Torex Gold Resources (TSX: TXG) is doubling down on Mexico, sealing a C$449 million ($327 million) all-share deal to acquire Prime Mining (TSX: PRYM) and its flagship Los Reyes gold-silver project.
In the agreement, Prime shareholders will receive 0.060 Torex shares per Prime share, adding about 10.5 million new shares to Torex’s float—roughly 10.7% of the company.
This marks Torex’s second acquisition in as many months, following its June takeover of Reyna Silver. That deal handed Torex early-stage assets in northern Mexico and Nevada. Now, Los Reyes bolsters its development pipeline with a significant boost in resources and silver exposure.
Located in Sinaloa, Los Reyes brings 1.5 million ounces of gold and 54 million ounces of silver in Indicated resources, plus another 538,000 ounces of gold and 21.6 million ounces of silver in the Inferred category.
Thanks to the deal, Torex bumps up its measured and indicated gold resources by 32% to 6.2 million ounces, and inferred resources jump 44% to 1.8 million ounces. The added silver also strengthens the company’s precious metals mix.
“This acquisition—alongside our Reyna Silver buy—reinforces our mission to build a diversified, Americas-focused gold and silver powerhouse,” said Torex CEO Jody Kuzenko.
Torex already operates the sprawling Morelos complex 180 kilometres southwest of Mexico City. That site churns out over 450,000 ounces of gold annually, anchored by the Media Luna and ELG deposits. The company is eyeing a third underground deposit, EPO, for production by late 2026.
With Prime Mining now in the fold, Torex is positioning itself as an even bigger force in Latin America’s mining landscape.
