Dr. Craig Gibson reports

PRISMO METALS INTERSECTS HIGH-GRADE MINERALIZATION AT PALOS VERDES -- INCLUDING 11,520 G/T AGEQ OVER 0.5 METER

Prismo Metals Inc. has released results from seven drill holes targeting the Palos Verdes vein on the property of the same name located in the Panuco district in Mexico.

Highlights

PV-23-25:

• This hole intersected 11,520 grams per tonne silver equivalent over 0.5 metre (3,100 g/t silver, 102 g/t gold and 0.26 per cent zinc):
  • This intercept is part of a wider mineralized interval with 4,311 g/t AgEq over 1.35 metres (1,157 g/t Ag, 38 g/t Au and 0.1 per cent Zn).
• A second interval higher in the hole yielded 512 g/t AgEq over 0.3 metre (384 g/t Ag, 1.36 g/t Au and 0.27 per cent Zn).

Hole PV-23-24:

• This hole intercepted 1,234 g/t g/t AgEq over 0.7 metre (60 g/t Ag, 11.9 g/t Au and 3.9 per cent Zn):
  • This interval is within a wider 2.6-metre interval with 384 g/t AgEq (32 g/t Ag, 3.3 g/t Au and 1.57 per cent Zn).
• A second interval higher in the hole yielded 302 g/t AgEq over 1.2 metres (95 g/t Ag, 1.84 g/t Au and 1.2 per cent Zn).

Hole PV-23-20:

• This hole intercepted 189 g/t g/t AgEq over 0.9 metre (58 g/t Ag and 1.58 g/t Au), and is the first mineralized intercept in the northeastern portion of the concession.

The company is conducting a 2,500-metre drill program at the property, which is contiguous to the Panuco silver-gold project of Vizsla Silver Corp. The Palos Verdes vein originates on Vizsla's concession to the southwest of the Palos Verdes concession and has 750 metres of strike length on Prismo's ground.

"We are excited to report these high-grade mineralization intercepts at Palos Verdes. What makes these results even more significant is that they come from drill sites that were not previously accessible for drilling," said Dr. Craig Gibson, president and chief executive officer of the company. "Previous drilling in the southwest portion of the vein had intersected high-grade mineralization, with the best intercept of 2,336 g/t Ag and 8.42 g/t Au over a true width estimated at 0.8 metre within a larger mineralized interval with 1,098 g/t Ag and 3.75 g/t Au over a true width of 2.3 metres (see Prismo's news release dated Sept. 30, 2020).

"Holes 24 and 25 were drilled underneath the body of mineralized vein defined by our previous drill campaigns and have further extended the zone of high-grade mineralization. Holes drilled near the northeastern limit of the concession and vein outcrop seem to confirm the interpretation that this area has been down-dropped along the northwesterly striking fault zone that crosses the centre of the Palos Verdes concession, and provides information that will allow targeting by deeper drilling."

"Given the encouraging results announced today, Prismo will shortly be finalizing plans to at least double the number of metres of drilling at Palos Verdes," said Alain Lambert, executive chairman of Prismo. "Any decision we make will include the advice and recommendations of the joint technical committee formed as part of the strategic investment completed by Vizsla in January. The joint technical committee is comprised of our CEO, Vizsla's VP [vice-president], exploration, Jesus Velador, and Dr. Peter Megaw."

"The results announced today by Prismo clearly reaffirm the great potential of the Panuco district. Of particular interest is that the multiple high-grade mineralized intercepts announced are from the northeast part of the district, where little exploration has been conducted by Vizsla to date, paving the way to potential discoveries," said Micheal Konnert, president and chief executive officer of Vizsla Silver. "Vizsla owns a right of first refusal on the Palos Verdes project. We look forward to the recommendations of the joint technical committee and seeing Prismo expand its exploration footprint in this promising part of the Panuco district."

The company started the current drill program at the northeastern portion of the surface exposure of the Palos Verdes vein, where it is believed that the mineralization has been offset downward. The first holes also target hangingwall splits off of the main vein. In general, precious metal values are low but anomalous in this area, probably due to the high structural level of the drill intercepts. However, hole PV-23-20 intersected 189 g/t over 0.91 metre in one of the hangingwall splits. This drilling provides important information on the vein orientations that will aid drilling at a deeper level, where metal values are expected to be higher.

The veining with the high-grade intercept in hole PV-25 was cut at a shallower depth than programmed, and the vein may have been affected by the northwest-trending fault or may be part of a separate shallowly dipping vein. Further drilling is planned to offset this intercept and determine the orientation of the vein. Several additional holes are planned to explore the gap in drilling along the southwester portion of the Palos Verdes vein between 13 and 15.

The company has granted 815,000 incentive stock options, 525,000 stock appreciation rights (SARs) and 525,000 restricted share units (RSUs) to certain directors, officers and consultants of the company, subject to certain vesting requirements. Each option is exercisable, upon vesting, into one common share of the company at a price equal to the greater of: (i) 28.5 cents; or (ii) the closing market price of the company's shares on the Canadian Securities Exchange on July 28, 2023, for a period of five years from July 27, 2023. Upon vesting, each SAR entitles the holder to receive common shares in an amount equal to the difference between the grant pricing and the closing market price of the common shares on the settlement date for a period of five years from July 27, 2023. Each vested RSU entitles the holder to receive one common share. All grants of options, SARs and RSUs are subject to the company's long-term performance incentive plan, which was approved by shareholders at the company's annual general and special meeting of shareholders held on Sept. 29, 2022. A copy of the incentive plan is included in the company's management information circular in respect of the meeting dated Aug. 31, 2022, available via the company's profile on SEDAR.

Quality assurance/quality control

Samples taken by Prismo are analyzed by multielement ICP-AES and MS methods via internationally recognized analytical service providers. Certified reference materials, including standard pulps and coarse blank material, are inserted in the sample stream at regular intervals.

Dr. Craig Gibson, PhD, CPG, a qualified person as defined by National Instrument 43-01, president, chief executive officer and a director of the company, has reviewed and approved the technical disclosure in this news release.

About Prismo Metals Inc.

Prismo is a mining exploration company focused on two precious metal projects in Mexico (Palos Verdes and Los Pavitos) and a copper project in Arizona (Hot Breccia).

We seek Safe Harbor.