Prime Mining Corp. focused on the exploration and development of its wholly owned Los Reyes Gold-Silver Project in Sinaloa State, Mexico. Recent highlights include: Cash balance of CAD 28 million as at March 31, 2024.

Extension of high-grade gold and silver mineralization at Guadalupe East. Discovery of 11.8 grams per tonne gold-equivalent over 3.0 metres at Las Primas. Discovery of new high-grade shoot at Z-T containing 7.68 grams per tonne gold-equivalent over 7.7 metres.

2024 Outlook: Prime has completed over 24,000 metres of its targeted 40,000-metre 2024 drill program to-date (within budget) 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. Four drill rigs are currently active on site at Los Reyes, with 2024 exploration focused on: Extending the high-grade Z-T Trend 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 Trend 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.

About the Los Reyes Gold and Silver Project: Los Reyes is a rapidly evolving high-grade, low sulphidation epithermal gold-silver project located in Sinaloa State, Mexico. Since acquiring Los Reyes in 2019, Prime has spent approximately CAD 52 million on direct exploration activities and has completed over 185,000 metres of drilling (to March 31, 2024). On May 2, 2023, Prime announced an updated multi-million-ounce high-grade open pit constrained resource.

Drilling is ongoing and suggests that the three known main deposit areas (Guadalupe, Central and Z-T) are larger than previously reported. Potential also exists for new discoveries where mineralized trends have been identified outside of the currently defined resource areas. Historic operating results indicate that an estimated 1 million ounces of gold and 60 million ounces of silver were recovered from five separate operations at Los Reyes between 1770 and 1990.

Prior to Prime?s acquisition, recent operators of Los Reyes had spent approximately USD 20 million on exploration, engineering, and prefeasibility studies. 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.