Prospector Provides Update on Proposed ML Property Acquisition

Suite 1012 – 1030 West Georgia Street, Vancouver, B C V6E 2Y3

Prospector Provides Update on Proposed ML

Property Acquisition

Vancouver, BC – February 2, 2024, Prospector Metals Corp. (“ Prospector ” or the “ Company ”)

(TSXV: PPP ; OTCQB: PMCOF ; Frankfurt: 1ET0 ) is pleased to report on the status of the propose d

acquisition of the Mike Lake Property (the “Acquisi tion”) from Troilus Gold Corporation previously

announced on January 3, 2024. The Company received conditional approval of the Acquisition from

the TSX Venture Exchange (the “TSXV”) on January 19, 2024, which requires the Company to provide

an update on the status of the Acquisition 30 days following the initial announcement. The Company

continues to work towards satisfying the conditions precedent to closing the Acquisition, including the

completion of the concurrent private placement desc ribed in the Company’s press releases dated

January 3, 2024, and January 12, 2024 (together wit h Acquisition, the “Transaction”). The Company

expects to close the Transaction in mid-February 2024, subject to the final approval of the TSXV.

About Prospector Metals Corp.

Prospector Metals Corp., a member of Discovery Grou p, is focused on district scale, early-stage

exploration of gold and base metal prospects. Creating shareholder value through new discoveries, the

Company identifies underexplored or overlooked mine ral districts displaying important structural and

mineralogical occurrences similar to more establish ed mining operations. Prospector is led by an

experienced technical and corporate team that has a proven track record of making world-class mineral

discoveries. Prospector establishes and maintains r elationships with local and Indigenous

rightsholders, and seeking to develop partnerships and agreements that are mutually beneficial to all

stakeholders.

On behalf of the Board of Directors,

Prospector Metals Corp .

Dr. Rob Carpenter, Ph.D., P.Geo.

President & CEO

For further information about Prospector Metals Corp. or this news release, please visit our website at

prospectormetalscorp.com or by email at [email protected] .

Prospector Metals Corp. is a proud member of Discov ery Group. For more information please visit:

discoverygroup.ca

Forward-Looking Statement Cautions:

This press release contains certain “forward-lookin g statements” within the meaning of Canadian

securities legislation, including, but not limited to, statements regarding the completion of the

Transaction, the receipt of TSXV approvals. Although the Company believes that such statements are

reasonable, it can give no assurance that such expe ctations will prove to be correct. Forward-looking

statements are statements that are not historical facts; they are generally, but not always, identified by

the words “expects,” “plans,” “anticipates,” “belie ves,” “intends,” “estimates,” “projects,” “aims,”

“potential,” “goal,” “objective,”, “strategy”, “pro spective,” and similar expressions, or that events or

conditions “will,” “would,” “may,” “can,” “could” o r “should” occur, or are those statements, which, b y

their nature, refer to future events. The Company cautions that forward-looking statements are based

on the beliefs, estimates and opinions of the Company’s management on the date the statements are

made and they involve a number of risks and uncertainties. Consequently, there can be no assurances

that such statements will prove to be accurate and actual results and future events could differ

materially from those anticipated in such statement s. Except to the extent required by applicable

securities laws and the policies of the TSXV, the C ompany undertakes no obligation to update these

forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should

change. Factors that could cause future results to differ materially from those anticipated in these

forward-looking statements include risks associated with general economic conditions; adverse

industry events; loss of markets; volatility of com modity prices; inability to access sufficient capit al

and/or inability to access sufficient capital on fa vourable terms; risks that the property purchase

agreement could be terminated; risk of accidents an d other risks associated with mineral exploration

operations, the risk that the Company will encounter unanticipated geological factors, or the possibility

that the Company may not be able to secure permitting and other agency or governmental clearances,

necessary to carry out the Company’s exploration plans, risks of political uncertainties and regulatory

or legal changes in the jurisdictions where the Com pany carries on its business that might interfere

with the Company’s business and prospects. The read er is urged to refer to the Company’s reports,

publicly available through the Canadian Securities Administrators’ System for Electronic Document

Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk

factors and their potential effects.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined

in the policies of the TSX Venture Exchange) accept s responsibility for the adequacy or

accuracy of this release.