Dr. Rob Carpenter reports

PROSPECTOR BEGINS FULLY FUNDED 25,000M DRILL PROGRAM AT THE ML PROJECT, YUKON: INITIAL HOLES TO FOCUS ON EXPANDING THE TESS zone DISCOVERY

Prospector Metals Corp. has commenced drilling at the ML project in Yukon, with the first core extracted this past Sunday. The fully financed program will include up to 25,000 metres of diamond drilling, with three drill rigs deployed over a four-month period through to the end of September. Initial holes will expand upon the newly identified TESS zone, with highlight intervals in diamond drill holes ML31 -- 44 metres of 13.79 grams per tonne Au (gold), 1.89 per cent Cu (copper) and 38.08 g/t Ag (silver), and ML32 -- 14 m of 7.29 g/t Au, 24.98 g/t Ag, 0.91 per cent Cu (see Prospector news release dated Oct. 1, 2025). The program will also be testing newly generated and previously undrilled TESS lookalike targets within a four-kilometre radius of the TESS zone as well as other targets identified during the 2025 exploration program across the 10,869-hectare property.

Highlights:

• Exploration program budget of $16-million is fully financed, with Prospector's current cash balance of approximately $43-million;
• 25,000m of diamond drilling planned, utilizing three drill rigs;
• Drilling will focus on follow-up and expansion on TESS-North Vein target;
• Initial drill testing of TESS lookalike targets in the broader TESS-NV-Java-Nit area;
• Expansion of Skarn Ridge target, with highlight intervals including 45.65 m of 2.11 g/t Au, 8.56 g/t Ag, 0.48 per cent Cu (see Prospector news release dated Sept. 2, 2025);
• Testing the northern and southern contacts of the ML stock;
• Continued exploration across the property, including geologic mapping and prospecting, additional lidar (light detection and ranging) survey, soil sampling, and ground-based geophysical surveys.

2026 ML drill program

The 2026 drill program will consist of 25,000 m of diamond drilling utilizing three drill rigs and is anticipated to be complete over a four-month period. The drills will have a staggered start with one drill currently focused on detailed (approximately 25 m) stepout drilling on the TESS target to confirm geometry and continuity of the mineralization. It is anticipated that the second drill will be added in approximately two weeks and will focus on continued stepouts to the east and west of TESS-North Vein and testing additional jarosite anomalies associated with structural corridors in the four square km TESS-North Vein-Java area. A total of 10,500 m of drilling is currently planned for the TESS-North Vein-Jave area.

The third drill is anticipated to commence in mid to late June and will focus on additional targets across the property including continued stepout drilling on the Skarn Ridge target; drilling across the northern and southern contacts of the ML stock to evaluate for intrusion-hosted mineralization; and other targets pending follow-up investigation (Table 1).

Additional exploration on the ML project in 2026 will include geologic-structural mapping; Prospecting; soils sampling; additional lidar surveys; and ground-based geophysical surveys.

Assay methodology and QA/QC (quality assurance/quality control)

The analytical work on the 2026 ML project will be performed by Bureau Veritas (BV) Labs, an internationally recognized analytical services provider. All samples will be submitted to BV's prep facility located in Whitehorse, Yukon. Once prepared the samples will be shipped to BV's Vancouver, B.C., facility for analysis. All rock samples will be prepared using procedure PRP70-250 (dry, crush to 70 per cent passing two millimetres, riffle split off 250 g, pulverize split to better than 85 per cent passing 75 micrometres) and analyzed by method FA430 (30 g fire assay with AAS finish) and MA200 (multielement analysis with four-acid digest and ICP-MS finish). Samples containing greater than 10 g/t Au will be reanalyzed using a 50 g fire assay with a gravimetric finish. Samples containing greater than 100 parts per million Ag and/or greater than 1 per cent Cu, Pb (lead) and Zn (zinc) will be reanalyzed using a four-acid digest and ore grade ICP-ES analysis.

The work will be completed using industry standard procedures, including a quality assurance/quality control program consisting of the insertion of certified standard, blanks and duplicates into the sample stream.

Qualified person

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