Mr. Daniel Kunz reports

PRIME MINING REPORTS THIRD QUARTER 2023 FINANCIAL AND OPERATING RESULTS

Prime Mining Corp. has released its operating and financial results for the quarter ended Sept. 30, 2023. Prime Mining is focused on the exploration and development of its wholly owned high-grade Los Reyes gold-silver project in Sinaloa state, Mexico.

Prime Mining chief executive officer Daniel Kunz commented: "With 51,000 metres drilled to date and six drills now turning, we are well on our way to completing 2023's planned 60,000-metre drill program at Los Reyes. Recent results from both expansion and generative drilling continue to demonstrate solid potential to contribute to resource inventories and develop an outstanding high-grade gold-silver project. Early-stage technical analysis is under way as we advance our understanding of the Los Reyes project. Working with our community partners, we supported a back-to-school program in September. We ended the quarter in strong financial condition to execute on our upcoming plans for 2024 and into 2025."

Corporate highlights during the quarter:

• On July 17, the company announced its annual general meeting voting results.
• On Aug. 17, the company reported its second quarter 2023 financial and operating results.
• On Sept. 28, the company announced the grant of incentive options in accordance with its long-term incentive plan.

Exploration highlights during the quarter

On July 11, the company reported drill results from nine core holes at the Central area, one of three main zones hosting the gold-silver mineral resource estimate at the company's Los Reyes project, located in Sinaloa state, Mexico.

Highlight intercepts include:

• 4.99 grams per tonne gold equivalent (4.11 g/t gold and 67.9 g/t silver) over 9.1-metre estimated true width (etw) in hole 23NB-46, located 150 m along strike from the bottom of the MRE pit, including:
• 37.48 g/t AuEq (31.40 g/t Au and 470.0 g/t Ag) over 1.1-metre etw;
• 1.50 g/t AuEq (1.23 g/t Au and 20.5 g/t Ag) over 14.0-metre etw in hole 23NB-39, located immediately adjacent to the MRE pit, including:
• 5.17 g/t AuEq (4.19 g/t Au and 76.0 g/t Ag) over 2.0-metre etw;
• 2.25 g/t AuEq (1.86 g/t Au and 30.2 g/t Ag) over 5.7-metre etw in hole 23NB-40, located 80 m along strike and below the MRE pit, including:
• 5.62 g/t AuEq (4.75 g/t Au and 67.6 g/t Ag) over 1.4-metre etw.

On Sept. 6, the company reported high-grade drill results from Las Primas and Fresnillo generative targets. Highlight intercepts include the following.

Las Primas area:

• 12.34 g/t AuEq (10.85 g/t Au and 114.9 g/t Ag) over 2.5-metre estimated true width in hole 23LP-14, including:
  • 17.50 g/t AuEq (15.40 g/t Au and 162.2 g/t Ag) over 1.7-metre etw;
• 1.73 g/t AuEq (1.70 g/t Au and 2.3 g/t Ag) over 9.6-metre etw in hole 23LP-06, including:
  • 4.94 g/t AuEq (4.88 g/t Au and 4.7 g/t Ag) over 3.0-metre etw;
• 1.20 g/t AuEq (0.87 g/t Au and 25.8 g/t Ag) over 14.6-metre etw in hole 23LP-07, starting just below surface.

Fresnillo area:

• 0.74 g/t AuEq (0.56 g/t Au and 14.3 g/t Ag) over 23.8-metre etw;
• 0.48 g/t AuEq (0.41 g/t Au and 5.3 g/t Ag) over 20.8 m in hole 23FRE-12;
• 1.65 g/t AuEq (1.06 g/t Au and 45.2 g/t Ag) over 10.9-metre etw in hole 23FRE-19, including:
  • 12.30 g/t AuEq (6.63 g/t Au and 438.0 g/t Ag) over 0.85-metre etw;
• 1.39 g/t AuEq (0.87 g/t Au and 40.4 g/t Ag) over 7.5-metre etw in hole 23FRE-20;
• On Sept. 12, the company reported expansion drilling results from Los Reyes.

Highlight intercepts include the following.

Z-T zone

Tahonitas area:

• 3.87 grams per tonne gold equivalent (3.16 g/t Au and 54.9 g/t Ag) over 20.5-metre estimated true width in hole 23TA-71, including:
• 8.72 g/t AuEq (7.63 g/t Au and 84.0 g/t Ag) over 5.5-metre etw.

Zapote South area:

• 2.22 g/t AuEq (1.91 g/t Au and 24.3 g/t Ag) over 7.9-metre etw in hole 23ZAP-118, including:
• 5.20 g/t AuEq (4.65 g/t Au and 42.7 g/t Ag) over 2.55-metre etw;
• 3.51 g/t AuEq (3.07 g/t Au and 34.4 g/t Ag) over 4.8-metre etw and 0.94 g/t AuEq (0.69 g/t Au and 19.5 g/t Ag) over 11.4-metre etw in hole 23ZAP-115;
• 0.87 g/t AuEq (0.56 g/t Au and 24.2 g/t Ag) over 18.5-metre etw in hole 23ZAP-112.

Zapote West area:

• 4.24 g/t AuEq (3.77 g/t Au and 36.6 g/t Ag) over 3.6-metre etw, including 7.12 g/t AuEq (6.37 g/t Au and 57.6 g/t Ag) over 2.1-metre etw, in hole 23ZAP-106.

Guadalupe zone:

• 13.51 g/t AuEq (10.10 g/t Au and 263.8 g/t Ag) over 2.2-metre etw in hole 23GE-142, including:
• 23.46 g/t AuEq (17.80 g/t Au and 437.0 g/t Ag) over 1.2-metre etw;
• 44.39 g/t AuEq (18.20 g/t Au and 2,024.0 g/t Ag) over 1.0-metre etw;
• 15.06 g/t AuEq (5.46 g/t Au and 742.0 g/t Ag) over 0.8-metre etw in hole 23GE-136.

Central zone

Noche Buena area:

• 2.87 g/t AuEq (2.63 g/t Au and 18.8 g/t Ag) over 2.5-metre etw in hole 23NB-48.

Maintaining health and safety protocols

The company has avoided possible health issues that may have had a material effect on the company's activities. Prime Mining remains engaged with local stakeholders and is pro-active in monitoring employees and contractors concerning general health conditions. The company continues to closely adhere to the directives of all levels of government and relevant health authorities in Mexico and Canada.

Community engagement and environmental stewardship strategy

The company continued to gather environmental and community data in the quarter in support of its environmental, social and governance programs, including completion of a materiality assessment, strategic plan and disclosure matrix. It strives to minimize the environmental footprint of its activities and ensure that Los Reyes has a positive impact on its host communities.

The company released its initial sustainability report during April, 2023, which establishes a baseline and a new yardstick to measure its progress in meeting its commitments regarding sustainability and stewardship of the environment, relevant social issues, and corporate governance.

Selected financial data

The attached selected financial data are summarized from the company's consolidated financial statements and related notes thereto for the three and nine months ended Sept. 30, 2023, and 2022. A copy of the financial statements and management's discussion and analysis is available at the Prime Mining website or on SEDAR+.

Qualified person

Scott Smith, PGeo, executive vice-president of exploration, is a qualified person for the purposes of National Instrument 43-101, and has reviewed and approved the technical content in this news release.

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 Mining has spent approximately $32-million (U.S.) on direct exploration activities and has completed over 158,000 m of drilling. On May 2, 2023, Prime Mining announced an updated multimillion-ounce high-grade open-pit constrained resource (see the May 2, 2023, press release for more details).

Drilling is continuing 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 one 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 Mining's acquisition, recent operators of Los Reyes had spent approximately $20-million (U.S.) on exploration, engineering and prefeasibility studies.

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 a strong management team and insider ownership. Prime Mining is targeting a material resource expansion at Los Reyes through a combination of new generative area discoveries and growth, while also building on technical derisking activities to support eventual project development.

We seek Safe Harbor.