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Globe and Mail
9 hours ago
- Business
- Globe and Mail
Prime Announces Voting Results of 2025 AGM
VANCOUVER, British Columbia, June 19, 2025 (GLOBE NEWSWIRE) -- Prime Mining Corp. ('Prime' or the 'Company') (TSX: PRYM) (OTCQX: PRMNF) (Frankfurt: O4V3) announces that shareholder voting at the Company's Annual General and Special Meeting of shareholders held on June 19, 2025 (the 'Meeting') has resulted in the election of all the directors listed as nominees in management's information circular dated May 5, 2025 (the 'Circular'), as well as the approval of all matters presented. Summaries of the results of voting are provided below. Prime is focused on the exploration and development of its wholly owned Los Reyes gold-silver project in Sinaloa State, Mexico ('Los Reyes' or the 'Project'). Recent highlights include: Announcement that the Company is targeting the delivery of a Preliminary Economic Assessment ('PEA') reflecting a high return, high margin, low capital and long-life project at Los Reyes, based on drilling to the end of 2024 and extensive technical work completed to-date. The PEA is targeted for completion in Q3 2025. Cash balance of approximately $32.9 million as at June 17, 2025. In addition, the Company will shortly be publishing its third annual Environmental, Social and Corporate Governance report, which will be made available on its website, at: Meeting Results A total of 103,882,459 common shares were represented at the Meeting, representing 68.13% of the issued and outstanding common shares of the Company at the record date. Number of Directors Voting results for the resolution to set the number of directors to be elected at nine (9) are as follows: Votes For % For Votes Against % Against 103,219,008 99.36% 663,451 0.64% Election of Directors Voting results for the resolution approving the appointment of nominees are as follows: Nominee Votes For % For Votes Withheld % Withheld Murray John 98,399,590 96.05% 4,047,915 3.95% Scott Hicks 102,005,338 99.57% 442,167 0.43% Paul Sweeney 99,361,921 96.99% 3,085,584 3.01% Andrew Bowering 97,037,576 94.72% 5,409,929 5.28% Edie Hofmeister 79,134,692 77.24% 23,312,813 22.76% Marc Prefontaine 101,007,267 98.59% 1,440,238 1.41% Chantal Gosselin 101,118,850 98.70% 1,328,655 1.30% Kerry Sparkes 81,918,002 79.96% 20,529,503 20.04% Sunny Lowe 99,354,374 96.98% 3,093,131 3.02% Appointment of Auditors Voting results for the resolution to approve Davidson & Company LLP, Chartered Professional Accounts as auditor of the Company, and to authorize the directors to fix the remuneration are as follows: Votes For % For Votes Withheld % Withheld 100,914,857 97.14% 2,967,602 2.86% Revised Omnibus Incentive Plan Voting results for the resolution to approve adoption of a revised omnibus incentive plan, as further described in the Circular, are as follows: Votes For % For Votes Against % Against 97,926,055 95.59% 4,521,450 4.41% Unallocated Entitlements Under Omnibus Incentive Plan Voting results for the resolution to approve unallocated entitlements under the revised omnibus incentive plan, as further described in the Circular, are as follows: Votes For % For Votes Against % Against 89,794,404 87.65% 12,653,101 12.35% 2025 Outlook The Company plans to continue its success-based approach to exploration to further identify new prospective targets, expand the existing resource, and infill drilling. Additional work will include geological mapping and geochemical sampling to identify further discovery areas. 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. This pause is not currently expected to impact the Company's ability to drill a minimum 40,000m program over 12-months from the recommencement of drilling. 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. Planned fiscal 2025 exploration will focus on: Extending the high-grade Z-T Area shoots that remain open at depth, as well as along strike, both north and south. Expanding the known high-grade mineralization at Guadalupe East. Increasing the Central Area resource through additions southeast at Noche Buena and its connection to San Miguel East. Generative target drilling of high-grade intercepts at Las Primas, Fresnillo and Mariposa to further grow these emerging resources, as well as other target discovery areas to demonstrate the significant resource expansion potential at Los Reyes. Project activities are also planned to include: Preliminary Economic Assessment completion: Further refine metallurgical, geotechnical, mine planning and development parameters for project development, including process and underground mining optimization, infrastructure assessment and permitting requirements – targeting Q3 2025 completion. Community Engagement: Continue to engage with and support local ejidos (communities) through educational, community and environmental programming, access (road) improvements and infrastructure development. Prime continues to sponsor and benefit from a strong geologist intern program, supporting geology students from local colleges and universities. Figure 1 – Los Reyes Trends and Exploration Targets 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 more than $64 million on direct exploration activities and has completed over 221,000 metres of drilling to date. The Company is targeting the delivery of a PEA by the end of Q3, 2025 that will highlight a high return, high margin, low capital and long-life project at Los Reyes. October 15, 2024 Resource Statement 1,2 (based on a $1950/oz gold price, $25.24/oz silver price, economic-constrained estimate) Mining Method and 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, filed on November 27, 2024. 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 Hicks CEO & Director Indi Gopinathan VP Capital Markets & Business Development Prime Mining Corp. 710 – 1030 West Georgia St. Vancouver, BC V6E 2Y3 Canada +1(604) 238-1659 info@ Cautionary Notes to U.S. Investors Concerning Resource Estimates This 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 25, 2024, 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 change.
Yahoo
9 hours ago
- Business
- Yahoo
Prime Announces Voting Results of 2025 AGM
VANCOUVER, British Columbia, June 19, 2025 (GLOBE NEWSWIRE) -- Prime Mining Corp. ('Prime' or the 'Company') (TSX: PRYM) (OTCQX: PRMNF) (Frankfurt: O4V3) announces that shareholder voting at the Company's Annual General and Special Meeting of shareholders held on June 19, 2025 (the 'Meeting') has resulted in the election of all the directors listed as nominees in management's information circular dated May 5, 2025 (the 'Circular'), as well as the approval of all matters presented. Summaries of the results of voting are provided below. Prime is focused on the exploration and development of its wholly owned Los Reyes gold-silver project in Sinaloa State, Mexico ('Los Reyes' or the 'Project'). Recent highlights include: Announcement that the Company is targeting the delivery of a Preliminary Economic Assessment ('PEA') reflecting a high return, high margin, low capital and long-life project at Los Reyes, based on drilling to the end of 2024 and extensive technical work completed to-date. The PEA is targeted for completion in Q3 2025. Cash balance of approximately $32.9 million as at June 17, 2025. In addition, the Company will shortly be publishing its third annual Environmental, Social and Corporate Governance report, which will be made available on its website, at: Meeting Results A total of 103,882,459 common shares were represented at the Meeting, representing 68.13% of the issued and outstanding common shares of the Company at the record date. Number of Directors Voting results for the resolution to set the number of directors to be elected at nine (9) are as follows: Votes For % For Votes Against % Against 103,219,008 99.36% 663,451 0.64% Election of Directors Voting results for the resolution approving the appointment of nominees are as follows: Nominee Votes For % For Votes Withheld % Withheld Murray John 98,399,590 96.05% 4,047,915 3.95% Scott Hicks 102,005,338 99.57% 442,167 0.43% Paul Sweeney 99,361,921 96.99% 3,085,584 3.01% Andrew Bowering 97,037,576 94.72% 5,409,929 5.28% Edie Hofmeister 79,134,692 77.24% 23,312,813 22.76% Marc Prefontaine 101,007,267 98.59% 1,440,238 1.41% Chantal Gosselin 101,118,850 98.70% 1,328,655 1.30% Kerry Sparkes 81,918,002 79.96% 20,529,503 20.04% Sunny Lowe 99,354,374 96.98% 3,093,131 3.02% Appointment of Auditors Voting results for the resolution to approve Davidson & Company LLP, Chartered Professional Accounts as auditor of the Company, and to authorize the directors to fix the remuneration are as follows: Votes For % For Votes Withheld % Withheld 100,914,857 97.14% 2,967,602 2.86% Revised Omnibus Incentive Plan Voting results for the resolution to approve adoption of a revised omnibus incentive plan, as further described in the Circular, are as follows: Votes For % For Votes Against % Against 97,926,055 95.59% 4,521,450 4.41% Unallocated Entitlements Under Omnibus Incentive Plan Voting results for the resolution to approve unallocated entitlements under the revised omnibus incentive plan, as further described in the Circular, are as follows: Votes For % For Votes Against % Against 89,794,404 87.65% 12,653,101 12.35% 2025 Outlook The Company plans to continue its success-based approach to exploration to further identify new prospective targets, expand the existing resource, and infill drilling. Additional work will include geological mapping and geochemical sampling to identify further discovery areas. 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. This pause is not currently expected to impact the Company's ability to drill a minimum 40,000m program over 12-months from the recommencement of drilling. 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. Planned fiscal 2025 exploration will focus on: Extending the high-grade Z-T Area shoots that remain open at depth, as well as along strike, both north and south. Expanding the known high-grade mineralization at Guadalupe East. Increasing the Central Area resource through additions southeast at Noche Buena and its connection to San Miguel East. Generative target drilling of high-grade intercepts at Las Primas, Fresnillo and Mariposa to further grow these emerging resources, as well as other target discovery areas to demonstrate the significant resource expansion potential at Los Reyes. Project activities are also planned to include: Preliminary Economic Assessment completion: Further refine metallurgical, geotechnical, mine planning and development parameters for project development, including process and underground mining optimization, infrastructure assessment and permitting requirements – targeting Q3 2025 completion. Community Engagement: Continue to engage with and support local ejidos (communities) through educational, community and environmental programming, access (road) improvements and infrastructure development. Prime continues to sponsor and benefit from a strong geologist intern program, supporting geology students from local colleges and universities. Figure 1 – Los Reyes Trends and Exploration TargetsAbout 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 more than $64 million on direct exploration activities and has completed over 221,000 metres of drilling to date. The Company is targeting the delivery of a PEA by the end of Q3, 2025 that will highlight a high return, high margin, low capital and long-life project at Los Reyes. 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, filed on November 27, 2024. 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 25, 2024, 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 change. A photo accompanying this announcement is available at in to access your portfolio
Wall Street Journal
10 hours ago
- Business
- Wall Street Journal
Surging Silver Prices Prompt Americans to Empty Jewelry Boxes and Coin Jars
Gold gets all the glory, but silver prices have surged nearly as much this year, up 27% to the highest levels in more than a decade. As with gold, jittery investors are scooping up the precious metal, but silver prices are getting an extra jolt from strong industrial demand, especially from solar-panel makers.
Yahoo
15 hours ago
- Business
- Yahoo
PAAS Vs AG: Which Silver Mining Stock Shines Brighter in 2025?
Pan American Silver PAAS and First Majestic Silver AG are well-known names in the silver mining sector, sharing several key similarities that define their strategic positioning and investor appeal. Both are headquartered in Vancouver, Canada, and provide investors with exposure to silver and prices have gained 28% so far this year, with gold prices up 29%, supported by strong safe-haven demand, geopolitical tensions and escalating trade conflicts. Silver has benefited from resilient industrial demand and mounting supply deficits. Demand for solar energy, electronics and electrification now accounts for more than half of global silver demand. The silver market is likely headed to another deficit in 2025 (117.6 million ounces), for the fifth consecutive year, which bodes well for prices. Backed by this rally, the Zacks Mining - Silver industry has jumped 34.9% year to date, outperforming the Zacks Basic Materials sector's growth of 8.8%. In contrast, the S&P 500 has edged up just 1.2% over the same period. For investors seeking to capitalize on this momentum, the key question is: Which silver stock stands out—Pan American Silver or First Majestic Silver? Let's explore the fundamentals, growth drivers and potential headwinds facing both companies to find out. Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. The company has 12 operating mines. It also owns the Escobal mine in Guatemala, which is currently not operating, and it holds interests in exploration and development projects. As of June 30, 2024, Pan American's mineral reserves were estimated at 468 million ounces of silver and 6.7 million ounces of gold. This already strong resource base is poised to expand by 58 million ounces following the company's recent agreement to acquire MAG Silver Corp. MAG in a $2.1 billion transaction. MAG Silver owns a 44% stake in the Juanicipio project, known as the world's largest-scale, highest-grade and lowest-cost primary silver mine. The acquisition will thus lower Pan American Silver's costs and boost its cash flow. The MAG Silver acquisition adds to PAAS' solid track record of acquisitions, Yamana Gold in 2023 and Tahoe Resources in 2019, which significantly added to its scale and improved profitability. PAAS witnessed a 28.6% year-over-year increase in revenues to $773 million in the first quarter, attributed to higher gold and silver prices. Lower costs and higher metal prices resulted in a record $250.8 million in mine operating earnings and $112.6 million in free cash flow. Adjusted earnings per share were 42 cents, a significant improvement from earnings of one cent in the year-ago quarter. Silver Segment All-in Sustaining Costs (AISC) per silver ounce were $13.94 in the first quarter of 2025, lower than $16.63 in the year-ago quarter. Gold Segment AISC was $1,485 per ounce compared with $1,499 per ounce in the first quarter of 2024. Silver production stood at 5 million ounces and gold output was at 182.2 thousand ounces in the first quarter. The company remains on track to meet its 2025 guidance of 20-21 million ounces of silver and 735,000-800,000 ounces of gold, with output expected to rise in the second half of the year. Silver production is anticipated to ramp up as mining moves to higher-grade ore zones at Cerro Moro. Gold output is also forecast to climb later in the year, supported by higher grades at Cerro Moro and Minera Florida, increased throughput at Minera Florida, and leach sequencing at Shahuindo, resulting in higher recovery rates. As of March 31, 2025, the company had working capital of $1.16 billion, inclusive of cash and short-term investments of $923.0 million, and $750.0 million available under its revolving credit facility. The company has a targeted capex of $360-$385 million in fiscal 2025. This is expected to advance strategic goals, continued exploration and in-fill drilling, and engineering work at La Colorada (Skarn), advancing the mine and plant optimization study at Jacobina as well as other works at La Colorada, Timmins and Huaron. First Majestic is focused on silver and gold production in Mexico and the United States. The company operates four producing underground mines in Mexico: the Cerro Los Gatos Silver Mine, the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, USA. First Majestic's proven and probable mineral reserves are estimated to contain approximately 86.8 million ounces of silver and 594,000 ounces of gold as of Dec. 31, 2024. In January 2025, First Majestic completed the acquisition of Gatos Silver, Inc., thereby gaining a 70% interest in the high-quality and long-life Cerro Los Gatos Silver underground mine and solidifying its position as an intermediate primary silver producer. The mine added 1.4 million to First Majestic's silver production in the first quarter. AG's total production reached 7.7 million silver-equivalent (AgEq) ounces, which marked a solid 49% year-over-year increase, attributed to an 88% surge in silver production. The company reported record revenues of $243.9 million in the first quarter, 130% higher than the year-ago quarter. This was driven by the addition of the Cerro Los Gatos Silver Mine and improved production at San Dimas, as well as higher silver prices. First Majestic achieved record quarterly mine operating earnings of $63.8 million, a significant increase compared with a mine operating loss of $0.3 million in the first quarter of 2024. However, the company reported a 69% year-over-year increase in total mine operating costs in the quarter. Adjusted earnings per share were five cents, an improvement from the loss of six cents reported by First Majestic in the first quarter of 2024. Consolidated AISC in the first quarter was $19.24 per AgEq ounce, representing an 11% decline from $21.53 per AgEq ounce in the first quarter of 2024. The company ended the quarter with the highest cash and restricted cash balance in its history of $462.6 million, consisting of $351.3 million in cash and cash equivalents and $111.3 million in restricted cash. Its liquidity position improved to a record $544.4 million, consisting of $404.8 million of working capital and $139.6 million of undrawn revolving credit facility, and excluding $111.3 million held in restricted cash. In 2025, the company expects to achieve total attributable production from its four operating mines in Mexico of between 27.8 million and 31.2 million silver equivalent ounces, including 13.6-15.3 million ounces of silver. This is due to the contribution from Cerro Los Gatos Silver Mine as well as higher silver production from Santa Elena and La Encantada. In 2025, First Majestic plans to invest approximately $182 million in capital expenditures. This represents a 34% increase compared with the revised 2024 capital expenditures guidance, driven largely by the addition of the attributable capital expenditures of the Cerro Los Gatos Silver Mine, and is aligned with the company's future growth strategy underpinned by exploration and development activities at Santa Elena and San Dimas. The Zacks Consensus Estimate for Pan American Silver's 2025 earnings is $1.47 per share, indicating year-over-year growth of 86.1%. Earnings estimates of $1.89 for 2026 indicate a rise of 28.7%. The EPS estimate for 2025 have moved up while the same for 2026 has moved down over the past 60 days. The Zacks Consensus Estimate for First Majestic's earnings for 2025 is 12 cents per share, indicating an improvement from the loss of 14 cents in 2024. The 2026 estimate of 10 cents implies a decline of 18.8%. The estimates for both 2025 and 2026 have been trending south over the past 60 days. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.) Image Source: Zacks Investment Research In the past year, PAAS stock has surged 40%, outperforming the industry's growth of 18.5%. Meanwhile, AG has gained 30.7%. Image Source: Zacks Investment Research PAAS is currently trading at a forward 12-month price-to-sales (P/S) multiple of 3.39X, a discount to the industry's average of 4.06X. The AG stock is currently trading at a forward 12-month price-to-sales multiple of 4.48X, a premium to the industry. Image Source: Zacks Investment Research Pan American Silver has a dividend yield of 1.38%, way higher than First Majestic's 0.22%. Image Source: Zacks Investment Research The average price target on Pan American Silver suggests a 9% increase from its yesterday's closing price of $28.96. The highest target of $39 implies a gain of 35%. Meanwhile, the average price target on First Majestic implies a 2% decline from its last closing price of $8.35. The highest target of $11.50 indicates a rise of 38%. Image Source: Zacks Investment Research Pan American Silver and First Majestic are poised to benefit from the current surge in silver and gold prices as well as their higher production expectations and their expansion efforts, both organic and through acquisitions. Both PAAS and AG stocks currently have a Zacks Rank #3 (Hold) each, which makes choosing one a difficult task. However, Pan American Silver has outperformed First Majestic year to date in terms of share price gains and dividend yield. PAAS also benefits from positive earnings estimate revisions for the current year and offers greater upside potential based on analyst price targets. With a more attractive valuation and VGM Score of A, Pan American Silver appears to be a more compelling investment choice than First Majestic, which has a VGM Score of C. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Pan American Silver Corp. (PAAS) : Free Stock Analysis Report First Majestic Silver Corp. (AG) : Free Stock Analysis Report MAG Silver Corporation (MAG) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
News.com.au
a day ago
- Business
- News.com.au
Resources Top 5: QMines grows precious metals position in central Queensland
QMines is acquiring the high-grade Mount Mackenzie gold and silver project Peak Minerals has discovered high-value monazite at the Minta rutile project in Cameroon A fully underwritten, non-renounceable entitlement offer will see Zenith Minerals raise up to $3.5m Your standout small cap resources stocks for Thursday, June 19, 2025 QMines (ASX:QML) Set to expand its precious metals position in central Queensland through the pending acquisition of the high-grade Mount Mackenzie gold and silver project is QMines, which advanced 7.7% to 4.2c. The company believes this will complement its gold, copper and zinc interests at the Mt Chalmers and Develin Creek projects in the historical mining region that is relatively unexplored. It has completed due diligence and is in the final stages of acquiring Mt Mackenzie from Resources and Energy Group (ASX:REZ), which jumped 37.5% to a daily top of 2.2c. The $2.48 million acquisition is expected to increase QMines' (ASX:QML) gold and silver exposure, supporting its strategy to develop a diversified minerals portfolio in central Queensland. Mt Mackenzie is an advanced staged project, about 140km northwest of Rockhampton and 45km from QML's Develin Creek copper-zinc landholding. The existing shallow resource comprises 129,000 ounces of gold and 862,000 ounces of silver and is open in all directions. QML is updating the mineral resource estimate, with results anticipated soon. On completion of the sale REZ will receive $1m in cash, inclusive of a $100,000 deposit, and 33m QML shares, voluntarily escrowed for 12 months. In support of the acquisition and near-term development plans, QMines has entered into a convertible note arrangement with a major existing shareholder to provide $1m with an additional $500,000 available upon request. QML executive chairman Andrew Sparke said the company was delighted to confirm its intention to complete the Mt Mackenzie gold-silver project acquisition. 'The project is a highly strategic and value-accretive addition to our asset base, increasing gold and silver exposure and providing operational synergies with our Mt Chalmers and Develin Creek projects,' he said. 'The strong financial support from one of our largest shareholders, via the secured convertible note on favourable terms, demonstrates confidence in our strategy and capacity to execute.' QML is in the final phase of planning a drilling program at Mt Mackenzie, focusing on confirming historical high-grade gold and silver results such as 36m at 4.4g/t Au and 25g/t Ag, 26m at 12.78g/t Au and 34g/t Ag and 12m at 14.93g/t Au and 61g/t Ag. Peak Minerals (ASX:PUA) The discovery of high-value monazite by Peak Minerals at the Minta Est prospect stands to boost the economics of the heavy minerals package at the Minta rutile project in Cameroon. Monazite trades at about three times the value of rutile and zircon, presenting PUA with significant economic upside at Minta. This has seen Peak put in a strong performance on the ASX, rising as much as 21.05% to a daily high of 2.3c, a new four-year high, with more than 84m shares changing hands. PUA closed at 2.2c, a rise of 15.79% on the pre-trading halt close. Sampling at Minta Est has returned Heavy Mineral (HM) results along with mineral assemblages and rare earth element distribution results. Assays were received from an additional 36 residual and 11 alluvial holes at Minta Est over an initial 121km2 and further assays are pending. The average depth of all holes reported on Minta Est to date is 4m, with all holes intersecting mineralisation from surface. In-situ grades of 0.5%-1.2% TREO were achieved from free-dig material in monazite separated by conventional mineral sands processing methods. Recent and historical samples show assemblages of up to 73% monazite, up to 35% rutile and up to 28% zircon at Minta Est. There were encouraging returns of high-value magnet rare earths in excess of 25% MREO, including up to 22.5% NdPr light rare earths and up to 2.7% DyTb heavy rare earths. The ongoing reconnaissance drill program at Minta aims to systematically test an initial 3,500km2 over broad drill spacings to identify higher-grade areas for follow-up infill drilling. The project has not previously been subject to modern exploration techniques and the company is utilising cost-effective, hand auger drilling to target the mineralisation from surface. Hand auger drilling is widely utilised for drilling heavy mineral sand deposits and is particularly effective in the residual soils at Minta due to the stability of the drilled formations. 'It is very exciting to release these new drilling assay results representing an entirely new high- grade discovery at Minta Est, located across 121km2 in the northeast portion of Minta rutile project,' Peak Minerals chief executive officer Casper Adson said. 'Monazite makes up to 73% of the heavy mineral assemblage at Minta Est, positioning the project as a potential high-value, world-class asset. 'Importantly, the separated monazite contains up to 22.5% NdPr and 2.7% DyTb - key magnet rare earths critical to the global energy transition. 'Mineral sands deposits typically contain up to 0.1% in-situ total rare earth oxides (TREO). 'The potential discovery of a mineralised zone with significantly higher rare earth content, hosted in free-dig sands that require no drill-and-blast or crushing and milling, is truly exceptional. 'Even more remarkable is that the monazite has been successfully recovered using only standard mineral sands beneficiation techniques, such as gravity and magnetic separation.' Zenith Minerals (ASX:ZNC) With a fully underwritten, non-renounceable entitlement offer to raise up to $3.5m underway to accelerate exploration and resource growth at its gold projects, Zenith Minerals reached a high of 4c, a lift of 33.34% on the previous close before closing at 3.6c. Funds will support a 9000m-12,000m drilling campaign at the newly consolidated Dulcie gold project in Western Australia as well as deep diamond drilling at the Red Mountain gold project in Queensland. At Dulcie, drilling will be focused on growing the 210,000oz mineral resource estimate, strengthening the path towards commercial production. The funds will be raised through a two for seven offer at 3c per share with a one-for-three free-attaching option. Showing their confidence in the company and its gold strategy, the raise will be strongly supported by Zenith's board and management. The company's managing director Andrew Smith will sub-underwrite $150,000 and non-executive director Euan Jenkins $100,000 while other directors will apply for their respective entitlements. Noble Helium (ASX:NHE) (Up on no news) Noble Helium (ASX:NHE), which is answering the growing need for a primary and geo-politically independent source of helium with its projects along Tanzania's East African Rift System, has been a big mover, up 58.33% to 1.9c although there's no fresh news. Four projects are being advanced according to the highest ESG benchmarks to serve increasing supply chain fragility and supply-demand imbalance for this scarce, tech-critical and high-value industrial gas. Priced at up to 50 times the price of LNG in liquid form, helium is essential to many modern applications as an irreplaceable element in vital hi-tech products such as computer and smartphone components, MRI systems, medical treatments, superconducting magnets, fibre optic cables, microscopes, particle accelerators and space rocket launches. Rising demand and constrained supply are fuelling growth prospects within the global marketplace, particularly for cleaner 'green helium' sourced from non-carbon environments. At present, more than 95% of the world's helium is produced as a by-product of the processing of hydrocarbon-bearing gas. Javelin Minerals (ASX:JAV) On a fast-track to mining at the 112,000oz Eureka gold project near Kalgoorlie in WA is Javelin Minerals, which reached 0.3c today, before easing right back to 0.2c. The company is taking steps to mine the ~34,000 recoverable ounces within the 62,000oz indicated resource and is in advanced discussions with mining and processing contractors. With the gold price sitting above A$5200/oz, JAV is closing in on the goal of unlocking the substantial value of the resource in a cost-effective and timely manner. Javelin Minerals is considering several options for milling nearby, including the Paddington gold operations owned by Zinjin Mining Group Co which is just 20km away. Engineering studies and the approval process for the restart of mining are well advanced, with the board aiming to be mining within 12 months. The mining strategy is being advanced in parallel with exploration at Eureka and a new drilling program is planned to follow up strong results next to and below the Eureka pit. These areas are considered to be priority exploration targets with excellent potential to grow the resource, both at Eureka and their Coogee gold project nearby. 'Our plan to generate early production and cashflow at Eureka is now the primary focus of the board for the Eureka gold project, which has been endorsed by strong interest from third parties to partner with us for the project's development in the short term,' JAV executive chairman Brett Mitchell said. 'Based on the discussions to date, we are confident that this strategy will prove extremely effective in creating rapid value in the current record high A$ gold price environment, whilst we continue the exploration program to grow the overall inventory at both our Eureka and Coogee gold projects.'
