Latest news with #PrimeMiningCorp
Toronto Star
3 days ago
- Business
- Toronto Star
Prime Mining Reports Q2 2025 Financial and Operating Results
VANCOUVER, British Columbia, Aug. 11, 2025 (GLOBE NEWSWIRE) — Prime Mining Corp. ('Prime' or the 'Company') (TSX: PRYM) (OTCQX: PRMNF) (Frankfurt: O4V3) is pleased to report its operating and financial results for the quarter ended June 30, 2025. Prime is focused on the exploration and development of its wholly owned high-grade Los Reyes Gold-Silver Project in Sinaloa State, Mexico ('Los Reyes' or the 'Project'). Prime Chief Executive Officer Scott Hicks commented, 'The second quarter has been highly productive for Prime on multiple fronts. Following the selection in May of Ausenco as its lead engineer for the development of the Los Reyes Preliminary Economic Assessment, the Company announced the exercise of 97% of its June warrants, resulting in a substantial increase to our treasury, closing the quarter with $32.7 million in cash and equivalents. On July 28, Prime announced a transformational proposed acquisition of Prime by Torex Gold in a share-based transaction. This transaction enables Prime shareholders to continue to participate in the advancement of Los Reyes while enjoying an immediate premium on the value of their Prime shares, participation in the free-cash flowing Torex Morelos Complex and reduced financing and development risk. Both teams are very excited about the future and look forward to providing updates along the way.'
Yahoo
3 days ago
- Business
- Yahoo
Prime Mining Reports Q2 2025 Financial and Operating Results
VANCOUVER, British Columbia, Aug. 11, 2025 (GLOBE NEWSWIRE) -- Prime Mining Corp. ('Prime' or the 'Company') (TSX: PRYM) (OTCQX: PRMNF) (Frankfurt: O4V3) is pleased to report its operating and financial results for the quarter ended June 30, 2025. Prime is focused on the exploration and development of its wholly owned high-grade Los Reyes Gold-Silver Project in Sinaloa State, Mexico ('Los Reyes' or the 'Project'). Prime Chief Executive Officer Scott Hicks commented, 'The second quarter has been highly productive for Prime on multiple fronts. Following the selection in May of Ausenco as its lead engineer for the development of the Los Reyes Preliminary Economic Assessment, the Company announced the exercise of 97% of its June warrants, resulting in a substantial increase to our treasury, closing the quarter with $32.7 million in cash and equivalents. On July 28, Prime announced a transformational proposed acquisition of Prime by Torex Gold in a share-based transaction. This transaction enables Prime shareholders to continue to participate in the advancement of Los Reyes while enjoying an immediate premium on the value of their Prime shares, participation in the free-cash flowing Torex Morelos Complex and reduced financing and development risk. Both teams are very excited about the future and look forward to providing updates along the way.' Corporate Highlights During the Quarter (Unless otherwise stated, all amounts are presented in Canadian dollars.) On May 12th, the Company released its 2024 Financial and Operating Results. On May 28th, the Company announced it had selected Ausenco Engineering Canada ULC ('Ausenco') to lead the study work for a Preliminary Economic Assessment ('PEA') on Los Reyes. On June 17th, the Company announced that 97% of its $1.10 warrants due June 12, 2025 had been exercised. On June 20th, the Company announced the voting results from its annual general meeting, wherein all the directors listed as nominees were elected and all matters presented were approved. Project Highlights During the QuarterThe Company selected Ausenco Engineering Canada ULC ('Ausenco') to lead the study work for a Preliminary Economic Assessment ('PEA') on Los Reyes. Ausenco was chosen to lead the PEA based on its extensive experience with projects of similar scale in Mexico, including advancing Silvercrest's Las Chispas Project from technical studies through construction, leading the delivery of Discovery Silver's Cordero Project Feasibility Study and Vizsla Silver's Panuco PEA and providing process design expertise for GoGold's Los Ricos Project Feasibility Study. Maintaining Health and Safety Protocols Prime remains engaged with local stakeholders and is proactive in monitoring employees and contractors concerning general health conditions. The Company continues to closely adhere to the directives of all levels of government and relevant health authorities in Mexico and Canada. Community Engagement and Environmental Stewardship Strategy We continued to gather environmental and community data in the quarter in support of our ESG programs, including completion of a materiality assessment, strategic plan, and disclosure matrix. We strive to minimize the environmental footprint of our activities and ensure that Los Reyes has a positive impact on our host communities. The Company released its inaugural sustainability report during April 2023, establishing a baseline and a new yardstick to measure our progress in meeting our commitments regarding sustainability and stewardship of the environment, relevant social issues, and corporate governance. The Company released latest report, the 2024 Sustainability Report, in June. Subsequent Events On July 28, 2025, Prime and Torex Gold Resources Inc. ('Torex') announced that they have entered into a definitive agreement (the 'Arrangement Agreement') whereby Torex will acquire all of the issued and outstanding common shares of Prime Mining (the 'Prime Mining Shares') pursuant to a plan of arrangement (the 'Transaction'). Pursuant to the terms of the Arrangement Agreement, Prime Mining shareholders will receive 0.060 of a common share of Torex (each whole share, a 'Torex Share') for each Prime Mining Share held (the 'Exchange Ratio' or the 'Consideration'). Upon completion of the Transaction, Torex will issue approximately 10.5 million Torex Shares to Prime Mining shareholders and existing Prime Mining shareholders will own approximately 10.7% of Torex. Full details of the Transaction will be included in the meeting materials to be prepared by Prime Mining in connection with the special meeting of securityholders, which are expected to be mailed to such securityholders in September 2025. A special meeting of Prime Mining securityholders is expected to be held in September 2025. The Transaction does not require a vote of Torex shareholders. Subject to the satisfaction of customary closing conditions, including the parties obtaining the requisite regulatory approvals, the Transaction is expected to close in H2 2025, subject to the timing of clearance under Mexican antitrust laws. Prime Mining Shares are expected to be delisted from the TSX promptly after closing of the Transaction. Following the announcement of the Transaction, Prime has paused work on the PEA pending the outcome of the Transaction. Selected Financial Data The following selected financial data is summarized from the Company's consolidated financial statements and related notes thereto (the 'Financial Statements') for the six months ended June 30, 2025 and 2024. A copy of the Financial Statements and MD&A is available at or on SEDAR at Six Months ended June 30, 2025 Six Months ended June 30, 2024 Loss and comprehensive loss $ (6,168,319) $ (11,935,978) Loss per share – basic and diluted $ (0.04) $ (0.08) June 30, 2025 December 31, 2024 Cash $ 32,749,255 $ 19,056,585 Total assets $46,929,802 $ 33,177,148 Total current liabilities $ 782,055 $ 2,203,583 Total liabilities $1,561,303 $ 3,049,145 Total shareholders' equity $ 45,368,499 $ 30,128,003 2025 Outlook Following the announcement of Torex Gold's proposed acquisition of Prime on July 28, 2025, the Company commenced the process of preparing the related information circular, targeting distribution to our shareholders on September 5, 2025. The shareholder vote is planned for September 29, 2025. The Transaction does not require a vote of Torex shareholders. In addition to securityholder and court approvals, the Transaction is subject to applicable regulatory approvals (including approvals of the TSX and clearance under Mexican antitrust laws) and the satisfaction of certain other closing conditions customary for a transaction of this nature. On January 28, 2025, drilling was paused in response to a deterioration in the security situation in parts of Sinaloa, including the Los Reyes area. Six drill rigs remain on site and drill contractors are on standby to resume drilling as soon as security improves. The Company will continue to work with local authorities to monitor the current situation. Following the announcement of the Transaction, Prime has paused work on the PEA pending the outcome of the Transaction. About the Los Reyes Gold and Silver Project Los Reyes is a high-grade, low-sulphidation epithermal gold-silver project located in Sinaloa State, Mexico. On October 15, 2024, Prime announced an updated multi-million-ounce high-grade open pit and underground resource based on exploration drilling up to July 17, 2024. Since acquiring Los Reyes in 2019, Prime has spent $66,653,314 on direct exploration activities and has completed over 221,000 metres of drilling. On January 28, 2025, drilling was paused in response to a deterioration in the security situation in parts of Sinaloa, including the Los Reyes area. Drill rigs remain on site and drill contractors are on standby to resume drilling as soon as security improves. Prime will continue to work with local authorities to monitor the current situation. October 15, 2024 Resource Statement1,2(based on a $1950/oz gold price, $25.24/oz silver price, economic-constrained estimate) Mining Methodand Process Class Tonnage(kt) Gold Grade (g/t) Gold Contained(koz) Silver Grade(g/t) Silver Contained(koz) Open Pit - Mill Indicated 24,657 1.13 899 35.7 28,261 Inferred 7,211 0.89 207 42.8 9,916 Underground Indicated 4,132 3.02 402 152.4 20,243 Inferred 4,055 2.10 273 78.6 10,247 Total Mill Indicated 28,789 1.41 1,301 52.4 48,504 Inferred 11,266 1.33 480 55.7 20,163 Open Pit - Heap Leach Indicated 20,254 0.29 190 8.4 5,492 Inferred 5,944 0.30 58 7.3 1,398 Total Indicated 49,042 0.95 1,491 34.2 53,995 Inferred 17,210 0.97 538 39.0 21,561 Open Pit Resource estimates are based on economically constrained open pits generated using the Hochbaum Pseudoflow algorithm in Datamine's Studio NPVS and the following optimization parameters (all dollar values are in US dollars): $1,950/ounce gold price and $25.24/ounce silver price. Mill recoveries of 95.6% and 81% for gold and silver, respectively. Heap leach recoveries of 73% and 25% for gold and silver, respectively. Pit slopes by area ranging from 42-47 degrees overall slope angle. 5% ore loss and 5% dilution factor applied to the 5 x 5 x 5m open pit resource block models. Mining costs of $2.00 per tonne of waste mined and $2.50 per tonne of ore mined. Milling costs of $16.81 per tonne processed. Heap Leach costs of $5.53 per tonne processed. G&A cost of $2.00 per tonne of material processed. 3% royalty costs and 1% selling costs were also applied. A 0.17 g/t gold only cutoff was applied to ex-pit processed material (which is above the heap-leaching NSR cutoff). Underground Resource estimates are based on economically constrained stopes generated using Datamine's Mineable Shape Optimizer (MSO) algorithm and the following optimization parameters (all dollar values are in US dollars): $1,950/ounce gold price and $25.24/ounce silver price. Mill recoveries of 95.6% and 81% for gold and silver, respectively. Mechanized cut and fill mining with a $60.00 per tonne cost. Diluted to a minimum 4m stope width with a 98% mining recovery. G&A cost of $4.00 per tonne of material processed. Milling costs of $16.81 per tonne processed. 3% royalty costs and 1% selling costs were also applied. Where mentioned, 'residual open pits' assumes that any underground stopes are backfilled with zero grade material at two-thirds of the original rock density. Economic-constrained open pits are then estimated with this mined-out, backfilled material in the open pit block selective mining unit ('SMU') model and assuming the resource parameters above. Mineral Resources are not Mineral Reserves (as that term is defined in the CIM Definition Standards) and do not have demonstrated economic viability. Refer to the Additional Notes section for further information. Drilling and geological interpretation suggests that the three known main deposit areas (Guadalupe, Central and Z-T) are larger than previously reported. Potential also exists for new discoveries where mineralized trends have been identified outside of the currently defined resource areas. Historic operating results indicate that an estimated 1 million ounces of gold and 60 million ounces of silver were recovered from five separate operations at Los Reyes between 1770 and 1990. Prior to Prime's acquisition, recent operators of Los Reyes had spent approximately US$20 million on exploration, engineering, and prefeasibility studies. QA/QC Protocols and Sampling Procedures Drill core at the Los Reyes project is drilled in predominantly HQ size (63.5 millimetres 'mm'), reducing to NQ (47.6 mm) when required. Drill core samples are generally 1.50 m long along the core axis with allowance for shorter or longer intervals if required to suit geological constraints. After logging intervals are identified to be sampled, the core is cut and one half is submitted for assay. Sample QA/QC measures include unmarked certified reference materials, blanks, and field duplicates as well as preparation duplicates are inserted into the sample sequence and make up approximately 8% of the samples submitted to the laboratory for each drill hole. Samples are picked up from the Project by the laboratory personnel and transported to their facilities in Durango or Hermosillo, Mexico, for sample preparation. Sample analysis is carried out by Bureau Veritas and ALS Labs, with fire assay, including over limits fire assay re-analysis, completed at their respective Hermosillo, Mexico laboratories and multi-element analysis completed in Vancouver, Canada. Drill core sample preparation includes fine crushing of the sample to at least 70% passing less than 2 mm, sample splitting using a riffle splitter, and pulverizing a 250 gram split to at least 85% passing 75 microns. Gold in diamond drill core is analyzed by fire assay and atomic absorption spectroscopy of a 30 g sample (code FA430 or Au-AA23). Multi-element chemistry is analyzed by 4-Acid digestion of a 0.25-gram sample split (code MA300 or ME-ICP61) with detection by an inductively coupled plasma emission spectrometer for a full suite of elements. Gold assay techniques FA430 and Au-AA23 have an upper detection limit of 10 g/t. Any sample that produces an over-limit gold value via the initial assay technique is sent for gravimetric finish via method FA-530 or Au-GRA21. Silver analyses by MA300 and ME-ICP61 have an upper limit of 200 g/t and 100 g/t, respectively. Samples with over-limit silver values are re-analyzed by fire assay with gravimetric finish FA530 or Au-GRA21. Both Bureau Veritas and ALS Labs are ISO/IEC accredited assay laboratories. Additional Notes Prime's MRE as of October 15, 2024 is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ('CIM') 'CIM Definition Standards - For Mineral Resources and Mineral Reserves' adopted by the CIM Council (as amended, the 'CIM Definition Standards') and in accordance with the requirements of NI 43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Metres is represented by 'm'; 'etw' is Estimated True Width and is based on drill hole geometry or comparisons with other on-section drill holes; 'Au' refers to gold, and 'Ag' refers to silver; 'g/t' is grams per metric tonne; some figures may not sum due to rounding; Composite assay grades presented in summary tables are calculated using a Au grade minimum average of 0.20 g/t or 1.0 g/t as indicated in 'Au Cut-off' column of Summary Tables. Maximum internal waste included in any reported composite interval is 3.00 m. The 1.00 g/t Au cut-off is used to define higher-grade 'cores' within the lower-grade halo. Additional details are available in the associated Technical Report with effective date of October 15, 2024, filed on November 27, 2024 with amended filing on June 27, 2025. Qualified Person Scott Smith, Executive Vice President of Exploration, is a Qualified Person for the purposes of NI 43-101 and has reviewed and approved the technical content in this news release. About Prime Mining Prime is managed by an ideal mix of successful mining executives, strong capital markets personnel and experienced local operators all focused on unlocking the full potential of the Project. The Company has a well-planned capital structure with a strong management team and insider ownership. Prime is targeting a material resource expansion at Los Reyes through a combination of new generative area discoveries and growth, while also building on technical de-risking activities to support eventual project development. For further information, please visit or direct enquiries to: Scott HicksCEO & Director Indi GopinathanVP Capital Markets & Business Development Prime Mining Corp.710 – 1030 West Georgia BC V6E 2Y3 Canada+1(604) 238-1659info@ Cautionary Notes to U.S. Investors Concerning Resource EstimatesThis news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms 'mineral reserve', 'proven mineral reserve', 'probable mineral reserve', 'inferred mineral resources,' 'indicated mineral resources,' 'measured mineral resources' and 'mineral resources' used or referenced in this presentation are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the CIM Standards. The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the 'SEC') in Regulation S-K Subpart 1300 (the 'SEC Modernization Rules') under the U.S. Securities Act of 1933, as amended (the 'Securities Act'). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules. Forward Looking Information This news release contains certain 'forward-looking information' and 'forward-looking statements' within the meaning of Canadian securities legislation as may be amended from time to time, including, without limitation, statements regarding the perceived merit of the Company's properties, including additional exploration potential of Los Reyes, potential quantity and/or grade of minerals, the potential size of the mineralized zone, metallurgical recoveries, and the Company's exploration and development plans in Mexico. Forward-looking statements are statements that are not historical facts which address events, results, outcomes, or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve several risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding the price of gold, silver and copper; the accuracy of mineral resource estimations; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained, including concession renewals and permitting; that political and legal developments will be consistent with current expectations; that currency and exchange rates will be consistent with current levels; and that there will be no significant disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: risks related to uncertainties inherent in the preparation of mineral resource estimates, including but not limited to changes to the cost assumptions, variations in quantity of mineralized material, grade or recovery rates, changes to geotechnical or hydrogeological considerations, failure of plant, equipment or processes, changes to availability of power or the power rates, ability to maintain social license, changes to interest or tax rates, changes in project parameters, delays and costs inherent to consulting and accommodating rights of local communities, environmental risks, title risks, including concession renewal, commodity price and exchange rate fluctuations, risks relating to COVID-19 and other future pandemics, delays in or failure to receive access agreements, on-going receipt of amended and/or operating permits, risks inherent in the estimation of mineral resources; and risks associated with executing the Company's objectives and strategies, including costs and expenses, physical access to the property, security risks, availability of contractors and skilled labour, as well as those risk factors discussed in the Company's most recently filed management's discussion and analysis, as well as its annual information form dated March 28, 2025, available on Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should in to access your portfolio
Yahoo
15-04-2025
- Business
- Yahoo
TSX Penny Stocks Spotlight GoldMining And Two More Hidden Gems
The Canadian market has been navigating a period of heightened volatility, driven by trade tensions and tariff negotiations, which have kept investors on edge. Amidst this backdrop, penny stocks—often representing smaller or newer companies—offer a unique opportunity for those seeking affordable investments with growth potential. While the term "penny stocks" might seem outdated, their relevance persists as they can provide value through strong financial foundations and promising prospects. Name Share Price Market Cap Financial Health Rating Westbridge Renewable Energy (TSXV:WEB) CA$0.62 CA$61.7M ★★★★★★ NTG Clarity Networks (TSXV:NCI) CA$1.60 CA$68.71M ★★★★★☆ Orezone Gold (TSX:ORE) CA$1.15 CA$562M ★★★★★☆ Amerigo Resources (TSX:ARG) CA$1.72 CA$280.75M ★★★★★☆ Hemisphere Energy (TSXV:HME) CA$1.73 CA$167.33M ★★★★★☆ Alvopetro Energy (TSXV:ALV) CA$4.57 CA$166.42M ★★★★★★ PetroTal (TSX:TAL) CA$0.59 CA$549.3M ★★★★★☆ McCoy Global (TSX:MCB) CA$2.48 CA$70.12M ★★★★★★ Findev (TSXV:FDI) CA$0.46 CA$13.18M ★★★★★★ BluMetric Environmental (TSXV:BLM) CA$1.17 CA$42.09M ★★★★★★ Click here to see the full list of 930 stocks from our TSX Penny Stocks screener. Let's explore several standout options from the results in the screener. Simply Wall St Financial Health Rating: ★★★★☆☆ Overview: GoldMining Inc. is a mineral exploration company focused on acquiring, exploring, and developing gold and copper assets in the Americas, with a market cap of CA$221.51 million. Operations: GoldMining Inc. does not report any specific revenue segments. Market Cap: CA$221.51M GoldMining Inc., a mineral exploration company with a market cap of CA$221.51 million, remains pre-revenue and unprofitable, reporting a net loss of CA$4.55 million for Q1 2025. Despite financial challenges, the company is debt-free and has initiated its largest exploration program at the Sao Jorge Project in Brazil, aiming to expand its mineral resource estimate through extensive drilling and geophysical surveys. GoldMining's management team is experienced, but the company's short cash runway poses potential liquidity concerns as it continues to invest heavily in exploration without significant revenue streams. Click here to discover the nuances of GoldMining with our detailed analytical financial health report. Evaluate GoldMining's prospects by accessing our earnings growth report. Simply Wall St Financial Health Rating: ★★★★☆☆ Overview: Prime Mining Corp. focuses on acquiring, exploring, and developing mineral resource properties in Mexico and has a market cap of CA$215.30 million. Operations: Prime Mining Corp. does not have any reported revenue segments as it is focused on the acquisition, exploration, and development of mineral resource properties in Mexico. Market Cap: CA$215.3M Prime Mining Corp. remains pre-revenue with a market cap of CA$215.30 million, focusing on its Los Reyes Project in Mexico. Recent drilling results at the Fresnillo and Mariposa targets show promising mineralization but are not yet included in the company's resource estimates. Despite reporting a net loss of CA$21.62 million for 2024, Prime is debt-free and maintains short-term assets exceeding its liabilities, though it faces cash runway challenges due to ongoing exploration expenditures without revenue generation. The management team has an average tenure of 3.5 years, indicating stability as they navigate these financial hurdles while targeting resource expansion. Jump into the full analysis health report here for a deeper understanding of Prime Mining. Examine Prime Mining's past performance report to understand how it has performed in prior years. Simply Wall St Financial Health Rating: ★★★★☆☆ Overview: Lara Exploration Ltd. is involved in the acquisition, exploration, development, and evaluation of mineral properties in Brazil, Peru, and Chile with a market cap of CA$88.98 million. Operations: Lara Exploration Ltd. does not report specific revenue segments. Market Cap: CA$88.98M Lara Exploration Ltd., with a market cap of CA$88.98 million, is pre-revenue and unprofitable, experiencing increasing losses at 6.5% annually over the past five years. The company holds no debt and has short-term assets of CA$3.1 million, which exceed its short-term liabilities significantly. However, it faces cash runway challenges with less than a year remaining based on current free cash flow trends that historically decrease by 18% annually. The management team and board are both experienced, averaging over eight years in tenure each, but the stock's high volatility remains a concern for investors seeking stability in penny stocks. Take a closer look at Lara Exploration's potential here in our financial health report. Gain insights into Lara Exploration's past trends and performance with our report on the company's historical track record. Unlock our comprehensive list of 930 TSX Penny Stocks by clicking here. Interested In Other Possibilities? Explore 22 top quantum computing companies leading the revolution in next-gen technology and shaping the future with breakthroughs in quantum algorithms, superconducting qubits, and cutting-edge research. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include TSX:GOLD TSX:PRYM and TSXV:LRA. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@
