PPP.V · 2025-10-01 12:00:00

Prospector Drills New Discovery: Hole ML25- 31 Intersects 13.79 g/t Au and 1.84% Cu over 44m, Includes Higher-Grade Interval of 21.93 g/t Au over 24.65m New "TESS" Zone is Steeply-Dipping and Remains Open Along Trend and at Depth.

Drill Results

Prospector Drills New Discovery: Hole ML25-

31 Intersects 13.79 g/t Au and 1.84% Cu over

44m, Includes Higher-Grade Interval of 21.93

g/t Au over 24.65m

New "TESS" Zone is Steeply-Dipping and Remains Open Along Trend and at Depth.

Host Structure Traced on Surface for at Least 500m.

Numerous Additional High-Priority Drill Targets Identified in Immediate Vicinity.

Vancouver, British Columbia--(Newsfile Corp. - October 1, 2025) -

Prospector Metals Corp.

(TSXV:

PPP) (OTCQB: PMCOF) (FSE: 1ET)

Prospector

" or the "

Company

") today announced final assay

results for drill hole ML25-31. This hole was drilled in the "North Vein" region of the ML Project, Yukon

and is the first ever hole in this area designed to test for multiple stacked or parallel gold-bearing

structures co-incident with favourable surface geochemistry, LiDAR and World View datasets. The hole

discovered a previously unknown high-grade gold and copper zone, now known as the TESS Zone, from

62 - 106m downhole. The hole also intersected the historic "North Vein" zone from 138 - 145.36m.

Table 1: ML25-031 - Significant Intervals

Zone

Hole ID

From

(m)

Interval

(m)

(g/t)

(%)

(g/t)

Tess

ML25-031

62.00

106.00

44.00

13.79

1.84

38.08

Incl.

62.00

76.00

14.00

4.60

3.76

74.23

And

81.35

106.00

24.65

21.93

1.14

25.58

Incl.

92.00

106.00

13.00

37.88

0.21

5.11

Incl.

104.00

105.00

1.00

288.00

North Vein

And

138.00

145.36

7.36

5.69

1.16

22.21

Incl.

144.00

145.36

1.36

21.30

2.48

44.50

Rob Carpenter, Ph.D., PGeo., President, CEO and Co-Chairman of Prospector, stated: "This discovery

represents an exciting new style of gold mineralization for the ML Project.

The high-grade and near

surface intercept occurs within a distinct zone that is coincident with a diagnostic surface geochemical

signature. Our team has successfully traced this trend on surface for at least 500m. Moreover, analyses

of project wide datasets reveal the presence of numerous similar structural features that have not

previously been drill tested."

Jodie Gibson P.Geo., Vice President of Exploration added "The high grade gold and copper

mineralization on the Tess is a new and very unique style of reduced intrusion related gold mineralization

(RIRGS) and demonstrates the potential for very high-grade mineralization on the margins of these

systems outside of 'typical' intrusive host rocks. At ML, our exploration to date, combined with

assessment of historic data, indicate multiple target areas with a similar geologic, structural, and

geochemical setting as the Tess-North Vein area."

Key Point Summary

Drill hole ML25-31 represents the first ever hole in the newly identified "TESS Zone". Results

include a wide 44m intercept averaging 13.79 g/t Au, 1.84%Cu. & 38.08 g/t Ag starting at 62m

downhole. This interval includes a higher-grade intercept of 21.94 g/t Au over 24.65m starting at

81.35m downhole. Mineralization remains open at depth and along trend.

The Tess Zone is a "blind discovery" due to the presence of a thin layer of erratic talus above the

surface projection of mineralization. However, geological mapping and prospecting in early 2025

revealed a regionally significant footprint worthy of drill follow up. Drill hole ML25-31 was

subsequently drilled to test an interpreted structural zone defined by geological mapping,

prospecting as well as satellite imagery. The resultant discovery represents the widest intercept of

high-grade gold drilled to date on the ML Project.

Follow up mapping and prospecting after hole ML25-31 was drilled subsequently identified

numerous altered and mineralized surface occurrences along the projected trace of several

mineralized corridors, suggesting the exploration potential for additional TESS Zone discoveries

remains very high.

Significant values of Copper (Cu), Silver (Ag), Bismuth (Bi), and Tellerium (Te) accompany high-

grade gold at the TESS Zone; including values up to 11.7% Cu, 283 g/t Ag, 0.98% Bi, and 246

ppm Te. The gold values are strongly correlated with Bi and Te.

High-grade gold mineralization at the TESS Zone is associated with abundant coarse-grained Bi-

Te minerals and local fine grained visible gold at the base of an up to 50m zone of strong sulfide

mineralization with disseminated to massive arsenopyrite-chalcopyrite-pyrite-pyrrhotite within calc-

silicate to vuggy, silicified and clay altered clastic sedimentary units.

Prospector Metals Webinar

Prospector will be hosting a Webinar this morning at

10:00AM PST

where CEO and Co-Chairman Rob

Carpenter PhD. PGeo will discuss the significance of the results and answer questions in a Q&A.

Please join in the following link:

https://us06web.zoom.us/j/81460692412

ML25-031

ML25-031 was drilled at a 160

azimuth and -60

dip and was designed to test an interpreted NE

trending structural zone defined by geological mapping, prospecting, and satellite imagery that was

coincident with the strongest mineralization intercepted in historic North Vein drilling. ML25-031

intercepted a new zone (Tess Zone) of strong sulfide mineralization with disseminated to massive

arsenopyrite-chalcopyrite-pyrite-pyrrhotite within calc-silicate to vuggy, silicified and clay altered rocks

from 54 - 106m depth, with multiple instances of visible gold (VG) from approximately 104 - 105m depth.

This is the first occurrence of VG ever noted on the ML Property, and the visible gold mineralization is

associated with abundant coarse-grained Bi-Te minerals. Assays for the zone returned 44m of 13.79 g/t

Au, 1.84% Cu, and 38.08 g/t Ag from 62m depth and include an upper zone of 14m of 4.60 g/t Au,

3.76% Cu, and 74.23 g/t Ag from 62m associated with semi-massive to massive pyrite-arsenopyrite-

chalcopyrite mineralization within strong calc-silicate to silicified rocks with, local, zones of pervasive

clay alteration. The lower zone returned 24.65m of 21.93 g/t Au, 1.14% Cu, and 25.58 g/t Ag, and

includes 10 samples >10 g/t Au (up to 379 g/t Au). The mineralization is associated with a strongly calc-

silicate altered unit with disseminated arsenopyrite-chalcopyrite-pyrrhotite-BiTe minerals, and, locally,

visible gold with abundant cross-cutting, black, sulfidic fractures. In general, the gold grade increases

down the hole returning 13m of 37.88 g/t Au from 92m depth; including the interval with VG from 104 -

105m which averaged 288 g/t Au over 1m.

Figure 1: ML25-031 from 62.36 - 70.71 with sample intervals and gold and copper grades. Red

arrows mark the beginning of the sample intervals.

To see other core photos:

ML25-031_CorePhotos_30Sept2025.pdf

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1564/268659_bcf0b819b4015bcf_003full.jpg

Figure 2: ML25-031 from 96.15 - 105.05 with sample intervals and gold grades. Red arrows mark

the beginning of the sample intervals.

To see other core photos:

ML25-031_CorePhotos_30Sept2025.pdf

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1564/268659_bcf0b819b4015bcf_004full.jpg

Figure 3: Visible gold and associated minerals from 104 - 105m in ML25-031

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1564/268659_bcf0b819b4015bcf_005full.jpg

Table 2: ML25-031 - Tess Zone - Assay Table with Composited Intervals

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1564/268659_bcf0b819b4015bcf_006full.jpg

The historic North Vein occurrence was also intercepted from 138 - 145.36m depth in ML25-031 and

consisted of disseminated to semi-massive arsenopyrite-chalcopyrite mineralization within a silicified to

calc-silicate altered quartz grit unit. The zone returned 7.38m of 5.69 g/t Au, 1.16% Cu, & 22.21 g/t Ag

from 138m depth; including 1m of 10 g/t Au, 2.02% Cu, & 44.2 g/t Ag from 138m and 1.36m of 21.3 g/t

Au, 2.48% Cu, & 44.5 g/t Ag from 144m. Based on available data and the current interpretation of the

Tess and North Vein the reported intervals are 70 - 75% true thickness.

ML25-032

ML25-032 was drilled as an over-cut to ML25-031 at a -50

. The hole intersected the Tess Zone at

approximately 38m depth and it consists of an approximately 50m zone of strong alteration and

fracturing as ML25-031, but the zone is more significantly oxidized and bleached due to proximity to

surface. Assays for ML25-032 are currently pending, however, the alteration and mineralization in the

two holes indicate the Tess Zone is steeply dipping, subparallel to the North Vein, and is open at depth

and along strike.

Figure 4: Plan map of 2025 Tess - North Vein Drilling

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1564/268659_bcf0b819b4015bcf_007full.jpg

Figure 5: Cross-section of ML25-031 & 032 looking East

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1564/268659_bcf0b819b4015bcf_008full.jpg

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,

however, subsequent mapping and prospecting has traced both the Tess and North Vein trends

approximately 500m, uphill, to the ENE. Both zones are pervasively oxidized at surface and appear to

have a strong association with jarosite alteration. This is significant because there are multiple, un/under

explored, zones of jarosite alteration associated with interpreted ENE oriented structures within the

broader Java - Tess - North Vein area based on LiDAR and satellite imagery and indicates strong

potential for additional discoveries.

Figure 5: Plan map of Java-Tess-North Vein area with gold in rocks and jarosite alteration from

WorldView-3 satellite imagery

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1564/268659_bcf0b819b4015bcf_009full.jpg

2025 ML Drill Program

The 2025 drill program on the ML Property has been completed and includes 39 holes over 6648.91 m,

testing seven target areas (Table 3). The program was completed on budget, finishing 1648.91m higher

then the originally planned 5,000 program. To date, assays have been received for 12 of the 39 holes

and include hole ML25-31 discussed above as well as previously released results on the Skarn Ridge,

Bueno, Rubble, and Java target areas

(1)

. Analysis results for individual samples received to date range

from trace to 379 g/t Au, from trace to 283 g/t Ag, and from trace to 11.70% Cu.

(1)

See the Companies News Release dated September 2, 2025.

Table 3: Summary of ML 2025 Drilling by Target Area

Target

# of Holes

Meters Drilled

Bueno

2325.32

Skarn Ridge

2976.84

North Vein

315.01

Java

298.70

Rubble

281.94

Fishbowl

263.65

Lorrie

187.45

Total

6648.91

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