Mr. Len Brownlie reports

PROSPECT RIDGE ANNOUNCES CLOSING OF CRITICAL METALS FLOW-THROUGH UNIT PRIVATE PLACEMENT

Prospect Ridge Resources Corp. has closed the third and final tranche of its non-brokered private placement of 7.5-cent critical mineral flow-through (FT) units first announced on Oct. 2, 2026, and updated on Oct. 13, 2026, Oct. 19, 2026, and Oct. 21, 2026 (see news releases for details), issuing an aggregate of 2,016,669 FT units for gross proceeds of $151,250.18. All securities issued in the third tranche are subject to a statutory hold period expiring on March 1, 2027.

Each FT unit comprised one flow-through common share in the capital of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of 10 cents for a period of two years after closing, subject to accelerated expiry if the company's common shares trade or close on the Canadian Securities Exchange at 21 cents or more for 10 consecutive trading days.

In connection with the third tranche, the company paid aggregate finders' fees of $8,487.51 in cash and issued an aggregate of 113,167 finders' warrants having the same terms as the warrants comprised in the FT units (exercisable at 10 cents for two years subject to acceleration on the occurrence of certain events). There was no insider participation in the third tranche.

Over the three tranches, the company raised aggregate gross proceeds of $1,836,375 through the issue of 24,485,004 FT units, representing an oversubscription of $336,375 over the originally planned offering of $1.5-million.

Over the three tranches, insiders purchased an aggregate of 335,000 FT units, which, as of the third tranche closing, represented less than 1 per cent of the then issued and outstanding shares, and less than 1 per cent if the associated warrants were immediately exercised. The participation by insiders constitutes a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company has relied upon the exemption from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(a), (b) and (c), and sections 5.7(1)(a) and (b), respectively, of MI 61-101.

Use of proceeds of the offering

The company intends to use the gross proceeds from the FT shares to incur, on its mineral projects in British Columbia, eligible Canadian exploration expenses that will also qualify as flow-through critical mineral mining expenditures under the Income Tax Act. The company intends the bulk of the gross proceeds to finance an upcoming 2,500-metre drill program on the issuer's Camelot project, located near Horsefly, B.C. (see news releases dated Jan. 23, 2026, Feb. 25, 2026, and June 16, 2026), and for preparations for an extensive Spring drill program at the company's Excalibur project, located north of Smithers, B.C. (see news releases dated Sept. 10, 2026, and Sept. 24, 2026).

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-B.C.-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.