- Prime Mining Corp (PRMNF, Financial) reports improved net loss and solid cash reserves for Q1 2025.
- Drilling operations paused due to security concerns in Sinaloa, Mexico.
- Impressive high-grade intersections at Los Reyes Project in Tahonitas and Noche Buena zones.
Prime Mining Corp (PRMNF) has announced its financial and operational results for the first quarter of 2025, highlighting a significant improvement in net losses and a stable cash position. The company reported a net loss of $3.6 million, a notable improvement from the $6.5 million loss recorded in Q1 2024. Prime Mining ended the quarter with a robust cash balance of $18.2 million, down slightly from $19.1 million at the end of December 2024.
Despite the positive financial results, the company faced operational challenges as they temporarily paused their drilling activities on January 28, 2025, due to worsening security conditions in Sinaloa, Mexico. This suspension affects the company's planned extensive 40,000-meter drilling campaign at the Los Reyes Gold-Silver Project, which remains a key focus area for their exploration and development efforts.
In terms of exploration, Prime Mining achieved significant results with high-grade intersections reported across multiple zones. Notably, the Tahonitas zone delivered intersections of up to 5.67 grams per tonne (gpt) gold equivalent (AuEq) over 4.2 meters, while the Noche Buena zone exhibited 3.48 gpt AuEq over 7.6 meters. These results underscore the high-grade potential of the Los Reyes Project.
The company remains committed to advancing its technical studies and community engagement initiatives, while also preparing for a Preliminary Economic Assessment. Once security conditions improve, Prime Mining plans to resume their drilling activities to continue exploring the promising mineralization zones at Los Reyes.
