Mr. Daniel Kunz reports

PRIME MINING ANNOUNCES CEO SUCCESSION

Prime Mining Corp. chief executive officer Daniel Kunz is retiring effective Feb. 1, 2024, and Scott Hicks, executive vice-president, will succeed him as chief executive officer at that time and has been appointed to the board of directors effective today. The seamless leadership transition completes a succession plan developed by the Board of Directors following Mr. Hicks' appointment as Executive Vice President of Prime on August 17, 2022. Mr. Kunz will remain a Strategic Advisor and member of the Board. Mr. Kunz and Mr. Hicks will continue to work closely together.

Daniel Kunz was appointed Chief Executive Officer and Director on June 15, 2020, after serving as Executive Chairman. Since then, he has overseen significant milestones in the Company's advancement, which in 2023 included Prime's graduation to the main board of the Toronto Stock Exchange, its updated Mineral Resource Estimate for the Los Reyes Project and its inaugural Sustainability Report, as well as significant financings.

Mr. Kunz remarked, "Andy Bowering and I worked together to create this valuable company and I now leave the CEO role in Scott's capable hands. As a shareholder, I am looking forward to an exciting 2024 at the Los Reyes gold-silver project as I pursue my other interests."

Murray John, Chair of Prime's Board of Directors, stated, "On behalf of the Board of Directors, I would like to thank Dan for his leadership of Prime. His extensive experience in the development and financing of global resource projects has enabled Prime to advance to its current stage. He leaves the Company in a strong financial position, with the people and platform in place for future growth."

Scott Hicks brings over 20 years' industry experience to Prime, as an executive, finance professional and engineer. Prior to joining the Company, he served as Senior Vice President of Technical Services with Kinross Gold Corp., with global responsibility for strategic planning, resource and reserve calculations, project studies, business development and talent management. He also held positions of increasing responsibility with Inco Ltd. and Vale in the areas of corporate development, strategic planning and financial evaluation, including several years in Indonesia at one of the world's largest integrated nickel operations. Mr. Hicks holds a Bachelor of Applied Science in Mining Engineering from Queen's University in Kingston, Ontario, is a Professional Engineer and a Chartered Financial Analyst (CFA(TM)) Charterholder.

"We are very pleased to announce Scott's appointment to the role of CEO and welcome him to the Board." said Mr. John. "Since joining Prime, he has been actively engaging with the investment community and providing both strategic and technical leadership to the team, facilitating the last financing and driving the delivery of the May 2023 MRE that effectively doubled the resource ounces at Los Reyes. We look forward to his continued leadership as the new CEO of Prime in its next phase of growth."

Scott Hicks added, "I have enjoyed working with Dan for the past 18 months at Prime and thank him for the strong financial and technical position that he has created here, and especially for the exceptional team with whom I look forward to continuing our work. The Los Reyes property demonstrates immense resource prospectivity, both in terms of magnitude and quality, and I am excited to lead the team in unlocking its exploration and subsequent development potential over the longer-term."

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 the May 2, 2023 press release for more details).

May 2, 2023 Resource Statement

Drilling is ongoing 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.

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.

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.

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