Prime Mining Corp Stock Price, News & Analysis

Torex Gold Resources (TSX:TXG) has announced a definitive agreement to acquire Prime Mining (OTCQX:PRMNF) in an all-share transaction valued at approximately $449 million. Under the agreement, Prime Mining shareholders will receive 0.060 Torex shares for each Prime Mining share, representing a 32.4% premium to the 30-day VWAP.

The acquisition gives Torex full ownership of the Los Reyes gold-silver project in Mexico, which hosts 1.5 million ounces of gold and 54.0 million ounces of silver in the Indicated category. The transaction will increase Torex's Measured and Indicated Resources by 32% to 6.2 Moz of gold. Upon completion, existing Prime Mining shareholders will own approximately 10.7% of Torex.

The deal is expected to close in H2 2025, subject to approvals from Prime Mining shareholders, regulators, and Mexican antitrust authorities. Key shareholders holding 23% of Prime Mining shares have agreed to vote in favor of the transaction.

Prime Mining Corp. held its Annual General and Special Meeting on June 19, 2025, with 68.13% shareholder participation. All nine nominated directors were successfully elected, with approval rates ranging from 77.24% to 99.57%. The company maintains a strong cash position of $32.9 million and is advancing its Los Reyes gold-silver project in Mexico. A Preliminary Economic Assessment (PEA) is targeted for Q3 2025, promising a high-return, low-capital project. Notably, drilling operations were paused on January 28, 2025, due to security concerns in Sinaloa, though the company maintains its 40,000m drilling program target upon resumption. Key 2025 exploration plans include extending high-grade Z-T Area shoots, expanding Guadalupe East mineralization, increasing Central Area resources, and developing emerging targets at Las Primas, Fresnillo, and Mariposa.

Prime Mining Corp. announces successful completion of its warrant exercise program, with 97% of $1.10 warrants due June 12, 2025 being exercised. The company's cash balance has increased to approximately $32.9 million, providing funding through 2026 for its Los Reyes gold-silver project in Mexico. While drilling was paused in January 2025 due to security concerns in Sinaloa, the company maintains six drill rigs on standby and plans a 40,000m drilling program upon security improvement. Prime's 2025 outlook includes completing a Preliminary Economic Assessment in Q3 2025, expanding high-grade mineralization zones, and continuing community engagement initiatives. The company's exploration strategy focuses on extending Z-T Area shoots, expanding Guadalupe East mineralization, increasing Central Area resources, and exploring emerging targets at Las Primas, Fresnillo, and Mariposa.

Prime Mining Corp. has selected Ausenco Engineering Canada ULC to lead the Preliminary Economic Assessment (PEA) study for its Los Reyes gold-silver project in Mexico. The PEA, targeted for completion in Q3 2025, will be based on drilling through 2024. The company envisions a 5,000 tonne-per-day mill operation combining open pit and underground mining.

Since 2019, Prime has invested over $64 million in exploration and completed 221,000 metres of drilling. Currently, drilling is paused due to security concerns in Sinaloa, but six drill rigs remain on standby to resume a planned 40,000m program. The company's 2025 exploration will focus on extending high-grade areas at Z-T Area, Guadalupe East, and the Central Area, while continuing community engagement initiatives.

Prime Mining Corp. (PRMNF) has selected Ausenco Engineering Canada ULC to lead the Preliminary Economic Assessment (PEA) study for its Los Reyes gold-silver project in Mexico. The PEA, targeted for completion in Q3 2025, will be based on drilling through 2024 and incorporate extensive technical work completed to date.

The company envisions a 5,000 tonne-per-day mill operation combining open pit and underground mining. Since acquiring Los Reyes in 2019, Prime has invested over $64 million in exploration and completed more than 221,000 metres of drilling. The company plans to continue exploration with six drill rigs on site, focusing on extending high-grade areas at Z-T Area, Guadalupe East, and the Central Area.

Prime Mining Corp reported Q1 2025 financial results for its Los Reyes Gold-Silver Project in Mexico. The company ended Q1 with $18.2 million in cash, down slightly from $19.1 million in December 2024. Net loss improved to $3.6 million compared to $6.5 million in Q1 2024. Key drilling results included high-grade intersections at Tahonitas with up to 5.67 gpt AuEq over 4.2m and at Noche Buena with 3.48 gpt AuEq over 7.6m. The company's planned 40,000m drill program was temporarily paused on January 28, 2025, due to security concerns in Sinaloa. Prime Mining continues to advance technical studies and community engagement while preparing for a Preliminary Economic Assessment.

Prime Mining Corp has reported new drilling results from its Los Reyes Project in Sinaloa State, Mexico. The company announced significant findings at the Fresnillo target, extending high-grade mineralization by approximately 120 metres up-dip from previous stopes. Key highlights include intersections of 1.99 g/t gold-equivalent over 9.6m, 2.83 g/t AuEq over 6.2m, and 1.46 g/t AuEq over 9.8m.

The Fresnillo target, first drilled in 2022, is located between the Z-T and Central Trends. The recent drilling results are expected to increase the Inferred Resources in future estimates. The company has also released results from eight holes at the Mariposa target, confirming the continuation of the Z-T structure.

Currently, drilling is suspended with six rigs on standby at Los Reyes. Prime's 2025 exploration will focus on extending high-grade Z-T Area shoots, expanding Guadalupe East mineralization, increasing Central Area resources, and developing generative targets.

Prime Mining Corp. (PRMNF) has announced its 2025 outlook for the Los Reyes gold-silver project in Sinaloa, Mexico. The company plans a 40,000-metre drilling program focused on resource expansion and new discoveries. Key areas include extending high-grade Z-T Area shoots, expanding Guadalupe East mineralization, and increasing Central Area resources.

Drilling is temporarily suspended since January 28, 2025, due to security concerns in Sinaloa, though this is not expected to impact the overall 2025 program. The company has completed approximately 1,500 metres of drilling year to date.

Prime is well-funded with $19 million in cash (unaudited) as of December 31, 2024, plus approximately $19 million in in-the-money warrants and options, expected to fund operations through 2025 and into 2026. The company aims to complete a Preliminary Economic Assessment and continues technical de-risking activities.

Prime Mining Corp has reported significant expansion drilling results from its Los Reyes Project in Mexico. Key highlights from the Central Trend include high-grade intersections at Noche Buena, with notable results of 3.48 g/t gold-equivalent over 7.6m ETW in hole 24NB-78, 2.16 g/t AuEq over 11.3m ETW in hole 24NB-67, and 1.65 g/t AuEq over 11.2m ETW in hole 24NB-77.

The drilling has defined a new 400-meter long high-grade shoot at the southern end of Noche Buena, extending 210m and 300m along strike from the 2024 MRE pit crest and southernmost MRE stopes, respectively. The mineralization remains open at depth and along strike, suggesting potential for significant resource expansion.

The company currently has six drill rigs on site, focusing on extending high-grade shoots at Z-T Area, expanding mineralization at Guadalupe East, increasing Central Area resources, and exploring generative targets at Las Primas, Mariposa, and Fresnillo.