Prime Mining
Prime Mining was a Canadian junior mining exploration and development company focused on the Los Reyes Gold-Silver Project in Sinaloa, Mexico. It was pre-revenue, financed through equity, and acquired by Torex Gold Resources in October 2025.
- Company typePublic
- Founded2019
- HeadquartersVancouver, Canada
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Prime Mining does
Prime Mining Corp. was a Canadian junior mining exploration and development company founded in 2019 and publicly traded on the TSX Venture Exchange (ticker PRM) and CSE (ticker PRYM). Its sole material asset was the Los Reyes Gold-Silver Project located in Sinaloa, Mexico, where the company conducted drilling, sampling, and metallurgical testing to delineate and grow a gold-silver resource base that expanded to approximately 6.2 million ounces of contained gold by the time of acquisition. Prime Mining generated no operating revenue during its independent existence; the company financed exploration activities through equity issuances, including a C$16.5 million private placement completed on December 1, 2022, which featured participation from prominent mining investor Pierre Lassonde and was underwritten by Desjardins Capital Markets and TD Securities Inc. The company's go-to-market model was that of a pre-production junior miner: acquire and advance a mineral asset, fund exploration through capital markets, and target either production or acquisition by an intermediate or senior producer.
On July 28, 2025, Torex Gold Resources Inc. announced an agreement to acquire Prime Mining through a plan of arrangement valued at approximately US$327 million, with Prime shareholders receiving roughly 10.2 million Torex shares (representing approximately 10.6% post-deal ownership). The transaction received 99.991% shareholder approval on September 29, 2025 and Mexican antitrust clearance from COFECE on October 14, 2025, and closed on October 22, 2025. Prime Mining was subsequently delisted and ceased to exist as an independent reporting issuer; the Los Reyes project now sits alongside Torex's 29,000-hectare Morelos Gold Property as part of the combined company's Mexican gold portfolio. Leadership at the time of acquisition comprised Michael Collins (CEO, President & Director), Alan Savage (Chairman), and Simon J Anderson (CFO).
Prime Mining firmographics
Firmographics- Name
- Prime Mining
- Legal name
- Prime Mining Corp.
- Website
- https://primeminingcorp.ca
- Company type
- Public
- Founded year
- 2019
- Operating status
- Acquired
- Headcount range
- 11–50 employees
- Short description
- Prime Mining was a Canadian junior mining exploration and development company focused on the Los Reyes Gold-Silver Project in Sinaloa, Mexico. It was pre-revenue, financed through equity, and acquired by Torex Gold Resources in October 2025.
- Ownership category
- akta.pro rank
Prime Mining industry classification
Industry- Product category
- Gold-Silver Mineral Exploration and Development
- NAICS
- Gold Ore and Silver Ore Mining (212220), Other Metal Ore Mining (212290)
- SIC
- Gold And Silver Ores (1040), Metal Mining (1000)
- akta.pro primary industry
- Gold Mining (IMAKAEAA)
- akta.pro secondary industry
- Silver Mining (IMAKAEAB)
Keywords
Where Prime Mining is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices2 records
Markets served
Prime Mining business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Operations, Technology or R&D, Supply Chain, Others
Revenue model
- Pre-production Exploration: As a pre-production mining company, Prime Mining generated no operating revenue. The company financed exploration activities through equity financings and private placements with the goal of advancing the Los Reyes project to production or being acquired by a larger producer.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels1 record
Prime Mining product offering
Product offeringCore offering
Prime Mining was a pre-production mineral exploration and development company whose core asset was the Los Reyes Gold-Silver Project in Sinaloa, Mexico. The company conducted drilling, sampling, metallurgical testing, and resource definition work to advance the gold-silver deposit, with the goal of either moving the project into production or being acquired by a larger mining operator.
Product overview
Prime Mining was a mining exploration and development company focused on the Los Reyes Gold-Silver Project in Sinaloa, Mexico. The company was acquired by Torex Gold Resources in October 2025 and ceased to operate as an independent entity.
Differentiator
Problem solved
Functional benefit
Products and services
- Los Reyes Gold-Silver Project Gold-silver exploration and development project in the Sierra Madre Occidental of Sinaloa, Mexico. The project has demonstrated significant gold and silver recovery through metallurgical testing and offers potential for resource expansion through ongoing drilling. Prime Mining conducted exploration activities targeting advancement of the asset toward production or acquisition.
Companies that use Prime Mining
Customer profileSegments1 record
Ideal customer profiles2 records
Prime Mining technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Prime Mining partnerships and signals
Strategic signalScale indicators4 records
Recent moves6 records
Expansion highlights4 records
Prime Mining competitors and assessment
Company assessmentDirect peers
- Endeavour Silver: Intermediate silver-gold producer operating multiple mines in Mexico. Direct peer as a Mexico-focused precious-metals developer/producer with overlapping geology, jurisdictional exposure, and target customer base for ore and concentrate output.
- First Majestic Silver: Silver-gold producer with all operations in Mexico. Directly comparable to Prime Mining in jurisdiction (Mexico), metal mix (silver with gold byproduct), and developer-to-producer trajectory.
- MAG Silver Corp. Silver-focused developer with primary asset (Juanicipio) in Mexico. Comparable as a precious-metals developer whose value was driven by a single high-grade Mexican project and that ultimately partnered with a major producer (Fresnillo).
- SilverCrest Metals: Canadian junior that advanced the Las Chispas silver-gold project in Sonora, Mexico, before being acquired by Coeur Mining in 2025. Closely mirrors Prime Mining's developer-to-acquisition trajectory and Mexican silver-gold focus.
- Argonaut Gold: Gold producer with operating assets in Mexico (including in Sinaloa). Comparable as a Mexico-focused gold operator that overlapped the same region as Prime's Los Reyes project.
- Fortuna Silver Mines: Mid-tier silver and gold producer with Mexican operating assets (San Jose mine). Comparable in metal mix and Mexican jurisdiction, and serves a similar precious-metals development-to-production pathway.
- Avino Silver & Gold Mines: Silver-gold producer operating the Avino mine in Durango, Mexico. Comparable junior-to-mid-tier Mexico-focused silver-gold operator with similar scale and project profile.
Broad incumbents
- Alamos Gold: Intermediate gold producer with significant Mexican operations (Mulatos, Esperanza). Broader incumbent peer given diversified multi-asset portfolio but overlapping Mexico jurisdiction and gold focus.
- Torex Gold Resources: Acquirer of Prime Mining; intermediate gold producer operating Mexico's Morelos Property and now Los Reyes. Comparable as a Mexican gold operator and direct consolidator of Prime Mining's asset base.
- Coeur Mining: US-listed silver-gold producer with Mexican operations (Palmarejo) that acquired SilverCrest Metals in 2025. Comparable as a Mexican gold-silver consolidator pursuing the same junior-acquisition strategy as Torex Gold pursued for Prime Mining.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks5 records
Key highlights6 records
Customer concentration
Prime Mining social profiles
Digital presencePrime Mining financial estimates
Financial estimateRevenue estimate
Valuation estimate
Prime Mining leadership team
Management profileNumber of profiles
Prime Mining funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Prime Mining M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Prime Mining
What does Prime Mining do?
Prime Mining was a pre-production mineral exploration and development company whose core asset was the Los Reyes Gold-Silver Project in Sinaloa, Mexico. The company conducted drilling, sampling, metallurgical testing, and resource definition work to advance the gold-silver deposit, with the goal of either moving the project into production or being acquired by a larger mining operator.
Is Prime Mining a public or private company?
Prime Mining is a public company. It is classified as corporate owned and is currently acquired.
When was Prime Mining founded?
Prime Mining was founded in 2019. It employs 11 to 50 people.
Where is Prime Mining based?
Prime Mining is headquartered in Vancouver, Canada, in the North America region.
How does Prime Mining make money?
One revenue line is on record: pre-production Exploration.
Who are Prime Mining's main competitors?
Direct peers on record are Endeavour Silver, First Majestic Silver, MAG Silver Corp., SilverCrest Metals, Argonaut Gold, Fortuna Silver Mines and Avino Silver & Gold Mines. Broad incumbents are Alamos Gold, Torex Gold Resources and Coeur Mining.
Does Prime Mining have an API?
No public API is recorded for Prime Mining.
What industry is Prime Mining in?
Prime Mining's product category is Gold-Silver Mineral Exploration and Development. Its primary akta.pro industry code is IMAKAEAA, Gold Mining, with a secondary code of IMAKAEAB, Silver Mining. Its NAICS code is 212220 and its SIC code is 1040.