Prospector Signs Letter of Intent with BeMetals for Option on Savant Gold Project, NW Ontario Vancouver, BC Ju ly 10 , 2025 Prospector Metals Corp. (“Prospector” or the “ Company”) (TSXV: PPP;
Suite 1020 – 800 West Pender Street, Vancouver, BC V6C 2V6
Prospector Signs Letter of Intent with BeMetals for
Option on Savant Gold Project, NW Ontario
Vancouver, BC Ju ly 10 , 2025 Prospector Metals Corp. (“Prospector” or the “ Company”) (TSXV: PPP;
OTCQB: PMCOF; Frankfurt: 1ET) is pleased to announce it has entered into a non-binding Letter of Intent
(“LOI”) with BeMetals. (TSXV: BMET, OTCQB: BMTLF , Frankfurt 1OI.F) (“BeMetals” or the “ Vendor”) to
option up to a 100% interest in the Savant Gold Exploration Project (the “Savant Project” or the “Project”),
located in a highly prospective gold district in northwestern Ontario, Canada.
The Savant Project spans approximately 232 km² in one of Ontario’s most prolific gold-producing regions
and is located near several past producers as well as current operating mines, including the Red Lake and
Musselwhite mines. The Pro ject hosts numerous historical and recently identified high -grade gold
occurrences, with geology analogous to iron formation -style deposits in the region such as the
Musselwhite Mine, which reportedly produced 212,000 ounces of gold last year and as at the end of 2024,
contained Mineral Reserves of 7.4 million tonnes at 6.23 g/t Au, totaling 1.5 million ounces of gold (1)(3).
3 The QP has been unable to verify the information and that the information is not necessarily indicative to the mineralization on
the property that is the subject of the disclosure.
Dr Robert Carpenter PhD, President, CEO & Co -Chairman of Prospector, stated “We are excited to
partner with BeMetals on our Savant gold project. Their group brings technical expertise and the
corporate know- how that is needed for a discovery-stage project. Savant represents a classic iron
formation hosted gold district that displays high-grade gold within sheared and folded host rocks. Previous
work largely focused on easy to access shoreline prospects and a comprehensive district -scale view has
not be en c ompleted. We look forward to the systematic approach the BeMetals team brings to
exploration”
John Wilton, President and CEO of BeMetals, commented, “This acquisition aligns with BeMetals’
strategy of identifying and advancing high-quality mineral projects. Ontario provides excellent discovery
potential, and the Savant Project represents a compelling early -stage opportunity in a proven gold belt.
We like this Project for its district scale appeal with its numerous areas of compelling structural settings
along with geochemically favourable, iron formations which are know n to concentrate gold mineralizing
fluids in this region. Given the improving support in Canada for unlocking value through the discovery
and development of new mining projects, we believe now is an ideal time to focus on exploring Canada’s
underexplored regions. We are looking forward to starting the exploration field work and working closely
with Prospector as soon as possible. "
Historical Savant Project Highlights:
Showing Lithology Best Historical Surface
Sample Assay (g/t Au)
Best Historical Drillhole
Intercept
Horseshoe Iron Formation 138.87 Never drilled
Wiggle Creek Iron Formation 20.132,3 15.55 g/t Au over 0.4m2
• Shoal Iron Formation 46.652,3 1.87 g/t Au over 0.6m2
One Pine Iron Formation 40.87 23.6 g/t Au over 0.5m2
Snowbird Iron Formation 38.8 Never drilled
L28 Iron Formation 32.35 Never drilled
Stillar Bay Sheared Iron Formation 4.012,3 3.26 g/t Au over 1.22m2
Big Sandy Sheared Volcanics 3.64 Never drilled
2 Historical assay values have not been independently verified by the Company and a potential investor
should not place undue reliance on historical results when making an investment decision, nor should they
be used as the sole criterion for making investment decisions. There is no assurance that the Company can
reproduce such results or that the historical results described therein will be realized. 3 “Best surface
samples” are grab / select samples and not necessarily representative of mineralization hosted on the
property.
(1) Source: Orla Mining Website: https://orlamining.com/asset/musselwhite/
Highlights of the Non-Binding Agreement
The LOI was signed on July 9th, 2025 and under its terms, Prospector grants BeMetals the exclusive right
to earn up to a 100% interest in the Property, subject to satisfying the following condition over a 5-year
option period:
1. Initial Commitment:
Upon execution of a definitive agreement, BeMetals will commit to at least C$500,000 in
exploration expenditures within the first year.
2. Annual Expenditures:
BeMetals must incur a minimum of C$500,000 in annual exploration expenditures on the
Property (or make equivalent cash payments to Prospector, or a combination of both) for a
period of five years, which BeMetals can elect to accelerate at its sole discretion.
3. NI 43-101 Compliant Technical Report:
BeMetals will deliver a National Instrument 43-101 (“NI 43-101”) compliant Technical Report
within five years outlining a Mineral Resource. Ownership terms will vary based on the size of
the resource estimate:
a) <500,000 ounces of gold: 100% of the Property is retained by Prospector.
b) 500,000–1,000,000 ounces of gold (Inferred Mineral Resources): A 50/50 joint venture
is formed with mutual rights of first refusal.
c) ≥1,000,000 ounces of gold (of which at least 500,000 ounces must be Indicated
Mineral Resources): in which case, upon exercise of the Option, BeMetals will own
100% interest in the Property; and
4. Success-Based Cash Payment:
A cash payment of US$5 per ounce of Mineral Resources, as reported in the Technical Report,
will be made to Prospector.
5. Net Smelter Returns Royalty (“NSR”):
If BeMetals exercises the Option and acquires 100% interest in the Property, BeMetals will
grant a 0.5% NSR to Prospector on the Property.
• Completion of a definitive option agreement is subject to standard conditions, including
satisfactory due diligence, negotiation of final terms, and any required regulatory or third -party
approvals. There is no assurance a definitive agreement will be completed. BeMetals will provide
further updates as developments warrant.
Qualified Person
The technical content disclosed in this press release was reviewed and approved by Jodie Gibson, P.Geo.,
Vice President Exploration of Prospector, and a Qualified Person as defined under National Instrument NI
43-101 (“NI 43-101”).
About Prospector Metals Corp.
Prospector Metals Corp. is a proud member of Discovery Group. The Company 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 ov erlooked mineral districts displaying important
structural and mineralogical occurrences similar to more established mining operations. The majority of
acquisition activity occurs in Yukon and Ontario, Canada – Historical mining jurisdictions with an
abundance of overlooked geological regions possessing high mineral potential. Prospector establishes and
maintains relationships with local and Indigenous rightsholders and seeks to develop partnerships and
agreements that are mutually beneficial to all interested parties.
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 contact Prospector at 1 -778-819-5520 or by email at
Prospector Metals Corp. is a proud member of Discovery Group. For more information please visit:
discoverygroup.ca
Forward-Looking Statement Cautions:
This press release contains certain “forward -looking statements” within the meaning of Canadian securities
legislation, including, but not limited to, statements regarding the completion of a definitive agreement with BE
Metals, the Company’s plans with respect to the Company’s projects and the timing related thereto, the merits of
the Company’s projects, the Company’s objectives, plans and strategies, and other project opportunities. Although
the Company believes that such statements are reasonable, it can give no assurance that such expectations 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,” “believes,” “intends,” “estimates,” “projects,” “aims,”
“potential,” “goal,” “objective,”, “strategy”, “prospective,” and similar expressions, or that events or conditions “will,”
“would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their natur e, 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 statements. Except to the extent
required by applicable securities laws and the polic ies of the TSX Venture Exchange, the Company 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 f rom those anticipated in these
forward-looking statements include the risk of accidents and 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, risk of political uncertainties and regulatory or legal changes in the jurisdictions
where the Company carries on its business that might interfere with the Company’s business and prospects. The
reader 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) accepts responsibility for the adequacy or accuracy of this release.