Prospector Announces First Tranche Closing of its Non-Brokered Private Placement to Fund Drilling on the ML Project, Yukon

Vancouver, British Columbia--(Newsfile Corp. - May 15, 2025) - Prospector Metals Corp. (TSXV: PPP) (OTCQB: PMCOF) (FSE: 1ET) ("Prospector" or the "Company") is pleased to announce that it has closed a first tranche of its previously announced non-brokered private placement (see news releases dated April 17 and April 28, 2025) raising total gross proceeds to the Company of C$5,270,349.76.

"We are looking forward to mobilizing our drill program in the coming weeks on our flagship ML Project," stated Prospector CEO, Rob Carpenter. "We appreciate the ongoing support from all our investors, including B2Gold Corp. Our plan is on schedule and we will be deploying our crews soon."

The second tranche of the private placement will consist of an additional 4,227,272 NFT Units (as defined below) being purchased by B2Gold Corp. (TSX: BTO) (NYSE American: BTG) (NSX: B2G) ("B2Gold") for additional gross proceeds of C$465,000. Pursuant to an investment agreement with B2 Gold, B2 Gold is electing to purchase the units to maintain its investment rights of 9.9%.

Under the closing of the first tranche, Prospector issued 25,974,026 Charity Flow-Through Units (the "Charity FT Units") at a price of $0.154 per Charity FT Unit, 1,000,000 Flow Through Units at a price of $0.154 per FT Unit (the "FT Units) and 10,148,631 Non-Flow-Through Units (the "NFT Units") at a price of $0.11 per NFT Unit (the "Offering"). The total gross proceeds to be raised under the Offering is now C$5,735,349.76 with the issuance of the additional 4,227,272 NFT Units to B2 Gold.

Each Charity FT Unit and FT Unit is comprised of one flow-through common share (a "FT Share") and one half of one non-flow-through common share purchase warrant and each NFT Unit is comprised of one common share and one half of one non-flow-through common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable at a price of $0.30 into one common share for a period of two years from the date of issuance.

Prospector intends to use the proceeds of the Offering to fund its exploration program at its ML Project in the Yukon which includes up to 5,000 meters of diamond drilling focused on 5 target areas as reported in the Company's news release dated April 9, 2025.

In connection with the closing, the Company paid cash finders' fees totaling $171,452.57 and issued 1,558,654 finders' warrants priced at $0.30. Each finders' warrant is exercisable for 2 years from the date of issue. The securities issued under the Offering are subject to a hold period under applicable securities laws in Canada expiring four months and one day from May 15, 2025 and are subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the final approval of the TSX Venture Exchange.