Prospector Continues to Expand Multiple High-Grade Gold Trends: TESS Zone Hole #32 Yields 7.29 g/t Au, 0.91% Cu over 14m and Skarn Ridge Zone Hole #24 Yields 2.04 g/t Au, 0.42% Cu over 27m Plus 4.33 g/t Au, 0.5% Cu over 19m

2025-11-26

Vancouver, British Columbia--(Newsfile Corp. - November 26, 2025) - Prospector Metals Corp. (TSXV: PPP) (OTCQB: PMCOF) (FSE: 1ET) ("Prospector" or the "Company") today announced final assay results for 15 drill holes from multiple gold zones including, TESS, Skarn Ridge, Bueno, Fishbowl and Lorrie. Drill results have now been released for all 39 holes drilled property-wide in 2025. The newly discovered TESS Zone has intersected wide intervals of high-grade Au-Cu-Ag in both holes drilled to date. The Skarn Ridge Zone is comprised of multiple stacked gold zones extending for at least 1.4km along trend. TESS and Skarn Ridge are approximately 4km apart and the gap remains largely untested.

Rob Carpenter, Ph.D., PGeo., President, CEO and Co-Chairman of Prospector, stated: "Our 2025 drilling at ML successfully identified several high-grade gold corridors that will be followed up in our fully funded 2026 program. We anticipate an aggressive 25,000m drill plan aimed at extending our key zones along trend and to depth as well as test new targets generated through prospecting and structural mapping."

Key Point Summary

Drill hole ML25-32 is the second hole drilled at the newly discovered TESS Zone and key results include 7.29 g/t Au, 0.91% Cu and 24.98 g/t Ag over 14m beginning 66m downhole. Both TESS holes drilled to date have intersected thick intervals of high-grade gold plus copper and silver. Analysis of 3D cross-sections suggest TESS is a near-vertical zone open at depth and along trend.

Mineralization in hole ML25-32 is heavily oxidized due to being located near surface, and primary sulfide minerals are less apparent than deeper holes. Higher gold grades within this interval appear to occur where sulfides are best preserved.

The TESS - North Vein structural corridor is composed of multiple, steeply-dipping and sub-parallel trending structural zones that are coincident with surface geochemical anomalies which can be traced for at least 500m.

Skarn Ridge Trend continues to expand with hole ML25-024 yielding 27m of 2.04 g/t Au, 0.42% Cu, & 8.7 g/t Ag from 24m depth, including 12m of 3.82 g/t Au, 0.36% Cu, & 7.89 g/t Ag from 29m and a second interval of 19m of 4.33 g/t Au 0.5% Cu, & 9.88 g/t Ag from 57m. Also drill holes ML25-027 intercepted 3.54m of 10.42 g/t Au from 145m hole depth.

Final assays have now been released from all 2025 drill holes. A total of 39 holes were completed for a total of 6,648.91m at a total cost per meter of approximately $520. Drill planning for 2026 is underway and details for a proposed 25,000m program will be released by Q1 2026. Prospector currently has over $40 million in working capital and is fully funded through 2026.

Figure 1: ML Property Target Areas

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TESS - North Vein

A total of 315.01m over 2 drill holes were completed on the North Vein - TESS targets. To date, results have been received for all holes; including previously announced results of 44m of 13.79 g/t Au & 1.84% Cu in hole ML25-31 (1). The holes were designed to test interpreted northeast structural controls on mineralization on the North Vein target and intersected a new zone of mineralization in addition to North Vein alteration/mineralization at depth.

ML25-032

ML25-032 was drilled as an over-cut to ML25-031 at a -50°. The hole returned 14m of 7.29 g/t Au, 0.91% Cu, & 24.98 g/t Ag from 57.05m depth; including 5.05m of 11.19 g/t Au, 1.98% Cu, & 56.90 g/t Ag from 66m depth. The mineralization is hosted within strongly fractured and oxidized clastic sedimentary units with localised quartz veining, clay alteration, and silica flooding with fracture controlled to disseminated, locally massive, arsenopyrite-pyrite-chalcopyrite-pyrrhotite mineralization and/or geothite-limonite in more oxidized sections. The mineralization correlates with the upper high-sulfide portion of the TESS Zone intersected in ML25-031, and occurs within a broader zone of strong oxidation and fracturing with anomalous pathfinder elements (As +/- Bi +/- Cu) but low gold grades. The hole also intersected a second zone of strongly oxidized fracturing from approximately 100 - 118m depth interpreted as the projection of the North Vein zone, but only returned anomalous pathfinder elements (As - Cu).

Table 1: Summary of 2025 TESS - North Vein Drill Intercepts

ZoneHole IDFrom (m)To (m)Interval (m)Au (g/t) Cu (%)Ag (g/t)

TESSML25-03162.00106.0044.0013.791.8438.08

Incl.62.0076.0014.004.603.7674.23

And81.35106.0024.6521.931.1425.58

Incl.92.00106.0013.0037.880.215.11

Incl.104.00105.001.00288.00 - -

North VeinAnd138.00145.367.365.691.1622.21

Incl.144.00145.361.3621.302.4844.50

TESSML25-03257.0571.0514.007.290.9124.98

Incl.66.0071.055.0511.191.9856.90

Figure 2: Cross-section of ML25-031 & -032 on TESS - North Vein looking East

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Figure 3: ML25-032 from 54.36 - 71.28m with sample intervals and gold grades. Red arrows mark the beginning of sample intervals.

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TESS - North Vein Discussion

The TESS Zone occurs north of the historic North Vein occurrence and would not have been tested by historic drilling. At surface the TESS Zone is obscured by a thin layer of talus and is a blind discovery. Both zones are pervasively oxidized at surface and appear to have a strong association with jarosite alteration. In ML25-031, the TESS Zone consisted of an upper, sulfide rich, zone with disseminated to massive arsenopyrite-chalcopyrite-pyrite-pyrrhotite within calc-silicate to vuggy silicified and clay altered rocks with strongly Au - Cu values (14m of 4.60 g/t Au, 3.76 g/t Cu, & 74.23 g/t Ag from 62m depth(1)) and a lower, pervasively calc-silicate altered zone with black sulfidic fractures, disseminated arsenopyrite - pyrrhotite - chalcopyrite, coarse Bi-Te minerals, local visible gold, and significantly elevated Au (24.65m of 21.93 g/t Au, 1.14% Cu, and 25.58 g/t Ag from 81.35m depth(1)). Hole ML25-032 was an over-cut of ML25-031 and returned 14m of 7.29 g/t Au, 0.91% Cu, & 24.98 g/t Ag from 57.05m depth and correlates as the projection of the upper sulfide rich zone interested in ML25-031, confirming the mineralized zone is steeply dipping. The mineralization occurs within a broader zone of strong oxidation, fracturing, and localised brecciation with anomalous pathfinder elements (As +/- Bi +/- Cu) but low gold grades and includes the projection of the lower gold rich zone intersected in ML25-031. The current interpretation is that mineralization on the TESS - North Vein is structurally controlled along ENE trending, steeply dipping, zones of fracturing and brecciation. It is also anticipated that the zones of mineralization will have a plunge controlled by the intersection of the structural zones with host lithologies and/or other structures. Evaluation of the alteration, mineralization, and structural controls of the TESS - North Vein is ongoing and includes additional geochemical analysis and petrographic studies.

Figure 4: TESS - North Vein section with Jarosite looking NE

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Skarn Ridge - Bueno Trend

The assays received to date and visual observations from pending holes confirm that gold mineralization from Skarn Ridge to Bueno is hosted within a series of north-northeast trending, steeply dipping, structural zones and associated splays. Individual mineralized trends range from 1-2m wide up to 44m wide and can be traced in multiple drill holes (i.e. ML-10-13 and 22-25) The corridor has now been traced over 1.5km along strike and have over 600m of vertical continuity. The 2025 drilling at Skarn Ridge - Bueno successfully confirmed key structural interpretations for the ML project resulting in a new exploration model that can be applied project-wide.

Within the structural corridors, gold mineralization is noted in every rock type on the Skarn Ridge-Bueno Trend and is best developed within strongly fractured/brecciated calc-silicate altered and/or iron rich units, and along lithologic contacts. The gold mineralization is, locally, coincident with significant copper mineralization, however, the gold and copper mineralizing events appear to be independent of each other. Gold is focused within structural corridors and is strongly associated with bismuth and tellurium mineralization, whereas copper is more broadly distributed and only occurs within strongly calc-silicate altered units.

Skarn Ridge

A total of 2,976.84m over 18 drill holes were completed on the Skarn Ridge target. To date, results have been received for all holes; including previously announced results on ML25-10 & -011(2) and ML25-012 - 023(3). The holes were designed to test previously unrecognized north-northeast trending structural controls associated with historically reported gold-copper mineralization on the target (Figure 4).

ML25-024 & -025 were drilled from the same location 53m south of ML25-022 & -023. Both holes were drilled at a 300° azimuth and -45° and -70° dips, respectively. Both holes intersected a broad, up to 70m, zone of calc-silicate altered siltstone, marl, and gabbro with disseminated to fracture controlled pyrrhotite-arsenopyrite-chalcopyrite mineralization and anomalous gold and copper values. The most significant mineralization is associated with zones of increased fracturing, veining, and brecciation and include 27m of 2.04 g/t Au & 0.42% Cu from 24m depth and 19m of 4.33 g/t Au & 0.50% Cu from 57m depth in ML25-024. ML25-025 returned broad zones of anomalous Au-Cu mineralization, but only narrow zones of significant grades including 3m of 1.18 g/t Au & 0.71% Cu from 43m depth and 2m of 3.25 g/t Au from 68m depth.

ML25-026 & -027 were drilled from the same location 40m north east of ML25-019 & -020. Both holes were drilled at a 300° azimuth and -45° and -60° dips, respectively, and intersected three subvertical zones of gold and copper mineralization. Gold values were consistently anomalous across the zones with the best values returning from ML25-027 and include 3.54m of 10.42 g/t Au from 145m depth. Additionally, both holes returned significant copper intercepts and include 25.27m of 0.77% Cu from 167m depth; incl. 9m of 1.28% Cu from 179m depth from ML25- 019 and 26m of 0.35% Cu from 220m depth; incl. 5m of 0.73% Cu from 177m depth in ML25-026 and 10.65m of 054% Cu from 200.89m depth in ML25-027. The mineralized zones intersected correlate with intervals returned in hole ML25-019 & -020, with the lower zone(s) on projection of Au-Cu intercepted 140m to the north in ML25-024 & -025.

ML25-028 & -029 were drilled from the same location, 38m south of ML25-014 & -015. Both holes were drilled at a 300° azimuth and -45° and -60° dips, respectively. Both holes returned up to 20m zones of anomalous Au mineralization with the most significant value of 2.35 g/t Au over 1m from 78m depth in ML25-028. While, significant mineralization wasn't returned in the holes, the anomalous zones are on trend of mineralization intersected in ML25-014, confirming continuity of the structural zones to the south.

ML25-030 was the most eastern hole drilled on Skarn Ridge, approximately 300m southeast of ML25-010/ -011, and was designed to assess the area for additional mineralized structural zones. A 15m wide zone of anomalous Au (up to 1.18 g/t Au over 1m) was intercepted from 49 - 64m and an 8m zone of anomalous Cu averaging 0.22% Cu was intercepted from 96 - 104m depth.

ML25-035 was drilled on section, 50m northwest, of ML25-030 and was designed to assess the area for additional mineralized structural zones. Isolated zones of anomalous Au and Cu were intercepted (up to 0.931 g/t Au and up to 0.44% Cu), but no significant zones of mineralization were returned.

Table 2: Summary of 2025 Skarn Ridge Drill Intercepts

Hole IDFrom (m)To (m)Interval (m)Au (g/t) Cu (%)Ag (g/t)

ML25-01044.0089.6545.652.110.488.56

Incl51.0061.0010.004.370.266.14

Incl71.0088.0017.002.640.8815.00

ML25-01131.0054.0023.000.700.529.48

Incl.40.0044.004.001.850.8817.75

And91.00102.0011.001.060.6811.82

And84.0097.9013.90

0.9415.74

ML25-01216.5029.0012.500.7350.265.18

Incl. 22.0027.005.001.060.234.78

And83.00109.0026.000.570.7312.28

Incl.85.0090.005.002.130.9936.32

Within83.00124.1541.15 - 0.7212.25

Incl120.90124.153.25 - 2.1936.32

ML25-01317.0021.004.001.110.143.30

And39.9852.0012.021.840.428.80

Incl.50.0252.001.986.571.2828.98

And124.00127.003.001.491.0417.59

Within108.00128.0020.00 - 0.6110.71

Incl.117.00125.008.00 - 1.0617.96

ML25-014137.00162.0025.002.97 - -

Incl.137.00140.003.0019.56 - -

Incl.138.50140.001.5037.40 - -

ML25-01593.0094.001.001.250.222.94

ML25-019125.50126.400.900.1321.2721.30

And158.50160.552.050.5110.6913.79

And166.00180.4514.45 - 0.5410.57

Incl.179.00180.451.45 - 1.2826.42

ML25-020128.10130.001.909.91 - -

And147.00152.005.001.88 - -

And240.00245.005.000.930.7312.29

ML25-0229.0013.004.001.140.29 -

And29.1031.001.9061.450.34 -

Incl.30.0031.001.001090.4317.60

And38.9544.005.051.980.12 -

And51.0061.0010.004.640.41 -

Incl.53.0059.006.006.840.53 -

ML25-02326.0035.009.001.430.173.96

And63.7564.250.50141 - 27.40

And83.0090.007.002.010.6514.30

ML25-02424.0051.0027.002.040.428.70

Incl.29.0041.0012.003.820.367.89

And57.0076.0019.004.330.509.88

Incl.63.0072.009.006.000.5711.19

ML25-02543.0046.003.001.180.7113.01

And68.0070.002.003.25 - -

ML25-0262.905.432.531.34 - -

And188.00192.274.271.110.3511.37

Within167.00192.2725.27 - 0.7715.92

Incl.177.00186.009.00 - 1.2825.46

ML25-027145.00148.543.5410.42 - -

And178.00182.004.000.560.6713.22

And200.89211.5410.650.610.5410.50

ML25-02869.0079.0010.000.58 - -

ML25-02968.0072.004.000.46 - -

ML25-03059.0060.001.001.180.272.38

ML25-035170.00171.001.000.3840.446.06

Figure 5: Plan map of 2025 drilling on Skarn Ridge

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Figure 6: Cross-sections of ML25-012/-013 (top), ML25-010/-011 (upper middle), ML25-022/-023 (lower middle), & ML25-024/-025 (bottom)

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Bueno

A total of 2,322.27m over 13 drill holes were completed on the Bueno target. To date results have been received all holes, including previously announced holes ML25-001 to -006(1), ML25-018 & ML25-021(2). Gold and/or mineralization was intercepted within all holes received to date and correspond to a series of NNE trending structural zones cutting calc-silicate to hornfels altered shale, sandstone, siltstone, and mafic sills/dikes with disseminated to vein controlled pyrrhotite, pyrite, chalcopyrite, arsenopyrite, and, locally, Bi-Te mineralization

The most significant mineralization from the new results were returned from ML25-037 in the T4 area at the southern end of the Bueno target and is a 45m step-out to the north of previously announced mineralization intercepted in ML25-005 / -006. The hole was drilled at an azimuth of 300 and dip of -65 and returned 2m of 8.08 g/t Au from 54.66m depth and 1m of 0.143 g/t Au, 2.04% Cu, & 40.10 g/t Au from 138m depth.

Table 3: Summary of 2025 Bueno Drill Intercepts

Hole IDFrom (m)To (m)Interval (m)Au g/t Cu %Ag (g/t)

ML25-00112.0013.001.001.66--

And25.5027.001.500.95--

And115.00116.001.005.53--

And179.00181.002.000.81--

ML25-00242.0061.0019.00-0.244.12

Incl.58.0061.003.00-0.5612.15

ML25-003193.00194.001.001.90--

ML25-00489.0090.701.70-1.4720.1

And100.00101.001.002.420.173.21

And111.00115.004.00-0.223.65

ML25-0056.1013.006.903.07--

Incl8.009.501.508.22--

And39.4840.561.083.41--

ML25-0063.005.002.001.19--

And19.9121.001.090.131.2424.4

And60.3061.110.8126.15--

ML25-01664.3071.206.90 - 0.485.88

And81.0086.505.50 - 0.343.76

ML25-01824.2028.954.751.180.6111.18

And32.5033.501.001.511.4123.00

ML15-021117.50125.508.001.850.163.1

Incl.121.00122.001.009.660.136.04

ML25-033117.74118.871.130.234.53140.00

ML25-03468.5070.001.501.18--

And161.70162.701.000.790.15-

ML25-0364.5715.0010.43 - 0.13-

And70.5072.301.80 - 0.6212.28

And87.3692.164.80 - 0.6213.23

ML25-03754.6656.752.098.08 - -

Incl.55.7556.751.0011.90 - -

And138.00139.001.000.142.0440.10

Figure 7: Plan Map of 2025 Bueno drilling

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Fishbowl & Lorrie Lake

Hole ML25-038 was drilled on the Fishbowl target approximately 2.5km north of Skarn Ridge. The hole was drilled at a 120° azimuth and -50° dip and was designed to test a northeast trending zone of calc-silicate altered metasediments with arsenopyrite-chalcopyrite mineralization exposed on a cirque wall. However, due to topographic constraints, the hole was collared near the base of a talus slope below the target and intersected a previously unknown, granitic intrusive unit with zones of sheeted quartz-arsenopyrite-pyrrhotite veins/fractures; feldspar porphyry and lamprophyre dikes; and isolated rafts of biotite altered sediments. No significant mineralization was returned from the hole, however, the sheeted sulfide veins correspond to anomalous Au - As - Bi - Te mineralization (up to 0.341 g/t Au) over a 26m zone, and indicates the potential for intrusion-hosted mineralization in the target area.

Hole ML25-039 was drilled on the Lorrie target approximately 2.5km south of Skarn Ridge. The hole was drilled at a 320o azimuth and -45° dip and was designed to test northeast trending, structurally controlled zones of quartz sulfide veins associated with anomalous Au-Ag-Cu-Pb-Zn mineralization at surface. The hole intercepted a mixed package on calc-silicate altered to hornfelsed sediments with zones of feldspar porphyry to granodioritic intrusive dikes. No significant mineralization was returned in the hole with isolated zones of veining/silicification returning anomalous Cu, Pb, and Zn values.

Prospecting Results

Results for an additional 29 rock grab and chip samples have been received from prospecting and geological mapping activities across the ML Property. The results ranged from trace to 11.8 g/t Au, trace to 58.4 g/t Ag, trace to 1.20% Cu, and trace to 0.62% Pb. Grab samples are selected sampled and may not be representative of underlying mineralization. Highlights of the prospecting results include:

Raptor

Four samples were collected from limited prospecting in the Raptor area, located on the southern end of the ML Property approximately 5.4km south-southwest of Skarn Ridge. Two samples were collected from an approximately 5m exposed zone of silicified to clay altered gabbro with scorodite - malachite staining and, locally, coarse grained arsenopyrite-chalcopyrite mineralization, and returned 11.8 g/t Au, 1.20% Cu, 58.4 g/t Ag, & 0.62%Pb and 8.41 g/t Au, 0.52% Cu, and 27.7 g/t Ag. This area of alteration and mineralization occurs on the margins on a previously unknown granitic intrusive stock with sheeted quartz-tourmaline-arsenopyrite veins and brecciated-sheared and clay altered intrusive with fine grained sulfide mineralization. Two samples were collected from the intrusion and returned results up to 0.125 g/t Au with anomalous As-Bi.

TESS - North Vein

Twenty-five samples were collected from the TESS - North Vein area in efforts to trace alteration and mineralization to the NE of ML25-031 / 032, and assess other areas of jarosite alteration based on WorldView -3 imagery. The sampling returned values from trace to 2.77 g/t Au and the mineralization was associated with anomalous As-Bi-Te +/- Cu and the best samples were associated with the presence of visible sulfides. Pervasively oxidized samples with goethite-limonite-hematite returned low Au values, but were consistently elevated in pathfinder elements (As +/-Bi +/- Cu).