Torex Gold Resources has agreed to acquire Prime Mining, gaining 100% interest in the Los Reyes gold-silver project in Mexico with 1.5moz of gold and 54moz of silver in Indicated resources.

Prime Mining shareholders will receive a 32.4% premium in Torex shares, valuing the deal at $449m. The transaction does not require Torex shareholder approval.

The deal includes settlement of Prime Mining’s RSUs and DSUs, with regulatory approval expected in H2 2025. Advisors for Torex and Prime Mining are CIBC World Markets and Trinity Advisors Corporation, respectively.

Torex president Jody Kuzenko sees the acquisition as a strategic move to build a diversified precious metals producer. Scott Hicks, Prime Mining CEO, views the deal as a value enhancement opportunity for both companies.

Read more at Yahoo Finance: Torex Gold Resources to acquire Prime Mining