Announcement • Aug 20
Torex Gold Resources Inc. (TSX:TXG) completed the acquisition of Reyna Silver Corp. (TSXV:RSLV). Torex Gold Resources Inc. (TSX:TXG) entered into a definitive agreement to acquire Reyna Silver Corp. (TSXV:RSLV) for CAD 31.7 million on June 23, 2025. A cash consideration valued at CAD 0.13 per share will be paid by Torex Gold Resources Inc. The Arrangement Agreement provides for a $1.4 million termination fee payable by Reyna Silver in certain circumstances in the event the Arrangement does not close, as well as an expense reimbursement fee of up to $0.45 million payable by the Company if the Arrangement Agreement is terminated in certain circumstances.
The Arrangement Agreement was unanimously approved by the Board of Directors of each of Torex and Reyna Silver. The Transaction is subject to Court approval by way of receipt of an interim order and a final order, TSX Venture Exchange approval and Reyna shareholder approval. As on August 11, 2025, the transaction has been approved by Reyna shareholders and is expected to be completed on August 20, 2025. The Supreme Court of British Columbia has approved the transaction on August 15, 2025.
DuMoulin Black LLP and Edwards, Kenny & Bray LLP are acting as legal counsel to Reyna Silver in connection with the Transaction and Evans and Evans was engaged to provide the fairness opinion referred to above. Cassels Brock & Blackwell LLP is acting as legal counsel to Torex in connection with the Transaction.
Torex Gold Resources Inc. (TSX:TXG) completed the acquisition of Reyna Silver Corp. (TSXV:RSLV) on August 20, 2025. Reyna Silver Corp Shares are expected to be delisted from the TSX Venture Exchange and the OTCQB at the close of trading on August 21, 2025. New Risk • Jun 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 20% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 13% per year over the past 5 years. Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$33.1m market cap, or US$24.1m). Announcement • Jun 23
Torex Gold Resources Inc. (TSX:TXG) agreed to acquire Reyna Silver Corp. (TSXV:RSLV) for CAD 31.7 million. Torex Gold Resources Inc. (TSX:TXG) entered into a definitive agreement to acquire Reyna Silver Corp. (TSXV:RSLV) for CAD 31.7 million on June 23, 2025. A cash consideration valued at CAD 0.13 per share will be paid by Torex Gold Resources Inc. The Arrangement Agreement was unanimously approved by the Board of Directors of each of Torex and Reyna Silver. The Transaction is subject to Court approval by way of receipt of an interim order and a final order. The Arrangement Agreement provides for a $1.4 million termination fee payable by Reyna Silver in certain circumstances in the event the Arrangement does not close, as well as an expense reimbursement fee of up to $0.45 million payable by the Company if the Arrangement Agreement is terminated in certain circumstances. The transaction is subject to target shareholders. DuMoulin Black LLP and Edwards, Kenny & Bray LLP are acting as legal counsel to Reyna Silver in connection with the Transaction and Evans and Evans was engaged to provide the fairness opinion referred to above. Cassels Brock & Blackwell LLP is acting as legal counsel to Torex in connection with the Transaction. 
