Prospector Metals Corp. (TSX-V: PPP) (OTCQB: PMCOF) (FSE: 1ET) is pleased to announce that it has entered an option agreement with 1484428 B.C. Ltd whereby 1484428 B.C. Ltd may earn 100% of the Company’s Toogood Project, located on New World Island, approximately 65 km north of Gander, Newfoundland.

Pursuant to the terms of the Option Agreement, to acquire a 100% interest in the Toogood Project, 1484428 B.C. Ltd is required to make aggregate cash payments of C$25,000, issue shares having an aggregate value of $900,000, and incur an aggregate of C$6,000,000 in exploration expenditures within 60 months.

In addition, 1484428 B.C. Ltd will assume responsibility for all underlying original vendor agreements, including net smelter royalties and milestone payments payable on the Toogood Project. The Toogood Project currently represents approximately 13% of the Company’s current mineral exploration assets.

Virgin Arm Agreement Amendment

In support of the Toogood transaction, the fully vested option and net smelter royalty agreement on the Virgin Arm portion of the Toogood Property has been amended to: (i) reduce the aggregate land covered by the Toogood Project from 12,024.6 ha to 11,649.6 ha; and (ii) include the issuance of 900,000 additional common shares of the Company at a deemed price of C$0.11 per share plus additional common shares having an aggregate market value of C$60,000 of within 12 months, and eliminate annual prepayments due on a 3% net smelter royalty in exchange for a single cash payment of C$150,000, which becomes payable upon the production of technical report prepared in accordance with NI 43-101 establishing current Measured Mineral Resources and Indicated Mineral Resources at the Virgin Arm Property in excess, collectively, of 500,000 ounces Au. The amendments to the Virgin Arm option and net smelter royalty agreement, and the issuance of common shares of the Company thereunder remain subject to the approval of the TSX Venture Exchange. All common shares issuable under the agreement will be subject to a hold period of four months from the date of issuance.

About Prospector Metals Corp.

Prospector Metals Corp. is a proud member of the Discovery Group. The Company is focused on district scale, early-stage exploration of gold and base metal prospects. Creating shareholder value through new discoveries, the Company identifies underexplored or overlooked mineral districts displaying important structural and mineralogical occurrences similar to more established mining operations. The majority of acquisition activity occurs in Yukon and Ontario, Canada – Tier-1 mining jurisdictions with an abundance of overlooked geological regions possessing high mineral potential. Prospector establishes and maintains relationships with local and Indigenous rightsholders and seeks to develop partnerships and agreements that are mutually beneficial to all stakeholders.