Prospector Strengthens Team and Provides Corporate Update
Prospector Strengthens Team and Provides
Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - May 20, 2026) -
Prospector Metals Corp.
(
TSXV:
PPP
) (
OTCQB: PMCOF
) (
FSE: 1ET
) ("
Prospector
" or the "
Company
") today announced key
additions to the Technical and Corporate team. The Company is also providing an update to its
upcoming drill program and the proposed transaction (the "
Transaction
") with BeMetals Corp.
("
BeMetals
") pursuant to which BeMetals will acquire Prospector's remaining viable non-Yukon mineral
exploration projects in exchange for 29,400,000 common shares of BeMetals (the "
Consideration
Shares
") on a post-consolidation basis, which consolidation was completed effective May 8, 2026 (see
Prospector's News Release dated April 16
th
, 2026).
Highlights
Prospector has received conditional TSX Venture Exchange approval to sell its non-Yukon assets
(See "Assets Portfolio" below) for 29,400,000 Consideration Shares.
In connection with closing the Transaction, Prospector plans to distribute the Consideration Shares
to its shareholders on a pro-rata basis, with a date of record to be announced shortly.
BeMetals will be renamed Lightning Resource Corp after the transaction is completed.
BeMetals
has completed a 10:1 consolidation (the "
Consolidation
") and is now trading on a post-
consolidation basis.
Benefits for Prospector Shareholders
Transaction will unlock value in projects that have been overshadowed by the flagship ML Project,
Yukon.
Intended share distribution gives Prospector shareholders direct exposure to a new ground floor
opportunity led by proven leadership.
The transaction is intended to create two focused exploration companies. Prospector will
concentrate on developing its ML Project and is planning a 25,000m drill program on ML in 2026.
Initial crews have been mobilized to the ML Project for the fully funded 25,000m drill program. A
further News Release will be issued when diamond drilling has begun.
Assets Portfolio
Savant Project (Au):
District-scale land position (24,197 ha) in a proven greenstone belt in
northwestern Ontario, with underexplored iron formations and favorable shear zones providing
opportunity for a discovery of size.
Devon Project (Ni, Cu, PGEs):
Located near Thunder Bay, Ontario, the Devon Project lies on the
Archean craton margin, covered by a sulphide-bearing sedimentary basin, a known ideal
geotectonic setting for major magmatic sulfide deposits.
Whitton Project (Au, Ni, Cu, PGEs
): Dominant land position in the Archean Heaven Lake
greenstone belt located in northwest Ontario. Numerous Nickel and PGE occurrences as well as
potential for banded iron formation hosted gold mineralization.
TooGood Project (Au):
High-grade district-scale potential in Newfoundland with strong access
and infrastructure, with a successful drill campaign in 2025 identifying a 15-km long target corridor.
Currently optioned to TooGood Gold Corp. ("TooGood")
Proprietary geological database relating to gold deposits in Ontario and Québec.
Marketable securities consisting of 5,000,000 shares of TooGood, together with potential future
share option payments under an option agreement with TooGood.
The assets to be acquired do not include the Company's previously held Leopard Lake, Campbell
Lake, Fairchild Lake, Fuchsite Lake, Schefferville Gold, Schefferville Ashuanipi or Gaffney
properties, all of which have either lapsed, or been written down.
New Appointments Strengthen Prospector Team
Key additions to the technical team include Senior Geologist Dane Harwood, BSc., P.Geo and
Chief Geologist Curran Wearmouth, MSc., P.Geo. Both will be instrumental to the success of the
ML Project in 2026.
Connor Currie, BA. has joined the team for Corporate Communications working together with V.P.
of Corporate Communications, Michael Rockandel.
About Prospector Metals Corp.
Prospector Metals Corp. is a proud member of Discovery Group and focuses on district scale, early-
stage exploration of gold and base metal prospects. The Company creates shareholder value through
new discoveries, and identifies underexplored or overlooked mineral districts displaying important
structural and mineralogical occurrences similar to more established mining operations. Prospector is
currently concentrating its efforts on its ML Project in the Yukon where it has discovered a high-grade
gold-copper-silver zone (see news release dated October 1, 2025).
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
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.
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
TM
. 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,
the Company's plans with respect to the Company's projects, including the ML Project, and the timing related thereto of the drill program, 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 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 statements. Except to the extent required by applicable
securities laws and the policies 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 from those
anticipated in these forward-looking statements include the risks associated with the Transaction, including the risk that all requisite regulatory and
corporate approvals may not be received,
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/298130