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 7th week of the year (February 9th to February 15th 2026), at least 29 press releases were announced by companies working in Mexico, and 1 news publish by the media, with eight announcing financial rounds, six disclosing deals and corporate issues, five commenting on Mexican issues, four informing on exploration results, and three communicating production results. ON MEXICO ISSUES, Vizsla provided an update on the unfortunate situation in Concordia, Sinaloa. Marcelo Ebrard, Secretariat of Economy, announced that the Mexican government has recovered over 1,100 mining concessions that were not in compliance with the law or were being used for speculation. Pacifica Silver, Capitan Silver, Mithril, Southern Silver, and Minaurum reported the best drilling intercepts in Mexico on the second week of February, 2026. ON EXPLORATION, In Sinaloa, Mercado Minerals received drill permit for its Copalito project. In Durango, Capitan Silver reported the arrival of a second drill rig at its Cruz de Plata project, and Pacifica Silver released assay results from eleven additional drill holes completed at its Claudia project. ON MINING, Teck announced that it will release its Q4, 2025 results on February 19, 2026 (San Nicolas project, Zacatecas). GoGold reported Q4, 2025 production and financial results (Parral tailings project, Chihuahua). Agnico Eagle reported Q4 and full-year 2025 production results for its Pinos Altos operation in Chihuahua; provided production guidance for the years 2026, 2027, and 2028; and informed on the status of its San Nicolas project in Zacatecas. ON FINANCING, Kingsmen closed a bought deal private placement for gross proceeds of CAD $13M (Las Coloradas and Almoloya projects, Chihuahua). Algo Grande announced a non-brokered private placement for gross proceeds of CAD $5M (Adelita project, Sonora). Colibri closed its debenture offering units for gross proceeds of USD $115K (EP project, Sonora). Questcorp announced an upsize of its previously announced non-brokered private placement to up to CAD $3M (La Union project, Sonora). Kootenay closed its previously announced bough deal private placement for gross proceeds of CAD $18M (Columba and La Cigarra projects, Chihuahua). Avino filed a final base shelf prospectus, enabling the company to raise capital by issuing various securities such as shares, warrants, receipts, units, or debt over the next 37 months (Avino mine, Durango). Axo Copper announced that it filed a final short form prospectus in connection with its bought deal public offering of units for aggregate gross proceeds of CAD $35M (San Antonio Gold project, Son). Silver Tiger filed a final short form prospectus to raise over CAD $50M through a bought deal public offering of common shares (El Tigre project, Sonora). ON RESOURCES AND DEVELOPMENT, Southern Silver reported additional assay results from the ongoing drilling program at Puro Corazon claim in its Cerro Las Minitas project in Durango. Minaurum announced results from the first holes of its Phase II, 50,000m resource-expansion drill program at its Alamo project, Sonora. Mithril reported significant progress at its Copalquin project in Durango. Agnico Eagle provided an update on year-end 2025 mineral reserves and mineral resources at their Mexican mine sites and advanced projects. ON DEALS AND CORPORATE ISSUES, Canasil informed that it met the requirements to be listed as a TSX Venture Tier 2 company (Nora project, Durango). Discovery Silver announced that it will hold an investor day on March 02, 2026 (Cordero project, Chihuahua). Vortex announced that it has engaged the services of Global One Media Limited to provide services for investor marketing (Zaachila and Riqueza Marina projects, Oaxaca). Defiance Silver signed a five-year surface access agreement at its Green Earth project in Sonora, and granted incentive stock options. Apollo announced that Tom Peregoodoff has been nominated for election to the company´s Board of Directors (Cinco de Mayo project, Chihuahua). Canuc informed that it intends to consolidate its common shares (San Javier Silver-Gold project, Sonora). ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
Vizsla Silver Corp., provided an update on the unfortunate situation in Concordia, Sinaloa, focusing on security, operations, and support for affected families and colleagues. The company informed that five of the colleagues who were taken from the company´s project site in Concordia, have been found deceased, and five remain unaccounted for, acknowledging the ongoing uncertainty and difficulty this causes for their families, employees, and the broader community. Vizsla informed that it is actively supporting affected families with practical and financial assistance, including access to appropriate support services. Company representatives are working closely with families to address their evolving needs. The company is also providing grief counseling and flexible work arrangements for its Mexico and Canada-based teams. Vizsla also declared that work on its Panuco project is ongoing, although site operations remain suspended. Much of the near-term advancement is engineering-based and can be conducted remotely, allowing the project to progress towards key milestones. The company remains committed to responsibly developing the Panuco district over the long term and maintaining its investment in the Concordia community. Note of editor.- There have been widespread expressions of outrage and dismay from people across the country over the tragic events in Concordia, reflecting deep frustration with the escalating wave of insecurity affecting the nation. Peaceful marches are being organized in several Mexican cities to protest the growing crime, insecurity, and impunity.
Marcelo Ebrard, Secretariat of Economy, announced that the Mexican government has recovered over 1,100 mining concessions that were not in compliance with the law due to non-payment or were being used for speculation. This action is part of the policy implemented by President Claudia Sheinbaum to review and regulate the use of these national assets. During a joint presentation with José Fernando Aboitiz, head of the Coordination Unit for Extractive Activities at the Ministry of Economy, Marcelo Ebrard explained that the concessions, representing approximately 800,000 hectares, have been canceled. For his part, Aboitiz specified that the updated number of recovered concessions amounts to 1,126, which together cover 809,150 hectares, an area comparable to the territorial extension of the state of Querétaro. He also highlighted that within this process, nearly 20,000 hectares located in Protected Natural Areas have been recovered. Regarding the geographic distribution, the canceled concessions are concentrated mainly in states with a long mining tradition, such as Coahuila, Chihuahua, Sonora, Zacatecas, Durango, and Jalisco. On the other hand, the official specified that approximately 90% of the cancellations were made by individuals, not large companies.
Pacifica Silver Corp., Capitan Silver Corp., Mithril Silver & Gold Limited, Sothern Silver Exploration Corp., and Minaurum Silver Inc., reported the best drilling intercepts in Mexico on the second week of February, 2026. Details are shown in the table below:
ON EXPLORATION
Mercado Minerals Ltd., received exploration drill permit for its Copalito project in Sinaloa. The company is focused on preparing its inaugural 3,000m diamond drill program, which is expected to commence in Q1, 2026.
Capitan Silver Corp., reported the arrival of a second drill rig at its Cruz de Plata project in Durango. “The second rig is one of three core rigs that are planned to arrive at the property and will be used to test high-priority targets with the goal of extending advanced high-grade mineralized zones along the Jesus Maria Silver Trend, which also includes the Gully Fault and Peñoles Fault targets”.
Pacifica Silver Corp., released assay results from eleven additional drill holes completed at its Claudia project in Durango and also reported that it received new permits authorizing exploration drilling. Drilling highlights include hole 25CLAU059D on Justina vein and hanging wall stockwork with 3.53 g/t Au and 460 g/t Ag (764 g/t AgEq) over 2.1m, including 9.01 g/t Au and 1,175 g/t Ag (1,950 g/t AgEq) over 0.80m; hole 25CLAU064D on Aguilareña vein and foot wall stockwork with 1.51 g/t Au and 68 g/t Ag (198 g/t AgEq) over 6m, including 3.34 g/t Au and 211 g/t Ag (498 g/t AgEq) over 1.65m; and hole 25CLAU047D on Aguilareña vein with 1.09 g/t Au and 25 g/t Ag (118 g/t AgEq) over 4.85m, including 3.64 g/t Au and 74 g/t Ag (387 g/t AgEq) over 0.85m. “The Phase I drill program was completed at the end of December 2025 with a total of 30 holes drilled, and assay results from the first 10 holes were announced on December 15, 2025. Assays from the final nine holes are expected to be reported in the coming weeks”. The company also informed that it has received new permits authorizing exploration drilling at up to 153 additional drill sites. It will allow Pacifica to drill test several high-priority targets identified at Claudia property.
ON MINING
Teck Resources Limited announced that it will release its Q4, 2025 results on February 19, 2026 (San Nicolas project, Zacatecas).
GoGold Resources Inc., reported Q4, 2025 production and financial results (currency expressed in US dollars). The company produced 456,179 Oz AgEq consisting of 205,104 Oz Ag, 2,914 Oz Au, 215K Lb Cu, and 336K Lb Zn at cash and AISC of $21.45 and $ 28.45 per Oz Ag Eq respectively. GoGold reported revenue of $31.1M on the sale of 486,928 Oz AgEq sold at an average realized price per Oz of $63.88; cost of sale of $11.7M; operating income of $16.16M; net income of $13.3M; cash flow provided by operations of $9.7M, including free cash flow of $18.1M; and cash of $245.6M.
Agnico Eagle Mines Limited reported Q4 and full-year 2025 production results for its Pinos Altos operation in Chihuahua; provided production guidance for the years 2026, 2027, and 2028; and informed on the status of its San Nicolas project in Zacatecas (all currency expressed in US dollars). At Pinos Altos, Chihuahua, the company milled during the period Q4, 2025, a total of 467K tonnes of 1.55 g/t Au to produce 22,195 Oz Au at cash cost and production cost of $1,927 and $2,572 respectively, and sold 20,604 Oz Au. During 2025, it milled 1.72M tonnes of 1.55 g/t Au to produce 81,734 Oz Au at cash cost and production cost of $2,006 and $2,518 respectively, and sold 80,177 Oz Au. Agnico also provide production guidance for the years 2026 to 2028. It informed that in 2026, 2027, and 2028, the company expects to produce between 70K-80K Oz Au, 70K-80K Oz Au, and 85K-95K Oz Au respectively. At San Nicolas project, Zacatecas (50/50 joint venture with Teck Resources), Agnico continued progressing through its feasibility study and engineering phases. The project is awaiting permit resolutions, with actions for permits (Environmental Impact Assessment, and Land Use Change) completed and a regulatory decision expected in the first half of 2026. Engineering work is over 30% complete, aiming for about 50% by mid-2026. The company continues to advance drilling and geological evaluation activities near the projected mine area, supporting the development plan. Overall, the project is moving forward with a focus on securing permits and completing engineering to enable potential development soon.
ON FINANCING
Kingsmen Resources Ltd., closed a bought deal private placement of 5,777,778 units at a price of CAD $2.25 per unit for gross proceeds of CAD $13M. Gross proceeds will be used for te exploration and advancement of the Las Coloradas and Almoloya projects in Chihuahua, as well as for working capital and general corporate purposes.
Algo Grande Copper Corp., announced a non-brokered private placement of up to 7,692,308 common shares at a price of CAD $0.65 per share for gross proceeds of CAD $5M. The company plans to use the gross proceeds to fund exploration activities at the Adelita project in Sonora, including a Phase II drill program and for general working capital purposes.
Colibri Resource Corporation closed its debenture offering units for gross proceeds of USD $115K. Each debenture unit consists of USD $1,000 principal amount 10% unsecured convertible debenture, and 5,200 common shares purchase warrants, at a rate of CAD $0.25 per common share (EP project, Sonora).
Questcorp Mining Inc., announced an upsize of its previously announced non-brokered private placement to up to 15,000,000 units at a price of CAD $0.20 per unit for gross proceeds of up to CAD $3M. Part of the gross proceeds will be used for exploration work at La Union project in Sonora, as well as general working capital purposes.
Kootenay Silver Inc., closed its previously announced bough deal private placement of 8,000,001 units at a price of CAD $2.25 per unit for gross proceeds of CAD $18M. Net proceeds will be used for the advancement of its Columba and La Cigarra projects in Chihuahua, as well as for working capital and general corporate purposes.
Avino Silver & Gold Mines Ltd., filed a final base shelf prospectus, dated February 12, 2026, enabling the company to raise capital by issuing various securities such as shares, warrants, receipts, units, or debt over the next 37 months, and is expected to become effective on or about February 19, 2026. This filing aligns with Canadian and US regulations, providing flexibility for future offerings, including public sales or strategic investments. The move aims to support Avino’s ongoing growth and development projects while maintaining compliance with securities laws (Avino mine, Durango).
Axo Copper Corp., announced that, dated January 28, 2026, it filed a final short form prospectus in connection with its bought deal public offering of units at a price of CAD $0.70 per unit for aggregate gross proceeds of CAD $35M. If this option is exercised in full, an additional CAD $5.25M in gross proceeds will be raised pursuant to the Offering and the aggregate gross proceeds of the Offering will be CAD $40.25M (San Antonio Gold project, Son).
Silver Tiger Metals Inc., filed a final short form prospectus to raise over CAD $50M through a bought deal public offering of common shares at CAD $1.17 each one. If the over-allotment option is exercised in full, additional gross proceeds of CAD $7.5 M will be raised pursuant to the offering and the aggregate gross proceeds of the offering will be CAD $57.5M (El Tigre project, Sonora).
ON RESOURCES AND DEVELOPMENT
Southern Silver Exploration Corp., reported additional assay results from the ongoing drilling program at Puro Corazon claim in its Cerro Las Minitas project in Durango. Drilling highlights are shown in the table below:
Minaurum Silver Inc., announced results from the first holes of its Phase II, 50,000m resource-expansion drill program at its Alamo project, Sonora. Drilling highlights include hole AL25-163 on Europa Sur vein with 318 g/t Ag, 0.09 g/t Au, 0.35% Cu, 1.6% Pb, and 0.9% Zn (408 g/t AgEq) over 12.35m, including 523 g/t Ag, 0.14 g/t Au, 0.44% Cu, 2.8% Pb, and 1.4% Zn (659 g/t AgEq) over 7m, including 1.032 g/t Ag, 0.27 g/t Au, 0.69% Cu, 5.5% Pb, and 2.4% Zn (1,277 g/t AgEq) over 3.20m; and hole AL25-153 on Europa vein with 240 g/t Ag, 0.06 g/t Au, 0.7% Cu, 1.8% Pb, and 1.5% Zn (374 g/t AgEq) over 2.35m, including 487 g/t Ag, 0.16 g/t Au, 0.95% Cu, 4.2% Pb, and 2.1% Zn (714 g/t AgEq) over 0.55m.
Mithril Silver and Gold Limited reported significant progress at its Copalquin project in Durango, confirming a large, high-grade silver-gold mineralized zone at Target 5, which extends over approximately 1.5 km and remains open in multiple directions. The company has also begun maiden drilling at Target 3 and continues resource expansion at Target 1. Hole AP25-017 encountered the most significant drill intercept with 0.07 g/t Au and 165 g/t Ag (170 g/t AgEq) over 3.05m, including 0.11 g/t Au and 229 g/t Ag (237 g/t AgEq) over 0.85m, including 0.09 g/t Au and 265 g/t Ag (271 g/t AgEq) over 0.65m. An aerial magnetic survey is underway to aid target identification and drill planning across the district. Overall, these efforts demonstrate the potential for substantial mineral resources and rapid district-scale growth.
Agnico Eagle Mines Limited provided an update on year-end 2025 mineral reserves and mineral resources at their Mexican mine sites and advanced projects. Mineral Reserves and Mineral Resources as at December 31, 2025 are set out in the table below:
ON DEALS AND CORPORATE ISSUES
Canasil Resources Inc., informed that it met the requirements to be listed as a TSX Venture Tier 2 company, effective February 9, 2026. The Company’s listing will transfer from NEX to TSX Venture, the Company’s Tier classification will change from NEX to Tier 2, and the Filing and Service Office will change from NEX to Vancouver. The trading symbol for the Company will change from CLZ.H to CLZ. The Company is classified as a ‘Mining’ company (Nora project, Durango).
Discovery Silver Corp., announced that it will hold an investor day on March 02, 2026 (Cordero project, Chihuahua).
Vortex Metals Inc., announced that it has engaged the services of Global One Media Limited to provide services for investor marketing (Zaachila and Riqueza Marina projects, Oaxaca).
Defiance Silver Corp., signed a five-year surface access agreement to conduct surface exploration, drilling, and engineering studies at its Green Earth project in Sonora. The company also granted 2,720,000 incentive stock options to certain employees, directors, and consultants, to purchase common shares of Defiance at an exercise price of CAD $0.35. It also granted 289,000 deferred share units to certain directors, 458,000 performance share units to certain employees, and 314,000 restricted share units to certain employees.
Apollo Silver Corp., announced that Tom Peregoodoff has been nominated for election to the company´s Board of Directors, and if elected, the Board intends to appoint Mr. Peregoodoff as Executive Chair (Cinco de Mayo project, Chihuahua).
Canuc Resources Corporation informed that it intends to consolidate its common shares on the basis of ten pre-consolidation common shares for one post-consolidation common share. The Company currently has 284,531,484 common shares issued and outstanding. Upon completion of the Consolidation, the Company will have approximately 28,453,148 common shares issued and outstanding (San Javier Silver-Gold project, Sonora).
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, near-surface oxidized copper mineralization (malachite) in an IOCG system in Sonora, Mexico. Photo taken 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 RESOURCESAND 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.
During the 50th week of the year (December 8th to December 14th, 2025), companies working in Mexico presented 28 press releases. One company informed about exploration advances on its early-stage property. One company reported results for its fiscal year. Seven companies presented news on financing rounds, and one each on consolidation of shares, dividends and new market listings. Six companies presented updates on advanced properties/mines. Four companies informed on deals and corporate issues. ON MEXICO ISSUES, the backlog in permitting is being reduced, not as fast as the industry requires, but it is a signal by the government that more investment is wanted. ON EXPLORATION, in Sonora, Colibri Resource commenced an RC drilling campaign at the EP project. ON MINING, GoGold Resources announced financial results for its fiscal year. ON FINANCING, six companies informed on financing rounds: Capitan Silver (C$20 M), Gold Royalty (US$103.5 M), First Majestic Silver (US$350 M), Minera Alamos (C$3.5 M), Minaurum Gold (25 M), Regency Silver (C$3 M). Santacruz Silver Mining consolidated its shares on a 4:1 basis. Vizsla Royalties graduated to the OTCQX. Sailfish Royalties declared a quarterly dividend. ON RESOURCES AND DEVELOPMENT, Regency Silver informed on the drilling at Dios Padre, in Sonora. Vizsla Silver filed the FS on the Panuco project, in Sinaloa. Silverco Mining presented an updated MRE for its Cusi project, Chihuahua. Impact Silver released results from underground drilling at its Plomosas mine, in Chihuahua. Heliostar Metals completed a PFS on Cerro del Gallo project , in Guanajuato. Coeur Mining provided an update on 68,000 m of drilling at Palmarejo, in Chihuahua. ON DEALS AND CORPORATE ISSUES, Teck Resources shareholders voted FOR in the merger with Anglo American, same that received the needed government approval on the week. Pinnacle Gold and Silver received conditional approval by the TSX to pay all finders fees associated with the El Potrero option agreement in Durango. Defiance Silver had its AGM. Kingsmen Resources contracted promotional services. ON SOCIAL RESPONSIBILITY, Fortune Bay announced its formal Environmental, Social & Governance (ESG) Policy (Poma Rosa, Chiapas).
ON MEXICO ISSUES
Fernando Aboitiz, head of the Extractive Activities Coordinating Unit from the Economy Secretariat, pointed that nearly 65% of the backlog on permitting for mining activities has been cleared, and that mid 2026 it could be normalized. At the beginning of this presidential term 176 projects were paused, to date 110 have been authorized and 66 are pending. States like Zacatecas, Sonora, Chihuahua and Durango are to be among the most benefited by the issuing of permits.
ON EXPLORATION
Colibri Resource Corp. has commenced a reverse circulation drilling campaign at its 4,766 ha EP project in Sonora.
ON MINING
GoGold Resources Inc. announced financial results for the year ending September 30, 2025. During the period, 416.6 K tonnes were stacked at its Parral operations, selling 2.14 M Oz Ag, produced at cash cost $18.35 per Oz AgEq and an AISC of $23.72 per Oz AgEq. The company had revenue of US$72.5 M, an operating income of US$17.1 M, and net income of US$17.3 M.
ON FINANCING
Capitan Silver Corp. entered into deal with a syndicate of underwriters led by Stifel Canada in connection with a “bought deal” private placement offering for aggregate gross proceeds of C$20 M. A cash commission of 6% of the gross proceeds shall be paid to the underwriters (Cruz de Plata, Durango).
Gold Royalty Corp. entered into an agreement with National Bank Capital Markets, BMO Capital Markets, and RBC Capital Markets as joint bookrunners, on behalf of a syndicate of underwriters that are to purchase on a bought deal basis, common shares of the company for aggregate gross proceeds of US$70 M (royalty on Coazamin, Zacatecas).
Santacruz Silver Mining Ltd. announced the consolidation of its shares on a four to 1 (4:1) basis on December 10, 2025, subject to final approval by the TSX Venture Exchange (Zimapán, Hidalgo).
First Majestic Silver Corp. announced the closing of its previously announced US$300 M offering of unsecured convertible senior notes due in 2031, and the concurrent closing of an additional US$50 M aggregate principal amount of notes pursuant to the exercise in full of the over-allotment option granted to the initial purchasers of the notes (San Dimas, Durango).
Gold Royalty Corp. increased the size of its previously announced bought deal financing for aggregate gross proceeds of US$90 M. The company granted the underwriters an over-allotment option to purchase up to an additional 15% of the common shares issued on the offering, for additional gross proceeds of up to US$103.5 M (royalty on Cozamin, Zacatecas).
Minera Alamos Inc. closed its previously announced private placement offering for gross profits of C$3.5 M (Santana, Sonora).
Minaurum Gold Inc. completed its previously announced “best efforts” private placement, for C$25 M in gross proceeds, which included the exercise in full of the agents’ option. Cormark Securities Inc. acted as lead agent, on behalf of itself and a syndicate of agents includingBeacon Securities Ltd. and Canaccord Genuity Corp. The company paid the agents a C$1.4 M cash commission and issued 3.95 M purchase warrants. In addition, a cash fee of C$11.2 K was paid and issued 31.3 K broker warrants to an arm’s length finder (Alamos Silver, Sonora).
Regency Silver Corp. entered into an agreement with Centurion One Capital Corp. as lead agent and sole bookrunner with a brokered private placement to raise up to C$2 M. Later on the week the offering was upsized to C$3 M in gross profits (Dios Padre, Sonora).
Vizsla Royalties Corp. graduated to trade on the OTCQX Best Market (royalty on Panuco, Sinaloa).
Sailfish Royalties Inc. declared a quarterly dividend of US$0.0125 per share, to be payable on July 15, 2026 (royalty on Gavilanes, Durango).
ON RESOURCES AND DEVELOPMENT
Regency Silver Corp. informed a new drill hole intersected 23.7 m of sulfide-specularite breccia similar to the breccia hosting high-grade Au-Cu-Ag mineralization 35 m updip and along strike from a previous hole at its Dios Padre project in Sonora. Four holes totalling 2,476 m have been completed since early October 2025. ”… the mineralized shingle breccia typically hosting mineralization is found on both sides of a new intersection of Quartz-Feldspar porphyry … ”.
Vizsla Silver Corp. filed the feasibility study (FS) on the Panuco project, in Sinaloa, “which highlights 17.4 M Oz AgEq of annual production over an initial 9.4-year mine life, an after-tax NPV(5%) of US$1.8B, 111% IRR and a 7-month payback at US$35.50/oz Ag and US$3,100/oz Au”.
Silverco Mining Ltd. presented an updated mineral resource estimate (MRE) for its Cusi project in Chihuahua. The study notes 4.89 M tonnes grading 206 gpt Ag, 0.15 gpt Au, 0.73% Pb, 0.86% Zn (262 gpt AgEq), containing 32.4 M Oz Ag, 24 K Oz Au, 78.3 M Lb Pb, 92.8 M Lb Zn (41.2 M Oz AgEq) in measured and indicated resources and 4.07 M tonnes grading 172 gpt Ag, 0.17 gpt Au, 0.89% Pb, 1.20% Zn (243 gpt AgEq), containing 22.5 M Oz Ag, 22.2 K Oz Au, 79.5 M Lb Pb, 107.5 M Lb Zn (31.7 M Oz AgEq).
Impact Silver Corp. released further results from its underground drill program in the Santo Domingo zone at its Plomosas mine in Chihuahua. Highlighted true width intercepts comprise 0.84 m @ 35 gpt Ag, 6.5% Pb, 26.3% Zn; 2.07 m @ 24 gpt Ag, 9.4% Pb, 10.6% Zn; 4.95 m @ 23 gpt Ag, 7.4% Pb, 13.8% Zn (including 1.33 m @ 29 gpt Ag, 11.3% Pb, 18.2% Zn); 0.58 m @ 45 gpt Ag, 18.3% Pb; 20.3% Zn; 3.15 m @ 9 gpt Ag, 5.1% Pb, 5.0% Zn. “All these Santo Domingo drill intersections lie outside the JORC mineral resource blocks published by the previous operator”.
Heliostar Metals Ltd. completed an updated prefeasibility study (PFS) for its Cerro del Gallo project in Guanajuato. The current mineral reserve base is 2.27 M Oz AuEq, with the study outlining a 15.3 year mine life producing 85,700 Oz AuEq per year at cash cost $1,252 per Oz AuEq and an AISC of $1,390 per Oz AuEq and a CAPEX of US$195.3 M to bring it into production. “At the base case gold price of $2,300 per ounce, this results in an after-tax NPV of $424M, an IRR of 33.1% and a payback period of 2.3 years”. The study envisages a 6 M tonne per year open pit mining operation with ore crushed and stacked with cyanide leaching. “Copper and silver dissolved in solution will be recovered through a sulphidization, acidification, recycling, and thickening”.
Coeur Mining Inc. provided an update on the 2025 exploration campaign at its Palmarejo complex in Chihuahua. Approximately 68,000 m of drilling have been completed by eleven rigs on the 30,000 ha property. The program identified numerous resource growth opportunities through a balance of near-mine and district-scale exploration. The Hidalgo Libertad, San Juan veins have been extended along strike by 500 m, 300 m and 150 m respectively, continuity confirmed between the Independencia Norte and Independencia South zones and drilling confirmed mineralization along 900 m of strike along the 4 km Camuchin-Escondida trend. Highlighted true width intercepts comprise 10.4 m @ 4.10 gpt Au, 1,517 gpt Ag (including 1.50 m @ 15.40 gpt Au, 4,957 gpt Ag); 17.9 m @ 4.20 gpt Au, 1,870 gpt Ag (including 9.1 m @ 7.10 gpt Au. 3,610 gpt Ag); 10.5 m @ 4.10 gpt Au, 1,928 gpt Ag; 5.2 m @ 14.70 gpt Au, 4,527 gpt Ag; 3.7 m @ 18.60 gpt Au, 778 gpt Ag; 22.2 m @ 6.70 gpt Au, 26 gpt Ag (including 4.80 m @ 14 gpt Au, 33 gpt Ag).
ON DEALS AND CORPORATE ISSUES
Teck Resources Ltd. informed its shareholders overwhelmingly voted to approve the special resolution involving the merger with Anglo American plc. Later on the week Teck obtained a final order from the Supreme Court of British Columbia approving the previously-announced plan of arrangement under section 192 of the Canada Business Corporations Act, authorizing the merger of equals of Anglo American and Teck (50% San Nicolas, Zacatecas).
Pinnacle Silver and Gold Corp. received conditional TSX Venture Exchange approval for all finders fee shares associated with the staged option of the El Potrero project in Durango. “a Finder’s Fee of 4% of the measurable benefit of each installment payment will be paid to Juan Jose Camacho, who is arm’s length to the issuer and the vendor”. Payments include 71.6 K shares on February 2025, 40 K shares and US$8,000 on November 2025, 40 K shares and US$30 K on February 2026, US$40 K when the plant is sufficiently upgraded and all permits received to commence production, or 4 years from signing, US$60 K one year after commencing production, or 5 years from signing, US$120 K two years after commencing production or 7 years from signing. And a contingent payment of US$40 K and 40 K shares upon the establishment of a NI-43-101 350 K Oz AuEq in the inferred category or better.
Defiance Silver Corp. announced shareholders approved all matters presented at its annual general and special meeting (Zacatecas Silver, Zacatecas).
Kingsmen Resources Ltd. entered into a service agreement with Resource Stock Digest of Round Rock, Texas, to provide certain promotional services (Las Coloradas, Chihuahua).
ON SOCIAL RESPONSIBILITY
Fortune Bay Corp. announced the adoption of its formal Environmental, Social & Governance (ESG) Policy, highlighting a community-centered approach, responsible environmental practices, transparency and straight talk, governance and ethical conduct and local economic participation (Poma Rosa, Chiapas).
On the image below: Specularite veining on volcanic sedimentary rocks, HQ core. Picture by Jorge Cirett.
During the 44th week of the year (October 27th to November 2nd, 2025), companies working in Mexico presented 32 press releases. Two companies informed about exploration advances on early-stage properties. Four companies provided operational figures for the quarter. Ten companies presented news on financing rounds or share matters. Four companies presented updates on advanced properties/mines. Ten companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Minaurum Gold released results from definition drilling at Alamos Silver. In Durango, Pinnacle Silver and Gold updated on work at El Potrero. ON MINING, Alamos Gold, Coeur mining, Capstone Copper and Agnico Eagle presented third quarter 2025 reports. ON FINANCING, eight companies informed on financing rounds: Questcorp Mining (C$2.1 M), Silver Wolf (C$5.1 M), Colibri Resources (C$1.5 M), Starcore International Mines (C$5 M), Apollo Silver (C$26.8), Oroco Resource (US$3.6 M), Fortune Bay (C$8 M), Guanajuato Silver Company (C$0.52 M). Silver Spruce is consolidating shares. Santacruz Silver Mining intends to trade on a new stock exchange. Xali Gold granted stock options. ON RESOURCES AND DEVELOPMENT, Avino Silver and Gold reported drilling results from La Preciosa, in Durango. Mithril Silver and Gold updated on activities at Copalquin in Durango. Silverco Mining presented results from the 2024 drilling campaign at Cusi, in Chihuahua. Minaurum Gold delivered results from resource definition drilling at Alamos Silver, in Sonora. Santacruz Silver Mining and Heliostar Metals informed on its AGM. Silver Viper is to acquire the Coneto property from Fresnillo plc and Orex Minerals. Quetzal Copper is now Silverco Mining, and updated on the status of the Cusi property in Chihuahua. ON DEALS AND CORPORATE ISSUES, Sonoro Gold made the final payment on the Cerro Caliche property in Sonora. ON SOCIAL RESPONSIBILITY, Alamos Gold informed on community support in the Mulatos District of Sonora.
ON MEXICO ISSUES
No Relevant News.
ON EXPLORATION
Pinnacle Silver and Gold Corp. announce positive results from the preliminary scoping metallurgical tests for the El Potrero project in Durango. Three samples from the Pinos Cuates underground mine were sent to the SGS lab in Durango, for grinding, bottle roll cyanide leach and gravity tests. Bottle roll cyanide leach tests averaged 95.1% Au and 54.7% Ag, while gravity tests returned 29% to 76% Au and 4% to 16% Ag. More studies are warranted to characterize the silver mineralization and increase the recovery rates.
Minaurum Gold Inc. announced further results of its 2025 resource-definition drill program at its Alamos Silver project in Sonora. The program is targeting the Promontorio, Travesia and Europa vein zones. Highlighted core length intervals comprise 4.8 m @ 0.17 gpt Au, 154 gpt Ag, 0.28% Cu, 1.1% Pb, 2.4% Zn; 0.55 m @ 0.50 gpt Au, 352 gpt Ag, 0.80% Cu, 3.1% Pb, 7.6% Zn; 1.10 m @ 0.08 gpt au, 606 gpt Ag, 0.64% Cu, 0.8% Pb,1.3% Zn; 4.53 m @ 0.08 gpt Au, 275 gpt Ag, 0.34% Cu, 0.9% Pb 2.1% Zn (including 0.5 m @ 0.15 gpt Au, 983 gpt Ag, 0.85% Cu, 2.0% Pb, 5.3% Zn); 0.7 m @ 0.07 gpt Au, 25 gpt Ag, 1.37% Cu, 1.2% Pb, 1.7% Zn. .
ON MINING
Alamos Gold Inc. reported its financial results for the quarter ended September 30, 2025, including figures from its operations in Mexico. During the period the company produced 141,700 Oz Au, generating US$130.3 M of free cash flow. At the Mulatos District, in Sonora, Alamos mined 997.3 K tonnes of ore, 3.89 M tonnes of waste (3.91 waste-to-ore ratio), stacking 1 M tonnes averaging 1.4 gpt Au, containing 48,037 Oz Au with an average recovery rate of 61%, producing 37,000 Oz Au at cash cost $761 per Oz Au and an AISC of $831. Alamos had cash and cash equivalents of US$463.1 M at the end of the period.
Coeur Mining Inc. reported third quarter 2025 financial results, including revenue of US$555 M and cash flow from operating activities of $238 M. During the period the company produced 111,364 Oz Au, 4.8 M Oz Ag at cash cost $1,215 per Oz AuEq or $14.95 per Oz AgEq. At Las Chispas, in Sonora, 139.9 K tonnes were milled averaging 3.42 gpt Au, 321 gpt Ag, recovering 97.9% Au, 97.8% Ag, to produce 16,540 Oz Au, 1.7 M Oz Ag, at cash cost $934 per Oz Au, $10.75 per Oz Ag and free cash flow of US$66.1 M. At Palmarejo, in Chihuahua, 48.3 K tonnes were milled, averaging 1.55 gpt Au, 108 gpt Ag, recovering 95.0% Au, 89.9% Ag, to produce 24,802 Oz Au, 1.51 M Oz Ag at cash cost $887 per Oz Au, $16.44 per Oz Ag and free cash flow of US46.9 M.
Capstone Copper Corp. reported results for the quarter ended September 30, 2025, including figures from its Mexico operations. The company produced a total of 55,280 tonnes of copper at cash cost $2.42 per Lb Cu. At Cozamin, in Zacatecas, 6,145 tonnes of copper were produced during the period from ore grading 1.93% Cu and a recovery rate of 94.3%, at cash cost $1.51 per Lb Cu.
Agnico Eagle Mines Ltd. reported financial and operating results for the third quarter of 2025, including information from its operations in Mexico. During the period the company produced 866,936 Oz Au at cash cost of $963 per Oz Au and all-in-sustaining costs (AISC) of 1,363 per Oz Au. The San Nicolas project in Zacatecas continues to advance on the feasibility study (FS), with engineering expected to be completed by year-end. During the quarter 21,380 Oz Au were produced at Pinos Altos-Creston Mascota, in Chihuahua, at cash cost $1,531 per Oz Au, and 4,529 Oz Au produced at La india, in Sonora, at cash cost $2,872 per Oz Au.
ON FINANCING
Questcorp Mining Inc. closed the first tranche of its non-brokered private placement for gross proceeds of C$2.1 M (Nueva Union, Sonora).
Silver Wolf Exploration Ltd. announced a non-brokered private placement for aggregate gross proceeds of C$1.5 M. The offering will be carried out utilizing the Listed Issuer Financing Exemption (Ana Maria, Durango).
Colibri Resource Corp. increased the size of its previously announced offering for gross proceeds of C$1.5 M (EP, Sonora).
Silver Spruce Resources Inc. is to implement the 1:15 consolidation of shares on October 31, 2025. (Jackie, Sonora).
Starcore International Mines Ltd. closed its non-brokered private placement, raising C$5 M in gross proceeds. Aggregate compensation of C$92 K was paid by the company to various eligible registrants as finders’ fees (San Martin, Queretaro).
Apollo Silver Corp. closed the final tranche of its previously announced upsized non-brokered private placement, raising gross proceeds of C$1.6 M and raising total proceeds of C$26.8 M. In connection with the subscription the company will pay aggregate finder’s fees totalling C$901 K (Cinco de Mayo, Chihuahua).
Santacruz Silver Mining Ltd. has applied to list its common shares on the Nasdaq Capital Market (Zimapan, Hidalgo).
Oroco Resource Corp. updated on its non-brokered private placement for aggregate gross proceeds of up to US$3.6 M, with an anticipated minimum of US$2 M (Santo Tomás, Sinaloa).
Xali Gold Corp. announced the granting of 2.2 M incentive stock options to certain directors, officers, employees and consultants of the company (El Oro, Estado de Mexico).
Fortune Bay Corp. announced the closing of its previously announced “bought deal” private placement for aggregate gross proceeds of C$8 M. Pursuant to the offering the company sold “flow-through” shares for gross proceeds of $2 M (US or Can?) and common shares of the company for gross proceeds of $6 M (US or Can?) (Poma Rosa, Chiapas).
Guanajuato Silver Company Ltd. announced that following the offering of the company in which it obtained C$43.5 m in gross proceeds, Cannacord Genuity Corp. and Red Cloud Securities Inc. have purchased additional common share purchase warrants for additional C$522 K (El Cubo, Guanajuato).
ON RESOURCES AND DEVELOPMENT
Avino Silver and Gold Ltd. reported results from four twin holes drilled at La Preciosa, in Durango. The results exhibit variation in thickness and grade “expected due to the “pinch and swell” geometry of the La Preciosa veins and the high nugget effects”. Highlighted true width intercepts comprise 2.48 m @ 0.66 gpt Au, 425 gpt Ag; 0.78 m @ 1.21 gpt Au, 513 gpt Ag; 5.22 m @ 0.51 gpt Au, 787 gpt Ag (including 0.77 m @1.02 gpt Au, 3,206 gpt Ag). 1.47 m @ 0.86 gpt Au, 635 gpt Ag; 3.98 m @ 1.15 gpt Au, 306 gpt Ag; 4.00 m @ 0.61 gpt Au, 463 gpt Ag.
Mithril Silver and Gold Ltd. informed on activities during their September 2025 quarterly report. At the Copalquin project in Durango, drilling progressed at target 1, commenced at target 5, channel sampling defined a new target at the Santa Cruz mine and work continues on resource drilling and 3D modelling for the resource update planned for early 2026. Mithril common shares are now trading on the OTCQB Venture Market. Cash balance at the end of September was A$18.3 M.
Silverco Mining Corp. reported results from its 5,500 m 2024 drill program at Cusi, in Chihuahua. Highlighted core length intervals comprise 1.7 m @ 0.13 gpt Au, 2022 gpt Ag, 0.8% Pb, 4.5% Zn; 3.3 m @ 0.15 gpt Au, 450 gpt Ag, 0.3% Pb, 0.4% Zn; 2.6 m @ 0.26 gpt Au, 385 gpt Ag, 0.3% Pb, 0.1% Zn; 7.5 m @ 0.30 gpt Au, 291 gpt Ag, 2.2% Pb, 2.5% Zn; (including 0.7 m @ 0.96 gpt Au, 958 gpt Ag, 2.0% Pb, 5.0% Zn); 5.9 m @ 0.16 gpt Au, 315 gpt Ag, 0.4% Pb, 0.1% Zn; 3.2 m @ 0.23 gpt Au, 498 gpt Ag, 1.3% Pb, 1.8% Zn; 3.7 m 0.26 gpt Au, 304 gpt Ag, 1.3% Pb, 0.7% Zn. Currently the company is advancing a 15,000 m drill program with assays expected in Q4 2025.
Minaurum Gold Inc. announced results of its 2025 resource-definition drilling at its Alamos Silver project in Sonora. The program targeted the Promontorio, Travesia and Europa vein zones. Highlighted core length intervals comprise 4.80 m @ 0.17 gpt Au, 154 gpt Ag, 0.28% Cu, 1.1% Pb, 2.4% Zn; 0.50 m @ 0.50 gpt Au, 771 gpt Ag, 0.50% Cu, 2.1% Pb, 4.3% Zn; 0.55 m @ 0.50 gpt Au, 352 gpt Ag, 0.80% Cu, 3.1% Pb, 7.6% Zn; 1.10 m @ 0.08 gpt Au, 606 gpt Ag, 0.64% Cu, 0.8% Pb, 1.3% Zn; 4.53 m @0 .08 gpt Au, 275 gpt Ag, 0.34% Cu, 0.9% Pb, 2.2% Zn; 1.40 m@ 0.18 gpt Au, 300 gpt Ag, 0.44% Cu, 0.7% Pb, 1.3% Zn.
ON DEALS AND CORPORATE ISSUES
Chesapeake Gold Corp. announced the second extension of its exploration agreement on the Metates property with the community of San Juan de Camarones, within the Santiago Papasquiaro Municipality in Durango. The company’s “proprietary sulphide leach testwork remains on schedule and is progressing well alongside environmental and related baseline studies in support of the upcoming PFS”.
Inomin Mines Inc. entered into a definitive agreement with Calu royalty S.A.P.I de C.V. for the La Gitana and Peña Blanca properties in Oaxaca. The sale of the 100% interest on the properties involves the payment of C$350 K, payable as follows: C$100 K within five days of the execution date, C$100 K on the closing of the transaction and $150 K when the concessions are registered in the Public Mining Registry, or six months after the signing date.
Santacruz Silver Mining Ltd. announced that its annual general and special meeting of shareholders will be held in-person in Vancouver on November 25, 2025 (Zimapán, Hidalgo).
Silver Viper Minerals Corp. entered into a binding agreement with Fresnillo plc and Orex Minerals Inc. to acquire 100% ownership of the Coneto project in Durango. Silver Viper will acquire the combined interests in Coneto (61.21% held by Fresnillo and 38.79 % held by Orex) through an all-share transaction. The transaction values the project at US$15 M and common shares are to be issued for the purchase price. After the transaction, Fresnillo is expected to own 17% and Orex 11% of the issued and outstanding shares of Silver Viper. “ The parties will work on closing the Acquisition expeditiously and no later than January 2026”.
Quetzal Copper Corp., doing business as Silverco Mining Ltd. provided an update following the completion of its listing on the TSX Venture Exchange via its reverse takeover by Silverco Mining Corp. on October 17, 2025. The Cusi property in Chihuahua includes a 1,200 tpd mill. The company has raised C$25 M privately over the previous 18 months. A 15,000 m drill program is currently underway with two rigs on site. The San Miguel and La Bamba claims were acquired. A new resource estimate and a preliminary economic assessment (PEA) are to be completed with a view to support planned production on H2 2026.
Masivo Silver Corp. signed a definitive option agreement with a private Mexican person, Minera Goldzone S.A. de C.V., and partners, to acquire the 2,649 ha Cerro Colorado project in Sonora. Masivo’s intends to commence in November 2025 a drill program to test “along-strike and down-dip extensions of mineralized zones identified in prior surface work”.
Orex Minerals Inc. entered into a binding term sheet with Silver Viper Minerals Corp. and Fresnillo plc to sell its interest in the Coneto project in Durango. Through an all-share transaction valued at US$15 M, Silver Viper will acquire 38.79% ownership from Orex and 61.21% ownership from Fresnillo. Post-closing, Fresnillo and Orex will hold 17% and 11% respectively of Silver Viper.
Silverco Mining Ltd. completed its name change from Quetzal Copper Corp. to Silverco Mining Ltd. “Due to a labour dispute between the British Columbia General Employees’ Union and the government of British Columbia, BC Registries, the government body responsible for registrations of businesses, was temporarily closed. As a result, the Company was unable to legally change its name at the time of completing its reverse takeover of Silverco Mining Corp., which closed on October 17, 2025” (Cusi, Chihuahua).
Heliostar Metals Ltd. announced its annual general and special meeting is to be held on November 26, 2025 (Ana Paula, Guerrero).
Sonoro Gold Corp. made the final concession payment on its Cerro Caliche property in Sonora. The Rosario mineral concessions were bought to an Arizona resident for total consideration of US1.79 M and a 2% NSR royalty, which can be bought at US$1 M for each 1%. These concessions represent 30% of the total surface area of the project.
ON SOCIAL RESPONSIBILITY
Alamos Gold Inc. informed on ongoing support within the Mulatos District in Sonora, including medical services, road maintenance, water distribution, and student scholarships.
On the image below: Specularite stockwork in volcanosedimentary rock, HQ core. Picture by Jorge Cirett.
During the 42nd week of the year (October 13th to October 19th, 2025), companies working in Mexico presented 28 press releases. Two companies presented exploration advances on early-stage properties. Five companies provided operational figures for the quarter and one announced commercial production on a mine. Three companies presented news on financing rounds. Four companies presented drilling results on advanced properties/mines. Nine companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Minaurum Gold released results from definition drilling at Alamos Silver; Questcorp Mining informed on their drilling program at La Union. ON MINING, Orla Mining, Avino Silver, GoGold Resources, Royal Gold and Altius Minerals presented third quarter 2025 reports; Endeavour Silver achieved commercial production at Terronera, in Jalisco. ON FINANCING, three companies informed on financing rounds: Aztec Minerals (C$10.0 M), Sonoro Gold (C$4 M), Colibri Resources (C$1.25 M + C$0.5 M + US$0.25 M). ON RESOURCES AND DEVELOPMENT, Capitan Silver released RC drilling results from Cruz de Piedra, in Durango. GR Silver Mining reported results from bulk sampling at Plomosas, in Sinaloa. Mithril Silver and Gold reported drilling results from Copalquin, in Durango. Guanajuato Silver Company presented assay results from drilling at El Cubo mine, in Guanajuato. Heliostar Metals presented the results of a technical report at La Colorada, in Sonora. ON DEALS AND CORPORATE ISSUES, Golden Minerals completed the sale of its Velardeña oxide processing plant and water well, in Durango. Starcore International Mines finalized a ten-year agreement on the Tortilla project in Queretaro. Sandstorm Gold announced the granting of the final order for its merger with Royal Gold. Silver Dollar Resources entered into a marketing agreement. GR Silver Mining announced changes to the board. Prime Mining received from COFECE the needed clearance for its acquisition by Torex Gold. Silver Bull Resources updated on its litigation with Mexico. Galore Resources is to have its AGM. Zacatecas Silver entered into an investor relation agreement. ON SOCIAL RESPONSIBILITY, Capstone Copper published its 2024 sustainability report.
ON MEXICO ISSUES
No Relevant News.
ON EXPLORATION
Minaurum Gold Inc. released results from its resource definition drilling program testing the Promontorio, Europa and Travesia zones at its Alamos Silver project in Sonora. Highlighted core length results comprise 5.85 m @ 0.09 gpt Au, 380 gpt Ag, 0.60% Cu, 0.2% Pb, 0.9% Zn (including 1.80 m @ 0.15 gpt Au, 1,093 gpt Ag, 1.69% Cu, 0.4% Pb, 2.0% Zn); 1.20 m @ 26.00 gpt Au, 96 gpt Ag, 0.60% Cu, 0.2% Pb, 1.0% Zn; 21.45 m @ 0.37 gpt Au, 54 gpt Ag, 0.12% Cu, 1.3% Pb, 3.3% Zn (including 1.20 m @ 1.50 gpt Au, 440 gpt Ag, 0.86% Cu, 9.1% Pb, 18.8% Zn); 1.75 m @ 0.02 gpt Au, 495 gpt Ag, 0.47% Cu, 1.0% Pb, 1.5% Zn; 2.40 m @ 0.04 gpt Au, 380 gpt Ag, 0.54% Cu, 0.6% Pb, 1.7% Zn.
Questcorp Mining Inc. and Riverside Resources Inc. informed that the maiden drilling program at La Union, in Sonora, is now two-thirds complete with initial and second holes now completed at four of the five main targets. Seven holes have been completed and there are plans for another three to five. The Union mine, Famosa, North Union and El Cobre targets have been tested, and one hole is planned for El Creston target.
ON MINING
Orla Mining Ltd. provided an operational update for the third quarter of 2025. During the quarter over 0.7 M tonnes of ore and 2.4 M tonnes of waste were moved at an strip ratio of 3.34, at the Camino Rojo mine in Zacatecas., with 2.8 M tonnes of ore stacked on the heaps averaging 0.40 gpt Au, to produce 22,059 Oz Au. During July Camino Rojo experienced a pit failure with no injuries, equipment damage or environmental impacts. A 50-80 m pushback of the pit is in the making, but due to the changed mining schedule guidance for 2025 was revised to 95-105 K Oz Au, down from 110-120 K Oz Au. The company has one other mining operation outside Mexico.
Royal Gold Inc. sold 38,600 Oz Au, 594.5 K Oz Ag and 1,200 tonnes of Cu related to its streaming agreements during the third quarter of 2025 (Royalty on Cosalá, Sinaloa).
Altius Minerals Corp. expects to report Q3 2025 attributable royalty revenue of C$21.2 M (Royalty on Cuale, Jalisco).
Avino Silver & Gold Mines Ltd. presented third quarter 2025 production results. At Avino, in Durango, the company milled 188.8 K tonnes averaging 0.43 gpt Au, 52 gpt Ag, 0.39% Cu, recovering 74% Au, 84% Ag, 81% Cu, to produce 1,935 Oz Au, 263.2 K Oz Ag, 1.31 M Lb Cu (or 580.8 K Oz AgEq). At the end of the quarter the company had US$55 M in cash. At La Preciosa, the Gloria and Abundancia veins have been intercepted on the San Fernando ramp while progressing up to level 4. Over, 6.7 K tonnes have been stockpiled and trucking to the Avino mine facilities is now underway. Exploration drilling is underway both at Avino and La Preciosa.
GoGold Resources Inc. reported production figures for the year ending on September 30, 2025, at its Parral tailings property in Chihuahua. During the period the company produced 0.85 M Oz Ag, 12,289 Oz Au, 479 tonnes Cu, 609 tonnes Zn. For the third quarter of 2025, the company produced 212.8 K Oz Ag, 2,697 Oz Au, 110 tonnes Cu, 150 tonnes Zn.
Endeavour Silver Corp. achieved commercial production at the Terronera mine in Jalisco. “The Company forecasts throughput of approximately 360,000 tonnes over the next six months, with average grades estimated at 122 g/t silver and 2.52 g/t gold. Higher grade zones are scheduled to be accessed by mid-2026, which is expected to further enhance production”.
ON FINANCING
Aztec Minerals Corp. closed its previously announced “bought deal” private placement offering, for aggregate gross proceeds of C$10 M. The company paid the underwriter a cash commission of C$700 K (Cervantes, Sonora).
Sonoro Gold Corp. is increasing its non-brokered private placement, for gross proceeds of C$4 M (Cerro Caliche, Sonora).
Colibri Resource Corp. is increasing the size of the offering that comprises a non-brokered private placement for gross proceeds of up to C$1.25 M, a debt conversion of C$520 K and a non-brokered private placement of convertible debenture units for gross proceeds of up to US$250 K (EP, Sonora).
ON RESOURCES AND DEVELOPMENT
Capitan Silver Corp. released assay results from twelve holes on its 15,000 m reverse circulation drilling program at Cruz de Piedra project in Durango. Highlighted drill length results comprise 18.30 m @ 0.17 gpt Au, 200 gpt Ag (including 1.50 m @ 1,599 gpt Ag); 38.10 m @ 0.25 gpt Au, 93 gpt Ag, (including 3.0 m @ 0.57 gpt Au, 372 gpt Ag); 3.00 m @ 0.29 gpt Au, 82 gpt Ag, 1.1% Pb, 2.5% Zn; 10.70 m @ 0.55 gpt Au, 117 gpt Ag, 1.5% Pb, 1.4% Zn; 44.20 m @ 0.52 gpt Au, 65 gpt Ag (including 13.50 m @ 1.12 gpt Au, 142 gpt Ag); 22.90 m @ 0.37 gpt Au, 67 gpt Ag, 0.6% Pb, 0.7% Zn.
GR Silver Mining Ltd. reported the results of phase II of the bulk sample test mining program at the Plomosas mine in Sinaloa. Highlighted initial underground channel sampling results comprise 6.7 m @ 0.03 gpt Au, 903 gpt Ag, 1.4% Pb, 1.7% Zn; 1.2 m @ 0.08 gpt Au, 2,264 gpt Ag, 0.5% Pb, 0.9% Zn; 4.2 m @ 5.12 gpt Au, 49 gpt Ag, 6.9% Pb, 5.0% Zn (including 0.5 m @ 35.7 gpt Au, 102 gpt Ag, 4.3% Pb, 14.2% Zn. A detailed laser survey of the historic mine across 7.4 km of underground development has been completed.
Mithril Silver and Gold Ltd. provided exploration results for its Copalquin project in Durango. Target 1 resource expansion drilling extended the east-west structure 300 m, for a total strike length of 1,300 m. Highlighted core length intervals comprise 2.85 m @ 1.12 gpt Au, 25 gpt Ag; 1.35 m @ 1.26 gpt Au, 72 gpt Ag; 0.5 m @ 3.21 gpt Au, 1 gpt Ag; 7.20 m @ 2.78 gpt Au, 148 gpt Ag (including 2.05 m @ 7.41 gpt Au, 419 gpt Ag); 2.80 m @ 3.97 gpt Au, 209 gpt Ag; 8.03 m @ 7.19 gpt Au, 260 gpt Ag. Assays are pending for 11 holes on Target 5. The company intends to complete 45,000 m of drilling over the next 12-14 months.
Guanajuato Silver Company Ltd. informed on development drilling at its El Cubo mines complex in Guanajuato. The drilling focused on the San Luis, Maria, Dolores, Packman, Villalpando and Raquel veins. Highlihgted true width intervals comprise 0.52 m @ 1.12 gpt Au, 330 gpt Ag: 0.72 m @ 1.27 gpt Au, 248 gpt Ag; 0.18 m @ 13.02 gpt Au, 970 gpt Au; 0.42 m @ 26.70 gpt Au, 321 gpt Ag; 2.77 m @ 3.30 gpt Au, 24 gpt Ag.
Luca Mining Corp. reported analytical results from four surface and two underground drillholes at Campo Morado, in Guerrero. Four surface holes tested the Reforma deposit and two underground holes the Campo Morado mine. Highlighted core length intervals comprise 12.70 m @ 0.97 gpt Au, 60 gpt Ag, 0.77% Cu, 0.4% Pb, 2.0% Zn; 21.20 m @ 3.53 gpt Au, 161 gpt Ag, 0.55% Cu, 0.9% Pb, 2.3% Zn (including 13.00 m @ 4.96 gpt Au, 237 gpt Ag, 0.66% Cu, 1.3% Pb, 3.0% Zn); 7.90 m @ 0.56 gpt Au, 189 gpt Ag; 24.60 m @ 2.25 gpt Au, 75 gpt Ag, 0.86% Cu, 0.5% Pb, 2.4% Zn. The drill program focus is to confirm and expand resources at the Reforma and El Rey deposits, and close to the actual mine operation, as well as to test exploration targets. The surface and underground drill programs are set now to complete 5,000 m and 7,500 m respectively in 2025.
Heliostar Metals Ltd. presented the results of an updated technical report on La Colorada property in Sonora. The new mineral resource comprises 17.1 M tonnes @ 0.68 gpt Au, 9.2 gpt Ag containing 376.2 K Oz Au, 5.05 M Oz Ag (or 385.4 K Oz AuEq) in probable reserves, 20.2 M tonnes @ 0.79 gpt Au, 10.4 gpt Ag, containing 513 K Oz Au, 6.8 M Oz Ag of measured and indicated resources, and 1.1 M tonnes @ 0.45 gpt Au, 35.1 gpt Ag, containing 17 K Oz Au, 1.3 M Oz Ag. The study encompasses a mine life of 6.1 years at an 8,200 tonnes per day rate with an annual production of 46.1 K Oz AuEq at an average AISC of $1,626 per Oz AuEq. An IRR of 24.4% is expected on a base price of $2,300 per Oz Au, with an NPV of US$66.2 M and a payback of 3.4 years. With a gold price on $3,500 per Oz, the IRR is US$168.4M and the NPV is US$243.3 M with a 2 year payback. A capital cost of US$44.5 M is estimated.
ON DEALS AND CORPORATE ISSUES
Golden Minerals Co. completed the previously announced sale of its Velardeña oxide processing plant and water well, in Durango. The total purchase price was US$3.0 M plus VAT. “The Velardeña Buyer had previously acquired the Velardeña and Chicago mines, related mining equipment, and the sulfide processing plant under separate agreements”.
Starcore International Mines Ltd. finalized a ten-year lease agreement on six mining concessions at the San Juan Nepomuceno project (or Tortilla project) in Queretaro. The project is 40 km from Starcore’s San Martin mine, and 5 km from La Negra mine. The deal involves the payment of US$107.5 K on signature (paid) and six monthly payments of US$27 K starting on November 2025, and a 2% NSR afterwards. “During the term of the ten-year lease and for two years thereafter, the lessor has the option to sell all of the claims and concessions to Starcore at a purchase price of US$5,000.000. The 2% NSR can also be acquired by Starcore at a purchase price of US$2 million”.
Sandstorm Gold Ltd. announced that the Supreme Court of British Columbia has granted the final order on the plan of arrangement Royal Gold Inc., whereby Royal Gold will indirectly acquire all of the issued and outstanding common shares of Sandstorm (Royalty on Cosalá, Sinaloa).
Silver Dollar Resources Inc. entered into an advertising and investor awareness marketing agreement with Dig Media Inc., dba Investing News Network, with a six month term commencing on October 15th, 2025, at a cost of C$204 K (La Joya, Durango).
GR Silver Mining Ltd. announced the resignation of Mr. Alejandro Cano, vice president, operations. Mr. Robert Payment, current CFO, has assumed the additional role of corporate secretary. Mr. Payment succeeds Mr. Blaine Bailey, who is retiring from the position (Plomosas, Sinaloa).
Prime Mining Corp. announced the receipt of the clearance decision from the Comisión Federal de Competencia Económica (COFECE) with respect to the plan of arrangement with Torex Gold Resources Inc., whereby Torex will acquire all of the issued and outstanding shares of Prime Mining (Los Reyes, Sinaloa).
Silver Bull Resources Inc. reported that the 5-day hearing for its arbitration case against Mexico was completed on October 10, 2025, in Washington, D.C. “Upon completion of the hearing, the Arbitration Tribunal directed the Company and Mexico (the “Parties”) to provide their Post-Hearing Briefs by November 21, 2025. The Parties are then directed to file their submissions on costs by December 5, 2025. Upon completion of these submissions, the Tribunal will close the proceedings and render its final award as soon as practicable”. Silver Bull is challenging Mexico with respect to the illegal blockade of Silver Bull’s Sierra Mojada Project in Coahuila, which commenced in September 2019 and remains ongoing
Galore Resources Inc. is to have its annual general meeting on October 23, 2025 (Dos Santos, Zacatecas).
Zacatecas Silver Corp. entered into an investor relation agreement with Capital Gain Media Inc. for content development and digital marketing services for four months commencing on October 16, 2025. As a consideration for the services the company agreed to pay an aggregate upfront cash fee of C$250 K (Zacatecas Silver, Zacatecas).
ON SOCIAL RESPONSIBILITY
Capstone Copper Corp. published its 2024 sustainability report which highlights its key initiatives on environmental, social and governance matters (Cozamin, Zacatecas).
On the image below: Specularite-Pyrite-quartz vein, HQ core. Picture by Jorge Cirett. Picture by Jorge Cirett.
By Jorge Cirett During the 38th week of the year (September 15th to September 21st, 2025), companies working in Mexico presented 29 press releases. Two companies presented exploration advances on early-stage properties. One company presented financial results. Fifteen companies presented news on financing rounds and share-related issues. One company is to commence drilling at its advanced property. twelve companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Tocvan Ventures is to commence field work at Gran Pilar; Colibri Resource updated on project work at the EP project. ON MINING, Starcore International Mines filed quarterly results. ON FINANCING, five companies informed on financing rounds: Silver Tiger (C$25 M), Impact Silver (C$16 M), Minera Alamos (C$135 M), Zacatecas Silver (C$3.75 M), Silver Dollar Resources (C$5.9 M). Masivo Silver is working on its MCTO. Discovery Silver can borrow up to US$250-350 M. Sandstorm Gold declared a dividend for the quarter. Elemental Altus Royalties received approbation for consolidation. Pacifica Silver and Luca Mining issued shares to management, employees and consultants. Avino Silver & Gold Mines has been added to the Market Vectors Junior Gold Miners Index (MVGDXJTR). Xali Gold resumed trading and explained how it is addressing its current capital deficiency. ASA Gold and Precious Metals acquired 17.5% of Minera Alamos. ON RESOURCES AND DEVELOPMENT, Regency Silver is to commence drilling at its Dios Padre project in Sonora. ON DEALS AND CORPORATE ISSUES, Masivo Silver updated on the Cerro Colorado project in Sonora. Sandstorm Gold filed its notice of meeting on its Merger with Royal Gold. Almaden Minerals provided an update on its litigation against Mexico. Capitan Silver announced appointments to its management’s team and board of directors. Plata Latina announced AGM results. Xali Gold terminated its option on the Sarape project, in Sonora. Xali Gold clarified the agreement with Remoedioambiente S.A. de C.V. on El Oro claims. Vizsla Silver announced the appointment of Eduardo Luna as lead director of the board. Southern Silver Exploration is acquiring a key inner claim at its Cerro Las Minitas project in Durango. Prime Mining announced an advisory firm is recommending shareholder vote for the Torex’s takeover. Goldgroup Mining acquired a majority on Molimentales del Noroeste, S.A. de C.V., the company holding the San Francisco mine in Sonora. Newmont divested its holdings on Orla Mining. ON SOCIAL RESPONSIBILITY, Orla Mining released its 2024 sustainability report.
ON MEXICO ISSUES
No Relevant News.
ON EXPLORATION
Tocvan Ventures Corp. announced the commencement of field work and an airborne magnetics survey at its Gran Pilar project in Sonora. “the field work encompasses advanced geological mapping, targeted sampling, and sophisticated geophysical surveys…”. Tocvan is also preparing a drilling and trenching campaign to commence before the end of the month. The company has secured full permit approval for a 10-year pilot mine facility at the site.
Colibri Resource Corp. provided a corporate update. At the EP project in Sonora the company holds 4,766 ha within 25 km from Fresnillo plc´s La Herradura mine, with more than 2,500 surface samples and 12,000 m of drilling. At Pilar, also in Sonora, Colibri holds 49% interest in the project that has over 24,000 m of drilling, trenching and surface work, as well as a 1,400-tonne bulk sample completed in 2023 with 63% recoveries for gold. The projects is permitted for a 50 K tonnes pilot mine facility. The company is also advancing debt conversion-New debenture, equity financing and market initiatives.
ON MINING
Starcore International Mines Ltd. filed the results for its first quarter ended July 31, 2025. During the period the company had revenues of C$8.64 M, earnings of C$1.9 M, net income of C$0.93 M and EBITDA of C$1.35 M. At its San Martin mine in Queretaro, Starcore milled 54.2 K tonnes averaging 1.47 gpt Au, 12.9 gpt Ag, recovering 77.4% Au, 54.8% Ag, to produce 2,000 Oz Au, 12.3 K Oz Ag, or 2.1 K Oz AuEq, at 2,499 per Oz AuEq.
ON FINANCING
Masivo Silver Corp. has prepared the financial statements and is undergoing the associated audit to reverse its management cease trade order (MCTO). “Masivo expects the audit to be completed, and the required filings submitted by September 29, 2025” Cerro Colorado, Sonora).
Silver Tiger Metals Inc. entered into an agreement with Stifel Canada, to act as sole book underwriter, together with a syndicate of underwriters, to purchase on a bought deal basis 34.75 M common shares for gross proceeds of C$25 M. The company will grant an option to purchase an additional 15% of the offering that will, if exercised in full, raise additional C$3.75 M in gross proceeds (El Tigre, Sonora).
Discovery Silver Corp. entered into an agreement with a syndicate of financial institutions for a revolving credit facility that allows the company to borrow up to US$250 M, with an accordion feature for an additional US$100 M. The syndicate includes Bank of Montreal (BMO), BMO Capital Markets and Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada (NBC) (Cordero, Chihuahua).
Sandstorm Gold Ltd. declared the third quarterly cash dividend for 2025, in the amount of C$0.02 per common share (Royalty on Cosalá, Sinaloa).
Pacifica Silver Corp. issued 2.6 M stock options to directors, officers and consultants (Claudia, Durango).
Elemental Altus Royalties Corp. received approval of the TSX Venture Exchange for the share consolidation of the issued and outstanding shares of the company on a one to ten basis (royalty on Mercedes, Sonora).
Avino Silver & Gold Mines Ltd. announced that it has been added to the Market Vectors Junior Gold Miners Index (MVGDXJTR) and the VanEck Junior Gold Miners ETF (DXJ) (Avino, Durango).
Xali Gold Corp. addressed the current capital working deficiency, US$3.15 M as of June 30, 2025, with the following plans. Mining Fees of US$1.25 M owed in Mexico are to be reduced to nil by payments by Remedioambiente S.A. de C.V. (See note under Deals and Corporate Issues) and/or other third parties. A third party owed US$646.5 K is to be issued shares for debt for up to 50% of the amount owed and the reminder in 2026. Directors and officers who are owed US$594 K have agreed to wait and take shares for debt for up to 50% of the amount owed and the rest when possible. “Trade payables and liabilities totalling $542,393, of which up to 40% are to be paid from proceeds of a financing planned for Fall 2025, up to 25% by shares for debt and the remaining with proceeds from a second financing planned for 2026”, Ridley Rocks Inc., a company controlled by Joanne Freeze, president and CEO, had loaned the Company C$124.3 K which is payable by March 31, 2026, is not interest bearing nor does it have any securities pledged against it. During July-September 2025 Ridley Rocks is to loan additional C$150 K, bearing 3% interest, to be repaid on September 2026 (El Oro, Estado de México).
Impact Silver Corp. announced the closing of its previously announced “bought deal” private placement for gross proceeds of C$16 M. The company intends to advance underground development and infrastructure at the Guadalupe mine and increase processing plant throughput at the Guadalupe Production Centre (Royal Mines of Zacualpan) in the states of Mexico and Guerrero and expand mining operations and processing capacity and resource definition drilling at the Plomosas zinc-silver-lead mine in Chihuahua.
Minera Alamos Inc. reported the closing of the “bought deal” private placement previously announced, for gross proceeds of C$135 M (Santana, Sonora).
Luca Mining Corp. granted an aggregate of 3.2 M incentive stock options and 0.88 M restricted share units to certain officers and directors of the company (Campo Morado, Guerrero).
Zacatecas Silver Corp. increased its previously announced private placement for gross proceeds of up to C$3.75 M (Zacatecas Silver, Zacatecas).
Xali Gold Corp. resumed trading on September 18, 2025 (El Oro, Estado de Mexico).
Silver Dollar Resources Inc. upsized its previously announced brokered private placement from C$4 M to C$5.9 M. The Offering is being led by Research Capital Corp. and Mr. Eric Sprott has indicated his intention to participate in the transaction through 2176423 Ontario Ltd. (La Joya, Durango).
ASA Gold and Precious Metals Ltd. acquired from Minera Alamos Inc. through a private placement 55.6 M common shares and 55.6 M common shares purchase warrants for a C$19.72 M consideration in cash for the common shares. Asa Gold holds 9.6% of the issued and outstanding shares of the Issuer, or 17.5% of the issued and outstanding shares on a partially diluted basis (Santana, Sonora).
ON RESOURCES AND DEVELOPMENT
Regency Silver Corp. is to commence drilling on the fourth week of September at its Dios Padre project in Sonora. The program is for 4,500 m of drilling in six to eight holes.
ON DEALS AND CORPORATE ISSUES
Masivo Silver Corp. is advancing toward the anticipated closing of the Cerro Colorado property acquisition in Sonora, “where the project is already drill-permitted and ready for immediate mobilization of a drill program following financing and close”. The company continues to review properties in Sinaloa.
Sandstorm Gold Ltd. filed its notice of meeting, management information circular in connection with the special meeting of shareholders to approve the merger with Royal Gold Inc (Royalty on Cosalá, Sinaloa).
Almaden Minerals Ltd. provided an update to the international proceedings under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with the United Mexican States (Mexico’s formal name). Almaden is pursuing the claim together with Almadex Minerals Ltd., which holds a 2% NSR, on illegal acts by Mexico resulting in the complete loss of the Ixtaca project (Puebla) investment. The three-person arbitration panel established the procedural calendar through to the hearing dates as follows: “Mexico is due to file its counter memorial (which responds to the Claimants’ March 20, 2025, memorial), by November 24, 2025. The Claimants will file their reply to Mexico’s counter memorial by April 27, 2026, and Mexico will file its rejoinder to this reply by August 5, 2026. The hearings are scheduled for December 14 – 18, 2026 (with December 19 held in reserve), and will be held in Washington, D.C.”. The claimants are seeking damages of US$1.06 billion.
Capitan Silver Corp. announced the addition to the management’s team and board of directors of Graham Scott, director; Marc Idziszek, vice president of exploration; Israel Tolano Chacón, technical services, Xochitl L- Valenzuela Verdugo, project evaluation and Greg DiTomaso, investor relations (Cruz de Plata, Durango).
Plata Latina Minerals Corp. announced results of its annual general meeting (AGM) held on September 16, 2025. All matters presented to the meeting were approved (La Joya, Hidalgo).
Xali Gold Corp.has chosen not to continue with the option onthe Sarape project, in Sonora, from Advanced Lithium Corp.
Xali Gold Corp. under advice by the TSX clarifies its agreement with Remedioambiente S.A. de C.V. on El Oro project, Estado de Mexico. Remedioambiente has the right to recover mineral from veins and backfill left behind in the historic El Oro mine workings on five of the El Oro concessions, paying Xali Gold 3% NSR on the extracted material above the 2,400 m level. Remedioambiente has an obligation to pay the mineral rights past due and payable in the future. Once these fees reach US$50 K, the fees may be converted in Xali shares. Remedioambiente has the right to appoint a Mining Engineer to Xali’s board, and if Remedioambiente acquires greater than 20% of Xali shares within five years, also an additional person to the position of chair of the board. A total of nine mining concessions in El Oro had been declared as cancelled by the Mexican Mines Bureau (AGM.- Agencia de Minería), in a manner that are understood to be unlawful due to the failure to provide a legally required 60-day notice directly to the company.
Vizsla Silver Corp. announced that Mr. Eduardo Luna, an independent director of the Company since November 2023, has been appointed as Lead Director of the Board (Panuco, Sinaloa).
Southern Silver Exploration Corp. reached an agreement to acquire the Puro Corazon mining claim located contiguous to its 100%-owned Cerro Las Minitas project in Durango, from an arms-length third party. The Puro Corazon mine is currently extracting ore at a 60 tpd rate, producing silver-lead and zinc concentrates. Puro Corazon is to be incorporated into the surrounding Cerro Las Minitas project to immediately commence a 12,000 m infill drilling program. On the first quarter of 2026 the company will commence the preparation of a preliminary economic assessment (PEA). The right to acquire the mining concession “m from an arms-length vendor in consideration for a series of cash payments to be made over a forty-month period following entering into of a definitive assignment agreement with the vendor”.
Prime Mining Corp.announced that Glass Lewis, an independent proxy advisory firm has recommended that Prime securityholders vote “FOR” the plan of arrangement with Torex Gold Resources Inc. The proxy voting deadline is September 25, 2025. “The Board of Directors of Prime unanimously recommends that the Securityholders vote FOR the Arrangement” (Los Reyes, Sinaloa).
Goldgroup Mining Inc. has acquired 52.7% of the creditors’ rights in Molimentales del Noroeste, S.A. de C.V. Concurso Mercantil (Chapter 11 equivalent in USA). Molimentales main asset is the San Francisco mine concession in Sonora. “Goldgroup paid approximately US$3.74 million for this acquisition, which includes payments made directly to creditors as well as expenses related to the transaction. The Company anticipates incurring additional costs as it continues acquiring further creditors’ rights”.
Newmont Corp. completed the sale of 43.24 M common shares of Orla Mining Ltd. at a price of US$10.14 per common share, for aggregate gross proceeds of US$439 M. Prior to the sale Newmont held 13.3% of the issued and outstanding common shares on a non-diluted basis (Peñasquito, Zacatecas).
ON SOCIAL RESPONSIBILITY
Orla Mining Ltd. released its 2024 sustainability report describing its responsible mining and transparent disclosure of environmental, social, and governance (“ESG”) performance. At Camino Rojo, in Zacatecas, the company stressed its low GHG emission intensity, low water usage per tonne of ore processed, purchasing from local suppliers, high training of workforce and partnership with local schools.
On the image below: Specularite veinlets in volcanosedimentary rocks, secondary hematite halo, HQ core. Picture by Jorge Cirett.
La Secretaría de Economía, emitió tres órdenes de exploración que otorgan al Servicio Geológico Mexicano (SGM) la facultad exclusiva de realizar investigaciones para evaluar potenciales yacimientos minerales en los estados de Sonora, Sinaloa, Durango y Estado de México. Esta decisión forma parte de los cambios a la ley minera de 2023 que otorga al Estado la rectoría sobre los recursos mineros estratégicos.
La medida, formalizada en el Diario Oficial de la Federación (DOF), confiere al SGM la exclusividad de los trabajos de exploración inicial, marcando una…..
Para seguir leyendo la noticia, entre a la siguiente liga:
