VANCOUVER, British Columbia, June 19, 2025 – In a move that’s likely to electrify the gold market, Prime Mining Corp. (TSX: PRYM) (OTCQX: PRMNF) (Frankfurt: O4V3) announced today the resounding success of its shareholder meeting held on June 19, 2025. All director nominees, as outlined in the management’s information circular dated May 5, 2025, were elected, and every proposal put forth was approved. Suffice it to say, the company is firing on all cylinders.
Prime, a company laser-focused on the exploration and development of its wholly-owned Los Reyes gold-silver project in Sinaloa State, Mexico, remains a compelling story for investors. Recent developments signal a clear path toward substantial returns, and the company is clearly executing its plan. Here’s a quick rundown:
- The company is on track to deliver a Preliminary Economic Assessment (PEA) for Los Reyes, projecting a high-return, high-margin, low-capital, long-life project, based on drilling data up to the end of 2024 and extensive technical work. The PEA is targeted for completion in the third quarter of 2025 – a timeline that should keep analysts excited.
- As of June 17, 2025, Prime boasts a robust cash balance of approximately $32.9 million, providing a solid financial foundation for its ambitious plans.
Prime Mining is also preparing to publish its third annual Environmental, Social and Corporate Governance report. Investors keen on ESG factors will want to keep an eye on the company’s website for its release.
Meeting Highlights
A significant 68.13% of the company’s issued and outstanding common shares were represented at the meeting, with 103,882,459 shares participating. The level of engagement underscores the shareholder confidence in Prime’s future. Here’s a breakdown of the key votes:
Director Election Results
The following table outlines the results of the resolution to set the number of directors to be elected at nine (9):
| Votes For | % For | Votes Against | % Against | ||
| 103,219,008 | 99.36% | 663,451 | 0.64% | ||
Director Elections
Shareholders overwhelmingly supported the slate of director nominees, as shown below:
| Nominee | Votes For | % For | Votes Withheld | % Withheld | ||
| Murray John | 98,399,590 | 96.05% | 4,047,915 | 3.95% | ||
| Scott Hicks | 102,005,338 | 99.57% | 442,167 | 0.43% | ||
| Paul Sweeney | 99,361,921 | 96.99% | 3,085,584 | 3.01% | ||
| Andrew Bowering | 97,037,576 | 94.72% | 5,409,929 | 5.28% | ||
| Edie Hofmeister | 79,134,692 | 77.24% | 23,312,813 | 22.76% | ||
| Marc Prefontaine | 101,007,267 | 98.59% | 1,440,238 | 1.41% | ||
| Chantal Gosselin | 101,118,850 | 98.70% | 1,328,655 | 1.30% | ||
| Kerry Sparkes | 81,918,002 | 79.96% | 20,529,503 | 20.04% | ||
| Sunny Lowe | 99,354,374 | 96.98% | 3,093,131 | 3.02% | ||
Auditor Appointment
Shareholders also approved the appointment of Davidson & Company LLP, Chartered Professional Accounts, as the company’s auditor, as well as authorized the directors to fix their remuneration.
| Votes For | % For | Votes Withheld | % Withheld | ||
| 100,914,857 | 97.14% | 2,967,602 | 2.86% | ||
Revised Omnibus Incentive Plan & Unallocated Entitlements
Shareholders signaled their confidence in the company’s compensation strategy by approving both the revised omnibus incentive plan and the unallocated entitlements under the plan.
| Votes For | % For | Votes Against | % Against | ||
| 97,926,055 | 95.59% | 4,521,450 | 4.41% | ||
Unallocated Entitlements Under Omnibus Incentive Plan
| Votes For | % For | Votes Against | % Against | ||
| 89,794,404 | 87.65% | 12,653,101 | 12.35% | ||
2025 Outlook: Setting the Stage for Growth
The company is aggressively pursuing its exploration plan to further boost resource estimates. Efforts include seeking new targets, expanding existing resources, and infill drilling to refine the known high-grade zones. They’re also utilizing geological mapping and geochemical analysis to pinpoint promising discovery areas. The company will continue to use a success-based approach in its exploration strategy.
While drilling was temporarily paused in January 2025 due to security concerns in parts of Sinaloa, including the Los Reyes area, the company is adapting and remains confident. With six drill rigs still on-site and contractors on standby, drilling is anticipated to resume quickly once it is safe to do so. The company is closely monitoring the situation and collaborating with local authorities.
Exploration will focus on the following in fiscal 2025:
- Extending the Z-T Area shoots in high grade 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 high grade intercepts at Las Primas, Fresnillo and Mariposa to further grow these resources as part of the expansion at Los Reyes.
Moreover, the project activities will also encompass:
- Preliminary Economic Assessment completion: Further refining metallurgical, geotechnical, mine planning, and development aspects for project advancement, including process and underground mining optimization, along with infrastructure assessment and permitting. This is targeted for completion in Q3 2025.
- Community Engagement: Continuing to interact with and support local communities through educational, community, and environmental programs, along with access (road) expansions and infrastructure improvements. It’s worth noting that Prime is sponsoring and benefitting from a strong geologist internship program as well, which brings support to the geoscience students in local colleges and universities.
Figure 1 – Los Reyes Trends and Exploration Targets
About the Los Reyes Gold and Silver Project
Located in Sinaloa State, Mexico, Los Reyes is a high-grade, low-sulphidation epithermal gold-silver project. The project is a high-grade, long-life system. Prime announced an updated, multi-million-ounce high-grade open pit and underground resource in October 2024, based on the drilling program through mid-July of the same year. Since acquiring Los Reyes in 2
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