Prospector Metals and Lightning Resource Announce Timeline for Closing Transaction

Prospector Metals Corp. and Lightning Resource Corp. announced today that it has set a proposed closing timeline for the transaction previously announced in each of the Companies' news releases dated April 16, May 20, and July 31, 2026 (the "Transaction") pursuant to which Lightning will acquire all of Prospector's remaining non-Yukon assets comprised of (i) the mineral titles and permits for the Savant, TooGood, Whitton, and Devon Projects; (ii) 5,367,000 common shares of TooGood Gold Corp.; (iii) Prospector's proprietary geological database; and (iv) $150,000 in cash, in consideration for the issuance of 29,400,000 common shares of Lightning (the "Consideration Shares") to Prospector. Following closing, in accordance with an Order of the Supreme Court of British Columbia, Prospector will distribute the Consideration Shares to the holders of its common shares as a one-time special distribution as a return of capital on the basis of 0.174977 of a Consideration Share for each common share of Prospector held (the "Payment Ratio"). No fractional Consideration Shares will be distributed and all fractional Consideration Shares will be rounded down to the nearest whole Consideration Share with no consideration being provided for the fractional Consideration Share (the "Return of Capital"). The Companies are pleased to announce all conditions to the closing of the Transaction, other than the final approval of the TSX Venture Exchange, and conditions to be satisfied as part of the closing of the Transaction itself. As a result, the parties have set pre-market on September 2, 2026 as the closing date for the Transaction (the "Closing Date") and market close on September 4, 2026 as the record date for the Return of Capital (the "Record Date"). Prospector's common shares will commence trading on an ex-distribution basis at market open on the Record Date. The distribution of the Consideration Shares to Prospector's common share holders, or the "Payable Date" will be completed effective September 10, 2026. In order to maintain the Payment Ratio, any exercises of outstanding stock options or warrants will not be processed before the Record Date. In connection with the closing of the Transaction, the 8,000,000 subscription receipts previously issued in connection with the closing of the subscription receipt offering (the "Offering") completed by Prospector's wholly-owned subsidiary Lightning Subreceipt Financing Corp. ("Finco") will automatically be converted, and exchanged for an aggregate of 8,000,000 common shares of Lightning and share purchase warrants exercisable to acquire an aggregate of 4,000,000 common shares of Lightning at a price of $0.62 until September 2, 2027, subject to acceleration, upon closing of the Transaction. As previously disclosed, the gross proceeds of the Offering are currently held in escrow pending satisfaction of certain escrow release conditions on or before the escrow deadline which had previously been extended to August 31, 2026. In connection with setting the Closing Date and Record Date, Prospector, Lightning and Finco have entered into an amended escrow deadline extension agreement pursuant to which the escrow deadline has been extended to September 5, 2026.