By Jorge Cirett

During the 48th week of the year (November 24th to November 30th, 2025), companies working in Mexico presented 28 press releases.  One company informed about exploration advances on early-stage properties. Three companies reported third quarter 2025 results. Eleven companies presented news on financing rounds or share matters. Four companies presented updates on advanced properties/mines. Eight companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Durango, Pinnacle Silver and Gold informed on a LiDAR survey at El Potrero. ON MINING, Orogen Royalties, Guanajuato Silver Company, Royalties Inc. and Impact Silver presented third quarter 2025 reports. ON FINANCING, nine companies informed on financing rounds: Silver Viper Minerals (C$17 M), GoGold Resources (C$125 M), Vizsla Silver (US$300 M), Silver Wolf Exploration (C$2.1 M), Pinnacle Silver and Gold (C$2.5 M), Kingsmen Resources (C$4.2 M), Silver Tiger Metals (C$40 M), Avino Silver & Gold (US$60 M) and GoGold Resources (C$143.75 M). Elemental Royalty is to start trading on the Nasdaq. Regency Silver granted stock options to acquire 4.5 M shares. ON RESOURCES AND DEVELOPMENT, Heliostar Metals released results from drilling at Ana Paula, in Guerrero. In a separate press release, Heliostar informed on the filing of a technical report for La Colorada, in Sonora. Silver Dollar Resources reported underground sample results from La Joya, in Durango. Minaurum Gold completed the 10,000 m phase I drilling campaign at Alamos Silver in Sonora, and is starting the 25,000 m phase II. ON DEALS AND CORPORATE ISSUES, Guanajuato Silver Company is to acquire the Bolañitos mine in Guanajuato from Endeavour Silver. Osisko Development entered into a securities purchase agreement to sell its San Antonio project in Sonora to Axo Copper. Apollo Silver, Minaurum Gold and Mithril Silver and Gold engaged marketing services providers. Santacruz Silver held its AGM. Proxy advisory firms recommended Teck Resources shareholders to vote for the merger with Anglo American. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

• Pinnacle Silver and Gold Corp. informed an airborne LiDAR survey has been flown over El Potrero in Durango, covering the 1,100 ha property. The resulting high-resolution topographic study will aid mapping “features such as structures and lithological contacts that can be related to mineralization but may not be exposed at surface”.

ON MINING

• Orogen Royalties Inc. released Q3 2025 results. Net income before tax of C$1.3 M, a net comprehensive income of C$0.65 M, royalty revenue of C$2.3 M, general and administrative expenses of C$1.4 M, cash flow of C$2.2 M and a working capital of C$21.64 M (royalty on Ermitaño, Sonora).
• Guanajuato Silver Company Ltd. announced financial information and production results for Q3 2025. Working capital of  C$11.3 M, positive operating cash flow of C3 M. and US$11.6 M of cash and cash equivalents by the end of the period. Consolidated production during the quarter from the Topia mine (Durango), El Cubo Mines Complex (Guanajuato), The Valenciana Mines Complex (Guanajuato), and the San Ignacio mine (Guanajuato) from 85 K tonnes mined, 85 K tonne milled averaging 0.91 gpt Au, 103 gpt Ag, recovering 81.1% Au, 86.7% Ag to produce 2,025 Oz Au, 245.4 K Oz Ag, 597.3 K Lb Pb, 741.6 K Lb Zn (or 457.5 K Oz AgEq) at cash cost $32.10 per Oz AgEq and an AISC of $40.64 per Oz AgEq. During the period 1,403 m were drilled at Villaplando/El Cubo, 642 m at San Ignacio and 395 m at Topia.
• Impact Silver Corp. announced financial and operating results for the third quarter 2025. The company reported revenue of C$10.7 M. At Zacualpan, in Estado de Mexico, the Guadalupe mill processed 35.4 K tonnes averaging 157 gpt Ag to produce 150.4 K Oz Ag. At Plomosas, in Chihuahua, 10 K tonnes were produced grading 30 gpt Ag, 4.5% Pb, 8.3% Zn. ”the mine successfully commissioned a new lead oxide recovery circuit following extensive metallurgical testing. This new system has been performing well, recovering up to 60% of lead oxide material which occurs locally in the mine that was previously unrecoverable by the prior operator”. 

ON FINANCING

• Silver Viper Minerals Corp. raised the maximum size of its previously announced non-brokered private placement to C$17 M (La Virginia, Sonora).
• Elemental Royalty Corp. announced its common shares are to start trading on the Nasdaq capital market (royalty on Mercedes, Sonora).
• GoGold Resources Inc. filed a final short form prospectus pursuant to its C$125 M bought deal public offering (Los Ricos South, Jalisco).
• Vizsla Silver Corp. closed its previously announced offering of 5% convertible senior unsecured notes due 2031 for an aggregate principal amount of US$300 M. The company has now twice the capital requirement to bring the Panuco project in Sinaloa into production and continue district-scale exploration.
• Silver Wolf Exploration Ltd. closed the non-brokered private placement for aggregate gross proceeds of C$2.1 M. Avino Silver & Gold Mines Ltd. acquired 5 M shares, taking its stake in the company to 11.65% on a non-diluted basis and to 16.5% on a fully-diluted basis   (Ana Maria, Durango).
• Pinnacle Silver and Gold Corp. arranged a non-brokered private placement to raise gross proceeds of up to C$2.5 M (El Potrero, Durango).
• Kingsmen Resources Ltd. closed its non-brokered private placement, raising C$4.2 M. (Las Coloradas, Chihuahua).
• Silver Tiger Metals Inc. closed its previously announced bought deal offering of common shares of the company, for gross proceeds of C$40 M (El Tigre, Sonora).
• Avino Silver & Gold Mines Ltd. filed a prospectus supplement to the company’s short form base shelf prospectus dated May 26, 2025 with the securities commission in each of the provinces and territories of Canada pursuant to which the company may, at its discretion and from time to time, distribute common shares up to the aggregate sales amount of US$60 M (Avino, Durango).
• GoGold Resources Inc. closed its previously announced bought deal offering for aggregate gross proceeds of C$143.75 M. This includes proceeds from the full exercise of a 15% over-allotment option (Los Ricos South, Jalisco).
• Royalties Inc. reported results for the third quarter of 2025. During the period the company generated revenue of US$41.2 K, while operating expenses totaled US$111.7 K. At the end of the period total assets were US$2.8 M (pursuing royalty on Cozamin, Zacatecas).
• Regency Silver Corp. granted stock options to acquire 4.5 M common shares of the company to directors, officers, employees and consultants. (Dios Padre, Sonora).

ON RESOURCES AND DEVELOPMENT

• Heliostar Metals Ltd. released additional results from the current drilling program at Ana Paula, in Guerrero. Drilling is designed to better define the overall east-west orientation of the High Grade Panel zone, with 44 holes and 12,615 m drilled to date. Highlighted core length intervals comprise 48.5 m @ 5.48 gpt Au (including 3.2 m @ 20.8 gpt Au); 70.65 m @ 9.38 gpt Au; 26.6 m @ 4.78 gpt Au; 83.2 m @ 17.30 gpt Au (including 46.65 m @ 27.30 gpt Au); 92.05 m @ 4.33 gpt Au; 35.55 m @ 6.73 gpt Au; 18.35 m @ 7.94 gpt Au; 65.15 m @ 5.39 gpt Au; 10.2 m @ 13.60 gpt Au.
• Silver Dollar Resources Inc. reported underground sample results and preliminary geologic modelling to shift from open pit to underground at its La Joya project in Durango. Results from twelve samples 0.26 to 1.10 m in width were as high as 0.6 gpt Au, 1,800 gpt Ag, 13.9% Cu, 0.1% Pb, 0.5% Zn..
• Heliostar Metals Ltd. filed an updated technical report on its operating La Colorada mine, in Sonora. . 
• Minaurum Gold Inc. completed the 10,000 m phase I infill resource drill program and commenced the 25,000 m phase II resource expansion drill program at the Alamos Silver project in Sonora. “The program will include step-out holes at the Europa and Travesia silver shoots, as well as additional drilling at the historic Quintera and Minas Nuevas mines and the more recent discoveries at Promontorio Sur, Cotera, Pulpito, and San Jose vein zones”. 

ON DEALS AND CORPORATE ISSUES

• Guanajuato Silver Company Ltd. entered into a definitive agreement to acquire the Bolañitos mine in Guanajuato, from Endeavour Silver Corp. for total consideration of up to US$50 M. A total upfront consideration at closing of US$30 M in cash and US$10 M in Guanajuato Silver’s common shares. Two more contingent payments are to be made, US$5 M upon achieving production of 2 M Oz AgEq and 4 M Oz AgEq, 50% in cash and 50% in shares. Bolañitos consists of 26 mining concessions totaling 2,537 ha, including the San Miguel, La Luz and Lucero producing mines and the Golondrinas mine, scheduled to restart production early in 2026. The property has 534 K tonnes grading 2.8 gpt Au, 101 gpt Ag containing 42,600 Oz Au, 4.6 M Oz Ag of mineral reserves, 453 K tonnes grading 2.3 gpt Au, 110 gpt Ag containing 34,000 Oz Au, 1.6 M Oz Ag of measured and indicated resources and 1.7 M tonnes grading 2.5 gpt Au, 141 gpt Ag, containing 132,200 Oz Au, 7.5 M Oz Ag in inferred resources. Bolañitos produced 25,230 Oz Au, 452.6 K Oz Ag (2.47 M Oz AgEq) in 2024.
• Osisko Development Corp. entered into a securities purchase agreement with Axo Copper Corp. to sell its 100% interest in the 11,338 ha San Antonio project in Sonora. Upon closing of the transaction Osisko will receive shares of Axo Copper for a total of 9.99% of the company and a cash payment equal to 70% of any Mexican value added tax refund due. Upon the filing of a feasibility study (FS), Osisko will receive US$2 M, in cash or Axo shares. Upon the first gold pour, Osisko will receive US$2 M in cash or shares of Axo. When Axo raises more than US$10 M in equity financings, Osisko is to receive the Axo shares needed to keep its 9.99% ownership. An amended and restated stream agreement was signed between Axo and OR Royalties Inc. entitling OR Royalties to 4.99% of the issued shares of Axo, with the designated percentage of payable precious metals set at 7.15%, the transfer payments for metal deliveries set to 30% of spot prices and contingent payments set at 50, 100 and 150 K Oz Au production marks, up to an aggregate of US$8.55 M, payable in gold deliveries and subject to the 30% transfer payment.
• Apollo Silver Corp. engaged Equedia Network Corp. to provide communications and advisory services in accordance with the policies of the TSX Venture Exchange and applicable securities laws (Cinco de Mayo, Chihuahua).
• Santacruz Silver Mining Ltd. reported that all matters were approved at its annual general and special meeting of shareholders held on November 25, 2025 (Zimapán, Hidalgo).
• Teck Resources Ltd. announced that independent proxy advisory firms Institutional Shareholder Services Inc. and Glass Lewis & Co. have recommended that Teck shareholders vote “FOR” the company’s merger of equals with Anglo American plc  (San Nicolás, Zacatecas).
• Minaurum Gold Inc. entered into agreements with Capital Analytica and National Inflation Association to extend marketing and communication services agreements (Alamos Silver, Sonora).
• Royalties Inc. reported that on November 4, 2025 the Civil Chamber of the Superior Tribunal of Justice of Zacatecas upheld Royalties Inc. entitlement to royalties and rejected the appeals filed by defendants Raúl González Anaya and Capstone Gold S.A. de C.V. “The next step is the calculation and the collection of the amount owed on the 2% NSR on past production from the Portree claim under the tailings pond” (pursues royalty on Cozamin, Zacatecas).
• Mithril Silver and Gold Ltd. engaged the services of ICP Securities Inc. to provide automated market making services for a monthly fee of C$7.5 K. Additionally, Ignite Partners was engaged for a six months investor engagement services and Small Caps IR to deliver professional investor relations services for a fee of AU$3 K per month. The company has retained Departures Capital to provide ongoing digital media marketing services (Copalquin, Durango).  

ON SOCIAL RESPONSIBILITY

• No Relevant News. 

On the image below: Epithermal quartz veining on volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.