Prospect Ridge Resources Obtains Five-Year Drilling Permit for Excalibur Copper-Gold Project in British Columbia's Babine Porphyry Belt

Permit Approval Enables Drilling Access to Untested Porphyry Target

Prospect Ridge Resources has obtained essential regulatory approvals to advance drilling at its Excalibur copper-gold project. The company announced on July 7, 2026, that it secured a multi-year area-based drilling permit valid for five years, along with all necessary ancillary permits for exploration. This milestone removes a significant regulatory barrier, enabling the company to test the subsurface geology of its primary exploration target for the first time.

Located in British Columbia's Babine porphyry belt, a historically rich copper and gold mineralization region, the Excalibur property spans 28 square kilometres and is accessible by road. Its strategic location near past-producing porphyry deposits such as the Bell and Granisle mines, as well as newer mineralized porphyries like Duke and NAK, supports the company’s exploration strategy and rationale.

Geophysical and Geochemical Data Define High-Priority Drill Target

The main exploration target at Excalibur measures approximately 1 kilometre by 2 kilometres and remains undrilled. Target delineation is based on a combination of geophysical surveys and soil geochemistry conducted from 1971 through 2025. A 2025 induced polarization survey by Prospect Ridge identified moderate chargeability within the target zone, flanked by high chargeability and low resistivity signatures interpreted as a pyrite halo typical of copper-bearing calc-alkaline porphyries. These characteristics resemble those found at nearby historic Babine belt deposits.

Additional soil sampling and magnetic surveys reinforce the buried porphyry hypothesis. Multi-element soil analyses revealed anomalous copper, molybdenum, and gold concentrations across the target area. A 2021 airborne magnetic inversion model detected a moderate magnetic high, interpreted as magnetite-rich potassic alteration potentially linked to a copper-bearing core. Historical mapping and geophysical studies from 1971-72 and 2019-22, combined with 2025 surveys, form the technical basis for the upcoming drilling program. Despite limited peripheral outcrop, the overlapping geophysical and geochemical patterns align with a mineralized potassic alteration zone surrounded by a phyllic pyrite halo, similar to the Granisle and Bell deposits.

Geological and Structural Context Supports Porphyry Exploration Model

The Excalibur property is underlain by Cretaceous stratified rocks intruded by suspected Bulkley and Babine intrusions. Skeena Group clastic rocks lie west of the main target, while Kasalka Group andesitic rocks occupy the east. A Babine feldspar b1 hornblende b1 biotite porphyry dyke, ranging from 50 to 500 metres wide and extending over 1,600 metres east-west, exhibits complex hydrothermal alteration from unaltered to propylitic and phyllic assemblages. Quartz-feldspar porphyry and granodiorite outcrops to the west are interpreted as apophyses of the Bulkley stock located south of the property boundary.

This geological setting is consistent with other productive porphyry copper-gold systems in the region. The contact between sedimentary and volcanic rocks, combined with intrusive activity and hydrothermal alteration, provides a favorable environment for buried porphyry deposits. A mapped fault between Skeena sedimentary and Kasalka volcanic rocks on the eastern margin may have influenced mineralization distribution and explains the asymmetrical geophysical signatures observed in induced polarization and magnetic data cross-sections.

Drilling Program Overview and Schedule

The initial drilling campaign aims to test the buried porphyry target using multiple drill collars. The company plans approximately 3,000 metres of drilling, subject to finalizing drill contracts, with operations expected to begin in July 2026. The drilling will directly evaluate the coincident geophysical and geochemical anomalies identified by the 2025 induced polarization survey and historic soil sampling.

Prospect Ridge is fully funded and prepared to mobilize for the 2026 drill program. The company will provide ongoing updates and assay results as drilling advances. Besides Excalibur, Prospect Ridge is progressing two additional projects, including planned drilling at the Camelot project in 2026.

Prime Location in the Babine Belt Mining District

The Babine porphyry belt in north-central British Columbia is a geologically rich region with a strong history of mineral discoveries and production. The Bell and Granisle mines historically produced copper, gold, and molybdenum from porphyry-style deposits. Recent exploration activity includes the Duke deposit advanced by Amarc Resources Ltd. and Boliden Mineral Canada Ltd., and the NAK deposit involving American Eagle Gold Corp., Teck Resources Ltd., and South32.

Excalibur’s location within this established mining district reduces geological and commodity risks compared to greenfield projects in less explored areas. The area’s historical mining activity confirms the potential for economic mineralization, supported by existing infrastructure and a familiar regulatory environment. Prospect Ridge’s prioritization of Excalibur reflects confidence that the geophysical and geochemical targets merit direct drilling in a district-scale prospective setting.

Technical and Management Insights on Exploration Potential

Henry Awmack, a member of Prospect Ridge’s Technical Committee, commented that the induced polarization chargeability, magnetic response, and anomalous copper, gold, and molybdenum soil geochemistry, combined with limited peripheral outcrop, define a large volume of altered, sulphide-bearing rock that remains untested by drilling. Awmack identified the target as a high priority for new discovery based on integrated geophysical and geochemical data.

Len Brownlie, President and CEO of Prospect Ridge, stated that the team has been preparing to drill since late 2025, when fieldwork better defined the target parameters. Brownlie described the program as aiming to discover a new Babine-style copper-gold porphyry system, which could be transformational for the company. This commentary underscores the company’s confidence in its exploration model and the strategic importance of the Excalibur project within its portfolio.

Ownership and Agreement Terms for Excalibur Property

Prospect Ridge holds 100% ownership of the Excalibur property. The tenure is subject to option payments totaling $159,000 and issuance of 920,000 shares. Additionally, the property carries a 1.5% net smelter return (NSR) royalty, which may be reduced to 0.6% through a $400,000 buy-down payment, provided this occurs before an indicated mineral resource is defined. These terms represent contractual obligations but do not affect the company’s operational control or exploration rights.

The acquisition terms include standard milestone obligations typical in mineral exploration agreements, enabling Prospect Ridge to maintain primary control over exploration decisions and benefit from any discoveries while fulfilling financial and share issuance commitments to the optionor. The NSR buy-down option offers a mechanism to reduce long-term royalty costs if the project advances to resource definition.

First Nations Relations and Community Engagement

Prospect Ridge recognizes that the Excalibur property lies within the traditional territory of the Lake Babine First Nation. The company is committed to fostering positive, mutually beneficial relationships based on trust, respect, and transparent communication. This approach aligns with industry best practices and regulatory expectations for indigenous consultation in northern British Columbia.

Effective engagement with First Nations is critical to securing the social licence necessary for successful mineral exploration and development in the province. Prospect Ridge’s early recognition of Lake Babine First Nation’s territorial rights and commitment to relationship-building is expected to facilitate smoother permitting and operational progress as exploration advances.

Qualified Person Oversight Ensures Technical Credibility

Ron Voordouw, Ph.D., P.Geo., Director of Geoscience for Equity Exploration Consultants Ltd., serves as the independent qualified person responsible for approving the technical information disclosed by Prospect Ridge. His role under National Instrument 43-101 provides independent verification of the exploration data, interpretations, and rationale presented. This independent oversight enhances the credibility of the technical disclosures and assures investors that exploration claims are based on professional geological assessment.

The involvement of an independent qualified person is a regulatory requirement in Canada and reflects industry best practices. Dr. Voordouw’s credentials and impartial status add a layer of professional accountability for the accuracy and appropriateness of the technical information shared with investors regarding the Excalibur project.

Company Overview and Portfolio Strategy

Prospect Ridge Resources Corp. is a British Columbia-based exploration and development company focused on critical metals and gold. The management and technical team collectively brings over 100 years of mineral exploration experience. Alongside Excalibur, Prospect Ridge is advancing the Golden Horseshoe and Cariboo projects, both situated in north-central British Columbia within a geologically promising yet under-explored region.

The company’s multi-project approach diversifies exploration risk across various geological targets and deposit types within the same regional setting. Allocating management and capital resources across multiple projects reflects Prospect Ridge’s assessment of prospectivity and risk-adjusted potential returns. Their focus on critical metals aligns with long-term industry demand and regulatory support for materials essential to energy transition and defense, although commodity exposure and market conditions will influence project economics and timelines.