Prime Mining Studies 2024 Monetary and Working Outcomes

Article content material

Supplies 2024 Evaluate: Increasing the Excessive Grade, Gold-Silver Los Reyes Challenge

Article content material

Article content material

VANCOUVER, British Columbia, March 06, 2025 (GLOBE NEWSWIRE) — Prime Mining Corp. (“Prime” or the “Firm”) (TSV: PRYM) (OTCQX: PRMNF) (Frankfurt: O4V3) is happy to report its working and monetary outcomes for the total yr ended December 31, 2024. The Firm can also be happy to offer a abstract of its 2024 drill program highlights and different actions. Prime is targeted on the exploration and growth of its wholly owned high-grade Los Reyes Gold-Silver Challenge in Sinaloa State, Mexico (“Los Reyes” or the “Challenge”).

Article content material

Prime Chief Government Officer Scott Hicks commented, “2024 proved to be one other transformational yr for Prime: we drilled over 50,000 metres, expanded the Los Reyes useful resource, superior technical de-risking and labored intently with our communities to earn our social license to function. Prime ended the yr in a powerful monetary place with $19 million in money readily available. In 2025, we’re wanting ahead to persevering with our monitor document of exploration success whereas demonstrating our deep dedication to our native communities and the atmosphere. We moreover plan to advance our understanding of Los Reyes towards a Preliminary Financial Evaluation. We thank our workforce and native communities for his or her ongoing help.”

Company Highlights Throughout This autumn 2024
(Except in any other case acknowledged, all quantities are introduced in Canadian {dollars}.)

• On October 15, 2024, launched Mineral Useful resource Estimate (“MRE”), primarily based on drilling to July 17, 2024, outlining:
  • Indicated Assets elevated 49% to 2.2 million AuEq and Inferred Assets elevated 11% to 0.8 million AuEq ozs in comparison with the Might 2023 MRE.
  • Substantial useful resource progress from higher-grade open pit and underground zones, validating the Firm’s technique of concentrating on a high-recovery, high-margin milling operation.
  • Milled Indicated Assets have grown 48% to 1.93 million AuEq ozs at 2.08 g/t AuEq.
  • Milled Inferred Assets have grown 19% to 0.74 million AuEq ozs at 2.05 g/t AuEq.
  • Technical de-risking included within the up to date MRE consists of each greater gold recoveries primarily based on in depth metallurgical take a look at work and geotechnical parameter updates.
  • The 2024 MRE consists of a further 86,650 metres drilled by Prime because the cutoff of the Might 2023 MRE. In whole, the 2024 MRE is predicated on 240,172 metres of drilling, of which Prime has drilled 191,451 metres. Prime’s discovery value is simply over $US 20 per useful resource ounce added since acquisition.
  • Appreciable upside potential: mineralization at Los Reyes stays open alongside strike and at depth, with the continued drill program concentrating on high-grade mineralization alongside each the northwest and southeast extensions of the Z-T Development, the southeast extension of the Guadalupe and Central Developments, in addition to rising Generative Areas.
• As at December 31, held C$19 million in money with roughly $19 million of in-the-money warrants and choices expiring June 2025.
• As famous on February 19, 2025, Prime accomplished roughly 1,500 metres of drilling yr thus far, previous to the momentary suspension of drilling on January 28, 2025 in response to latest modifications within the safety scenario in elements of Sinaloa, together with the Los Reyes space. This suspension isn’t anticipated to have an effect on the Firm’s capability to execute the 2025 drill program described, as drill rigs stay on web site and drill contractors are on standby to renew drilling as quickly because the native safety scenario improves. The Firm will proceed to work with native authorities to observe the scenario.

Article content material

Exploration Highlights Throughout This autumn 2024
On December 10, the Firm reported 4 core holes at Guadalupe East, positioned within the south-east finish of the Guadalupe Development with the next highlights:

• 42.07 grams per tonne (“g/t”) gold-equivalent (“AuEq”) (14.25 g/t Au and a couple of,150.0 g/t Ag) over 1.0 metres (“m”) estimated true width (“ETW”) in gap 24GE-160, and:
• 11.33 g/t AuEq (3.34 g/t Au and 617.4 g/t Ag) over 1.3 m ETW, together with:
  • 21.28 g/t AuEq (6.27 g/t Au and 1,160.0 g/t Ag) over 0.7 m ETW;
• 5.32 g/t AuEq (1.80 g/t Au and 271.8 g/t Ag) over 2.4 m ETW in gap 24GE-162, together with:
  • 7.34 g/t AuEq (2.41 g/t Au and 381.0 g/t Ag) over 1.5 m ETW.

Sustaining Well being and Security Protocols

Prime stays engaged with native stakeholders and is proactive in monitoring workers and contractors regarding basic well being circumstances. The Firm continues to intently adhere to the directives of all ranges of presidency and related well being authorities in Mexico and Canada.

Neighborhood Engagement and Environmental Stewardship Technique

We continued to assemble environmental and neighborhood information within the quarter in help of our ESG packages, together with completion of a materiality evaluation, strategic plan, and disclosure matrix. We attempt to reduce the environmental footprint of our actions and be certain that Los Reyes has a optimistic affect on our host communities.

Article content material

Article content material

The Firm launched its second annual sustainability report throughout Might 2024, reflecting Prime’s ongoing measure of our progress in assembly our commitments relating to sustainability and stewardship of the atmosphere, related social points, and company governance. Throughout the course of the yr, Prime was concerned in numerous social and neighborhood engagement actions, together with back-to-school, meals, water and help packages.

Chosen Monetary Information

The next chosen monetary information is summarized from the Firm’s consolidated monetary statements and associated notes thereto (the “Monetary Statements”) for the years ended December 31, 2024 and 2023. A replica of the Monetary Statements and MD&A is on the market at www.primeminingcorp.ca or on SEDAR at www.sedar.com.

Article content material

2024 Yr in Evaluate:        

Superior challenge investigations:

• In depth metallurgical testwork with Kappes Cassiday and different engineers led to an elevated gold milling restoration estimate of 95.6%.
• Interpretation of geotechnical enter parameters by Knight Piésold offered slope and stope parameters for the up to date useful resource estimate.
• Launched Mineral Useful resource Estimate (“MRE”) on October 15, 2024, primarily based drilling to July 17, 2024.
• Accomplished 50,874 metres (“m”) of drilling over 142 holes following success-based exploration program; 162 drill holes intercepted mineralization above roughly 0.2 gpt Au cutoff.
• Expanded high-grade mineralization alongside strike at Z-T and Central by 400 and 250 m, respectively. Additionally drill outlined a number of high-grade shoots by a number of hundred metres down dip.
• At Guadalupe East, we expanded high-grade mineralization to the west and the east, the place we found a number of new high-grade antithetic veins.
• Continued to develop generative targets, with specific success at Las Primas and Fresnillo.

CEO Succession, Strengthened Board:

Article content material

• Appointed Scott Hicks to Board of Administrators in January, 2024 and as CEO in February, 2024.
• Appointed Sunny Lowe to Board of Administrators in September, 2024.

Demonstrated dedication to Atmosphere, Social and Company Governance (ESG):

• Launched second annual ESG report in April 2024.
• Social and neighborhood engagement actions, together with academic, neighborhood and environmental programming and infrastructure growth.

Recognition by Trade:

• Prime Mining was chosen to take part within the “Core Shack” on the 2025 Prospectors & Builders Affiliation of Canada (PDAC), with the workforce internet hosting sales space #3110A on Sunday March 2 and Monday March 3, 2025. Core Shack individuals are chosen from a aggressive pool of candidates producing new and thrilling drill outcomes to current their core on this distinctive venue on the world’s premier mining conference.

Determine 1 – 2024 Enlargement and Generative Drilling

Z-T Development – Enlargement Drilling and Interpretation
Excessive grade shoots, Strike prolonged to 4km, drilling to proceed downdip

Throughout fiscal 2024, the Firm’s drilling continued to come across excessive grades and extensive zones of mineralization on the Z-T Development, supporting growth of the Au-Eq grade shell.

Article content material

Drilling at silver-rich Tahonitas prolonged mineralization 400 m to the southeast.

Excessive-grade plunging shoots have been prolonged and stay open at depth and alongside strike in a number of areas alongside the Z-T Development. Whereas Prime has drill-tested high-grade mineralization alongside a greater than 4km strike size at Z-T, floor mapping has outlined a strike size of greater than 5km for the Z-T construction.

In 2025, Prime is concentrating on growth drilling at Z-T downdip in below drilled areas and to the southeast alongside the identified construction.

Determine 2 – Z-T (April 2024)

Determine 3 – Z-T (Sept 2024)

Determine 4 – Z-T (Jan 2025)

Z-T Drill Highlights
Excessive Gold Grade Space Stays Open, and Continues at Depth and Alongside Development

• 7.68 grams per tonne (“gpt”) gold-equivalent (“AuEq”) (5.83 gpt Au and 142.7 gpt Ag) over 7.7 metres (“m”) estimated true width (“etw”) in gap 24TA-116, together with:
  • 31.49 gpt AuEq (24.31 gpt Au and 554.7 gpt Ag) over 1.8 m etw, together with:
  • 55.72 gpt AuEq (44.1 gpt Au and 898.0 gpt Ag) over 0.6 m etw;
• 1.98 gpt AuEq (1.21 gpt Au and 59.7 gpt Ag) over 16.9 m etw in gap 24TA-110, together with:
  • 3.99 gpt AuEq (2.41 gpt Au and 122.0gpt Ag) over 4.5 m etw;
• 23.97 gpt AuEq (7.66 gpt Au and 1,260.0 gpt Ag) over 0.8 m etw in gap 24TA-111.

Article content material

Demonstrated Excessive-Grade Nature of the Z-T Development and its Continuity at Depth and Alongside Strike

• 6.93 grams per tonne (“gpt”) gold-equivalent (“AuEq”) (6.64 gpt Au and 22.4 gpt Ag) over 2.9 metres (“m”) estimated true width (“etw”) in gap 24TA-117, together with:
  • 19.71 gpt AuEq (18.90 gpt Au and 62.8 gpt Ag) over 1.0 m etw;
• 1.51 gpt AuEq (1.0 gpt Au and 39.6 gpt Ag) over 14.2 m etw in gap 24TA-119, together with:
  • 4.34 gpt AuEq (2.60 gpt Au and 134.5 gpt Ag) over 2.4 m etw.
• 1.47 gpt AuEq (1.21 gpt Au and 19.9 gpt Ag) over 10.7 m etw in gap 24TA-131, together with
  • 7.28 gpt AuEq (6.80 gpt Au and 37.4 gpt Ag) over 0.8 m etw.

Extension of Mineralization 550m Alongside Strike from the Southeast Z-T Pit (2023 MRE) Crest:

• 9.39 grams per tonne (“gpt”) gold-equivalent (“AuEq”) (2.63 gpt Au and 522.1 gpt Ag) over 10.5 metres (“m”) estimated true width (“etw”) in gap 24TA-139, together with:
  • 10.29 gpt AuEq (2.89 gpt Au and 572.0 gpt Ag) over 8.0 m etw,
• 4.55 gpt AuEq (2.87 gpt Au and 130.0 gpt Ag) over 4.1 m etw in gap 24TA-138, together with:
  • 8.06 gpt AuEq (5.23 gpt Au and 218.3 gpt Ag) over 2.1 m etw, and,
• 3.56 gpt AuEq (2.92 gpt Au and 49.2 gpt Ag) over 4.6 m etw in gap 24TA-138, together with:
  • 5.57 gpt AuEq (4.84 gpt Au and 56.8 gpt Ag) over 2.7 m etw,
• 2.95 gpt AuEq (2.88 gpt Au and 5.5 gpt Ag) over 4.1 m etw in gap 24TA-135, together with:
  • 13.21 gpt AuEq (12.95 gpt Au and 20.3 gpt Ag) over 0.7 m etw, and,
• 4.24 gpt AuEq (4.08 gpt Au and 12.2 gpt Ag) over 2.3 m etw in gap 24TA-135, together with:
  • 13.92 gpt AuEq (13.40 gpt Au and 40.4 gpt Ag) over 0.6 m etw

Article content material

Tahonitas Footwall Discovery: Intersects New Steady Excessive-Grade Veins at Tahonitas within the Z-T Development:

• 5.67 grams per tonne (“g/t”) gold-equivalent (“AuEq”) (2.23 g/t Au and 266.1 g/t Ag) over 4.2 metres (“m”) estimated true extensive (“etw”) in gap 24TA-149, together with:
  • 9.49 g/t AuEq (3.94 g/t Au and 428.7 g/t Ag) over 2.1 m etw;
• 1.62 g/t AuEq (1.36 g/t Au and 19.9 g/t Ag) over 15.2 m etw in gap 24TA-144, together with:
  • 4.94 g/t AuEq (4.22 g/t Au and 55.3 g/t Ag) over 3.7 m etw;
• 4.93 g/t AuEq (2.55 g/t Au and 184.0 g/t Ag) over 3.3 m etw in gap 24TA-153, together with:
  • 14.09 g/t AuEq (7.09 g/t Au and 541.0 g/t Ag) over 1.1 m etw;
• And likewise, 0.92 g/t AuEq (0.72 g/t Au and 15.2 g/t Ag) over 19.2 m etw in gap 24TA-153.

Guadalupe Development – Enlargement Drilling and Interpretation
Excessive grade extensions, mineralization within the 700m between GE and Echeguren Shaft

The Guadalupe Development, particularly Guadalupe East, hosts important high-grade materials. In 2024 drill gap 24GE-159 returned one of many highest-grade silver intercepts recorded on the Challenge at 20.5 gpt Au and a couple of,620 gpt Ag (54.41 gpt AuEq over 0.7 m etw). This gap expanded the very-high grade mineralization to the west exterior the 2023 useful resource pit.

Article content material

In 2025, drilling is deliberate to increase the identified high-grade areas alongside strike.

Determine 5 – Guadalupe East (Might 2024)

Determine 6 – Drill Program Progress Guadalupe East

Guadalupe Drill Highlights
Excessive grade silver values along with gold:

• 6.90 grams per tonne (“gpt”) gold-equivalent (“AuEq”) (2.67 gpt Au and 326.6 gpt Ag) over 3.5 metres (“m”) estimated true width (“etw”) in gap 24GE-149;
• 12.65 gpt AuEq (4.06 gpt Au and 664.0 gpt Ag) over 1.1 m etw in gap 24GE-150;
• 7.8 gpt AuEq (2.38 gpt Au and 419.0 gpt Ag) over 1.5 m etw in gap 24GE-151;
• 9.86 gpt AuEq (3.71 gpt Au and 475.0 gpt Ag) over 1.0 m etw in gap 24GE-158;
• 54.41 gpt AuEq (20.5 gpt Au and a couple of,620 gpt Ag) over 0.70 m etw in gap 24GE-159.

Excessive grade mineralization 400 m from most important Estaca vein and 300 metres from the Echeguren Shaft:

• 42.07 grams per tonne (“g/t”) gold-equivalent (“AuEq”) (14.25 g/t Au and a couple of,150.0 g/t Ag) over 1.0 metres (“m”) estimated true width (“ETW”) in gap 24GE-160, and:
  • 11.33 g/t AuEq (3.34 g/t Au and 617.4 g/t Ag) over 1.3 m ETW, together with:
  • 21.28 g/t AuEq (6.27 g/t Au and 1,160.0 g/t Ag) over 0.7 m ETW;
• 5.32 g/t AuEq (1.80 g/t Au and 271.8 g/t Ag) over 2.4 m ETW in gap 24GE-162, together with:
  • 7.34 g/t AuEq (2.41 g/t Au and 381.0 g/t Ag) over 1.5 m ETW.

Article content material

Las Primas – Generative Drilling and Interpretation
Prime discovery: Excessive Grade intersection, excessive grades at shallow depths

Las Primas, positioned between the Central and Guadalupe Developments, was first recognized by historic information and the Firm’s earlier sampling and mapping work. Las Primas mineralization lies fully exterior of the 2023 MRE and accommodates high-grades and important thicknesses. The dear metals mineralization is in high-grade plunging shoots containing a number of gram-per-tonne AuEq facilities with outer, lower-grade halos.

In 2024, drilling at Las Primas adopted up on earlier drilling and confirmed the continuity of a number of anastomosing buildings starting from lower than a metre to 30 metres in width. Drilling at Las Primas intercepted a number of new excessive grade mineralized buildings that seem to have many similarities to Guadalupe East, which is positioned 500 m to the northeast. Early mineralization modeling suggests a vertical extent of over 300 m and 500 m which is open alongside strike.

In 2025, drilling at Las Primas will concentrate on extending mineralization.

Article content material

Determine 7 – Las Primas (April 2024)

Las Primas Space Drill Outcomes
Excessive grade mineralization begins close to floor

• 11.81 grams per tonne (“gpt”) gold-equivalent (“AuEq”) (4.07 gpt Au and 598.1 gpt Ag) over 3.0 metres (“m”) estimated true width (“etw”) in gap 24LP-30, together with:
  • 19.8 gpt AuEq (6.77 gpt Au and 1007.1 gpt Ag) over 1.7 m etw
• 3.42 gpt AuEq (1.44 gpt Au and 153.1 gpt Ag) over 9.4 m etw in gap 24LP-33, together with:
  • 4.48 gpt AuEq (1.94 gpt Au and 196.1 gpt Ag) over 5.0 m etw
• 1.75 gpt AuEq (0.83 gpt Au and 71.1 gpt Ag) over 3.6 m etw in gap 24LP-24
• 1.75 gpt AuEq (1.21 gpt Au and 41.9 gpt Ag) over 3.8 m etw in gap 24LP-28, together with:
  • 2.75 gpt AuEq (1.78 gpt Au and 74.7 gpt Ag) over 2.1 m etw

Central Development – Enlargement Drilling and Interpretation
Continuity of mineralization, extension of Noche Buena

2024 drilling at Noche Buena, positioned within the southeastern-most finish of the Central Development, focused the hole between Noche Buena and San Miguel East to the north and was included within the 2024 MRE. The drilling demonstrated mineralization continues on this hole alongside the construction. confirms the continued growth of potential gold-silver sources along with and never included within the Firm’s MRE. Moreover, Prime has continued drilling to the southeast to increase the identified mineralization at Noche Buena.

Article content material

In 2025, Prime drilling at Central is meant to extend the Central Space useful resource by additions at Noche Buena and extension additional to the southeast.

Determine 8 – Central: Noche Buena (Jan 2025)

Noche Buena Drill Outcomes
Delivering Robust Grades and Continuity, Defining a 400-metre Excessive-Grade Shoot

• 3.48 grams per tonne (“g/t”) gold-equivalent (“AuEq”) (3.12 g/t Au and 27.7 g/t Ag) over 7.6 m estimated true width (“ETW”) in gap 24NB-78, together with:
  • 8.64 g/t AuEq (7.8 g/t Au and 64.8 g/t Ag) over 2.8 m ETW, together with:
  • 16.22 g/t AuEq (15.00 g/t Au and 94.0 g/t Ag) over 1.4 m ETW;
• 2.16 g/t AuEq (1.75 g/t Au and 31.9 g/t Ag) over 11.3 m ETW in gap 24NB-67, together with:
  • 8.65 g/t AuEq (7.42 g/t Au and 95.3 g/t Ag) over 2.3 m ETW;
• 1.65 g/t AuEq (1.03 g/t Au and 47.6 g/t Ag) over 11.2 m ETW in gap 24NB-77, together with:
  • 4.24 g/t AuEq (2.40 g/t Au and 142.0 g/t Ag) over 1.8 m ETW.

Fresnillo – Generative Drilling and Interpretation

Fresnillo, positioned between the Z-T and Central Developments, was recognized by the Firm’s detailed mapping and geochemical sampling.

Drilling at Fresnillo in 2024 expanded earlier mineralization to the south and was included within the 2024 MRE.

Article content material

In 2025 drilling at Fresnillo will goal increasing mineralization to the north and south.

2025 Los Reyes Challenge Outlook:

• Exploration: Proceed success-based method to drilling in 2025, following the present pause, with an preliminary program of 40,000 metres to additional determine new prospects on our huge property. To determine each extensions to identified buildings and additional discovery areas, we are going to proceed the profitable geological mapping and geochemical sampling packages.
• Technical: Work towards a Preliminary Financial Evaluation, additional refining the metallurgical, geotechnical, mine planning and growth parameters for challenge growth, together with course of and underground mining optimization, infrastructure evaluation and allowing necessities.
• Neighborhood Engagement: Proceed to interact with and help native ejidos (communities) by academic, neighborhood and environmental programming, entry street enhancements and infrastructure growth.

2025 Exploration Drilling will concentrate on:

• Extending the high-grade Z-T Space shoots that stay open at depth, in addition to alongside strike, each north and south.
• Increasing the identified high-grade mineralization at Guadalupe East.
• Rising the Central Space useful resource by additions at Noche Buena and its connection to San Miguel East.
• Generative goal drilling of high-grade intercepts at Las Primas, Fresnillo and Mariposa to additional develop these rising sources, in addition to different goal discovery areas to show the numerous useful resource growth potential at Los Reyes.

Article content material

In regards to the Los Reyes Gold and Silver Challenge

Los Reyes is a high-grade, low-sulphidation epithermal gold-silver challenge positioned in Sinaloa State, Mexico. On October 15, 2024, Prime introduced an up to date multi-million-ounce high-grade open pit and underground useful resource primarily based on exploration drilling as much as July 17, 2024. Since buying Los Reyes in 2019, Prime has spent greater than $62 million on direct exploration actions and has accomplished over 220,000 metres of drilling.

October 15, 2024 Useful resource Assertion¹
(primarily based on a $1950/oz gold worth, $25.24/oz silver worth, economic-constrained estimate)

Article content material

1. Consult with the Extra Notes part for the gold equal grade (“AuEq”) calculation methodology and additional info.

Drilling is ongoing and means that the three identified most important deposit areas (Guadalupe, Central and Z-T) are bigger than beforehand reported. Potential additionally exists for brand spanking new discoveries the place mineralized traits have been recognized exterior of the at present outlined useful resource areas. Historic working outcomes point out that an estimated 1 million ounces of gold and 60 million ounces of silver have been recovered from 5 separate operations at Los Reyes between 1770 and 1990. Previous to Prime’s acquisition, latest operators of Los Reyes had spent roughly US$20 million on exploration, engineering, and prefeasibility research.

QA/QC Protocols and Sampling Procedures

Drill core on the Los Reyes challenge is drilled in predominately HQ dimension (63.5 millimetres “mm”), decreasing to NQ (47.6 mm) when required. Drill core samples are usually 1.50 m lengthy alongside the core axis with allowance for shorter or longer intervals if required to swimsuit geological constraints. After logging intervals are recognized to be sampled, the core is reduce 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 cut up into 2 halves, with one half submitted for evaluation and the opposite half saved.

Article content material

Pattern QA/QC measures embody unmarked licensed reference supplies, blanks, and discipline duplicates in addition to preparation duplicates are inserted into the pattern sequence and make up roughly 8% of the samples submitted to the laboratory for every drill gap.

Samples are picked up from the Challenge by the laboratory personnel and transported to their amenities in Durango or Hermosillo Mexico, for pattern preparation. Pattern evaluation is carried out by Bureau Veritas and ALS Labs, with fireplace assay, together with over limits fireplace assay re-analysis, accomplished at their respective Hermosillo, Mexico laboratories and multi-element evaluation accomplished in North Vancouver, Canada. Drill core pattern preparation consists of high quality crushing of the pattern to at the least 70% passing lower than 2 mm, pattern splitting utilizing a riffle splitter, and pulverizing a 250-gram cut up to at the least 85% passing 75 microns.

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

Article content material

Gold assay methods FA430 and Au-AA23 have an higher detection restrict of 10 ppm. Any pattern that produces an over-limit gold worth through the preliminary assay approach is distributed for gravimetric end through methodology FA-530 or Au-GRA21. Silver analyses by MA300 and ME-ICP61 have an higher restrict of 200 ppm and 100 ppm, respectively. Samples with over-limit silver values are re-analyzed by fireplace assay with gravimetric end FA530 or Au-GRA21.

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

Extra Notes

Prime’s MRE as of October 15, 2024 is classed in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) “CIM Definition Requirements – For Mineral Assets and Mineral Reserves” adopted by the CIM Council (as amended, the “CIM Definition Requirements”) and in accordance with the necessities of NI 43-101. Mineral sources should not mineral reserves and do not need demonstrated financial viability.

Metres is represented by “m”; “etw” is Estimated True Width and is predicated on drill gap geometry or comparisons with different on-section drill holes; “Au” refers to gold, and “Ag” refers to silver; “g/t” is grams per metric tonne; some figures could not sum as a result of rounding; Composite assay grades introduced in abstract tables are calculated utilizing a Au grade minimal common of 0.20 g/t or 1.0 g/t as indicated in “Au Lower-off” column of Abstract Tables. Most inside waste included in any reported composite interval is 3.00 m. The 1.00 g/t Au cut-off is used to outline higher-grade “cores” throughout the lower-grade halo.

Article content material

Gold equal grades are calculated primarily based on an assumed gold worth of US$1,950 per ounce and silver worth of $25.24 per ounce, primarily based on the method AuEq grade (g/t) = Au grade + (Ag grade x $25.24 / $1,950). Metallurgical recoveries should not thought-about within the in-situ grade estimate however are estimated to be 95.6% and 81% for gold and silver, respectively, when processed in a mill, and 73% and 25% respectively when heap-leached. Extra particulars can be found within the related Technical Report, filed on November 27, 2024.

Certified Individual

Scott Smith, P.Geo., Government Vice President of Exploration, is a Certified Individual for the needs of NI 43-101 and has reviewed and authorised the technical content material on this information launch.

About Prime Mining

Prime is managed by a perfect mixture of profitable mining executives, sturdy capital markets personnel and skilled native operators all centered on unlocking the total potential of the Challenge. The Firm has a well-planned capital construction with a powerful administration workforce and insider possession. Prime is concentrating on a cloth useful resource growth at Los Reyes by a mix of recent generative space discoveries and progress, whereas additionally constructing on technical de-risking actions to help eventual challenge growth.

Article content material

For additional info, please go to https://www.primeminingcorp.ca/ or direct enquiries to:

Scott Hicks
CEO & Director

Indi Gopinathan
VP Capital Markets & Enterprise Improvement

Prime Mining Corp.
710 – 1030 West Georgia St.
Vancouver, BC V6E 2Y3 Canada
+1(604) 238-1659
information@primeminingcorp.ca

Cautionary Notes to U.S. Buyers Regarding Useful resource Estimates
This information launch has been ready in accordance with the necessities of the securities legal guidelines in impact in Canada, which differ from the necessities of the U.S. securities legal guidelines. Particularly, and with out limiting the generality of the foregoing, the phrases “mineral reserve”, “confirmed mineral reserve”, “possible mineral reserve”, “inferred mineral sources,” “indicated mineral sources,” “measured mineral sources” and “mineral sources” used or referenced on this presentation are Canadian mineral disclosure phrases as outlined in accordance with NI 43-101 below the rules set out within the CIM Requirements. The CIM Requirements differ from the mineral property disclosure necessities of the U.S. Securities and Change Fee (the “SEC”) in Regulation S-Okay Subpart 1300 (the “SEC
Modernization Guidelines”) below the U.S. Securities Act of 1933, as amended (the “Securities Act”). As a overseas non-public issuer that’s eligible to file experiences with the SEC pursuant to the multijurisdictional disclosure system, the Firm isn’t required to offer disclosure on its mineral properties below the SEC Modernization Guidelines and can proceed to offer disclosure below NI 43-101 and the CIM Requirements. Accordingly, the Firm’s disclosure of mineralization and different technical info could differ considerably from the data that will be disclosed had the Firm ready the data below the requirements adopted below the SEC Modernization Guidelines.

Article content material

Ahead Wanting Info

This information launch accommodates sure “forward-looking info” and “forward-looking statements” throughout the that means of Canadian securities laws as could also be amended occasionally, together with, with out limitation, statements relating to the perceived benefit of the Firm’s properties, together with extra exploration potential of Los Reyes, potential amount and/or grade of minerals, the potential dimension of the mineralized zone, metallurgical recoveries, and the Firm’s exploration and growth plans in Mexico. Ahead-looking statements are statements that aren’t historic information which handle occasions, outcomes, outcomes, or developments that the Firm expects to happen. Ahead-looking statements are primarily based on the beliefs, estimates and opinions of the Firm’s administration on the date the statements are made, they usually contain a number of dangers and uncertainties. Sure materials assumptions relating to such forward-looking statements have been made, together with with out limitation, assumptions relating to the worth of gold, silver and copper; the accuracy of mineral useful resource estimations; that there might be no materials opposed change affecting the Firm or its properties; that every one required approvals might be obtained, together with concession renewals and allowing; that political and authorized developments might be in line with present expectations; that forex and trade charges might be in line with present ranges; and that there might be no important disruptions affecting the Firm or its properties. Consequently, there will be no assurances that such statements will show to be correct and precise outcomes and future occasions may differ materially from these anticipated in such statements. Ahead-looking statements contain important identified and unknown dangers and uncertainties, which may trigger precise outcomes to vary materially from these anticipated. These dangers embody, however should not restricted to: dangers associated to uncertainties inherent within the preparation of mineral useful resource estimates, together with however not restricted to modifications to the fee assumptions, variations in amount of mineralized materials, grade or restoration charges, modifications to geotechnical or hydrogeological issues, failure of plant, tools or processes, modifications to availability of energy or the ability charges, capability to keep up social license, modifications to curiosity or tax charges, modifications in challenge parameters, delays and prices inherent to consulting and accommodating rights of native communities, environmental dangers, title dangers, together with concession renewal, commodity worth and trade charge fluctuations, dangers referring to COVID-19 and different future pandemics, delays in or failure to obtain entry agreements, on-going receipt of amended and/or working permits, dangers inherent within the estimation of mineral sources; and dangers related to executing the Firm’s goals and techniques, together with prices and bills, bodily entry to the property, safety dangers, availability of contractors and expert labour, in addition to these danger components mentioned within the Firm’s most just lately filed administration’s dialogue and evaluation, in addition to its annual info kind dated March 25, 2024, accessible on www.sedarplus.ca, and forthcoming Annual Info Kind for the yr ended December 31, 2024. Besides as required by the securities disclosure legal guidelines and rules relevant to the Firm, the Firm undertakes no obligation to replace these forward-looking statements if administration’s beliefs, estimates or opinions, or different components, ought to change.

Article content material

Photographs accompanying this announcement can be found at

https://www.globenewswire.com/NewsRoom/AttachmentNg/1302d44e-c69f-4155-83f2-328edac59944

https://www.globenewswire.com/NewsRoom/AttachmentNg/6e972cbd-173f-458e-8063-e3b8d39fb1c2

https://www.globenewswire.com/NewsRoom/AttachmentNg/28d2f5c2-c7ed-4d7b-b43c-2a89ee4c69cb

https://www.globenewswire.com/NewsRoom/AttachmentNg/e089073f-e087-40e2-b622-ad759cd40cb5

https://www.globenewswire.com/NewsRoom/AttachmentNg/f3f93fe9-4ee5-471e-bf8c-680a646a46fd

https://www.globenewswire.com/NewsRoom/AttachmentNg/7e814301-2277-4a53-931a-53cd3162b8bd

https://www.globenewswire.com/NewsRoom/AttachmentNg/1a3c402a-0c54-4c2c-9eae-b438cdf86cfc

https://www.globenewswire.com/NewsRoom/AttachmentNg/8a3e821f-56e2-444c-b4fa-8e075720ca4c

Article content material