Prospector Closes $38 Million Financing

Prospector Metals Corp. announced on November 21, 2025, that it has closed its previously announced private placement, raising total gross proceeds of approximately $38 million. The financing consisted of: - 5,500,000 flow-through common shares at a price of $1.00 per share for gross proceeds of $5.5 million. - 33,554,190 non-flow-through common shares at a price of $0.97 per share for gross proceeds of approximately $32.55 million.

The proceeds will be used to fund the exploration program at the company's flagship ML gold project in the Yukon and for general working capital purposes. B2Gold Corp. participated in the financing to increase its ownership to 19.9% of Prospector's outstanding common shares.

The closing of this $38 million financing is a materially positive and significant de-risking event for Prospector Metals. The assessment is based on the following context derived from historical news:

• Pre-Discovery Context: In the first half of 2025, the company was a typical junior explorer, raising $5.7 million at prices of $0.11 (non-flow-through) and $0.154 (flow-through) to fund its initial drill program at the ML project. The stock traded in a range of $0.10 to $0.30.

• The Game-Changing Discovery: On October 1, 2025, the company announced a major new discovery, the "TESS Zone," with drill hole ML25-031 intersecting 13.79 g/t gold and 1.84% copper over a remarkable 44 meters. This transformed the company's prospects overnight, causing the stock to gap up from $0.31 to $1.17 on massive volume, eventually peaking at $1.61.

• Financing Progression: Following the discovery, the company methodically secured its financial future.

  • November 3: A $10 million strategic investment from major gold producer B2Gold Corp. at $0.97 per share was announced. This was a massive vote of confidence from an industry leader at a price more than 8x higher than the previous financing round.
  • November 7: The company announced its intention to raise up to $27.7 million, incorporating the B2Gold placement and bringing in other strategic investors like Alpayana S.A.C. and a group led by veteran promoter John Robins.
  • November 21 (Current News): The company successfully closed the financing, but for a significantly larger amount of $38 million. The non-flow-through portion was upsized by nearly 50% from an anticipated ~$22.2 million to ~$32.5 million, indicating exceptionally strong investor demand.

The closing of this upsized financing at a premium valuation ($0.97/$1.00) accomplishes several critical objectives: 1. Fully Funded for Aggressive Exploration: With over $38 million in the treasury, Prospector is fully capitalized to conduct extensive follow-up drilling at the TESS Zone to determine its size, scale, and continuity, as well as test other targets on the ML project. 2. Strategic Endorsement: Securing B2Gold as a 19.9% shareholder provides immense technical and financial credibility. B2Gold's involvement suggests they see significant potential in the ML project. The participation of John Robins' group adds another layer of validation from a team with a track record of major discoveries (e.g., Kaminak Gold's Coffee project, also in the Yukon). 3. Eliminates Near-Term Financing Risk: The market's primary concern for any junior explorer after a major discovery is dilution from subsequent financings. By raising a substantial amount of capital in one go, the company has removed this overhang and can focus entirely on exploration for the foreseeable future.

This news confirms the market's positive reaction to the TESS discovery and solidifies the company's position as a leading Yukon explorer. It is not routine; it is the necessary and successful execution of a plan to capitalize on a potential world-class discovery.

Prospector Metals Corp. is a Canadian mineral exploration company. Its flagship asset is the 100%-owned, 10,869-hectare ML Project, located in the Tombstone Gold Belt in the Yukon, Canada. The project is prospective for a Reduced Intrusion Related Gold System (RIRGS). In October 2025, the company made a significant high-grade gold-copper discovery at the ML Project, named the "TESS Zone". The company also holds other projects, including the Devon copper-nickel project in Ontario. The ML Project is royalty-free, which was confirmed by the July 29, 2025 news release regarding the claim staking.