New Risk • Jul 31
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$2.9m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$2.9m free cash flow). Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$4.55m market cap, or US$3.25m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Announcement • Jul 14
Prospect Ridge Resources Corp. Begins Drilling At The Excalibur Copper-Gold Porphyry Target Prospect Ridge Resources Corp. has commenced drilling at its 100%-owned Excalibur copper-gold porphyry project in British Columbia's Babine porphyry district. The initial discovery drill program at Excalibur is a significant first step in evaluating this undrilled, 2 km2, soil-covered geophysical and geochemical target that is interpreted as a potential altered and mineralized porphyry complex. A recently completed induced polarization survey revealed a large chargeability feature, interpreted as a classic pyrite-bearing halo flanking a series of magnetic highs, interpreted as magnetite-rich potassic alteration. These geophysical targets are supported by elevated copper in soil values and peripheral outcrops of pyrite-bearing hornfelsed sediments marking a potential copper-bearing porphyry system. The 28 km2, undrilled and only partly explored property, has delivered a 2 km2 coincident chargeability, magnetic, and multi-element soil anomaly that points to the potential for a buried porphyry-style system of a scale attractive to major mine developers. Excalibur sits within the BC’s Babine porphyry belt, 60-70 km from the past-producing Bell and Granisle mines and 40-50 km from exciting new discoveries such as Duke and NAK representing the newly highlighted potential of this belt. The Company is targeting three to four drill collar locations for an initial ~1,500 metre program. Drill plans will be adjusted as new results drive exploration. An additional 1,500 meters of success-based drilling is also available to be deployed in 2026, dependant on results. Drilling commenced July 12, 2026, with updates and results to follow as the story unfolds. Recent induced polarity and magnetic vector inversion modelling, multi-element soil geochemistry, and peripheral pyrite-mineralized outcrop support a compelling buried porphyry target. Expansion of the supporting datasets to identify additional targets: In anticipation of positive drilling results, the Company is preparing to execute additional target development work in 2026 including expansion of the magnetic and IP data coverage and additional soil sampling across the 28 km2 mineral claims package. On the Excalibur Property, suspected Bulkley and Babine-aged felsic intrusions cut Cretaceous stratified rocks, comprising Skeena Group clastic rocks to the west and Kasalka Group andesitic rocks to the east. A 50 to 500 metre wide by >1,600 metre long, east-west trending, Babine feldspar ± hornblende ± biotite porphyry dyke has been affected by a complex pattern of alteration, ranging from unaltered to propylitic and phyllic assemblages. Several outcrops of quartz-feldspar porphyry and granodiorite to the west of the current target are believed to be apophyses of the Bulkley stock documented south of the Excalibur Property. Copper, gold, and molybdenum mineralization is indicated by anomalous soil values over the overburden-covered targets. Historical work includes mapping, soil sampling, and geophysical surveys (1971–72, 2019–2022); Prospect Ridge added to that foundation with additional soil sampling and a six-line IP survey in 2025. The target remains entirely undrilled providing a rare, wide-open canvas in a district with a proven mineral endowment. The case for a buried porphyry system at Excalibur is compelling: anomalous copper, molybdenum, and gold in soils; strong IP chargeability; and a high magnetic response flanked by the chargeability high. Together, these geophysical and geochemical signatures may be interpreted as mineralized potassic alteration zone ringed by a pyrite halo — closely mirroring the geological setting of the nearby Granisle and Bell Copper porphyry deposits of the Babine Plutonic Suite. Announcement • Jun 17
Prospect Ridge Resources Corp. Advances 2026 Exploration Program with Discovery Drill Programs At Excalibur and Camelot Copper-Gold Porphyry Projects Prospect Ridge Resources Corp. is advancing a catalyst-rich 2026 exploration season with discovery drill programs planned at both the Excalibur and Camelot copper-gold porphyry projects in British Columbia and target development work planned at the Castle copper-gold porphyry project in the Toodoggone. Excalibur: High-priority magnetic and chargeability targets defined by a ground geophysical survey in 2025 and supported by highly anomalous copper and gold values in soil are planned to be tested by an inaugural 3,000-meter discovery-focused drill program in summer 2026. A multi-year area-based (“MYAB”) drilling permit is expected imminently. Camelot: Drilling results from 2025 provide vectors to potential mineralized porphyry centers and drone-based LiDAR and magnetic surveys are underway to support target refinement for a planned 2,000-meter follow-up drill program in Second Quarter/Third Quarter 2026. A multi-year area-based (“MYAB”) drill permitting is in process. Castle: Machine learning-based satellite hyperspectral alteration mapping nearing completion to support a grid rock sampling program designed to vector towards mineralized alkalic centers. The sampling will be completed in parallel with a 3D IP survey to define high-priority drill targets. A multi-year area-based (“MYAB”) drilling permit is in process now to support 2027 drill testing. 2026 Exploration Plans Excalibur – Large-Scale Babine Copper-Gold Porphyry Target The road-accessible, 28 km2 Excalibur tenure is located in BC’s prolific Babine porphyry belt near the past-producing Huckleberry, Bell, and Granisle mines. The property hosts a compelling 1 km x 2 km chargeability and magnetic target that is coincident with a large copper-gold soil anomaly. Prospect Ridge has completed all required archaeological, wildlife, and ancillary permitting work in support of a planned 3,000-meter discovery drill program and anticipates final MYAB permit approval in the coming weeks. Camelot – Cariboo Discovery Follow-up Program In 2025, Prospect Ridge acquired a 100% interest in the 26 km² Camelot tenure, located near Imperial Metals’ Mount Polley Mine and surrounded by the Vizsla Copper Woodjam property in the Cariboo Mining District, BC. The initial exploration program intersected what could be the edge of a new copper-gold mineralized porphyry system, with follow-up modelling defining vectors to higher temperature alteration and mineralization. CAM25-009 from the initial drill campaign returned anomalous copper and gold over a 157-metre core length grading 0.1 g/t gold and 0.1% copper starting at the top of bedrock below the overburden cover. The alteration mineralogy and IP geophysics are consistent with an interpretation that drilling intersected the margin of a porphyry system. Importantly, all 10 drill holes returned anomalous copper and gold values, supporting the scale of the system across the property. Au-to-Cu ratios, determined from core assays, show a 1:1 positive correlation, between gold (g/t) and copper (%) grades, and confirm that gold may represent a meaningful by-product of copper mineralization. In May, the Company initiated a property-wide LiDAR and magnetic drone survey expected to enhance drill target refinement ahead of a follow-up drill program later in Second Quarter/Third Quarter 2026. In June a focussed core review now in progress is expected to provide additional detailed targeting insights. Recent announcements by Imperial Metals Corporation (Mount Polley), Viszla Copper Corp. (Woodjam Project) and Inomin Mines Inc./Sumitomo Metal Mining Canada Ltd. (Beaver/Lynx) of exploration drilling campaigns on projects surrounding Camelot point to increasing exploration momentum across the district and highlight growing recognition of the region's discovery potential. Castle – Emerging Toodoggone Porphyry Target At the 29 km² Castle tenure in the highly prospective Toodoggone mining camp, Prospect Ridge continues to advance a large alkalic porphyry target beneath an intensely altered and leached (lithocap) zone associated with coincident magnetic, chargeability, and copper-gold in soil anomalies. Current and planned work includes: Machine learning-based satellite hyperspectral alteration mapping by ALS Goldspot that is nearing completion and will be used to map alteration minerals associated with copper-gold porphyry mineralization and define geologic domains in advance of fieldwork. A grid rock sampling, spectroscopy, and petrography program designed to define the footprints of and vectors towards mineralized alkalic porphyry centers. A distributed array IP survey to better define identified chargeable zones related to sulphide mineralization and assist in definition of high-quality drill targets. The Company has applied for a MYAB drill permit in preparation for a 2027 drill program on the highest priority targets. Subject to permit approvals and weather conditions, Prospect Ridge expects to begin drilling at Excalibur during early summer 2026, followed by additional exploration activities across its broader portfolio and a follow-up Camelot drill campaign in Second Quarter/Third Quarter. With active exploration across three flagship projects, multiple high-priority targets, and strong technical momentum, Prospect Ridge is positioned for a transformational year in 2026. 
