Vancouver, British Columbia - Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) ('Prismo') is pleased to announce that it has closed the previously announced strategic investment (the 'Strategic Investment') by Vizsla Silver Corp. (TSXV: VZLA) (NYSE: VZLA) (FSE: 0G3) ('Vizsla').

Pursuant to the Strategic Investment, Vizsla acquired (i) a right of first refusal to purchase the Palos Verdes project from Prismo, and (ii) 4,000,000 units of Prismo (the 'Prismo Units') at a price of $0.50 per Prismo Unit, for aggregate consideration of $2,000,000. Each Prismo Unit consists of one common share of Prismo (a 'Prismo Share') and one-half of one common share purchase warrant (a 'Prismo Warrant'). Each Prismo Warrant entitles Vizsla to purchase one additional Prismo Share for a period of two years from the closing date at a price of $0.75.

The consideration for the Strategic Investment consisted of a cash payment of $500,000 and the issuance to Prismo of 1 million common shares of Vizsla (the 'Consideration Shares'). The Consideration Shares are subject to a statutory hold period of four months and one day, and a voluntary escrow period of 24 months with 25% of the securities released every six months.

In connection with the Strategic Investment, Prismo and Vizsla have agreed to form a technical committee to pursue district-scale exploration of the Panuco silver-gold district.

The Strategic Investment Agreement also provides Vizsla with certain rights and privileges, including certain participation and top-up rights to permit Vizsla to acquire Prismo Shares on a pro rata basis in the future to maintain its ownership position, prospectus qualification/registration rights, the right to nominate a director to Prismo's board of directors, the right of first refusal on any transfer of all or part of the Palos Verdes project, and certain information and access rights.

For a summary of the rights of Vizsla under the Strategic Investment Agreement, see Prismo's news release dated December 19, 2022, which is available on Prismo's website at www.prismometals.com or on its SEDAR profile at www.sedar.com .

Prismo also announced assay results for the remaining holes from its now completed 2022 drilling program at its Palos Verdes project, located in the historic Panuco-Copala district of the state of Sinaloa, Mexico, which is contiguous to Vizsla's property.

Hole PV-22-17 was drilled along strike to the northeast of the historic shallow drilling to aid determining the location of the crosscutting northwesterly striking shear zone that disrupts the vein near the Palos Verdes tunnel. The hole cut 1.05 meters downhole length with 516 g/t AgEq or 1.18 g/t gold and 297 g/t silver within a wider mineralized interval. Hole PV-22-16, was drilled to explore the northwesterly striking vein and the parallel shear zone. It cut anomalous base metal values in sheared rock with narrow veins and veinlets and fragments of vein material, but did not hit a wide coherent vein. Fine grained pyrite is locally abundant. The northwesterly trending vein is better exposed to the north of the Palos Verdes vein and remains a high priority target upon reception of the updated environmental permit, expected to be received in early 2023.

Hole PV-22-18 was drilled to test the shear zone that cuts the vein to the east of the high-grade mineralization but did not intersect vein material and was not assayed. A previously drilled hole, PV-20-07 also tested this area and cut similar sheared rock with vein material and yielded anomalous base metal assays.

The Company completed eight holes for almost 2,100 meters in the 2022 program. Six holes tested the Palos Verdes vein at depth or along strike in two general areas accessible under the current environmental permit. Only about 30 to 40% of the 750-meter strike length of the Palos Verdes vein exposed on the Palos Verdes concession has been drilled from the two general areas of access located in the central and extreme southwestern portions of the concession. The six holes drilled on the Palos Verdes vein all cut significant mineralization, and in general intercepts were relatively gold and base-metal rich as announced on December 1, 2022.

'The drill program successfully extended mineralization to depth below previous shallow drilling,' stated Craig Gibson, President and CEO of the Company. 'With our current environmental permit we have drill access to only about one third of the strike length of the vein, so there is ample room to significantly extend the higher-grade zones in the mineralized ore shoot along strike.'

Dr. Gibson emphasized that, 'We anticipate drilling the northeastern portion of the Palos Verdes vein once we have the new environmental permit, which is expected to be approved shortly.'

He concluded: 'Upon receipt of this expanded environmental permit, we will immediately initiate further drilling to the northeast to be funded by the announced strategic investment from Vizsla Silver Corp. Also, with the Vizsla agreement we hope to be able access the central portion of the southern segment of the Palos Verdes vein from roads on their adjacent concession, thereby further expanding our ability to explore the Palos Verdes property.'

Silver equivalent values are calculated using the following metals prices: Au, US$1,750/oz, Ag, $21.24/oz, Pb, $0.97/lb and Zn, $1.34/lb. Cu was not used in the calculation, and metallurgical recoveries were not considered as there is no data available for the Palos Verdes vein.

The samples presented in this press release were analyzed by SGS, an accredited and internationally recognized laboratory with a preparation and analytical facility located near the project, in Durango, Mexico. The Company's Quality Control/Quality Assurance program includes insertion of Certified Reference Materials consisting of standard pulps and coarse blank material into the sample stream.

Photos of some vein intercepts from the current drilling campaign are presented on the Prismo website.

Finally, Prismo announced that the Board of Directors has approved the grant of 325,000 restricted share units ('RSUs') and 325,000 stock appreciation rights ('SARs') to directors and officers of the Company subject to certain vesting requirements. Each vested RSU entitles the holder to receive one common share of the Company by delivering an exercise notice in accordance with the LTIP. Each SAR is exercisable at $0.475 for a term of five years expiring on January 9th, 2028.

All grants of RSU and SARs are subject to the Company's Long Term Incentive Plan ('LTIP') which was approved by shareholders Prismo's annual and special meeting of shareholders on September 29th, 2022 which LTIP is available on www.sedar.com.

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 Palos Verdes

The Palos Verdes project is located in the historic Panuco-Copala silver-gold district in southern Sinaloa, Mexico, approximately 65 kilometers NE of Mazatlan, Sinaloa, in the Municipality of Concordia. The Palos Verdes concession (claim) covers 700 meters of strike length of the Palos Verdes vein, a member of the north-easterly trending vein family located in the eastern part of the district outside of the area of modern exploration. Shallow drilling (

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