Mr. Michael Iverson reports

PROSPECT RIDGE RESOURCES CONTINUES TO EXTEND THE COPPER RIDGE MINERALIZED ZONE OVER 1,250 METRES ON THE KNAUSS CREEK PROPERTY

Prospect Ridge Resources Corp. has released new results of outcrop samples taken on the Copper Ridge mineralized zone which returned high-grade values in gold, silver, copper, lead and zinc, located at the company's fully owned flagship Knauss Creek property, about 35 kilometres northeast of Terrace, B.C.

Following up on high-grade results previously reported on the Copper Ridge showing (see news releases dated Jan. 26, 2023, and Nov. 8, 2023), additional sampling continues to return high-grade values of gold, silver, copper, lead and zinc from the Copper Ridge mineralized zone. The recent results continue to extend the area of mineralization and now stretches over an east-west length of 1,250 metres and a north-south length of 500 metres. The elevation differentiation is approximately 250 metres. In plan view, the zone is over twice as large as previously announced. Further work will be completed to better define the metal zonation across this high-grade mineralized zone.

Key highlights from rock outcrop sampling:

• 15.90 grams per tonne Au, 987 g/t Ag, 0.29 per cent Cu, 17.55 per cent Pb and 6.99 per cent Zn (W489424);
• 0.55 g/t Au, 2,900 g/t Ag, 2.24 per cent Cu, 4.24 per cent Pb and 0.24 per cent Zn (W500261);
• 1.95 g/t Au, 1,870 g/t Ag and 5.93 per cent Cu (W489429);
• 1.97 g/t Au, 1,775 g/t Ag and 3.20 per cent Cu (W500259);
• 1.67 g/t Au, 201 g/t Ag and 9.71 per cent Cu (W500257);
• 0.73 g/t Au, 1,105 g/t Ag, 1.67 per cent Cu, 0.65 per cent Pb and 0.28 per cent Zn (D791529).

Prospect Ridge chief executive officer Michael Iverson commented: "The new results indicate a significant expansion of the mineralized zone towards the southeast, while also unveiling a promising new trend towards the west. Almost all samples are from outcrops extruding between block fields and ridge crests, which are predominantly gold-, silver- and copper-bearing. Copper Ridge is shaping up to be a potentially substantial polymetallic system. The diversity in the elevation of these samples not only confirms the presence of these minerals at the surface but also suggests their extension at depth. These results provide a new dimension to our understanding, offering both surface and depth perspectives in our exploration efforts."

Prospect Ridge president Yan Ducharme added: "we are very pleased with the summer surface exploration program of prospecting and sampling that has continued to return high-grade values for not only gold and silver, but also for copper, lead and zinc as well, thereby showing the high-grade potential of this polymetallic system. When we started prospecting this area during the summer, we immediately realized this was going to be the main target we will work on and after each day spent there, we were all anxious to go back. With the extent of the zone and the distribution of the samples, we are beginning to see a high-grade silver trend on the east side, which encloses most of the samples having more than a thousand grams per tonne. Given that these samples were collected from rock outcrops, this provides confidence for our future surface prospecting and drilling. We are excited to return to this area to complete further exploration to improve our understanding of the mineralization. A review of the collected structural and geological data during the summer is currently ongoing and will help establish next year's drilling program."

Located in the southern part of the Knauss Creek property, the Copper Ridge mineralized zone is now becoming a combination of several trends highlighted by the outcropping ridges extruding through fields of blocks and glacial till. The samples of a high-grade cluster obtained with the previously published results has been extended toward the east, west and south.

The vein sampled (W489429) is within a shear zone transecting a weathered diorite. Several stains of malachite are visible in the walls rock. Several sampled veins are in similar context. On the right side, the vein sampled (W489427) is visible going uphill several tens of metres. Structural measurements were taken when possible to aid in understanding the trends of mineralization for future drilling.

At this point, mainly veins bearing chalcopyrite, pyrite, malachite, azurite, and often galena and sphalerite, were sampled. The dominant host rock is interpreted to be a diorite.

All samples were taken on outcrops unless specified otherwise.

Cautionary statements

Outcrop samples are selective by nature and grades may not be representative of mineralized zones. True thickness or mineralization style and geological models cannot be determined with the information currently available.

Quality assurance/quality control

Rock samples were assayed for gold by standard 50-gram fire assaying with atomic absorption finish (Au-AA24) or gravimetric finish (Au-GRA22) or 1,000-gram metallic screening (Au_SCR24) at ALS Canada in Terrace, B.C. The samples were also assayed for 35 metals from an aqua regia digestion with inductively coupled plasma atomic emission spectroscopy finish (ME-ICP41). For samples with overlimit results in silver, copper, lead and zinc, aqua regia with ICP finish was used (OG46 ore grade). A quality assurance/quality control program has been implemented and consists of inserting standards on a regular basis in the samples stream.

Qualified person

All scientific or technical information included in this news release has been reviewed, verified and approved by Mr. Ducharme, PGeo, president of the company and a qualified person as defined by National Instrument 43-101. This news release was written and reviewed by Mr. Ducharme.

About the Knauss Creek property

The fully owned Knauss Creek is approximately 35 kilometres northeast of the town of Terrace in the province of British Columbia, Canada. It is easily accessible by Highway 16 and a network of logging roads. It covers about 30 square kilometres and is contiguous to Prospect's fully owned Holy Grail property.

Several gold, silver, copper, lead and zinc occurrences were discovered in the past. The most notable is the Dorreen mine where four adits were developed and, according to historical documents, approximately 700 tons of ore were mined out at an average grade of at 16.8 g/t Au, 58 g/t Ag, 0.22 per cent Cu, 2.1 per cent Pb and 1.4 per cent Zn from a quartz vein (not NI 43-101 compliant).

During the 2023 field season, the company explored the Copper Ridge mineralized zone which has become the main focus for exploration on the property.

The southern tip of the Golden Triangle is located immediately northwest of the Prospect properties. The Bowser Lake and the Hazelton groups hosting most of the deposits and mines of this area are also underlying the Knauss Creek and Holy Grail.

About Prospect Ridge Resources Corp.

Prospect Ridge Resources is a British Columbia-based exploration and development company focused on gold exploration. Prospect Ridge's management and technical team cumulate over 100 years of mineral exploration experience and believe the Knauss Creek and the Holy Grail properties to have the potential to extend the boundaries of the Golden Triangle to cover this vast underexplored region.

We seek Safe Harbor.