Mr. Len Brownlie reports

PROSPECT RIDGE ANNOUNCES SECOND TRANCHE CLOSING OF CRITICAL METALS FLOW-THROUGH UNIT PRIVATE PLACEMENT

Prospect Ridge Resources Corp. has closed a second tranche of its non-brokered private placement of 7.5-cent critical mineral flow-through (FT) units, first announced on Oct. 2, 2026, and updated on Oct. 13, 2026, and Oct. 19, 2026 (see news releases for details), issuing an aggregate of 4,533,333 FT units for gross proceeds of $339,999.98. Together with the first tranche on Oct. 13, 2026, the company has now issued an aggregate of 22,468,355 FT units for gross proceeds of $1,685,125.

In connection with the second tranche, the company paid aggregate finders' fees of $21,000 in cash and issued an aggregate of 280,000 finders' warrants having the same terms as the warrants comprised in the FT units (exercisable at 10 cents for two years subject to acceleration on the occurrence of certain events). All securities issued in the second tranche are subject to a statutory hold period expiring on Feb. 22, 2027. No insiders of the company purchased FT units in the second tranche.

In response to additional interest, the company will increase the aggregate offering (including FT units already sold) to up to 24,485,002 FT units for gross proceeds of $1,836,375.

Use of proceeds of the offering

The company intends to use the gross proceeds from the FT shares to incur, on its mineral projects in British Columbia, eligible Canadian exploration expenses that will also qualify as flow-through critical mineral mining expenditures under the Income Tax Act. The company intends the bulk of the gross proceeds to finance an upcoming 2,500-metre drill program on the issuer's Camelot project, located near Horsefly, B.C. (see news releases dated Jan. 23, 2026, Feb. 25, 2026, and June 16, 2026), and for preparations for an extensive Spring drill program at the company's Excalibur project, located north of Smithers, B.C. (see news releases dated Sept. 10, 2026, and Sept. 24, 2026).

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.

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