Prime Mining Corp. Released Mineral Resource Estimate (?MRE?) on May 2, 2023, based on year end 2022 drilling, outlining: 1.47 million Indicated gold-equivalent (?AuEq?) ounces at a 1.68 grams per tonne (?gpt?) average grade, comprised of 1.0 million ounces of gold at 1.16 gpt and 35 million ounces of silver at 40.4 gpt. 0.73 million Inferred AuEq ounces at a 1.26 gpt average grade, comprised of 0.5 million ounces of gold at 0.85 gpt and 18.4 million ounces of silver at 31.5 gpt.

Completed 58,896 metres (?m?) of drilling over 184 holes following success-based exploration program; 162 drill holes intercepted mineralization above approximately 0.2 gpt Au cutoff. Expanded high-grade mineralization at Z-T by 350 m along strike and multiple high-grade shoots by several hundred metres down dip. Grew the mineralized grade shells at Central and Guadalupe Trends, where they have discovered several new high-grade antithetic veins.

Continued to develop generative targets, with particular success at Las Primas, as well as several other zones including Fresnillo, Mina, Mariposa and the 300 Trend. Advanced their metallurgical, geochemical, geotechnical and project understanding through testwork and field studies. In 2023, Prime drilling continued to encounter high grades and wide zones of mineralization at the Z-T Trend, supporting expansion of the Au-Eq grade shell.

Drilling at silver rich Tahonitas extended mineralization 350 m to the south-east. In the Zapote West area, exploration along the ?300 Trend? began in 2023 as follow-up to the detailed surface mapping completed by the Prime exploration team.

The 300 Trend is roughly a 2km long mineralized structure that splays from the main Zapote trend with a 300-degree azimuth and consists of structurally controlled quartz and quartz breccia zones. Eleven widely spaced diamond drill holes tested the structure over an 800 m strike length and to a depth of 250 m, intersecting the mineralized structure in all holes, with the best intersection returning 7.12 gpt AuEq (6.37 gpt Au and 57.6 gpt Ag) over 2.1 m estimated true width (?etw?). High-grade plunging shoots remain open at depth and along strike in multiple areas along the Z-T Trend.

While Prime has drill tested high-grade mineralization along a more than 3km strike length at Z-T, surface mapping has defined a strike length of more than 4km for the Z-T structure. In 2024, Prime is targeting expansion drilling at Z-T along with generative drilling at Mariposa to the north-west. 2024, Prime is targeting expansion drilling at Z-T along with generative drilling at Mariposa to the north-west.

Z-T Drill Highlights - Additional New Discovery Strike Extent Down Dip and Below MRE: 6.19 gpt AuEq (3.33 gpt Au and 220.9 gpt Ag) over 11.6 m etw in hole 23TA-64 in Tahonitas, including: 41.92 gpt AuEq (24.0 gpt Au and 1,385.0 gpt Ag) over 1.0 m etw. 4.86 gpt AuEq (3.80 gpt Au and 82.0 gpt Ag) over 13.3 m etw in hole 23TA-69, located 100 m below the MRE resource pit, including: 9.30 gpt AuEq (8.15 gpt Au and 89.2 gpt Ag) over 3.7 m etw. 3.87 gpt AuEq (3.16 gpt Au and 54.9 gpt Ag) over 20.5 m etw in hole 23TA-71, located 220 m down dip and below the MRE resource pit, including: 8.72 gpt AuEq (7.63 gpt Au and 84.0 gpt Ag) over 5.5 m etw.

2.09 gpt AuEq (1.26 gpt Au and 63.9 gpt Ag) over 11.6 m etw in hole 23TA-90, including: 3.83 gpt AuEq (2.61 gpt Au and 94.5 gpt Ag) over 2.2 m etw. Significant SE Strike Extension Potential at Tahonitas: 3.74 gpt AuEq (0.99 gpt Au and 212.5 gpt Ag) over 5.7 m etw in hole 23TA-100, located 350m along strike to the SE from the MRE pit crest, including: 10.94 gpt AuEq (2.97 gpt Au and 616.0 gpt Ag) over 1.3 m etw. 2.33 gpt AuEq (0.83 gpt Au and 115.9 gpt Ag) over 7.1 m etw in hole 23TA-91, located 150m along strike to the SE from the MRE pit crest.

Drilling completed in 2023 in the San Manuel-Echeguren shaft area, which includes 23GE-142, -144, and -145, resulted in the expansion of the >1gpt AuEq grade shell approximately 370 m along strike from the current Guadalupe East MRE pit crest (measured from pit to the intercept in 23GE-146), with mineralization open in several directions. In 2024, drilling at Guadalupe is planned to expand the known high-grade areas. Guadalupe East ?

High Grade Gold and Silver. 13.51 gpt AuEq (10.10 gpt Au and 263.8 gpt Ag) over 2.2 m etw in hole 23GE-142 at Guadalupe East, including: 23.46 gpt AuEq (17.80 gpt Au and 437.0 gpt Ag) over 1.2 m etw; and, 44.39 gpt AuEq (18.20 gpt Au and 2,024.0 gpt Ag) over 1.0 m etw 15.06 gpt AuEq (5.46 gpt Au and 742.0 gpt Ag) over 0.8 m etw in hole 23GE-136. 17.95 gpt AuEq (9.69 gpt Au and 638.55 gpt Ag) over 31.25 m etw in hole 23GE-147, including; 52.67 gpt AuEq (29.41 gpt Au and 1,797.3 gpt Ag) over 6.45 m etw, and including, 80.57 gpt AuEq (45.34 gpt Au and 2,722.6 gpt Ag) over 3.90 m etw.

27.56 gpt AuEq (8.17 gpt Au and 1,498.0 gpt Ag) over 0.6 m etw in new hole.23GE-144.