Mr. Scott Hicks reports

PRIME ANNOUNCES VOTING RESULTS OF 2025 AGM

Shareholder voting at Prime Mining Corp.'s annual general and special meeting of shareholders held on June 19, 2025, has resulted in the election of all the directors listed as nominees in management's information circular dated May 5, 2025, as well as the approval of all matters presented. Summaries of the results of voting are provided below.

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

• Announcement that the company is targeting the delivery of a preliminary economic assessment reflecting a high-return, high-margin, low-capital and long-life project at Los Reyes, based on drilling to the end of 2024 and extensive technical work completed to date. The PEA is targeted for completion in third quarter 2025;
• Cash balance of approximately $32.9-million as at June 17, 2025.

In addition, the company will shortly be publishing its third annual environmental, social and corporate governance report, which will be made available on its website.

Meeting results

A total of 103,882,459 common shares were represented at the meeting, representing 68.13 per cent of the issued and outstanding common shares of the company at the record date.

Number of directors

Voting results for the resolution to set the number of directors to be elected at nine are as follows.

Votes for       % for    Votes against    % against 

103,219,008     99.36%         663,451         0.64%     

Election of directors

Voting results for the resolution approving the appointment of nominees are as follows.

Appointment of auditor

Voting results for the resolution to approve Davidson & Company LLP, chartered professional accounts, as auditor of the company and to authorize the directors to fix the remuneration are as follows.

Votes for     % for    Votes withheld   % withheld 

100,914,857   97.14%        2,967,602         2.86%      

Revised omnibus incentive plan

Voting results for the resolution to approve adoption of a revised omnibus incentive plan, as further described in the circular, are as follows.

Votes for    % for    Votes against   % against 

97,926,055   95.59%       4,521,450        4.41%     

Unallocated entitlements under omnibus incentive plan

Voting results for the resolution to approve unallocated entitlements under the revised omnibus incentive plan, as further described in the circular, are as follows.

Votes for     % for    Votes against   % against 

89,794,404    87.65%      12,653,101       12.35%    

2025 outlook

The company plans to continue its success-based approach to exploration to further identify new prospective targets, to expand the existing resource and for infill drilling. Additional work will include geological mapping and geochemical sampling to identify further discovery areas.

On Jan. 28, 2025, drilling was paused in response to a deterioration in the security situation in parts of Sinaloa, including Los Reyes area. This pause is not currently expected to impact the company's ability to drill a minimum 40,000-metre program over 12 months from the recommencement of drilling. Six drill rigs remain on site, and drill contractors are on standby to resume drilling as soon as security improves. The company will continue to work with local authorities to monitor the current situation.

Planned fiscal 2025 exploration will focus on:

• Extending the high-grade Z-T area shoots that remain open at depth, as well as along strike, both north and south;
• Expanding the known high-grade mineralization at Guadalupe East;
• Increasing the Central area resource through additions southeast at Noche Buena and its connection to San Miguel East;
• Generative target drilling of high-grade intercepts at Las Primas, Fresnillo and Mariposa to further expand these emerging resources, as well as other target discovery areas to demonstrate the significant resource expansion potential at Los Reyes.

Project activities are also planned to include the following.

• Preliminary economic assessment completion: Further refine metallurgical, geotechnical, mine planning and development assumptions for project development, including process and underground mining optimization, infrastructure assessment, and permitting requirements -- targeting third quarter 2025 completion.
• Community engagement: continue to engage with and support local ejidos (communities) through educational, community and environmental programming, access (road) improvements, and infrastructure development. Prime continues to sponsor and benefit from a strong geologist intern program, supporting geology students from local colleges and universities.

About Los Reyes gold and silver project

Los Reyes is a high-grade, low-sulphidation epithermal gold-silver project located in Sinaloa state, Mexico. On Oct. 15, 2024, Prime announced an updated multimillion-ounce high-grade open-pit and underground resource based on exploration drilling up to July 17, 2024. Since acquiring Los Reyes in 2019, Prime has spent more than $64-million on direct exploration activities and has completed over 221,000 metres of drilling to date. The company is targeting the delivery of a preliminary economic assessment by the end of third quarter 2025 that will highlight a high-return, high-margin, low-capital and long-life project at Los Reyes.

Drilling and geological interpretation suggest 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.

Quality assurance/quality control protocols and sampling procedures

Drill core at Los Reyes project is drilled in predominantly HQ size (63.5 millimetres), reducing to NQ (47.6 mm) when required. Drill core samples are generally 1.50 metres 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.

Sample QA/QC measures include unmarked certified reference materials, blanks and field duplicates, as well as preparation duplicates, which are inserted into the sample sequence and make up approximately 8 per cent 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 facilities in Durango or Hermosillo, Mexico, for sample preparation. Sample analysis is carried out by Bureau Veritas and ALS Labs, with fire assay, including overlimit fire assay reanalysis, completed at their respective Hermosillo, Mexico, laboratories and multielement analysis completed in Vancouver, Canada. Drill core sample preparation includes fine crushing of the sample to at least 70 per cent passing less than two millimetres, sample splitting using a riffle splitter and pulverizing a 250-gram split to at least 85 per cent passing 75 microns.

Gold in diamond drill core is analyzed by fire assay and atomic absorption spectroscopy of a 30-gram sample (code FA430 or Au-AA23). Multielement chemistry is analyzed by four-acid digestion of a 0.25-gram sample split (code MA300 or ME-ICP61) with detection by an 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 grams per tonne. Any sample that produces an overlimit gold value through the initial assay technique is sent for gravimetric finish through the method FA-530 or Au-GRA21. Silver analyses by MA300 and ME-ICP61 have an upper limit of 200 g/t and 100 g/t, respectively. Samples with overlimit silver values are reanalyzed by fire assay with gravimetric finish FA530 or Au-GRA21.

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

Additional notes

Prime's mineral resource estimate as of Oct. 15, 2024, is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum CIM Definition Standards For Mineral Resources and Mineral Reserves adopted by the CIM council (as amended) and in accordance with the requirements of National Instrument 43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Qualified person

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

About Prime Mining Corp.

Prime 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 the 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.

We seek Safe Harbor.