Torex Gold Announces Completion of Prime Mining Acquisition

Core Viewpoint - Torex Gold Resources Inc. has successfully completed the acquisition of Prime Mining Corp., adding the advanced Los Reyes development project to its portfolio, which is expected to enhance its position in the precious metals sector [1][2]. Acquisition Details - The acquisition involves the exchange of 0.06 Torex common shares for each Prime Mining common share, totaling approximately 10.2 million Torex Shares as consideration [3]. - Following the transaction, former Prime Mining shareholders will own about 10.6% of the issued and outstanding Torex Shares on a non-diluted basis [3]. Project Overview - The Los Reyes project is located in Sinaloa, Mexico, and is characterized by high-grade gold and silver deposits, with indicated resources of approximately 1.5 million ounces of gold and 54 million ounces of silver [3][7]. - The company aims to deliver a preliminary economic assessment on Los Reyes by mid-2026, leveraging the groundwork laid by the Prime Mining team [3]. Strategic Positioning - The acquisition of Los Reyes complements Torex's existing assets in Nevada and Chihuahua, supporting its goal of becoming a diversified, Americas-focused precious metals producer [2][3]. - The company is focused on optimizing production and costs at its flagship Morelos Complex while pursuing disciplined growth and capital allocation [10]. Market Impact - Prime Mining Shares are expected to be delisted from the Toronto Stock Exchange and cease trading on other exchanges within two to three business days following the acquisition [4]. - The transition process for shareholders to receive Torex Shares is outlined, with specific instructions for those holding physical share certificates [5].