The road-accessible Excalibur property consists of 13 contiguous mineral claims covering 27.71 km2 that are located 70 km NNE of Smithers and 55 km NE of Hazelton, B.C. On the Excalibur property, suspected Bulkley and Babine intrusions cut Cretaceous stratified rocks (Skeena Group clastics to the west and Kasalka Group andesites to the east).
The road-accessible Excalibur property consists of 13 contiguous mineral claims covering 27.71 km2 that are located 70 km NNE of Smithers and 55 km NE of Hazelton, B.C. On the Excalibur property, suspected Bulkley and Babine intrusions cut Cretaceous stratified rocks (Skeena Group clastics to the west and Kasalka Group andesites to the east). A 50 to 500 metre wide by >1,600 metre long east-west Babine feldspar±hornblende±biotite porphyry dyke runs along the southern property boundary. The dyke has been affected by a complex pattern of alteration ranging from unaltered to propylitic and phyllic alteration. A few outcrops of quartz-feldspar porphyry and granodiorite to the west are believed to be apophyses of the Bulkley stock exposed south of the Excalibur property. No significant copper gold
mineralization has been found in the main target area where there is less than 2% outcrop. Historic work has included mapping, soil sampling, IP and ground magnetics surveys done by Canadian Superior in 1971-21. No significant work was conducted until 2019, when a former operator1 cut five 2500-2700 m lines separated by 400 to 800 m in preparation for an IP survey which was not completed before the project was returned to the Vendors. One hundred and forty soil samples were collected at 50 or 100 m intervals along the cut lines, yielding a 750 metre interval along line 5200E with 3 samples exceeding 500 ppm Cu (>95th percentile considered highly anomalous; maximum value 1170 ppm Cu) and 8 soil samples exceeding 8.9 ppm Mo (>80th percentile considered anomalous; maximum value 19 ppm Mo) (Figure 2)1. Another former operator completed a 259 line km aerial magnetic survey in 20212 and collected 207 soil samples in 20223 that provided a more nuanced view of the magnetics target and expanded the anomalous copper and gold results within the target area.
A porphyry exploration target measuring 500 x 950 metres is suggested by historic IP and ground magnetic surveys as well as the 2021 aerial magnetic survey2 and 20191 and 20223 soil geochemistry results in an area with no mapped outcrops. The target contains anomalous Mo and Cu-in-soil within an area of moderate chargeability response and moderately high magnetic response on the flanks of a chargeability high. The geophysical and geochemical signature could represent mineralized potassic alteration surrounded by a pyrite halo, similar to the setting of the Granisle and Bell Copper porphyry deposits of the Babine Plutonic Suite. The property has never been drilled.
Figure 1 – Excalibur property location in relation to Prospect Ridge’s Holy Grail/Knauss Creek and Castle projects, historic mines and the new Quartz Mountain Resources Ltd. Jake and Maestro discoveries
Figure 2: Excalibur property: Map image showing pyritic halo above treeline; along with gold (yellow), copper (green), and molybdenum (blue) in polygons of soil anomalies defined from 20191 and 20223 soil sampling. Chargeability and magnetics data overlay from a 1972 ground magnetics and dipole-dipole IP survey with “a” spacing of 91 m and n=1-3. The main target area lies within the blue outline.
A one-week mapping and prospecting program was completed on July 29, 2025 with 15 rock samples submitted for assay. Fieldwork identified chalcopyrite mineralization outcropping within a copper-in-soil anomaly and mapped several newly identified diorite porphyry intrusions. Some of these porphyries exhibited feldspar replacement by epidote, which may represent propylitic-style alteration characteristic of peripheral zones in porphyry systems.
The Company has secured a permit exemption for its planned ~20 line-km Induced Polarization (IP) survey over key copper anomalies. Contractor selection is underway, and the survey is expected to be completed in September 2025.
The IP program at Excalibur will include line-cutting to support up to a 20 line-km of IP survey at a line spacing of 200 m and in the vicinity of the high Cu soil samples collected in 2019 and 2021. Mapping, prospecting and sampling are proposed to be conducted along the cut-lines. A recent property visit by management of Prospect Ridge has confirmed that commercial logging activity has opened up access to the target area for the IP survey.
The object of the Phase 1 program is to define drill targets for a minimum 2,000 metre diamond drill program contemplated for spring of 2026, pending receipt of drill permits.
Under the terms of the Agreement, which has been approved by the Canadian Securities Exchange (“CNX”), Prospect Ridge can earn a 100% interest in the project by completing the following:
* Shares valued at the greater of the 10 day volume weighted average price or discounted market value prior to each anniversary date.
Once Prospect Ridge has completed the Phase 1 work program and paid the initial share and cash compensation it may elect to return all or part of the project to the Vendors with two years good standing and an additional three years of assessment applied on those claims that have passed their ten year anniversary date. Providing that Prospect Ridge continues to make cash and share payments on the anniversary dates it will earn a 100% interest in the project, subject to a 1.5% NSR royalty in favour of the Vendors of which 0.9% can be bought for $400,000 on or before the first NI-43-101 indicated mineral resource, $800,000 on or before the publication of a scoping study (PEA), and at anytime thereafter for $1,600,000.
The Vendors will also be entitled to annual Advance Royalty Payments (“ARP”) of $6,000 per year commencing on the sixth anniversary of the Acceptance Date and increasing to $12,000 per year commencing on the eleventh anniversary of the Acceptance Date and then increasing to $18,000 per year
commencing on the fifteenth anniversary of the Acceptance Date and continuing for as long as Prospect Ridge or successor owns the permits. All amounts provided as ARP can be paid in shares, at Prospect Ridge’s option and will be deductible from future NSR royalty payments.
Prospect Ridge acknowledges that Excalibur is situated within the traditional territory of the Lake Babine First Nation. Prospect Ridge is committed to developing positive and mutually beneficial relationships with First Nations based on trust and respect and a foundation of open and honest communications.
Qualified Person Statement
All technical data, as disclosed on this website, 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.