Prime Mining Corp. reported expansion drilling results from the Company?s Los Reyes Project, located in Sinaloa State, Mexico. These results are from 2023 drilling at the Z-T Area and are not included in the Company?s May 2, 2023 Mineral Resource Estimate (MRE).

Expansion Drilling Highlights in the Z-T Area: The Company reported 21 core holes at Tahonitas with the following highlights: 3.59 grams per tonne (gpt) gold-equivalent (AuEq) (3.54 gpt Au and 4.1 gpt Ag) over 6.6 m estimated true width (etw) in hole 23TA-85, including: 6.21 gpt AuEq (6.17 gpt Au and 2.9 gpt Ag) over 1.4 m etw, and including, 12.35 gpt AuEq (12.10 gpt Au and 19.1 gpt Ag) over 1.0 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. 3.74 gpt AuEq (0.99 gpt Au and 212.5 gpt Ag) over 5.7 m etw in hole 23TA-100, 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, including: 8.14 gpt AuEq (2.85 gpt Au and 409.0 gpt Ag) over 0.9 m etw. 2.21 gpt AuEq (0.69 gpt Au and 117.8 gpt Ag) over 5.0 m etw in hole 23TA-94. 6.39 gpt AuEq (4.51 gpt Au and 145.3 gpt Ag) over 1.2 m etw in hole 23TA-99.

INTERPRETATION: The Tahonitas drill holes summarized in this news release intersected high grades at meaningful widths, continuing to build on the mineralized envelope discussed in the Company?s September 12, 2023 and November 8, 2023 news releases. As Tahonitas continues to demonstrate higher silver grades compared to other zones within the Z-T area, these higher silver grades have the potential to increase the overall AuEq grades and gold-silver ounces in these areas. In this release, 23TA-85 is located 85m down dip of 23TA-71, extending the previously defined high grade shoot approximately 300m down-dip from the current resource pit bottom at a mid-intercept elevation of approximately 250m above sea level.

An additional high grade shoot to the southeast has been extended by 23TA-90 located 75m down dip of 23TA-79 and 240m down-dip from the resource pit bottom at an elevation of approximately 260m above sea level. This southeastern shoot now has a modelled dip length of high-grade mineralization spanning 575m and remains open. The shallow intersections, comprised of 23TA-89, 91 94 and 97, along with 100, extend Z-T mineralization to the south-east well beyond the current pit, with the following implications: Shallow early-stage intersections that may support pit expansion to the SE near surface.

Demonstrates that the Tahonitas structure continues to be mineralized for 350m along strike from the south-east pit crest. The potential to discover more high-grade plunges as they continue to drill at depth within the new southeast strike extension. High-grade plunging shoots are still open at depth and along strike in multiple areas along the Z-T area as Prime targets expansion drilling at Z-T in 2024.

Prime is targeting 40,000 metres in its 2024 drill program and will continue to evaluate drilling plans using its success-based approach. This evaluation will also include prioritization of targets based on probability of resource development and generative area discovery potential. Six drill rigs are currently active on site at Los Reyes, with 2024 exploration focused on: Extending the high-grade Z-T Area shoots that remain open at depth, as well as along strike, both north and south.

Expanding the known high-grade mineralization at Guadalupe East. Increasing the Central Area resource through additions at Noche Buena and its connection to San Miguel East. Generative target drilling of high-grade intercepts at Las Primas, Mariposa, Fresnillo, Mina and others to further develop the resource potential at Los Reyes.

QA/QC Protocols and Sampling Procedures: Drill core at the Los Reyes project is drilled in predominately HQ size (63.5 millimetre mm), reducing to NQ (47.6 mm) when required. Drill core samples are generally 1.50 m long along the core axis with allowance for shorter or longer intervals if required to suit geological constraints. After logging intervals are identified to be sampled, the core is cut and one half is submitted for assay.

RC drilling returns rock chips and fines from a 133.35 mm diameter tricone bit. The returns are homogenized and split into 2 halves, with one half submitted for analysis and the other half stored. Sample QA/QC measures include unmarked certified reference materials, blanks, and field duplicates as well as preparation duplicates are inserted into the sample sequence and make up approximately 8% of the samples submitted to the laboratory for each drill hole.

Samples are picked up from the Project by the laboratory personnel and transported to their facilities in Durango or Hermosillo Mexico, for sample preparation. Sample analysis is carried out by Bureau Veritas and ALS Labs, with fire assay, including over limits fire assay re-analysis, completed at their respective Hermosillo, Mexico laboratories and multi-element analysis completed in North Vancouver, Canada. Drill core sample preparation includes fine crushing of the sample to at least 70% passing less than 2 mm, sample splitting using a riffle splitter, and pulverizing a 250-gram split to at least 85% passing 75 microns.

Gold in diamond drill core is analyzed by fire assay and atomic absorption spectroscopy of a 30 g sample (code FA430 or Au-AA23). Multi-element chemistry is analyzed by 4-Acid digestion of a 0.25-gram sample split (code MA300 or ME-ICP61) with detection by inductively coupled plasma emission spectrometer for a full suite of elements. Gold assay techniques FA430 and Au-AA23 have an upper detection limit of 10 ppm.

Any sample that produces an over-limit gold value via the initial assay technique is sent for gravimetric finish via method FA-530 or Au-GRA21. Silver analyses by MA300 and ME-ICP61 have an upper limit of 200 ppm and 100 ppm, respectively. Samples with over-limit silver values are re-analyzed by fire assay with gravimetric finish FA530 or Au-GRA21.

Both Bureau Veritas and ALS Labs are ISO/IEC accredited assay laboratories.