Dr. Craig Gibson reports

PRISMO METALS ASSAYS UP TO 5.69% COPPER AT THE HOT BRECCIA PROJECT IN THE ARIZONA COPPER BELT

Prismo Metals Inc. has released assay results for samples taken in February during its continuing exploration program at the Hot Breccia project located in the heart of the prolific Arizona copper belt. The Hot Breccia property hosts a cluster of hydrothermal breccia pipes originating from at least one kilometre depth that incorporated a wide range of wallrock fragments, including variably copper and gold mineralized sedimentary and intrusive units. These include a fragment of mineralized magnetite skarn encased within a quartz diorite porphyry that assayed 5.69 per cent copper, 0.24 gram per tonne gold and 32.8 g/t silver. Limited historical drilling in the area intersected similarly mineralized magnetite skarn at depth, apparently in place, indicating that extensive porphyry-related copper mineralization occurs at depth in the system. Prismo's recent (2023) ZTEM (Z-axis tipper electromagnetic) geophysical survey shows a large conductive feature adjacent to the historical drilling that is interpreted to be a Resolution-like porphyry-skarn mineralized centre.

"The widespread high-grade copper and gold mineralization we're finding on the property, combined with the features we're seeing in the breccia, suggests a potential large, mineralized porphyry centre at depth," said Dr. Craig Gibson, Prismo's president and chief executive officer. "Rio Tinto and BHP's proposed Resolution Copper underground mine is expected to become the largest copper mine in North America, capable of producing up to 25 per cent of U.S. copper demand each year at an average grade of 1.5 per cent copper. We are also excited to note that some breccia fragments are derived from the same favourable sedimentary units that host South-32's Taylor-Hermosa deposit, further suggesting that strong potential exists at Hot Breccia for similar, extensive carbonate-replacement-style mineralization surrounding the postulated porphyry centre."

Hydrothermal breccia pipes, for which the property is named, occur over several hundred square metres. Breccias cut vertically through volcanic rocks and are associated with Laramide-age porphyritic quartz diorite and diorite dikes like the one mentioned above. The breccia bodies are generally matrix supported and contain fragments of various lithologies not present at surface, including irregular to rounded fragments of sedimentary rocks such as limestone and quartzite, various intrusive and volcanic lithologies, and mineralized garnet and magnetite skarn. Skarn fragments have also been transported upward by intrusions that form a dike swarm cutting northeasterly across the property.

The Paleozoic sedimentary rock sequence that hosts mineralization in nearby deposits (Freeport McMoran's Christmas mine, Arizona) is known to occur beneath the volcanic rocks several hundred metres below the surface. It is interpreted that both the breccia bodies and the dikes comprising the Hot Breccia project sliced vertically upward, ripping up mineralized fragments from below and transporting them through the overlying volcanic cover rock exposing them in surface outcrops. These fragments were mineralized prior to transport and their high-grade assays herein reported suggest that underlying bedrock at depth is also likely mineralized.

Kennecott drilled seven holes on the project from 1972 to 1981 and Phelps Dodge drilled two holes on and near the current property all at shallower depth that the conductive body identified in Prismo's recent ZTEM survey. All drill holes intersected hydrothermal alteration within the volcanic rocks that overlie the typically better mineralized Paleozoic carbonate rocks with increasing alteration intensity downward (see news release of Jan. 29, 2023). The carbonate host units have several copper intercepts reported to exceed 1 per cent copper and elevated zinc.

Engagement of Capital Analytica

Prismo also announced that it has engaged Capital Analytica to provide investor relations and communications services to the company in exchange for compensation of $120,000. The services will include continuing social media consultation regarding engagement and enhancement, social sentiment reporting, social engagement reporting, discussion forum monitoring and reporting, corporate video dissemination, and investor relations services. The term of the agreement with Analytica is for a period of six months beginning on March 21, 2024. It is expected that services will be provided by Jeff French, the president of Analytica. Analytica is based in British Columbia and can be reached at 778-872-4551. Capital Analytica and its principals are arm's length to the company and, as of the date hereof, to the company's knowledge Analytica does not own any securities of the company.

Alain Lambert, executive chairman of Prismo, stated: "Commodity prices have recently strengthened which we believe will result in renewed investor interest for junior explorers with experienced management teams and excellent exploration projects. To that end, we are pleased to engage the Analytica team. They will help us reach a broader base of new investors. These efforts centred around social media marketing and engagement will complement other aspects of Prismo's 2024 investor relations efforts which will include attendance at various investment conferences and extensive road shows."

Shares for debt transactions

Prismo also announces that it has entered into debt settlement agreements with certain creditors of the company pursuant to which the company agreed to issue to the creditors, and the creditors agreed to accept, an aggregate of (i) 2,682,080 common shares of the company at a price of 17 cents per common share in full and final settlement of accrued and outstanding indebtedness in the aggregate amount of $430,976.

"Fifty-six per cent of the shares to be issued will be issued to Prospeccion y Desarrollo Minero del Norte SA de CV (ProDeMin) (a total of 588,235 common shares), an exploration services company located in Mexico and controlled by our president and CEO Dr. Gibson; to Walnut Mines LLC, an Arizona-based company which owns the Hot Breccia project (a total of 832,571 common shares), and as partial consideration of an option payment on the Palos Verdes property (a total of 80,097 common shares)," said executive chairman Mr. Lambert. He added: "ProDeMin, as disclosed in our financial statements and MD&As, provides exploration services on our three projects. Our CEO's decision to increase his ownership in Prismo sends a strong message to our shareholders about the prospects of the company. It is equally meaningful that Walnut Mines LLC has agreed to take an ownership position in Prismo is lieu of cash to make up for an approximate $95,000 exploration expenditure shortfall in 2023 as well as postponing a $100,000 option payment. We welcome them as shareholders of Prismo and thank them for their support."

Dr. Linus Keating, CPG, the manager of Hot Breccia owner Walnut Mines, stated today: "Walnut is pleased to see Prismo advancing the Hot Breccia projects. These partners have contributed good-quality technical work that has significantly advanced this important porphyry copper property into a large-scale target. Walnut believes that a positive and ongoing relationship will progress into a resounding success."

All securities issued pursuant to the debt settlement will be subject to a statutory hold period of four months from the date of issuance, in accordance with applicable policies of the Canadian Securities Exchange.

Multilateral Instrument 61-101

The company will issue an aggregate of 588,235 common shares in connection with the debt settlement to ProDeMin, a company controlled by the president and CEO of Prismo, Dr. Gibson, constituting, to that extent, a related party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with ProDeMin's participation in the debt settlement in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the debt settlement nor the securities issued in connection therewith, in so far as the debt settlement involves ProDeMin, exceeds 25 per cent of the company's market capitalization. The company did not file a material change report more than 21 days before the expected closing of the debt settlement as the details of the debt settlement and the participation therein by ProDeMin were not settled until recently and the company wishes to close on an expedited basis for sound business reasons.

Private placement

Prismo also intends to complete a non-brokered private placement consisting of one subscription for 754,411 units at a price of 17 cents per unit for total gross proceeds of $128,250. Each unit consists of one common share and one-half common share purchase warrant. Each warrant is exercisable for one additional common share at an exercise price of 25 cents for a period of 24 months.

Quality assurance/quality control

Rock samples taken by Prismo were analyzed by multielement inductively coupled plasma atomic emission spectroscopy and mass spectrometry methods by ALS Group, an internationally recognized analytical service provider. Gold was analyzed by fire assay using a 25-gram charge, with an atomic absorption finish. Cu over 1 per cent was analyzed by an overrange method. Certified reference materials including standard pulps and coarse blank material were inserted in the sample stream at regular intervals.

Dr. Gibson, PhD, CPG, a qualified person as defined by National Instrument 43-01 regulations, and president, CEO and a director of the company, has reviewed and approved the technical disclosures in this news release.

About Hot Breccia

The Hot Breccia property consists of 1,420 hectares covering 227 contiguous mining claims located in the world-class Arizona copper belt. The project lies about four kilometres from the historic Christmas mine which recorded production of about 481.6 million pounds of copper from 20.2 million tons at a grade of 1.2 per cent copper plus significant gold and silver. Prismo has not been able to verify the Christmas production information and it is not necessarily indicative of the mineralization on the Hot Breccia property.

Prismo holds the option to earn up to a 75-per-cent interest in the project from Infinitum Copper Corp., subject to a 2-per-cent net smelter return royalty to a private company, Walnut Mines.

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.