Morning Briefing: Torex Gold to Acquire Prime Mining
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Monday, July 28th.
The US Dollar is on the move higher this morning following a trade deal announcement between the US and the EU. The deal provides for an import tariff of 15% on EU goods, which is half the rate Trump had threatened before. The two sides did agree on zero tariffs on both sides for a range of strategic goods, including some chemicals, semiconductor equipment, certain ag products and some natural resource and critical raw materials. Additionally, the EU will purchase natural gas, oil and nuclear fuel to replace Russian energy supplies. Gold opened its Asian session overnight and headed lower, but was quickly bought up. It remains mostly flat now from Friday’s close at $3,336/oz. Silver is down about 9 cents this morning after a brutal Friday session. Copper is holding steady this morning at $5.81/lb.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by…Integra Resources
Integra is a growing precious metals producer in the Great Basin of the Western United States. Integra is focused on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine, located in Nevada. In addition, Integra is committed to advancing its flagship development-stage heap leach projects: the past producing DeLamar Project located in southwestern Idaho, and the Nevada North Project located in western Nevada. Learn more about the business and their high industry standards over at integraresources.com
And here’s what you need to know this morning…..
Torex Gold has entered into an agreement to acquire all of the issued and outstanding common shares of Prime Mining. The Transaction will result in Torex owning a 100% interest in Prime Mining’s multi-million ounce Los Reyes gold-silver project. The Los Reyes Project is located in Mexico, a jurisdiction in which Torex has successfully worked since 2010. The deal comes with an implied 32.4% premium to the 30-day volume-weighted average price (“VWAP”) of the Prime Mining Shares based on the 30-day VWAP of the Torex Shares for the period ended July 25, 2025 and an 18.5% premium to the closing price of the Prime Mining Shares on the Toronto Stock Exchange from Friday. The equity valuation on the deal is approximately $449M CAD. Upon completion of the Transaction, Torex will issue approximately 10.5 million Torex Shares to Prime Mining shareholders and existing Prime Mining shareholders will own approximately 10.7% of Torex. (TSX:TXG) (OTCQX:TORXF) (TSX: PRYM) (OTCQX: PRMNF) News Release
McEwen Mining says they have entered into a binding letter of intent to acquire all of the issued and outstanding securities of Canadian Gold by way of plan of arrangement. If the Proposed Transaction is completed, Canadian Gold would become a wholly-owned subsidiary of McEwen. Pursuant to the terms of the Proposed Transaction, each Canadian Gold common share would entitle its holder to receive 0.0225 of a McEwen common share . The Exchange Ratio represents an offer price of CDN $0.35 per Canadian Gold Share, being a premium of 26% to the 30-day volume weighted average price of the Canadian Gold Shares as at market close on July 25, 2025. Following completion of the transaction, existing Canadian Gold shareholders will own approximately 8.2% of the combined company resulting from the Proposed Transaction. McEwen says the deal provides an ability to fund development and construction of the Tartan Mine with McEwen’s existing financial resources. (NYSE: MUX) (TSX:MUX)(TSX-V:CGC) News Release
Radisson Mining announced the discovery of a significant occurrence of coarse visible gold in a new surface trench excavated at its 100%-owned O'Brien Gold Project in the Abitibi region. The trench is the first of several planned for the summer exploration program at O'Brien and is located just thirty metres east of the O'Brien core shack and office complex, close to the projected surface extension of the celebrated "Jewellery Box" zone. This area is outside the scope of the Project's Mineral Resources and the recently published Preliminary Economic Assessment. (TSXV: RDS) (OTCQB: RMRDF) News Release
Equinox Gold provided an update from the exploration campaign at its producing El Limon Mine Complex in Nicaragua. Initial results of the planned 100,000 metres of discovery and resource expansion diamond drilling at El Limon in 2025 have yielded the highest-grade gold mineralization discovered to date on the property, demonstrating significant potential to extend the mineralized corridor to both the north and west of the existing producing deposits. Results included 36.77 g/t Au over 6.9m, 13.93 g/t over 2.7m and 22.18 g/t over 4.4m. The company says these recent high-grade drilling results demonstrate the extension of gold mineralization in three areas of the property: adjacent to the operating Panteon underground mine, along the multi-kilometre VTEM Gold Corridor and along trend of the past-producing Talavera mine. The Company currently has an active multi-rig drill program underway and today's results at El Limon continue to demonstrate the potential for meaningful mineral resource growth and additional new discoveries. (TSX: EQX) (NYSE American: EQX) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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