Mr. Peter Bernier reports

PROSPER GOLD CORP. CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT AND PREPARES FOR WINTER DRILLING AT GOLDEN SIDEWALK PROJECT

Prosper Gold Corp. has mobilized a crew to the Golden Sidewalk project in Northwestern Ontario in preparation for winter diamond drilling. The company has also closed the second tranche of the previously announced non-brokered private placement financing: (i) of units; and (ii) common shares of the company that qualify as flow-through shares for purposes of the Income Tax Act (Canada).

A crew has been mobilized to the Golden Sidewalk project in the Red Lake mining district, Northwestern Ontario, to lay out drill pads and access roads. Up to 2,500 metres will be drilled at three previously untested target areas. The costs of the coming drill program will be offset by funding support from the Ontario junior exploration program, which will cover up to 50 per cent of eligible exploration costs to a maximum of $200,000 in respect of expenditures incurred by the company during the period from April 1, 2023, to Feb. 16, 2024.

"We are excited to recommence drilling in Ontario," commented Peter Bernier, chief executive officer. "We would like to thank the OJEP for the approval of funding. These funds will go a long way to advance and expand our exploration program on a non-dilutive basis, making our winter drill program in Ontario extremely cost-effective."

Private placement

The second tranche consisted of 1.05 million units at a price of 10 cents per unit for gross proceeds to the company of $105,000. Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to acquire one common share at an exercise price of 20 cents for a period of 36 months following the closing date. The company did not issue any FT shares under the second tranche.

In connection with the second tranche, the company paid $5,250 in cash and issued 52,500 common share purchase warrants to finders at closing. Each broker warrant is non-transferable and exercisable for one common share for a period of 36 months following closing at the exercise price.

The company closed the first tranche of the financing on Nov. 22, 2023. Under the first and second tranches of the financing, the company raised aggregate gross proceeds of $867,000.

Prosper Gold expects to use the net proceeds from the financing to finance exploration activities at the company's Golden Sidewalk project and for working capital and general corporate purposes.

All securities issued pursuant to the financing will be subject to a four-month-and-one-day hold period in accordance with applicable securities laws.

For a detailed overview of Prosper Gold, please visit the Prosper Gold website.

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