Mr. Daniel Kunz reports

PRIME MINING ANNOUNCES GRADUATION TO THE TORONTO STOCK EXCHANGE

Prime Mining Corp. will begin trading on the Toronto Stock Exchange on Dec. 5, 2023, following its graduation from the TSX Venture Exchange. The trading symbol for the common shares of Prime on the TSX will remain unchanged as PRYM. Concurrent with the commencement of trading on the TSX, the common shares of the company will be delisted from the TSX-V. Shareholders are not required to exchange their share certificates or take any other action in connection with the TSX listing. There will be no change to the company's Cusip number.

Prime is focused on the exploration and development of its wholly owned high-grade Los Reyes gold-silver project in Sinaloa state, Mexico.

Prime chief executive officer Daniel Kunz commented: "We are pleased to announce our graduation to the main board of the Toronto Stock Exchange, a significant milestone in the evolution of Prime Mining Corp. Prime has already had a very productive year. We effectively doubled the Los Reyes resource, as outlined in our May 2, 2023, technical report, released our inaugural sustainability report, are on track to complete some 60,000 metres of postresource drilling, strengthened our board and management team, and increased our cash position through an early warrant exercise. Looking ahead to 2024, we are planning an extensive drill program supported by our strong treasury of $36-million (Canadian). With environmental and social baseline studies completed, we will continue permit planning and early-stage technical work. We are committed to sustained engagement with shareholders and the investment community as a new member of the TSX, Canada's premier international stock exchange."

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 $32-million (U.S.) on direct exploration activities and has completed over 158,000 metres of drilling. On May 2, 2023, Prime announced an updated multimillion-ounce high-grade open-pit constrained resource (see the attached table and refer to the May 2, 2023, news 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's acquisition, recent operators of Los Reyes had spent approximately $20-million (U.S.) on exploration, engineering and prefeasibility studies.

The mineral resource estimate is based on economically constrained pits using a gold price of $1,700 (U.S.) per ounce and a silver price of $22 (U.S.) per ounce, and an assumed cut-off grade of 0.22 gram per tonne (g/t) gold. For more information and other assumptions, please see Prime's May 2, 2023, news release or the company's website.

Gold equivalent (AuEq) grades are calculated as in situ contained grades, applying the assumed ratio of gold to silver prices using the following formula: AuEq grade (g/t) equals gold grade (g/t) plus silver grade (g/t) times ($22 (U.S.) divided by $1,700 (U.S.)). Relative recoveries are not considered in the in situ contained grade estimate but are assumed to have mill recoveries of 93 per cent and 83 per cent for gold and silver, respectively, and heap leach recoveries of 73 per cent and 25 per cent for gold and silver, respectively. For more information and other assumptions, please see Prime's May 2, 2023, news release or the company's website.

About Prime Mining Corp.

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

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.

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