On July 28, 2025, Torex Gold Resources Inc. announced it would acquire Prime Mining Corp. for approximately C$449 million (US$327 million) in an all-share transaction. Prime shareholders were to receive 0.060 Torex shares per Prime share, representing an 18.5% premium to Prime’s July 25, 2025, TSX closing price and a 32.4% premium to its 30-day VWAP. Upon completion, Prime shareholders would own about 10.7% of Torex.

The deal gives Torex 100% ownership of Prime’s Los Reyes gold-silver project in Mexico, adding 1.5 Moz gold and 54.0 Moz silver (Indicated), and 538 koz gold and 21.6 Moz silver (Inferred) to its mineral resources. Torex’s measured and indicated gold resources will grow by 32%, and inferred resources by 44%. Torex plans to leverage its expertise in Mexican operations to develop Los Reyes.

The transaction required regulatory, court, and shareholder approvals. Prime’s board, management, and key shareholders—including Pierre Lassonde, collectively holding 23% of shares—entered into voting support agreements. Cassels Brock & Blackwell LLP advised Torex, while Blake, Cassels & Graydon LLP represented Prime. Financial advisors were CIBC World Markets Inc. for Torex and Trinity Advisors Corporation for Prime, with fairness opinions from CIBC and BMO Nesbitt Burns Inc. Prime’s TSX shares were to be delisted post-closing.

On October 22, 2025, Torex completed the acquisition, and now owns a 100% interest in Prime Mining’s Los Reyes gold-silver project.