Dr. Rob Carpenter reports

PROSPECTOR PROVIDES DRILLING UPDATE, ML PROJECT, YUKON

Prospector Metals Corp. has provided a progress update on the continuing drill program at its ML project in Yukon. Initial holes have focused upon the newly identified Tess zone, with highlight intervals from 2025 in diamond drill holes ML31 (44 metres of 13.79 grams per tonne gold, 1.89 per cent copper and 38.08 grams per tonne silver) and ML32 (14 metres of 7.29 grams per tonne gold, 24.98 grams per tonne silver and 0.91 per cent copper) (see Prospector's news release dated Oct. 1, 2025).

Key points:

1. A total of 15 holes, totalling 3,203 meters, were completed so far in 2026. Two drill rigs are currently in operation and a third is expected to arrive June 27.
2. Twelve holes have been drilled on the Tess zone, which was discovered by Prospector in late 2025 (see news release dated Oct. 1, 2025). Additionally, three holes were drilled 200 metres west-northwest of Tess to evaluate historic IP (induced polarization) geophysical targets.
3. Both rigs are currently drilling at Tess, and holes were designed to test for gold along trend and at depth. Gold mineralization at Tess is interpreted to be hosted in a near-vertical or high-angle alteration/structural corridor traced along a northeast-southwest trend.
4. Samples are currently at the assay laboratory, and initial results are expected in the coming weeks. Prospector intends to release results in batches of several holes typically drilled on the same cross-section.

"Our 2026 drill season is well under way, and we anticipate completing our planned 25,000 metres on schedule and on budget," stated Dr. Rob Carpenter, PhD, PGeo, Prospector's chief executive officer and co-chairman. "We currently have both drill rigs on the Tess zone, and, once our third rig arrives, we expect to begin testing nearby targets."

2026 ML drill program

The 2026 drill program will consist of 25,000 metres of diamond drilling utilizing three drill rigs and is anticipated to be completed over a four-month period. The drilling program started on May 24 and two drills are currently on site. Both drills are currently focused on continued testing of the Tess-NV target, with drilling being systematically conducted on 25-metre stepouts to confirm geometry and plunge orientations along the northeast-trending structural corridor hosting Tess and North Vein (NV) mineralization. To date, a total of 12 holes for 2,591 metres have been drilled at Tess-NV. An additional three holes for 612 metres have been drilled along a fence approximately 200 metres west of Tess-NV to test geophysical anomalies along a historic IP line. Samples are currently at the assay laboratory, and initial results are expected in the coming weeks. Prospector intends to release results in batches of several holes typically drilled on the same cross-section.

Drilling on additional structural, geochemical and jarosite targets in the four-square-kilometre Tess/North Vein/Java area is also planned and will commence following continuing geological mapping and structural interpretation.

The third drill is anticipated to arrive at site or commence drilling on June 27 and will focus on additional targets across the project, 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 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 facility in Vancouver, B.C., 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 grams, and pulverize split to better than 85 per cent passing 75 microns) and analyzed by method FA430 (30-gram fire assay with AAS finish) and MA200 (multielement analysis with four-acid digest and ICP-MS finish). Samples containing greater than 10 grams per tonne gold will be reanalyzed using a 50-gram fire assay with a gravimetric finish. Samples containing greater than 100 parts per million silver and/or greater than 1 per cent copper, lead and zinc will be reanalyzed using a four-acid digest and ore-grade ICP-ES analysis.

The work is being completed using industry-standard procedures, including a QA/QC program consisting of the insertion of certified standards, 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 43-101.

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.