Prime Mining 2023 Financial and Operating Results

VANCOUVER, British Columbia, March 26, 2024 (GLOBE NEWSWIRE) — Prime Mining Corp. (“Prime”, or the “Company”) (TSV: PRYM) (OTCQX: PRMNF) (Frankfurt: O4V3) is pleased to report its operating and financial results for the full year ended December 31, 2023. Prime is focused on the exploration and development of its wholly owned high-grade Los Reyes Gold-Silver Project in Sinaloa State, Mexico (“Los Reyes” or the “Project”).

Prime Chief Executive Officer Scott Hicks commented, “2023 was a year of transformation for Prime, setting the stage for our 2024 drilling and technical programs, which include 40,000 metres of drilling. As we continue to explore Los Reyes and expand our technical understanding of the project, we remain dedicated to sustainable growth and project advancement. Thank you to our team and local communities for their ongoing support and efforts in advancing Los Reyes.”

Corporate Highlights During the Quarter
(Unless otherwise stated, all amounts are presented in Canadian dollars.)

• On November 29^th, Prime announced that the Company would begin trading on the Toronto Stock Exchange (“TSX”) on December 5, 2023 following its graduation from the TSX Venture Exchange (the “TSXV”), with its trading symbol remaining unchanged as “PRYM”.
• On December 5^th, Prime advised that trading in its common shares was halted at the open of markets as the TSXV delisting was not completed concurrently by the TSXV, resulting in a trading halt, with trading on the TSX expected to begin at the open of markets on December 6, 2023.
• On December 6^th, Prime announced that trading in its common shares has commenced on the Toronto Stock Exchange (“TSX”) under the existing ticker symbol “PRYM”, following Prime’s graduation and delisting from the TSX Venture Exchange (“TSXV”).

Exploration Highlights During the Quarter

On November 8, 2023, Prime reported high-grade drilling results from Tahonitas from the Z-T Trend at Los Reyes, with highlights:

• 2.49 grams per tonne (“gpt”) gold-equivalent (“AuEq”) (2.11 gpt Au and 29.3 gpt Ag) over 20.1 metres (“m”) estimated true width (“etw”) in hole 23TA-79, including:
  • 6.30 gpt AuEq (5.74 gpt Au and 42.9 gpt Ag) over 6.3 m etw.
• 2.00 gpt AuEq (1.06 gpt Au and 72.6 gpt Ag) over 5.5 m etw in hole 23TA-80, including:
  • 3.59 gpt AuEq (2.57 gpt Au and 78.5 gpt Ag) over 1.8 m etw.
• 1.14 gpt AuEq (1.04 gpt Au and 7.7 gpt Ag) over 4.45 m etw in hole 23TA-73, including:
  • 3.51 gpt AuEq (3.26 gpt Au and 19.6 gpt Ag) over 1.0 m etw.

On December 13, 2023, Prime reported high-grade drilling results from Noche Buena and San Miguel East from the Central Trend at Los Reyes, with highlights:

Central Area – Noche Buena highlights:

• 4.49 gpt AuEq (1.48 gpt Au and 232.6 gpt Ag) over 5.0 m etw in hole 23NB-51, including:
  • 8.00 gpt AuEq (2.7 gpt Au and 409.4 gpt Ag) over 2.6 m etw;
  • and 3.51 gpt AuEq (3.36 gpt Au and 11.9 gpt Ag) over 1.2 m etw.
• 3.81 gpt AuEq (1.62 gpt Au and 169.2 gpt Ag) over 2.6 m etw in hole 23NB-53, including:
  • 8.21 gpt AuEq (2.77 gpt Au and 420.0 gpt Ag) over 1.0 m etw;
• 1.23 gpt AuEq (0.45 gpt Au and 60.0 gpt Ag) over 8.4 m etw in hole 23NB-52, including:
  • 3.25 gpt AuEq (1.25 gpt Au and 154.7 gpt Ag) over 1.6 m etw.

Central Area – San Miguel East highlights:

• 1.33 gpt AuEq (0.55 gpt Au and 60.1 gpt Ag) over 4.4 m etw in hole 23SME-37, including:
  • 2.65 gpt AuEq (2.03 gpt Au and 48.2 gpt Ag) over 0.7 m etw;
• 2.23 gpt AuEq (0.99 gpt Au and 95.9 gpt Ag) over 1.4 m etw in hole 23SME-34.

Mining Law Ruling

Following a process commenced by the Company in July 2023, a Federal judge in Mexico has granted its applications for Federal protection, or ‘Amparos’, to conduct its activities under the previous (1994) mining-related laws, and is thereby not subject to the 2023 reforms for both the Los Reyes Project, as well as the adjacent El Rey claim once the latter claim is granted.

Critical to the rulings, the granted applications protect the Los Reyes Project and El Rey claims constitutionally from any further changes to mining related laws in Mexico. This protection extends to the 2023 mining-related laws, which included reforms to water usage, reclamation considerations and the scope and term of mining concessions.

As expected and required by law, the government has appealed the rulings. However, the rulings are expected to be upheld given the procedural shortcomings of the 2023 mining law implementation and likelihood that the 2023 reforms will be deemed unconstitutional by the Supreme Court.

Maintaining Health and Safety Protocols

Prime remains engaged with local stakeholders and is proactive in monitoring employees and contractors concerning general health conditions. The Company continues to closely adhere to the directives of all levels of…