Prospector Metals and Lightning Resource Corp. Provide Update on Transaction

Prospector Metals Corp. ("Prospector") and Lightning Resource Corp. (formerly BeMetals Corp.) ("Lightning" and, together with Prospector, the "Companies") in connection with Lightning Resources Corp. commencing trading at the market open under its new name and stock symbol "LTNG", the Companies today announced that they have agreed to extend (i) the Escrow Deadline (as defined herein) for the previously announced non-brokered private placement of subscription receipts (the "Offering"); and (ii) the outside date for the completion of the previously announced acquisition of assets pursuant to the share purchase agreement dated April 15, 2026 between the Companies and Lightning Exploration Corp. (formerly Prospector Subco Ltd.) ("Subco") whereby BeMetals will acquire all of the issued and outstanding shares of Subco, a wholly-owned subsidiary of Prospector which will hold Prospector's remaining viable non-Yukon mineral exploration projects (the "Transaction"), in each case August 31, 2026. As previously announced, the Offering was completed on July 24, 2026, pursuant to which 8,000,000 subscription receipts (the "Subscription Receipts") of Lightning Subreceipt Financing Corp. ("Finco"), a wholly-owned subsidiary of Prospector were issued for aggregate gross proceeds of $4,000,000. The gross proceeds of the Offering are held in escrow pending satisfaction of certain escrow release conditions on or before the July 31, 2026, or such later date as the Companies may agree (the "Escrow Deadline"). The Companies, Finco and Subco have entered into an escrow deadline extension agreement dated July 31, 2026 pursuant to which the Escrow Deadline has been extended to August 31, 2026. In addition, the Companies and Subco have entered into a first amendment to the share purchase agreement dated April 15, 2026 (the "Share Purchase Agreement") pursuant to which the outside date by which the closing of the Transaction must occur has been extended to August 31, 2026. Except as described above, all other terms of the Transaction and the Offering remain unchanged. The Companies continue to work toward completion of the Transaction and will provide further updates in accordance with applicable securities laws and the policies of the TSX Venture Exchange. About Prospector Metals Corp. Prospector Metals Corp. is a proud member of Discovery Group. Prospector is focused on district scale, early-stage exploration of gold and base metal prospects. Creating shareholder value through new discoveries, Prospector identifies underexplored or overlooked mineral districts displaying important structural and mineralogical occurrences similar to more established mining operations. The majority of acquisition activity occurs in Yukon and Ontario, Canada - Historical mining jurisdictions with an abundance of overlooked geological regions possessing high mineral potential. Prospector is currently concentrating its efforts on its ML Project in the Yukon where it has discovered a high-grade gold-copper-silver zone (see news release dated October 1, 2025). Prospector establishes and maintains relationships with local and Indigenous rightsholders and seeks to develop partnerships and agreements that are mutually beneficial to all interested parties. On behalf of the Board of Directors, Prospector Metals Corp. Dr. Rob Carpenter, Ph.D., P.Geo. President & CEO For further information about Prospector Metals Corp. or this news release, please visit our website at prospectormetalscorp.com or contact Prospector at 1-778-819-5520 or by email at info@prospectormetals...