Prismo Metals Announces Drilling to Commence at Los Pavitos

Reports Additional Assay Results from Trenching

Vancouver, British Columbia--(Newsfile Corp. - August 1, 2023) - Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) ("Prismo" or the "Company") is pleased to announce that the drill rig for its upcoming exploration program has mobilized to its Los Pavitos project located in the well mineralized Alamos region of southern Sonora State, Mexico. The Company plans to test the main mineralized targets with a first ever drill program planned for approximately 2500 meters.

The Company also announced assay results for the last four trenches for its recently completed trenching program (Table 1, also see News Release of July 21, 2023). Two samples from the Santa Cruz area yielded 3.98 and 1.18 g/t Au over 1 and 2.7 meters respectively as shown in the table of results in Table 2.

Dr. Craig Gibson, President and CEO, commented: "Exploration over the last year and a half has identified several robust exploration targets at Los Pavitos. We are looking forward to drilling the particularly prospective Santa Cruz and Las Aurus areas as well as other mineralized zones. The first round of drilling will be comprised of shallow inclined holes of 75-100 m depths to confirm correct dip and widths of the mineralized structures."

Table 1. Final four trenches sampled at Los Pavitos

Table 2. Highlight assays from Los Pavitos trenches

The trenching program across the main mineralized trends on the Los Pavitos property consisted of a cumulative length of 698 meters in 25 trenches. The best assays for individual samples are 20.4 g/t Au and 207 g/t Ag over 2 meters at Las Auras and 16.7 g/t Au and 48,2 g/t Ag over 1 meter at Santa Cruz. The main objective of the trenching program was to define the orientation and full width of the mineralized structures prior to starting the drill campaign.

Figure 1. Trench locations at Los Pavitos.

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Palos Verdes Drilling Update

The Company is in the process of completing a 2,500-meter drill program on the Palos Verdes project. The drill program is designed to test the areas of the Palos Verdes vein system in areas where there previously was no drill access, mainly along the northeastern extension of the vein system and certain areas in the southwestern portion where previous drilling occurred. Ten holes have been completed for a total of about 2,035 meters of HQ core drilled for the current program, with an eleventh hole in progress. Assays for seven holes, PV-23-19 to PV-23-25 have been reported. Three holes remain in the program, after which the drill crew is expected to take a two-week break.

Photos of core from holes PV-23-26 and 27 showing intervals with multistage vein mineralization with brecciation and locally abundant sulfide minerals. Assay results pending.

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QA/QC

Rock samples taken by Prismo were analyzed by multielement ICP-AES and MS methods by ALS Group, an internationally recognized analytical service provider. Gold is analyzed as part of the ICP package using a 25-gram aqua regia digestion. Ag, Pb and Zn over 1% and Au values over 1 g/t are re-analyzed by the by an overrange ICP method. Certified Reference Materials including standard pulps and coarse blank material were inserted in the sample stream at regular intervals.

Dr. Craig Gibson, PhD., CPG., a Qualified Person as defined by NI-43-01 regulations and President, CEO and a director of the Company, has reviewed and approved the technical disclosures in this news release.

About Prismo

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

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Prismo Metals Inc.

1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6

Contact:

Craig Gibson, President & Chief Executive Officer craig.gibson@prismometals.com

Jason Frame, Manager of Communications jason.frame@prismometals.com

Neither the Canadian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements other than statements of historical fact, including without limitation, statements regarding the anticipated content, commencement and exploration program results, the ability to complete future financings, required permitting, exploration programs and drilling, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct.

The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the commodity markets generally, variations in the nature, the analytical results from surface trenching and sampling program, including diamond drilling programs, the results of IP surveying, the results of soil and till sampling program. the quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including CSE acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, the potential impact of COVID-19 (coronavirus) on the Company's exploration program and on the Company's general business, operations and financial condition, and other risks and uncertainties. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

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