Prospect Ridge Resources Raises $340,000 in Private Placement

VANCOUVER, October 21, 2026 /CourierPR/ -- Prospect Ridge Resources Corp. has announced the closing of a second tranche of its non-brokered private placement of $0.075 critical mineral flow-through units (FT Units), raising $339,999.98. This follows the first tranche announced on October 2, 2026, and updated on October 13 and October 19, 2026, bringing the total number of FT Units issued to 22,468,355 for gross proceeds of $1,685,125.

In connection with the second tranche, the company paid aggregate finder fees of $21,000 in cash and issued 280,000 finder warrants, exercisable at $0.10 for two years, subject to acceleration on certain events. All securities issued in the second tranche are subject to a statutory hold period expiring on February 22, 2027. No insiders of the company purchased FT Units in this tranche.

The company intends to use the gross proceeds from the FT Units to fund exploration activities on its mineral projects in British Columbia. Specifically, the funds will be used to finance an upcoming 2,500 meter drill program on the company's Camelot project, located near Horsefly, B.C. (see News Releases dated January 23, February 25, and June 16, 2026). The company also plans to use the funds for preparations for an extensive Spring drill program at the Excalibur project, located north of Smithers, B.C. (see News Releases dated September 10 and 24, 2026).

Prospect Ridge Resources Corp. is a British Columbia-based exploration and development company focused on critical metals and gold. Led by a seasoned management and technical team with over 100 years of combined mineral exploration experience, the company is advancing its north-central B.C. located Golden Horseshoe and Cariboo projects, high-potential copper-gold systems positioned within one of Canada's most under-explored yet geologically endowed mineral belts.

The company has increased the aggregate Offering to up to 24,485,002 FT Units for gross proceeds of $1,836,375, in response to additional interest. 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.