Since 2015 Miguel Heredia and I have published the weekly newsletter ‘The Mining and Exploration News in Mexico’. It has been a very rewarding experience and we have learnt a lot in the process on Mexico and on the global mining industry. Although a pro-bono project, the previous format consumed a lot of time. We realized we could not keep reasonably doing this task in the same manner when recently had to put more than 10 hours in the week for producing the newsletter, while doing long hours on project work at the same time. To sustain this contribution, we are introducing a new, streamlined format with all the key mining activity in Mexico, with links to all the original press releases and sources. It is our intention to continue serving the industry as long as it remains fun and rewarding as it has been so far.
During the 12th week of the year (March 16th to March 22nd, 2026), companies working in Mexico released 32 press releases. Four companies informed on early-stage property work, four more presented quarterly and/or full-year 2025 reports. Three companies updated on financing rounds/movements, another is not proceeding with a financing round and one more is to list in the OTCQB. Two companies presented drilling results on their advanced projects, while four more informed on their incoming drill programs. One company informed on development contracts while one more received a long awaited mining permit. Finally, one company received an economic update for its project. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Questcorp Mining and Riverside Resources completed the acquisition of key claims on La Union. In Durango, Pinnacle Silver and Gold discovered mineralization after a LiDAR survey at El Potrero. In Michoacán, Canadian Silver Hunter released assay results from surface sampling of stockpiles at an undisclosed project. ON MINING,Heliostar Metals (Ana Paula, Guerrero), Orla Mining (Camino Rojo, Zacatecas), Gold Resource (Don David, Oaxaca) and Elemental Royalty (royalty on Mercedes, Sonora) presented Q4 and/full year 2025 results. ON FINANCING, three companies informed on financing rounds/movements: Barksdale Resources (San Javier, Sonora) completed a shares for debt transaction of US$351 K and completed a private placement for C$763 K. Orogen royalties informed that the company will not proceed with the previously announced private placement. Silverco Mining commenced trading on the OTCQB. ON RESOURCES AND DEVELOPMENT, Heliostar Metals reported drilling results from San Agustín, in Durango. Silver Tiger announced contracts for development engineering and management for El Tigre, in Sonora. Orla Mining received the environmental permit for the Camino Rojo project in Zacatecas. Southern Silver Exploration presented drill results from Cerro Las Minitas in Durango. Silverco Mining announced a 30,000 m drilling program at Cusi, in Chihuahua. Pacifica Silver announced the expansion to 20,000 m of the drill program at Claudia in Durango. Zacatecas Silver received the drilling permit for its Zacatecas Silver project in Zacatecas. Silver Dollar contracted 3,500 m of drilling for La Joya, in Durango. Royalties Inc. received an economic update for the Bilbao project in Zacatecas. ON DEALS AND CORPORATE ISSUES, Orex Minerals entered into a definitive share purchase agreement with Silver Viper Minerals and Fresnillo plc to sell Silver Viper the Coneto project in Durango, for US$15 M in shares. Azucar Minerals announced the change name to Mustang Minerals Ltd. (El Cobre, Veracruz). Xali Gold announced an appointment to the board. EV Resources secured a plant for antimony production (Los Lirios, Oaxaca). ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
ON EXPLORATION
Pinnacle Discovers Silver-Lead-Zinc Mineralization Following up on LiDAR Survey at El Potrero : Pinnacle Silver and Gold
Pacifica Silver Expands Phase II Drill Program at Claudia to 20,000 m; Appoints Dr. Steven I. Weiss as Interim VP Exploration : Pacifica Silver
Silverco Mining Commences 30,000-Meter 2026 Drill Program at Cusi, Targeting Massive Step-Out Potential and Regional Blue-Sky Prospects : Silverco Mining
Silver Dollar Hires Versa for Diamond Drilling at Its La Joya Silver (Cu-Au) Project : Silver Dollar Resources
Heliostar Drills Multiple Gold Intercepts over 200 Metres From Pit Edge at San Agustin : Heliostar Metals2
Silver Tiger Awards Engineering Procurement and Construction Management Contract and Provides Construction Update : Silver Tiger Metals
Orla Mining Receives Permits to Extend Operations in Mexico Supporting Company’s Long-Term Commitment to Camino Rojo : Orla Mining
Southern Silver Intersects 6.3 Metres Averaging 874g/t AgEq at Cerro Las Minitas Project in Durango, México : Southern Silver Exploration
Zacatecas Silver Receives Drill Permit for El Cristo, Supporting 2026 Drill Program Aimed at increasing Existing Silver Resource at the Zacatecas Silver Project : Zacatecas Silver
Royalties Inc. Receives Bilbao Project Economic Update : Royalties Inc
ON DEALS AND CORPORATE ISSUES
Silver Viper Minerals announced execution of definitive agreement to acquire the Coneto Silver-Gold Project: Silver Viper Minerals
Orex Minerals Inc. Announces Sale of the Coneto Silver-Gold Project to Silver Viper Minerals Corp. : Orex Minerals
Azucar Minerals Ltd. Announces Change of Name to Mustang Minerals Limited : Azucar Minerals
During the 10th week of the year (March 2nd to March 8th, 2026), companies working in Mexico released 22 press releases. One company informed on early-stage property work, two presented quarterly and full-year reports. One company updated on a financing round, one informed on a credit facility, one other company on its credit rating, one more on its share re-purchase plan and one on the trading on a new Exchange. Four companies presented drilling results on advanced properties and one updated the MRE and a PEA on its advanced property. Eight companies informed on deals and corporate issues. ON MEXICO ISSUES, the president asserted that the moratorium in new claims is to continue. Rules on small scale coal mining are to be strengthened. ON EXPLORATION, in Sonora, Regency Silver presented drilling results from Dios Padre. ON MINING,Capstone Copper and Starcore International Mines presented quarterly and full-year reports. ON FINANCING, one company informed on a financing round: Silver spruce Resources (C$2 M). Elemental Royalty amended a US$150 M credit facility. Aura Minerals credit rating was upgraded. Pan American Silver intends to repurchase up to 5% of its shares. Highlander Silver is to trade on the NYSE. ON RESOURCES AND DEVELOPMENT, Kootenay silver released results from drilling at Columba, Chihuahua. Advance Metals presented drill results from Yoquivo, in Chihuahua. Pan American Silver reported drilling results from La Colorada, in Zacatecas, encountering several new veins. Luca Mining released drill results from Tahuehueto, in Durango. Sonoro Gold presented a new MRE and a PEA on its Cerro Caliche project in Sonora. ON DEALS AND CORPORATE ISSUES, Royalties Inc. informed on its legal proceedings with Capstone on Cozamin royalties. Heliostar Metals entered into a binding agreement with Zacatecas Silver on several non-core properties. Medoro Metals informed on the proposed reverse takeover with Narrow River. Vizsla Silver updated on the situation in Concordia, at the Panuco project in Sinaloa. Altius Minerals and Lithium Royalty completed their arrangement. Mithril Silver, Endeavour Silver and Heliostar Metals announced appointments to the board or executive positions. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
The Work Secretariat in Mexico is about to strengthen the rules on small scale coal mining. Such operations usually work with less strict security measures.
The United States army asked mining companies in USAhelp to increase the supply of 13 critical minerals. Selected projects could receive development funds between US$100 and over US$500 million The list includes arsenic, bismuth, graphite, tungsten and vanadium, minerals of which there are known prospects in Mexico.
The president of México, Claudia Sheinbaum, asserted she will continue with the moratorium in mining concessions, with the only exception for lithium by the government funded LitioMx.
ON EXPLORATION
Regency Silver Corp. announced results of its 5-hole 3,142 m drill program at Dios Padre, in Sonora. Highlighted core length results comprise 36.3 m @ 2.23 gpt Au (including 9.0 m @ 5.43 gpt Au); 22.0 m @ 0.36 gpt Au; 22.5 m @ 0.24 gpt Au; 18 m @ 94 gpt Ag (including 9.0 m @ 158 gpt Ag); 18.0 m @ 69 gpt Ag; 10.5 m @ 64 gpt Ag; 24.3 m @ 0.65% Cu (including 5.7 m @ 1.44% Cu); 18.0 m @ 0.41% Cu; 4.5 m @ 1.24% Cu. Antimony intercepts can be as high as 9 m @ 0.39% Sb. “it appears as though the lower gold rich breccia zone is spatially connected to the Dios Padre silver mine, though it may be locally shuffled and displaced via faulting.. The breccia itself appears to be primarily controlled by a swarm of Quartz-feldspar porphyry dykes that anastomose from depth towards the silver mine at surface”.
ON MINING
Capstone Copper Corp. reported financial results for Q4 and full-year 2025 with some figures from its Mexican operations. The company had a consolidated 2025 production of 224.8 K tonnes Cu at cash cost $2.44 per Lb Cu, net income of US$315.6 M, adjusted EBITDA of US$952.7 M and net debt of US$780.1 M. At Cozamin, in Zacatecas, the company produced 25,348 tonnes Cu in the year, 6,170 tonnes Cu in Q4, at cash cost $1.32 per Lb Cu in 2025 (the lowest for Capstone in an average of $2.00 per Lb Cu).
Starcore International Mines Ltd. filed results “for the third quarter ended January 31, 2026”. During the period the San Martín unit in Querétaro milled 52.6 K tonnes grading 1.33 gpt Au, 18.3 gpt Ag, recovering 85.7% Au, 46.4% Ag. Revenue was C$13.5 M, earnings of C$6.2 M and net income C$1.3 M.
ON FINANCING
Silver Spruce Resources Inc. announced a non-brokered private placement to raise proceeds of up to C$2 M (Pino de Plata, Chihuahua).
Elemental Royalty Corp. signed an amendment to the existing revolving credit facility, which was upsized to US$150 M with a US$50 M accordion feature (royalty on Mercedes, Sonora).
Aura Minerals Inc. announced its issuer credit rating was upgraded “by S&P Global Ratings from ‘B+’ to ‘BB-’, with stable outlook and, on national scale, S&P upgraded Aura’s Brazilian National Scale rating from ‘brAA’ to ‘brAA+’ and revised the outlook from positive to stable” (Aranzazu, Zacatecas).
Pan American Silver. intends to renew its normal course issuer bid to purchase up to 21 M of its common shares, or up to 5% of Pan American Silver’s issued and outstanding shares (La Colorada, Zacatecas).
Highlander Silver Corp. received approval to list its common shares on the NYSE American LLC (Mercedes, Sonora).
ON RESOURCES AND DEVELOPMENT
Kootenay Silver Inc. announced additional assay results from nine drill holes at its Columba project in Chihuahua. Approximately 17,000 m have been drilled on 24 holes of the planned 50,000-60,000 m expansion program on the 54.1 M Oz Ag contained in 5.92 M tonnes grading 284 gpt Ag. Highlighted true width intervals comprise 0.42 m @ 1,020 gpt Ag, 0.7% Pb, 1.6% Zn; 12.64 m @ 76 gpt Ag, 0.1% Pb, 0.2% Zn; 5.3 m @ 503 gpt Ag, 0.1% Pb, 0.6% Zn (including 0.58 m @ 3,620 gpt Ag, 0.1% Pb, 0.8% Zn); 9.29 m @ 31 gpt Ag, 0.4% Pb, 1.3% Zn; 3.04 m @ 98 gpt Ag, 0.1% Pb, 2.1% Zn; 1.92 m @ 6 gpt Ag, 1.2 % Pb, 4.5% Zn; 6.08 m @ 319 gpt Ag, 0.1% Pb, 0.6% Zn (including 2.0 m @ 687 gpt Ag, 0.2% Pb, 0.8% Zn).
Advance Metals Ltd. reported drilling results from its Yoquivo project in Chihuahua. Highlighted core length intervals comprise 1.82 m @ 2.8 gpt Au, 20 gpt Ag; 10.4 m @ 0.4 gpt Au, 69 gpt Ag; 67.88 m @ 0.9 gpt Au, 68 gpt Ag (Including 23.89 m @ 1.7 gpt Au, 123 gpt Ag). The company stresses current results “support a potential transition at Yoquivo from an exclusively narrow-vein underground opportunity toward a scalable development scenario potentially incorporating both underground and bulk tonnage open-pit mineralisation”.
Pan American Silver Corp. reported drill results from the southeastern and eastern Candelaria zones of the La Colorada mine in Zacatecas. Highlighted true width intervals comprise 11.6 m @ 0.81 gpt Au, 241 gpt Ag, 0.17% Cu, 2.1% Pb, 4.5% Zn; 1.03 m @ 6.19 gpt Ag, 9,730 gpt Ag, 1.22% Cu, 2.6% Pb, 5.7% Zn; 5.13 m @ 0.77 gpt Au, 1,000 gpt Ag, 0.29% Cu, 3.7% Pb, 6.7% Zn; 65.63 m @ 0.12 gpt Ag, 101 gpt Ag, 0.07% Cu, 0.3% Pb, 2.5% Zn; 9.27 m @ 0.27 gpt Au, 332 gpt Ag, 0.32% Cu, 3.8% Pb, 8.4% Zn and a core length interval of 26.35 m @ 0.1 gpt Au, 22 gpt Ag, 1.1% Pb, 2.5% Zn. “Exploration drilling between the Cristina and San Gerónimo systems has resulted in the discovery of at least four new veins and associated contact-related replacement mineralization”.
Luca Mining Corp. reported assay results from its ongoing 2026 drilling program at the Tahuehueto mine in Durango. Highlighted core length intervals comprise 1.7 m @ 3.06 gpt Au, 58 gpt Ag, 1.08% Cu, 2.4% Pb, 9.9% Zn; 7.6 m @ 14.27 gpt Au, 47 gpt Ag, 0.33% Cu, 2.6% Pb, 1.2% Zn (including 2.6 m @ 25.13 gpt Au, 25 gpt Ag, 0.1% Pb, 0.2% Zn); 15.9 m @ 0.83 gpt Au, 63 gpt Ag, 0.68% Cu, 0.8% Pb, 1.3% Zn; 1.9 m @ 1.38 gpt Au, 178 gpt Ag, 2.38% Cu, 0.8% Pb, 0.7% Zn; 13.2 m @ 6.66 gpt Au, 17 gpt Ag, 0.2% Pb, 0.7% Zn. “Initial drilling has intersected high-grade gold mineralization in breccia zones, immediately below current mine workings, confirming continuity of breccia-hosted mineralization within the Creston vein system”.
Sonoro Gold Corp. announced results of a new mineral resource estimate (MRE) and an updated preliminary economic assessment (PEA) on the Cerro Caliche project in Sonora. The study base case at $3,500 per Oz Au, $48 per Oz Ag includes a pre-tax NPV (-8%) of $360 M, pre-tax IRR of 65%, after-tax NPV of $224 M and after tax IRR of 50%, with recoveries of 72% Au, 27% Ag, a 10-year LOM with 459 K Oz AuEq , cash costs of $1,842 per Oz AuEq and an AISC of $1,902 per Oz AuEq, with a 1.7 years payback period.
ON DEALS AND CORPORATE ISSUES
Royalties Inc. reported that “the Federal Prosecutor filed formal opposition to Capstone Gold’s constitutional challenge called an Amparo against a Zacatecas appellate ruling that upheld MPZ’s royalty rights over disputed mining royalty payments. …. The Federal Court will likely take 4-6 months to process the above recommendation to uphold the lower court decisions and it overturns State decisions in only 3% of cases” (disputing royalty on some Cozamin claims, Zacatecas).
Heliostar Metals Ltd. entered into a binding agreement with Zacatecas Silver Corp. pursuant to which Heliostar will grant Zacatecas the option to acquire a 100% interest in non-core exploration projects Cúmaro (Sonora), La Lola (Sonora), Oso Negro (Sonora) and Ejutla (Jalisco?). The agreement consists of staged payments to Heliostar over the next three years totalling $450 K in cash and $750 K in shares of Zacatecas Silver, with $150 K in cash and $300 K in shares being paid upon closing. Heliostar will retain a 2% NSR on the property with 1% available to repurchase before production for $2 M.
Madoro Metals Corp. informed on the proposed reverse takeover with Narrow River Resources Pty Ltd. Madoro and NRR continue to advance and progress as expected in the TSX Venture Exchange requirements, including technical reporting, preparation of transaction documentation, and assembly of required regulatory filings. The parties remain committed to moving the proposed transaction forward (Yautepec, Oaxaca).
Vizsla Silver Corp. provided an update of the situation at the Panuco project in Sinaloa, announcing that the company “has been focused on supporting the families of the ten colleagues taken from its project site in Concordia, as well as its employees, through a time of pain, grief, and uncertainty … Vizsla Silver continues to cooperate fully with Mexican authorities as search efforts and the broader investigation proceed. The Company remains committed to supporting the authorities in their work and will continue to provide updates as confirmed information becomes available. The safety and security of employees, contractors, and community members remain Vizsla Silver’s highest priority. The Company continues to review and strengthen its security protocols in close coordination with local authorities”.
Altius Minerals Corp. and Lithium Royalty Corp. announced the completion of their plan of arrangement. It was approved by LRC shareholders at a special meeting of shareholders held on February 26, 2026 with 99.8% of all votes cast being in favor of the arrangement (royalty on Cuale, Jalisco).
Mithril Silver and Gold Ltd. announced the appointment of James Barr as Vice President, Exploration (Copalquin, Durango).
Endeavour Silver Corp. announced the appointment of George Paspalas to the board of directors, the retirement of Don Gray as Chief Operating Officer and the appointment of Luis Castro as Chief Operating Officer (Terronera, Jalisco).
Heliostar Metals Ltd. announced the addition of Tara Gilfillan as a non-executive director and Audit Chair to the board of directors (Ana Paula, Guerrero).
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: chlorite alteration and specularite veining on volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.
During the 9th week of the year (February 23th to March 01st 2026), at least 33 press releases were announced by companies working in Mexico, and 1 news publish by the media, with ten disclosing deals and corporate issues, eight informing on exploration results, eight reporting resources and development of their properties, three communicating production results, three announcing financing rounds, and two commenting on Mexican issues. ON MEXICO ISSUES, According to an analysis of S&P Mining Intelligence, the Mexican Mining Policy may affect Mexico-USA Critical Minerals Plan. Minaurum Silver, Silverco, Heliostar, Capitan Silver and Axo Copper reported the best drilling intercepts in Mexico on the fourth week of February, 2026. ON EXPLORATION, In Sonora, Barksdale informed that it is reviewing a sample collection program to assay historic core drill samples, and Riverside released assays and exploration results at its Ariel project. In Chihuahua, Mammoth identified potential draw point locations for small-scale gold-silver and pilot leach testing at its Tenoriba project. In Durango, Pinnacle provided an update on its El Potrero project; Mithril reported progress of its ongoing exploration activities at La Dura and Copalquin projects and Capitan Silver released assays from nine RC holed drilled at Cruz de Plata project. In Jalisco, Axo Copper provided an update on its exploration plan at La Huerta project. In Guerrero, J2 Metals reported high grade Ag-Au-Sb results from the due diligence visit to its Sierra Plata project. ON MINING, Aura reported Q4 and full year, 2025 production and financial results (Aranzazu mine, Zacatecas). Endeavor announced Q4 and full 2025 results from their Mexican operations. ON FINANCING, Regency Silver closed its previously announced non-brokered private placement for gross proceeds of CAD $4,247,500 (Dios Padre project, Sonora). Questcorp closed the first tranche of its upsized non-brokered private placement, increasing the total offering from CAD $2.22M to CAD $2.62M (La Union project, Sonora). Algo Grande closed its previously announced non-brokered private placement for gross proceeds of CAD $6.52M (Adelita project, Sonora). ON RESOURCES AND DEVELOPMENT, Oroco commenced its Phase 2 drill program at its Santo Tomas project in Sinaloa. Kootenay informed that a three-dimensional induced polarization (3D-IP) and Audio-Magnetotelluric AMT) geophysical survey has initiated at its Columba project in Chihuahua. Minaurum filed a NI43-101 Technical Report, Mineral Resource Estimate on its Alamos Silver project in Sonora. Silverco released the final assay results from the 2025 drilling program at its Cusi mine in Chihuahua. Minaurum announced the mobilization of six rigs to accelerate its ongoing Phase II, 50,000m resource expansion drilling program at its Alamo Silver project in Sonora, and released additional results. GoGold informed that it has advanced the development of its Los Ricos South project in Jalisco. Heliostar released results from the ongoing drilling program at its Ana Paula project in Guerrero. Axo Copper provided an update on its exploration plan at its recently acquired San Antonio Gold project in Sonora. ON DEALS AND CORPORATE ISSUES, Pinnacle signed an amendment agreement with the vendor of El Potrero project, Durango. GR Silver informed that it qualified to trade on the OTCQX Best Market and granted stock options to certain external consultants (Plomosas project, Sinaloa). Goldgroup completed the sale of Pinos project in Zacatecas. Bear Creek announced that the Supreme Court of British Columbia approved the plan of arrangement with Highlander Silver (Mercedes mine, Sonora). Silverco announced that Nuevo Silver has completed the purchase of the La Negra mine in Queretaro. Canasil announced the appointment of Fabian Espinoza as Exploration Manager, Mexico (Nora project, Durango). GR Silver announced it will present at PDAC 2026 Convention (Plomosas project, Sinaloa). Highlander and Bear Creek completed business combination (Mercedes mine, Sonora). Santacruz granted stock options to a firm leader in investor relations and capital marketing advisory (Zimapan mine, Hidalgo). Silver Storm announced that it will be attending visitors of the PDAC 2026 Convention at its booth (La Parrilla mine, Durango). ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
According to an analysis of SP Global Market Intelligence, the Mexican Mining Policy may affect Mexico-USA Critical Minerals Plan. Mexico is among the largest producers of six of the 60 minerals it imports from the United States, but the 2023 mining reform could limit the attraction of new investment. The agreement on critical minerals recently reached with the United States represents an opportunity for Mexico to boost its mining sector. Despite the agreement, President Sheinbaum has reiterated that no new mining concessions will be granted, nor will the strict 2022 law be modified, which could limit the attraction of new investments and the development of new projects.
Minaurum Silver Inc., Silverco Mining Ltd., Heliostar Metals Ltd., Capitan Silver Corp., and Axo Copper Corp., reported the best drilling intercepts in Mexico on the fourth week of February, 2026. Details are shown in the table below:
ON EXPLORATION
Barksdale Resources Corp., informed that it is reviewing a sample collection program to assay historic core drill samples and core from 2021 Barksdale drilling program for gold content. During the 2021 drill campaign, Barksdale encountered three broad intercepts of gold, including 1.97 g/t Au over 27m in hole SJ21-04; and two 21m intervals of 0.55 g/t Au followed by 1.57 g/t Au in hole SJ21-05.
Riverside Resources Inc., reported new assay results and exploration updates from its Ariel project in Sonora. Highlights include high-grade mineralization from veins in the northern Maria Luisa area, with values of up to 320 g/t Ag, 5.4% Pb, and 0.66 g/t Au. The company also completed detailed geological mapping and alteration mineral studies using spectral analysis to identify minerals associated with porphyry copper and high-sulphidation systems. In addition, a regional geophysical dataset was analyzed to prioritize drilling within permitted areas. Riverside expanded its land position through the acquisition of adjacent mineral concessions, consolidating the Ariel project into a single, drill-ready property covering 1,640 hectares. The work has further refined two principal target styles: a porphyry copper target and an epithermal target interpreted as the upper portion of a porphyry system.
Mammoth Resources Corp., identified potential draw point locations for small-scale gold-silver and pilot leach testing at its Tenoriba project in Chihuahua. Geologists analyzed thousands of surface samples and drill results, combined with geological and geophysical data, to pinpoint promising several draw point within the Carneritos area, with average gold grades ranging from about 0.97 g/t to 3.86 g/t. The target that shows high surface grades averaging 3.86 g/t gold has not been drilled yet. Next plans of the company are to carry out a field validation of the selected draw points; estimate size and tonnage; run metallurgical tests, and drill to define resources.
Pinnacle Silver and Gold Corp., provided an update on its El Potrero project in Durango, as its progresses towards a production decision. Key developments include the rehabilitation of historic mine workings and the preparation of drill stations, with a a total of 2,423m of drilling across 107 holes planned. The company also has applied for an environmental permit for surface drilling; completed a second round of metallurgical testing to optimize gold and silver recoveries, and finalize a feasibility study to extend a powerline to the project site. In addition, further community agreements are expected following the recent signing of a one-year agreement with the Ejido El Carmen.
Mithril Silver and Gold Limited reported progress of its ongoing exploration activities at La Dura and Copalquin projects in Durango. A high-resolution LiDAR survey revealed a 1.5 km by 300m structural corridor with multiple historic mine shafts, adits and prospecting pits, identifying a high-priority key drill target. Ongoing drilling at Target 1 aims to update resources, while promising early results at Target 3 are guiding future exploration. The company is integrating LiDAR, magnetic surveys, and sampling data to prioritize areas for resource expansion and district-wide development.
Capitan Silver Corp., released assays from nine RC holed drilled at Cruz de Plata project in Durango., and initiated core drilling at the property, focused on extending the new high-grade silver zone at the Jesus Maria trend proximal to the Peñoles Fault. Two more rigs are expecting to arrive in the coming weeks and will target several priority drill targets in addition to testing deeper mineralization along the Jesus Maria Silver Trend. RC Drilling highlights are shown in the next table:
Axo Copper Corp., provided an update on its exploration plan at La Huerta project in Jalisco. Drilling at La Huerta project is ongoing, with the current objective of testing the down-dip extension at Las Marias, through a series of planned holes ranging from approximately 350m to 450m in length. Recent assay results from La Huerta include an intercept of 2.26% Cu and 6 g/t Ag (2.34% CuEq) over 11.4m, including 3.69% Cu and 9 g/t Ag (3.81% CuEq) over 4.2m in hole LHCC-25-043.
J2 Metals Inc., reported high grade Ag-Au-Sb results from the due diligence visit to its Sierra Plata project in Guerrero, with a peak of 12.8 g/t Au and 3.1Kg Ag/t (60.49 g/t AuEq) from the waste dumps of the San Miguel mine. The company plans to conduct follow-up mapping, geochemistry, and magnetic geophysics to explore the property.
ON MINING
Aura Minerals Inc., reported Q4 and full year, 2025 production and financial results (all currency is expressed in US dollars). In Q4, 2025, the company produced at its Aranzazu mine in Zacatecas, a total of 18,878 Oz AuEq and sold 18,068 Oz AuEq at cash and AISC of $ 1,228 and $1,732 per Oz AuEq sold respectively. Aura also reported some financial numbers from its Aranzazu mine, including revenue of $66.54M and EBITDA of $40.99M. Full year 2025 production was 83,140 Oz AuEq and Aura sold 82,328 Oz AuEq at cash and AISC of $1,156 and $1,569 per Oz AuEq sold respectively. The company declared and approved the payment of a dividend of USD $0.66 per common share (approximately $55.1M).
Endeavor Silver Corp., announced Q4 and full 2025 results from their Mexican operations. The next tables show figures by mine for both periods:
ON FINANCING
Regency Silver Corp., closed its previously announced non-brokered private placement for gross proceeds of CAD $4,247,500 by selling 16, 990,000 units at a price of CAD $0.25 by unit. Net proceeds will be used to support the ongoing drilling at Dios Padre project, in Sonora.
Questcorp Mining Inc., closed the first tranche of its upsized non-brokered private placement of 11,100,000 units at a price of CAD $0.2 per unit for gross proceeds of CAD $2.22M, and then it amended and restated to 13,100,000 units at a price of CAD $0.20 per unit for gross proceeds of CAD $2.62M. Part of the gross proceeds will be used for exploration work at La Union project in Sonora, as well as general working capital purposes.
Algo Grande Copper Corp., closed its previously announced non-brokered private placement of 10,037,020 shares at a price of CAD $0.65 per share for gross proceeds of CAD $6.52M. Net proceeds will be used to fund the next phase of exploration at its Adelita project in Sonora, focused on a Phase II drilling program.
ON RESOURCES AND DEVELOPMENT
Oroco Resource Corp., commenced its Phase 2 drilling program at its Santo Tomas project in Sinaloa. The program will consists of infill and confirmation drilling to refine de geological and grade model to support the upgrade of the mineral resource classifications in the project’s South Zone. The company also announced that it will undertake complementary Pre-Feasibility Study (PFS) hydrological, geotechnical and metallurgical programs intended to advance project engineering and reduce technical risk at Santo Tomas project.
Kootenay Silver Inc., informed that a three-dimensional induced polarization (3D-IP) and Audio-Magnetotelluric AMT) geophysical survey has initiated at its Columba project in Chihuahua. It will cover over 1,250 hectares to aid in discovering additional mineralized zones, and is expected to take approximately eight weeks to complete. The geophysical survey aims to enhance understanding of subsurface structures and mineralization, complementing ongoing drilling efforts that have already delineated significant silver-lead-zinc- resources. The combined geophysical data will help refine drill targets, support resource expansion, and guide future exploration, all as part of Kootenay’s broader plan to advance the project and increase silver-lead-zinc resource estimates.
Minaurum Silver Inc., filed a NI43-101 Technical Report, Mineral Resource Estimate on its Alamos Silver project in Sonora to announce results from its resource-expansion drill program in the Europa, Promontorio and Travesia vein zones.
Silverco Mining Ltd., released the final assay results from the 2025 drilling program at its Cusi mine in Chihuahua. Drilling highlights at San Miguel Zone include hole CU-25-45 with 0.22 g/t Au, 500 g/t Ag, 1.6% Pb, and 3% Zn (548 g/t AgEq) over 3.9m, including 0.63 g/t Au, 1,265 g/t Ag, 3.6% Pb, and 6% Zn over 1,348 g/t AgEq, plus 0.34 g/t Au, 293 g/t Ag, 1.7% Pb, and 3.1% Zn (370 g/t AgEq) over 13.6m, including 1.18 g/t Au, 1,1015 g/t Ag, 0.3% Pb, and 0.7% Zn (980 g/t AgEq) over 1.3m; hole CU-25-43 with 0.27 g/t Au, 137 g/t Ag, 2.1% Pb, and 3.2% Zn (236 g/t AgEq) over 12m, including 0.58 g/t Au, 198 g/t Ag, 4.5% Pb, 6.7% Zn (417 g/t AgEq) over 3.1m, plus 0.08 g/t Au, 54 g/t Ag, 2.6% Pb, and 4.1% Zn (181 g/t AgEq) over 3.1m; and hole CU-25-58 with 0.7 g/t Au, 239 g/t Ag, 13.1% Pb, and 15.7% Zn (803 g/t AgEq) over 3.7m.
Minaurum Silver Inc., announced the mobilization of six rigs to accelerate its ongoing Phase II, 50,000m resource expansion drilling program at its Alamo Silver project in Sonora, and released additional results. The company will continue step-out drilling on vein zones with established resources at Europa and Promontorio-Travesia, while initiating resource-definition on several additional veins, including San Jose, Quintera, Cotera-Pulpito, and Minas Viejas. Drilling highlights are shown in the table below:
GoGold Resources Inc., informed that it has advanced the development of its Los Ricos South project in Jalisco. Key activities include detailed underground mine design, plant engineering, and equipment procurement underway. The company has selected contractors for underground mining, secured key equipment like a SAG grinding mill and working out power, and water supplies, and is preparing for construction once permits are received. Plant designs for processing and tailings are over halfway done. With a robust financial position of approximately USD $250M, GoGold is well-positioned to move towards production, aiming to benefit the local community and stakeholders through economic investments.
Heliostar Metals Ltd., released results from the current drilling program at its Ana Paula project in Guerrero, which is focused on converting inferred ounces to higher confidence classifications, as well as support the ongoing Feasibility Study. Drilling results are shown in the next table:
Axo Copper Corp., provided an update on its exploration plan at its recently acquired San Antonio Gold project in Sonora. It announced that it will commence an initial 25,000m drill program to expand and upgrade existing resources through infill drilling, as well as to drill additional 5,000mto test new exploration targets along strike of known deposits. Sapuchi deposit is a top priority and is considered a potential starter pit due to oxide mineralization and existing infrastructure. Additional exploration targets include El Tigre, with strong surface gold results and historic workings. It consists of a 1.5km by 0.5km mineralized corridor, located along strike and immediately west of the Golfo de Oro resource. Initial drilling (~5,000 m) will test strike continuity and vertical extent, with scalability contingent on results.
ON DEALS AND CORPORATE ISSUES
Pinnacle Silver and Gold Corp., informed that it amended payment terms for the El Potrero project in Durango. The original payment of USD $750K due on February 21, 2026 will be split into three equal portions. The new payment schedule will comprise payments of US$250,000 on each of February 24, May 24 and August 24, 2026. All other cash payments and share issuances remain the same.
GR Silver Mining Ltd., informed that it qualified to trade on the OTCQX Best Market. GR Silver will trade under the symbol “GRSLF”. The company also granted incentive options to certain external consultants to purchase up to 750,000 common shares. These options are exercisable for a period of five years at a price of CAD $0.465 per share. On the other hand, GR Silver entered into a consultant agreement with Redwood Empire Financial Communications LLC to receive investor relations services commencing January 1, 2026 and ending on December 31, 2026 (Plomosas project, Sinaloa).
Goldgroup Mining Inc., completed the sale of Minera Apolo SA de CV, which owns all the issued and outstanding shares of Minera Catanava SA de CV. Apolo and Minera Catanava collectively hold a 100% interest in the Pinos project in Zacatecas, which comprises 30 contiguous mining concessions totalling 3,816 hectares. Goldgroup sold the project to a private arm´s length British Columbia company in consideration of USD $5M in stages payments, with USD $2.45M paid on signing, USD $550K paid on closing and USD $2M to be paid within six months following the closing, which paymrent is secured by a promissory note.
Bear Creek Mining Corporation announced that the Supreme Court of British Columbia approved the plan of arrangement with Highlander Silver under the Business Corporations Act. It will enacts Highlander to acquire all the issued and outstanding common shares of Bear Creek as previously announced (Mercedes mine, Sonora).
Silverco Mining Ltd., announced that Nuevo Silver Inc., has completed the purchase of the La Negra mine in Queretaro, and is proceeding with its proposed acquisition of Nuevo Silver. The company continues to negotiate a definitive agreement, pending due diligence, board approval, and regulatory clearances. The upcoming steps involve finalizing the acquisition process and obtaining all necessary approvals.
Canasil Resources Inc., announced the appointment of Fabian Espinoza as Exploration Manager, Mexico (Nora project, Durango).
GR Silver Mining Ltd., announced it will present at PDAC 2026 Convention from February 26th to March 04th, 2026 (Plomosas project, Sinaloa).
Highlander Silver Corp., and Bear Creek Mining Corporation completed business combination under Division 5 of Part 9 of the Business Corporations Act and the concurrent closing of the debt settlement agreements between Highlander Silver and each of Royal Gold, Inc., through its wholly-owned subsidiary, International Royalty Corporation, and Equinox Gold Corp., (Mercedes mine, Sonora).
Santacruz Silver Mining Ltd., granted 45,000 stock options at an exercise price of CAD $17.18 to a firm leader in investor relations and capital marketing advisory (Zimapan mine, Hidalgo).
Silver Storm Mining Ltd announced that it will be attending visitors of the PDAC 2026 Convention at its booth (La Parrilla mine, Durango).
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, float of a quartz vein in an intermediate sulphidation epithermal vein-breccia system in Chihuahua, Mexico. Photo taken by Miguel A Heredia.
During the 6th week of the year (February 1st to February 7th, 2026), companies working in Mexico released 25 press releases. Three companies informed on early-stage properties work and one company presented its three-year production guidance. Four companies presented news on financing rounds, one company will place convertible debentures and one other is to start trading on a new market. Six companies presented updates on advanced properties, while seven companies informed on deals and corporate issues. ON MEXICO ISSUES, Washington and Mexico announced a bilateral critical minerals “action plan”. Two abducted miners found dead. ON EXPLORATION, in Sonora, Algo Grande Copper released drill results from Adelita. In Chihuahua, Mammoth Resources released metallurgical results from Tenoriba. In Oaxaca, EV Resources informed on work at Los Lirios. ON MINING,Alamos Gold provided its three-year production guidance. ON FINANCING, four companies informed on financing rounds: Pinnacle Silver and Gold (C$2.6 M), Orex Minerals (C$5 M), J2 Metals (C$2.2 M), and Canadian Silver Hunter (C$0.5 M). Colibri Resource is placing convertible debenture units (US$115 K). Santacruz Silver Mining commenced trading on the Nasdaq Capital Market. ON RESOURCES AND DEVELOPMENT, Capitan Silver reported drilling results from Cruz de Piedra in Durango. Silver Storm informed on the delivery of processing equipment to La Parrilla processing plant in Durango. Heliostar Metals poured its first gold from restarted mining operations at San Agustin in Durango. Guanajuato Silver Company completed a new MRE on La Valenciana Mining Complex in Guanajuato. GR Silver Mining released metallurgical results from Plomosas, in Sinaloa. Regency Silver informed on breccia drilling intercepts at its Dios Padre project in Sonora. ON DEALS AND CORPORATE ISSUES, Pinnacle Silver and Gold, Minera Alamos and Fortune Bay contracted marketing services. Bear Creek Mining informed two proxy advisory firms recommended the vote for the Highlander Silver arrangement. Gold Resource announced the illegal blockade at its Don David mine in Oaxaca was lifted. Orex minerals updated on the Coneto project transaction with Silver Viper Minerals. Avino Silver & Gold Mines appointed L. Broughton to the board. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
The Office of the U.S. Trade Representatives announced agreements to develop critical metals supply chains. Washington and Mexico announced a bilateral critical minerals “action plan” that assigns responsibilities to USTR representatives and Mexico Economy’s Ministry. “The new commitments are part of the Trump administration’s effort to bring together trading partners and allies to try and break China’s current monopoly on critical minerals” (Editor’s note: At this point it is not clear what steps can be taken by Mexico to contribute on this plan, as the current mining law approved in 2023 is pointedly restricting exploration and the free exchange of mining concessions, both requirements for a mining industry with potential to thrive).
By far the most relevant issue in the Mexican Mining Industry at the moment is the abduction of ten workers at Vizsla Silver’s Pánuco project in Sinaloa. On January 23, 2026, ten individuals (as referred by Vizsla) at the Panuco project in Sinaloa were abducted; the company has not disclosed whether they were employees or contractors. As of February 8, 2026, local media have confirmed that two of the bodies discovered in a mass grave in El Verde, Sinaloa, have been identified as members of this group. As time passes, hopes of finding the remaining individuals alive continue to fade, and the industry is gripped by a profound sense of disbelief, sorrow and anger. The first reason for being of a government is to provide security, and on this matter the Mexican government has been failing for decades now, especially during the last term and the present. At its core, the legitimacy of any government rests on its ability to provide security. On this front, the Mexican state has struggled for decades, with conditions deteriorating further in recent years. Extortion—and the violence used to enforce it—continues to expand, while reports linking officials from the ruling Morena party to organized crime have become increasingly frequent, further eroding confidence in institutional stability and the rule of law.
ON EXPLORATION
EV Resources Ltd. informed on work completed at Los Lirios project in Oaxaca during Q4 2025. Six trenches were excavated, taking the total to 33, and 140 channel samples were collected, while detailed geological mapping and topographic surveys have been completed. Gravity processes recovered 90.8% Sb on average grades of 45% Sb and “initial kinetics floatation test on a sulphide sample of 30.2% Sb gave extremely encouraging recovery of 99.2% Sb”. Over 5.5 Km of roads have been rehabilitated and final preparations for the January 2026 were completed. The company secured a one-year lease on the 150 tpd Tecomatlán processing plant, with an option to purchase for US$1.8 M + VAT. The cash balance at the end of the period was C$3.2 M. On a separate news release, EV Resources informed that its maiden 1,500-2,000 m drill program on Los Lirios has begun. The program is to test 900 m of strike length within the 6 km long system.
Mammoth Resources Corp. released results from bottle roll tests on a coarser fraction composite sample of oxidized material from assay reject samples of drill holes from previous campaigns within the Carneritos area at its Tenoriba project in Chihuahua. The oxidized mineralized material passing -10 mesh (20 times coarser than previously tested) had recoveries of 87% Au, 67% Ag, which compare favorably with 75% to 90% Au, 65% Ag recoveries on the finer fraction bottle roll testing.
Algo Grande Copper Corp. announced initial drill results from the drill program at the Adelita project in Sonora. Highlighted core length intervals comprise 14.79 m @ 0.5 gpt Au, 20 gpt Ag, 1.4% Cu; 5.57 m @ 0.2 gpt Au, 5 gpt Ag, 0.4% Cu; 9.55 m @ 0.4 gpt Au, 42 gpt Ag, 1.4% Cu; 3.85 m @ 0.5 gpt Au, 50 gpt Ag, 1.1% Cu; 7.83 m @ 0.4 gpt Au, 49 gpt Ag, 1.3% Cu (including 1.85 m @ 1.1 gpt Au, 150 gpt Ag, 4.1% Cu). Assays for two more drill holes are pending, and the fourth hole is currently being drilled. “These results … confirm the presence of a vertically stacked skarn architecture with significant dept potential”.
ON MINING
Alamos Gold Inc. provided its three-year operating guidance. For 2026 the company aims to achieve consolidated production of 570 – 650 K Oz Au at cash cost $1,030-$1,120 per Oz Au at an AISC of $1,500-$1,600 per Oz Au; for 2027 a consolidated production of 650 – 730 K Oz Au at cash cost $825-$925 and an AISC of $1,326-$1,425 per Oz Au; for 2028 a consolidated production of 755 – 835 K Oz Au at cash cost $775-$875 per Oz Au, and an AISC of $1,200-$1,300 per Oz Au. At the Mulatos mining district in Sonora, production guidance is 125-125 K Oz Au in 2026, 115-135 K Oz Au in 2027 and 130-150 K Oz Au in 2028. “A total of $21 million has been budgeted at Mulatos for exploration in 2026, consistent with $20 million spent in 2025. The regional drilling program is expected to total 44,500 m and includes 20,000 m of surface exploration drilling at the Cerro Pelon sulphide target, 9,000 m at the Halcon target (discovered in 2025), and an additional 15,500 m planned across several early to advanced staged targets within the Mulatos District”.
ON FINANCING
Colibri Resource Corp. will be conducting a revised placement of convertible debenture units for gross proceeds of up to US$115 K (EP, Sonora).
Pinnacle Silver and Gold Corp. closed the final tranche of the non-brokered private placement for gross proceeds of C$1.53 M, for total gross proceeds of C$2.6 M (El Potrero, Durango).
Santacruz Silver Mining Ltd. has commenced trading on the Nasdaq Capital Market. (Zimapán, Hidalgo).
Orex Minerals Inc. intends to undertake a non-brokered private placement financing to raise gross proceeds of up to C$5 M (Sandra, Durango).
J2 Metals Inc. closed the first tranche of its non-brokered private placement financing, for aggregate gross proceeds of C$2.16 M (Sierra Plata, Estado de México).
Canadian Silver Hunter Inc. intends to complete a non-brokered private placement for aggregate gross proceeds of C$500 K (undisclosed project in Mexico).
ON RESOURCES AND DEVELOPMENT
Capitan Silver Corp. reported assay results from its 2025 reverse circulation (RC) drill program at its Cruz de Plata project in Durango. “These results expand the new high-grade silver area in the Jesús María trend near the intersection of the Peñoles Fault”. Highlighted drill length results comprise 21.3 m @ 0.218 gpt Au, 30 gpt Ag; 25.9 m @ 0.169 gpt Au, 242 gpt Ag (including 1.5 m @ 0.292 gpt Au, 27 gpt Ag and 4.6 m @ 0.286 gpt Au, 497 gpt Ag); 12.2 m @ 0.104 gpt Au, 70 gpt Ag; 0.1% Zn; 3 m @ 0.175 gpt Au, 217 gpt Ag, 0.2% Zn; 7.6 m @ 0.01 gpt Au, 131 gpt Ag; 18.3 m @ 0.125 gpt Au, 61 gpt Ag, 0.2% Pb, 0.5% Zn; 3 m @ 0.806 gpt Au; 18.3 m @ 0.029 gpt Au, 118 gpt Ag, 0.1% Pb, 0.2% Zn.
Silver Storm Mining Ltd. reported that eight new flotation cells have been fabricated and delivered to La Parrilla, in Durango. The plant capacity is to be expanded from 1,000 to 1,250 tpd once all the cells are installed during Q1 2026. The company resumed mining, crushing and stacking new ore on the leach pad in Q4 2025
Heliostar Metals Ltd. announced the first official gold pour from restarted mining operations at its San Agustín mine in Durango.
Guanajuato Silver Company Ltd. presented a new mineral resource estimate (MRE) for the Valenciana Mines Complex in Guanajuato. Indicated mineral resource comprise 410 K tonnes averaging 147 gpt Ag, 1.61 gpt Au, containing 1.9 M Oz Ag, 21 k Oz Au (or 3.8 M Oz AgEq), while inferred resources comprise 2.23 M tonnes averaging 142 gpt Ag, 1.55 gpt Au, containing 10.4 Moz Ag, 113 K Oz Au (or 20.3 M Oz AgEq).
GR Silver Mining Inc. announced positive results from metallurgical test studies as part of the bulk sampling test mining program (BSTM) at its Plomosas silver project in Sinaloa. Composited feed grades in the historical Plomosas mine averaged 2.1 gpt Au, 101 gpt Ag, 0.59% Pb, 3.54% Pb, 2.43% Zn. Rougher test work confirmed 71.5% Ag, 77.9% Au recoveries into a lead rougher concentrate. “The concentrates produced are within acceptable commercial specifications with no concerns over potential penalties or deleterious elements”.
Regency Silver Corp. informed that the second hole of its 2026 drill program at Dios Padre in Sonora has intersected sulfide-speculartie bearing breccia and vein-infill in multiple zone across a broad interval. The hole intersected mineralization from 430 to 540 m depth, with a breccia zone with chalcopyrite, pyrite and specularite with intense silica-sericite alteration from 500 m to 535 m. This zone is approximately 180 m from a similar breccia and further 35 m from a 38 m breccia intercept grading 7.36 gpt Au. Assay results are pending.
ON DEALS AND CORPORATE ISSUES
Minera Alamos Inc. engaged Velocity Trade Capital Ltd. to provide market-making services for a C$6 K monthly fee (Santana, Sonora).
Bear Creek Mining Corp. announced that two independent proxy advisory firms, including Institutional Shareholder Services have recommended that holders of Bear Creek common shares vote FOR both the proposed plan of arrangement with Highlander Silver Corp. and the interest deferral agreements entered into between the company and each of Royal Gold Inc. and Equinox Gold Corp. (Mercedes, Sonora).
Gold Resource Corp. announced that the illegal blockade restricting access to its Don David mine in Oaxaca has been lifted. The company reiterates that the dispute was an internal matter between union factions and the contractors formerly affiliated with the CTM union and did not directly involve the company.
Pinnacle Silver and Gold Corp. signed a one-year contract with San Diego Torrey Hills Capital to provide investor relations services for the company. Pinnacle will pay US$2 K per month and issue a one-time 300 K three-year incentive stock options. The company is also granting 2.17 M incentive stock options to directors, officers and consultants (El Potrero, Durango).
Orex minerals Inc. informed the company and Fresnillo plc remain committed to completing the transaction with Silver Viper Minerals Inc. on the Coneto project in Durango. The terms of the transaction comprise ownership of 38.8% by Orex and 61.2% by Fresnillo, with Orex receiving a combination of cash and common shares of Silver Viper and Fresnillo receiving solely common shares of Silver Viper. The valuation of the transaction is approximately US$15 M. Post-transaction Fresnillo and Orex will hold 12% and 7% of Silver Viper respectively.
Avino Silver & Gold Mines Ltd. appointed Ms. Linda Broughton as non-executive director on its board of directors (Avino, Durango).
Fortune Bay Corp. retained Machai Capital In. to provide digital marketing services. The marketing campaign will continue for an initial three-month term, pursuant to which Macahi will receive C$400 K and 175 K stock options (Poma Rosa, Chiapas).
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: chlorite flooding on volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.
During the 5th week of the year (January 26th to February 01st 2026), at least 49 press releases were announced by companies working in Mexico, and 1 news publish by the media, with fifteen disclosing deals and corporate issues, fifteen announcing financial rounds, nine reporting resources and developments of their properties, four communicating production results, four commenting on Mexican issues, and three informing on exploration results. ON MEXICO ISSUES, Vizsla Silver provided information regarding a security incident at its Copala project in Concordia, Sinaloa. According to financial analysts, the market value of the mining companies on the stock exchange have risen by more than USD $500B. Luca Mining, Avino Silver & Gold, and Southern Silver reported the best drilling intercepts in Mexico on the fifth week of January, 2026. ON EXPLORATION, In Sonora, Colibri completed its Phase 1 reconnaissance RC drilling program at the El Plomo project, and Regency Silver informed that the first hole of its ongoing 2026 drill program at Dios Padre project has intersected sulphide-specularite supported breccia in multiple zones across a broad, non-continuous ~250m interval. In Sinaloa, Mercado Minerals commenced its geophysical surveys over its Copalito project. ON MINING, Santacruz Silver reported Q4 and full year 2025 production results from its Zimapan mine in Hidalgo. Discovery Silver announced that it will release its financial and operating results for the fourth quarter and full year 2025 prior to the market open on Thursday, February 19, 2026 (Cordero project, Chihuahua). Orogen Royalties provided an update and outlook regarding its exploration stage projects and royalties in 2026 (Ermitaño mine, Sonora). Guanajuato Silver reported 2025 production results from its Mexican operations. ON FINANCING, Highlander announced and closed a non-brokered private placement for gross proceeds of USD $40M (Mercedes mine, Sonora/Bear Creek Mining). Questcorp announced the appointment of Amandip Singh as an advisor to the Board (La Union project, Sonora). Chesapeake closed its previously announced bought deal public offering for gross proceeds of CAD $17,250,345, and closed a CAD $2.8M non-brokered private placement with participation of Eric Sprott (Metates project, Durango). Minera Alamos announced the upcoming sale of approximately 9.68M shares by a subsidiary of Equinox Gold to strategic investors, including their Executive Vice President, Corporate Development, Darren Blasutti (Santana project, Sonora). Silver Tiger announced a bought deal financing for gross proceeds of approximately CAD $0M and later on it increased to CAD $50M (El Tigre project, Sonora). Silverco announced a bought deal offering for gross proceeds of CAD $40M (Cusi mine, Chihuahua). J2 Metals upsized its previously announced non-brokered private placement and additional flow-through financing for gross proceeds of CAD $5.3M (Sierra Plata project, Estado de Mexico). Axo Copper announced a bought deal financing for gross proceeds of approximately CAD $25M and later on it upsized to approximately CAD $35M (San Antonio project, Sonora). Apollo Silver closed the second and final tranche of its previously announced non-brokered private placement for gross proceeds of CAD $12.5M (Cinco de Mayo project, Chihuahua). Oroco closed upsized bought deal public offering for gross proceeds of CAD $23M (Santo Tomas project, Sinaloa). Sierra Madre Gold and Silver closed the second and final tranche of its previously announced private placement for gross proceeds of USD $17,822,449 (Del Toro mine, Zacatecas). Silverco informed that it upsized its previously announced bought deal financing for gross proceeds of CAD $62.5M (Cusi mine, Chihuahua). Colibri announced that it has completed the conversion of CAD $600,995 of debt to units of the company (EP project, Sonora). ON RESOURCESAND DEVELOPMENT, Heliostar filed a Pre-Feasibility Study Technical Report for its Cerro del Gallo project in Guanajuato. Southern Silver reported assay results from four holes drilled at Puro Corazon claim in its Cerro Las Minitas project in Durango. Sierra Madre Gold and Silver secured a land use authorization and expanded its land holdings at Tlacotal project, Estado de Mexico. Avino released results from six holes drilled at its la Preciosa project in Durango. Luca Mining released drill results from its ongoing Phase 2 exploration program at its Campo Morado mine in Guerrero. Minaurum published at initial Mineral Resource Estimate for its Alamos Silver project in Sonora. Silver Dollar outlined 2026 plans at its La Joya project, Durango. Guanajuato Silver announced its ambitious consolidated drilling plans for 2026 at their five Mexican mine operations, with a total of approximately 75,000m of drilling expected. Mithril provided a summary of the Q4, 2025 exploration activities carried out at their Copalquin and La Dura properties in Durango. ON DEALS AND CORPORATE ISSUES, Gold Resource announced that it entered into a definitive arrangement agreement and plan of merger with Goldgroup (Don David mine, Oaxaca). Questcorp announced the appointment Amandip Singh as an adviser to the Board and granted incentive stock options to certain directors, officers, consultants and advisors (La Union project, Sonora). Axo Copper reported that it has completed the acquisition of the San Antonio project in Sonora from Osisko Development. Barksdale informed that it granted stock options to certain directors, officers, employees, and consultants of the company (San Javier project, Sonora). Silver Spruce informed on the resignation of Greg Davison from the Board of Directors and from his role as Vice-President Exploration (Pino de Plata, Chihuahua). Silverco provided additional information on the agreement to acquire Nuevo Silver and the La Negra mine in Queretaro. Oroco granted stock options to directors, officers, employees, and consultants of the company (Santo Tomas project, Sinaloa). Silver Spruce appointed Paul K Smith as Vice President of Exploration (Pino de Plata project, Chihuahua). Algo Grande informed that it will hold its annual general meeting of shareholders on February 25, 2026 and announced the appointment of Raymond Jannas to its Board of Directors (Adelita project, Sonora). Masivo Silver entered into a digital marketing services agreement with Senergy Comminications Capital Inc (Cerro Colorado, Sonora). Questcorp issued a news release to clarify its share arrangement following a review by the British Columbia Securities Commission (La Union project, Sonora). Empress Royalty granted restricted share units to Mr. Burns (Royalty in Tahuehueto, Durango). Mexican Gold granted stock options to certain directors, officers, and consultants of the company (Las Minas project, Veracruz). ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
Vizsla Silver Corp., provided information regarding a security incident at its Copala project in Concordia, Sinaloa. Ten individuals were taken during the incident. The incident is currently under investigation and information remains limited. As a precautionary measure, Vizsla Silver has temporarily suspended certain activities at and near the site.
According to financial analysts, The 10 largest publicly traded mining companies have registered a gain of USD $528.63 B in the last year. This increase in value is driven by a historic rally in the prices of gold and silver, and sustained demand for copper for the energy transition. The gold price has rebounded by more than 20% so far this year, and the silver price by around 63% in 2026. The 10 largest mining companies reached a combined market capitalization of USD $1.33 trillion as of January 28, 2026. Compared to January 2025, the same companies had a combined market value of USD $678.57B, representing an increase of 96.47% or USD $654.6B. Included in this list is Southern Copper Corporation, one of the world´s largest integrated copper producers, with mail operations in Peru and Mexico, which added USD $88.37B to its market capitalization. In January, 2026, the mining company´s value is projected at USD $162.3B. On the other hand, in the last year, Grupo Mexico became the largest company on the Mexican Stock Exchange by market capitalization exceeding USD $73.46B.
Luca Mining Corp., Avino Silver & Gold Mines Limited, and Southern Silver Exploration Corp., reported the best drilling intercepts in Mexico on the fifth week of January, 2026. Details are shown in the table below:
ON EXPLORATION
Colibri Resource Corporation completed its Phase 1 reconnaissance RC drilling program at the El Plomo project in Sonora, testing multiple priority gold targets. The RC program consisted of 22 holes totalling approximately 1,815m. Drill samples are currently being prepared for shipment to lab for analytical assays.
Regency Silver Corp., informed that the first hole of its ongoing 2026 drill program at Dios Padre project has intersected sulphide-specularite supported breccia in multiple zones across a broad, non-continuous ~250m interval. Analytical assays are pending, but in terms of geology, alteration, mineral species and abundance, the zones appear to compare favorably to previous drill holes that returned high grade mineralization.
Mercado Minerals Ltd., commenced its geophysical surveys over its Copalito project in Sinaloa. The first phase will comprise a high resolution drone magnetic survey followed by a drone LiDAR survey. The high-resolution magnetic survey will cover 1,885 hectares using 50m-line spacing and has been designed to map known veins and their extensions, as well as provide valuable data over previously unexplored areas of the property, while the drone LiDAR survey will cover 1,867 hectares to enhance topographic detail across the property, focusing on known vein systems, their potential extensions, and additional unexplored zones.
ON MINING
Santacruz Silver Mining Ltd., reported Q4 and full year 2025 production results from its Zimapan mine in Hidalgo. During Q4, 2025 the company milled 222,703 tonnes of 80 g/t Ag, 2.9% Zn, 0.7% Pb, and 0.26% Cu with metallurgical recoveries of 70%, 78%,78%, and 50% respectively to produce 403.3K Oz Ag, 11.22M Lb Zn, 2.77M Lb Pb, and 112K Lb Cu (1.02M Oz AgEq). In the full year 2025, Santacruz milled 893,067 tonnes of 82 g/t Ag, 2.5% Zn, 0.75% Pb, and 0.29% Cu with metallurgical recoveries of 75%, 78%, 85%, and 43% respectively, to produce 1.68M Oz Ag, 36.54M Lb Zn, 12.2M Lb Pb, and 2.37M Lb Cu (3.8M Oz AgEq).
Discovery Silver Corp., announced that it will release its financial and operating results for the fourth quarter and full year 2025 prior to the market open on Thursday, February 19, 2026 (Cordero project, Chihuahua).
Orogen Royalties Inc., provided an update and outlook regarding its exploration stage projects and royalties in 2026. Highlights from 2025 include over 37,800m of partner-funded drilling (estimated USD $30M expenditure), including over 21,000m of resource expansion and conversion drilling at the Navidad/Winter vein target and the Luna zone at the Ermitaño gold-silver mine in Sonora; reception of over USD $4.1M from the sale of projects and payments from exploration partners; and the establishment of four new royalties and three exploration alliances. The 2026 outlook anticipates twelve partner-funded drilling programs with an estimated 40,000m of drilling, excluding drilling plans at Ermitaño; three partner-funded exploration alliances will continue; six projects under option to industry partners; and new updates on resources, including at the Navidad/Winter Au-Ag veins at Ermitaño.
Guanajuato Silver Company Ltd., reported 2025 production results from its Mexican operations. In 2025, the Bolañitos mine in Guanajuato produced 608.4K Oz Ag and 15.3K Oz Au; while consolidated 2025 production from the Company’s four other mines, namely Topia in Durango, and El Cubo, VMC and San Ignacio in Guanajuato, totaled 1.24M Oz Ag, 10.3K Oz Au, 2.78M Lb Pb, and 3.38M Lb Zn.
ON FINANCING
Highlander Silver Corp., announced and closed a non-brokered private placement of 8,060,226 common shares at a price of CAD $6.80 per common shares for gross proceeds of USD $40M (Mercedes mine, Sonora/Bear Creek Mining). Gross proceeds will be used to fund the advancement of the company´s mineral projects and for working capital and corporate purposes.
Chesapeake Gold Corp., closed its previously announced bought deal public offering of 4,107,225 units of the company at a price of CAD $4.20 per unit for gross proceeds of CAD $17,250,345. It also closed a non- brokered private placement of 685,000 units at a price of CAD $4.2 per units for gross proceeds of 2,877,000. Net proceeds will be used to advance the company’s proprietary oxidative leach technology, the Metates and Lucy projects in Durango, and for general working capital.
Minera Alamos Inc., announced the upcoming sale of approximately 9.68M shares by a subsidiary of Equinox Gold to strategic investors, including their Executive Vice President, Corporate Development, Darren Blasutti. The shares are priced at CAD $5.80 each, raising over CAD $56M, with closing expected in early February 2026 (Santana project, Sonora).
Silver Tiger Metals Inc., announced a bought deal financing of 34,189,000 common shares of the company at a price of CAD $1.17 per common share for gross proceeds of approximately CAD $40M. Later on, it increased it to 42,736,000 common shares at a price of CAD $1.17 per common share for gross proceeds of approximately CAD $50M. The company plans to use the net proceeds to fund exploration and development expenditures at El Tigre project in Sonora, as well as for working capital and general corporate purposes.
Silverco Mining Ltd., announced a bought deal offering of 3,200,000 common shares at a price of CAD $12.50 per common share for gross proceeds CAD $40M. Later on, it upsized the previously announced bought deal financing offering to 4,000,000 common shares at a price of CAD $12.5 per common share for gross proceeds of CAD $62.5M. Net proceeds will be used for exploration, evaluation, and restart work on the Cusi mine in Chihuahua, as well as for general and administrative expenditures and working capital.
J2 Metals Inc., upsized its previously announced non-brokered private placement and additional flow-through financing for gross proceeds of CAD $5.3M, consisting of CAD $3.8M raised through the issuance of subscription receipts at a price of CAD $0.25 per subscription receipt, and CAD $1.5M raised through the issuance of flow-through subscription receipts at a price of CAD $0.35 per flow-through subscription receipt. Net proceeds will be used to explore and advance the company´s projects and for general corporate purposes (Sierra Plata project, Estado de Mexico).
Axo Copper Corp., announced a bought deal financing of 35,715,000 units at a price of CAD $0.70 per unit for gross proceeds of approximately CAD $25M and later on it upsized to 50,000,000 units at a price of CAD $0.70 for gross proceeds of approximately CAD $35M. The company plans to use the net proceeds for exploration and advancement of its La Huerta project in Jalisco and San Antonio project in Sonora.
Apollo Silver Corp., closed the second and final tranche of its previously announced non-brokered private placement of 2,500,000 units at a price of CAD $5 per unit for gross proceeds of CAD $12.5M. With the completion of this tranche, the offering is now fully subscribed for total gross proceeds of CAD $27,500,000. Part of the gross proceeds will be used to support community relations initiatives at Cinco de Mayo project in Chihuahua, cover ongoing property maintenance costs, and for general corporate purposes.
Oroco Resource Corp., closed upsized bought deal public offering of 60,526,340 units at a price of CAD $0.38 per unit for gross proceeds of CAD $23M. The company will use the net proceeds to fund commencement of Pre-Feasibility Study drilling at its Santo Tomas project in Sinaloa, advance baseline environmental and permitting work, and for general corporate working capital.
Sierra Madre Gold and Silver Ltd., closed the second and final tranche of its previously announced private placement of 13,709,576 subscriptions receipts at a price of USD $1.30 per subscription receipt for gross proceeds of USD $17,822,449. With the completion of this tranche, the offering is now fully subscribed for total gross proceeds of USD $57,500,690. Net proceeds will be used to fund the completion of the transaction, for exploration and development of Del Toro mine in Zacatecas, following completion of the transaction and for general working capital purposes.
Colibri Resource Corporation announced that it has completed the conversion of CAD $600,995 of debt to units of the company into equity through the issuance of units comprising common shares and warrants. This debt-to-equity conversion reduces the company’s debt load and enhances its capacity to raise additional capital. The completion of this transaction is pending final approval from the TSX Venture Exchange (EP project, Sonora).
ON RESOURCES AND DEVELOPMENT
Heliostar Metals Ltd., filed a Pre-Feasibility Study Technical Report for its Cerro del Gallo project in Guanajuato. It has an effective date of December 11, 2025.
Southern Silver Exploration Corp., reported assay results from four holes drilled at Puro Corazon claim in its Cerro Las Minitas project in Durango. Drilling highlights are shown in the table below:
The company informed that next steps are update the Mineral Resource Estimate of the Cerro Las Minitas project; followed by an update of the Preliminary Economic Assessment of the project in accordance with the provisions of National Instrument 43-101 and continue to advance baseline data collection and permit readiness review.
Sierra Madre Gold and Silver Ltd., received approval to change land use for a 34.7 hectares at its Tlacotal property in Estado de México, enabling it to be used for mining-related activities. The company also executed agreements to purchase additional land, including a 33.1 hectares adjacent area and private lands associated with the current tailings facility. This land is secured via a 30-year lease and the option to purchase will be exercised upon receipt of ownership transfer documentation. It supports the expansion of their operations, including potential mine development and tailings facility upgrades. The company plans to begin drilling activities in the second half of 2026 to further explore and develop the resource potential in the region, aiming to build out their production center and explore nearby veins.
Avino Silver & Gold Mines Ltd., released results from six holes totalling 1,400m drilled at its la Preciosa project in Durango, with the full 2025 drilling program, comprising 14 holes totalling approximately 3,500m drilled. Drilling highlights include hole PMLP 25-12 on La Gloria Vein with 0.65 g/t Au and 585 g/t Ag (637 g/t AgEq) over 4.90m, including 1.92 g/t Au and 2,218 g/t Ag (2,372 g/t AgEq) over 0.95m, including 1.91 g/t Au and 1,107 g/t Ag (1,260 g/t AgEq) over 0.77m; and hole PMLP 25-14 with 0.13 g/t Au and 72 g/t Ag (83 g/t AgEq) over 0.89m on Splay 1 Vein, plus 0.62 g/t Au and 340 g/t Ag (390 g/t AgEq) over 0.60m on Abundancia Vein. “The drill results exceeded grade expectations and verified the geometry of the current vein-based resource model”.
Luca Mining Corp., released drill results from its ongoing Phase 2 exploration program at its Campo Morado mine in Guerrero. Drilling highlights include hole CMRY-25-02 with 1.34 g/t Au, 115 g/t Ag, 0.47% Cu, 0.8% Pb, and 2.7% Zn (5.35 g/t AuEq) over 28.6m, including 1.31 g/t Au, 184 g/t Ag, 0.32% Cu, 1.4% Pb, and 4.6% Zn (7.18 g/t AuEq) over 11.2m, including 5.2 g/t Au, 219 g/t Ag, 0.85% Cu, 1.7% Pb, and 4.6% Zn (12.55 g/t AuEq) over 2.8m; and hole CMRY-25-06 with 1.36 g/t Au, 103 g/t Ag, 0.43% Cu, 0.6% Pb, and 2.2% Zn (4.87 g/t AuEq) over 29.5m, including 1.82 g/t Au, 131 g/t Ag, 0.4% Cu, 0.9% Pb, and 3% Zn (6.13 g/t AuEq) over 21m, including 12.27 g/t Au, 556 g/t Ag, 0.46% Cu, 3.5% Pb, and 6% Zn (25.38 g/t AuEq) over 2.2m. “Initial results indicate thick, gold- and silver-rich VMS mineralization at El Rey, an unmined deposit located approximately 200m from the Reforma deposit and close to existing underground infrastructure, supporting its potential inclusion in the longer-term Campo Morado mine plan”.
Minaurum Silver Inc., published at initial Mineral Resource Estimate (MRE) for its Alamos Silver project in Sonora. It consists of high-grade inferred resources of 5.37M tonnes grading 202 g/t Ag, 0.21 g/t Au, 0.43% Cu, 0.97% Pb, and 2% Zn and containing 34.8M Oz Ag, 35.6K Oz Au, 51M Lb Cu, 115M Lb Pb, and 238M Lb Zn (55.2M Oz AgEq). The MRE comprises portions of the Promontorio, Travesia, and Europa Vein zones, three of the twenty-six vein zones identified at the property. Minaurum is currently conducting a 50,000m core drilling program to expand the MRE at Europa and Promontorio-Travesia, while also completing step-out and infill drilling in additional vein zones including at San Jose, Quintera, Promontorio Sur, Pulpito-Cotera, and Minas Nuevas. The table below shows with more detail the MRE, with an effective day of January 8, 2026:
Silver Dollar Resources Inc., outlined 2026 plans at its La Joya project, Durango. The company is shifting its exploration strategy from potential open-pit to underground development, focusing on higher-grade underground mineralization. The focus is on targeting higher-grade underground mineralization within the 2 x 3 kilometer La Joya mineralized complex. Key activities include enhanced modeling of known high-grade areas, detailed underground and surface mapping and sampling, and the re-logging of selected historical drill core. The areas of focus include targets that demonstrate similarities to the nearby San Martin mine, known for significant silver mineralization. Five targets are identified for drilling to test for deep San Martin-type mineralization.
Guanajuato Silver Company Ltd., announced its ambitious consolidated drilling plans for 2026 at their five Mexican mine operations (Topia in Durango, and Bolañitos, El Cubo, Valenciana, and San Ignacio in Guanajuato), with a total of approximately 75,000m of drilling expected. This represents significant increases over previous years, specifically 731% more than 2025 and 1,660% more than 2024. The drilling will be divided into 45,000m of exploration drilling and 30,000m of infill drilling, aimed at establishing reserves, enhancing material definition, and expanding resource bases at various mines under its ownership in Mexico. The plan marks a strategic commitment to invest in resource growth and long-term production increases.
Mithril Silver and Gold Limited provided a summary of the Q4, 2025 exploration activities carried out at their Copalquin and La Dura properties in Durango. In 2025, Mithril made significant advancements in exploration activities at the Copalquin district. Throughout the year, drilling at Target 1 expanded the mineralized system and an update of the maiden resource at Target 1 is planned for Q2, following a 3,000m drill program to infill key areas in the mode. Target 5, with multiple, parallel NW trending veins hosted in the granodiorite intrusive in the southwest area of the district emerged as a promising silver-rich growth opportunity. Preparations were made for drilling at Target 3, which commenced in January 2026. On the other hand, additional exploration efforts included systematic mapping, sampling, and geophysical work are currently being carried out to strengthen the geological model across the district. The overall focus on these activities indicates a firm belief in Copalquin’s potential as a large, vertically extensive epithermal gold-silver system with mineralization defined over 9km strike length and 1,200m vertical extent, with multiple targets, a dominant east-west structural corridor, and multiple northwest-trending structures within the 70 square km mining concession area, suggesting a considerable resource growth potential. Finally, the company acquired La Dura mining concessions, which comprise five contiguous concessions totaling 2,052 hectares, located just 5 km from El Durazno and 20 km from the flagship Copalquin property. This area is noted for a significant Au-Ag sheeted to stockwork vein system associated with NW striking faults.
ON DEALS AND CORPORATE ISSUES
Gold Resource Corporation (GRC) announced that it entered into a definitive arrangement agreement and plan of merger with Goldgroup Mining Inc., whereby Goldgroup has agreed to acquire all the issued and outstanding shares of the company´s common stock. GRC´s stakeholders will receive 1.4476 common shares of Goldgroup for each share of GRC common stock as a result of a four-for-one share consolidation. Based on the closing prices of GRC’s common stock and Goldgroup’s common shares on January 23, 2026, the Exchange Ratio represents a value of USD $2.25 per share of GRC’s common stock, reflecting a 39% premium to GRC’s closing price on January 23, 2026. The Transaction values GRC’s common stock at approximately USD $372M on a fully-diluted in-the-money basis and based on the value of Goldgroup shares on January 23, 2026. The Transaction was unanimously approved by the boards of directors of Goldgroup and GRC (Don David mine, Oaxaca).
Questcorp Mining Inc., announced the appointment of Amandip Singh as an advisor to the Board. It also granted 4,400,000 incentive stock options to certain directors, officers, consultants, and advisors (La Union project, Sonora).
Axo Copper Corp., reported that it has completed the acquisition of Sapuchi Minera S de R.L. de C.V., from Osisko Development Corp. At closing of the Transaction, the Company issued 15,325,841 common shares of Axo Copper to Osisko Development and 7,655,250 Axo Shares to OR Royalties International Inc., , in accordance with the Securities Purchase Agreement and Share Issuance Agreement, respectively. Sapuchi Minera holds a 100% interest in the San Antonio Gold project in Sonora. Osisko Development is entitled to certain contingent deferred payments in connection with the sale, including a cash payment equal to 70% of any Mexican value‑added tax refund due or owing to Sapuchi Mexico in respect of any period ending on or before the closing date of the Transaction; upon the public filing by Axo of a feasibility study respecting the Project that is prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects, USD $2M, payable in cash or up to 9,398,496 Axo Shares, at Axo’s option, provided that if the issue price of such Axo Shares is below the November 21, 2025 closing price of the Axo Shares, the Company will receive 9,398,496 Axo Shares plus a cash payment equal to the shortfall between USD $2M and the US dollar-equivalent value of the Axo Shares received; and a cash payment of USD $2M, upon the first gold pour being completed at the Project.
Barksdale Resources Corp., informed that it granted stock options to certain directors, officers, employees, and consultants of the company to acquire an aggregate of 4,850,000 common shares in the capital of the company (San Javier project, Sonora).
Silver Spruce Resources Inc., informed on the resignation of Greg Davison from the Board of Directors and from his role as Vice-President Exploration (Pino de Plata, Chihuahua).
Silverco Mining Ltd., provided additional information on the agreement to acquire Nuevo Silver and the La Negra mine in Queretaro. Nuevo Silver does not currently hold title to the la Negra mine and it is a condition of closing of the acquisition that Nuevo Silver completes its purchase of the La Negra mine. Nuevo Silver raised over USD $30M through subscription receipts to fund the acquisition. The deal is subject to various conditions, including the completion of Nuevo Silver’s purchase of the mine, regulatory approvals, and the delivery of a technical report. The acquisition will be executed through Silverco issuing shares to Nuevo Silver shareholders, with the valuation driven upward by recent increases in silver prices and positive cash flow prospects at the La Negra Mine.
Oroco Resource Corp., granted a total of 7,050,000 incentive stock options to directors, officers, employees, and consultants of the company at an exercise price of CAD $0.85 per share with a term of three years (Santo Tomas project, Sinaloa).
Silver Spruce Resources Inc., appointed Paul K Smith as Vice President of Exploration, effective immediately (Pino de Plata project, Chihuahua).
Algo Grande Copper Corp., informed that it will hold its annual general meeting of shareholders on February 25, 2026 and announced the appointment of Raymond Jannas to its Board of Directors (Adelita project, Sonora).
Masivo Silver Corp., entered into a digital marketing services agreement with Senergy Comminications Capital Inc., to provide content creation, strategic messaging, Paid advertising, corporate communications support, and enhanced online visibility services to increase awareness of the company´s projects and strengthen engagement with current and prospective shareholders. Senergy has been retained for an initial period of two months, commencing on January 29, 2026, and Masivo has agreed to pay CAD $60K plus applicable taxes for the services provided during the term of the agreement (Cerro Colorado, Sonora).
Questcorp Mining Inc., issued a news release to clarify its share arrangement following a review by the British Columbia Securities Commission. On October 24, 2025, the company completed a non-brokered private placement, issuing 14,000,334 units at CAD $0.15 per unit for total gross proceeds of CAD $2,100,050. Additionally, Questcorp entered into a Sharing Agreement with Sorbie Bornholm LP for a notional amount of CAD $2M, in which the company will initially receive CAD $8K, with future payments determined over 24 months based on its share price performance. Notably, there are risks involved as no funds from the Sharing Agreement are secured, exposing the company to potential losses if Sorbie faces financial difficulties (La Union project, Sonora).
Empress Royalty Corp., granted 250,000 restricted share units at a deemed price of CAD $1.09 per unit to Mr. Burns, further to its appointment to the Board of Directors (Royalty in Tahuehueto, Durango).
Mexican Gold Mining Corp., granted stock options to certain directors, officers, and consultants of the company to acquire an aggregate of 3,650,000 common shares at an exercise price of CAD $0.16 per common share (Las Minas project, Veracruz).
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, low-temperature silica in a low-sulphidation epithermal vein system in a project in Durango, Mexico. Photo taken by Miguel A Heredia.
During the 2nd week of the year (January 05th to January 11th, 2026), companies working in Mexico released 31 press releases. Three companies informed on early-stage properties work and three more presented quarterly reports. Four companies presented news on financing rounds, one on consolidation of shares, one on the repurchase of shares and, a sign of the current buoyant times, six on the granting of stock options. Five companies presented updates on advanced properties, while six companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora Aztec Minerals provided an update on Cervantes; Algo Grande generated tens of targets at Adelita. In Durango, Pinnacle Silver and Gold completed a LIDAR survey at El Potrero. ON MINING, Heliostar Metals, Endeavour Silver and Torex Gold presented quarterly reports. ON FINANCING, four companies informed on financing rounds: Capitan Silver (C$6 M), Kootenay Silver (406 K), Bear Creek Mining (C$18 M) and Oroco Resource (C$15 M). Chesapeake Gold, Santacruz Silver Mining, J2 Metals, Barksdale Resources, Canasil Resources, and Elemental Royalties granted incentive stock options. Minera Alamos consolidated its shares on a 10:1 basis. Fortuna Mining repurchased 1.7 M common shares of its stock. ON RESOURCES AND DEVELOPMENT, Silverco Mining provided an update on the restart of mining at Cusi, in Chihuahua. Southern Silver Exploration reported drilling results from Cerro Las Minitas in Durango. Regency Silver informed on breccia characteristics intercepted by drilling at Dios Padre, in Sonora. Kootenay Silver released results from drilling at Columba, in Chihuahua. Kingsmen Resources reported assay results from one hole at Las Coloradas, in Chihuahua. ON DEALS AND CORPORATE ISSUES, Silver Viper Minerals contracted marketing campaigns and announced appointments to the board. Centenario Gold signed a LOI with Vector Factor to option Los Reyes project, in Chihuahua. Zacatecas Silver updated on work at Esperanza and Zacatecas Silver projects in Morelos and Zacatecas, respectively. Algo Grande announced an appointment to the board. Highlander Silver and Bear Creek Mining amended the agreement on which Highlander is acquiring all Bear Creek shares. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
No Relevant News.
ON EXPLORATION
Aztec Minerals Corp. provided an update on work at its Cervantes property in Sonora. During 2025 conducted a surface exploration program that expanded the known extent of the California Au-Cu porphyry system another 0.5 km to the east.. During the first half of 2026 surface exploration is to continue in preparation for potential continued step out and exploration drilling.
Pinnacle Silver and Gold Corp. informed the airborne LIDAR survey recently flown over the 1,100 ha El Potrero project in Durango “has confirmed known structural trends, outlined previously unknown structures, and identified a total of 64 adits, 6 shafts and 51 prospecting pits on the two claim blocks comprising the project”.
Algo Grande Copper Corp. completed reprocessing and reinterpretation of historical geophysical and geochemical datasets at its Adelita project in Sonora, confirming a district-scale structurally controlled porphyry-skarn system. The work identified 32 Cu-Au-Ag targets, including 14 generated by machine-learning techniques. A high-definition ground magnetic survey has commenced over the Cerro Grande skarn zone.
ON MINING
Heliostar Metals Ltd. produced 8,459 Oz AuEq during Q4 2025, for a total of 34,098 Oz AuEq during the year, well within the 2025 guidance. At La Colorada, in Sonora, 17,793 Oz Au, 57.5 K Oz Ag (or 18,467 Oz AuEq) were produced in 2025, whereas at San Agustin, in Durango, 14,883 Oz Au, 22.5 K Oz Ag (or 15,139 Oz AuEq) were produced in the same period while the reminder was produced at the now closed El Castillo operations.
Endeavour Silver Corp. reported a full 2025 year production of 6.5 M Oz Ag, 37,164 Oz Au which, in combination with base metal production, equals 11.2 M AgEq. In Mexico, the company produced 7.85 M Oz AgEq from its operation. At Terronera, in Jalisco, 154.2 K tonnes were processed averaging 86 gpt Ag, 2.27 gpt Au, recovering 82.6% Ag, 72.5% Au, to produce 352 K Oz Ag, 8,148 Oz Au. At Guanaceví, in Durango, 403 K tonnes were processed averaging 334 gpt Ag, 1.16 gpt Au, recovering 90.3% Ag, 91.5% Au, to produce 3.9 M Oz Ag, 13,747 Oz Au. At Bolañitos, in Guanajuato, 393.9 K tonnes were processed averaging 57 gpt Ag, 1.37 gpt Au, recovering 84.0% Ag, 87.9% Au, to produce 608.4 K Oz Ag, 15,270 Oz Au. Terronera was declared commercial production on October 1, 2025, and a definitive agreement to sell the Bolañitos operation was signed in November 2025.
Torex Gold Resources Inc. reported 115,066 Oz AuEq of payable production during the fourth quarter of 2025. The company mined 3,175 tpd at ELG Underground and 7,052 tpd at Media Luna Underground, for a total of 10,705 tpd processed at its Moelos Complex in Guerrero. Ore graded 3.40 gpt, 19.08 gpt Ag, 0.65% Cu, with recoveries of 90.3% Au, 83.1% Ag, 91.9% Cu, to produce 94,878 Oz Au, 498.2 K Oz Ag, 13 M Lb Cu. For the full year 2025, payable production totalled 376,586 Oz AuEq. “During 2025, the Company repurchased 825,769 shares at an average price of C$57 per share and paid an inaugural quarterly dividend of C$0.15 per share”.
ON FINANCING
Minera Alamos Inc. announced its common shares have been consolidated at a ratio of ten to one. The company now has 108 million common shares issued and outstanding (Santana, Sonora).
Chesapeake Gold Corp. granted 100 K stock options to Mr. Rajesh Vyas in relation to his appointment as chief financial officer (Metates, Durango).
Santacruz Silver Mining Ltd. granted 39 K restricted share units to a director of the company. (Zimapán, Hidalgo).
Capitan Silver Corp. announced that the company has completed its investment from Schroder Investment Management Limited acting as agent on behalf of one of its UCITS funds, for gross proceeds of C$6 M (Cruz de Plata, Durango).
J2 Metals Inc. granted 195 K stock options to certain directors and consultants of the company (Sierra Plata, Guerrero).
Barksdale Resources Corp. omnibus share incentive plan has been approved by the TSX Venture Exchange (San Javier, Sonora).
Oroco Resource Corp. entered into an agreement with Canaccord Genuity Corp. as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters pursuant to which the underwriters have agreed to purchase, on a bought deal basis units of the company for C$15 M (Santo Tomás, Sinaloa).
Fortuna Mining Corp. reported the company repurchased 1.7 M common shares on the open market of the New York Stock Exchange for a total gross consideration of US$17 M (undisclosed projects, Mexico).
Canasil Resources Inc. applied to the TSX Venture Exchange for approval to grant 5.15 M incentive stock options to directors, officers, advisors and employees (Nora, Durango).
Kootenay Silver Inc. informed that during the third quarter of 2025 the company issued common shares under the ATM program for C$142.6 K in gross proceeds, paying C$3.6 K in aggregate commissions. During the fourth quarter of 2025 the company issued C$263.3 K in common shares with aggregate commissions of C$6.6 K (Columba, Chihuahua).
Bear Creek Mining Corp. closed its previously announced non-brokered private placement financing to raise gross proceeds of C$18 M (Mercedes, Sonora).
Elemental Royalty Corp. granted 663.3 K incentive stock options and 155.1 K restricted share units to officers, directors, employees and consultants of the company, and 14.9 K cash-settled DSUs to independent directors, redeemable upon the retirement, resignation or replacement of a director (royalty in Mercedes, Sonora).
ON RESOURCES AND DEVELOPMENT
Silverco Mining Ltd. provided an update on the restart of operations at its Cusi project, in Chihuahua. Underground workings at the Promontorio area have been dewatered, a project manager has been hired in-country, rehabilitation has commenced with ramp scaling and ground support installation. JDS Energy & Mining Inc. has been engaged to produce a restart study utilizing the updated mineral resource estimate (MRE). Metallurgical optimization test work by Forte Analytical is nearing completion. The remainder of the 2025 drill program results are expected in early Q1 2026 and the recently flown LIDAR survey data is being integrated.
Southern Silver Exploration Corp. reported assays from four holes testing the recently acquired Puro Corazon claim within its Cerro Las Minitas project in Durango. Highlighted true width intervals comprise 5.3 m @ 73 gpt Ag, 2.8% Pb, 3.4% Zn; 0.8 m @ 405 gpt Ag, 11.1% Pb, 9.1% Zn; 0.7 m @ 566 gpt Ag, 0.1% Cu, 29.2% Pb, 8.0% Zn; 17.9 m @ 63 gpt Ag, 0.1% Cu, 1.6% Pb, 1.4% Zn; 4.0 m @ 120 gpt Ag, 0.2% Cu, 3.5% Pb, 4.5% Zn; 7.3 m @ 102 gpt Ag, 0.5% Cu, 3.6% Pb, 3.7% Zn (including 4.0 m @ 131 gpt Ag, 0.8% Cu, 6.4% Pb, 5.4% Zn); 3.0 m @ 171 gpt Ag, 0.1% Cu, 2.2% Pb, 3.7% Zn (including 0.4 m @ 0.1 gpt Au, 724 gpt Ag, 0.5% Cu, 6.8% Pb, 21.6% Zn). Sixteen of the proposed twenty-one holes have been completed for a total of 6,820 m of the planned 12,000 m of drilling to test the Puro Corazon claim.
Regency Silver Corp. announced the latest hole at its Dios Padre project in Sonora has intercepted sulfide-specularite supported breccia in multiple zones across a non-continuous 240 m interval. The breccias are controlled by a series of quartz-feldspar porphyries 5 to 50 m in width and are similar in nature to the breccia hosting Au-Cu-Ag mineralization in previous holes. “The intersection is ~150m down-dip below the historic Dios Padre silver mine workings and ~225m up dip …. ” from a previous hole that intercepted 38 m @ 7.36 gpt Au. Five holes totaling 3,723m have been completed since drilling resumed in October 2025.
Kootenay Silver Inc. announced assay results from nine drill holes completed as part of its 50,000 m drill program at Columba, in Chihuahua. Drilling is focused on the expansion of the known resource, the same that remains open in all directions. The current mineral resource estimate totals 5.92 M tonnes grading 284 gpt Ag, containing 54.1 M Oz Ag. Highlighted true width intervals comprise 9.78 m @ 11 gpt Ag, 1.0% Pb, 1.0% Zn; 50.7 m @ 49 gpt Ag, 0.1% Zn; 2.85 m @ 315 gpt Ag, 0.3% Pb, 0.5% Zn (including 0.43 m @ 1,295 gpt Ag, 1.3% Pb, 1.1% Zn); 60.3 m @ 56 gpt Ag, 0.1% Pb, 0.1% Zn; 4.56 m @ 299 gpt Ag, 0.5% Pb, 1.0% Zn (including 0.27 m @ 1,830 gpt Ag, 5.0% Pb, 6.2% Zn); 2.72 m @ 390 gpt Ag, 0.2% Pb, 0.7% Zn; 4.97 m @ 186 gpt Ag, 0.1% Pb, 3.8% Zn (including 0.71 m @ 1,040 gpt Ag, 0.3% Pb, 21.0% Zn); 51.52 m @ 35 gpt Ag, 0.2% Pb, 0.5% Zn).
Kingsmen Resources Ltd. reported assay results from three diamond drill holes at its Las Coloradas project in Chihuahua. Highlighted core length results comprise 4.8 m @ 52 gpt Ag, 0.9% Pb, 1.22% Zn (including 1.3 m @ 0.72 gpt Au, 143 gpt Ag, 2.5% Pb, 3.4% Zn); 0.25 m @ 0.14 gpt Au, 157 gpt Ag, 0.6% Pb, 1.9% Zn. Mineralization has now been confirmed on three structures -Soledad, Soledad II and No.8- spanning 1.5 km.
ON DEALS AND CORPORATE ISSUES
Silver Viper Minerals Corp. entered into an agreement to support ongoing digital marketing efforts with Nordcore Media LLC. “The engagement covers the creation and management of advertising campaigns, remarketing, and related digital strategy activities”. The total cost for the six-month term is US$300 K in cash. In a second press release Silver Viper announced the appointment of Jeff Couch to its board of directors (La Virginia, Sonora).
Centenario Gold Corp. entered into a letter of intent (LOI) with Vector Factor S.A. de C.V. to acquire 100% interest in the Los Reyes project in Chihuahua. The 45 ha property is “located along a northwest-trending structure … that hosts numerous high-grade current and past operating mines…”. The option can be entered into by making US$15 K payment before the end of 2025, initiate a greater than 1,000 m drill program within 6 months of signing the LOI, a final purchase option agreement signed not later than 45 days after receiving drilling assays with US$45 K on signing, US$50 K on year 1, US$80 K on year 2, US$100 K on year 3, US$110 K on year 4, US$120 K on year 5, and a 2% NSR. Centenario is to pay the mining rights of the two mining concessions involved during the LOI validity term.
Silver Viper Minerals Corp. announced the appointment of Mr. Andreas L’Abbé as financial advisor and Mr. Gernot Wober as technical advisor (La Virginia, Sonora).
Zacatecas Silver Corp. provided a corporate update outlining key operational progress across its portfolio. At the Zacatecas Silver project in Zacatecas the upcoming 4,000 m drill program has been contracted and surface access agreements signed. At Esperanza, in Morelos, the company is well positioned to benefit from recent improvements in Mexico’s permitting landscape, which includes open pit permits.
Algo Grande Copper Corp. appointed João Rocha as vice president of exploration (Adelita, Sonora).
Highlander Silver Corp. and Bear Creek Mining Corp. entered into an amended and restated arrangement agreement dated January 9, 2026, amending and restating the arrangement agreement dated December 18, 2025 pursuant to which Highlander Silver will acquire all of the issued and outstanding common shares of Bear Creek Mining (Mercedes, Sonora).
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On the image below: Quartz veinlets in chloritized porphyritic diorite, HQ core. Picture by Jorge Cirett.
