Prospector drills ML Project, Yukon

Vancouver, British Columbia--(Newsfile Corp. - June 25, 2026) - Prospector Metals Corp. (TSXV: PPP) (OTCQB: PMCOF) (FSE: 1ET0) (" Prospector " or the " Company ") today provided a progress update on the ongoing drill program at its ML Project, Yukon. Initial holes have focused upon the newly identified TESS Zone, with highlight intervals from 2025 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). Key Points A total of 15 holes, totaling 3,203 meters, have been completed so far in 2026.

Two drill rigs are currently in operation and a third is expected to arrive June 27th. Twelve holes have been drilled on the TESS Zone, which was discovered by Prospector in late 2025 (see news release dated October 1 st , 2025). Additionally, three holes were drilled 200m WNW of TESS to evaluate historic IP geophysical targets.

Both rigs are currently drilling at TESS, and holes were designed to test for gold along trend and at depth. Gold mineralization at TESS is interpreted to be hosted in a near-vertical or high angle alteration / structural corridor traced along a NE-SW trend. Samples are currently at the assay laboratory, and initial results are expected in the coming weeks.

Prospector intends to release results in batches of several holes typically drilled on the same cross section. "Our 2026 drill season is well underway, and we anticipate completing our planned 25,000m on schedule and on budget," stated Prospector's CEO and Co-Chairman, Dr. Rob Carpenter PhD., PGeo. "We currently have both drill rigs on the TESS Zone and once our third rig arrives, we expect to begin testing nearby targets." 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 completed over a 4-month period.

The drilling program started on May 24 th and two drills are currently on site. Both drills are currently focused on continued testing of the TESS-NV target with drilling being systematically conducted on 25m step-outs to confirm geometry and plunge orientations along the NE trending structural corridor hosting TESS & North Vein mineralization. To date, a total of 12 holes for 2591 meters have been drilled at TESS-NV.

An additional 3 holes for 612 meters have been drilled along a fence approximately 200m west of TESS-NV to test geophysical anomalies along a historic IP line. Samples are currently at the assay laboratory, and initial results are expected in the coming weeks. Prospector intends to release results in batches of several holes typically drilled on the same cross section.

Drilling on additional structural, geochemical, and jarosite targets in the 4 sq km TESS-North Vein-Java area is also planned and will commence following ongoing geological mapping and structural interpretation. Figure 1: 2026 TESS – North Vein Drill Plan To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1564/302786_5b7148e8146e499c_002full.jpg Figure 2: TESS-NV-Java Target Areas with gold in rocks and jarosite anomalies. To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1564/302786_5b7148e8146e499c_003full.jpg The third drill is anticipated to arrive at site OR commence drilling on June 27 th and will focus on additional targets across the Project, 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).