Prime Mining Receives $28 Million From Warrant Acceleration Program

VANCOUVER, May 09, 2023 - Prime Mining Corp. ("Prime", or the "Company") (TSX.V: PRYM, OTCQX: PRMNF, Frankfurt: O4V3) announces that 14,025,410 common share purchase warrants (the "Warrants") issued by the Company on December 22, 2022 have now been exercised resulting in gross proceeds to the Company of $28,050,820. The Warrants were previously issued by the Company in connection with a brokered private placement and were exercisable at $2.00.

The Company anticipates utilizing proceeds from the Warrant exercise to accelerate its 2023 drill program at the Los Reyes Project, allowing the Company to increase the drilling budget to expand the current mineral resource estimate and conduct drilling of new exploration targets that lie outside the known resource areas. The additional funds will also be used to develop early work programs to de-risk technical aspects of the Los Reyes Project, including metallurgical test work and internal engineering studies.

Chief Executive Officer Daniel Kunz commented, "With a current cash balance of $45.5 million, we are now positioned to increase our exploration activities at Los Reyes this year and next. We expect to increase the total planned drilling from 45,000 to 60,000 metres for 2023 and to undertake a similar-sized drill program in 2024. Our target in the coming years is to double the size of the high-grade gold-silver mineral resource estimate recently announced on May 2, 2023."

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 significant management team and insider ownership.

ON BEHALF OF THE BOARD OF DIRECTORS

Daniel Kunz
Chief Executive Officer

For further information, please contact:

Daniel Kunz
Chief Executive Officer and Director
Prime Mining Corp.
1307 S. Colorado Ave.
Boise, Idaho 83706
Telephone: +1 (208) 926-6379 office
email: daniel@primeminingcorp.ca

Scott Hicks
Executive Vice President
Prime Mining Corp.
710 - 1030 West Georgia Street
Vancouver, BC, V6E 2Y3
Telephone: +1 (604) 428-6128 office
email: scott.hicks@primeminingcorp.ca

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information

This news release contains certain "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities legislation as may be amended from time to time, including, without limitation, statements regarding the intended acceleration of the Warrants. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding the price of gold, silver and copper; the accuracy of mineral resource estimations; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained, including concession renewals and permitting; that political and legal developments will be consistent with current expectations; that currency and exchange rates will be consistent with current levels; and that there will be no significant disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: risks related to uncertainties inherent in the preparation of mineral resource estimates, including but not limited to changes to the cost assumptions, variations in quantity of mineralized material, grade or recovery rates, changes to geotechnical or hydrogeological considerations, failure of plant, equipment or processes, changes to availability of power or the power rates, ability to maintain social license, changes to interest or tax rates, changes in project parameters, delays and costs inherent to consulting and accommodating rights of local communities, environmental risks, title risks, including concession renewal, commodity price and exchange rate fluctuations, risks relating to COVID-19, delays in or failure to receive access agreements or amended permits, risks inherent in the estimation of mineral resources; and risks associated with executing the Company's objectives and strategies, Including costs and expenses, as well as those risk factors discussed in the Company's most recently filed management's discussion and analysis, as well as its annual information form dated April 22, 2022, available on www.sedar.com. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Forward-looking statements in this news release include the intended use of proceeds of the Offering.