The Mining and Exploration News in Mexico: Highlights on the Second Week of August, 2025

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Rhyolite dome

By Miguel A Heredia

During the 33th week of the year (August 11th to August 17th 2025), at least 29 press releases were announced by companies working in Mexico, with twelve communicating production results, nine disclosing deals and corporate issues, five announcing financial rounds, two reporting resources and developments of their properties, and one informing on exploration results  ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, Silver Tiger announced preliminary results from its exploration program on veins north and south of El Tigre mine in Sonora. ON MINING, MAG Silver reported Q2, 2025 financial results for its Juanicipio mine in Zacatecas. Americas Gold and Silver announced Q2, 2025 results from its Cosala operation in Sinaloa. Altius Minerals reported Q2, 2025 royalty revenue attributable of CAD $12.7M or CAD $0.27 per share (Royalties on Cuale project, Jalisco and Llano de Nogales project, Sonora). Orla Mining announced Q2, 2025 financial results from its Camino Rojo mine in Zacatecas. Prime Mining released selected financial results for the six months ending June 30, 2025 (Los Reyes project, Sinaloa). Bear Creek presented Q2, 2025 financial and operational results from its Mercedes mine in Sonora. Avino Silver & Gold announced Q2, 2025 production and financial results from its Avino mine in Durango. First Majestic reported unaudited consolidated financial and operational results for their Mexican operations. Discovery Silver released Q2, 2025 consolidated financial and operational results (Cordero project, Chihuahua). United States Antimony presented Q2, 2025 consolidated Q2 and H1, 2025 financial and operational results (Madero smelter in Coahuila). Endeavour Silver reported Q2 and H1, 2025 consolidated financial and operational results from their Mexican operations. Elemental Altus announced that it will release its Q2, 2025 results on August 18, 2025 (Royalties on Mercedes mine, Sonora). ON FINANCING, Regency Silver announced a brokered private placement for gross proceeds of up to CAD $1.5M (Dios Padre project, Sonora). Guanajuato Silver closed its non-brokered LIFE private placement for gross proceeds of CAD $18M (El Cubo mine complex, Guanajuato). Sailfish announced a normal course issuer bid to purchase up to 3,767,749 common shares of the company (Gavilanes project, Durango). GR Silver closed its previously announced underwritten private placement for gross proceeds of CAD $13.8M (Plomosas project, Sinaloa). Zacatecas Silver announced a private placement financing for gross proceeds of up to CAD $2.5M (Zacatecas Silver project, Zacatecas).  ON RESOURCES AND DEVELOPMENT, Osisko Development declared that it intends to re-submit its two permit applications for open-pit mining at its San Antonio Gold project in Sonora. Zacatecas Silver announced a 4,000m core drilling program focused on the El Cristo and Panuco North vein systems at its Zacatecas Silver project in Zacatecas state. ON DEALS AND CORPORATE ISSUES, Vizsla announced change of transfer agent (Panuco project, Sinaloa). Sailfish Silver closed the sale of Swordfish Silver, which holds the Gavilanes project in Durango to Advance Metals. Reyna Silver announced that the shareholders of the company approved the acquisition by Torex Gold (Batopilas project, Chihuahua). MAG Silver declared a fix dividend of USD $0.02 per share and an additional cash flow linked dividend of USD $0.124 per share (Juanicipio mine, Zacatecas). Americas Gold and Silver announced that it is implementing a consolidation of its outstanding common shares as authorized by its shareholders and subsequently approved by its Board of Directors (Cosala operations, Sinaloa). Mithril reported that its common shares are now trading on the OTCQB Venture Market in the USA (Copalquin project, Durango). Oroco received a positive resolution from the Mexican Secretariat of Environment and Natural Resources (SEMARNAT), allowing them to proceed with drilling and exploration activities on the Santo Tomas project in Sinaloa. Tocvan obtained full permit approval for a 50,000 tonnes pilot mine facility at its Gran Pilar project in Sonora. Reyna Silver received a final court order for acquisition by Torex Gold (Batopilas project, Chihuahua).  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Silver Tiger Metals Inc., announced preliminary results from its exploration program on veins north and south of El Tigre mine in Sonora. The exploration program is focused on mapping and sampling both the northern and southern veins. In the north, recent work has confirmed the continuity of high-grade mineralization along over 10km of strike, with historic workings and sampling indicating strong silver and gold grades. An initial drill target generation is underway for winter 2025. On the southern side, the company is evaluating previously undrilled greenfield areas like Lluvia de Oro and El Toro, where historical workings and high-grade surface sampling suggest significant mineralization potential over 10km of combined strike length. Overall, this steeply dipping epithermal veins system with over 25km mapped (including El Tigre Mine) supports further drilling and hosts huge potential for expanding known resources.

ON MINING

  • MAG Silver Corp., reported Q2, 2025 financial results for its Juanicipio mine in Zacatecas (all amounts expressed in US dollars). On a 100% basis (56% Fresnillo plc and 44% MAG), Juanicipio mined 355,785 tonnes and processed 342,515 tons of 417 g/t Ag, 1.21 g/t Au, 1.7% Pb, and 3.3% Zn (661 g/t AgEq) and sold 3.83M Oz Ag, 9.26K Oz Au, 10.4M Lb Pb, and 18.3M Lb Zn (5.65M Oz AgEq) at cash and AISC of ($3.90, negative attributable to higher by-product revenue) and $8.38 per Oz Ag sold respectively (or $0.63 and $11.46 per Oz AgEq sold respectively). The company also reported operating cash flow of $110.64M; free cash flow of $92.90M; gross profits of $128.6M; net income before taxes of $117.42M; and net income of $95.64M. On MAG 44% portion, the company reported a net income of $33.4M; and EBITDA of $33.88M; an adjusted EBITDA of $56.4M; and free cash flow of $92.9M.
  • Americas Gold and Silver Corporation announced Q2, 2025 production results. It produced 269K Oz Ag, 1.5M Lb Zn, and 0.2M Lb Pb at its Cosala operation in Sinaloa. The Cosalá Operations are advancing towards mining the higher-grade silver-copper EC120 orebody, aiming for commercial production by the end of 2025.
  • Altius Minerals Corporation reported Q2, 2025 royalty revenue attributable of CAD $12.7M or CAD $0.27 per share, and adjusted earnings of CAD $1.6M (Royalties on Cuale project, Jalisco and Llano de Nogales project, Sonora).
  • Orla Mining Ltd., announced Q2, 2025 financial results from its Camino Rojo mine in Zacatecas (all amounts expressed in US dollars). The company declared that 2M tonnes of ore were mined: 1.7M tonnes with an average grade of 0.71 g/t Au were stacked and 0.6M tonnes of ore of low grade were rehandled and placed on the leach pad at an average grade of 0.32 g/t Au. In total, 2.6M tonnes of ore at an average grade of 0.57 g/t Au were placed on the heap leach pad in Q2, 2025. Orla produced 25,145 Oz Au; sold a total of 26,591 Oz Au; and reported a sustaining capital of 0.5M. Due to the previously announced pit wall event (uncontrolled material movement on the north wall), the company updated the 2025 production guidance. It expects to produce at Camino Rojo between 95K-125K Oz Au at cash and AISC of $800-$900 and $850-950 per Oz Au sold respectively.
  • Prime Mining Corp., released selected financial results for the six months ending June 30, 2025 (all amounts expressed in Canadian dollars). It reported a net loss of $6.17M or a loss per share of $0.04, and ended the period with $32.75M. In addition, Prime declared total assets of $46.93M; total current liabilities of $0.78M; total liabilities of $1.56M; and total shareholders´ equity of $ 45.37M (Los Reyes project, Sinaloa).
  • Bear Creek Mining Corporation presented Q2, 2025 financial and operational results from its Mercedes mine in Sonora (all currency expressed in US dollars). The company mined 91,941 tonnes of 2.81 g/t Au and processed 89,488 tonnes of 2.88 g/t Au with a metallurgical recovery of 96% to produce 7,973 Oz Au and 33,932 Oz Ag at cash and AISC of $2,327 and $2,753 per Oz Au sold respectively. The company sold a total of 8,091 Oz Au during this period. Bear Creek also reported revenue of $27.78M; comprehensive earning loss of $11.7M; cash used in operating activities of $1.7M; cash used in investing activities of $10.34M; and cash generated from financing activities of $10.1M.
  • Avino Silver & Gold Mines Ltd., announced Q2, 2025 production and financial results from its Avino mine in Durango (all currency expressed in US dollars). The company milled 190,987 tonnes to produce 283.6K Oz Ag, 1.8K Oz Au and 1.46M Lb Cu (645.6K Oz AgEq) and sold 676.45 Oz AgEq at cash and AISC of $15.11 and $20.93 per Oz AgEq sold respectively. In addition, Avino reported revenues of $21.8M; mine operating income of $10.22M; net income of $2.86M; EBITDA of $7.4M; adjusted earnings of $8.84M; cash provided by operating activities of $8.35M; mine operating cash flow before taxes $11.3M; cash of $37.3M; and working capital of $40.6M.
  • First Majestic Silver Corp., reported Q2, 2025 unaudited consolidated financial and operational results for their Mexican operations (All currency expressed in US dollars). Figures by mine are shown in the table below:

The company also reported revenue of $264.2M; mine operating earnings of $23.9M; EBITDA of $98.7M; net earnings of $104.8M; adjusted net earnings of $38.5M; cash flow from operations of $91.1M; free cash flow of $71.4M; and cash position of $310.1M. First Majestic declared a cash dividend of $0.0048 per common share for the second quarter of 2025 for shareholders.

  • Discovery Silver Corp., released Q2, 2025 consolidated financial and operational results without presenting results separately from its Cordero project in Chihuahua. The company reported revenues of USD $142M from the sale of 42,550 Oz Au at an average realized gold price of USD $3,337 per Oz Au. In addition, Discovery Silver achieved significant progress at its Cordero project, including the completion of a limited work program focused on de-risking the project, particularly in power and water management, since it is evaluating the potential to use natural gas power sources, planning to upgrade the local water treatment plant, and evaluating the potential to establish solar farms around the project site to contribute to the power supply required for mine development and operation. 
  • United States Antimony Corporation presented Q2, 2025 consolidated Q2 and H1, 2025 financial and operational results without presenting results separately from their Mexican operations (Madero smelter in Coahuila). The company reported revenues of USD $10.5M for the second quarter of 2025 and USD $ 17.5M for the six months ended June 30, 2025.
  • Endeavour Silver Corp., reported Q2 and H1, 2025 consolidated financial and operational results from their Mexican operations (All dollars amount is in US dollars). At Guanacevi mine, Durango, Endeavour processed during the second quarter of 2025, 96,834 tonnes to produce 994.9K payable Oz Ag at cash and AISC of $19.91 and $26.81 per Oz Ag respectively. At Bolañitos mine, Guanajuato, it processed 88,098 tonnes to produce 100.2K payable Oz AgEq at cash and AISC of $(17.26) and $7.04 per Oz Ag respectively. For the six months ended June 30, 2025 the company processed at Guanacevi mine in Durango 199,272 tonnes to produce 2M payable Oz Ag at cash and AISC of $19.82 and $26.65 per Oz Ag respectively, while at Bolañitos mine in Guanajuato, it processed 195,167 tonnes to produce 281.3K Oz Ag at cash and AISC of $(9.75) and $10.98 per Oz Ag respectively. For the second quarter of 2025 Endeavor reported consolidated results including revenue of $85.3M from the sale of 1.45M Oz Ag and 7,706 Oz Au at realized prices of $32.95 per Oz Ag and $ 3,320 per Oz Au; net earnings of ($20.5M); adjusted net earnings of ($9.2M); mine operating earnings of $7.7M; mine operating cash flow before taxes of $22.9M; operating cash flow before working capital of $14.4M; EBITDA of $1.4M; adjusted EBITDA of $10.8M; and working capital of ($15.8M). For the six months ended June 30, 2025, Endeavor reported consolidated results including revenue of $148.8M from the sale of 2.68M Oz Ag and 16,244 Oz Au at realized prices of $32.52 per Oz Ag and $ 3,110 per Oz Au; net earnings of ($53.4M); adjusted net earnings of ($9.4M); mine operating earnings of $20.6M; mine operating cash flow before taxes of $45.0M; operating cash flow before working capital of $22.7M; EBITDA of ($16.7M); adjusted EBITDA of $25.9M; and working capital of ($15.3M).
  • Elemental Altus Royalties Corp., announced that it will release its Q2, 2025 results on August 18, 2025 (Royalties on Mercedes mine, Sonora).

ON FINANCING

  • Regency Silver Corp., announced a brokered private placement for gross proceeds of up to CAD $1.5M through the sale of up to 30,000,000 units at a price of CAD $0.05 per unit. The purpose of the financing is to use the gross proceeds for drilling the Dios Padre project in Sonora, and for general working capital purposes.
  • Guanajuato Silver Company Ltd., closed its non-brokered LIFE private placement of 60,000,000 units at a price of CAD $0.30 per unit for gross proceeds of CAD $18M. The purpose of this financing is to significantly strengthen the Guanajuato Silver’s balance sheet, providing the company with increased financial flexibility. This enhanced financial position enables the company to consider and pursue additional growth opportunities within its portfolio (El Cubo mine complex, Guanajuato).
  • Sailfish Royalty Corp., announced a normal course issuer bid during a 12-month period commencing August 12, 2025 and ending August 11, 2026, to purchase up to 3,767,749 common shares of the company in total, being approximately 5% of the total number of shares outstanding as at July 16, 2025 (Gavilanes project, Durango).
  • GR Silver Mining Ltd., closed its previously announced underwritten private placement of 69,000,000 units at a price of CAD $0.20 per unit for gross proceeds of CAD $13.8M. GR Silver plans to use the gross proceeds for advancement of its Plomosas project in Sinaloa, as well as for working capital and general corporate purposes.
  • Zacatecas Silver Corp., announced a private placement financing for gross proceeds of up to CAD $2.5M to fund a 4,000m drilling program at its Zacatecas Silver project in Zacatecas, for community engagement, and for strategic growth initiates.

ON RESOURCES AND DEVELOPMENT

  • Osisko Development Corp., declared that it intends to re-submit its two permit applications for open-pit mining at its San Antonio Gold project in Sonora since mining permits appears to be gaining traction in Mexico.
  • Zacatecas Silver Corp., announced a 4,000m core drilling program focused on the El Cristo and Panuco North vein systems at its Zacatecas Silver project in Zacatecas state. The goal of this program is to explore underexplored areas, delineate high-grade mineralization, and expand known resources. A 2,500m diamond drill program has been planned for the El Cristo Silver project targeting the extension of the Veta Grande Vein system, where previous drilling intersected silver and base metal mineralization in 22 out of 28 holes. Also, a 1,500m of drilling will be conducted at Panuco, where previous work has shown high grade intercepts.

ON DEALS AND CORPORATE ISSUES

  • Vizsla Silver Corp., announced that Odyssey Trust Company has replaced Computershare Trust Company as the company’s transfer agent effective August 11, 2025. Shareholders do not need to take any action, but inquiries related to shares should now be directed to Odyssey Trust (Panuco project, Sinaloa).
  • Sailfish Silver Corp., closed the sale of Swordfish Silver Corp., which holds the Gavilanes project in Durango to Advance Metals Limited. The transaction included a cash payment of USD $50K, 16,800,000 Advance shares, 33,600,000 performance rights convertible into Advance shares, and a 2% NSR on mineral production from the property. Advanced must spend a minimum of USD $2M on exploration over five years, or pay USD $500K if this commitment is not met.
  • Reyna Silver Corp., announced that the shareholders of the company approved the special resolution for a statutory plan of arrangement regarding the acquisition by Torex Gold. The transaction is expected to close on August 20, 2025, pending a final order from the Supreme Court of British Columbia (Batopilas project, Chihuahua).
  • MAG Silver Corp., declared a fix dividend of USD $0.02 per share and an additional cash flow linked dividend of USD $0.124 per share which represents approximately 30% of the USD $40.9M free cash flow generated by the Juanicipio mine in Zacatecas, for a total dividend of USD $0.144 per share payable on September 1, 2025 to shareholders on record as of August 18, 2025.
  • Americas Gold and Silver Corporation announced that it is implementing a consolidation of its outstanding common shares as authorized by its shareholders and subsequently approved by its Board of Directors. It will consist of one post-consolidation common share for every 2.5 pre-consolidated common shares. The company plans to file articles of amendment on or about August 21, 2025, to implement this change. The CUSIP (Committee on Uniform Securities Identification Procedures) and ISIN (International Securities Identification) numbers of the post-consolidation common shares will also change upon the completion of the consolidation (Cosala operations, Sinaloa).
  • Mithril Silver and Gold reported that its common shares are now trading on the OTCQB Venture Market in the USA under the symbol MTIRF. It also announced that their common shares will continue to trade on the Australian Stock Exchange and Toronto Stock Exchange under the symbols MTH and MSG respectively (Copalquin project, Durango).
  • Oroco Resource Corp., received a positive resolution from the Mexican Secretariat of Environment and Natural Resources (SEMARNAT), allowing them to proceed with drilling and exploration activities on the Santo Tomas project in Sinaloa, without needing an Environmental Impact Authorization. This decision is based on the characteristics outlined in their “informe preventivo” notice.
  • Tocvan Ventures Corp., obtained full permit approval for a 50,000 tonnes pilot mine facility at its Gran Pilar project in Sonora. The facility includes a heap leach pad and hydrometallurgical processing infrastructure, allowing for the processing of high grade material and optimizing extraction methods.
  • Reyna Silver Corp., received a final order from the Supreme Court of British Columbia authorizing Torex Gold Resources Inc to proceed with the acquisition of Reyna Silver (Batopilas project, Chihuahua).

ON SOCIAL RESPONSIBILITY

  • No relevant news.

Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.

On the picture below, an outcrop of a rhyolite dome in an intermediate sulphidation epithermal vein system in a project in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

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