Mr. Michael Iverson reports

PROSPECT RIDGE RESOURCES ANNOUNCES ADDITIONAL HIGH-GRADE RESULTS FROM THE COPPER RIDGE ZONE ON THE KNAUSS CREEK PROPERTY

Prospect Ridge Resources Corp. has released additional high-grade gold, silver and copper results from grab samples taken at the Copper Ridge zone, located at the company's fully owned, flagship Knauss Creek property, approximately 35 kilometres northeast of Terrace, B.C.

These latest results from Copper Ridge define a high-grade silver trend with values of up to 4,610 grams per tonne silver and 4,040 g/t Ag with elevated gold and copper assays that are in alignment with previously published results (see news releases dated Jan. 26, Nov. 8 and Nov. 28, 2023). The Copper Ridge zone hosted within a diorite now stretches over an east-west length of approximately 1,500 metres, a north-south length of 650 metres and an elevation differentiation of 470 metres. Additional prospecting occurred in the sediments east of the mineralized dioritic intrusion. Sampling of numerous quartz veins returned anomalous silver values, except for one which contains silver, gold and lead (sample W489445, see an attached table).

Highlights from rock outcrop sampling:

• 6.70 g/t Au, 4,610 g/t Ag and 2.23 per cent Cu (W489444, erratic block);
• 3.32 g/t Au, 4,070 g/t Ag and 1.64 per cent Cu (W489443);
• 18.95 g/t Au, 28.9 g/t Ag and 1.71 per cent Cu (W501810);
• 2.14 g/t Au, 264 g/t Ag and 10.35 per cent Cu (W501812);
• 4.95 g/t Au, 559 g/t Ag and 5.17 per cent Cu (W500056);
• 10.35 g/t Au, 391 g/t Ag and 0.08 per cent Cu (W501836).

Prospect Ridge chief executive officer Michael Iverson commented: "These new results have extended the Copper Ridge zone toward the southeast and also revealed a higher density of veins in the mineralized system. Our team prospected gaps in the previous sampling and found new outcropping veins that gave high-grade results, such as sample W501810. This highlights our work for the coming field season, where we need to explore the ground in a tighter fashion."

Prospect Ridge president Yan Ducharme added: "The additional quartz veins discovered near previously identified ones at Copper Ridge highlights the increasing vein frequency of this zone and illustrates the potential of this zone. We plan to drill to test vegetation and scree-covered ground to discover additional veins. Also, the mineralization identified in the sediments demonstrate that the system is present outside the previously explored dioritic intrusion, thus increasing the potential of the area. One vein is giving an indication that higher grade can be found (sample W489445). The data collected during the summer 2023 is being analyzed, and the next field program, which will include drilling and prospecting, is progressing well."

The mineralization consists of subparallel veins, mainly oriented north-northeast to north-northwest, dipping toward the east, hosted in a diorite which is surrounded by sediments. The veins contain chalcopyrite, pyrite, malachite and azurite, as well as galena and sphalerite locally.

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 g fire assay with atomic absorption finish (Au-AA24) or gravimetric finish (Au-GRA22) or 1,000 g 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 ICP-AES 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 sample stream.

Qualified person

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

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.