Premier Gold Mines Limited announced the updated results of its Preliminary Economic Assessment on the Cove Project at its 100%-owned McCoy-Cove Property located near Battle Mountain, Nevada. Highlights of the updated PEA results and life-of-mine plan include: After-tax NPV5 of $178.0 million, and an after-tax internal rate of return of 36% based on a gold price of $1,400/oz – increasing to NPV5 of $306 million and IRR of 53% at a gold price of $1,680/oz, Average operating costs of $215/ton, cash cost of $859/oz Au and all-in sustaining cost (AISC) of $948/oz Au, Indicated mineral resources of 1,110 ktons at 0.316 oz/t Au and 0.850 oz/t Ag for 351,000 ozs of gold and 943,000 ozs of silver (1,007 ktonnes at 10.8 g/t Au, 29.1 g/t Ag), Inferred mineral resources of 4,262 ktons at 0.317 oz/t Au and 0.602 oz/t Ag for 1,353 koz of gold and 2,565 koz of silver (3,866 ktonnes at 10.9 g/t Au, 20.6 g/t Ag), Metallurgical recoveries of 82.5% for gold and 67.1% for silver, Gold production of 743,000 ounces during 8-year life of mine (LOM), Average annual full year gold production of 102,000 ounces, LOM capital cost of $107.2 million after pre-development costs of $23.9 million, Mine construction capital of $81.9 million and After-tax payback period of 4.5 years. Project Economics: The Project will process 2.97 million tons at an average grade of 0.303 oz/t Au producing 743,000 ounces of gold over an 8-year period. The cost profile includes an average cash cost (net of by-product credits) of $859 per ounce of gold sold and an AISC of $948 (net of by-product credits) per ounce of gold sold. Annual full year gold production will average 102,000 ounces per year over the 8-year mine life. The PEA assumes mining of mineral resources in the Helen and Gap deposits only. Potential exists to increase mineral resources as the deposits remain open for expansion. New mineral resources may also be found along the Cove South Deep and 2201 zones and this potential will be reviewed following underground exploration and delineation drilling. Project after-tax NPV5 is estimated to be $178.0 million at a gold price of USD 1,400/oz with a 4.5-year payback from a positive construction decision and an after-tax IRR of 36%. Total undiscounted after-tax cash flow over the life of the Project is estimated to be $230 million. Some $23.9 million in pre-development costs have been excluded from NPV and IRR calculations within the PEA. These pre-development costs relate to advanced exploration, resource conversion, baseline studies and permitting activities to be completed prior to the commencement of mine construction and are considered sunk costs. The PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the results of the PEA will be realized. Location: The McCoy-Cove Property is located immediately south of Nevada Gold Mines'Phoenix Mine, 32 miles south of the Town of Battle Mountain, in Lander County, Nevada. The Property hosts the historic Cove mine, operated by Echo Bay Mines Ltd. (Echo Bay) between 1987 and 2001, that produced 2.6 million ounces of gold and 100 million ounces of silver and the historic McCoy mine that produced more than 600,000 ounces of gold. The property benefits from significant historic geological datasets, local and regional infrastructure that include its proximity to paved highways, electric power, and pre-existing mine infrastructure. Premier is proud of its relationships within local communities including the Town of Battle Mountain, which provides important manpower and services to the Property and serves as the location of its regional office. Geology & Mineral Resources: The McCoy-Cove Property is in the central Nevada portion of the Basin and Range Province, which underwent regional extension during the Tertiary period that created the present pattern of alternating largely fault bounded ranges separated by alluvial filled valleys. The property lies west of the central part of the Battle Mountain-Eureka Trend and hosts four distinct mineralization type Carlin-style, polymetallic sheeted veins, carbonate replacement (Manto), and skarn. The Helen, CSD Gap and CSD deposits are Carlin-style deposits while the 2201-VG zone is comprised of steeply dipping polymetallic sheeted veins. The Cove (Gap) deposit remains open for expansion down-plunge and the 2201 zone remains open along strike and at depth. Mineral resources were constrained using a gold equivalent cut-off grade of 0.141 oz/t Au. Permitting:The McCoy-Cove Project is fully permitted under an Environmental Assessment to develop an exploration ramp, complete underground diamond drilling, and to test mine up to 120,000 tons of potentially economic mineralization. The PEA assumes that a new EA will be required to dewater ahead of mining in the Helen Zone. It is expected that an Environmental Impact Statement will be required to dewater ahead of mining. Collection of baseline data, permitting, and bonding for the EIS is expected to be completed in Second Quarter 2024. Next Steps: The focus for the remainder of 2021 and 2022 includes laboratory and economic evaluations of alternative processing methods, optimizing the mine plan with the hydrological model, completion of baseline studies needed to kick off an EIS, and beginning development of an exploration decline to support underground diamond drilling to upgrade and increase mineral resources. Completion of these activities and a feasibility study will occur in 2023-24.