Prospector Initiates Drilling on Devon Cu-Ni Project, Ontario

Vancouver, British Columbia--(Newsfile Corp. - October 7, 2025) - Prospector Metals Corp. (TSXV: PPP) (OTCQB: PMCOF) (FSE: 1ET) ("Prospector" or the "Company") today announced that it has begun its maiden drill program on the Devon Copper-Nickel (Cu-Ni) Project in Northwestern Ontario. High priority drill targets have been selected from interpretations of detailed 3D modelling of property-wide VTEM^TM, as well as prospecting and mapping which returned samples with up to 1.13 % Cu, 0.53 % Ni, and 3.54 g/t Pd+Pt⁽¹⁾. The Devon Ni-Cu Project is road accessible and cut by paved highways.

As stated by Co-Chairman and CEO Dr. Robert Carpenter PhD. "The Devon Project was staked in January 2023 with all targets developed in house by Prospector prior to our major TESS gold discovery at the ML project announced last week. These types of base metals targets in Ontario are highly valued and have never been drilled, which represents a low-cost / high-reward exploration opportunity that will only take three weeks to drill test. The property is road accessible, and we have a strong conviction that these targets warrant drilling. The Company's next batch of drill results from ML, are from the Skarn Ridge target and are anticipated to be available in 1-2 weeks."

Key Summary
The diamond drill program will consist of 1000m of drilling testing five targets at the Copper Hill Occurrence area of the Project. The program is fully financed and is anticipated to take approximately 3 weeks to complete.

Devon Ni-Cu Project
The Devon Project comprises 15,347 hectares acquired through staking, 50km SW of Thunder Bay Ontario, and is road accessible (Figure 1). The area is intruded by numerous mafic-ultramafic intrusives (Crystal Lake Gabbro, Pigeon River and Logan intrusive), mostly dyke-form intrusions, which can contain disseminated to locally massive magmatic Ni-Cu sulfides with PGEs. The dykes are emplaced along normal faults which provide ideal conduits for deep seated fertile mafic magmas to rise quickly through the crust without losing their chalcophile elements or PGEs.

Figure 1: Surface grab samples overlaying the VTEM

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Devon Project Highlights

• Results of the VTEM^TM at Devon include 44 high priority Ni-Cu targets which manifest as late-time conductors and are located within or in contact with Pigeon River ultramafic source dykes. These target conductors are steeply dipping and appear distinct from the numerous flat-lying conductors associated with Logan Sills.
• A total of 219 rock samples were collected on the Project and have successfully identified variably mineralised mafic and ultramafic rocks assaying from below detection up to 1.13 % Cu, 0.53 % Ni, and 3.54 g/t Pd+Pt on previously unrecognised targets.⁽¹⁾
• The surface mineralisation confirms the presence of Ni-Cu mineralisation within the right host rocks. The late-time conductors identified in the VTEM^TM data and the preliminary 1D inversion conductivity modelling, together with the modest tenor of mineralisation seen at surface suggest the presence of high tenor mineralisation under cover and to depth at multiple locations.

(1) See the Companies News Release dated Oct. 28, 2025.