic inversion (MVI) modelling and multielement soil geochemistry all support a buried porphyry target despite limited peripheral outcrop.

About the Excalibur property

On the Excalibur property, suspected Bulkley and Babine intrusions cut Cretaceous stratified rocks, comprising Skeena Group clastic rocks to the west and Kasalka Group andesitic rocks to the east. A 50-to-500-metre wide by greater-than-1,600-metre-long, east-west trending, Babine feldspar plus or minus hornblende plus or minus biotite porphyry dike has been affected by a complex pattern of alteration, ranging from unaltered to propylitic and phyllic assemblages. Several outcrops of quartz-feldspar porphyry and granodiorite to the west are believed to be apophyses of the Bulkley stock exposed south of the Excalibur property. Copper, gold and molybdenum mineralization is indicated by anomalous soil values over the overburden-covered main targets.

Historical work includes mapping, soil sampling and geophysical surveys (1971 to 1972, 2019 to 2022); Prospect Ridge completed additional soil sampling and a six-line IP survey in 2025. The targets are undrilled.

A buried porphyry exploration target is supported by these geophysical, geochemical and geological evidence. Prospective features of the target area include anomalous copper, molybdenum and gold in soils, IP chargeability, and high magnetic response flanked by the chargeability high. The geophysical and geochemical signatures together are interpreted to represent a mineralized potassic alteration zone surrounded by a pyrite halo, similar to the nearby Granisle and Bell Copper porphyry copper deposits of the Babine Plutonic suite. The property has never been drilled.

Funded and positioned for extensive 2026 drilling

Prospect Ridge is funded and positioned to mobilize for the 2026 drill program, with further updates and assay results to follow as the program progresses. Prospect Ridge is also aggressively advancing two other projects in its portfolio in 2026 with drilling also planned for the Camelot project.

Investor outreach

On June 24 at 9 a.m. Management of Prospect Ridge discussed the company's 2026 exploration plans with Andrew O'Donnell of MarketMindset. Shareholders and investors are invited to view the presentation on YouTube.

First nations land acknowledgement

Prospect Ridge acknowledges that Excalibur is situated within the traditional territory of the Lake Babine First Nation. Prospect Ridge is committed to developing positive and mutually beneficial relationships with first nations based on trust and respect and a foundation of open and honest communications.

Qualified person statement

All technical information that forms the basis for the written disclosure in this press release, has been approved by Ron Voordouw, PhD, PGeo, director of geoscience for Equity Exploration Consultants Ltd., who is an independent consultant to the company, and a qualified person as defined under the terms of National Instrument 43-101.

About Prospect Ridge Resources Corp.

Prospect Ridge Resources is a British Columbia-based exploration and development company focused on critical metals and gold. Led by a seasoned management and technical team with over 100 years of combined mineral exploration experience, Prospect Ridge is advancing its north-central B.C. located Golden Horseshoe and Cariboo projects -- high-potential copper-gold systems positioned within one of Canada's most underexplored yet geologically endowed mineral belts.

We seek Safe Harbor.