Prime Mining Corp. is reporting expansion drilling results from the Company's Los Reyes Project, located in Sinaloa State, Mexico. These results are from 2024 drilling at the Guadalupe East Area within the Guadalupe Trend, and are not included in the Company's May 2, 2023 Mineral Resource Estimate ("MRE").

Expansion Drilling Highlights in the Guadalupe Trend. The Company is reporting 11 core holes at Guadalupe East with the following highlights: 6.9 grams per tonne ("gpt") gold-equivalent ("AuEq") (2.67 gpt Au and 326.6 gpt Ag) over 3.5 metres ("m") estimated true width ("etw") in hole 24GE-149; 12.65 gpt AuEq (4.06 gpt Au and 664.0 gpt Ag) over 1.1 m etw in hole 24GE-150; 7.8 gpt AuEq (2.38 gpt Au and 419.0 gpt Ag) across 1.5 m etw in hole 24 GE-151; 9.86 gpt AuEq (3.71 gpt Au and 475.0 gpt Ag) Over 1.0 m etw in hole 24ge-158. 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). Gold equivalent grades are calculated based on an assumed gold price of USD 1,700 per ounce and silver price of $22 per ounce, based on the formula AuEq grade (gpt) = Au grade + (Ag grade x ($22 /$1,700).

Metallurgical recoveries are not considered in the in-situ grade estimate but are estimated to be 93% and 83% for gold and silver, respectively, when processed in a mill, and 72% and 25% respectively when heap-leached.