Prospector Continues to Extend High-Grade TESS Zone: Hole ML26-56 Yields 41.34 g/t Au over 7.81m Including 130.77 g/t Au over 2.25m

Prospector Metals Corp. (PPP) has completed its 2026 ML field season, drilling 100 holes for a total of 20,980 meters across nine targets. Assays have been received and released for only 16 of those holes, while 84 remain pending. The TESS target area specifically accounted for 54 holes for 10,823 meters drilled, with this release reporting results from six holes: ML26-048, -049, -053, -054, -055, and -056.

Hole ML26-56, drilled at a dip of -65 degrees, returned 41.34 g/t Au over 7.81m from 100.62m. This interval includes 79.41 g/t Au over 4.02m from 103.77m, which further includes 130.77 g/t Au over 2.25m from 105.54m, and finally 194.23 g/t Au over 1.03m from 106.76m. No silver or copper was reported for this hole.

Hole ML26-54, drilled at a dip of -50 degrees, intersected 6.10 g/t Au, 10.76 g/t Ag, and 0.55% Cu over 5.79m from 64.31m. This includes 1.95m of 15.15 g/t Au, 24.89 g/t Ag, and 1.22% Cu.

Hole ML26-55, drilled at a dip of -60 degrees, hit an alteration zone from 61 to 102m but returned only 20.36m of 0.34 g/t Au, which is considered anomalous.

Hole ML26-48, located on the same pad as ML26-046, encountered broad quartz-sericite-clay alteration but with significantly lower sulfide content. Its best result was 1.10m of 2.89 g/t Au, 37.90 g/t Ag, and 1.58% Cu.

Hole ML26-53, positioned 25m down-dip as a step-out from ML26-046, returned no significant values.

Hole ML26-49, located 130m west at an IP target, intersected 8.30m of 0.18 g/t Au and 0.11% Cu, which is anomalous.

The TESS corridor has been traced for at least 400m, with high-grade mineralization drill-confirmed over at least 100m. The structure features three plunging "rod-shaped" shoots designated T1, T2, and T3, with a true thickness of 15-25m. The reported intervals represent 60-70% of the drilled length.

Context for these results includes previous intercepts from ML25-031 (44m @ 13.79 g/t Au, 1.84% Cu, 38.08 g/t Ag) and ML26-046 (27.35m @ 5.05 g/t Au, 1.16% Cu). Additionally, 547 surface rock samples are currently pending.

Prospector Metals Corp. (PPP) is a pre-resource explorer with no revenue and no NI 43-101 resource at the ML property. The company holds a market capitalization of approximately C$133 million against cash of roughly C$42 million as of June 30, which is projected to fall to approximately C$30 million by year-end 2026. This results in an enterprise value in the range of C$90 million to C$100 million, a valuation that already prices in a meaningful early discovery.

The most significant development in the 2026 program is the highest-grade intercept to date: 322.9 g.m, or 41.34 g/t over approximately 5 meters true, located roughly 100 meters southwest of the prior best fence. This represents the best grade-substance hole the market has seen from TESS in 2026. However, this success is offset by mixed results from other recent drilling. The direct down-dip extension of the best previous hole (046) failed in hole 053, its same-pad twin (048) also failed, and the neighboring hole on the new fence (055) returned anomalous results. Of the six holes drilled, only two are considered meaningful.

The market-defining anchor remains ML25-031, which returned 607 g.m. The stock has not re-rated on this result, having round-tripped from C$1.80 in May 2026 to the current range of C$0.77–0.79. This is below the approximately C$1.00 level at which it traded when the discovery was published. Consequently, the anchor is not embedded in the equity, which is priced for little. This scenario presents an excellent-band, unpriced intercept that is genuinely positive rather than a priced miss.

Despite the strong, unpriced positive nature of the latest intercept, 84 holes remain pending. With no resource and no metallurgy defined, and a discontinuous shoot system, this is not a re-rate-the-business event on its own. It is not a district-opening discovery.

Prospector Metals Corp. (TSXV: PPP; OTCQB: PMCOF; FSE: 1ET) is an early-stage, pre-resource explorer in the Discovery Group orbit, focused on the 108.69 km2 ML Project in the Tombstone Hills district, Yukon, located approximately 55 km from Dawson City and 25 km from the former Brewery Creek mine. The flagship ML property hosts the TESS high-grade Au-Cu-Ag discovery, identified in late 2025, along with Skarn Ridge (renamed Phoenix), Bueno, Pebble, NIT, Rubble North, Lorrie, ML North, Camp Valley, and several intrusion-related (RIRGS) targets. The company currently holds no resource estimate and has no production.

Non-Yukon assets, including Savant, Devon, Whitton, TooGood, and a database, were sold to BeMetals/Lightning Resource Corp. and distributed to shareholders as a return of capital. Prospector now focuses solely on the ML project. Strategic shareholders include B2Gold (~16%), Alpayana/Gubbins family (~9%), Agnico Eagle (~7%), and Discovery Group.

The company’s financial position shows cash of C$42.09M at 2026-06-30, with a H1 net loss of C$7.57M and no revenue. Prospector is guided to approximately C$30M in hard dollars at YE-2026, and a 25,000m/2026 program is fully funded. The capital structure consists of approximately 169M shares outstanding as of Sept 2026 and ~183M fully diluted.