Prime Mining Corp. provided a year-end update on its 100% owned Los Reyes Gold-Silver Project (“Los Reyes”) located in the State of Sinaloa, Mexico. Prime began 2020 announcing surface sampling results that demonstrated significant outcropping mineralized areas that carried good grades over significant widths, outside the historical resources at Zapote North and Zapote South. Additionally, the Company completed a significant new long-term agreement for surface use over the Los Reyes project area with Ejido de Tasajera, the majority local landowner. This access agreement is for an initial term of 15 years and can be extended for 15-years. The agreement covers project access and land use for exploration, engineering, construction, commissioning, and commercial operations. It is an extremely significant project milestone for the local communities, Prime and all project stakeholders, as it provides long-term project stability for the development of Los Reyes. In early April, some 10 months after initial acquisition of Los Reyes, Prime announced a measured and indicated in-pit oxide mineral resource of 19.8 million tonnes (“M t”) at 1.00 gram per tonne (“gpt Au”) and 26.2 gpt silver (“gpt Ag”) containing 633,000 ounces of gold (“oz Au”) and 16,604,000 ounces silver (“oz Ag”). Additionally, the updated resource outlined an in-pit oxide mineral resource of 7.1 M t at 0.78 gpt Au and 30.0 gpt Ag (or 179,000 oz Au and 6,831,000 oz Ag contained). Los Reyes - 2020 Progress: The Los Reyes Gold-Silver Project is a district scale epithermal gold-silver project in a prolific mining region of Mexico. Mineralization in the Los Reyes area is typical of low sulfidation epithermal gold/silver systems. Over US$20M in exploration and engineering has already been spent on Los Reyes over 25 years. Previous operators completed various prefeasibility studies but held back from development due to declining gold prices. While the initial work completed provides sufficient understanding of resources to fast-track Los Reyes to production, the work to-date has been conducted over less than 40% of the known structures. Additionally, the depth potential of what is essentially an intact epithermal gold-silver system has been inadequately explored. This leaves significant opportunities to materially expand known resources. Significant exploration progress has been made to date at Los Reyes. This ongoing work includes field mapping, trench sampling, rock alteration analysis and interpretation and re-logging of historic diamond drill core. This work led to a structural and rock alteration interpretation that is being used to guide the Company’s first diamond drill exploration program. Re-logging of several existing diamond drill core holes also identified that adularia, a crystalline mineral, containing high-grade gold and silver locally with visible gold, is associated with nearby altered rock types. The adularia appears to be vertically zoned. This zoning may provide a guide to effectively target areas of higher-grade gold and silver at depth below currently known mineralization. A study of alteration types indicates that the clay kaolinite is related to the main mineralizing event and may be considered a pathfinder to locations of higher-grade mineralization. Secondary clays may also serve to indicate higher-grade; these secondary clays include smectite, illite and montmorillonite. The initial data set was limited in size, so with the data available to-date, no assumptions can be made as to the lateral or vertical extent of gold-silver zoning. Data will continue to be collected and analyzed throughout the drill program. The Company’s 15,000 metre (“m”) Phase 1 diamond drill program began in December with the first of at least two drill rigs arriving at Los Reyes. The Phase 1 program will allow for the first wireframed and integrated geological, structural and alteration model to be developed for Los Reyes and will serve as the framework for the exploration and expansion of the known deposits and the discovery of new deposits at Los Reyes. Los Reyes - 2021 Exploration and Development Plans: The plans for 2021 include the following: Add a second drill contractor in early January. Expand the in-pit resources along strike and down dip. In addition, the drilling will infill areas to increase measured and indicated resources from inferred and provide silver assay data which is currently absent from parts of the historic reverse-circulation drill data. Target deeper sections at Guadalupe East and other east extensions at depth for higher grade material, where drilling has yet to intersect the interpreted optimum boiling level stratigraphy for higher-grade portions of the deposits. It is believed that a significant opportunity exists to develop underground resource potential. Target undrilled mineralized structures such as Fresnillo, Las Primas, Orito and newly identified structures proximal to Guadalupe. These structures offer both open pit and significant underground opportunities for resource expansion and discovery. Increase access to new areas by re-habilitating existing access roads and trails. Complete the Phase 1 drill program in the first half of 2021. Re-model the Los Reyes deposit during the rainy season (June to October) and develop additional resource expansion targets. Add infrastructure required at the project to support an expanded Phase II drill program starting in mid-October that focuses on both in-fill and resource expansion drilling. Continue ongoing baseline survey work in support of the established project permitting process. Continue our ongoing community engagement program.