Prospect Ridge Secures 100% Interest in Camelot Copper Gold Porphyry Project from Orogen Royalties Inc. And Provides Strategic Exploration Update

Rhea-AI Summary

Prospect Ridge Resources (OTCQB:PRRSF) has completed the acquisition of a 100% interest in the Camelot copper-gold porphyry project from Orogen Royalties Inc. The initial payment consisted of 243,180 shares at $0.102804 per share ($25,000), with an additional $175,000 payment due within six months. The deal includes a 1% NSR royalty to Orogen with a 0.5% buydown option for $1 million.

The company has also provided updates on its exploration programs across multiple projects in British Columbia: Castle (completed ~7 line-km IP survey), Excalibur (planned 20 line-km IP survey), and Knauss Creek and Holy Grail projects (upcoming one-week prospecting program). Prospect Ridge plans to conduct a 2,000-metre drill program at Camelot this fall and aims for similar programs at Castle and Excalibur by summer 2026.

Positive

• None.

Negative

• Additional payment of $175,000 required within six months for Camelot acquisition
• 1% NSR royalty obligation on Camelot project
• Annual Advance Royalty payment of $10,000 required for Camelot
• Castle and Excalibur drill programs not expected until summer 2026

VANCOUVER, BC / ACCESS Newswire / September 10, 2025 / Prospect Ridge Resources Corp.(the "Company" or "Prospect Ridge") (CSE:PRR)(OTCQB:PRRSF)(FRA:OED) is pleased to announce that it has closed its acquisition of a 100% interest in the Camelot copper-gold project (see news release dated September 2, 2025). The Company also provides an update on advancing exploration programs across its Castle, Excalibur, Knauss Creek and Holy Grail projects, all located within highly prospective areas of north-central British Columbia.

Closing of Camelot Acquisition

Prospect Ridge confirms that its previously announced purchase of a 100% interest in the Camelot copper-gold porphyry project from Orogen Royalties Inc. has been deemed to have been accepted by the Canadian Securities Exchange effective September 9, 2025 (the "Approval Date").

The Company has completed the initial payment for the project of 243,180 shares at a deemed price of $0.102804 per share ($25,000) subject to a hold period expiring January 10, 2026. An additional $175,000, payable in cash or common shares of Prospect Ridge (based on a 10-day VWAP), will be made at the Company's sole discretion within six months and two days of the Approval Date. All shares issued by Prospect Ridge will be subject to a restricted resale period expiring four (4) months plus one (1) day after issuance in accordance with applicable securities laws.

Prospect Ridge will also grant to Orogen a 1% NSR royalty. Prospect Ridge will be able to buydown 0.5% of an underlying 1% NSR royalty for a one-time payment of $1,000,000. Prospect Ridge will also assume an annual Advance Royalty payment of $10,000 and a onetime payment of $30,000 upon completion of a NI-43-101 mineral resource, payable to the underlying royalty holder.

This acquisition strengthens Prospect Ridge's foothold in a highly prospective copper-gold district and adds another flagship porphyry project to its growing portfolio. The Company intends to conduct a 2,000 metre drill program this fall over a well-defined geophysical target. Discussions with qualified drilling contractors are currently underway.

Castle and Excalibur Exploration Programs

At Castle, Equity Exploration Consultants Ltd. ("Equity") and subcontractors have completed a ~7 line-km Induced Polarization ("IP") survey covering the north and west Castle gossan slopes. In addition, Equity has completed a program of prospecting and mapping over both the Castle and Abbey gossans. A 500 line-kilometre airborne magnetic survey over the entire project is scheduled to begin on September 17.

At Excalibur, line-brushing will begin within two weeks to support a 20 line -km IP survey at a line spacing of 200 m in the vicinity of the high Cu soil samples collected in 2019 and 2021 deemed to be associated with porphyritic intrusive bodies.

The objective of these initial programs is to generate multiple high priority drill targets to support a minimum 2,000 metre diamond drill program at each project as early as the summer of 2026, subject to drill permitting.

Knauss Creek and Holy Grail Programs

Prospect Ridge also confirms that field crews from Equity will be returning to the Company's Knauss Creek and Holy Grail projects, located north of Terrace, B.C. for a one-week program of prospecting and mapping. The program will focus on three additional high-priority exploration targets.

The program will be staged from Prospect Ridge's fully equipped Terrace camp, utilizing its fleet of trucks and ATV's, along with helicopter support. Both projects are fully drill permitted and together cover a commanding 625.5 km² land package. The aim of the program is to identify and refine new drill-ready targets.

First Nations Land Acknowledgement

Prospect Ridge acknowledges the traditional territories on which its projects are situated:

Castle: Tahltan and Tsay Keh Dene First Nations.

Excalibur: Lake Babine First Nation.

Camelot: Williams Lake Indian Band, Xatsull First Nation and the Neskonlith Indian Band.

Holy Grail and Knauss Creek: Gitxsan Hereditary Chiefs and Kitselas First Nation.

The Company is committed to building constructive, respectful and mutually beneficial relationships with First Nations based on trust, transparency and collaboration.

Qualified Person Statement

All technical data, as disclosed in this press release, has been verified by Ron Voordouw, Ph.D, P.Geo. Director of Geoscience for Equity Exploration Consultants Ltd., a consultant to the Company and a qualified person as defined under the terms of National Instrument 43-101.

About Prospect Ridge Resources Corp.

Prospect Ridge Resources Corp. is a British Columbia based exploration and development company focused on critical metals and gold. Led by a management and technical team with over 100 years of combined mineral exploration experience, Prospect Ridge is dedicated to advancing its portfolio of properties that have the potential to extend the boundaries of the Golden Horseshoe across this vastly under-explored region.

Contact Information

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

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 Lemon Lake project. 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 Lemon Lake project 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 Lemon Lake project 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 are the terms of Prospect Ridge's Camelot project acquisition from Orogen Royalties?

The acquisition includes an initial payment of 243,180 shares ($25,000), an additional $175,000 payment within six months, a 1% NSR royalty, and an annual $10,000 Advance Royalty payment.

What exploration activities is PRRSF conducting at the Castle project?

At Castle, the company has completed a ~7 line-km IP survey and a program of prospecting and mapping, with a 500 line-kilometre airborne magnetic survey scheduled for September 17.

How many drill-ready projects does Prospect Ridge currently have?

The company has two fully drill-permitted projects - Knauss Creek and Holy Grail, which together cover 625.5 km² of land.

What are Prospect Ridge's drilling plans for 2025-2026?

The company plans a 2,000-metre drill program at Camelot in fall 2025, and aims to conduct 2,000-metre diamond drill programs at both Castle and Excalibur by summer 2026.

Which First Nations territories are involved in PRRSF's projects?

The projects are located on territories of Tahltan, Tsay Keh Dene, Lake Babine, Williams Lake Indian Band, Xatsull First Nation, Neskonlith Indian Band, Gitxsan Hereditary Chiefs, and Kitselas First Nation.