During the 15th week of the year (April 6 to April 12, 2026), at least 21 press releases were issued by companies operating in Mexico, along with one news article published by the media. Of these, five related to deals and corporate matters, five reported production results, four presented exploration results, three addressed Mexico-related issues, three announced financing activities, and two covered resource and development updates. ON MEXICO ISSUES, Vizsla provided an update on the situation in Concordia, Sinaloa, confirming that nine colleagues have been found deceased and one remains still missed. Mithril reported an incident where their CEO and two employees experienced on-ground gunfire damage to their plane while flying near Chihuahua, about 30 km from their Copalquin project site in Durango. Rescue operations continue amidst extreme conditions at the Santa Fe mine located in the Municipality of El Rosario, Sinaloa. Last April 8th, authorities reported the successful rescue of a second miner found alive and confirmed the discovery of a third worker who had perished, while the search persists for the final miner who remains trapped. ON EXPLORATION, In Sonora, Tocvan mobilized a second RC drill rig to its flagship Gran Pilar Gold-Silver Project, to accelerate their fully funded 20,000m drilling program by enabling parallel testing of multiple high-priority targets, primarily in the South Block area, and Masivo Silver completed and extended its first diamond drill hole (CC-26-001) at its Cerro Colorado project, intersecting a significant 35.1m interval of visible mineralization characterized by quartz veinlets and sulphide minerals such as pyrite, sphalerite, freibergite, galena, and minor chalcopyrite, accompanied by a strong sericite -smectite alteration. In Chihuahua, Kingsmen acquired 100% interest in the Claudia 2 mining concession, free of any royalty, at its Las Coloradas project. In Durango, Mithril released drill results from its Copalquin project, confirming high grade and widespread silver and gold at Target 3. ON MINING, Endeavour Silver reported Q1, 2026 results from their Mexican operations. Aura announced preliminary Q1, 2026 production results from its Aranzazu mine in Zacatecas. First Majestic reported Q1, 2026 production results from their underground mines in Mexico. Teck informed that it plans to release Q1, 2026 results on April 23, 2026. Torex Gold reported Q1, 2026 AuEq production of 100,874 Oz and AuEq sales of 109,222 Oz. ON FINANCING, Avino announced its intention to make a Normal Course Issuer Bid to repurchase, for cancellation up to an aggregate of 8,428,566 common shares. Sonoro Gold announced a private placement for gross proceeds of CAD $11M. Vortex Minerals closed the first tranche of its previously announced non-brokered private placement for gross proceeds of CAD $479,900. ON RESOURCES AND DEVELOPMENT, Heliostar drilled 101m of 5.34 g/t Au in the Ana Paula Expansion Zone in Guerrero; to date, it has completed 84 holes and 28,318m as part of its ongoing 2025-26 drill program at Ana Paula project. Orogen Royalties, which holds a cash-flowing 2% net smelter return royalty at Ermitaño—a property operated by First Majestic in Sonora—announced an updated Mineral Reserve and Resource Estimate. ON DEALS AND CORPORATE ISSUES, Mexican Gold appointed Holgren Lai as Chief Financing Officer of the company. Torex Gold announced the appointment of Jacques Perron to its Board of Directors. Mexican Gold and Alcon entered into an arrangement agreement to create a diversified precious metals exploration company. Pacifica Silver informed that it has adopted a semi-annual financial reporting, effective immediately. Sonoro Gold acquired a 100%binterest in the Diana mining concession, located adjacent to the central-eastern boundary of its Cerro Caliche project in Sonora. ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
Vizsla Silver Provides Additional Update on situation in Concordia: Vizsla Silver Corp
Tocvan Announces Addition of Second Drill Rig and Accelerates High Priority Drill targets at Flagship Gran Pilar Gold-Silver Project: Tocvan Ventures Corp
Masivo Silver Extends and Completes First Hole at Cerro Colorado Project: Masivo Silver Corp
Kingsmen Acquires 100% Ownership of the Claudia 2 Claim, Adding Never-Drilled Saddle target and District-Scale Extension to Las Coloradas Silver-Gold Project: Kingsmen Resources Ltd
Pacifica Silver Announces Adoption of Semi-Annual Reporting: Pacifica Silver Corp
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, quartz vein displaying boiling texture in a low-sulphidation epithermal vein system in Guanajuato, Mexico. Photo taken by Miguel A Heredia.
During the 14th week of the year (March 30th to April March 5th, 2026), companies working in Mexico released 25 press releases. Five companies informed on early-stage property work on four properties, four companies presented quarterly and/or full-year 2025 reports one provided 2026 guidance and one more provided Q1 2026 results. One Company updated on a financing round, another one informed on a revolving credit facility and one more announced trading on a new market. Three companies presented drilling results on their advanced projects and one more initiated drilling, one more announced increased resources and two more reported updated MREs. One company is to change name. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Tocvan Ventures encountered gold mineralization in RC drilling one km from the main zone at Gran Pilar; Questcorp Mining and Riverside Resources commenced phase II exploration at La Unión; Algo Grande Copper reported drilling results from Adelita. ON MINING,Americas Gold and Silver (Cosalá, Sinaloa), Golden Minerlas (sold Velardeña, Durango), Dyna Resource (San José de Gracia, Sinaloa) and Santacruz Silver presented full year 2025 results, while Alamos Gold (Santana, Sonora) provided Q1 2026 results. Royal Gold provided 2026 guidance. ON FINANCING, three companies informed on financing movements: Minera Alamos executed a term sheet for a US$75 M revolving credit facility. Silver Spruce Resources closed the C$739 K first tranche of a non-brokered private placement. Elemental Royalty is to commence trading on the Toronto Stock Exchange. ON RESOURCES AND DEVELOPMENT, Americas Gold and Silver informed on drilling results at Cosalá, in Sinaloa. Minaurum Silver delivered drill results from the resource expansion drilling at Alamos Silver in Sonora. First Majestic Announced 2025 mineral resource estimates for Los Gatos (Chihuahua), Santa Elena (Sonora), San Dimas (Sinaloa) and La Encantada (Coahuila), for a consolidated 843 M Oz AgEq. Zacatecas Silver commenced drilling at its Zacatecas Silver project in Zacatecas. Southern Silver released drilling results from Cerro Las Minitas in Durango. Capitan Silver delivered results from RC drilling at Cruz de Plata in Durango. Aura Minerals Reported mineral resource estimates, with 246,400 Oz Au, 278.2 M Lb Cu, 7 M Oz Ag in reserves, 180,800 Oz Au, 185.3 M Lb Cu, 4.5 M Oz Ag in measured and indicated resources and 86,120 Oz Au, 104.9 M Lb Cu, 2,7 M Oz Ag in inferred resources. ON DEALS AND CORPORATE ISSUES, Axo Copper is to change name to Axo Metals. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
No Relevant News
ON EXPLORATION
Tocvan Discovers New Gold-Silver Zone 1,600 Metres from Main Zone at South Block Gran Pilar; First Aggressive Step-Out Drilling Intersects Mineralization from Surface (Gran Pilar, Sonora): Tocvan Ventures
Questcorp Mining and Riverside Resources Commence Phase 2 Exploration Program at the La Union Project, Sonora, Mexico (La Unión, Sonora): Questcorp Mining
Riverside Resources and Questcorp Launch Phase 2 Exploration Program at La Union Project, Sonora, Mexico (La Unión, Sonora): Riverside Resources
Algo Grande Reports Results from Completed Phase I Drill Program at Cerro Grande Skarn (Adelita, Sonora): Algo Grande Copper
ON MINING
Americas Gold and Silver Announces Strong Full-Year 2025 Results and 2026 Guidance with ~30% Annual Production Growth (Cosalá, Sinaloa): Americas Gold and Silver
Golden Minerals Reports Full Year 2025 Results (exited Mexico): Golden Minerals
DynaResource Reports Year End 2025 Results at the San Jose de Gracia Mine, Net Income for 2025 of $3.8 M, and Adjusted EBITDA for 2025 of $12.1 M (San José de Gracia, Sinaloa): DynaResource
Royal Gold Provides 2026 Guidance and Five Year Outlook and Announces Further Debt Repayment and Publication of Asset Handbook (royalty on Cosalá, Sinaloa): Royal Gold
Santacruz Silver Reports Year End 2025 Financial Results (Zimapán, Hidalgo): Santacruz Silver Mining
Alamos Gold Provides Notice of First Quarter 2026 Results and Conference Call, and Annual General Meeting of Shareholders (Santana, Sonora): Alamos Gold
ON FINANCING
Minera Alamos Moves to Strengthen Balance Sheet with Executed Term Sheet for US$75 Million Revolving Credit Facility from Scotiabank and National Bank (Cerro de Oro, Zacatecas): Minera Alamos
Silver Spruce Resources Inc. Announces Close of $739,250 First Tranche of Non-Brokered Private Placement and Extension (Pino de Plata, Chihuahua): Silver Spruce Resources
Elemental Royalty to Commence Trading on the Toronto Stock Exchange (Mercedes, Sonora): Elemental Royalty
ON RESOURCES AND DEVELOPMENT
Americas Gold and Silver Announces New Major Discoveries in Idaho and Mexico and a Strong 2025 Resource & Reserve Update including a 19% Year Over Year Increase in M&I Mineral Resources and 21% Increase in M&I Grades at Galena (Cosalá, Sinaloa): Americas Gold and Silver
Minaurum Drills High-Grade Silver on the Quintera Vein Zone at the Alamos Silver Project: 5.30 m of 570 g/t Ag, including 2.50 m of 1,024 g/t Ag and 5.80 m of 581 g/t Ag: Minaurum Silver
First Majestic Announces 2025 Mineral Reserve and Mineral Resource Estimates: First Majestic Silver
Zacatecas Silver Announces Drilling Commencement and Completion of First Hole at El Cristo: Zacatecas Silver
Southern Silver Intersects 4.6 metres Averaging 201g/t Ag, 4.5%Pb and 9.8%Zn (557g/t AgEq) at Cerro Las Minitas Project in Durango, México: Southern Silver Exploration
Capitan Silver Intersects 1,450.5 g/t Silver Equivalent over 1.5 Metres, Within a Wider Zone of 211.0 g/t Silver Equivalent over 41.1 Metres at the Cruz De Plata Project: Capitan Silver
Aura Reports Updated Mineral Reserves and Mineral Resources For The YearEnded 2025, Highlighting year of Significant Growth in Mineral Reserve and Resource Portfolio: Aura Minerals
ON DEALS AND CORPORATE ISSUES
Axo Copper Announces Proposed Name Change to Axo Metals: Axo Copper
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: Specularite, quartz-pyrite(-) and secondary hematite in chloritized volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.
During the 13th week of the year (March 23 to March 29, 2026), at least 20 press releases were issued by companies operating in Mexico, along with one news article published by the media. Of these, eight related to deals and corporate matters, four reported production results, three covered resource updates and project development, three presented exploration results, two addressed Mexico-related issues, and one announced financing activities. ON MEXICO ISSUES, The Supreme Court of Justice of the nation (SCJN) upholds the reform to the Mining Law, which designates lithium as a strategic resource exclusive to the State and prohibits private concessions by dismissing challenges filed against it. Silver Viper reported the best drilling intercepts in Mexico on the fourth week of March, 2026. ON EXPLORATION, In Zacatecas, Zacatecas Silver received the drill permit from SEMARNAT for the El Cristo Vein System, to support its 2026 drilling program aimed at increasing existing silver resources at the Zacatecas Silver project, announced arrival of drill rig and drilling crew, and released assay results for 124 rock-chip samples from El Cristo Vein System. ON MINING, Torex Gold reported year-end 2025 reserves and resources for its flagship Morelos Complex in Guerrero, as well as for its Los Reyes project in Sinaloa. Orogen announced preliminary and unaudited financial results for Q4, and year ended December 31, 2025. EV Resources has announced its transition from exploration to near-term production at the Tecomatlán plant in Puebla, where refurbishment work on the grinding circuit has commenced. Osisko reported Q4 and year-end 2025 results, and informed that it sold its interest in the San Antonio Gold project in Sonora to Axo Copper Corp. ON FINANCING, Coeur Mining Inc.,initiated a private exchange offer for holders of New Gold´s 6.875% senior notes due 2032. The exchange offer involves USD $400M in New Gold notes swapped for up to USD $400M in Coeur´s new notes plus cash. ON RESOURCES AND DEVELOPMENT, Silver Viper and Orex released drill results from its El Rubi-Virginia project in Sonora. Pan American reported the results of a revised Preliminary Assessment Evaluation (PEA) for its la Colorada mine in Zacatecas. ON DEALS AND CORPORATE ISSUES, Guanajuato Silver., appointed David Paxton to its Board of Directors, effective immediately, announced the filing of a NI 43-101 technical report for a new mineral resource estimate for its Valenciana Mine Complex in Guanajuato, and granted stock options to directors, officers, employees, and consultants. Silverco announced the appointments of George Paspalas as Advisor, Tara Hassan as Executive Vice President, and Victoria Avila as Senior Vice President Corporate Affairs, and Finance, and granted stock options and restricted share units to certain directors, officers, and advisors. Sierra Madre reported that it has repaid USD $2.5M of the USD $5M non-revolving, secured term loan between First Majestic and the company. Capitan Silver announced that it will commence trading on the OTCQX market under symbol “CAPTF”. GR Silver informed the sudden passing of President, CEO, and Founder Márcio Fonseca. Alamos Gold filed its annual information form and 2025 annual report on Form-40, including its audited financial statement for the year ended December 31, 2025. GoGold announced annual results from its annual general meeting of shareholders. Regency Silver appointed Raj Chowdry and Frank Cordova to the Board of Directors, effective immediately, and thanked outgoing directors Michael G. Thomson and Patrick Elliott for their contributions to the Company. ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
The Supreme Court of Justice of the Nation (SCJN) upholds Mining Law Reform; Lithium Exploitation to Be Exclusive to the State: El Financiero
Silver Viper Minerals Inc, reported the best drilling intercepts in Mexico on the fourth week of March, 2026. Details are shown in the table below:
ON EXPLORATION
Zacatecas Silver Receives Drill Permit for El Cristo, Supporting 2026 Drill Program Aimed at Increasing Existing Silver Resources at the Zacatecas Silver Project, and Announces Arrival of Drill Rigs and Drilling Crew at El Cristo: Zacatecas Silver Corp, Zacatecas Silver Corp 1 , Zacatecas Silver Corp 2
Orogen Reports Record 2025 Financial Performance and Positions for Continued Growth in 2026: Orogen Royalties Inc
EV Resources Limited Fast Tracks First Mover Advantage in Antimony Production with Tecomatlán Plant Refurbishment Underway: EV Resources Limited
Osisko Development Reported Fourth Quarter and Year-End 2025 Results: Osisko Development Corp
ON FINANCING
Coeur Mining announces Commencement of Exchange Offer and Consent Solicitation for New Gold Senior Notes: coeur mining inc
ON RESOURCES AND DEVELOPMENT
Silver Viper hits 11.70 M @ 9.18 G/T Au And 352.0 G/T Ag Including 0.50 M @ 183.50 G/T Au And 6,850 G/T Ag While Infill Drilling At El Rubi And Expands The 5,000 M Drill Program At La Virginia Project In Sonora Mexico: Silver Viper Minerals Inc
Orex Minerals Highlights Silver Viper’s High-Grade Drill Results at La Virginia, Sonora, Mexico: Orex Minerals Inc
Pan American Announces revised PEA for the La Colorada Skarn Project, Positioning La Colorada as a future Top-tier Silver Mine: Pan American Silver Corp
ON DEALS AND CORPORATE ISSUES
Guanajuato Silver Adds Veteran Mine Operator to Board of Directors. GSilver Files New Valenciana 43-101 Technical Report: Guanajuato Silver Company Ltd
Silverco Mining Announces Key Advisory and Management Appointments to Drive Transition to Mid-Tier Mexican Silver Producer: Silverco Mining Ltd
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, HQ core showing a hydrothermal breccia/ vein in an intermediate sulphidation epithermal system in Chihuahua, Mexico. Photo taken by Miguel A Heredia.
Since 2015 Miguel Heredia and I have published the weekly newsletter ‘The Mining and Exploration News in Mexico’. It has been a very rewarding experience and we have learnt a lot in the process on Mexico and on the global mining industry. Although a pro-bono project, the previous format consumed a lot of time. We realized we could not keep reasonably doing this task in the same manner when recently had to put more than 10 hours in the week for producing the newsletter, while doing long hours on project work at the same time. To sustain this contribution, we are introducing a new, streamlined format with all the key mining activity in Mexico, with links to all the original press releases and sources. It is our intention to continue serving the industry as long as it remains fun and rewarding as it has been so far.
During the 12th week of the year (March 16th to March 22nd, 2026), companies working in Mexico released 32 press releases. Four companies informed on early-stage property work, four more presented quarterly and/or full-year 2025 reports. Three companies updated on financing rounds/movements, another is not proceeding with a financing round and one more is to list in the OTCQB. Two companies presented drilling results on their advanced projects, while four more informed on their incoming drill programs. One company informed on development contracts while one more received a long awaited mining permit. Finally, one company received an economic update for its project. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Questcorp Mining and Riverside Resources completed the acquisition of key claims on La Union. In Durango, Pinnacle Silver and Gold discovered mineralization after a LiDAR survey at El Potrero. In Michoacán, Canadian Silver Hunter released assay results from surface sampling of stockpiles at an undisclosed project. ON MINING,Heliostar Metals (Ana Paula, Guerrero), Orla Mining (Camino Rojo, Zacatecas), Gold Resource (Don David, Oaxaca) and Elemental Royalty (royalty on Mercedes, Sonora) presented Q4 and/full year 2025 results. ON FINANCING, three companies informed on financing rounds/movements: Barksdale Resources (San Javier, Sonora) completed a shares for debt transaction of US$351 K and completed a private placement for C$763 K. Orogen royalties informed that the company will not proceed with the previously announced private placement. Silverco Mining commenced trading on the OTCQB. ON RESOURCES AND DEVELOPMENT, Heliostar Metals reported drilling results from San Agustín, in Durango. Silver Tiger announced contracts for development engineering and management for El Tigre, in Sonora. Orla Mining received the environmental permit for the Camino Rojo project in Zacatecas. Southern Silver Exploration presented drill results from Cerro Las Minitas in Durango. Silverco Mining announced a 30,000 m drilling program at Cusi, in Chihuahua. Pacifica Silver announced the expansion to 20,000 m of the drill program at Claudia in Durango. Zacatecas Silver received the drilling permit for its Zacatecas Silver project in Zacatecas. Silver Dollar contracted 3,500 m of drilling for La Joya, in Durango. Royalties Inc. received an economic update for the Bilbao project in Zacatecas. ON DEALS AND CORPORATE ISSUES, Orex Minerals entered into a definitive share purchase agreement with Silver Viper Minerals and Fresnillo plc to sell Silver Viper the Coneto project in Durango, for US$15 M in shares. Azucar Minerals announced the change name to Mustang Minerals Ltd. (El Cobre, Veracruz). Xali Gold announced an appointment to the board. EV Resources secured a plant for antimony production (Los Lirios, Oaxaca). ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
ON EXPLORATION
Pinnacle Discovers Silver-Lead-Zinc Mineralization Following up on LiDAR Survey at El Potrero : Pinnacle Silver and Gold
Pacifica Silver Expands Phase II Drill Program at Claudia to 20,000 m; Appoints Dr. Steven I. Weiss as Interim VP Exploration : Pacifica Silver
Silverco Mining Commences 30,000-Meter 2026 Drill Program at Cusi, Targeting Massive Step-Out Potential and Regional Blue-Sky Prospects : Silverco Mining
Silver Dollar Hires Versa for Diamond Drilling at Its La Joya Silver (Cu-Au) Project : Silver Dollar Resources
Heliostar Drills Multiple Gold Intercepts over 200 Metres From Pit Edge at San Agustin : Heliostar Metals2
Silver Tiger Awards Engineering Procurement and Construction Management Contract and Provides Construction Update : Silver Tiger Metals
Orla Mining Receives Permits to Extend Operations in Mexico Supporting Company’s Long-Term Commitment to Camino Rojo : Orla Mining
Southern Silver Intersects 6.3 Metres Averaging 874g/t AgEq at Cerro Las Minitas Project in Durango, México : Southern Silver Exploration
Zacatecas Silver Receives Drill Permit for El Cristo, Supporting 2026 Drill Program Aimed at increasing Existing Silver Resource at the Zacatecas Silver Project : Zacatecas Silver
Royalties Inc. Receives Bilbao Project Economic Update : Royalties Inc
ON DEALS AND CORPORATE ISSUES
Silver Viper Minerals announced execution of definitive agreement to acquire the Coneto Silver-Gold Project: Silver Viper Minerals
Orex Minerals Inc. Announces Sale of the Coneto Silver-Gold Project to Silver Viper Minerals Corp. : Orex Minerals
Azucar Minerals Ltd. Announces Change of Name to Mustang Minerals Limited : Azucar Minerals
During the 10th week of the year (March 2nd to March 8th, 2026), companies working in Mexico released 22 press releases. One company informed on early-stage property work, two presented quarterly and full-year reports. One company updated on a financing round, one informed on a credit facility, one other company on its credit rating, one more on its share re-purchase plan and one on the trading on a new Exchange. Four companies presented drilling results on advanced properties and one updated the MRE and a PEA on its advanced property. Eight companies informed on deals and corporate issues. ON MEXICO ISSUES, the president asserted that the moratorium in new claims is to continue. Rules on small scale coal mining are to be strengthened. ON EXPLORATION, in Sonora, Regency Silver presented drilling results from Dios Padre. ON MINING,Capstone Copper and Starcore International Mines presented quarterly and full-year reports. ON FINANCING, one company informed on a financing round: Silver spruce Resources (C$2 M). Elemental Royalty amended a US$150 M credit facility. Aura Minerals credit rating was upgraded. Pan American Silver intends to repurchase up to 5% of its shares. Highlander Silver is to trade on the NYSE. ON RESOURCES AND DEVELOPMENT, Kootenay silver released results from drilling at Columba, Chihuahua. Advance Metals presented drill results from Yoquivo, in Chihuahua. Pan American Silver reported drilling results from La Colorada, in Zacatecas, encountering several new veins. Luca Mining released drill results from Tahuehueto, in Durango. Sonoro Gold presented a new MRE and a PEA on its Cerro Caliche project in Sonora. ON DEALS AND CORPORATE ISSUES, Royalties Inc. informed on its legal proceedings with Capstone on Cozamin royalties. Heliostar Metals entered into a binding agreement with Zacatecas Silver on several non-core properties. Medoro Metals informed on the proposed reverse takeover with Narrow River. Vizsla Silver updated on the situation in Concordia, at the Panuco project in Sinaloa. Altius Minerals and Lithium Royalty completed their arrangement. Mithril Silver, Endeavour Silver and Heliostar Metals announced appointments to the board or executive positions. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
The Work Secretariat in Mexico is about to strengthen the rules on small scale coal mining. Such operations usually work with less strict security measures.
The United States army asked mining companies in USAhelp to increase the supply of 13 critical minerals. Selected projects could receive development funds between US$100 and over US$500 million The list includes arsenic, bismuth, graphite, tungsten and vanadium, minerals of which there are known prospects in Mexico.
The president of México, Claudia Sheinbaum, asserted she will continue with the moratorium in mining concessions, with the only exception for lithium by the government funded LitioMx.
ON EXPLORATION
Regency Silver Corp. announced results of its 5-hole 3,142 m drill program at Dios Padre, in Sonora. Highlighted core length results comprise 36.3 m @ 2.23 gpt Au (including 9.0 m @ 5.43 gpt Au); 22.0 m @ 0.36 gpt Au; 22.5 m @ 0.24 gpt Au; 18 m @ 94 gpt Ag (including 9.0 m @ 158 gpt Ag); 18.0 m @ 69 gpt Ag; 10.5 m @ 64 gpt Ag; 24.3 m @ 0.65% Cu (including 5.7 m @ 1.44% Cu); 18.0 m @ 0.41% Cu; 4.5 m @ 1.24% Cu. Antimony intercepts can be as high as 9 m @ 0.39% Sb. “it appears as though the lower gold rich breccia zone is spatially connected to the Dios Padre silver mine, though it may be locally shuffled and displaced via faulting.. The breccia itself appears to be primarily controlled by a swarm of Quartz-feldspar porphyry dykes that anastomose from depth towards the silver mine at surface”.
ON MINING
Capstone Copper Corp. reported financial results for Q4 and full-year 2025 with some figures from its Mexican operations. The company had a consolidated 2025 production of 224.8 K tonnes Cu at cash cost $2.44 per Lb Cu, net income of US$315.6 M, adjusted EBITDA of US$952.7 M and net debt of US$780.1 M. At Cozamin, in Zacatecas, the company produced 25,348 tonnes Cu in the year, 6,170 tonnes Cu in Q4, at cash cost $1.32 per Lb Cu in 2025 (the lowest for Capstone in an average of $2.00 per Lb Cu).
Starcore International Mines Ltd. filed results “for the third quarter ended January 31, 2026”. During the period the San Martín unit in Querétaro milled 52.6 K tonnes grading 1.33 gpt Au, 18.3 gpt Ag, recovering 85.7% Au, 46.4% Ag. Revenue was C$13.5 M, earnings of C$6.2 M and net income C$1.3 M.
ON FINANCING
Silver Spruce Resources Inc. announced a non-brokered private placement to raise proceeds of up to C$2 M (Pino de Plata, Chihuahua).
Elemental Royalty Corp. signed an amendment to the existing revolving credit facility, which was upsized to US$150 M with a US$50 M accordion feature (royalty on Mercedes, Sonora).
Aura Minerals Inc. announced its issuer credit rating was upgraded “by S&P Global Ratings from ‘B+’ to ‘BB-’, with stable outlook and, on national scale, S&P upgraded Aura’s Brazilian National Scale rating from ‘brAA’ to ‘brAA+’ and revised the outlook from positive to stable” (Aranzazu, Zacatecas).
Pan American Silver. intends to renew its normal course issuer bid to purchase up to 21 M of its common shares, or up to 5% of Pan American Silver’s issued and outstanding shares (La Colorada, Zacatecas).
Highlander Silver Corp. received approval to list its common shares on the NYSE American LLC (Mercedes, Sonora).
ON RESOURCES AND DEVELOPMENT
Kootenay Silver Inc. announced additional assay results from nine drill holes at its Columba project in Chihuahua. Approximately 17,000 m have been drilled on 24 holes of the planned 50,000-60,000 m expansion program on the 54.1 M Oz Ag contained in 5.92 M tonnes grading 284 gpt Ag. Highlighted true width intervals comprise 0.42 m @ 1,020 gpt Ag, 0.7% Pb, 1.6% Zn; 12.64 m @ 76 gpt Ag, 0.1% Pb, 0.2% Zn; 5.3 m @ 503 gpt Ag, 0.1% Pb, 0.6% Zn (including 0.58 m @ 3,620 gpt Ag, 0.1% Pb, 0.8% Zn); 9.29 m @ 31 gpt Ag, 0.4% Pb, 1.3% Zn; 3.04 m @ 98 gpt Ag, 0.1% Pb, 2.1% Zn; 1.92 m @ 6 gpt Ag, 1.2 % Pb, 4.5% Zn; 6.08 m @ 319 gpt Ag, 0.1% Pb, 0.6% Zn (including 2.0 m @ 687 gpt Ag, 0.2% Pb, 0.8% Zn).
Advance Metals Ltd. reported drilling results from its Yoquivo project in Chihuahua. Highlighted core length intervals comprise 1.82 m @ 2.8 gpt Au, 20 gpt Ag; 10.4 m @ 0.4 gpt Au, 69 gpt Ag; 67.88 m @ 0.9 gpt Au, 68 gpt Ag (Including 23.89 m @ 1.7 gpt Au, 123 gpt Ag). The company stresses current results “support a potential transition at Yoquivo from an exclusively narrow-vein underground opportunity toward a scalable development scenario potentially incorporating both underground and bulk tonnage open-pit mineralisation”.
Pan American Silver Corp. reported drill results from the southeastern and eastern Candelaria zones of the La Colorada mine in Zacatecas. Highlighted true width intervals comprise 11.6 m @ 0.81 gpt Au, 241 gpt Ag, 0.17% Cu, 2.1% Pb, 4.5% Zn; 1.03 m @ 6.19 gpt Ag, 9,730 gpt Ag, 1.22% Cu, 2.6% Pb, 5.7% Zn; 5.13 m @ 0.77 gpt Au, 1,000 gpt Ag, 0.29% Cu, 3.7% Pb, 6.7% Zn; 65.63 m @ 0.12 gpt Ag, 101 gpt Ag, 0.07% Cu, 0.3% Pb, 2.5% Zn; 9.27 m @ 0.27 gpt Au, 332 gpt Ag, 0.32% Cu, 3.8% Pb, 8.4% Zn and a core length interval of 26.35 m @ 0.1 gpt Au, 22 gpt Ag, 1.1% Pb, 2.5% Zn. “Exploration drilling between the Cristina and San Gerónimo systems has resulted in the discovery of at least four new veins and associated contact-related replacement mineralization”.
Luca Mining Corp. reported assay results from its ongoing 2026 drilling program at the Tahuehueto mine in Durango. Highlighted core length intervals comprise 1.7 m @ 3.06 gpt Au, 58 gpt Ag, 1.08% Cu, 2.4% Pb, 9.9% Zn; 7.6 m @ 14.27 gpt Au, 47 gpt Ag, 0.33% Cu, 2.6% Pb, 1.2% Zn (including 2.6 m @ 25.13 gpt Au, 25 gpt Ag, 0.1% Pb, 0.2% Zn); 15.9 m @ 0.83 gpt Au, 63 gpt Ag, 0.68% Cu, 0.8% Pb, 1.3% Zn; 1.9 m @ 1.38 gpt Au, 178 gpt Ag, 2.38% Cu, 0.8% Pb, 0.7% Zn; 13.2 m @ 6.66 gpt Au, 17 gpt Ag, 0.2% Pb, 0.7% Zn. “Initial drilling has intersected high-grade gold mineralization in breccia zones, immediately below current mine workings, confirming continuity of breccia-hosted mineralization within the Creston vein system”.
Sonoro Gold Corp. announced results of a new mineral resource estimate (MRE) and an updated preliminary economic assessment (PEA) on the Cerro Caliche project in Sonora. The study base case at $3,500 per Oz Au, $48 per Oz Ag includes a pre-tax NPV (-8%) of $360 M, pre-tax IRR of 65%, after-tax NPV of $224 M and after tax IRR of 50%, with recoveries of 72% Au, 27% Ag, a 10-year LOM with 459 K Oz AuEq , cash costs of $1,842 per Oz AuEq and an AISC of $1,902 per Oz AuEq, with a 1.7 years payback period.
ON DEALS AND CORPORATE ISSUES
Royalties Inc. reported that “the Federal Prosecutor filed formal opposition to Capstone Gold’s constitutional challenge called an Amparo against a Zacatecas appellate ruling that upheld MPZ’s royalty rights over disputed mining royalty payments. …. The Federal Court will likely take 4-6 months to process the above recommendation to uphold the lower court decisions and it overturns State decisions in only 3% of cases” (disputing royalty on some Cozamin claims, Zacatecas).
Heliostar Metals Ltd. entered into a binding agreement with Zacatecas Silver Corp. pursuant to which Heliostar will grant Zacatecas the option to acquire a 100% interest in non-core exploration projects Cúmaro (Sonora), La Lola (Sonora), Oso Negro (Sonora) and Ejutla (Jalisco?). The agreement consists of staged payments to Heliostar over the next three years totalling $450 K in cash and $750 K in shares of Zacatecas Silver, with $150 K in cash and $300 K in shares being paid upon closing. Heliostar will retain a 2% NSR on the property with 1% available to repurchase before production for $2 M.
Madoro Metals Corp. informed on the proposed reverse takeover with Narrow River Resources Pty Ltd. Madoro and NRR continue to advance and progress as expected in the TSX Venture Exchange requirements, including technical reporting, preparation of transaction documentation, and assembly of required regulatory filings. The parties remain committed to moving the proposed transaction forward (Yautepec, Oaxaca).
Vizsla Silver Corp. provided an update of the situation at the Panuco project in Sinaloa, announcing that the company “has been focused on supporting the families of the ten colleagues taken from its project site in Concordia, as well as its employees, through a time of pain, grief, and uncertainty … Vizsla Silver continues to cooperate fully with Mexican authorities as search efforts and the broader investigation proceed. The Company remains committed to supporting the authorities in their work and will continue to provide updates as confirmed information becomes available. The safety and security of employees, contractors, and community members remain Vizsla Silver’s highest priority. The Company continues to review and strengthen its security protocols in close coordination with local authorities”.
Altius Minerals Corp. and Lithium Royalty Corp. announced the completion of their plan of arrangement. It was approved by LRC shareholders at a special meeting of shareholders held on February 26, 2026 with 99.8% of all votes cast being in favor of the arrangement (royalty on Cuale, Jalisco).
Mithril Silver and Gold Ltd. announced the appointment of James Barr as Vice President, Exploration (Copalquin, Durango).
Endeavour Silver Corp. announced the appointment of George Paspalas to the board of directors, the retirement of Don Gray as Chief Operating Officer and the appointment of Luis Castro as Chief Operating Officer (Terronera, Jalisco).
Heliostar Metals Ltd. announced the addition of Tara Gilfillan as a non-executive director and Audit Chair to the board of directors (Ana Paula, Guerrero).
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: chlorite alteration and specularite veining on volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.
During the 9th week of the year (February 23th to March 01st 2026), at least 33 press releases were announced by companies working in Mexico, and 1 news publish by the media, with ten disclosing deals and corporate issues, eight informing on exploration results, eight reporting resources and development of their properties, three communicating production results, three announcing financing rounds, and two commenting on Mexican issues. ON MEXICO ISSUES, According to an analysis of S&P Mining Intelligence, the Mexican Mining Policy may affect Mexico-USA Critical Minerals Plan. Minaurum Silver, Silverco, Heliostar, Capitan Silver and Axo Copper reported the best drilling intercepts in Mexico on the fourth week of February, 2026. ON EXPLORATION, In Sonora, Barksdale informed that it is reviewing a sample collection program to assay historic core drill samples, and Riverside released assays and exploration results at its Ariel project. In Chihuahua, Mammoth identified potential draw point locations for small-scale gold-silver and pilot leach testing at its Tenoriba project. In Durango, Pinnacle provided an update on its El Potrero project; Mithril reported progress of its ongoing exploration activities at La Dura and Copalquin projects and Capitan Silver released assays from nine RC holed drilled at Cruz de Plata project. In Jalisco, Axo Copper provided an update on its exploration plan at La Huerta project. In Guerrero, J2 Metals reported high grade Ag-Au-Sb results from the due diligence visit to its Sierra Plata project. ON MINING, Aura reported Q4 and full year, 2025 production and financial results (Aranzazu mine, Zacatecas). Endeavor announced Q4 and full 2025 results from their Mexican operations. ON FINANCING, Regency Silver closed its previously announced non-brokered private placement for gross proceeds of CAD $4,247,500 (Dios Padre project, Sonora). Questcorp closed the first tranche of its upsized non-brokered private placement, increasing the total offering from CAD $2.22M to CAD $2.62M (La Union project, Sonora). Algo Grande closed its previously announced non-brokered private placement for gross proceeds of CAD $6.52M (Adelita project, Sonora). ON RESOURCES AND DEVELOPMENT, Oroco commenced its Phase 2 drill program at its Santo Tomas project in Sinaloa. Kootenay informed that a three-dimensional induced polarization (3D-IP) and Audio-Magnetotelluric AMT) geophysical survey has initiated at its Columba project in Chihuahua. Minaurum filed a NI43-101 Technical Report, Mineral Resource Estimate on its Alamos Silver project in Sonora. Silverco released the final assay results from the 2025 drilling program at its Cusi mine in Chihuahua. Minaurum announced the mobilization of six rigs to accelerate its ongoing Phase II, 50,000m resource expansion drilling program at its Alamo Silver project in Sonora, and released additional results. GoGold informed that it has advanced the development of its Los Ricos South project in Jalisco. Heliostar released results from the ongoing drilling program at its Ana Paula project in Guerrero. Axo Copper provided an update on its exploration plan at its recently acquired San Antonio Gold project in Sonora. ON DEALS AND CORPORATE ISSUES, Pinnacle signed an amendment agreement with the vendor of El Potrero project, Durango. GR Silver informed that it qualified to trade on the OTCQX Best Market and granted stock options to certain external consultants (Plomosas project, Sinaloa). Goldgroup completed the sale of Pinos project in Zacatecas. Bear Creek announced that the Supreme Court of British Columbia approved the plan of arrangement with Highlander Silver (Mercedes mine, Sonora). Silverco announced that Nuevo Silver has completed the purchase of the La Negra mine in Queretaro. Canasil announced the appointment of Fabian Espinoza as Exploration Manager, Mexico (Nora project, Durango). GR Silver announced it will present at PDAC 2026 Convention (Plomosas project, Sinaloa). Highlander and Bear Creek completed business combination (Mercedes mine, Sonora). Santacruz granted stock options to a firm leader in investor relations and capital marketing advisory (Zimapan mine, Hidalgo). Silver Storm announced that it will be attending visitors of the PDAC 2026 Convention at its booth (La Parrilla mine, Durango). ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
According to an analysis of SP Global Market Intelligence, the Mexican Mining Policy may affect Mexico-USA Critical Minerals Plan. Mexico is among the largest producers of six of the 60 minerals it imports from the United States, but the 2023 mining reform could limit the attraction of new investment. The agreement on critical minerals recently reached with the United States represents an opportunity for Mexico to boost its mining sector. Despite the agreement, President Sheinbaum has reiterated that no new mining concessions will be granted, nor will the strict 2022 law be modified, which could limit the attraction of new investments and the development of new projects.
Minaurum Silver Inc., Silverco Mining Ltd., Heliostar Metals Ltd., Capitan Silver Corp., and Axo Copper Corp., reported the best drilling intercepts in Mexico on the fourth week of February, 2026. Details are shown in the table below:
ON EXPLORATION
Barksdale Resources Corp., informed that it is reviewing a sample collection program to assay historic core drill samples and core from 2021 Barksdale drilling program for gold content. During the 2021 drill campaign, Barksdale encountered three broad intercepts of gold, including 1.97 g/t Au over 27m in hole SJ21-04; and two 21m intervals of 0.55 g/t Au followed by 1.57 g/t Au in hole SJ21-05.
Riverside Resources Inc., reported new assay results and exploration updates from its Ariel project in Sonora. Highlights include high-grade mineralization from veins in the northern Maria Luisa area, with values of up to 320 g/t Ag, 5.4% Pb, and 0.66 g/t Au. The company also completed detailed geological mapping and alteration mineral studies using spectral analysis to identify minerals associated with porphyry copper and high-sulphidation systems. In addition, a regional geophysical dataset was analyzed to prioritize drilling within permitted areas. Riverside expanded its land position through the acquisition of adjacent mineral concessions, consolidating the Ariel project into a single, drill-ready property covering 1,640 hectares. The work has further refined two principal target styles: a porphyry copper target and an epithermal target interpreted as the upper portion of a porphyry system.
Mammoth Resources Corp., identified potential draw point locations for small-scale gold-silver and pilot leach testing at its Tenoriba project in Chihuahua. Geologists analyzed thousands of surface samples and drill results, combined with geological and geophysical data, to pinpoint promising several draw point within the Carneritos area, with average gold grades ranging from about 0.97 g/t to 3.86 g/t. The target that shows high surface grades averaging 3.86 g/t gold has not been drilled yet. Next plans of the company are to carry out a field validation of the selected draw points; estimate size and tonnage; run metallurgical tests, and drill to define resources.
Pinnacle Silver and Gold Corp., provided an update on its El Potrero project in Durango, as its progresses towards a production decision. Key developments include the rehabilitation of historic mine workings and the preparation of drill stations, with a a total of 2,423m of drilling across 107 holes planned. The company also has applied for an environmental permit for surface drilling; completed a second round of metallurgical testing to optimize gold and silver recoveries, and finalize a feasibility study to extend a powerline to the project site. In addition, further community agreements are expected following the recent signing of a one-year agreement with the Ejido El Carmen.
Mithril Silver and Gold Limited reported progress of its ongoing exploration activities at La Dura and Copalquin projects in Durango. A high-resolution LiDAR survey revealed a 1.5 km by 300m structural corridor with multiple historic mine shafts, adits and prospecting pits, identifying a high-priority key drill target. Ongoing drilling at Target 1 aims to update resources, while promising early results at Target 3 are guiding future exploration. The company is integrating LiDAR, magnetic surveys, and sampling data to prioritize areas for resource expansion and district-wide development.
Capitan Silver Corp., released assays from nine RC holed drilled at Cruz de Plata project in Durango., and initiated core drilling at the property, focused on extending the new high-grade silver zone at the Jesus Maria trend proximal to the Peñoles Fault. Two more rigs are expecting to arrive in the coming weeks and will target several priority drill targets in addition to testing deeper mineralization along the Jesus Maria Silver Trend. RC Drilling highlights are shown in the next table:
Axo Copper Corp., provided an update on its exploration plan at La Huerta project in Jalisco. Drilling at La Huerta project is ongoing, with the current objective of testing the down-dip extension at Las Marias, through a series of planned holes ranging from approximately 350m to 450m in length. Recent assay results from La Huerta include an intercept of 2.26% Cu and 6 g/t Ag (2.34% CuEq) over 11.4m, including 3.69% Cu and 9 g/t Ag (3.81% CuEq) over 4.2m in hole LHCC-25-043.
J2 Metals Inc., reported high grade Ag-Au-Sb results from the due diligence visit to its Sierra Plata project in Guerrero, with a peak of 12.8 g/t Au and 3.1Kg Ag/t (60.49 g/t AuEq) from the waste dumps of the San Miguel mine. The company plans to conduct follow-up mapping, geochemistry, and magnetic geophysics to explore the property.
ON MINING
Aura Minerals Inc., reported Q4 and full year, 2025 production and financial results (all currency is expressed in US dollars). In Q4, 2025, the company produced at its Aranzazu mine in Zacatecas, a total of 18,878 Oz AuEq and sold 18,068 Oz AuEq at cash and AISC of $ 1,228 and $1,732 per Oz AuEq sold respectively. Aura also reported some financial numbers from its Aranzazu mine, including revenue of $66.54M and EBITDA of $40.99M. Full year 2025 production was 83,140 Oz AuEq and Aura sold 82,328 Oz AuEq at cash and AISC of $1,156 and $1,569 per Oz AuEq sold respectively. The company declared and approved the payment of a dividend of USD $0.66 per common share (approximately $55.1M).
Endeavor Silver Corp., announced Q4 and full 2025 results from their Mexican operations. The next tables show figures by mine for both periods:
ON FINANCING
Regency Silver Corp., closed its previously announced non-brokered private placement for gross proceeds of CAD $4,247,500 by selling 16, 990,000 units at a price of CAD $0.25 by unit. Net proceeds will be used to support the ongoing drilling at Dios Padre project, in Sonora.
Questcorp Mining Inc., closed the first tranche of its upsized non-brokered private placement of 11,100,000 units at a price of CAD $0.2 per unit for gross proceeds of CAD $2.22M, and then it amended and restated to 13,100,000 units at a price of CAD $0.20 per unit for gross proceeds of CAD $2.62M. Part of the gross proceeds will be used for exploration work at La Union project in Sonora, as well as general working capital purposes.
Algo Grande Copper Corp., closed its previously announced non-brokered private placement of 10,037,020 shares at a price of CAD $0.65 per share for gross proceeds of CAD $6.52M. Net proceeds will be used to fund the next phase of exploration at its Adelita project in Sonora, focused on a Phase II drilling program.
ON RESOURCES AND DEVELOPMENT
Oroco Resource Corp., commenced its Phase 2 drilling program at its Santo Tomas project in Sinaloa. The program will consists of infill and confirmation drilling to refine de geological and grade model to support the upgrade of the mineral resource classifications in the project’s South Zone. The company also announced that it will undertake complementary Pre-Feasibility Study (PFS) hydrological, geotechnical and metallurgical programs intended to advance project engineering and reduce technical risk at Santo Tomas project.
Kootenay Silver Inc., informed that a three-dimensional induced polarization (3D-IP) and Audio-Magnetotelluric AMT) geophysical survey has initiated at its Columba project in Chihuahua. It will cover over 1,250 hectares to aid in discovering additional mineralized zones, and is expected to take approximately eight weeks to complete. The geophysical survey aims to enhance understanding of subsurface structures and mineralization, complementing ongoing drilling efforts that have already delineated significant silver-lead-zinc- resources. The combined geophysical data will help refine drill targets, support resource expansion, and guide future exploration, all as part of Kootenay’s broader plan to advance the project and increase silver-lead-zinc resource estimates.
Minaurum Silver Inc., filed a NI43-101 Technical Report, Mineral Resource Estimate on its Alamos Silver project in Sonora to announce results from its resource-expansion drill program in the Europa, Promontorio and Travesia vein zones.
Silverco Mining Ltd., released the final assay results from the 2025 drilling program at its Cusi mine in Chihuahua. Drilling highlights at San Miguel Zone include hole CU-25-45 with 0.22 g/t Au, 500 g/t Ag, 1.6% Pb, and 3% Zn (548 g/t AgEq) over 3.9m, including 0.63 g/t Au, 1,265 g/t Ag, 3.6% Pb, and 6% Zn over 1,348 g/t AgEq, plus 0.34 g/t Au, 293 g/t Ag, 1.7% Pb, and 3.1% Zn (370 g/t AgEq) over 13.6m, including 1.18 g/t Au, 1,1015 g/t Ag, 0.3% Pb, and 0.7% Zn (980 g/t AgEq) over 1.3m; hole CU-25-43 with 0.27 g/t Au, 137 g/t Ag, 2.1% Pb, and 3.2% Zn (236 g/t AgEq) over 12m, including 0.58 g/t Au, 198 g/t Ag, 4.5% Pb, 6.7% Zn (417 g/t AgEq) over 3.1m, plus 0.08 g/t Au, 54 g/t Ag, 2.6% Pb, and 4.1% Zn (181 g/t AgEq) over 3.1m; and hole CU-25-58 with 0.7 g/t Au, 239 g/t Ag, 13.1% Pb, and 15.7% Zn (803 g/t AgEq) over 3.7m.
Minaurum Silver Inc., announced the mobilization of six rigs to accelerate its ongoing Phase II, 50,000m resource expansion drilling program at its Alamo Silver project in Sonora, and released additional results. The company will continue step-out drilling on vein zones with established resources at Europa and Promontorio-Travesia, while initiating resource-definition on several additional veins, including San Jose, Quintera, Cotera-Pulpito, and Minas Viejas. Drilling highlights are shown in the table below:
GoGold Resources Inc., informed that it has advanced the development of its Los Ricos South project in Jalisco. Key activities include detailed underground mine design, plant engineering, and equipment procurement underway. The company has selected contractors for underground mining, secured key equipment like a SAG grinding mill and working out power, and water supplies, and is preparing for construction once permits are received. Plant designs for processing and tailings are over halfway done. With a robust financial position of approximately USD $250M, GoGold is well-positioned to move towards production, aiming to benefit the local community and stakeholders through economic investments.
Heliostar Metals Ltd., released results from the current drilling program at its Ana Paula project in Guerrero, which is focused on converting inferred ounces to higher confidence classifications, as well as support the ongoing Feasibility Study. Drilling results are shown in the next table:
Axo Copper Corp., provided an update on its exploration plan at its recently acquired San Antonio Gold project in Sonora. It announced that it will commence an initial 25,000m drill program to expand and upgrade existing resources through infill drilling, as well as to drill additional 5,000mto test new exploration targets along strike of known deposits. Sapuchi deposit is a top priority and is considered a potential starter pit due to oxide mineralization and existing infrastructure. Additional exploration targets include El Tigre, with strong surface gold results and historic workings. It consists of a 1.5km by 0.5km mineralized corridor, located along strike and immediately west of the Golfo de Oro resource. Initial drilling (~5,000 m) will test strike continuity and vertical extent, with scalability contingent on results.
ON DEALS AND CORPORATE ISSUES
Pinnacle Silver and Gold Corp., informed that it amended payment terms for the El Potrero project in Durango. The original payment of USD $750K due on February 21, 2026 will be split into three equal portions. The new payment schedule will comprise payments of US$250,000 on each of February 24, May 24 and August 24, 2026. All other cash payments and share issuances remain the same.
GR Silver Mining Ltd., informed that it qualified to trade on the OTCQX Best Market. GR Silver will trade under the symbol “GRSLF”. The company also granted incentive options to certain external consultants to purchase up to 750,000 common shares. These options are exercisable for a period of five years at a price of CAD $0.465 per share. On the other hand, GR Silver entered into a consultant agreement with Redwood Empire Financial Communications LLC to receive investor relations services commencing January 1, 2026 and ending on December 31, 2026 (Plomosas project, Sinaloa).
Goldgroup Mining Inc., completed the sale of Minera Apolo SA de CV, which owns all the issued and outstanding shares of Minera Catanava SA de CV. Apolo and Minera Catanava collectively hold a 100% interest in the Pinos project in Zacatecas, which comprises 30 contiguous mining concessions totalling 3,816 hectares. Goldgroup sold the project to a private arm´s length British Columbia company in consideration of USD $5M in stages payments, with USD $2.45M paid on signing, USD $550K paid on closing and USD $2M to be paid within six months following the closing, which paymrent is secured by a promissory note.
Bear Creek Mining Corporation announced that the Supreme Court of British Columbia approved the plan of arrangement with Highlander Silver under the Business Corporations Act. It will enacts Highlander to acquire all the issued and outstanding common shares of Bear Creek as previously announced (Mercedes mine, Sonora).
Silverco Mining Ltd., announced that Nuevo Silver Inc., has completed the purchase of the La Negra mine in Queretaro, and is proceeding with its proposed acquisition of Nuevo Silver. The company continues to negotiate a definitive agreement, pending due diligence, board approval, and regulatory clearances. The upcoming steps involve finalizing the acquisition process and obtaining all necessary approvals.
Canasil Resources Inc., announced the appointment of Fabian Espinoza as Exploration Manager, Mexico (Nora project, Durango).
GR Silver Mining Ltd., announced it will present at PDAC 2026 Convention from February 26th to March 04th, 2026 (Plomosas project, Sinaloa).
Highlander Silver Corp., and Bear Creek Mining Corporation completed business combination under Division 5 of Part 9 of the Business Corporations Act and the concurrent closing of the debt settlement agreements between Highlander Silver and each of Royal Gold, Inc., through its wholly-owned subsidiary, International Royalty Corporation, and Equinox Gold Corp., (Mercedes mine, Sonora).
Santacruz Silver Mining Ltd., granted 45,000 stock options at an exercise price of CAD $17.18 to a firm leader in investor relations and capital marketing advisory (Zimapan mine, Hidalgo).
Silver Storm Mining Ltd announced that it will be attending visitors of the PDAC 2026 Convention at its booth (La Parrilla mine, Durango).
ON SOCIAL RESPONSIBILITY
No relevant news.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture below, float of a quartz vein in an intermediate sulphidation epithermal vein-breccia system in Chihuahua, Mexico. Photo taken by Miguel A Heredia.
During the 8th week of the year (February 16th to February 22nd, 2026), companies working in Mexico released 54 press releases. Five companies informed on early-stage properties work, eleven presented quarterly and full-year reports, one company is working on an expansion project and one more release its guidance for 2026. Six companies updated on financing rounds, one company granted options, one company consolidated shares, three more declared dividends and eight were recognized as top companies. Nine companies presented updates on advanced properties, while five companies informed on deals and corporate issues. ON MEXICO ISSUES, The Mexican government is assessing to open oil and gas fracking, a previously no-go zone. Vizsla Silver continues operations in Sinaloa. ON EXPLORATION, in Chihuahua, Kingsmen Resources is to drill at Las Coloradas. In Sinaloa, Mercado Minerals informed on exploration and surveys at Copalito. In Durango, Canasil Resources is to drill at Vizcaíno; Silver Wolf Exploration is to drill the Ana María project. In Oaxaca, EV Resources informed on work at Los Lirios. ON MINING,Starcore International Mines, Alamos Gold, Torex Gold Resources, Equinox Gold, Pan American Silver, Coeur Mining, Discovery Silver, Royal Gold, Avino Silver and Gold Mines, Newmont and First Majestic Silver presented quarterly and full-year 2025 reports. Luca Mining is working on an expansion project for its Campo Morado mine in Guerrero. Capstone Copper released its 2026 guidance. ON FINANCING, six companies informed on financing rounds: Silver Tiger Metals (C$57.5 M), Regency Silver (C$4 M), Tocvan Ventures (C$10 M), Silverco Mining (C$62.5 M), Algo Grande Copper (C$7 M) and Orex Metals amended terms on a previously announced placement. Silver Wolf Exploration granted stock options. Infinitum Copper and Canuc Resources informed on share consolidation programs. Equinox Gold, Alamos Gold and Teck Resources informed on dividends. Eight companies made it to the 2025 TSX Venture Exchange Top 50, seven of which have the term silver on its name: Apollo Silver, Guanajuato Silver Company, Sierra Madre Gold and Silver, Capitan Silver, Silver Viper Metals, Santacruz Silver Mining, Southern Silver Exploration and Goldgroup Mining. ON RESOURCES AND DEVELOPMENT, GR Silver mobilized drill rigs to Plomosas, in Sinaloa. Sierra Madre Gold and Silver is expanding production at La Guitarra, Estado de México. Pacifica Silver released drill results from Claudia, in Durango. Luca Mining released interesting drill results from its Campo Morado mine in Guerrero. Alamos Gold reported 2025 its MRE for the Mulatos district in Sonora. Hecla Mining reported 2025 MRE for San Sebastián in Durango. Defiance Silver updated on drilling results at its Zacatecas project. Newmont reported mineral reserves and resources for Peñasquito, in Zacatecas. Orla Mining released a PEA for Camino Rojo underground in Zacatecas. ON DEALS AND CORPORATE ISSUES, EV Resources and Kootenay Silver entered into marketing services agreements. Discovery Silver and Hecla Mining announced appointments to the board. Bear Creek Mining shareholders voted for the arrangement with Highlander Silver. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
Mexico’s president Claudia Sheinbaum acknowledged that the federal government through Pemex (Petroleos Mexicanos) assesses the possibility of using fracking to recover gas and oil in Mexican soil.
Feliciano Castro, economy secretary in Sinaloa,informed Vizsla Silver is to continue operations in Sinaloa. This after the recent violence that affected its workers in the Concordia community.
ON EXPLORATION
Canasil Resources Inc. announced the drill permit application for the Vizcaino project in Durango is in progress. The program envisages 1,050 m of diamond drilling in six holes. A phase 2 program of 1,450 m in eight holes is to follow after the evaluation of results. “The outcrops show classic banded epithermal textures typical of the higher levels of epithermal vein systems”.
Kingsmen Resources Corp. informed the upcoming drill program at Las Coloradas in Chihuahua “will comprise step-out and deeper drilling around the high-grade silver mineralization intersected in the Soledad and Soledad II vein/structures. Drilling on the Soledad vein/structure has tested very specific targets and approximately 700 meters of the system remains to be drilled. With only one shallow hole drilled, the ~1.7 km-long Soledad II vein/structure offers excellent discovery potential”. Targets to be tested include Saddle, Silvia/La Plata and Almoloya.
Silver Wolf Exploration Ltd. announced that a drill contract has been signed, and a drill rig mobilized to the Ana María property in Durango. The company intends to commence a 3,000 m 13-hole drill program.
EV Resources Ltd. informed antimony ingots were produced on preliminary metallurgical testing at Los Lirios project in Oaxaca. “EVR utilised stockpiles of material from the Lirios 1 and Lirios 2 East open pits to conduct preliminary direct-to-smelter testing”.
Mercado Minerals Ltd. informed its technical team has been mapping, sampling and preparing an incoming 3,000 m drilling program at its Copalito project in Sinaloa. A drone based magnetic survey and a drone LiDAR survey have been completed, while soil sampling presents 25% advance. Geological mapping has identified three new areas with mineralization hundreds of meters from previously known targets.
ON MINING
Starcore International Mines Ltd. announced production results for its third fiscal quarter ended January 2026. At San Martín, in Querétaro, 52.6 K tonnes were processed grading 1.33 gpt Au, 18.3 gpt Ag, recovering 85.7% Au, 46.4% Ag, to produce 2,162 gpt AuEq. “… the exploration carried out over the past six months to extend the high-grade ore bodies in the northern part of the current operation was successful. We have begun mining these new highgrade extensions which are grading approximately 5 grams of gold and 80 grams of silver per ton”.
Alamos Gold Inc. presented its fourth quarter and year-end 2025 results, including figures from its Mexican operations. On a consolidated basis the company produced 545,040 Oz Au at a cash cost of $1,077 per Oz Au and an AISC of $1,524 per Oz Au in the year and 141,500 Oz Au in the quarter. At the Mulatos District, in Sonora, Alamos Gold produced 40,100 Oz Au in the quarter and 141,600 Oz Au in the year at cash cost $947 per Oz Au and an AISC of $1,018 per Oz Au.
Torex Gold Resources Inc. reported its financial and operational results for Q4 of 2025. At its Morelos property in Guerrero, the company produced 117,325 Oz AuEq in the quarter, at cash cost $1,499 per Oz AuEq and an AISC of $1,905 per Oz AuEq. For the year, production was 461,420 Oz AuEq at cash cost $1,376 per Oz AuEq and an AISC of $1,783 per Oz AuEq. “The Company plans to invest a record $77 million in exploration and drilling in 2026 including $43 million at Morelos. Drilling at Los Reyes remains suspended given the security environment within the State of Sinaloa…”.
Equinox Gold Corp. reported its financial and operational results for Q4 and full-year 2025, without disclosing figures from its Mexican operations. The company had a consolidated production of 856,908 Oz Au at cash cost $1,416 per Oz Au and an AISC of $1,809 per Oz Au. Operations at Los Filos, in Guerrero, were terminated on April 2025 because of the rejection of the community to grant land access.
Pan American Silver Corp. reported fourth quarter and year-end 2025 financial results, without disclosing figures by operation. The company produced 22.8 M Oz Ag, 742.2 K Oz Au, 3 K tonnes Cu, 27 K tonnes Pb, 55.9 K tonnes Zn, an AISC of $13.88 per Oz Ag. “The Company is now evaluating a potential phased approach to developing the La Colorada mine and Skarn project with the aim of maximizing the overall value of the deposit. A phased approach would allow the Company to focus on a higher grade, lower tonnage and less capital intensive initial stage with the option to be followed by a later expansion to target lower grade material”.
Coeur Mining Inc. reported fourth quarter and year-end 2025 financial results, including figures from its Mexican operations. The company produced 419,046 Oz Au, 18.2 M Oz Ag, at cash cost $1,347 per Oz Au, $17.69 per Oz Ag. At Las Chispas, in Sonora, the company milled 403 K tonnes during 2025, grading 4.4 gpt Ag, 409 gpt Ag, recovering 97.1% Au, 97.2% Ag, to produce 54,705 Oz Au, 5.1 M Oz Ag, at cash cost $1,649 per Oz Au, $19.11 per Oz Ag, generating US$285.8 M in free cash flow. At Palmarejo, in Chihuahua, 1.75 M tonnes were milled grading 1.9 gpt Au, 130 gpt Ag, recovering 94.2% Au, 88.7% Ag, to produce 100,768 Oz Au, 6.5 M Oz Ag, at cash cost $871 per Oz Au, $15.85 per Oz Ag, generating US$154.5 in free cash flow. At the end of the period Coeur had US$554 M in cash and total debt of US$341 M.
Discovery Silver Corp. announced financial and operating results for the fourth quarter and full-year 2025. The company produced 66,718 Oz Au during 2025 at cash cost $1,185 per Oz Au and at an AISC of $2,034 per Oz Au, out form Mexico. During Q4 2025 the company engaged a third-party assessment on the use of natural gas power sources at Cordero, in Chihuahua, completed a geotechnical assessment work on the planned upgrade of the local water treatment plant and is evaluating the potential to establish solar farms around the project site, while working with the various governmental bodies involved in issuing the permits for the project.
Royal Gold Inc. released results for Q4 and full year 2025, including figures from its Mexican operations. For 2025 the company had revenue of US$1,030. 5 M. Royalties in the year from Peñasquito in Zacatecas amounted to US$70.2 M and from Mercedes in Sonora to US$3.5 M.
Avino Silver & Gold Mines Ltd. provided an outlook for 2026 and key 2025 milestones. During 2025 production results were 1.16 M Oz Ag, 7,621 Oz Au, 5.7 M Lb Cu. The company changed the planned mining method for La Preciosa, in Durango, to allow for a 500 tpd rate of extraction by H2 2026. “In the fourth quarter, La Preciosa contributed nearly 12,000 tonnes of mill feed”. In 2026 the company expects to process 725 – 750 K tonnes sourced from La Preciosa and Avino mines, to produce 1.0 – 1.2 M Oz Ag, 5 – 7 K Oz Au and 6.0 – 7.5 M Lb Cu at cash cost $18 – $20 per Oz AgEq and an AISC of $24 – $26 per Oz AgEq. Plans for 2026 include 30,000 m of drilling at La Preciosa and Avino.
Newmont Corp. announced fourth quarter and full year 2025 results, including figures from its operations in Mexico. During the year 5.89 M Oz Au were produced globally. At Peñasquito, in Zacatecas, 415 K Oz Au, 28 M Oz Ag, 28 K tonnes Pb, 58 K tonnes Zn were produced at an AISC of 1,491 per Oz AuEq. Guidance for 2026 is 185 K Oz Au, 32 M Oz Ag, 90 k tonnes Lead, 220 K tonnes Zn.
First Majestic Silver Corp. announced Q4 and year 2025 audited consolidated financial results. In 2025 the company produced 15.4 M Oz Ag, 147,433 Oz Au (342 Oz Au produced out from Mexico) at cash cost $15.07 per Oz AgEq and an AISC of $21.17 per Oz AuEq. During the year, at Los Gatos in Chihuahua, 5.87 M Oz Ag, 3,121 Oz Au (8.9 M Oz AgEq) were produced at cash cost $12.91 per Oz AgEq and an AISC of $15.15 per Oz AgEq. At San Dimas in Durango, 5.38 M Oz Ag, 55,724 Oz Au were produced at cash cost $14.97 per Oz AgEq and an AISC of $19.62 per Oz AgEq. At Santa Elena, in Sonora, 1.42 M Oz Ag, 88,107 Oz Au were produced at cash cost $14.36 per Oz AgEq and an AISC of $17.96 per Oz AgEq. At La Encantada, in Coahuila, 2.76 M Oz Ag, 137 Oz Au were produced at cash cost $23.61 per Oz AgEq and an AISC of $29.96 per Oz AgEq.
Luca Mining Corp. is working on an expansion project led by Ausenco for its Campo Morado mine in Guerrero. The project focuses on bulk flotation and recovery of precious metals from pyrite concentrates. A second phase will evaluate methods to recover Au and Ag from tailings, including cyanide leaching, Albion process, and Pressure Oxidation.
Capstone Copper Corp. released 2026 annual production guidance, including figures for its Mexican operations. Consolidated copper production is forecast between 200 -230 K tonnes at cash cost $2.45 to $2.75 per Lb Cu. Total sustaining capital expenditures are set at US$270 M. For Cozamin in Zacatecas, production is estimated between 21 to 24 K tonnes Cu, at cash cost $1.55 to $1.85 per Lb Cu, with ore production grades estimated at 1.8% Cu.
ON FINANCING
Mexico Financing in Q4 2025. over US$1.5 billion was channeled to mining companies in Mexico through financing rounds in the last quarter of 2025. Companies with operating mines or properties near production took 77% of these funds, with Endeavour Silver, First Majestic Silver and Vizsla Silver (the three silver miners), taking over US$300 M each to their coffers. Companies with advanced properties raised 19% of the total while exploration companies accrued 4% of the funds.
Silver Tiger Metals Inc. closed its previously announced bought deal offering for gross proceeds of C$57.5 M (El Tigre, Sonora).
Regency Silver Corp. arranged a non-brokered private placement for aggregate gross proceeds of C$4 M (Dios Padre, Sonora).
Tocvan Ventures Corp. closed its previously announced bought deal private placement for aggregate gross proceeds of C$10 M, including the full exercise of the over-allotment option (Gran Pilar, Sonora).
Silverco Mining Ltd. closed its previously announced bought deal offering for aggregate gross proceeds of C$62.5 M. Insiders of the company subscribed for C$11.2 M (Cusi, Chihuahua).
Algo Grande Copper Corp. upsized its previously announced non-brokered private placement to accrue up to C$7 M in gross proceeds (Adelita, Sonora).
Orex Metals Inc. amended the terms of its previously announced non-brokered private placement. The hold period has been increased to twelve months from four months previously. The anticipated closing of the offering is now March 4, 2026, with the correct warrant price being C$0.22 (Sandra, Durango).
Silver Wolf Exploration Ltd. granted 2.3 M incentive stock options to directors, officers, consultants and employees (Ana María Durango).
Infinitum Copper Corp. announced the completion of its eight to one share consolidation is to take effect on February 20, 2026 (Adelita, Sonora).
Canuc Resources Corp. announced its shares have been consolidated on a ten to one ratio (10:1) on February 18, 2026 (San Javier, Sonora).
Teck Resources Ltd. has declared an eligible dividend on its outstanding class A common shares and class B subordinate voting shares to be paid on March 31, 2026 (San Nicolás, Zacatecas).
Alamos Gold Inc. authorized a 60% increase to its quarterly dividend to US$0.04 per common share (Mulatos, Sonora).
Apollo Silver Corp. has been recognized as a 2026 Top Company by the TSX Venture Exchange (Cinco de Mayo, Chihuahua).
Guanajuato Silver Company Ltd. has been included in the 2025 TSX Venture 50 list of top performing companies. Additionally, the company entered in a service agreement with Epstein Research for investor relations services, for a US$2 K monthly fee (El Cubo, Guanajuato).
Sierra Madre Gold and Silver Ltd. has been recognized as a 2026 Top 50 company by the TSX Venture Exchange. The company granted 1 M stock options to employees and consultants (La Guitarra, Estado de México, Estado de México).
Capitan Silver Corp. has been included in the TSX Venture 50 list (undisclosed project in Mexico).
Silver Viper Minerals Corp. announced its inclusion in the 2026 TSX Venture 50 (La Virginia, Sonora).
Santacruz Silver Mining Ltd. announced it ranked first overall on the 2026 TSX Venture 50 list (Zimapán, Hidalgo).
Southern Silver Exploration Corp. has been included in the TSX Venture 50 (Cerro Las Minitas, Durango).
Goldgroup Mining Inc. announced its inclusion in the TSX Venture 50 list of top performing companies (Cerro Prieto, Sonora).
ON RESOURCES AND DEVELOPMENT
GR Silver Mining Ltd. announced the mobilization of multiple drill rigs to the San Marcial area of its Plomosas project in Sinaloa. The company intends to expand “the footprint of the mineralized system hosted in a chlorite-rich hydrothermal breccia, by an additional 200 metres along strike” and conduct step-put drilling for resource expansion aiming to produce a preliminary economic assessment (PEA) late in 2026. The exploration office has been relocated to Durango, to address recent operational challenges in Sinaloa.
Sierra Madre Gold and Silver Ltd. informed the first expansion stage at La Guitarra plant in Estado de México is to increase production rates from 500 tonnes pe day (tpd) to 750-800 tpd of processing capacity. To achieve these production rates the company has acquired two new scoop trams, one used scoop tram and is rebuilding two existing scoops. Four haulage trucks have been purchased along a front end loader.
Pacifica Silver Corp. released assay results from nine holes of its phase 1 diamond drilling program at its Claudia project in Durango. Highlighted core length intervals comprise 10.7 m @ 0.33 gpt Au, 11 gpt Ag; 14.35 m @ 0.76 gpt Au, 73 gpt Ag (including 2.2 m @ 2.31 gpt Au, 409 gpt Ag); 8.3 m @ 0.89 gpt Au, 62 gpt Ag; 0.3 m @ 22.3 gpt Au, 156 gpt Ag. The company has completed more than 3,650 m of drilling across 13 holes on the current program that is currently focused on expanding and following mineralized intervals in the Aguilareña vein, step-out drilling in the Justina vein and testing the Mina Vieja and Mina de Oro areas.
Luca Mining Corp. announced underground drill results from its ongoing exploration program at Campo Morado, Guerrero. Highlighted core length results comprise 33.5 m @ 0.18 gpt Au, 25 gpt Ag, 0.36% Cu, 0.3% Pb, 1.4% Zn; 41.4 m @ 0.20 gpt Au, 13 gpt Ag, 0.34% Cu, 0.1% Pb, 2% Zn; 14.3 m @ 1.5 gpt Au, 76 gpt Ag, 1.01% Cu, 0.5% Pb, 2.8% Zn; 12.4 m @ 0.96 gpt Au, 21 gpt Ag, 0.44% Cu, 0.1% Zn; 135.7 m @ 1.58 gpt Au, 77 gpt Ag, 0.88% Cu, 0.4% Pb, 1.6% Zn (including 101.5 m @ 1.92 gpt Au, 99 gpt Ag, 0.88% Cu, 0.5% Pb, 2.1% Zn); 22.5 m @ 2.74 gpt Au, 162 gpt Ag, 0.85% Cu, 1.1% Pb, 4.1% Zn. To date, 38 underground diamond drillholes totaling 9,043 m have been completed and 8,682 m have been drilled from 29 surface drillholes at the Reforma, El Rey, Reforma Deeps and Zapata targets.
Alamos Gold Inc. reported mineral reserves and reserves for 2025, including figures for its Mexican operations. Globally, the company holds 15.9 M Oz Au in mineral reserves, 5.5 M Oz Au in measured and indicated resources and 2.0 M Oz Au in inferred resources. At the Mulatos District in Sonora the company reported 1.2 M Oz Au in reserves, 0.83 M Oz Au in measured and indicated resources and 0.1 M Oz Au in inferred resources. In the table below can be seen the reserves and resources held in the Mulatos mine, La Yaqui Grande, Puerto del Aire, Cerro Pelón and Carricito deposits.
Hecla Mining Co. reported 2025 year-end mineral reserves and resources, including figures for its Mexican operations. Hecla holds consolidated mineral reserves of 231 M Oz Ag, 2 M Oz Au, measured and indicated resources of 160.9 M Oz Ag, 4.5 M Oz Au and inferred resources of 467.7 M Oz Ag, 6.3 M Oz Au. At San Sebastián, in Durango, the company holds 15 M Oz Ag, 145 K Oz Au, 15 K tons Cu, 23.3 K tons Pb, 35.6 K tons Zn in measured and indicated resources, and 19.2 M Oz Ag, 160 K Oz Au, 3 K tons Cu, 5.5 K tons Pb, 8.1 K tons Zn.
Defiance Silver Corp. provided an update on the current drilling campaign at its Zacatecas project in Zacatecas. The 10,000 m program is designed to confirm extensions to known mineralization and to validate the current geological model that will be used for the upcoming mineral resource estimate. The results are from 2,553 m in five holes, with highlighted core length intervals comprising 4.15 m @ 0.2 gpt Au, 94 gpt Ag0.3% Zn; 1.33 m@ 1.24 gpt Au, 67 gpt Ag, o.7% Pb, 3.1% Zn; 22.57 m @ .03 gpt Au, 103 gpt Ag, 10.65 m @ .17 gpt Au, 211 gpt Ag, 0.2% Zn (including 3.07 m @ 0.28 gpt Au, 579 gpt Ag, 0.2% Zn, which includes 0.55 m @ 0.97 gpt Au, 2,120 gpt Ag, 0.2% Pb, 0.2% Zn); 10.52 m @ 101 gpt Ag, 0.1% Zn.
Newmont Corp. reported 2025 global mineral reserves adding up to 118.2 M attributable Oz Au, 12.5 M attributable tonnes Cu and 442 M attributable Oz Ag. At Peñasquito, in Zacatecas, proven and probable mineral reserves stand at 256.6 M tonnes grading 0.49 gpt Au, 30.7 gpt Ag, 0.3% Pb, 0.67% Zn, holding 4.1 M Oz Au, 253.3 M Oz Ag, 0.7 B tonnes Pb, 1.5 B tonnes Zn. Measured and indicated resources stand at 224.9 M tonnes grading 0.23 gpt Au, 26 gpt Ag, 0.24% Pb, 0.60% Zn, containing 1.6 M Oz Au, 188 M Oz Ag, 0.5 B tonnes Pb, 1.4 B tonnes Zn, and 9.2 M tonnes grading 0.2 gpt Au, 24.2 gpt Ag, 0.2% Pb, 0.5% Zn containing 0.1 M Oz Au, 7.1 M Oz Ag. At La Bikina measured and indicated resources stand at 19.9 M tonnes @ 0.37 gpt Au, 13.99 gpt Ag, 9 M Oz Ag, containing 200 K Oz Au and inferred resources of 1.6 M tonnes grading 0.2 gpt Au, 11 gpt Ag.
Orla Mining Ltd. released results of a preliminary economic assessment (PEA) for the underground project at its Camino Rojo mine in Zacatecas. The PEA outlines the development for an underground mine standalone operation at Camino Rojo beyond the current open pit heap leach operation supported by its own crushing, grinding, and flotation circuits to produce concentrates. The project envisages a net present value (5%) of 1.3 B and a 30% internal rate of return (IRR) at a price of $3,100 per Oz Au. It includes mining at an 8,000 tpd rate to process 37.2 M tonnes grading 2.7 gpt Au, 11.5 gpt Ag, 0.39% Zn (2.96 gpt AuEq), producing 215 K Oz Au (228 K Oz AuEq) per year and a total of 2.8 M Oz Au (2.97 M Oz AuEq) in the 17 years mine life, with cash cost of $1,067 and an AISC of $1,339 per Oz Au. The project includes a capital cost of US$608.1 M.
ON DEALS AND CORPORATE ISSUES
EV Resources Ltd. entered into a services agreement with MineMaker LLC, including “identifying and securing non-dilutive funding through U.S. government programs intended to onshore critical mineral supply chains. This includes loans, co-investment opportunities, tax incentives, and procurement mechanisms, as well as securing appropriate assistance for permitting at Federal and State level for the Company’s Nevada assets” (Los Lirios, Oaxaca).
Kootenay Silver Inc. entered into a marketing services agreement with Gold Standard Media LLC, an internet marketing and advertising company. Gold Standard will provide certain financial publishing and digital marketing services focused on introducing the company to a broader audience. In exchange for providing these services, Gold Standard will receive an aggregate upfront payment of USD$1 million. (Columba, Chihuahua).
Discovery Silver Corp. announced the appointment of Lee Hodgkinson to the board of directors (Cordero, Chihuahua).
Hecla Mining Co. informed Mr. Stephen F. Ralbovsky has retired from the board of directors. Also, Ms. Jill Satre was appointed as “the Chair of the Company’s Audit Committee” (San Sebastián, Durango).
Bear Creek Mining Corp. that its share holders have voted in favour of both the previously announced acquisition of the company by Highlander Silver Corp. and the interest deferral agreements entered into between the company and Royal Gold, Inc. and Equinox Gold Corp. at the company’s special meeting (Mercedes, Sonora).
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: chlorite flooding 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 6th week of the year (February 1st to February 7th, 2026), companies working in Mexico released 25 press releases. Three companies informed on early-stage properties work and one company presented its three-year production guidance. Four companies presented news on financing rounds, one company will place convertible debentures and one other is to start trading on a new market. Six companies presented updates on advanced properties, while seven companies informed on deals and corporate issues. ON MEXICO ISSUES, Washington and Mexico announced a bilateral critical minerals “action plan”. Two abducted miners found dead. ON EXPLORATION, in Sonora, Algo Grande Copper released drill results from Adelita. In Chihuahua, Mammoth Resources released metallurgical results from Tenoriba. In Oaxaca, EV Resources informed on work at Los Lirios. ON MINING,Alamos Gold provided its three-year production guidance. ON FINANCING, four companies informed on financing rounds: Pinnacle Silver and Gold (C$2.6 M), Orex Minerals (C$5 M), J2 Metals (C$2.2 M), and Canadian Silver Hunter (C$0.5 M). Colibri Resource is placing convertible debenture units (US$115 K). Santacruz Silver Mining commenced trading on the Nasdaq Capital Market. ON RESOURCES AND DEVELOPMENT, Capitan Silver reported drilling results from Cruz de Piedra in Durango. Silver Storm informed on the delivery of processing equipment to La Parrilla processing plant in Durango. Heliostar Metals poured its first gold from restarted mining operations at San Agustin in Durango. Guanajuato Silver Company completed a new MRE on La Valenciana Mining Complex in Guanajuato. GR Silver Mining released metallurgical results from Plomosas, in Sinaloa. Regency Silver informed on breccia drilling intercepts at its Dios Padre project in Sonora. ON DEALS AND CORPORATE ISSUES, Pinnacle Silver and Gold, Minera Alamos and Fortune Bay contracted marketing services. Bear Creek Mining informed two proxy advisory firms recommended the vote for the Highlander Silver arrangement. Gold Resource announced the illegal blockade at its Don David mine in Oaxaca was lifted. Orex minerals updated on the Coneto project transaction with Silver Viper Minerals. Avino Silver & Gold Mines appointed L. Broughton to the board. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
The Office of the U.S. Trade Representatives announced agreements to develop critical metals supply chains. Washington and Mexico announced a bilateral critical minerals “action plan” that assigns responsibilities to USTR representatives and Mexico Economy’s Ministry. “The new commitments are part of the Trump administration’s effort to bring together trading partners and allies to try and break China’s current monopoly on critical minerals” (Editor’s note: At this point it is not clear what steps can be taken by Mexico to contribute on this plan, as the current mining law approved in 2023 is pointedly restricting exploration and the free exchange of mining concessions, both requirements for a mining industry with potential to thrive).
By far the most relevant issue in the Mexican Mining Industry at the moment is the abduction of ten workers at Vizsla Silver’s Pánuco project in Sinaloa. On January 23, 2026, ten individuals (as referred by Vizsla) at the Panuco project in Sinaloa were abducted; the company has not disclosed whether they were employees or contractors. As of February 8, 2026, local media have confirmed that two of the bodies discovered in a mass grave in El Verde, Sinaloa, have been identified as members of this group. As time passes, hopes of finding the remaining individuals alive continue to fade, and the industry is gripped by a profound sense of disbelief, sorrow and anger. The first reason for being of a government is to provide security, and on this matter the Mexican government has been failing for decades now, especially during the last term and the present. At its core, the legitimacy of any government rests on its ability to provide security. On this front, the Mexican state has struggled for decades, with conditions deteriorating further in recent years. Extortion—and the violence used to enforce it—continues to expand, while reports linking officials from the ruling Morena party to organized crime have become increasingly frequent, further eroding confidence in institutional stability and the rule of law.
ON EXPLORATION
EV Resources Ltd. informed on work completed at Los Lirios project in Oaxaca during Q4 2025. Six trenches were excavated, taking the total to 33, and 140 channel samples were collected, while detailed geological mapping and topographic surveys have been completed. Gravity processes recovered 90.8% Sb on average grades of 45% Sb and “initial kinetics floatation test on a sulphide sample of 30.2% Sb gave extremely encouraging recovery of 99.2% Sb”. Over 5.5 Km of roads have been rehabilitated and final preparations for the January 2026 were completed. The company secured a one-year lease on the 150 tpd Tecomatlán processing plant, with an option to purchase for US$1.8 M + VAT. The cash balance at the end of the period was C$3.2 M. On a separate news release, EV Resources informed that its maiden 1,500-2,000 m drill program on Los Lirios has begun. The program is to test 900 m of strike length within the 6 km long system.
Mammoth Resources Corp. released results from bottle roll tests on a coarser fraction composite sample of oxidized material from assay reject samples of drill holes from previous campaigns within the Carneritos area at its Tenoriba project in Chihuahua. The oxidized mineralized material passing -10 mesh (20 times coarser than previously tested) had recoveries of 87% Au, 67% Ag, which compare favorably with 75% to 90% Au, 65% Ag recoveries on the finer fraction bottle roll testing.
Algo Grande Copper Corp. announced initial drill results from the drill program at the Adelita project in Sonora. Highlighted core length intervals comprise 14.79 m @ 0.5 gpt Au, 20 gpt Ag, 1.4% Cu; 5.57 m @ 0.2 gpt Au, 5 gpt Ag, 0.4% Cu; 9.55 m @ 0.4 gpt Au, 42 gpt Ag, 1.4% Cu; 3.85 m @ 0.5 gpt Au, 50 gpt Ag, 1.1% Cu; 7.83 m @ 0.4 gpt Au, 49 gpt Ag, 1.3% Cu (including 1.85 m @ 1.1 gpt Au, 150 gpt Ag, 4.1% Cu). Assays for two more drill holes are pending, and the fourth hole is currently being drilled. “These results … confirm the presence of a vertically stacked skarn architecture with significant dept potential”.
ON MINING
Alamos Gold Inc. provided its three-year operating guidance. For 2026 the company aims to achieve consolidated production of 570 – 650 K Oz Au at cash cost $1,030-$1,120 per Oz Au at an AISC of $1,500-$1,600 per Oz Au; for 2027 a consolidated production of 650 – 730 K Oz Au at cash cost $825-$925 and an AISC of $1,326-$1,425 per Oz Au; for 2028 a consolidated production of 755 – 835 K Oz Au at cash cost $775-$875 per Oz Au, and an AISC of $1,200-$1,300 per Oz Au. At the Mulatos mining district in Sonora, production guidance is 125-125 K Oz Au in 2026, 115-135 K Oz Au in 2027 and 130-150 K Oz Au in 2028. “A total of $21 million has been budgeted at Mulatos for exploration in 2026, consistent with $20 million spent in 2025. The regional drilling program is expected to total 44,500 m and includes 20,000 m of surface exploration drilling at the Cerro Pelon sulphide target, 9,000 m at the Halcon target (discovered in 2025), and an additional 15,500 m planned across several early to advanced staged targets within the Mulatos District”.
ON FINANCING
Colibri Resource Corp. will be conducting a revised placement of convertible debenture units for gross proceeds of up to US$115 K (EP, Sonora).
Pinnacle Silver and Gold Corp. closed the final tranche of the non-brokered private placement for gross proceeds of C$1.53 M, for total gross proceeds of C$2.6 M (El Potrero, Durango).
Santacruz Silver Mining Ltd. has commenced trading on the Nasdaq Capital Market. (Zimapán, Hidalgo).
Orex Minerals Inc. intends to undertake a non-brokered private placement financing to raise gross proceeds of up to C$5 M (Sandra, Durango).
J2 Metals Inc. closed the first tranche of its non-brokered private placement financing, for aggregate gross proceeds of C$2.16 M (Sierra Plata, Estado de México).
Canadian Silver Hunter Inc. intends to complete a non-brokered private placement for aggregate gross proceeds of C$500 K (undisclosed project in Mexico).
ON RESOURCES AND DEVELOPMENT
Capitan Silver Corp. reported assay results from its 2025 reverse circulation (RC) drill program at its Cruz de Plata project in Durango. “These results expand the new high-grade silver area in the Jesús María trend near the intersection of the Peñoles Fault”. Highlighted drill length results comprise 21.3 m @ 0.218 gpt Au, 30 gpt Ag; 25.9 m @ 0.169 gpt Au, 242 gpt Ag (including 1.5 m @ 0.292 gpt Au, 27 gpt Ag and 4.6 m @ 0.286 gpt Au, 497 gpt Ag); 12.2 m @ 0.104 gpt Au, 70 gpt Ag; 0.1% Zn; 3 m @ 0.175 gpt Au, 217 gpt Ag, 0.2% Zn; 7.6 m @ 0.01 gpt Au, 131 gpt Ag; 18.3 m @ 0.125 gpt Au, 61 gpt Ag, 0.2% Pb, 0.5% Zn; 3 m @ 0.806 gpt Au; 18.3 m @ 0.029 gpt Au, 118 gpt Ag, 0.1% Pb, 0.2% Zn.
Silver Storm Mining Ltd. reported that eight new flotation cells have been fabricated and delivered to La Parrilla, in Durango. The plant capacity is to be expanded from 1,000 to 1,250 tpd once all the cells are installed during Q1 2026. The company resumed mining, crushing and stacking new ore on the leach pad in Q4 2025
Heliostar Metals Ltd. announced the first official gold pour from restarted mining operations at its San Agustín mine in Durango.
Guanajuato Silver Company Ltd. presented a new mineral resource estimate (MRE) for the Valenciana Mines Complex in Guanajuato. Indicated mineral resource comprise 410 K tonnes averaging 147 gpt Ag, 1.61 gpt Au, containing 1.9 M Oz Ag, 21 k Oz Au (or 3.8 M Oz AgEq), while inferred resources comprise 2.23 M tonnes averaging 142 gpt Ag, 1.55 gpt Au, containing 10.4 Moz Ag, 113 K Oz Au (or 20.3 M Oz AgEq).
GR Silver Mining Inc. announced positive results from metallurgical test studies as part of the bulk sampling test mining program (BSTM) at its Plomosas silver project in Sinaloa. Composited feed grades in the historical Plomosas mine averaged 2.1 gpt Au, 101 gpt Ag, 0.59% Pb, 3.54% Pb, 2.43% Zn. Rougher test work confirmed 71.5% Ag, 77.9% Au recoveries into a lead rougher concentrate. “The concentrates produced are within acceptable commercial specifications with no concerns over potential penalties or deleterious elements”.
Regency Silver Corp. informed that the second hole of its 2026 drill program at Dios Padre in Sonora has intersected sulfide-speculartie bearing breccia and vein-infill in multiple zone across a broad interval. The hole intersected mineralization from 430 to 540 m depth, with a breccia zone with chalcopyrite, pyrite and specularite with intense silica-sericite alteration from 500 m to 535 m. This zone is approximately 180 m from a similar breccia and further 35 m from a 38 m breccia intercept grading 7.36 gpt Au. Assay results are pending.
ON DEALS AND CORPORATE ISSUES
Minera Alamos Inc. engaged Velocity Trade Capital Ltd. to provide market-making services for a C$6 K monthly fee (Santana, Sonora).
Bear Creek Mining Corp. announced that two independent proxy advisory firms, including Institutional Shareholder Services have recommended that holders of Bear Creek common shares vote FOR both the proposed plan of arrangement with Highlander Silver Corp. and the interest deferral agreements entered into between the company and each of Royal Gold Inc. and Equinox Gold Corp. (Mercedes, Sonora).
Gold Resource Corp. announced that the illegal blockade restricting access to its Don David mine in Oaxaca has been lifted. The company reiterates that the dispute was an internal matter between union factions and the contractors formerly affiliated with the CTM union and did not directly involve the company.
Pinnacle Silver and Gold Corp. signed a one-year contract with San Diego Torrey Hills Capital to provide investor relations services for the company. Pinnacle will pay US$2 K per month and issue a one-time 300 K three-year incentive stock options. The company is also granting 2.17 M incentive stock options to directors, officers and consultants (El Potrero, Durango).
Orex minerals Inc. informed the company and Fresnillo plc remain committed to completing the transaction with Silver Viper Minerals Inc. on the Coneto project in Durango. The terms of the transaction comprise ownership of 38.8% by Orex and 61.2% by Fresnillo, with Orex receiving a combination of cash and common shares of Silver Viper and Fresnillo receiving solely common shares of Silver Viper. The valuation of the transaction is approximately US$15 M. Post-transaction Fresnillo and Orex will hold 12% and 7% of Silver Viper respectively.
Avino Silver & Gold Mines Ltd. appointed Ms. Linda Broughton as non-executive director on its board of directors (Avino, Durango).
Fortune Bay Corp. retained Machai Capital In. to provide digital marketing services. The marketing campaign will continue for an initial three-month term, pursuant to which Macahi will receive C$400 K and 175 K stock options (Poma Rosa, Chiapas).
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: chlorite flooding on volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.
