Dr. Len Brownlie reports

FIRST-EVER DRILL HOLE AT EXCALIBUR INTERSECTS LONG INTERVALS OF ALTERATION AND SULPHIDE MINERALIZATION CONSISTENT WITH A NEW PORPHYRY SYSTEM

Prospect Ridge Resources Corp. has provided an update to shareholders and investors on its 2026 maiden drill campaign on the company's 100-per-cent-owned Excalibur copper-gold porphyry project.

2026 Excalibur exploration program highlights:

• Drill program focused on two large high-priority magnetic and chargeability targets defined by a 2025 ground geophysical survey, supported by anomalous copper and gold values in soil.
• A total of four drill pads were prepared and two approximately 500-metre-long holes were successfully drilled in July and August before the program was paused to allow for review and assessment of the results.
• Hole EXC26-001 intersected 515 metres of variably intense hydrothermal alteration and pyrite-dominant disseminated sulphide mineralization in felsic intrusive and intermediate volcanic rocks, consistent with a porphyry system.
• Hole EXC26-002 was collared 948 metres northeast of hole EXC26-001 and intersected localized, structurally controlled silicification in the upper 131 metres of the hole, followed by patchy potassic alteration over the lower 333 metres, which is also interpreted to be consistent with porphyry-style alteration.
• Further announcements on the results of the program, including assay results and the plan to resume drilling, will be announced once final assays have been received and integrated.

Len Brownlie, PhD, president and chief executive officer of Prospect Ridge, commented:

"So far in 2026, Prospect Ridge has substantially advanced its portfolio of copper-gold porphyry projects, including drilling at the Excalibur greenfields target. The fact that EXC26-001 encountered significant intervals of alteration and sulphide mineralization consistent with porphyry-style systems suggests that Excalibur could host a new discovery in the Babine porphyry belt."

Excalibur -- district-scale Babine copper-gold porphyry target

The road-accessible, 28-square-kilometre Excalibur tenure is located within British Columbia's Babine porphyry belt, near the past-producing Bell and Granisle mines, and the evolving discovery stories at the Nak (American Eagle Gold/Teck/South 32) and Duke (Boliden/Amarc Resources) projects. The Excalibur property hosts at least 12 compelling magnetic targets in the same geological host rocks and, where soil and IP data are available, these targets are supported by chargeability responses coincident with copper/gold-in-soil anomalies.

A multiyear area-based (MYAB) drilling permit was received in June, and a drill program was initiated on July 7, 2026. The inaugural, discovery-focused drill program tested two high-priority magnetic and chargeability targets defined by a 2025 ground geophysical survey and supported by copper- and gold-in-soil anomalies. A total of four drill pads were prepared for this program and two holes were successfully drilled to depths of 515 and 464 metres, before the program was paused.

Visual observations of porphyry style alteration and sulphide mineralization over measured core lengths include:

Hole EXC26-001 was drilled to a depth of 515 metres and intersected hydrothermal alteration and disseminated pyrite-dominant mineralization along its entire length. Alteration and mineralization are variable in intensity, occur in both felsic intrusive and intermediate volcanic host units, and are interpreted as consistent with a porphyry-type system. Visual estimates indicate that sulphide mineralization consists mostly of pyrite, locally increasing over intervals of 10 and 20 centimetres, and associated with minor amounts of chalcopyrite and molybdenite.

Hole EXC26-002 was collared 948 metres northeast of hole EXC26-001 and intersected patchy, structurally controlled silicification over approximately 70 metres within the interval from 11 to 131 m core depth, followed by localized, moderately pervasive potassic alteration over a combined 225 metres within the interval from 131- to 464-metre depth. Trace amounts of pyrite-dominant sulphide mineralization occur throughout the hole, primarily as quartz-pyrite and pyrite veins, with rare occurrences of chalcopyrite, galena and sphalerite.

Prospect Ridge considers the visual results from these first-ever drill holes at Excalibur to be a highly encouraging indication of the property's porphyry potential.

Core from both drill holes were cut in half and sampled from top to bottom, with one-half sent to ALS Minerals for geochemical assay and the other half kept in the core box as reference. Analytical results are still outstanding as of the date of this news release. Drill casings have been left in both holes to permit rapid and cost-effective drilling of deeper targets. Further announcements on the results of the program, including assay results and plans to resume drilling, will be announced once assays have been received and interpreted.

Future drill targeting will include a review of the visual core observations noted above and comparison of multielement geochemical patterns to generic porphyry models.

Multiple 2026 catalysts

Prospect Ridge has successfully completed phase 1 drilling at Excalibur, and, subject to permit approvals and weather conditions, is actively executing additional exploration activities across its broader portfolio, including a follow-up Camelot drill campaign planned for Q4.

With active exploration across three flagship projects, multiple high-priority targets, and strong technical momentum, Prospect Ridge is poised for a transformational year in 2026.

Stock option grant

Prospect Ridge has granted incentive stock options to purchase up to 400,000 common shares to a director who is conducting investor relations activity on behalf of the company at an exercise price of 15 cents per share for a period of five years, in accordance with the provisions of its stock option plan. The options will vest as to 20 per cent on the grant date and thereafter as to 20 per cent every three months with full vesting in 12 months from the grant date.

Investor outreach

Management of Prospect Ridge have recently recorded a new interview with Resource Talks to discuss the company's exploration plans. The interview is available on YouTube.

Prospect Ridge acknowledges that the Excalibur project is situated within the traditional territory of the Lake Babine First Nation.

The company is committed to building constructive, respectful, and mutually beneficial relationships with first nations and local communities based on trust, transparency and collaboration.

The company emphasizes that visual descriptions of drill core intercepts or mineralized structures are only qualitative and not quantitative.

Photographic and text representations of mineralization are intended solely to provide a visual indicator of the geological environment and the presence of a sulphide mineralized alteration system. Readers are strongly cautioned not to rely upon these visual observations as a definitive indicator of grade, thickness or mineral distribution. Core samples are in process at an independent laboratory for testing, which is the only reliable method to establish definitive metal grades.

Qualified person statement

All technical information that forms the basis for the written disclosure in this press release, has been approved by Ron Voordouw, PhD, PGeo, chief operating officer for Equity Exploration Consultants Ltd., who is an independent consultant to the company, and 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. Led by a seasoned management and technical team with over 100 years of combined mineral exploration experience, Prospect Ridge is advancing its north-central British Columbia located Golden Horseshoe and Cariboo projects -- high-potential copper-gold systems positioned within one of Canada's most underexplored yet geologically endowed mineral belts.

We seek Safe Harbor.