Mr. Daniel Kunz reports

PRIME FURTHER EXPANDS MINERALIZATION AT CENTRAL

Prime Mining Corp. has released expansion drill results from its continuing 60,000-metre 2023 drill program at the company's Los Reyes project, located in Sinaloa state, Mexico.

The exploration results reported in this release are from Central, one of three main zones hosting the gold-silver mineral resource estimate ("MRE") at Los Reyes Project. Today's results, along with previous holes in the area, extend the high-grade gold-equivalent shell approximately 250 m southeast along strike from the Noche Buena pit bottom, as well as intersecting new steeply dipping mineralization between the Noche Buena and San Miguel East pit areas. As with results previously reported from the Z-T and Guadalupe Areas, drilling at Central is intended to identify gold-silver mineralization for potential resource expansion beyond the company's current MRE. The 2023 Technical Report outlining the MRE can be found on the company's website at https://primeminingcorp.ca/ and on SEDAR+ at www.sedarplus.ca, under the company's Issuer Profile.

Prime Mining Corp. Chief Executive Officer Daniel Kunz commented, "Together with prior results, post-resource drilling at Central supports the potential for an expanded, high grade, low strip ratio, open pit. These results also suggest a potential merger of Central's currently outlined San Miguel East and Noche Buena pits."

Expansion Target Highlights

Central Area - Noche Buena:

The company is reporting 10 core holes at the Noche Buena target. Highlights include:

• 4.49 grams per tonne ("g/t") gold-equivalent ("AuEq") (1.48 g/t Au and 232.6 g/t Ag) over 5.0 metres ("m") estimated true width ("etw") in hole 23NB-51, including:
  • 8.00 g/t AuEq (2.7 g/t Au and 409.4 g/t Ag) over 2.6 m ETW;
  • and 3.51 g/t AuEq (3.36 g/t Au and 11.9 g/t Ag) over 1.2 m ETW.
• 3.81 g/t AuEq (1.62 g/t Au and 169.2 g/t Ag) over 2.6 m ETW in hole 23NB-53, including:
  • 8.21 g/t AuEq (2.77 g/t Au and 420.0 g/t Ag) over 1.0 m ETW;
• 1.23 g/t AuEq (0.45 g/t Au and 60.0 g/t Ag) over 8.4 m ETW in hole 23NB-52, including:
  • 3.25 g/t AuEq (1.25 g/t Au and 154.7 g/t Ag) over 1.6 m ETW.

Central Area - San Miguel East:

The company is reporting 3 core holes at the San Miguel East target. Highlights include:

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

INTERPRETATION OF RESULTS

The drilling described in this news release is the result of Prime's success-based exploration program.

Drill holes 23NB-55, -56, and -58 expand on mineralization from the previously released holes targeting the southern extension of Noche Buena, while 23NB-55 fills in a gap of approximately 180 m between 23NB-38 and -47 which, together with 23NB-56, support expansion of the >1g/t AuEq grade shell at Noche Buena south. 23NB-55, along with previous holes in the area, extends the >1g/t AuEQ grade shell approximately 250m along strike from the Noche Buena pit bottom to the southeast.

Drill holes 23NB-49 through -54 and 23NB-57 fill in a gap of approximately 220 m along strike between the previously separated >0.2 g/t AuEq mineralization at Noche Buena and San Miguel East, also generating new >1g/t AuEq grade shell volumes in several areas. These drill holes also resulted in the identification of two new mineralized structures in the hanging wall of Noche Buena. While the grades and thicknesses of intercepts vary along these structures, they are near-surface relative to the main Noche Buena area and may support the merger of the Noche Buena and San Miguel East pits.

As of this week, the number of active drills at Los Reyes has been reduced from six to three as the team prepares for the holiday break. These rigs are focusing on Guadalupe East and the Z-T Area, concluding work for 2023 on December 15. The six rigs will remain on the property and are anticipated to ramp-up again in January.

Over the year, drilling has been focused on:

• extending the high-grade Z-T Area shoots that remain open at depth, as well as along strike north and south;
• expanding the two other MRE resource areas, including the eastern extensions of the Guadalupe System; and,
• exploring the new generative targets, which include Las Primas, Mariposa and a return to Mina 21

Prime has completed over 58,000 m of its planned 60,000 m 2023 drill program and will continue to evaluate its drilling plans using its success-based approach.

QA/QC Protocols and Sampling Procedures

Drill core at the Los Reyes project is drilled in predominately HQ size (63.5 millimetre "mm"), reducing to NQ (47.6 mm) when required. Drill core samples are generally 1.50 m long along the core axis with allowance for shorter or longer intervals if required to suit geological constraints. After logging intervals are identified to be sampled, the core is cut, and one half is submitted for assay. RC drilling returns rock chips and fines from a 133.35 mm diameter tricone bit. The returns are homogenized and split into two halves, with one half submitted for analysis and the other half stored.

Sample QA/QC measures include unmarked certified reference materials, blanks, and field duplicates as well as preparation duplicates are inserted into the sample sequence and make up approximately 8% of the samples submitted to the laboratory for each drill hole.

Samples are picked up from the Project by the laboratory personnel and transported to their facilities in Durango or Hermosillo Mexico, for sample preparation. Sample analysis is carried out by Bureau Veritas and ALS Labs, with fire assay, including over limits fire assay re-analysis, completed at their respective Hermosillo, Mexico laboratories and multi-element analysis completed in North Vancouver, Canada. Drill core sample preparation includes fine crushing of the sample to at least 70% passing less than 2 mm, sample splitting using a riffle splitter, and pulverizing a 250-gram split to at least 85% passing 75 microns.

Gold in diamond drill core is analyzed by fire assay and atomic absorption spectroscopy of a 30 g sample (code FA430 or Au-AA23). Multi-element chemistry is analyzed by 4-Acid digestion of a 0.25-gram sample split (code MA300 or ME-ICP61) with detection by inductively coupled plasma emission spectrometer for a full suite of elements.

Gold assay techniques FA430 and Au-AA23 have an upper detection limit of 10 ppm. Any sample that produces an over-limit gold value via the initial assay technique is sent for gravimetric finish via method FA-530 or Au-GRA21. Silver analyses by MA300 and ME-ICP61 have an upper limit of 200 ppm and 100 ppm, respectively. Samples with over-limit silver values are re-analyzed by fire assay with gravimetric finish FA530 or Au-GRA21.

Both Bureau Veritas and ALS Labs are ISO/IEC accredited assay laboratories.

Qualified Person

Scott Smith, P.Geo., 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.

Additional Notes

Metres is represented by "m"; "etw" is Estimated True Width and is based on drill hole geometry or comparisons with other on-section drill holes; "Au" refers to gold, and "Ag" refers to silver; "g/t" is grams per metric tonne; some figures may not sum due to rounding; Composite assay grades presented in summary tables are calculated using a Au grade minimum average of 0.20 g/t or 1.0 g/t as indicated in "Au Cut-off" column of Summary Tables. Maximum internal waste included in any reported composite interval is 3.00 m. The 1.00 g/t Au cut-off is used to define higher-grade "cores" within the lower-grade halo.

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 US$32 million on direct exploration activities and has completed over 158,000 m of drilling. On May 2, 2023, Prime announced an updated multi-million-ounce high-grade open pit constrained resource (see below, and refer to Note 1 and the May 2, 2023 press release for more details).

May 2, 2023 Resource Statement

Drilling is on-going 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 1 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 US$20 million on exploration, engineering, and prefeasibility studies.

About Prime Mining

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 de-risking activities to support eventual project development.

We seek Safe Harbor.