Prime Mining Announces Grant Of Incentive Securities

VANCOUVER, British Columbia, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Prime Mining Corp. (“Prime” or the “Company”) (TSX: PRYM) (OTCQX: PRMNF) (Frankfurt: 04V3) announces that it has granted a total of 991,626 incentive stock options (the “Options”), 455,846 restricted share units (the “RSUs”) and 661,202 deferred share units (the “DSUs”) in accordance with the long-term incentive plan (the “Plan”) adopted by the Company.

The Options were granted to Management of the Company and are exercisable at the price of $1.83 per share. The Options will vest and become exercisable over a three year period, with one-third vesting on the first year anniversary of the grant, one-third on the second year anniversary, and one-third on the third year anniversary.

The RSUs were granted to the Management of the Company with each RSU equivalent to one Common Share or, at the Corporation's option, a cash payment equal to the Fair Market Value (as defined in the Plan) of such Common Share (with the additional option of receiving any combination of cash and Common Shares). The RSUs will vest over a three year period, with one-third vesting on the first year anniversary of the grant, one-third on the second year anniversary, and one-third on the third year anniversary. Settlement will occur at the end of the third year.

The DSUs were granted to the Board of Directors and will vest after twelve months, or upon the adoption of a revised long-term incentive plan which permits earlier vesting. Settlement will occur when a director resigns from or ceases to be a member of the Board, or in connection with a change of control, and is payable in either cash or commons shares at the discretion of the board of directors on the settlement date.

About the Los Reyes Gold and Silver Project

Los Reyes is a rapidly evolving high-grade, low sulphidation epithermal gold-silver project located in Sinaloa State, Mexico. Since acquiring Los Reyes in 2019, Prime has spent approximately CAD$48 million on direct exploration activities and has completed over 168,000 m of drilling. On May 2, 2023, Prime announced an updated multi-million-ounce high-grade open pit constrained resource (see below, and refer to the May 2, 2023 press release for more details).