Prime Mining Announces 2024 Financial Success and Operational Highlights
Prime Mining Corp. (“Prime” or the “Company”) (TSX: PRYM) (OTCQX: PRMNF) (Frankfurt: O4V3) is excited to share its remarkable operational and financial outcomes for the year ending December 31, 2024, providing a detailed overview of its accomplishments and future ambitions. The Company's primary focus remains on the exploration and development of its high-grade Los Reyes Gold-Silver Project.
Transformative Year for Prime Mining
According to Chief Executive Officer Scott Hicks, 2024 marked a pivotal moment for Prime. The Company successfully drilled over 50,000 metres, increased the Los Reyes resource, and forged stronger relationships within local communities, which are crucial to gaining vital social licenses. Closing the year with a solid financial standing of $19 million in cash affords Prime the stability to pursue its ambitious aims in 2025, including the advancement of the Los Reyes project toward a Preliminary Economic Assessment (PEA).
Key Corporate Highlights in Q4 2024
Among the significant achievements throughout the fourth quarter of 2024, Prime Mining unveiled an updated Mineral Resource Estimate (MRE) on October 15, showcasing:
- A 49% increase in indicated resources to 2.2 million ounces of gold equivalent and an 11% rise in inferred resources to 0.8 million ounces.
- Substantial growth in high-grade resources from both open-pit and underground sections.
- An overall drilling tally of 240,172 metres, with Prime contributing 191,451 metres at an exceptional cost of just over $20 per added resource ounce.
Outstanding Drilling Results
Throughout Q4 2024, the exploration team reported encouraging drill results from the Guadalupe East area, exemplifying:
- High values of 42.07 grams per tonne gold equivalent over 1.0 metre in hole 24GE-160.
- Noteworthy intercepts of 11.33 g/t AuEq over 1.3 metres, showcasing Prime's potential to discover deeper high-grade veins.
Commitment to Safety and Community Engagement
Prime Mining maintains a strong commitment to health protocols for its employees and contractors while also engaging actively with local stakeholders. Throughout 2024, the Company continued to work on sustainability and community development initiatives, including educational programs and support for local infrastructure.
Financial Overview of 2024
The summary of selected financial data reveals:
- Loss and comprehensive loss for the year totaled approximately $(21.62 million), compared to $(24.39 million) in the previous year.
- Cash reserves stood at $19.06 million, with significantly increased shareholder equity of $33.13 million.
2024 Year in Review: Major Steps Forward
Prime's dedicated efforts included extensive metallurgical test work, collaborating with top engineers, leading to a remarkable milling recovery estimate of 95.6%. Additionally, strategic expansion drilling across the project contributed to heightened resource estimations and the emergence of new high-grade mineralized zones.
Looking Ahead: 2025 Plans
For the upcoming year, Prime Mining's strategy is clear:
- Conducting an extensive exploration campaign targeting 40,000 metres to uncover new prospects.
- Pursuing detailed assessments to refine the potential for an economic model guiding project development.
- Continuing strong community engagement to foster relationships and support local development.
About the Los Reyes Gold-Silver Project
The Los Reyes Project, located in Mexico, stands out due to its high-grade, low-sulphidation epithermal gold-silver deposits. Since acquiring the project in 2019, Prime has invested over $62 million on direct exploration activities, bolstering its position in the gold and silver market.
Frequently Asked Questions
What were Prime Mining's main achievements in 2024?
Prime Mining achieved a 49% increase in indicated resources, drilled over 50,000 metres, and maintained a solid cash position of $19 million.
What is the significance of the Los Reyes project to Prime Mining?
The Los Reyes project is crucial for Prime Mining as it holds high-grade resources and significant growth potential in the gold and silver sectors.
How does Prime ensure the well-being of its employees?
Prime prioritizes health and safety through strict adherence to protocols and continuous engagement with local communities.
What are the plans for Prime Mining in 2025?
In 2025, Prime plans a drilling campaign of 40,000 metres to explore new prospects and intends to pursue a Preliminary Economic Assessment for further project development.
How is Prime Mining engaging with its local communities?
Prime is committed to community engagement through educational initiatives and local infrastructure improvements to strengthen relationships.
