Prospector Metals Deploys Three Rigs and $43M Cash Position at Yukon's ML Project TESS Zone

Junior gold-copper explorer Prospector Metals Corp. ($PPP) is moving from discovery-stage assays to a scaled drill campaign at its ML Project in the Yukon, backed by a C$43 million cash balance that funds the entire 25,000-metre program without the need for near-term equity raises.
The TESS Zone — the focus of initial 2026 holes — first drew attention through 2025 results including hole ML31, which returned 13.79 g/t gold, 1.89% copper, and 38.08 g/t silver over 44 metres, for a combined gold-equivalent footprint that places it among the stronger polymetallic intercepts from the Yukon's active exploration corridor. Hole ML32 added 7.29 g/t gold, 24.98 g/t silver, and 0.91% copper over 14 metres, establishing a second data point for zone geometry. The 607 g-m gold gram-metre figure for ML31's 44-metre interval is a strong result for an emerging discovery at this stage.
The 2026 program, budgeted at $16 million against $PPP's current cash balance of approximately C$43 million, deploys three drill rigs across a four-month window running through to end of September. Beyond the TESS Zone itself, the program targets TESS "look-alike" structures within a 4-kilometre radius, expansion of the Skarn Ridge target — where 2025 drilling returned 45.65 metres of 2.11 g/t gold, 8.56 g/t silver, and 0.48% copper — and geological mapping, additional LiDAR survey coverage, soil sampling, and ground geophysics across the 10,869-hectare land package. Initial holes in the current campaign will focus on the TESS-North Vein target.
The fully funded status eliminates near-term dilution risk, a meaningful structural distinction for a junior in a market where many Yukon-stage programs carry financing conditionality. For the broader gold-copper junior sector, multi-target programs of this scale — combining resource infill with first-pass exploration across a large land package — are increasingly the format that attracts institutional attention, particularly as copper's strategic demand profile continues to draw capital toward polymetallic systems.