Prospector Begins Fully Funded 25,000m Drill Program at ML Project, Yukon; Initial Holes to Focus on TESS Zone

Vancouver, British Columbia--(Newsfile Corp. - May 26, 2026) - Prospector Metals Corp.  (TSXV: PPP) (OTCQB: PMCOF) (FSE: 1ET0) (" Prospector " or the " Company ") today announced the commencement of drilling at the ML Project in the Yukon ("ML"), with the first core extracted this past Sunday. The fully funded program will include up to 25,000m of diamond drilling, with three drill rigs deployed over a 4-month period through to the end of September. Initial holes will expand upon the newly identified TESS Zone, with highlight intervals in diamond drill holes ML31- 44m of 13.79 g/t Au, 1.89% Cu and 38.08 g/t Ag and ML32 - 14m of 7.29 g/t Au, 24.98 g/t Ag 0.91% Cu. (See Prospector news release dated October 1 st , 2025).

The program will also be testing newly generated and previously undrilled TESS "look-a-like" targets within a 4km radius of the TESS Zone as well as other targets identified during the 2025 exploration program across the 10,869ha property. Highlights: Exploration program budget of $16 million is fully funded, with Prospector's current cash balance of approximately $43 million 25,000m of diamond drilling planned, utilizing three drill rigs Drilling will focus on follow up and expansion on TESS-North Vein target Initial drill testing of TESS 'look-a-like' targets in the broader TESS-NV-Java-Nit area Expansion of Skarn Ridge target, with highlight intervals including 45.65m of 2.11 g/t Au, 8.56 g/t Ag, 0.48% Cu. (See Prospector news release dated September 2 nd , 2025) Testing the northern and southern contacts of the ML stock Continued exploration across the property, including geologic mapping and prospecting, additional LIDAR survey, soil sampling, and ground based geophysical surveys 2026 ML Drill Program The 2026 drill program will consist of 25,000m of diamond drilling utilizing three drill rigs and is anticipated to be complete over a 4-month period. The drills will have a staggered start with 1 drill currently focused on detailed (~25m) step-out drilling on the TESS target to confirm geometry and continuity of the mineralization.

It is anticipated that the 2nd drill will be added in approximately 2 weeks and will focus on continued step-outs to the east and west of TESS-North Vein and testing additional jarosite anomalies associated with structural corridors in the 4km 2 TESS-North Vein - Java area. A total of 10,500m of drilling is currently planned for the TESS-North Vein-Jave area. Figure 1: TESS - NV Drill Plan.

Initial drilling focused on close (25m) step-out and down-dip drilling on TESS to confirm geometry (A - C). Additional 25m step-out on TESS (D & E) plus holes drilled to NW (B-D-E) to assess for subparallel zone of mineralization (i.e. 3.5 g/t soil upslope of TESS). To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1564/298764_8ceca0ba2438b94d_002full.jpg Figure 2: TESS-NV-Java Drill Plan.

Designed to assess for TESS like targets in broader TESS-Java-NIT area. Note, not all planned holes/meters currently on the map. To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1564/298764_8ceca0ba2438b94d_003full.jpg The third drill is anticipated to commence in mid to late June and will focus on additional targets across the property including continued step-out drilling on the Skarn Ridge target; drilling across the northern and southern contacts of the ML stock to evaluate for intrusion-hosted mineralization; and other targets pending follow up investigation (Table 1 & Fig. 3).