By Jorge Cirett

During the 42^nd week of the year (October 13^th to October 19^th, 2025), companies working in Mexico presented 28 press releases.  Two companies presented exploration advances on early-stage properties. Five companies provided operational figures for the quarter and one announced commercial production on a mine. Three companies presented news on financing rounds. Four companies presented drilling results on advanced properties/mines. Nine companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, in Sonora, Minaurum Gold released results from definition drilling at Alamos Silver; Questcorp Mining informed on their drilling program at La Union. ON MINING, Orla Mining, Avino Silver, GoGold Resources, Royal Gold and Altius Minerals presented third quarter 2025 reports; Endeavour Silver achieved commercial production at Terronera, in Jalisco. ON FINANCING, three companies informed on financing rounds: Aztec Minerals (C$10.0 M), Sonoro Gold (C$4 M), Colibri Resources (C$1.25 M + C$0.5 M + US$0.25 M). ON RESOURCES AND DEVELOPMENT, Capitan Silver released RC drilling results from Cruz de Piedra, in Durango. GR Silver Mining reported results from bulk sampling at Plomosas, in Sinaloa. Mithril Silver and Gold reported drilling results from Copalquin, in Durango. Guanajuato Silver Company presented assay results from drilling at El Cubo mine, in Guanajuato. Heliostar Metals presented the results of a technical report at La Colorada, in Sonora. ON DEALS AND CORPORATE ISSUES, Golden Minerals completed the sale of its Velardeña oxide processing plant and water well, in Durango. Starcore International Mines finalized a ten-year agreement on the Tortilla project in Queretaro. Sandstorm Gold announced the granting of the final order for its merger with Royal Gold. Silver Dollar Resources entered into a marketing agreement. GR Silver Mining announced changes to the board. Prime Mining received from COFECE the needed clearance for its acquisition by Torex Gold. Silver Bull Resources updated on its litigation with Mexico. Galore Resources is to have its AGM. Zacatecas Silver entered into an investor relation agreement. ON SOCIAL RESPONSIBILITY, Capstone Copper published its 2024 sustainability report.

ON MEXICO ISSUES

• No Relevant News.

ON EXPLORATION

• Minaurum Gold Inc. released results from its resource definition drilling program testing the Promontorio, Europa and Travesia zones at its Alamos Silver project in Sonora. Highlighted core length results comprise 5.85 m @ 0.09 gpt Au, 380 gpt Ag, 0.60% Cu, 0.2% Pb, 0.9% Zn (including 1.80 m @ 0.15 gpt Au, 1,093 gpt Ag, 1.69% Cu, 0.4% Pb, 2.0% Zn); 1.20 m @ 26.00 gpt Au, 96 gpt Ag, 0.60% Cu, 0.2% Pb, 1.0% Zn; 21.45 m @ 0.37 gpt Au, 54 gpt Ag, 0.12% Cu, 1.3% Pb, 3.3% Zn (including 1.20 m @ 1.50 gpt Au, 440 gpt Ag, 0.86% Cu, 9.1% Pb, 18.8% Zn); 1.75 m @ 0.02 gpt Au, 495 gpt Ag, 0.47% Cu, 1.0% Pb, 1.5% Zn; 2.40 m @ 0.04 gpt Au, 380 gpt Ag, 0.54% Cu, 0.6% Pb, 1.7% Zn.
• Questcorp Mining Inc. and Riverside Resources Inc. informed that the maiden drilling program at La Union, in Sonora, is now two-thirds complete with initial and second holes now completed at four of the five main targets. Seven holes have been completed and there are plans for another three to five. The Union mine, Famosa, North Union and El Cobre targets have been tested, and one hole is planned for El Creston target.

ON MINING

• Orla Mining Ltd. provided an operational update for the third quarter of 2025. During the quarter over 0.7 M tonnes of ore and 2.4 M tonnes of waste were moved at an strip ratio of 3.34, at the Camino Rojo mine in Zacatecas., with 2.8 M tonnes of ore stacked on the heaps averaging 0.40 gpt Au, to produce 22,059 Oz Au. During July Camino Rojo experienced a pit failure with no injuries, equipment damage or environmental impacts. A 50-80 m pushback of the pit is in the making, but due to the changed mining schedule guidance for 2025 was revised to 95-105 K Oz Au, down from 110-120 K Oz Au. The company has one other mining operation outside Mexico.
• Royal Gold Inc. sold 38,600 Oz Au, 594.5 K Oz Ag and 1,200 tonnes of Cu related to its streaming agreements during the third quarter of 2025 (Royalty on Cosalá, Sinaloa).
• Altius Minerals Corp. expects to report Q3 2025 attributable royalty revenue of C$21.2 M (Royalty on Cuale, Jalisco).
• Avino Silver & Gold Mines Ltd. presented third quarter 2025 production results. At Avino, in Durango, the company milled 188.8 K tonnes averaging 0.43 gpt Au, 52 gpt Ag, 0.39% Cu, recovering 74% Au, 84% Ag, 81% Cu, to produce 1,935 Oz Au, 263.2 K Oz Ag, 1.31 M Lb Cu (or 580.8 K Oz AgEq). At the end of the quarter the company had US$55 M in cash. At La Preciosa, the Gloria and Abundancia veins have been intercepted on the San Fernando ramp  while progressing up to level 4. Over, 6.7 K tonnes have been stockpiled and trucking to the Avino mine facilities is now underway. Exploration drilling is underway both at Avino and La Preciosa.
• GoGold Resources Inc. reported production figures for the year ending on September 30, 2025, at its Parral tailings property in Chihuahua. During the period the company produced 0.85 M Oz Ag, 12,289 Oz Au, 479 tonnes Cu, 609 tonnes Zn. For the third quarter of 2025, the company produced 212.8 K Oz Ag, 2,697 Oz Au, 110 tonnes Cu, 150 tonnes Zn.
• Endeavour Silver Corp. achieved commercial production at the Terronera mine in Jalisco. “The Company forecasts throughput of approximately 360,000 tonnes over the next six months, with average grades estimated at 122 g/t silver and 2.52 g/t gold. Higher grade zones are scheduled to be accessed by mid-2026, which is expected to further enhance production”.

ON FINANCING

• Aztec Minerals Corp. closed its previously announced “bought deal” private placement offering, for aggregate gross proceeds of C$10 M. The company paid the underwriter a cash commission of C$700 K (Cervantes, Sonora).
• Sonoro Gold Corp. is increasing its non-brokered private placement, for gross proceeds of C$4 M (Cerro Caliche, Sonora).
• Colibri Resource Corp. is increasing the size of the offering that comprises a non-brokered private placement for gross proceeds of up to C$1.25 M, a debt conversion of C$520 K and a non-brokered private placement of convertible debenture units for gross proceeds of up to US$250 K (EP, Sonora).

ON RESOURCES AND DEVELOPMENT

• Capitan Silver Corp. released assay results from twelve holes on its 15,000 m reverse circulation drilling program at Cruz de Piedra project in Durango. Highlighted drill length results comprise 18.30 m @ 0.17 gpt Au, 200 gpt Ag (including 1.50 m @ 1,599 gpt Ag); 38.10 m @ 0.25 gpt Au, 93 gpt Ag, (including 3.0 m @ 0.57 gpt Au, 372 gpt Ag); 3.00 m @ 0.29 gpt Au, 82 gpt Ag, 1.1% Pb, 2.5% Zn; 10.70 m @ 0.55 gpt Au, 117 gpt Ag, 1.5% Pb, 1.4% Zn; 44.20 m @ 0.52 gpt Au, 65 gpt Ag (including 13.50 m @ 1.12 gpt Au, 142 gpt Ag); 22.90 m @ 0.37 gpt Au, 67 gpt Ag, 0.6% Pb, 0.7% Zn.
• GR Silver Mining Ltd. reported the results of phase II of the bulk sample test mining program at the Plomosas mine in Sinaloa. Highlighted initial underground channel sampling results comprise 6.7 m @ 0.03 gpt Au, 903 gpt Ag, 1.4% Pb, 1.7% Zn; 1.2 m @ 0.08 gpt Au, 2,264 gpt Ag, 0.5% Pb, 0.9% Zn; 4.2 m @ 5.12 gpt Au, 49 gpt Ag, 6.9% Pb, 5.0% Zn (including 0.5 m @ 35.7 gpt Au, 102 gpt Ag, 4.3% Pb, 14.2% Zn. A detailed laser survey of the historic mine across 7.4 km of underground development has been completed.
• Mithril Silver and Gold Ltd. provided exploration results for its Copalquin project in Durango. Target 1 resource expansion drilling extended the east-west structure 300 m, for a total strike length of 1,300 m. Highlighted core length intervals comprise 2.85 m @ 1.12 gpt Au, 25 gpt Ag; 1.35 m @ 1.26 gpt Au, 72 gpt Ag; 0.5 m @ 3.21 gpt Au, 1 gpt Ag; 7.20 m @ 2.78 gpt Au, 148 gpt Ag (including 2.05 m @ 7.41 gpt Au, 419 gpt Ag); 2.80 m @ 3.97 gpt Au, 209 gpt Ag; 8.03 m @ 7.19 gpt Au, 260 gpt Ag. Assays are pending for 11 holes on Target 5. The company intends to complete 45,000 m of drilling over the next 12-14 months.
• Guanajuato Silver Company Ltd. informed on development drilling at its El Cubo mines complex in Guanajuato. The drilling focused on the San Luis, Maria, Dolores, Packman, Villalpando and Raquel veins. Highlihgted true width intervals comprise 0.52 m @ 1.12 gpt Au, 330 gpt Ag: 0.72 m @ 1.27 gpt Au, 248 gpt Ag; 0.18 m @ 13.02 gpt Au, 970 gpt Au; 0.42 m @ 26.70 gpt Au, 321 gpt Ag; 2.77 m @ 3.30 gpt Au, 24 gpt Ag.
• Luca Mining Corp. reported analytical results from four surface and two underground drillholes at Campo Morado, in Guerrero. Four surface holes tested the Reforma deposit and two underground holes the Campo Morado mine. Highlighted core length intervals comprise 12.70 m @ 0.97 gpt Au, 60 gpt Ag, 0.77% Cu, 0.4% Pb, 2.0% Zn; 21.20 m @ 3.53 gpt Au, 161 gpt Ag, 0.55% Cu, 0.9% Pb, 2.3% Zn (including 13.00 m @ 4.96 gpt Au, 237 gpt Ag, 0.66% Cu, 1.3% Pb, 3.0% Zn); 7.90 m @ 0.56 gpt Au, 189 gpt Ag; 24.60 m @ 2.25 gpt Au, 75 gpt Ag, 0.86% Cu, 0.5% Pb, 2.4% Zn. The drill program focus is to confirm and expand resources at the Reforma and El Rey deposits, and close to the actual mine operation, as well as to test exploration targets. The surface and underground drill programs are set now to complete 5,000 m and 7,500 m respectively in 2025.
• Heliostar Metals Ltd. presented the results of an updated technical report on La Colorada property in Sonora. The new mineral resource comprises 17.1 M tonnes @ 0.68 gpt Au, 9.2 gpt Ag containing 376.2 K Oz Au, 5.05 M Oz Ag (or 385.4 K Oz AuEq) in probable reserves, 20.2 M tonnes @ 0.79 gpt Au, 10.4 gpt Ag, containing 513 K Oz Au, 6.8 M Oz Ag of measured and indicated resources, and 1.1 M tonnes @ 0.45 gpt Au, 35.1 gpt Ag, containing 17 K Oz Au, 1.3 M Oz Ag. The study encompasses a mine life of 6.1 years at an 8,200 tonnes per day rate with an annual production of 46.1 K Oz AuEq at an average AISC of $1,626 per Oz AuEq. An IRR of 24.4% is expected on a base price of $2,300 per Oz Au, with an NPV of US$66.2 M and a payback of 3.4 years. With a gold price on $3,500 per Oz, the IRR is US$168.4M and the NPV is US$243.3 M with a 2 year payback. A capital cost of US$44.5 M is estimated.

ON DEALS AND CORPORATE ISSUES

• Golden Minerals Co. completed the previously announced sale of its Velardeña oxide processing plant and water well, in Durango. The total purchase price was US$3.0 M plus VAT. “The Velardeña Buyer had previously acquired the Velardeña and Chicago mines, related mining equipment, and the sulfide processing plant under separate agreements”.
• Starcore International Mines Ltd. finalized a ten-year lease agreement on six mining concessions at the San Juan Nepomuceno project (or Tortilla project) in Queretaro. The project is 40 km from Starcore’s San Martin mine, and 5 km from La Negra mine. The deal involves the payment of US$107.5 K on signature (paid) and six monthly payments of US$27 K starting on November 2025, and a 2% NSR afterwards. “During the term of the ten-year lease and for two years thereafter, the lessor has the option to sell all of the claims and concessions to Starcore at a purchase price of US$5,000.000. The 2% NSR can also be acquired by Starcore at a purchase price of US$2 million”.
• Sandstorm Gold Ltd. announced that the Supreme Court of British Columbia has granted the final order on the plan of arrangement Royal Gold Inc., whereby Royal Gold will indirectly acquire all of the issued and outstanding common shares of Sandstorm (Royalty on Cosalá, Sinaloa).
• Silver Dollar Resources Inc. entered into an advertising and investor awareness marketing agreement with Dig Media Inc., dba Investing News Network, with a six month term commencing on October 15^th, 2025, at a cost of C$204 K (La Joya, Durango).
• GR Silver Mining Ltd. announced the resignation of Mr. Alejandro Cano, vice president, operations. Mr. Robert Payment, current CFO, has assumed the additional role of corporate secretary. Mr. Payment succeeds Mr. Blaine Bailey, who is retiring from the position (Plomosas, Sinaloa).
• Prime Mining Corp. announced the receipt of the clearance decision from the Comisión Federal de Competencia Económica (COFECE) with respect to the plan of arrangement with Torex Gold Resources Inc., whereby Torex will acquire all of the issued and outstanding shares of Prime Mining (Los Reyes, Sinaloa).
• Silver Bull Resources Inc. reported that the 5-day hearing for its arbitration case against Mexico was completed on October 10, 2025, in Washington, D.C. “Upon completion of the hearing, the Arbitration Tribunal directed the Company and Mexico (the “Parties”) to provide their Post-Hearing Briefs by November 21, 2025. The Parties are then directed to file their submissions on costs by December 5, 2025. Upon completion of these submissions, the Tribunal will close the proceedings and render its final award as soon as practicable”. Silver Bull is challenging Mexico with respect to the illegal blockade of Silver Bull’s Sierra Mojada Project in Coahuila, which commenced in September 2019 and remains ongoing
• Galore Resources Inc. is to have its annual general meeting on October 23, 2025 (Dos Santos, Zacatecas).
• Zacatecas Silver Corp. entered into an investor relation agreement with Capital Gain Media Inc. for content development and digital marketing services for four months commencing on October 16, 2025. As a consideration for the services the company agreed to pay an aggregate upfront cash fee of C$250 K (Zacatecas Silver, Zacatecas).

ON SOCIAL RESPONSIBILITY

• Capstone Copper Corp. published its 2024 sustainability report which highlights its key initiatives on environmental, social and governance matters (Cozamin, Zacatecas).

On the image below: Specularite-Pyrite-quartz vein, HQ core. Picture by Jorge Cirett. Picture by Jorge Cirett.