Prime Mining Corp (TSX:PRYM) has announced that 97% of its $1.10 warrants which were due on 12 June 2025, have been exercised, therefore increasing the company’s cash balance to around $33M.
Scott Hicks, CEO of Prime Mining Corp commented, “We are delighted to see the confidence of warrant-holders in the Los Reyes Project reflected in this warrant exercise. With our cash position now at approximately $32.9 million, we are very well capitalized to deliver the upcoming Preliminary Economic Assessment, expected in the third quarter, and to advance our other technical programs through the end of 2026. We would like to thank our core shareholder group, led by Pierre Lassonde, for their continued support of Prime.”
The proceeds are going towards the advancement of Prime Mining’s 100%-owned Los Reyes gold-silver project in Mexico. The company is focused this year on identifying new prospective targets, expanding the existing resource, and infill drilling, with additional work focused on geological mapping and geochemical sampling in order to identify additional discovery areas.
Prime Mining has several key exploration plans for 2025, including:
- Extending the high-grade Z-T Area shoots that remain open at depth and 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 as well as other target discovery areas in order to showcase the resource expansion potential at Los Reyes
To reach these goals, Prime Mining is focused on completing a PEA in Q3 2025 as well as to continue to engage with and support the local communities in their project location.
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