Mr. Mike Iverson reports

PROSPECT RIDGE SECURES HIGH-POTENTIAL CAMELOT COPPER-GOLD PROJECT IN B.C.'S CARIBOO MINING DISTRICT WITH DRILL PROGRAM PLANNED FOR 2025

Subject to regulatory approval, Prospect Ridge Resources Corp. has acquired a 100-per-cent interest in the 2,646-hectare Camelot (formerly Lemon Lake) copper-gold porphyry project from Orogen Royalties Inc. Camelot is located in the Cariboo mining district of central British Columbia, a region with excellent road access and mining infrastructure that hosts copper-gold and copper-molybdenum porphyry deposits, including the nearby Gibraltar and Mount Polley mines.

Camelot is situated approximately 65 kilometres east of Williams Lake, B.C., and was identified by famed B.C. geologist Henry Awmack and acquired by Orogen during a province-wide copper porphyry target review.

Orogen's acquisition of the property has, for the first time, consolidated project ownership and brought together a sizeable historical exploration database to provide a compelling drill target, defined by a 1,700-metre-by-500-metre northeast-southwest composite chargeability-magnetic anomaly that lies under shallow till cover and that has not been previously drill tested. The potential of the Camelot project is enhanced by its regional setting as the project is located in an area of producing mines and deposits in the Quesnellia terrane, and is on a structural, stratigraphic and plutonic trend in common with Mount Polley. The project comes with an area based drill permit that allows collaring of up to 255 reverse circulation (RC) and diamond drill holes.

Mike Iverson, chairman of the board, states: "Today's market challenges have created a rare window to secure high-quality, drill-ready copper-gold projects at attractive valuations. Camelot is exactly the kind of overlooked asset we target -- projects with defined anomalies, permits in place and the potential to deliver a major new discovery. With a strong treasury and a proven team, Prospect Ridge is well positioned to aggressively advance Camelot and build significant shareholder value."

Len Brownlie, PhD, chief executive officer, states: "British Columbia has a long history of world-class porphyry discoveries, but the next generation lies under shallow cover where previous explorers stopped looking. Camelot represents a textbook discovery opportunity: a striking geophysical anomaly, sitting on a proven porphyry trend, yet never drill tested. We intend to test this target aggressively before year-end with our exploration partner, Equity Exploration Consultants. We believe Camelot has the potential to become a cornerstone project in Prospect Ridge's portfolio."

Paddy Nicol, chief executive officer of Orogen, commented: "The Camelot project contains a fully permitted drill target outlined by the coincidence of anomalous copper in soils, a magnetic high and a strong chargeability anomaly with an inferred area of potassically altered monzonite. Prospect Ridge is a well funded and managed exploration company with plans to drill this exciting target in 2025. Orogen maintains its upside exposure to the property through its retained royalty and we are excited to see drill results in the coming months."

About the Camelot property

The Camelot project is an approximately 26-square-kilometre land package located about 34 kilometres southeast of Imperial Metals' Mt. Polley mine and approximately 13 kilometres northeast of Vizsla Copper Corp's Woodjam project in central British Columbia. The property is centred on the Lemon Lake stock, a Late Triassic to Early Jurassic multiphase pluton hosted in volcanic units of the Quesnellia terrane. The approximately five kilometres wide pluton was formed by early phases of gabbro and diorite cut by younger monzonite porphyries and breccias, as well as late-stage monzonite-syenite dikes. Moderate K-feldspar, biotite and local pyrite-chalcopyrite mineralization are primarily associated with the monzonite porphyry phases. Zones of sericite and pyrite interpreted as phyllic-style alteration are poorly developed and quartz veining is absent, consistent with the interpreted alkalic nature of the system. A compelling alkalic copper-gold porphyry target is defined by coincident soil geochemical and geophysical anomalies which have not been explored with modern drilling.

Soil sampling highlights a 3.5-by-2.5-kilometre copper anomaly which is spatially coincident with the Camelot stock. In 1974, the Hudson Bay oil and gas company drilled 11 vertical percussion holes to a maximum of 61 metres depth, with PDH74-L04 intersecting 0.25 per cent copper over 21.3 metres within a potassic-altered biotite monzonite. The holes were not assayed for gold nor followed up with any additional drilling.

In 2011, a 3-D induced polarization (IP) survey was completed over the soil anomaly and northern limit of the stock. The surveys outlined a 2,800-by-600-metre zone of chargeability centred on the altered monzonite phase of the intrusion. The copper intercept in the historic drilling is located on the northeastern margin of the IP anomaly, and no historic drilling has tested the core of the chargeability anomaly.

In 2022 a previous operator completed a two-hole, steeply dipping, 501 m drill program targeting mineralization identified by historic percussion and RC drill holes. Both holes were drilled away from the northeastern edge of the IP anomaly near the northern and southern margins of the property. The northerly hole confirmed the presence of moderate intensity potassic alteration and copper mineralization, whereas the southern hole intersected late postmineralization fault. The limited 2022 drilling program did not test the most compelling target on the property.

Recent airborne magnetics from 2021 combined with the 2011 IP survey and geological mapping indicate a 1.7-kilometre-long trend of coincident chargeability and moderate magnetic highs in an overburden covered area never tested by drilling. The target model is focused on an alkalic porphyry system lacking significant quartz-sericite-pyrite alteration (phyllic-style) where high chargeability and coincident magnetics may indicate pyrite-chalcopyrite mineralization in association with potassic (magnetite) alteration. Exploration on the Camelot property has so far been focused in areas of outcrop exposure, however, considering the encouraging geophysical anomalies, future exploration should focus on till covered areas over large scale geophysical targets.

Acquisition terms

Prospect Ridge can acquire a 100-per-cent interest in the Camelot property, subject to an aggregate 1-per-cent NSR royalty held by an underlying royalty holder and the granting of a 1-per-cent NSR royalty to Orogen, for a total consideration of $200,000 with $25,000 in common shares of Prospect Ridge based on a 10-day volume weighted average price (VWAP) to be paid within five days of regulatory approval and $175,000 to be paid in cash or common shares of Prospect Ridge (subject to a 10-day VWAP) at the sole discretion of Prospect Ridge within six months and two days of the approval date. All shares issued by Prospect Ridge will be subject to a restricted resale period of four months plus one day in accordance with applicable securities laws. Prospect Ridge will be able to buydown 0.5 per cent of the underlying 1-per-cent NSR royalty for a one time payment of $1-million. Prospect Ridge will also be responsible for an annual advance royalty payment of $10,000 and a one-time payment of $30,000 upon completion of a National Instrument 43-101 mineral resource that will be due to the underlying royalty holder.

Land acknowledgement

Orogen and Prospect Ridge acknowledge that Camelot is situated within the traditional territory of the Williams Lake Indian Band, Xatsull First Nation and the Neskonlith Indian Band. Both companies are committed to developing positive and mutually beneficial relationships with first nations based on trust and respect and a foundation of open and honest communications.

Qualified person statement

All technical data, as disclosed in this press release, has been verified by Laurence Pryer, PhD, PGeo, vice-president of exploration for Orogen Royalties. Dr. Pryer is a qualified person as defined under the terms of National Instrument 43-101.

About Prospect Ridge Resources Corp.

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

About Orogen Royalties Inc.

Orogen Royalties is focused on organic royalty creation and royalty acquisitions on precious and base metal discoveries in western North America. The company's royalty portfolio includes the Ermitano gold and silver mine in Sonora, Mexico (2.0-per-cent NSR royalty), operated by First Majestic Silver Corp. The company is well financed with several projects actively being developed by joint venture partners.

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