Prospect Ridge Completes Earn in of 100% Ownership of Camelot Copper-Gold Porphyry Project and Readies 2026 Exploration Plan

Rhea-AI Summary

Prospect Ridge (OTCQB:PRRSF) completed the earn-in to acquire 100% of the Camelot Copper-Gold Porphyry Project from Orogen Royalties by issuing 2,303,121 common shares effective March 2, 2026, valued at $175,000 based on the 10-day VWAP.

The company is finalizing its 2026 exploration plan including drilling across priority British Columbia projects and announced a non-brokered flow-through financing of up to $450,000 (up to 5,000,000 shares at $0.09) for eligible Canadian exploration expenses.

Positive

• Completed 100% earn-in of Camelot effective March 2, 2026
• Issued 2,303,121 shares valued at $175,000 (10-day VWAP)
• Announced up to $450,000 flow-through financing (5,000,000 shares at $0.09)

Negative

• Potential shareholder dilution from issuing 2,303,121 shares
• Offering subject to regulatory approvals and closing conditions

NOT FOR DISTRIBUTION OR DISSEMINATION TO THE UNITED STATES

VANCOUVER, BC / ACCESS Newswire / March 6, 2026 / Prospect Ridge Resources Corp. (CSE:PRR)(OTCQB:PRRSF)(FRA:OED) ("Prospect Ridge" or the "Company") is pleased to announce that it has completed the earn-in of its 100% interest in the Camelot Copper-Gold Porphyry Project from Orogen Royalties Inc. by issuing, effective March 2, 2026, a final payment of 2,303,121 common shares having a value of $175,000 based on the preceding 10-day volume weighted average price ("VWAP") on the CSE. See news release dated September 10, 2025 for the full terms of the acquisition.

Prospect Ridge's CEO, Len Brownlie, stated, "Camelot greatly strengthens our portfolio of large-scale copper-gold exploration assets in the Golden Horseshoe and Cariboo regions of central and northern British Columbia - areas globally recognized for hosting major copper-gold discoveries. At Camelot, our recently released drill results (see news release dated February 25, 2026) have confirmed its addition to our growing pipeline of copper-gold porphyry targets, complementing our existing Excalibur and Castle projects."

2026 Exploration Plans

Prospect Ridge is finalizing its exploration plans for 2026, including drilling and associated work programs across several of its priority projects in British Columbia. Details of these programs will be announced when finalized within the next six weeks.

The Company's exploration strategy is focused on systematically testing large-scale copper-gold porphyry systems within a region that remains vastly underexplored, despite hosting several significant mineral discoveries.

Flow-Through Financing

Prospect Ridge also announces a non-brokered flow-through private placement of up to $450,000, consisting of up to 5,000,000 critical mineral flow-through shares at a price of $0.09 per share. Proceeds will be used to incur eligible Canadian exploration expenses that will also qualify as flow-through critical mineral mining expenditures under the Income Tax Act (Canada), on the Company's Excalibur, Castle, and Camelot projects.

The offering remains subject to customary closing conditions, including regulatory approvals including acceptance by the Canadian Securities Exchange (the "Exchange"). All securities issued will be subject to a statutory hold period of four months plus one day from the closing date. The Company may pay finder's fees in accordance with applicable securities laws and Exchange policies and subject to the receipt of any necessary regulatory approvals.

The securities to be offered under the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Prospect Ridge Resources Corp.

Prospect Ridge Resources Corp. is a British Columbia-based exploration company focused on critical metals and gold. The Company is advancing a portfolio of highly prospective copper-gold exploration projects across the Golden Horseshoe and Cariboo regions of north-central British Columbia. With a management and technical team bringing over 100 years of combined mineral exploration experience, Prospect Ridge is focused on identifying and developing the next major copper-gold porphyry discovery in some of Canada's most prospective yet underexplored mineral belts.

Contact Information

Prospect Ridge Resources Corp.
Mike Iverson - Chairman, Director
Email: mike@miverson.ca

24549 - 53 Avenue
Langley, BC V2Z1H6
604-351-3351

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This release includes certain statements and information ("FLI") that may constitute forward-looking information within the meaning of applicable Canadian securities laws. FLI relates to future events or future performance and reflect the current expectations or beliefs of the Company's management. Anything that is not historical fact is FLI. Generally, FLI can be, without limitation, identified by the use of forward-looking wording such as "plans", " intends", "believes", "expects", "anticipates" or "estimates", and statements or phrases that certain actions, events or results " may", "might", " could", " should" or " would"occur, and similar expressions. FLI is not historical fact, is made as of the date of this news release and includes, without limitation, statements and discussions of future plans, intentions, expectations, estimates and forecasts, and statements as to management's intentions and expectations with respect to, among other things, positive exploration results at the Camelot, Holy Grail/Knauss Creek, Castle or Excalibur Projects. FLI involves numerous risks and uncertainties, and are based on assumptions, and actual results might differ materially from results suggested in any FLI. These risks and uncertainties include, among other things, the availability of financing to continue exploration activities, the availability and cost of qualified exploration personnel and service providers, and that future exploration results at the Camelot, Holy Grail/Knauss Creek, Castle or Excalibur Projects will not be as anticipated. In making any FLI in this news release, the Company has applied several material assumptions, including without limitation, that future exploration results at the Camelot, Holy Grail/Knauss Creek, Castle or Excalibur Projects will be as anticipated. Although management has endeavored to evaluate and use reasonable assumptions and to identify important factors that could cause actual results to differ materially from those contained in FLI, these assumptions may prove incorrect and there may be other factors that cause results not to be as intended, expected, anticipated or estimated. There can be no assurance that FLI will prove to be accurate, and actual results and future events could differ materially from those expressed in FLI. Accordingly, readers should not place undue reliance on FLI, and are further cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any FLI expressed or incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

SOURCE: Prospect Ridge Resources Corp

View the original press release on ACCESS Newswire

FAQ

What did Prospect Ridge (PRRSF) announce about Camelot on March 6, 2026?

They completed the earn-in to acquire 100% of Camelot by issuing shares on March 2, 2026. According to the company, 2,303,121 common shares were issued valued at $175,000 using the 10-day VWAP.

How large is the flow-through financing Prospect Ridge (PRRSF) announced?

The company announced a non-brokered flow-through placement of up to $450,000. According to the company, this equals up to 5,000,000 critical mineral flow-through shares at $0.09 per share.

What will proceeds from the PRRSF flow-through financing be used for?

Proceeds will fund eligible Canadian exploration expenses on Excalibur, Castle, and Camelot projects. According to the company, expenses will qualify as flow-through critical mineral mining expenditures.

When will Prospect Ridge (PRRSF) disclose its 2026 drilling plan for Camelot?

Details will be announced within the next six weeks as the company finalizes plans. According to Prospect Ridge, the program includes drilling and associated work across priority BC projects.

Are the offered PRRSF securities available to U.S. investors?

No, the securities have not been and will not be registered under the U.S. Securities Act. According to the company, the offering may not be offered or sold in the United States absent registration or an exemption.