By jorge Cirett

The last quarter of 2025 was marked by rising precious metals prices, which were accompanied by an increase in financing activity by mining companies worldwide. This trend had spillover effects in Mexico, where over US$1.5 billion was invested in mining companies during the period.

As often happens, resources were not distributed evenly among market participants. Those with mining operations or with projects near production, secured US$1.2 billion, representing 77% of the total capital raised, with Endeavour Silver, First Majestic Silver and Vizsla Silver taking the lion’s share of these proceedings, each raising over US$300 million.

Companies with advanced-stage development projects raised nearly US$300 million, or 19% of the total. Of this amount, over US$100 M went to GoGold Resources, almost US$50 million to Silver Tiger Metals, and nearly US$54 million to Fuerte Metals.

Exploration-focused companies raised US$61.4 million, or 4% of the total financing. This underscores that even in bonanza times exploration remains an unpopular choice among investors. Notably, two thirds of that amount was raised by a single company, Apollo Silver.

A few words of caution in this reflection: First, financing news often occur in stages that do not necessarily respect quarterly boundaries. Second, when a company appears multiple times in the table below, it reflects separate financing rounds during the period. Third, the table does not capture the frequent upsizing of initial financing rounds.