Prospect Ridge confirms drill targets at Excalibur

Executive Summary

• Prospect Ridge Resources Corp. has received final 2-D inversions from an induced polarization (IP) survey on its 100%-owned Excalibur copper-gold project in British Columbia, confirming high-priority drill targets.
• The survey identified a geophysical target measuring approximately 1 km by 2 km, defined by coincident chargeability, resistivity, and magnetic responses, which overlaps with previous copper-in-soil anomalies.
• The company plans to commence a maiden diamond drill program of at least 2,000 metres in June 2026, pending receipt of a drill permit (applied for Nov 30, 2025) and favourable weather conditions.

Key Details

• Survey Scope: The IP survey was conducted by Simcoe Geosciences Ltd., covering 26.3 line kilometres along six east-west-oriented profiles on the 27.71 square kilometre Excalibur property.
• Geophysical Targets:
  • Identified a target area of approx. 1 km x 2 km.
  • Characterized by elevated chargeability (>20 millivolts per volt) and low resistivity (<200 ohm metres).
  • Features include a pyrite-rich halo (high chargeability, low resistivity) flanking a moderate chargeability core, interpreted as chalcopyrite and pyrite.
  • A coincident magnetic anomaly is interpreted as secondary magnetite in the copper-bearing potassic core.
• Geological Context:
  • The target is located in an area with less than 2% outcrop, suggesting a buried porphyry system.
  • Suspected Bulkley and Babine intrusions cut Cretaceous stratified rocks (Skeena Group to the west, Kasalka Group to the east).
  • A 50-500m wide porphyry dike shows alteration ranging from unaltered to propylitic and phyllic.
  • The system is asymmetrical due to east-to-northeast dipping faults juxtaposing sedimentary rocks against volcanics.
• Historical & Recent Exploration:
  • Historic work (1971-1972) by Canadian Superior included mapping and soil sampling.
  • 2019: Former operator cut five north-south lines (2,500-2,700m long) for IP survey.
  • 2021: 259 line km airborne magnetic survey.
  • 2022: 207 soil samples collected.
  • 2025: 50 additional soil samples collected; 26.3 line km IP survey completed.
• Drilling Plans:
  • Maiden drill program: Minimum 2,000 metres of diamond drilling.
  • Start Date: As early as June 2026.
  • Conditions: Pending drill permit (application submitted Nov 30, 2025) and weather.
  • Status: The property has never been drilled.
• Conference Appearances:
  • Vancouver Resource Investment Conference: Jan 25-26, 2026 (Booth 114; CEO presentation Jan 25, 1:30-1:40 pm).
  • Association for Mineral Exploration Roundup: Jan 27-29, 2026 (Core display at Orogen Royalties booth).
  • PDAC Conference: March 1-4, 2026 (Booth 2412B).

Notable Quotes

• Henry Awmack (Excalibur property co-vendor and technical committee member): "The IP survey has certainly helped define potential drill targets at Excalibur, identifying a very large volume of rock with moderate chargeability, hypothesized to represent chalcopyrite and pyrite... When you take these positive geophysical features in combination with anomalous copper, gold and molybdenum soil samples, it is not hard to see why Prospect Ridge is excited to drill this target which has never seen previous drilling."
• Len Brownlie, PhD (President and CEO): "It has taken six months, but we have used each well-planned exploration step to remove as much risk as possible ahead of the decision to drill Excalibur... Over the next few weeks, we will confirm collar locations for multiple drill targets in a minimum 2,000-metre diamond drill program contemplated to begin as early as June, 2026, pending favourable weather conditions and receipt of a drill permit that was applied for on Nov. 30, 2025."