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The Mining and Exploration News in Mexico: Highlights on the Third Week of December, 2025

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Quartz hydrothermal breccia

By Miguel A Heredia

During the 51st week of the year (December 15th to December 21st 2025), at least 43 press releases were announced by companies working in Mexico, with eighteen disclosing deals and corporate issues, ten announcing financial rounds, eight informing on exploration results, four communicating production results, two reporting resources and development of their properties, and one commenting on Mexican issues. ON MEXICO ISSUES, First Majestic and Pacifica Silver reported the best drilling intercepts in Mexico on the third week of December, 2025. ON EXPLORATION, In Sonora, Kenadyr (to be renamed Algo Grande Copper) filed a technical report for its Adelita project and Colibri reported drilling progress at its EP project. In Chihuahua, Kingsmen released high grade gold results from 527 samples collected at its Almoloya project and Advance Metals informed that its drilling program at Yoquivo is progressing well. In Durango, Pinnacle reported that it has prepared an inaugural underground drilling program for its El Potrero project, and Pacifica Silver released assay results from its drilling program at Claudia project. In Oaxaca, EV Resources finalized plans for a maiden drill program at its Los Lirios project and reported preliminary metallurgical recovery results. ON MINING, Starcore presented results for the second quarter ended October 31, 2025 (San Martin mine, Queretaro). Heliostar restarted mining operations in San Agustin, Durango. Silver Storm informed that it plans to restart operations at its la Parrilla mine in Durango by early 2026. ON FINANCING, Regency Silver announced second upsize of its previously announced brokered LIFE offering for gross proceeds of up to CAD $3.5M, and announced a concurrent non-brokered private placement for gross proceeds of CAD $87.5K (Dios Padre project, Sonora). Sonoro Gold notified about a fully-committed non-brokered private placement for gross proceeds of CAD $4M (Cerro Caliche project, Sonora). Kenadyr Metals Corp (to be renamed Algo Grande Copper) closed the third and final tranche for gross proceeds of $868,012.88 (Adelita project, Sonora). Southern Silver announced the closing of its previously announced bought deal LIFE offering for gross proceeds of CAD $6M (Cerro Las Minitas, Durango). Capitan Silver closed its previously announced bought deal offering for gross proceeds of CAD $23,006,497.50 (Cruz de Plata project, Durango). Fuerte Metals completed its previously announced brokered private placement for gross proceeds of CAD $17,249,933 (Cristina project, Chihuahua). GR Silver closed its previously announced bought deal offering for gross proceeds of CAD $20M (Plomosas project, Sinaloa). Sierra Madre announced a private placement for gross proceeds of up to USD $50M (La Guitarra mine, Estado de Mexico). Pinnacle closed a first tranche of a non-brokered private placement for gross proceeds of USD $1,067,532.94 (El Potrero project, Durango). ON RESOURCES AND DEVELOPMENT, First Majestic announced significant exploration success at its Santa Elena mine in Sonora.  ON DEALS AND CORPORATE ISSUES, Orla announced the appointment of Joanna Pearson as Independent Non-Executive Director (Camino Rojo, Zacatecas). Teck and Anglo American announced that they received regulatory approval from the Government of Canada under the Investment Canada Act (ICA) for their merger of equals, which will form a new global critical minerals company named Anglo Teck (San Nicolas project, Zacatecas).  Silver Wolf completed acquisition of Ana Maria and Laberinto projects in Durango. Fortune Bay provided an update regarding recent regulatory developments in the State of Chiapas, Mexico, that may affect the Company’s Rio Negro concession (Poma Rosa Project). Apollo informed on ongoing community engagement activities at its Cinco de Mayo project in Chihuahua. Fuerte Metals reported voting results from its annual general and special meeting of shareholders (Cristina project, Chihuahua). Agnico Eagle announced additional investment in Osisko Metals Incorporated (Pinos Altos, Chihuahua). Vizsla informed that it entered into an agreement to acquire from Minera Fresnillo strategic claims that surround its Panuco property in Sinaloa. Sierra Madre announced agreement to acquire the Del Toro mine in Zacatecas from First Majestic. Minaurum Gold informed that it has changed its name to Minaurum Silver (Alamos Silver project, Sonora).  Bear Creek and Highlander entered into a definitive agreement to combine their respective business (Mercedes mine, Sonora).  Kenadyr completes change of name to Alto Grande Copper (Adelita project, Sonora). Kootenay issued a statement in response to a request of OCT markets regarding recent promotional activities related to its common shares traded on the OTCQX marketplace (Columba project, Chihuahua). First Majestic announced the promotion of Mani Alkhafahi to President & Chief Corporate Development Officer, effective January 1, 2026 (Santa Elena and Ermitaño mines, Sonora). Mercado Minerals signed community agreement with local ejidos in Copalito, Sinaloa. Infinitum Copper reported voting results from its annual general and special meeting of shareholders. Chesapeake granted stock options to officers of the company (Metates project, Durango). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • First Majestic Silver Corp., and Pacifica Silver Corp., reported the best drilling intercepts in Mexico on the third week of December, 2025. Details are shown in the table below:

ON EXPLORATION

  • Kenadyr Metals Corp (to be renamed Algo Grande Copper Corp) filed an independent NI43-101 technical report, dated effective August 15, 2025 for its Adelita project in Sonora.
  • Colibri Resource Corporation reported RC drilling progress at the San Perfecto target within its EP project in Sonora. To date, the company has completed 11 RC holes totalling approximately 906m at the San perfecto and Banco de Oro targets. Samples are currently being prepared to submit them to the lab for assays. First results are expected to be received in January 2026.
  • Kingsmen Resources Ltd., released high grade gold sampling results from its Almoloya project in Chihuahua. A total of 527 samples have been collected from historic underground workings and surface samples on the Juliettas prospect in the South Block. 28 samples out of 527 returned >6.16 g/t Au; 82 samples between 1.14 and 5.9 g/t Au; 168 samples between 0.13 and 1.02 g/t Au; and 249 samples < 0.13 g/t Au. The structures are from 50m to 400m in length, are up to 1.2m wide and are up to 200m deep. The gold mineralization occurs with calcite-dolomite-iron oxide-quartz-magnetite-pyrolusite/ psilomelane and pyrite in veins and stockworks. The host rock is limestone with moderate to strong marbling and recrystallization.
  • Advance Metals Limited informed that its drilling program at Yoquivo, Chihuahua is progressing rapidly. To date five drill holes have been completed with assay results pending.  The new drilling includes down-dip extensional targets at Pertenencia below the existing Foreign Estimate. Drilling will continue in 2026 testing multiple additional targets including newly discovered veining that previously returned surface rock chip samples up to 1,594g/t AgEq. Additionally, a high-resolution airborne LiDAR survey has also recently been completed at the project, with processed data expected to be available shortly.
  • Pinnacle Silver and Gold Corp., reported that it has prepared an inaugural underground drilling program for its El Potrero project in Durango. To date, the plan is to drill approximately 2,600m in 112 holes and is expected to be completed in about six weeks. The underground drill program will commence after certain development work is completed to create enough room for the drill set ups and make sure that the drillers will have a safe working environment. This work will take about a month to complete.
  • Pacifica Silver Corp., released assay results from the first 10 of 29 drilling program at its Claudia project in Durango. Drilling highlights include hole25 CLAU039D with 0.20 g/t Au and 18 g/t Ag (35 g/t AgEq) over 13.35m, including 0.8 g/t Au and 119 g/t Ag (187 g/t AgEq) over 0.80m, plus 0.43 g/t Au and 91 g/t Ag (128 g/t AgEq) over 0.45m, plus 2.94 g/t Au and 313 g/t Ag (566 g/t AgEq) over 6.35m, including 6.4 g/t Au and 1,390 g/t Ag (1,941 g/t AgEq) over 1.30m, including 9.27 g/t Au and 1,905 g/t Ag (2,702 g/t AgEq) over 0.85m; and hole 25CLAU037D with 0.45 g/t Au and 46 g/t Ag (85 g/t AgEq) over 2.45m, including 1.15 g/t Au and 113 g/t Ag (211 g/t AgEq) over 0.35m, plus 2.29 g/t Au and 51 g/t Ag (248 g/t AgEq) over 10.5m, including 3.38 g/t Au and 74 g/t Ag (364 g/t AgEq) over 6.55m, including 20.3 g/t Au and 81 g/t Ag (1,827 g/t AgEq) over 0.60m. Both holes were drilled on Aguilareña-Tres Reyes Vein. To date, a total of 7,992m has been drilled in 29 holes and includes 3,584 m in 15 holes at Aguilareña Vein; 2,285m in 8 holes at the Guadalupe Vein; and 1,457m in 6 holes testing the Justina, West, Central and Pinolera Veins.  The Company expects to conclude its Phase I drill program by the end of December 2025 and commence Phase II drilling in January 2026 with three active drill rigs on site.
  • EV Resources finalized plans for a maiden drill program at its Los Lirios project in Oaxaca and reported preliminary metallurgical recovery results. This Phase 1 drill program will consists of 1,500-2,000m and will test high-grade antimony beneath historical old workings along the Lirios Fault Zone over approximately 900m of strike within a broader 4kmmapped system. The drill program is a critical since step as it moves from surface exploration to subsurface definition, targeting a maiden JORC resource in Q3, 2026. It also reported exceptional preliminary metallurgical recovery results with 90.8% recovery established in preliminary metallurgical test work using a simple reagent-free , two stages gravity process, and 99.2% from a high-grade sulphide flotation test followed by regrinding of rougher concentrate and two-stages cleaning.

ON MINING

  • Starcore International Mines Ltd., presented results for the second quarter ended October 31, 2025 from its San Martin mine in Queretaro (all currency expressed in Canadian dollars). The company mined 52,000 tonnes of 1.33 g/t Au and 15 g/t Ag with metallurgical recoveries of 77.2% and 49.3% respectively, to produce 1.7K Oz Au and 11.9K Oz Ag (1,860 Oz AuEq). Starcore also reported revenues of $10.7M; cash of $9.8M; working capital of $7M; income from mining operations of $2.4M; loss of $0.7M; and EBITDA of $1.7M.
  • Heliostar Metals Ltd., announced that mining, crushing and conveying and stacking of ore onto the leach pad at San Agustin, Durango as recommenced. The restart is expected to produce about 45K Oz Au at an AISC of USD $1,990 per Oz AuEq, generating roughly USD $40M in cash flow at a USD $3,000/Oz Au price. Initial capital expenditures are estimated at USD $4.2M. Heliostar is concurrently advancing a 10,000‑15,000 m drilling program aimed at extending the oxide resource and lengthening the mine’s life. To date, 37 drill holes (≈3,300 m) have been completed, with assays pending. A previous operator reported high-grade oxide intercepts from the priority Corner SW target area, including 3.52 g/t Au over 32m in hole 14-SAGRC-196.
  • Heliostar Metals Ltd., announced that they have received positive media reports indicating that their La Colorada expansion project in Sonora, Mexico, is progressing. They applied for and are awaiting approval of a permit to expand the Veta Madre open pit, with an expectation for completion in early 2026. The permit review by the Mexican environmental agency SEMARNAT was smooth, with no questions raised during the mandatory 20-day period, so approval is expected soon. The company plans to restart open-pit mining at La Colorada in Q1 2026, as part of its broader strategy to grow into a mid-tier gold producer through resource development and expansion of operations in Mexico.
  • Silver Storm Mining Ltd., informed that it plans to restart operations at its la Parrilla mine in Durango for which it placed orders for new equipment and ventilation systems all set for early 2026. This includes underground mining equipment, development and production drills as well as ventilation system fans. This critical equipment is essential to advance toward the potential restart of operations as early as Q2, 2026 and unlocking the full potential of La Parrilla mine.

ON FINANCING

  • Regency Silver Corp., announced second upsize of its previously announced brokered LIFE offering for gross proceeds of up to CAD $3.5M from the issuance of 20,000,000 units at a price of CAD $0.175 per unit, and announced a concurrent non-brokered private placement of 500,000 units at a price of CAD $0.175 per unit for gross proceeds of CAD $87.5K. Later on, it announced that it closed its brokered private placement of units for aggregate gross proceeds of approximately CAD $3,991,000. The company also informed that it closed a concurrent non-brokered private placement of units for additional gross proceeds of CAD $87,500. Gross proceeds will be used for drilling on Dios Padre Project in Sonora and general working capital purposes.
  • Sonoro Gold Corp., notified about a fully-committed non-brokered private placement consisting of 20,000,000 units at a price of CAD $0.2 per unit for gross proceeds of CAD $4M. Funds will be used to advance its Cerro Caliche project in Sonora and for general working capital purposes.
  • Kenadyr Metals Corp (to be renamed) Algo Grande Copper closed the third and final tranche of 2,314,701 subscription receipts at a price of CAD $0.375 per subscription receipt for gross proceeds of CAD $868,012.88. Including the first and second tranche proceeds, the offering has raised CAD $3,824,400 in aggregate gross proceeds. The company plans to use the gross proceeds in exploration and property payment on the Adelita project in Sonora, salaries and consulting fees, marketing and investor relations, payment of existing accounts payable, loan repayments, and other general and administrative expenses, including legal, accounting and audit expenses.
  • Southern Silver Exploration Corp., announced the closing of its previously announced bought deal LIFE offering of 12,000,000 common shares at a price of CAD $0.5 per common share for gross proceeds of CAD $6M. Southern Silver will use the gross proceeds for the advancement of the Cerro Las Minitas project in Durango, as well as for working capital and general corporate purposes.
  • Capitan Silver Corp., closed its previously announced bought deal offering of an aggregate of 11,333,250 common shares at a price of CAD $2.03 for gross proceeds of CAD $23,006,497.50. Gross proceeds will be used to fund exploration activities at Cruz de Plata project in Durango, as well as for working capital and general corporate purposes.
  • Fuerte Metals Corporation completed its previously announced brokered private placement for gross proceeds of CAD $17,249,933.  (Cristina project, Chihuahua).
  • GR Silver Mining Ltd., closed its previously announced bought deal offering issuing 66,666,832 units at a price of CAD $0.30 per unit for gross proceeds of CAD $20M. Net proceeds will be used for advancement of its Plomosas project in Sinaloa, and for working capital and general corporate purposes.
  • Sierra Madre Gold and Silver Ltd., announced a private placement of up to 38,462,000 subscription receipts at a price of USD $1.3 per subscription receipt for gross proceeds of up to USD $50M. “The company intends to use the net proceeds of the offering 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” (La Guitarra mine, Estado de Mexico).
  • Pinnacle Silver and Gold Corp., closed a first tranche of a non-brokered private placement of 7,268,171 units at a price of USD $0.14 per unit for gross proceeds of USD $1,067,532.94. Gross proceeds will be used to advance El Potrero project in Durango, for project evaluations, and for general working capital.

ON RESOURCES AND DEVELOPMENT

  • First Majestic Silver Corp., and Orogen Royalties Inc., announced significant exploration success at its Santa Elena mine in Sonora, with expanded gold and silver mineralization at the Santo Niño and Navidad discoveries to over 1.1km along strike by 400m down-dip, with true thickness ranging from 2.5 to 5.0m in the case of Santo Niño, and to over 1.2km by 400m, with thickness ranging from 3.0-4.0m at Navidad. Orogen holds 2% net smelter return on the Ermitaño mine which is part of the Santa Elena mine complex. “During 2025, a total of 64,000m of exploration drilling was planned by First Majestic and the Company has completed approximately 66,800m to date, reflecting a decision to increase the targeted metres in a context of exploration success and the Company’s overarching growth strategy”. Key drilling highlights at Navidad target include hole EWUG-25-074 with 5.8 g/t Au and 126 g/t Ag over 8m. The company completed 11,190m of drilling at the Luna Zone to convert Inferred Mineral Resources to Indicated Mineral Resources. Preliminary mine planning studies for Santo Niño and Navidad are underway, exploring potential underground mining strategies. An internal scoping study for the Navidad vein suggests access via a ~3km underground ramp. Metallurgical testing confirmed excellent gold and silver recovery rates exceeding 95%, compatible with the Santa Elena processing plant. The company plans to increase the Santa Elena plant’s throughput from 3,200 to 3,500 tonnes per day by the end of 2026. 

ON DEALS AND CORPORATE ISSUES

  • Orla Mining Ltd., announced the appointment of Joanna Pearson as Independent Non-Executive Director, effective immediately (Camino Rojo, Zacatecas).
  • Teck Resources Limited and Anglo American plc announced that they received regulatory approval from the Government of Canada under the Investment Canada Act (ICA) for their merger of equals, which will form a new global critical minerals company named Anglo Teck. Global headquarters will be located in Vancouver, BC in Canada and will be trading on the London Stock Exchange. Anglo Teck is committed to spend at least CAD $10B over 15 years in Canada. Other commitments include maintaining Canadian employment levels, supporting Canadian junior mining companies, establishing a Global Institute for Critical Minerals Research and Innovation (involving institutions in Canada, South Africa, and the UK), and continuing remediation and reclamation activities . The company also reaffirms its enduring commitment to South Africa (San Nicolas project, Zacatecas).
  • Silver Wolf Exploration Ltd., completed acquisition of Ana Maria and Laberinto projects in Durango. To acquire a 100% interest in the Ana Maria and Laberinto projects, the company issued to Avino Silver & Gold Mines Ltd, 2,000,000 common shares at a deemed price of CAD $0.20 per common share for an aggregate value of CAD 400K. Under the terms of the option agreement, Silver Wolf has issued a total of CAD $600K worth of common shares, satisfied by the issuance of 3,181,718 common shares at deemed price of CAD $0.20 and  incurred over CAD $750K in exploration expenditures on the properties.
  • Fortune Bay Corp., provided an update regarding recent regulatory developments in the State of Chiapas, Mexico, that may affect the Company’s Rio Negro concession (Poma Rosa Project). On 19 Nov 2025, the Chiapas government decreed the “Zona Sujeta a Conservación Ecológica Mina Banderas” protected area, overlapping 11% of the Rio Negro concession, including part of the Campamento gold-silver deposit. Fortune Bay has filed an amparo in federal court contesting the decree on due-process, consultation and federal-vs-state jurisdiction grounds, seeking to preserve its mining rights. The company has also been making good progress working with local landowners for exploration agreements. No immediate impact on operations or finances is expected, but timing might be uncertain.
  • Apollo Silver Corp., informed on ongoing community engagement activities with the Ejido Benito Juarez at its Cinco de Mayo project in Chihuahua. The proposed agreement is to rescind a property access ban from 2012 and establish a long-term agreement for mineral exploration and mining at the Cinco de Mayo property to provide economic benefits, including over a 30-year period approximately USD $50M in annual payments, local employment opportunities, and support for community priorities. Community discussions are ongoing, with a general assembly planned for early 2026 to vote on the agreement.
  • Fuerte Metals Corporation reported voting results from its annual general and special meeting of shareholders. The company also appointed Kerry Sparkes and Scott J Hicks as technical advisors to the Board of Directors (Cristina project, Chihuahua).
  • Agnico Eagle Mines Limited announced additional investment in Osisko Metals Incorporated. It acquired 26,000,000 common shares of Osisko pursuant to a non-brokered private placement at a price of CAD $0.48 per common shares for total consideration of CAD $12,480,000 (Pinos Altos, Chihuahua).
  • Vizsla Silver Corp., informed that it entered into an agreement to acquire from Minera Fresnillo strategic claims that surround its Panuco property in Sinaloa. The agreement involves ten claims comprising 2,378 hectares along the highly prospective Panuco-San Dimas corridor. Seven of these claims comprising 1,734 hectares occur adjacent to the Panuco project, covering potential extensions of veins with known mineralization. Vizsla has agreed to pay USD $2M and issue 854,697 common shares (USD $4M) to Fresnillo as consideration for the claims.
  • Sierra Madre Gold and Silver Ltd., announced agreement to acquire the Del Toro mine in Zacatecas from First Majestic Silver Corp., for total consideration of up to USD $60M. Pursuant to the transaction, Sierra Madre will acquire a 100% interest in the 2,129 hectares Del Toro property that include three fully permitted underground mines, a 3,000 tonnes per day flotation processing circuit and numerous historic mines.
  • Minaurum Gold Inc., informed that it has changed its name to Minaurum Silver Inc. The company´s common shares will commence trading under its new name on the TSX Venture Exchange at market open on December 22, 2025 with the new name, new CUSIP and new ISIN numbers. The company´s stock symbols will remain “MGG” on the TSXV and “MMRGF” on the OTCQX (Alamos Silver project, Sonora).
  • Bear Creek Mining Corporation and Highlander Silver Corp., entered into a definitive agreement to combine their respective business to create leading growth company in the silver sector. “Bear Creek Shareholders will receive 0.1175 common shares in the capital of Highlander Silver in exchange for each Bear Creek Share held immediately prior to the effective time of the Arrangement. Upon completion of the Arrangement, existing holders of Highlander Shares and former Bear Creek Shareholders will own approximately 82% and 18% of the total issued and outstanding Highlander Shares, respectively, on a fully-diluted basis” (Mercedes mine, Sonora).
  • Kenadyr Metals Corp., completes change of name to Alto Grande Copper Corp., effective at market opening on or about December 23, 2025. Common shares of Alto Grande are expected to commence trading under the symbol “ALGR” on Tier 2 of the TSX Venture Exchange, upon satisfaction of all conditions of the company´s reactivation. The company also reported the acquisition of 100% interest in the Adelita project in Sonora, and the appointment of Gordon Neal to the Board of Directors.
  • Kootenay Silver Inc., issued a statement in response to a request of OCT markets regarding recent promotional activities related to its common shares traded on the OTCQX marketplace. The company clarified that it had engaged Sideways Frequency LLC (SFLLC), an independent third-party firm, to provide investor relations and marketing services for two three-month terms, paying a total of $500,000. SFLLC conducted promotional activities such as email campaigns, digital ads, and content creation, using publicly available information from Kootenay’s disclosures. Kootenay stated that it had editorial control over the promotional material for accuracy but was not directly involved in its creation or distribution. The company believes the increase in trading volume of its shares was primarily driven by rising silver prices, positive market conditions, and recent drill results, rather than the promotional activities. Kootenay confirmed that no management, directors, or major shareholders were involved in creating or distributing promotional materials, nor did they trade the company’s securities in the past 90 days (Columba project, Chihuahua).
  • First Majestic Silver Corp., announced the promotion of Mani Alkhafahi to President & Chief Corporate Development Officer, effective January 1, 2026.
  • Mercado Minerals Ltd., signed community agreement with Ejido Llano Grande and Ejido La Lapara in Copalito, Sinaloa. With the agreement signed, Mercado is positioned to advance and complete the drilling permit process. The company will pay an annual fee of MXP $100K effective January 1st, 2026, with a one-year renewal option, and will be committed to repair segments of local roads utilized in its operations, supporting infrastructure improvements for the communities.
  • Infinitum Copper Corp., reported voting results from its annual general and special meeting of shareholders. In this annual meeting, shareholders approved the sale and disposition by the company to Kenadyr Metals Corp., of all the outstanding shares in the capital of Exploraciones Margarita S.A. de C.V.
  • Chesapeake Gold Corp., granted stock options to officers of the company to purchase an aggregate of 69,000 common shares of the company at a price of CAD $2.48 per common share for a five-year term expiring December 19, 2030 (Metates project, 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, a hydrothermal breccia cemented by FeOx-Cu carbonates-sulphides in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the First Week of December, 2025

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Massive Sulphides

By Miguel A Heredia

During the 49th week of the year (December 1st to December 7th 2025), at least 29 press releases were announced by companies working in Mexico, and 2 news published by the media with eleven announcing financial rounds, six reporting resources and development of their properties, five disclosing deals and corporate issues, three communicating production results, three informing on exploration results, and three commenting on Mexican issues. ON MEXICO ISSUES, The Association of Mining, Metallurgical, and Geological Engineers of Mexico (AIMMGM) expressed its concern about the reform to the Water Law, which according to the miners “threatens the operational continuity of the sector”. Torex Gold, Southern Silver, Pan American Silver, and Kingsmen reported the best drilling intercepts in Mexico on the second week of November, 2025. ON EXPLORATION, In Sonora, Minaurum announced a plan to expand the phase II resource-expansion drill program at its Alamos Silver project from 25,000m to 50,000m, and Tocvan reported positive surface sampling results from the North Block area and provided an update on their ongoing drill program at Gran Pilar project. In Chihuahua, Kingsmen reported drill results from its Las Coloradas project. In Oaxaca, EV Resources provided an exploration and development update on its Los Lirios project. ON MINING, Empress Royalty reported financial and operational results for the nine months ended September 30, 2025 (royalties on Tahuehueto project, Durango). Guanajuato Silver provided an update on its mining operations in Guanajuato. Gold Resource reported initial production from the Three Sisters Area at Don David Gold mine in Oaxaca. ON FINANCING, Riverside closed a non-brokered private placement for gross proceeds of CAD $3,692,000 (La Union project, Sonora). Endeavour Silver announced the issuance of USD $300M in unsecured convertible senior notes due 2031, with an option to sell an additional USD $45M, which has been increased to USD $50M (Pitarrilla project, Durango). GR Silver upsized its bought deal LIFE offering for gross proceeds of CAD $17,500,200 (Plomosas project, Sinaloa). First Majestic announced a private placement of up to USD $300M unsecured convertible senior notes due 2031 an optional up‑front purchase right for an additional USD $45M. Minaurum announced a private placement for gross proceeds of up to CAD $10,000,080, and then, due to investor demand was increased to CAD $15, 7999,999.68 (Alamos Silver project, Sonora). Silver Spruce reported that it will undertake a non-brokered private placement for gross proceeds of up to CAD $1M (Pino de Plata project, Chihuahua). Southern Silver announced bought deal LIFE private placement for gross proceeds of CAD $5M (Cerro Las Minitas project, Durango). Orla declared inaugural quarterly cash dividend of USD $0.015 per common share (Camino Rojo mine, Zacatecas). ON RESOURCES AND DEVELOPMENT, Southern Silver released assays from a hole drilled at Puro Corazon claim at its Cerro Las Minitas project in Durango. Minera Alamos provided an update on its Cerro de Oro project in Zacatecas. Pan American provided a 2025 year end exploration update on its La Colorada mine in Zacatecas-Durango. Torex Gold released drill results from Media Luna West in Guerrero. EV Resources reported that it is advancing the refurbishment of its Tecomatlán plant in Puebla, to process antimony. Mithril provided an exploration update on its Copalquin project in Durango.  ON DEALS AND CORPORATE ISSUES, Heliostar appointed James Perry as Chairman of the company (Ana Paula project, Guerrero). Vizsla posted a replay of its recent webinar summarizing the positive results of the independent Feasibility Study for its Panuco project in Sinaloa. Heliostar made a deal with GRA Enterprises for investor relations and communication services (Ana Paula project, Guerrero). Fortune Bay appointed Patrick McGrath as Chief Financial Officer (Poma Rosa project, Chiapas). Mithril announced a purchase option to acquire La Dura project in Durango. ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • The Association of Mining, Metallurgical, and Geological Engineers of Mexico (AIMMGM) expressed its concern about the reform to the Water Law, which according to the miners threatens the operational continuity of the sector, the production of strategic minerals, and the live hoods of approximately 3 million families who depend directly and indirectly on mining. This amendment would allow water concessions to be granted to the mining industry under new restrictions and usage priorities, which could significantly limit or modify their access to and operation of water in areas where the resource is currently used. The association, which represents professionals and technicians in the mining industry, highlighted that currently 76% of Mexico’s water is allocated for agricultural use, 14% for public supply, 5% for the energy sector, and 5% for the industrial sector, and mining uses an estimated 0.27% of the total national volume.
·         In agreement with the Mexican Mining Chamber (CAMIMEX), the Association of Mining, Metallurgical, and Geological Engineers of Mexico (AIMMGM) called for legislation on water resources that balances industrial, social, and environmental considerations, and warned that potential negative impacts could arise from proposed changes to article 118 of the National Water Law. It also stated that efficient and responsible water management is a fundamental pillar of sustainable development strategies for economic activity in Mexico and that human consumption should be prioritized. However, the proposed reform would negatively impact the mining industry and other economic sectors.  “Formal mining in Mexico adheres to strict standards and safely contains its waste. With guidance from federal agencies such as the National Water Commission (CONAGUA), mining units establish clear guidelines for the responsible management of water resources, guaranteeing their preservation and sustainable use during the operational phase and after the conclusion of mining activities. The AIMMGM reaffirmed its willingness to collaborate with the Government of Mexico in building an effective, sustainable regulatory framework that is fully aligned with national objectives for mining.
  • Torex Gold Resources Inc., Southern Silver Exploration Corp., Pan American Silver Corp., and Kingsmen Resources Ltd., reported the best drilling intercepts in Mexico on the second week of November, 2025. Details are shown in the table below:

ON EXPLORATION

  • Minaurum Gold Inc., announced a plan to expand the phase II resource-expansion drill program at its Alamos Silver project in Sonora from 25,000m to 50,000m. The drill program will be carried out with multiple rigs on site and 263 drill pads already permitted across the property, and will include step-out holes at the Europa and Travesia silver shoots, as well as additional drilling at the historic Quintera and Minas Nuevas mines, and the most recently discoveries at Promontorio Sur, Cotera, Pulpito, and San Jose vein zones.
  • Tocvan Venture Corp., reported positive surface sampling results from the North Block area and provided an update on their ongoing drill program at Gran Pilar project in Sonora. Surface sampling returned promising Au (up to 5.6 g/t) and Ag assays (up to 1,225 g/t), along with widespread elevated pathfinders and alteration signatures such as As, Sb, Pb, and Zn, which are commonly associated with epithermal Au-Ag systems. These results support further exploration efforts. On the other hand, Tocvan reported that the ongoing drill program at Gran Pilar is advancing well, with multiple holes completed and encouraging initial results that aim to expand the known mineralized area. To date, 1,300m have been drilled in five holes across the North Block. Assay results are pending.
  • Kingsmen Resources Ltd., reported drill results from its Las Coloradas project in Chihuahua.  Hole LC-25-008 intersected a high-grade interval from 156.4m to 158m (1.60m) with 1.28 g/t Au, 521 g/t Ag, 9.4% Pb, and 1.1% Zn (931 g/t AgEq).
  • EV Resources provided an exploration and development update on its Los Lirios project in Oaxaca. It commenced preparation for its upcoming drill program and has already completed permits to drill up to 50 drill holes as well as for bulk sampling trenches to explore mineralization at Los Lirios project. The company expects to start the drill program in the second week of January, 2026.

ON MINING

  • Empress Royalty Corp., reported financial and operating results for the nine months ended September 30, 2025. Empress recorded royalty and streaming revenue of USD $10.8M, with gross profit of USD $7.4M (royalties on Tahuehueto project, Durango).
  • Guanajuato Silver Company Ltd., provided an update on its mining operations in Guanajuato, as it is closing the acquisition of Bolañitos S.A. de C.V. The company is optimizing its processing facilities by temporarily closing the Cata plant and rerouting mineralized material to existing mills like El Cubo. This restructuring aims to enhance mill utilization, reduce costs, and improve overall efficiency in the Guanajuato region. They are also exploring options to reactivate other mines and improve their operations ahead of completing the Bolañitos acquisition, expected in January 2026.
  • Gold Resource Corporation reported initial production from the Three Sisters Area at Don David Gold mine in Oaxaca. In the week November 8-14, the company mined 4,357 tonnes and processed 6,769 tonnes at an average NSR of USD $1,512 per tonne. The NSR is 129% higher than NSR modelled. In the week November 15-21, it mined 6,580 tonnes and processed 6,095 tonnes at an average NSR of USD $723 per tonne. The tonnes mined are 40% higher and the NSR is 91% higher than planned and modelled.

ON FINANCING

  • Riverside Resources Inc., closed a non-brokered private placement for gross proceeds of CAD $3,692,000 by selling 18,460,000 hard-dollar units at a price of CAD $0.20 per unit. The company plans to use the net proceeds for strategic initiatives, working capital and general corporate purposes, and the advancement of its projects (La Union project, Sonora).
  • Endeavour Silver Corp., announced the issuance of USD $300M in unsecured convertible senior notes due 2031, with an option to sell an additional USD $45M, which has been increased to USD $50M, and now Endeavour Silver has set the terms for its convertible senior notes offering, aiming to raise up to USD $350M. The notes will bear a 0.25% annual interest rate, with an initial conversion price of approximately USD $12.4550 per share, representing a 32.5% premium over the current stock price. Later on, it closed its previously announced offering for gross proceeds of USD $350M. The company intends to use the proceeds primarily to repay existing debt, fund the development of its Pitarrilla project in Mexico, and for general corporate purposes. The notes will accrue interest semi-annually and be convertible into Endeavour Shares.
  • GR Silver Mining ltd., upsized its bought deal LIFE offering for gross proceeds of CAD $17,500,200 consisting of 33,334,000 units at a price of CAD $0.30 per unit for gross proceeds of CAD $10,000,200 to be issued on a prospectus-exempt basis pursuant to the LIFE Exemption, and 25,000,000 units at a price of CAD $0.30 per unit for gross proceeds of CAD $7,500,000 to be issued under a private placement pursuant to applicable prospectus exemptions in accordance with NI 45-106. Net proceeds will be used to advance its Plomosas project in Sinaloa, working capital and general corporate purposes.
  • First Majestic Silver Corp., announced a private placement of up to USD $300M unsecured convertible senior notes due 2031 an optional up‑front purchase right for an additional USD $45M. Net proceeds will fund a negotiated repurchase of a portion of its 0.375 % convertible senior notes due 2027. The notes will bear cash interest semi-annually and can be converted into common shares of First Majestic.
  • Minaurum Gold Inc., announced a private placement of 27,778,000 units at a price of CAD $0.36 per unit for gross proceeds of up to CAD $10,000,080, and then, due to investor demand was increased to 43,888,888 units for gross proceeds of CAD $15, 7999,999.68. The company plans to use the net proceeds to fund a 50,000m drill program at its Alamos Silver project in Sonora, a resource modelling, a metallurgical study, and update a NI43-101 mineral resource estimate, as well as for surface rights purchases, community relations expenses. General and administrative expenses and working capital.
  • Silver Spruce Resources Inc., reported that it will undertake a non-brokered private placement of 10,000,000 units at a price of CAD $0.1 per unit for gross proceeds of up to CAD $1M. Net proceeds will be used for exploration of the company´s mineral projects and general working capital (Pino de Plata project, Chihuahua).
  • Southern Silver Exploration Corp., announced bought deal LIFE private placement of 10,000,000 of common shares at a price of CAD $0.50 per common share for gross proceeds of CAD $5M. Net proceeds will be used for the advancement of its Cerro Las Minitas project in Durango, as well as for working capital and general corporate purposes.
  • Orla Mining Ltd., declared inaugural quarterly cash dividend of USD $0.015 per common share, which is payable on February 10, 2026 to shareholders of record as at the close of business on the record date of January 12, 2026 (Camino Rojo mine, Zacatecas).

ON RESOURCES AND DEVELOPMENT

  • Southern Silver Exploration Corp., released assays from a hole drilled at Puro Corazon claim in its Cerro Las Minitas project in Durango. The most interesting interceptions were encountered at hole 25CLM-203 (true widths reported) with 560 g/t Ag, 0.1 g/t Au, 0.1% Cu, 11.2% Pb, and 12.3% Zn (1,115 g/t AgEq or 41.6% ZnEq) over 10.5m, including 1,067 g/t Ag, 0.2 g/t Au, 0.2% Cu, 20% Pb, and 19.1% Zn (1,982 g/t AgEq or 74% ZnEq) over 3.4m, plus 143 g/t Ag, 0 g/t Au, 0.1% Cu, 4.8% Pb, and 1.5% Zn (280 g/t AgEq or 10.4% ZnEq) over 2.6m, including 396 g/t Ag, 0 g/t Au, 0% Cu, 7.2% Pb, and 5.8% Zn (691 g/t AgEq or 25.8% ZnEq) over 0.3m, plus 443 g/t Ag, 0.1 g/t Au, 0.3% Cu, 17.6% Pb, and 3.6% Zn (903 g/t AgEq or 33.7% ZnEq) over 0.6m. “The company is planning to incorporate the results of the Puro Corazon drilling program into the much larger Cerro Las Minitas project to significantly enhance the project economics. Final assays are expected to be received by the end of the first quarter of 2026, after which the company intends to update the Mineral Resource Estimate of the Cerro Las Minitas project; followed by an update of the Preliminary economic Assessment (“PEA”) of the project in accordance with the provisions of National Instrument 43-101”.
  • Minera Alamos Inc., provided an update on its Cerro de Oro project in Zacatecas. The Cerro de Oro is in the permitting phase and the company is actively engaging in constructive dialogue with the federal environmental permitting agency (SEMARNAT) to facilitate the approval process for mining activities. It also is focused on Engineering efforts to advance pre-development activities, including metallurgical optimization studies and detailed engineering designs, which are crucial for the project´s progression. On the other hand, Minera Alamos plans to initiate additional exploration drilling aimed at expanding the known areas of gold mineralization, as outlined in the Preliminary Economic Assessment (PEA) report dated October 3, 2022.
  • Pan American Silver Corp., provided a 2025 year end exploration update on its La Colorada mine in Zacatecas-Durango. In 2025, the company drilled nearly 23,000m to expand its mineral resources. The company particularly focused on the eastern and deeper parts of the mine, where recent drilling confirmed high grades of silver, gold, lead, and zinc, and extended mineralization beyond current resource estimates. A key highlight was the success in exploring the eastern extensions of high-grade veins, especially along the NC2 and Mariana vein systems. These efforts have helped increase the estimated inferred silver mineral resources to about 52.7M Oz in all mineralization styles, thanks to new discoveries and resource expansion campaigns. Overall, the focus is on enhancing the existing resource base and exploring new zones to sustain long-term production.
  • Torex Gold Resources Inc., released drill results from Media Luna West in its Morelos Complex in Guerrero. “A mineralized footprint of 400 x 300 m has now been defined. The system remains open to the north along the north-south mineralized corridor and to the south as surface mapping shows continuity of the breccia bodies towards the San Miguel fault”. Highlights from the 2025 drilling program at Media Luna West are shown in the table below:
  • EV Resources reported that it is progressing towards becoming a near-term producer of antimony and is advancing the refurbishment of its Tecomatlán plant in Puebla. The preliminary engineering studies for Phase 1 of the plant refurbishment are expected to be completed before year-end. This refurbishment aims to enable initial low-capex production, potentially starting the antimony production as early as mid-2026, with plans to expand to full processing capabilities later. The company just secured more funding to keep everything moving.
  • Mithril Silver and Gold Limited provided an exploration update on its Copalquin project in Durango.  Channel sampling in different target areas has returned encouraging results. At Target 1 West-El Gallo, sampling returned 16.8 g/t Au and 625 g/t Ag over 0.50m and the resource update drilling continue, successfully expanding the mineralization and providing valuable information for the geology model that is now robust and predictive. At Target 3-El Jabali, a sample returned 16 g/t Au and 284 g/t Ag over 0.65m, and now is ready for the first phase of drilling, commencing early January, 2026. At Target 5-Candelaria, the sampling returned 38.3 g/t Au and 4,520 g/t Ag. Drilling, mapping and sampling continue to expand this highly prospective area in the southwest of the district. 8 drill holes have been completed to date with assay results pending.

ON DEALS AND CORPORATE ISSUES

  • Heliostar Metals Ltd., appointed James Perry as Chairman at the company annual general meeting of shareholders. It also granted 250,000 stock options at an exercise price of CAD $2.63 and 200,000 restricted share units (each, an RSU) to directors, officers and consultants of the company. The options are exercisable for a period of five years and will vest over the next three years.  The RSUs will vest in three equal annual instalments commencing on the first anniversary of the grant date (Ana Paula project, Guerrero).
  • Vizsla Silver Corp., posted a replay of its recent webinar summarizing the positive results of the independent Feasibility Study for its Panuco project in Sinaloa.
  • Heliostar Metals Ltd., made a deal with GRA Enterprises LLC starting December 1, 2025 for a fee of USD $30K for investor relations and communication services (Ana Paula project, Guerrero).
  • Fortune Bay Corp., appointed Patrick McGrath as Chief Financial Officer (Poma Rosa project, Chiapas).
  • Mithril Silver and Gold Limited announced a purchase option to acquire La Dura project in Durango. It consists of five contiguous mining claims totalling 2,052 hectares located less than 20km from its Copalquin project. Mithril has an option to acquire 100% interest at any time over four years by paying USD $4M to the vendor. It also is committed to maintain in good standing the mining concessions and carry out a LiDAR and aerial magnetic survey over the property in the first year and a minimum spend of USD $200K on exploration work in the second year.

ON SOCIAL RESPONSIBILITY

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On the picture below, massive sulphides in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.