Prospector Metals Corp. Completes Return of Capital to Shareholders

Prospector Metals Corp., a company focused on district-scale exploration of gold and base metals, has completed a significant corporate restructuring. The company has distributed 29,400,000 common shares of Lightning Resource Corp. to its shareholders as part of a return of capital. This move marks a substantial shift in Prospector's ownership structure, reducing its stake in Lightning to zero.

The distribution was carried out on a one-time basis, with each Prospector common share holder receiving 0.174977 of a Lightning Share. Any fractional shares resulting from this distribution were rounded down to the nearest whole share, with no compensation provided for the cancelled fractions. Prior to the distribution, Prospector held approximately 43.98% of Lightning's outstanding shares. Following the distribution, Prospector no longer holds any shares in Lightning.

Lightning Resource Corp., a Canadian exploration company with a focus on precious and base metals, has also seen its ownership structure altered. B2Gold Corp., a gold mining company, increased its stake in Lightning from 36.93% to approximately 24.44% following the distribution. B2Gold acquired 5,464,904 Lightning Shares as part of the distribution, subject to rounding adjustments.

The distribution was executed under the provisions of Section 2.31(2) of National Instrument 45-106 - Prospectus Exemptions. Both Prospector and B2Gold are required to file early warning reports with the appropriate regulatory bodies, detailing their respective holdings and intentions.

Dr. Rob Carpenter, Ph.D., P.Geo., President and CEO of Prospector Metals Corp., stated, "This strategic move aligns with our focus on our core ML Project in the Yukon. We are committed to creating shareholder value through new discoveries and maintaining strong relationships with local and Indigenous rightsholders."

Lightning Resource Corp. remains focused on advancing its portfolio of high-potential mineral projects, particularly the Savant Gold Project, which has district-scale potential. The company continues to evaluate additional acquisition opportunities in various regions, including Ontario, Newfoundland, Japan, and Zambia.

This restructuring is part of a broader strategy by Prospector to concentrate on its core assets and exploration efforts. The company's next steps will be closely watched by investors and industry analysts as they assess the implications of this significant corporate action.