Prime Mining Stock Price, News & Analysis

Prime Mining Corp. (PRMNF) was a precious metals company focused on gold ore mining and related exploration activities. The company’s primary asset was the Los Reyes gold-silver project (“Los Reyes” or the “Project”), described as a high-grade, low-sulphidation epithermal gold-silver project located in Sinaloa State, Mexico. Prime Mining traded on the Toronto Stock Exchange under the symbol PRYM and on the OTCQX under the symbol PRMNF, and it was also listed on the Frankfurt Stock Exchange under the symbol O4V3.

According to multiple company news releases, Prime Mining concentrated on the exploration and development of its wholly owned Los Reyes Project. The company stated that it had spent significant amounts on direct exploration activities and completed extensive drilling at Los Reyes since acquiring the project in 2019. Technical disclosures describe Los Reyes as hosting multi-million-ounce high-grade open pit and underground resources, with mineral resources classified in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards and National Instrument 43-101 (NI 43-101). The company emphasized that mineral resources are not mineral reserves and do not have demonstrated economic viability.

Prime Mining reported that drilling and geological interpretation suggest three main deposit areas at Los Reyes: Guadalupe, Central and Z-T. Company disclosures note that these deposit areas are considered larger than previously reported and that potential exists for new discoveries where mineralized trends have been identified outside the currently defined resource areas. Historic operating results cited by the company indicate estimated past production of approximately 1 million ounces of gold and 60 million ounces of silver from several operations at Los Reyes between the 1700s and 1990, prior to Prime’s involvement.

Corporate focus and project strategy

In its public communications, Prime Mining described itself as being managed by a mix of mining executives, capital markets personnel and local operators, with a focus on “unlocking the full potential” of Los Reyes. The company highlighted a “well-planned capital structure,” a “strong management team” and insider ownership. It repeatedly stated that it was targeting a material resource expansion at Los Reyes through a combination of new generative area discoveries, growth in existing zones, and technical de-risking activities to support eventual project development.

Prime Mining outlined a success-based exploration approach, which included identifying new prospective targets, expanding existing resources and undertaking infill drilling. The company also described project activities such as geological mapping, geochemical sampling and technical studies aimed at mine planning, metallurgical assessment, geotechnical analysis and infrastructure evaluation.

Los Reyes project technical framework

Company news releases provide detailed technical parameters for Los Reyes. Prime Mining reported an updated mineral resource estimate as of October 15, 2024, based on exploration drilling up to July 17, 2024. The resource statement distinguishes between open pit mill, open pit heap leach and underground mining methods, and between Indicated and Inferred resource categories. Optimization parameters referenced by the company include assumed gold and silver prices, recovery assumptions for mill and heap leach processing, pit slope angles, mining and processing costs, royalties, and cut-off grades.

Prime Mining also disclosed quality assurance and quality control (QA/QC) protocols for drilling and sampling at Los Reyes. These include the use of HQ and NQ core sizes, typical sample lengths along the core axis, core cutting and sample submission procedures, and the insertion of certified reference materials, blanks, field duplicates and preparation duplicates into the sample sequence. The company stated that sample preparation and analysis were conducted by independent laboratories, including Bureau Veritas and ALS Labs, with fire assay and multi-element analysis methods, and that both laboratories are ISO/IEC accredited.

Preliminary Economic Assessment (PEA) and technical studies

Prime Mining announced that it had selected Ausenco Engineering Canada ULC to lead the study work for a Preliminary Economic Assessment (PEA) on Los Reyes. The company stated that the PEA was targeted for completion in the third quarter of 2025 and would be based on drilling to the end of 2024 and on extensive technical work completed to date. Prime Mining indicated that its approach to the PEA assumed a low-capital mill fed by a combination of open pit and underground material, and that it would continue to work with other technical consultants such as AGP Mining Consultants Inc., Knight Piésold Ltd. and Kappes Cassiday & Associates.

In addition to the PEA, the company referenced a broader technical program that included metallurgical testwork, geotechnical studies, mine planning optimization and infrastructure assessment. These activities were described as part of the effort to de-risk Los Reyes and support potential project development scenarios.

Exploration outlook and operational context

Prime Mining’s outlook statements described planned exploration focused on extending high-grade shoots in the Z-T Area, expanding known high-grade mineralization at Guadalupe East, and increasing the Central Area resource through additions at Noche Buena and its connection to San Miguel East. The company also mentioned generative target drilling at areas such as Las Primas, Fresnillo and Mariposa, as well as other target discovery areas intended to demonstrate resource expansion potential at Los Reyes.

The company reported that drilling at Los Reyes was paused on January 28, 2025 in response to a deterioration in the security situation in parts of Sinaloa, including the project area. Prime Mining noted that drill rigs remained on site and that contractors were on standby to resume drilling when conditions allowed, with ongoing monitoring in coordination with local authorities.

Environmental, social and governance (ESG) and community engagement

Prime Mining described an environmental and community engagement strategy associated with Los Reyes. The company stated that it gathered environmental and community data in support of ESG programs, including a materiality assessment, strategic plan and disclosure matrix. It reported the release of sustainability reports, including an inaugural report and subsequent updates, to establish a baseline and track progress on sustainability, environmental stewardship, social issues and corporate governance.

Community-related activities referenced by Prime Mining include engagement with local ejidos (communities) through educational, community and environmental programming, access and road improvements, and infrastructure development. The company also highlighted a geologist intern program supporting geology students from local colleges and universities.

Acquisition by Torex Gold Resources Inc. and corporate status

A series of news releases detail a plan of arrangement between Prime Mining Corp. and Torex Gold Resources Inc. Under this arrangement, Torex agreed to acquire all of the issued and outstanding common shares of Prime Mining. The transaction was structured as a court-approved plan of arrangement under the Business Corporations Act (British Columbia). Prime Mining securityholders voted in favour of the arrangement, and the Supreme Court of British Columbia granted a final order approving it.

According to the company’s October 22, 2025 news release, the arrangement with Torex was completed, and Torex acquired all of the issued and outstanding shares of Prime Mining. Under the terms of the arrangement, Prime shareholders were entitled to receive a specified fraction of a Torex common share for each Prime share held. The same release states that Prime shares were expected to be delisted from the Toronto Stock Exchange, the OTCQX and the Frankfurt Stock Exchange, and that Prime would apply to cease to be a reporting issuer in the jurisdictions where it was then a reporting issuer.

As a result, Prime Mining Corp. became a wholly owned part of Torex Gold Resources Inc., and the PRMNF ticker represents a former listing associated with a company that has been acquired. Investors researching PRMNF are therefore looking at the historical record of a gold ore mining and exploration company whose principal asset was the Los Reyes gold-silver project in Mexico and which is now part of Torex’s portfolio.

FAQs about Prime Mining Corp. (historical)

• What did Prime Mining Corp. do?
  Prime Mining Corp. focused on the exploration and development of its wholly owned Los Reyes gold-silver project in Sinaloa State, Mexico. The company described Los Reyes as a high-grade, low-sulphidation epithermal gold-silver project and concentrated its technical, exploration and study work on this asset.
• What happened to Prime Mining Corp. and the PRMNF stock?
  Prime Mining entered into a plan of arrangement with Torex Gold Resources Inc., under which Torex acquired all of the issued and outstanding shares of Prime. A news release dated October 22, 2025 states that the arrangement was completed and that Prime shares were expected to be delisted from the Toronto Stock Exchange, the OTCQX and the Frankfurt Stock Exchange, with Prime applying to cease to be a reporting issuer.
• What was the main project associated with Prime Mining?
  The main project was the Los Reyes gold-silver project in Sinaloa State, Mexico. Company disclosures describe Los Reyes as a high-grade, low-sulphidation epithermal gold-silver project with multi-million-ounce high-grade open pit and underground mineral resources classified under CIM and NI 43-101 standards.
• How did Prime Mining describe its management and ownership structure?
  Prime Mining stated that it was managed by a mix of successful mining executives, capital markets personnel and experienced local operators. The company also referred to a well-planned capital structure, a strong management team and insider ownership.
• What technical work did Prime Mining undertake at Los Reyes?
  The company reported extensive drilling, geological interpretation, metallurgical testwork, geotechnical studies, mine planning optimization and infrastructure assessment. It also implemented QA/QC protocols for sampling and analysis, using independent accredited laboratories for fire assay and multi-element analysis.
• What was the purpose of the Preliminary Economic Assessment (PEA) at Los Reyes?
  Prime Mining engaged Ausenco Engineering Canada ULC to lead a PEA aimed at evaluating project development scenarios for Los Reyes. The PEA was intended to reflect a project concept described by the company as high return, high margin, low capital and long life, based on drilling to the end of 2024 and prior technical work.
• Did Prime Mining publish sustainability or ESG information?
  Yes. Prime Mining reported releasing sustainability reports that provided a baseline and framework for tracking progress on environmental stewardship, social issues and corporate governance. The company also described community engagement initiatives with local ejidos and an intern program for geology students.
• Is Prime Mining still a standalone public company?
  Based on the October 22, 2025 news release, Prime Mining completed its arrangement with Torex Gold Resources Inc., with Torex acquiring all Prime shares. The same release notes that Prime shares were expected to be delisted from the TSX, OTCQX and Frankfurt Stock Exchange and that Prime would apply to cease to be a reporting issuer, indicating that it no longer operates as an independent publicly traded company.