Mr. Daniel Kunz reports

PRIME MINING RECEIVES $28 MILLION FROM WARRANT ACCELERATION PROGRAM

A total of 14,025,410 common share purchase warrants issued by Prime Mining Corp. on Dec. 22, 2022, have been exercised, resulting in gross proceeds to the company of $28,050,820. The warrants were previously issued by the company in connection with a brokered private placement and were exercisable at $2.

The company anticipates utilizing proceeds from the warrant exercise to accelerate its 2023 drill program at Los Reyes project, allowing the company to increase the drilling budget to expand the current mineral resource estimate and conduct drilling of new exploration targets that lie outside of the known resource areas. The additional funds will also be used to develop early work programs to derisk technical aspects of Los Reyes project, including metallurgical testwork and internal engineering studies.

Chief executive officer Daniel Kunz commented: "With a current cash balance of $45.5-million, we are now positioned to increase our exploration activities at Los Reyes this year and next. We expect to increase the total planned drilling from 45,000 to 60,000 metres for 2023 and to undertake a similar-sized drill program in 2024. Our target in the coming years is to double the size of the high-grade gold-silver mineral resource estimate recently announced on May 2, 2023."

About Prime Mining Corp.

Prime Mining is managed by an ideal mix of successful mining executives, strong capital market personnel and experienced local operators, all focused on unlocking the full potential of Los Reyes project. The company has a well-planned capital structure with significant management team and insider ownership.

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