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

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Quartz Vein hosted in volcanic rocks

By Miguel A Heredia

During the 45th week of the year (November 3rd to November 9th 2025), at least 33 press releases were announced by companies working in Mexico, with thirteen disclosing deals and corporate issues, eight communicating mining and production issues, five announcing financial rounds, four informing on exploration results, and three reporting resources and developments of their properties. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Colibri retained CANMEX to conduct its next phase of drilling at the EP project, and Kenadyr provided an update on its Adelita copper-gold-silver project. In Chihuahua, Advance Metals confirmed high grade silver-gold in previously unsampled core at its Yoquivo project. In Sinaloa, Mithril provided exploration results and an update for multiple targets at its Copalquin project. ON MINING, Santacruz Silver reported consolidated production results for the period Q3, 2025 and year to date (Zimapan mine, Hidalgo). First Majestic reported Q3, 2025 production and financial results from its Mexican mine operations. Aura Minerals presented Q3, 2025 consolidated production and financial results, including figures from its Aranzazu mine in Zacatecas. Gold Resource released Q3, 2025 production and financial results from its Don David Gold mine in Oaxaca. Torex Gold announced Q3, 2025 production and financial results from its Morelos complex in Guerrero. Gold Royalty released Q3, 2025 consolidated financial results (royalty on Cozamin mine, Zacatecas). Avino Silver & Gold presented Q3, 2025 production and financial results from its Avino mine in Durango. Endeavour Silver announced Q3, 2025 consolidated production and financial results, including its Guanacevi and Bolañitos mines in Durango and Guanajuato respectively.  ON FINANCING, Colibri closed a first tranche of its previously announced non-brokered private placement for gross proceeds of CAD $1,350,722, and a second tranche for gross proceeds of CAD $140,980 (EP project, Sonora). Kingsmen announced a non-brokered private placement for gross proceeds of up to CAD $3,003,750 (Las Coloradas project, Chihuahua). Silver Storm declared that it has fully drawn USD $7.0M under the previously announced Prepaid Offtake Financing Facility with Samsung (La Parrilla mine, Durango). Oroco closed a first tranche of its non-brokered private placement announced on September 24, 2025 for gross proceeds of USD $1,530,999 (Santo Tomas project, Sinaloa).  ON RESOURCES AND DEVELOPMENT, Goldgroup filed an updated NI43-101 technical report on its Cerro Prieto gold mine in Sonora. Silver Tiger announced the receipt of all required approvals and permits to construct the El Tigre Stockwork Silver-Gold project in Sonora. Heliostar released a Preliminary Economic Assessment (PEA) for its Ana Paula underground gold project in Guerrero. ON DEALS AND CORPORATE ISSUES, Osisko Development announced the appointment of Scott Smith as Vice President, Exploration (San Antonio Gold project, Sonora). Mithril reported voting results of its annual general meeting of shareholders (Copalquin project, Durango). Elemental Altus announced that shareholders have overwhelmingly approved all resolutions at its special meeting (Royalty on Mercedes mine, Sonora). Aura Minerals declared dividend based on Q3, 2025 results (Aranzazu mine, Zacatecas).  Orogen granted stock options to directors, officers, employees, and consultants (Ermitaño mine, Sonora). Torex announced its initial return of capital program, which includes a quarterly dividend of CAD $0.15 per share and discretionary share repurchases through its normal course issuer bid (El Limon Guajes and Media Luna properties, Guerrero). Almadex provided an overview of its diversified portfolio of royalties on precious and base metal projects throughout North America. Silver Viper entered into two independent agreements to support ongoing digital marketing and trading-liquidity efforts (La Virginia project, Sonora). Mammoth announced the appointment of three new directors to strengthen its leadership team (Tenoriba project, Chihuahua). Royalties Inc reported that it won a major court battle in the Civil Chamber of the Superior Tribunal of Justice of Zacatecas against Capstone. Apollo Silver announced that the US Department of Interior added silver to the 2025 list of critical minerals. Inomin granted stock options to directors and two advisers of the company. Silver Viper entered into a capital market consulting agreement with Insight Capital Partners (La Virginia project, Sonora).  ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Colibri Resource Corporation retained CANMEX Perforaciones y Servicios SA de CV to conduct its next phase of drilling at the EP project in Sonora. The program will be focused on the undrilled San Perfecto and Banco de Oro target areas.
  • Kenadyr Metals Corp., provided an update on its Adelita copper-gold-silver project in Sonora. The company is preparing to commence Phase 1 exploration activities, including drilling and detailed geophysical surveys at the Cerro Grande skarn zone, following receipt of all necessary permits, including a 20-year mining license. The deal with Infinitum Copper (80%) and Minaurum Gold (20%) is basically done; just waiting on final TSXV approval, and financing is almost wrapped up with a last tranche expected soon. Overall, the project is positioned for active exploration with long-term development potential.
  • Advance Metals Limited confirmed high grade silver-gold in previously unsampled core at its Yoquivo project. More than 6,300m of unsampled core in the Pertenencia Zone has been identified, representing greater than 50% of the historic drilling completed. First batch of sample results comprising 222.7m of core across 11 holes in the southern portion of Pertenencia Zone has confirmed the untested potential, returning grades of up to 370g/t Ag & 6.2g/t Au. Sampling from holes drilled in 2022 include holes YQ-022-025 with 480 g/t AgEq over 2.05m, including 848 g/t AgEq over 1.1m, and hole YQ-022-002 with 115 g/t AgEq over 4.45m, including 249 g/t AgEq over 0.95m. Multiple additional batches of previously untested core are currently awaiting assay results.
  • Mithril Silver and Gold Limited provided exploration results and an update for multiple targets at its Copalquin project. Target 5 in the southwest area of Copalquin, which is still in the early stages of exploration but showing great promise that could significantly impact the district´s resource potential, returned impressive silver-gold drill intercepts, including a standout hit of 1,714 g/t AgEq over 1m. Drilling highlights include hole AP25-003 with 2.28 g/t Au and 500 g/t Ag (660 g/t AgEq) over 2.75m, including 5.8 g/t Au and 1,308 g/t Ag (1,714 g/t AgEq) over 1m; hole AP25-005 with 1.71 g/t Au and 246 g/t Ag (366 g/t AgEq) over 3.35m, including 5.35 g/t Au and 771 g/t Ag (1,146 g/t AgEq) over 1.05m; and hole AP25-006 with 4.55 g/t Au and 409 g/t Ag (728 g/t AgEq) over 1,25m, plus 2.41 g/t Au and 447 g/t Ag (616 g/t AgEq) over 0.90m, plus 1.51 g/t Au and 321 g/T AgEq) over 0.80m. To date, 13 drilled holes have been completed at Target 5 with assay results received for the first eight holes. On the other hand, channel sampling at Tasolera mine returned high grade results, including 2 g/t Au and 3,300 g/t Ag (3,440 g/t AgEq) over 1.4m. This target is

rapidly emerging as a major silver zone. Only around 5% of the related vein system has been tested so far, meaning there´s plenty more ground to cover. Ongoing exploration mapping and channel sampling is on progress to expand its footprint. At Target 3, preparations are underway for drilling, supported by ongoing mapping and sampling efforts. This target is a large, highly prospective gold-silver zone with multiple high-grade surface samples and extensive mapped veins. At Target 1 (El Refugio-La Soledad), which hosts the maiden JORC mineral resource estimate,  an ongoing drilling program is underway aiming to expand this existing resources by testing its western extensions and deep zones. At Target 6, new targets, including old workings have been identified with some recent sampling and mapping, indicating potential for future exploration. In general, drilling keeps revealing solid gold-silver mineralization, and the company is moving fast with more holes planned in multiple areas of the district.

ON MINING

  • Santacruz Silver Mining Ltd., reported its consolidated production results for the period Q3, 2025 and year to date (Zimapan mine, Hidalgo). The table below shows figures for the Zimapan mine in Hidalgo:

First Majestic Silver Corp., reported Q3, 2025 production and financial results from its Mexican mine operations. The first table below shows consolidated financial results, and  the second production figures by mine operation:

Aura Minerals Inc., presented Q3, 2025 consolidated production and financial results from its mine operations. The table below shows production and financial results from its Aranzazu mine in Zacatecas:

  • Gold Resource Corporation released Q3, 2025 production and financial results from its Don David Gold mine in Oaxaca. The company milled 65,131 tonnes with grades of 1.11 g/t Au, 250 g/t Ag, 0.16% Cu, 0.6% Pb, and 1.6% Zn to produce 1,646 Oz Au, 453.05K Oz Ag, 73 tonnes Cu, 241 tonnes Pb, and 784 tonnes Zn. Gold Resource sold 1,422 Oz Au, 417.7K Oz Ag (6,298 Oz AuEq), 67 tonnes Cu, 212 tonnes Pb, and 645 tonnes Zn at averages realized prices of USD $3,546/Oz Au, USD $41.39/Oz Ag, USD $9,690/tonne Cu, USD $1,937/tonne Pb, and USD $2,841/tonne Zn. Total cash and all in sustaining cost (AISC) after co-product credits were $2,166 and USD $2,983 per Oz AuEq respectively. It also reported a net loss of USD $4.7M; a working capital of USD $12.8M and cash and cash equivalent of USD $9.8 as of September 30, 2025.
  • Torex Gold Resources Inc., announced Q3, 2025 production and financial results from its Morelos complex in Guerrero (all amounts are expressed in US dollars). The company produced 95,058 Oz Au, 485.2K Oz Ag and 14M Lb Cu or 119,034 payable Oz AuEq  and sold 118,082 oz AuEq at average realized prices of $3,548 Oz Au or $3,536 Oz AuEq. Total cash and all in sustaining costs (AISC) were $1,297 and $1,658 per Oz AuEq respectively. Torex also reported revenue of $416.4M; cost of sales of $207.3M; earnings from mine operations of $209.1M; net income of $114.4M; adjusted net earnings of $103.4M; EBITDA of $235.3M; adjusted EBITDA of $239.3M; net cash generated from operating activities of $186.8M; net cash generated from operating activities before changes in non-cash operating working capital of $204M; free cash flow of $112.5M; cash and cash equivalents of $107.1M; and an available liquidity of  $289M.
  • Gold Royalty Corp., released Q3, 2025 consolidated financial results, including its 1% NSR royalty in Cozamin mine in Zacatecas. “On October 30, 2025, Capstone Copper Corp. reported copper production of 6,145 thousand tonnes of copper at Cozamin in the third quarter 2025, 2% higher than the same period of 2024 as mine sequencing resulted in higher grades. It stated that Cozamin’s copper production is trending towards the upper end of its previously disclosed 2025 production guidance of 23,000 to 26,000 tonnes as well as the lower end of costs. Production is expected by Capstone to be consistently weighted through the year”.
  • Avino Silver & Gold Mines Ltd., presented Q3, 2025 production and financial results from its Avino mine in Durango (All amounts are expressed in US dollars).  The company milled 188,757 tonnes to produce 263.2K Oz Ag, 1,935 Oz Au and 1.31M Lb Cu or 580.8K Oz AgEq and sold 562.6K Oz AgEq at cash and all in sustaining cost (AISC) of $17.09 and $24.06 per Oz AgEq respectively. Avino also reported revenue of $21.04M; mine operating income of $9.9M; net income of $7.7M; EBITDA of $11.46M; adjusted earnings of $11.64M; cash provided by operation activities of $8.33M; mine operating cash flow before taxes of $11.05M; cash of $57.3M; and a working capital of $50.8M.
  • Endeavour Silver Corp., announced Q3, 2025 consolidated production and financial results, including its Guanacevi and Bolañitos mines in Durango and Guanajuato respectively (all currency is expressed in US dollars).  At Guanacevi, Durango, the company processed 99,340 tonnes to produce 1.02M Oz Ag at cash cost of $22.98 per Oz Ag and an AISC of $31.09 per Oz Ag. The company sold 1.28M Oz AgEq. At Bolañitos, Guanajuato, it processed 105,153 tonnes to produce 137K Oz Ag at cash cost of $(11.47) per Oz Ag and AISC of $27.22 per Oz Ag. The company sold 471.2K Oz AgEq.

ON FINANCING

  • Colibri Resource Corporation closed a first tranche of its previously announced non-brokered private placement of 9,004,816 units at a price of CAD $0.15 per unit for gross proceeds of CAD $1,350,722. A second tranche was closed through the sale of 939,867 units at a price of CADS $0.15 per unit for gross proceeds of CAD $140,980. Combined with tranche 1 the company has raised gross proceeds of CAD $1,491,702. Net proceeds will be used to advance exploration at Colibri´s flagship Mexican gold projects, including Pilar and EP projects in Sonora as well as for general working capital.
  • Kingsmen Resources Ltd., announced a non-brokered private placement of up to 2,225,000 units at a price of CAD $1.35 per unit for gross proceeds of up to CAD $3,003,750. The company plans to use the gross proceeds to advance its Las Colorada project in Chihuahua and for working capital.
  • Silver Storm Mining ltd., declared that it has fully drawn USD $7.0M under the previously announced Prepaid Offtake Financing Facility with Samsung C&T Hongkong Ltd. and QSSC, S.A. de C.V.  Silver Storm will use the proceeds for rehabilitation and preparation at its la Parrilla mine in Durango, including mill rehabilitation and upgrading, underground development, and for general corporate and working capital purposes.
  • Oroco Resource Corp., closed a first tranche of its non-brokered private placement announced on September 24, 2025 through the sale of 7,654,995 units at a price of USD $0.2 per unit for gross proceeds of USD $1,530,999. Net proceeds will be used to advance the Santo Tomas project in Sinaloa toward its plan Pre-Feasibility study, and for general corporate purposes. 

ON RESOURCES AND DEVELOPMENT

  • Goldgroup Mining Inc., filed an updated NI43-101 technical report on its Cerro Prieto gold mine in Sonora. The technical report provides independent assessment of the Mineral Resources Estimates at a cut-off grade of 0.2 g/t Au of the Esperanzas Deposit within the Cerro Prieto mine, which includes the La Esperanza and Nueva Esperanza contiguous zones. Measured and indicated resources as of April 4, 2025 are 3.13M tonnes of 0.37 g/t Au for a total of 37.21K Oz Au, while inferred resources are 131.5K tonnes of 0.36 for a total of 1,504 Oz Au.
  • Silver Tiger Metals Inc., announced the receipt of all required approvals and permits from the Mexican Federal Environmental Department (SEMARNAT) to construct the El Tigre Stockwork Silver-Gold project in Sonora. Now, the company is ready to advance the project toward construction.
  • Heliostar Metals Ltd., released a Preliminary Economic Assessment (PEA) for its Ana Paula underground gold project in Guerrero (all amounts are expressed in US dollars). The PEA for Ana Paula outlines a nine-year underground gold mine with an expectation to produce approximately 875K Oz Au over nine years, averaging about 101K Oz Au per year. The project demonstrates strong economics, with a base case post-tax NPV of $426M, and IRR of 28%, and a payback period of about 2.9 years at a gold price of $2,400/Oz. Upside case is $1B and IRR over 50% with quicker payback if gold hits $3,800/Oz. Heliostar is boosting some of the lowest AIUSC (around $1,011/Oz), ranking in the bottom 13% globally. Initial capital costs are estimated at $300M. Heliostar plans to fast-track development, including accelerating completion of the underground decline, ongoing exploration drilling, engineering, permit amendments, and feasibility study, with plans to bring Ana Paula into production in 2028.

ON DEALS AND CORPORATE ISSUES

  • Osisko Development Corp., announced the appointment of Scott Smith as Vice President, Exploration, effective November 1, 2025 (San Antonio Gold project, Sonora).
  • Mithril Silver and Gold Limited reported voting results of its annual general meeting of shareholders (Copalquin project, Durango).
  • Elemental Altus Royalties Corp., announced that shareholders have overwhelmingly approved all resolutions at its special meeting (Royalty on Mercedes mine, Sonora).
  • Aura Minerals Inc., declared dividend of USD $0.48 per common share and USD $0.16 per Brazilian Depositary Receipts based on Q3, 2025 results. The dividend will be paid to shareholders on November 21, 2025 (Aranzazu mine, Zacatecas). 
  • Orogen Royalties Inc., granted 2,000,000 incentive stock options to directors, officers, employees, and consultants. The stock options have a life of five years, an exercise price of CAD $2.2, and will be vest over three years (Ermitaño mine, Sonora).
  • Torex Gold Resources Inc., announced its initial return of capital program, which includes a quarterly dividend of CAD $0.15 per share and have repurchased CAD $7.2M in shares through its normal course issuer bid. The company is prioritizing returning value to shareholders while maintaining investments in growth projects across Mexico and Nevada   (El Limon Guajes and Media Luna properties, Guerrero).
  • Almadex Minerals Ltd., provided an overview of its diversified portfolio of royalties on precious and base metal projects throughout North America. Almadex’s Mexican properties include several royalties across different states, notably in Chihuahua, Veracruz, Oaxaca, and Sinaloa. These assets primarily consist of NSR royalties ranging from 1.5% to 2.0%, covering a mix of gold-silver, copper-gold, and epithermal systems. Royalty interests in Mexico include  La Bufa in Chihuahua (2% NSR / operator: Endeavour Silver Corp), which covers gold-silver mineralization in a prolific silver belt; Caballo Blanco in Veracruz (1.5% NSR operator: Candelaria Mining), a near surface oxide gold-silver deposit with significant exploration potential; El Cobre in Veracruz (1.75% NSR operator: Azucar Minerals Ltd), a large copper-gold porphyry alteration system with multiple mineralized centers; Cerro Colorado in Oaxaca (2% NSR operator: Gold Resource Corp), a near surface oxide gold-silver project close to existing operations; El Encuentro in Sinaloa (2% NSR operator: Mc Ewing Mining Inc), located in a productive gold-silver belt, offering potential for resource expansion; El Fuego in Oaxaca(2% NSR operator: Gold Resource Corp), similar structural setting as other deposits, indicating future development prospects; and Los Venados in Sonora (2% NSR operator: Alamos Mining Inc), prospective for epithermal and porphyry mineralization, acquired recently, and located near operating mines. Overall, these properties give Almadex exposure to a diverse range of mineral systems and districts in Mexico, with several in significant, potentially high-growth areas for precious and base metals.
  • Silver Viper Minerals Corp., entered into two independent agreements to support ongoing digital marketing and trading-liquidity efforts. Nordcore Media LLC will provide digital advertising and online marketing services will receive only cash, while Red Cloud Securities Inc., will use its best efforts to maintain reasonable trading liquidity in Silver Viper´s common shares on the TSX will receive a fixed monthly cash fee (La Virginia project, Sonora).
  • Mammoth Resources Corp., announced the appointment of three new directors: Jose Antonio Berlanga Balderas, Jose Antonio Berlanga Lopez, and Edgardo Espinoza Velasco, and a new CEO, Paul Rozek, to strengthen its leadership team. Mammoth also granted incentive stock options to directors, officers, and contractors to boost ongoing development efforts at its Tenoriba gold-silver project in Chihuahua and other nearby metal production plans.
  • Royalties Inc., reported that it won a major court battle in the Civil Chamber of the Superior Tribunal of Justice of Zacatecas against Capstone, confirming their rights to royalties from a mining contract dating back to 2002. The appellate court in Zacatecas, Mexico upheld the initial ruling that said Capstone and others improperly sold royalties without proper authorization, and now they have to pay legal costs too. The case is officially closed, and the company expects Capstone to cooperate in sorting out the payments owed.
  • Apollo Silver Corp., announced that the US Department of Interior added silver to the 2025 list of critical minerals. This is the first time that silver is recognized as having growing importance to US economic and national security.
  • Inomin Mines Inc., granted 830,000 stock options to directors and two advisers of the company. The options are exercisable until November 7, 2030, at a price of CADS $0.09 per common share and vest immediately.
  • Silver Viper Minerals Corp., entered into a capital market consulting agreement with Insight Capital Partners Inc., to support the company´s capital markets visibility and investor communication efforts. Insight will receive a monthly cash fee of CAD $17,500 plus applicable Harmonized Sales Tax (HST), payable in advance (La Virginia 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, quartz vein hosted in volcanic rocks from an intermediate sulphidation epithermal vein system in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

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

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By Jorge Cirett
During the 38th week of the year (September 15th to September 21st, 2025), companies working in Mexico presented 29 press releases. Two companies presented exploration advances on early-stage properties. One company presented financial results. Fifteen companies presented news on financing rounds and share-related issues. One company is to commence drilling at its advanced property. twelve companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, in Sonora, Tocvan Ventures is to commence field work at Gran Pilar; Colibri Resource updated on project work at the EP project. ON MINING, Starcore International Mines filed quarterly results. ON FINANCING, five companies informed on financing rounds: Silver Tiger (C$25 M), Impact Silver (C$16 M), Minera Alamos (C$135 M), Zacatecas Silver (C$3.75 M), Silver Dollar Resources (C$5.9 M). Masivo Silver is working on its MCTO. Discovery Silver can borrow up to US$250-350 M. Sandstorm Gold declared a dividend for the quarter. Elemental Altus Royalties received approbation for consolidation. Pacifica Silver and Luca Mining issued shares to management, employees and consultants. Avino Silver & Gold Mines has been added to the Market Vectors Junior Gold Miners Index (MVGDXJTR). Xali Gold resumed trading and explained how it is addressing its current capital deficiency. ASA Gold and Precious Metals acquired 17.5% of Minera Alamos. ON RESOURCES AND DEVELOPMENT, Regency Silver is to commence drilling at its Dios Padre project in Sonora. ON DEALS AND CORPORATE ISSUES, Masivo Silver updated on the Cerro Colorado project in Sonora. Sandstorm Gold filed its notice of meeting on its Merger with Royal Gold. Almaden Minerals provided an update on its litigation against Mexico. Capitan Silver announced appointments to its management’s team and board of directors.  Plata Latina announced AGM results. Xali Gold terminated its option on the Sarape project, in Sonora. Xali Gold clarified the agreement with Remoedioambiente S.A. de C.V. on El Oro claims. Vizsla Silver announced the appointment of Eduardo Luna as lead director of the board. Southern Silver Exploration is acquiring a key inner claim at its Cerro Las Minitas project in Durango. Prime Mining announced an advisory firm is recommending shareholder vote for the Torex’s takeover. Goldgroup Mining acquired a majority on Molimentales del Noroeste, S.A. de C.V., the company holding the San Francisco mine in Sonora. Newmont divested its holdings on Orla Mining. ON SOCIAL RESPONSIBILITY, Orla Mining released its 2024 sustainability report.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Tocvan Ventures Corp. announced the commencement of field work and an airborne magnetics survey at its Gran Pilar project in Sonora. “the field work encompasses advanced geological mapping, targeted sampling, and sophisticated geophysical surveys…”. Tocvan is also preparing a drilling and trenching campaign to commence before the end of the month. The company has secured full permit approval for a 10-year pilot mine facility at the site.
  • Colibri Resource Corp. provided a corporate update. At the EP project in Sonora the company holds 4,766 ha within 25 km from Fresnillo plc´s La Herradura mine, with more than 2,500 surface samples and 12,000 m of drilling. At Pilar, also in Sonora, Colibri holds 49% interest in the project that has over 24,000 m of drilling, trenching and surface work, as well as a 1,400-tonne bulk sample completed in 2023 with 63% recoveries for gold. The projects is permitted for a 50 K tonnes pilot mine facility. The company is also advancing debt conversion-New debenture, equity financing and market initiatives.

ON MINING

  • Starcore International Mines Ltd. filed the results for its first quarter ended July 31, 2025. During the period the company had revenues of C$8.64 M, earnings of C$1.9 M, net income of C$0.93 M and EBITDA of C$1.35 M. At its San Martin mine in Queretaro, Starcore milled 54.2 K tonnes averaging 1.47 gpt Au, 12.9 gpt Ag, recovering 77.4% Au, 54.8% Ag, to produce 2,000 Oz Au, 12.3 K Oz Ag, or 2.1 K Oz AuEq, at 2,499 per Oz AuEq.

ON FINANCING

  • Masivo Silver Corp. has prepared the financial statements and is undergoing the associated audit to reverse its management cease trade order (MCTO). “Masivo expects the audit to be completed, and the required filings submitted by September 29, 2025” Cerro Colorado, Sonora).
  • Silver Tiger Metals Inc. entered into an agreement with Stifel Canada, to act as sole book underwriter, together with a syndicate of underwriters, to purchase on a bought deal basis 34.75 M common shares for gross proceeds of C$25 M. The company will grant an option to purchase an additional 15% of the offering that will, if exercised in full, raise additional C$3.75 M in gross proceeds (El Tigre, Sonora).
  • Discovery Silver Corp. entered into an agreement with a syndicate of financial institutions for a revolving credit facility that allows the company to borrow up to US$250 M, with an accordion feature for an additional US$100 M. The syndicate includes Bank of Montreal (BMO), BMO Capital Markets and Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada (NBC) (Cordero, Chihuahua).
  • Sandstorm Gold Ltd. declared the third quarterly cash dividend for 2025, in the amount of C$0.02 per common share (Royalty on Cosalá, Sinaloa).
  • Pacifica Silver Corp. issued 2.6 M stock options to directors, officers and consultants (Claudia, Durango).
  • Elemental Altus Royalties Corp. received approval of the TSX Venture Exchange for the share consolidation of the issued and outstanding shares of the company on a one to ten basis (royalty on Mercedes, Sonora).
  • Avino Silver & Gold Mines Ltd. announced that it has been added to the Market Vectors Junior Gold Miners Index (MVGDXJTR) and the VanEck Junior Gold Miners ETF (DXJ) (Avino, Durango).
  • Xali Gold Corp. addressed the current capital working deficiency, US$3.15 M as of June 30, 2025, with the following plans. Mining Fees of US$1.25 M owed in Mexico are to be reduced to nil by payments by Remedioambiente S.A. de C.V. (See note under Deals and Corporate Issues) and/or other third parties. A third party owed US$646.5 K is to be issued shares for debt for up to 50% of the amount owed and the reminder in 2026. Directors and officers who are owed US$594 K have agreed to wait and take shares for debt for up to 50% of the amount owed and the rest when possible. “Trade payables and liabilities totalling $542,393, of which up to 40% are to be paid from proceeds of a financing planned for Fall 2025, up to 25% by shares for debt and the remaining with proceeds from a second financing planned for 2026”, Ridley Rocks Inc., a company controlled by Joanne Freeze, president and CEO, had loaned the Company C$124.3 K which is payable by March 31, 2026, is not interest bearing nor does it have any securities pledged against it. During July-September 2025 Ridley Rocks is to loan additional C$150 K, bearing 3% interest, to be repaid on September 2026 (El Oro, Estado de México).
  • Impact Silver Corp. announced the closing of its previously announced “bought deal” private placement for gross proceeds of C$16 M. The company intends to advance underground development and infrastructure at the Guadalupe mine and increase processing plant throughput at the Guadalupe Production Centre (Royal Mines of Zacualpan) in the states of Mexico and Guerrero and expand mining operations and processing capacity and resource definition drilling at the Plomosas zinc-silver-lead mine in Chihuahua.
  • Minera Alamos Inc. reported the closing of the “bought deal” private placement previously announced, for gross proceeds of C$135 M (Santana, Sonora).
  • Luca Mining Corp. granted an aggregate of 3.2 M incentive stock options and 0.88 M restricted share units to certain officers and directors of the company (Campo Morado, Guerrero).
  • Zacatecas Silver Corp. increased its previously announced private placement for gross proceeds of up to C$3.75 M (Zacatecas Silver, Zacatecas).
  • Xali Gold Corp. resumed trading on September 18, 2025 (El Oro, Estado de Mexico).
  • Silver Dollar Resources Inc. upsized its previously announced brokered private placement from C$4 M to C$5.9 M. The Offering is being led by Research Capital Corp. and Mr. Eric Sprott has indicated his intention to participate in the transaction through 2176423 Ontario Ltd. (La Joya, Durango).
  • ASA Gold and Precious Metals Ltd. acquired from Minera Alamos Inc. through a private placement 55.6 M common shares and 55.6 M common shares purchase warrants for a C$19.72 M consideration in cash for the common shares. Asa Gold holds 9.6% of the issued and outstanding shares of the Issuer, or 17.5% of the issued and outstanding shares on a partially diluted basis (Santana, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Regency Silver Corp. is to commence drilling on the fourth week of September at its Dios Padre project in Sonora. The program is for 4,500 m of drilling in six to eight holes.

ON DEALS AND CORPORATE ISSUES

  • Masivo Silver Corp. is advancing toward the anticipated closing of the Cerro Colorado property acquisition in Sonora, “where the project is already drill-permitted and ready for immediate mobilization of a drill program following financing and close”. The company continues to review properties in Sinaloa.
  • Sandstorm Gold Ltd. filed its notice of meeting, management information circular in connection with the special meeting of shareholders to approve the merger with Royal Gold Inc (Royalty on Cosalá, Sinaloa).
  • Almaden Minerals Ltd. provided an update to the international proceedings under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with the United Mexican States (Mexico’s formal name). Almaden is pursuing the claim together with Almadex Minerals Ltd., which holds a 2% NSR, on illegal acts by Mexico resulting in the complete loss of the Ixtaca project (Puebla) investment. The three-person arbitration panel established the procedural calendar through to the hearing dates as follows: “Mexico is due to file its counter memorial (which responds to the Claimants’ March 20, 2025, memorial), by November 24, 2025. The Claimants will file their reply to Mexico’s counter memorial by April 27, 2026, and Mexico will file its rejoinder to this reply by August 5, 2026. The hearings are scheduled for December 14 – 18, 2026 (with December 19 held in reserve), and will be held in Washington, D.C.”. The claimants are seeking damages of US$1.06 billion.
  • Capitan Silver Corp. announced the addition to the management’s team and board of directors of Graham Scott, director; Marc Idziszek, vice president of exploration; Israel Tolano Chacón, technical services, Xochitl L- Valenzuela Verdugo, project evaluation and Greg DiTomaso, investor relations (Cruz de Plata, Durango).
  • Plata Latina Minerals Corp. announced results of its annual general meeting (AGM) held on September 16, 2025. All matters presented to the meeting were approved (La Joya, Hidalgo).
  • Xali Gold Corp. has chosen not to continue with the option onthe Sarape project, in Sonora, from Advanced Lithium Corp.
  • Xali Gold Corp. under advice by the TSX clarifies its agreement with Remedioambiente S.A. de C.V. on El Oro project, Estado de Mexico. Remedioambiente has the right to recover mineral from veins and backfill left behind in the historic El Oro mine workings on five of the El Oro concessions, paying Xali Gold 3% NSR on the extracted material above the 2,400 m level. Remedioambiente has an obligation to pay the mineral rights past due and payable in the future. Once these fees reach US$50 K, the fees may be converted in Xali shares. Remedioambiente has the right to appoint a Mining Engineer to Xali’s board, and if Remedioambiente acquires greater than 20% of Xali shares within five years, also an additional person to the position of chair of the board. A total of nine mining concessions in El Oro had been declared as cancelled by the Mexican Mines Bureau (AGM.- Agencia de Minería), in a manner that are understood to be unlawful due to the failure to provide a legally required 60-day notice directly to the company.
  • Vizsla Silver Corp. announced that Mr. Eduardo Luna, an independent director of the Company since November 2023, has been appointed as Lead Director of the Board (Panuco, Sinaloa).
  • Southern Silver Exploration Corp. reached an agreement to acquire the Puro Corazon mining claim located contiguous to its 100%-owned Cerro Las Minitas project in Durango, from an arms-length third party. The Puro Corazon mine is currently extracting ore at a 60 tpd rate, producing silver-lead and zinc concentrates. Puro Corazon is to be incorporated into the surrounding Cerro Las Minitas project to immediately commence a 12,000 m infill drilling program. On the first quarter of 2026 the company will commence the preparation of a preliminary economic assessment (PEA). The right to acquire the mining concession “m from an arms-length vendor in consideration for a series of cash payments to be made over a forty-month period following entering into of a definitive assignment agreement with the vendor”.
  • Prime Mining Corp. announced that Glass Lewis, an independent proxy advisory firm has recommended that Prime securityholders vote “FOR” the plan of arrangement with Torex Gold Resources Inc. The proxy voting deadline is September 25, 2025. “The Board of Directors of Prime unanimously recommends that the Securityholders vote FOR the Arrangement” (Los Reyes, Sinaloa).
  • Goldgroup Mining Inc. has acquired 52.7% of the creditors’ rights in Molimentales del Noroeste, S.A. de C.V. Concurso Mercantil (Chapter 11 equivalent in USA). Molimentales main asset is the San Francisco mine concession in Sonora. “Goldgroup paid approximately US$3.74 million for this acquisition, which includes payments made directly to creditors as well as expenses related to the transaction. The Company anticipates incurring additional costs as it continues acquiring further creditors’ rights”.
  • Newmont Corp. completed the sale of 43.24 M common shares of Orla Mining Ltd. at a price of US$10.14 per common share, for aggregate gross proceeds of US$439 M. Prior to the sale Newmont held 13.3% of the issued and outstanding common shares on a non-diluted basis (Peñasquito, Zacatecas).

ON SOCIAL RESPONSIBILITY

  • Orla Mining Ltd. released its 2024 sustainability report describing its responsible mining and transparent disclosure of environmental, social, and governance (“ESG”) performance. At Camino Rojo, in Zacatecas, the company stressed its low GHG emission intensity, low water usage per tonne of ore processed, purchasing from local suppliers, high training of workforce and partnership with local schools.

On the image below: Specularite veinlets in volcanosedimentary rocks, secondary hematite halo, HQ core. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of August, 2025

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Phreatic Breccia

By Miguel A Heredia

During the 35th week of the year (August 25th to August 31st2025), at least 28 press releases were announced by companies working in Mexico, with nine announcing financial rounds, seven disclosing deals and corporate issues, five communicating production results, four reporting resources and developments of their properties, two informing on exploration results, an one commenting on Mexican issues. ON MEXICO ISSUES, Heliostar, Mithril, and Luca Mining reported the best drilling intercepts in Mexico on the fourth week of August, 2025. ON EXPLORATION, Minaurum announced that it is ramping up its exploration efforts at its Alamos Silver project in Sonora by adding more drill rigs to speed up their 10,000m infill drilling program. Kingsmen provided an update of the drilling progress on its Las Coloradas project in Chihuahua. ON MINING, Impact Silver reported Q2, 2025 financial results from their Mexican mine operations (Zacualpan, Estado de Mexico and Plomosas, Chihuahua). Orogen presented Q2, 2025 financial results from El Ermitaño mine in Sonora where it holds a 2% net smelter royalty. Luca Mining announced Q2 and H1, 2025 consolidated operating and financial results from their Campo Morado and Tahuehueto mines in Guerrero and Durango respectively. DynaResource reported Q2, 2025 results from its San Jose de Gracia mine in Sinaloa. Guanajuato Silver reported Q2, 2025 consolidated operating and financial results.  ON FINANCING, Regency Silver due to strong investor demand upsized its previously announced brokered private placement offering to gross proceeds of CAD $3.58M (Dios Padre project, Sonora). Starcore announced a non-brokered private placement financing for gross proceeds of up to CAD $5M (Tortilla project, Queretaro). Goldgroup revised twice its previously announced non-brokered private placement offering to raise gross proceeds of up to CAD $4M (Cerro Prieto mine, Sonora).  Sonoro Gold increased, in response to investors demand, its previously announced non-brokered private placement offering to 10,000,000 units for gross proceeds of CAD $1.5M (Cerro Caliche project, Sonora). Pacifica Silver closed the second tranche of its previously announced non-brokered private placement financing for gross proceeds of CAD $450K (Claudia project, Durango).  United States Antimony announced a purchase agreement for a registered direct offering of common shares for gross proceeds of USD $18M (Madero smelter operation, Coahuila). Masivo closed the first tranche for gross proceeds of CAD $845K (Cerro Colorado project, Sonora).  ON RESOURCES AND DEVELOPMENT, Heliostar released its first results from the current 15,000m drill program at its Ana Paula project in Guerrero. Luca Mining announced results from 6 surface drill holes and five underground drill holes from the Reforma Deposit in its Campo Morado project in Guerrero. Mithril provided an update regarding the ongoing activities at its Copalquin project in Durango. ON DEALS AND CORPORATE ISSUES, MAG Silver and Pan American Silver received approval from the Mexican Federal Economic Competition (COFECE) for Pan American to acquire all the shares of MAG Silver. Avino purchased and extinguished all of the outstanding royalties and contingent payment obligations to acquire 100% ownership of its La Preciosa project in Durango. Alamos Gold declared a quarter dividend of USD $0.025 per common share (Mulatos mine, Sonora). MAG Silver announced preliminary results regarding shareholder election for the form of consideration in the Pan American acquisition (Juanicipio mine, Zacatecas). Luca Mining acquired from Fresnillo plc a 100% interest in the Humaya 3 mining concession at its Tahuehueto property in Durango for USD $400K. DynaResource entered into an updated agreement with Ocean Partners UK for a credit line facility expansion and offtake extension (San Jose de Gracia mine, Sinaloa). ON SOCIAL RESPONSIBILITY, Alamos Gold released its 2024 annual ESG report (Mulatos mine, Sonora).

ON MEXICO ISSUES

  • Heliostar Metals Ltd., Mithril Silver and Gold Limited, and Luca Mining Corp., reported the best drilling intercepts in Mexico on the fourth week of August, 2025. Details are shown in the table below:

ON EXPLORATION

  • Minaurum Gold Inc., announced that it is ramping up its exploration efforts at its Alamos Silver project in Sonora by adding more drill rigs to speed up their 10,000m infill drilling program. The company has already drilled over 3,000m testing important veins like Promontorio, Europa-Guadalupe, and Travesia. Minaurum is aiming to deliver their first resource estimate soon.
  • Kingsmen Resources Ltd., provided an update of the drilling campaign progress at its Las Coloradas project in Chihuahua. The company has completed to date a maiden drill program of 3,227.2m in 12 core holes, testing short segments of the historic Soledad and Soledad vein systems and a geophysical target defined by induced polarization and magnetic surveys. Significant untested lengths remain, including the Saddle, Silvia and La Plata targets. Drill results to date have confirmed that mineralization extends along strike and beneath the water table, validating the geological model and suggesting a potential discovery, with assay results still pending.

ON MINING

  • Impact Silver Corp., reported Q2, 2025 financial results from their Mexican mine operations. At Zacualpan, Estado de Mexico, Impact processed 69,185 tonnes with an average grade of 158 g/t Ag to produce 295.1K Oz Ag and 237 Oz Au. At Plomosas mine, Chihuahua, the company processed 27,747 tonnes of 8.4% Zn, 4.6% Pb, and 30 g/t Ag to produce 3.91M Lb Zn, 889.3K Lb Pb, and 17.67K Oz Ag. Impact also presented consolidated financial results (all currency reported in Canadian dollars) reporting revenue of $9.8M; mine operating income before amortization and depletion of $1.6M; loss of $0.5M in deferred taxes; $1.1M in exploration, $0.6M in amortization; and $2M in depletion. The company also reported cash of $10.3M and $13.3M in working capital.
  • Orogen Royalties Inc., presented Q2, 2025 financial results from El Ermitaño mine in Sonora where it holds a 2% net smelter royalty (all amounts are in Canadian dollars unless otherwise stated). 269,830 tonnes of 55 g/t Ag and 2.54 h/t Au with metallurgical recoveries of 64% and 94% respectively were processed to produce 467 Oz AuEq. The company reported $2.1M royalty revenue from the sale of the 467 Oz AuEq produced at an average realized price of USD $3,280 per Oz Au; exploration expenses of $3.9M ; net income before taxes of $0.6M; net comprehensive loss of $0.2M; G&A expenses of $1.7M; cash flow of $1.8M; and working capital of $27.8M as of June 30, 2025.
  • Luca Mining Corp., announced Q2 and H1, 2025 consolidated operating and financial results from their Campo Morado and Tahuehueto mines in Guerrero and Durango respectively All amounts are in US dollars). In Q2, 2025 Luca Mining mined 250,879 tonnes and processed 253,717 tonnes (181,320 tonnes at Campo Morado and 72,397 tonnes at Tahuehueto) to produce 6,622 Oz Au, 279.8K Oz Ag, 2.2M Lb Pb, 11.96M Lb Zn, and 2.6M Lb Cu (17.86K Oz AuEq) and sold 5,445 Oz Au, 209.4K Oz Ag, 825K Lb Pb, 8.97M Lb Zn, and 1.81M Lb Cu at cash and AISC of $2,2775 and $3,310 per Oz AuEq sold respectively. In H1, 2025, the company mined 510,385 tonnes and processed 499,999 to produce 145,298 Oz Au, 630.5K Oz Ag, 4.6M Lb Pb, 23.5M Lb Zn, and 5.1M Lb Cu (39.15K Oz AuEq) and sold 12,165 Oz Au, 482.6K Oz Ag, 1.8M Lb Pb, 17.36M Lb Zn, and 3.64M Lb Cu at cash and AISC of $2,073 and $2,732 per Oz AuEq sold respectively. Luca also announced financial results for the period Q2, 2025 reporting revenues of $36.8M; mine operating cash flow of $9.1M; mine operating cash flow before taxes of $12.05M; negative net earnings of $3.23M; negative net free cash flow before working capital of $4.5M; EBITDA of $1.2M; and adjusted EBITDA of $5.8M. For the period H1, 2025, the company reported revenues of $75.4M; mine operating cash flow of $22.4M; mine operating cash flow before taxes of $27.8M; net earnings of $1.3M; net free cash flow before working capital of $4.9M; EBITDA of $8.7M; and adjusted EBITDA of $18.2M.
  • DynaResource Inc., reported Q2, 2025 results from its San Jose de Gracia mine in Sinaloa (all amounts are in US dollars). The company mined 74,002 tonnes and milled 66,834 tonnes of 3.63 g/t Au with a metallurgical recovery of 74.64% to produce 5,701 Oz Au. DynaResource reported revenue of $15.9M; total operating expenses of $13.14M; net operating income of $2.7M; net income of $0.5M; operating cash flow before change in non-cash working capital items of $2.85M; and cash flow used in operating activities of $1.14M.
  • Guanajuato Silver Company Ltd reported Q2, 2025 consolidated operating and financial results from their min operations in Guanajuato (El Cubo mines complex, Valenciana mines complex and San Ignacio mine), and Durango (Topia mine). Consolidated results are shown in the table below (all currency is expressed in US dollars):

ON FINANCING

  • Regency Silver Corp., due to strong investor demand upsized its previously announced brokered private placement offering to 35,847,250 units at a unit price of CAD $0.10 per unit on a post consolidation basis for gross proceeds of up to CAD $3.584,725M. The consolidation of the company’s common shares on a 1 new for 2 old basis is scheduled to be effective on or about August 26, 2025. Later on, the company announced four upsize of its previously announced brokered private placement financing to 40,000,000 units at a price of CAD $0.10 per unit for gross proceeds of CAD $4M. The purpose of the financing is to use the gross proceeds for drilling the Dios Padre project in Sonora, and for general working capital purposes.
  • Starcore International Mines Ltd., announced a non-brokered private placement financing of 20,000,000 units at a price of CAD $0.25 per unit for gross proceeds of up to CAD $5M. Gross proceeds will be used primarily towards bulk sampling and the development of the recently announced Tortilla project in Queretaro.
  • Goldgroup Mining Inc., revised its previously announced non-brokered private placement offering will still consists of up to 5,000,000 units at a price of CAD $0.80 per unit to raise gross proceeds of up to CAD $4M. Later on, Goldgroup revised the term again and now the offering will consists of up to 4,848,485 units at a price of CAD $0.825 per unit for CADS $4M in opposed to the 5,000,000 units at a price of CAD $0.80 previously disclosed. The proceeds will primarily fund the company’s efforts to optimize its Cerro Prieto mine in Sonora and pursue strategic acquisitions in the mining sector.
  • Sonoro Gold Corp., increased, in response to investors demand, its previously announced non-brokered private placement offering to 10,000,000 units for gross proceeds of CAD $1.5M. The offering price remains at CAD $0.15 per unit. Net proceeds will be used to fund the ongoing development of its Cerro Caliche project in Sonora, as well as for working capital.
  • Pacifica Silver Corp., closed the second tranche of its previously announced non-brokered private placement financing of 900,000 units at a price of CAD $0.50 for gross proceeds of CAD $450K. Together with the first tranche, Pacifica has raised a total of CAD $10M. Pacifica plans to use the gross proceeds for the upcoming exploration and drill work at its Claudia project in Durango, as well as general working capital.
  • United States Antimony Corporation announced a purchase agreement for a registered direct offering of common shares priced at USD $4.5 per share for gross proceeds of USD $18M from a single institutional investor. Nets proceeds will be used to buy more antimony, boosting their smelter´s production at Madero, Coahuila, working capital and potential acquisitions of other critical mineral companies or specific properties currently under review by management. The offering is expected to close around August 28, 2025, subject to customary conditions.
  • Masivo Silver Corp., closed partially the first tranche of a financial round for gross proceeds of CAD $845K but expects to raise up to CAD $1M.  The private placement at CAD $0.06 with a half warrant at CAD $0.10 for a 12-month term will close on August 29, 2025. Masivo still has a CADS $75K drill credit in Mexico and expects to start drilling the Cerro Colorado project in Sonora in Q4, 2025.

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd., released its first results from the current 15,000m drill program at its Ana Paula project in Guerrero. Drilling highlights include holes AP-25-325 with 2.1 g/t Au over 13.1m, plus 3.31 g/t Au over 65.2m, including 6.29 g/t Au over 30.2m, plus 12.6 g/t Au over 4.5m, 2.25 g/t Au over 6m, and plus 6.43 g/t Au over 2.3m; hole AP-24-322 with 3.77 g/t Au over 21.2m, plus 6.67 g/t Au over 20.95m, plus 13.6 g/t Au over 14.75m, including 45.81 g/t Au over 3.85m, plus 2.14 g/t Au over 10.55m; and hole AP-24-323 with 7.81 g/t Au over 4m, plus 2.26 g/t Au over 11m, plus 8.72 g/t Au over 12.2m, including 24.4 g/t Au over 3.7m. Heliostar has completed 5,556m in 18 holes to date. “The program has the primary goal of converting inferred ounces to higher confidence classifications as well as supporting the ongoing Feasibility Study and testing the next exploration targets around the Ana Paula deposit”.
  • Luca Mining Corp., announced results from 6 surface drill holes and five underground drill holes from the Reforma Deposit in its Campo Morado project in Guerrero. Drilling highlights are shown in the table below:
  • Mithril Silver and Gold Limited provided an update regarding the ongoing activities at its Copalquin project in Durango. The company is conducting a fully funded 45,000m drilling program targeting multiple areas, including Target 1, Target 5, and target 3, with plans to add a third drill rig in early 2026. At target 1, the company has drilled La Soledad East intercepting in hole MTHLS25-35 high grade including 9.95 g/t Au and 45 g/t Ag (10.59 g/t AuEq) over 1.1m and hole MTH-LS25-36 with 3.21 g/t Au and 14 g/t Ag (3.41 g/t AuEq) over 0.5m, plus 8.63 g/t Au and 41 g/t Ag (9.21 g/t AuEq) over 3.3m, including 48.85 g/t Au and 92 g/t Ag (50.16 g/t AuEq9 over 0.5m; while at Zaragoza South it confirmed high-grade mineralization, in hole MTH-ZG25-037 including 6.4 g/t Au and 4,400 g/t Ag (4,848 g/t AgEq) over 0.57m, plus 3.49 g/t Au and 127 g/t Ag (371 g/t AgEq) over 0.66m; and Refugio West where step out drilling is targeting extensions towards El Gallo.  At Target 3 Mithril is currently carrying out systematic mapping and sampling to define targets for a maiden drill program. At Target 5 (Apomal historic mine) drilling has commenced  with three holes completed in a 5,000m program focused on testing veins along strike and a depth. Mithril aims to expand the resource footprint, conduct additional drilling and complete an aeromagnetic survey in Q4, 2025.

ON DEALS AND CORPORATE ISSUES

  • MAG Silver Corp., and Pan American Silver Corp., received approval from the Mexican Federal Economic Competition (COFECE) for Pan American to acquire all the shares of MAG Silver. The deal is expected to be closed by around September 4, 2025. MAG shareholders need to decide no later than 2:00 PM (Vancouver time) on August 27 whether they want to receive either USD $20.54 in cash for each MAG share held; or the default election of USD $0.0001 in cash and USD $0.755 of a common share of Pan American for each MAG share held.
  • Avino Silver & Gold Mines Ltd., purchased and extinguished all of the outstanding royalties and contingent payment obligations to acquire 100% ownership of its La Preciosa project in Durango. The company acquired the La Preciosa obligations from Deterra Royalties Limited for a total consideration of USD $22M, consisting of USD $13.25M upfront payment and an $8.75M deferred payment due within a year after initial production, and a payment of USD $0.25 per Oz AgEq of new mineral reserves discovered and declared outside of the current mineral resource area, subject to a cap of USD $50M.. It also acquired royalty obligations, which include a 1.25% net smelter returns royalty on the Gloria and Abundancia veins, and a 2% gross value returns royalty on the remainder of the La Preciosa resource. This acquisition allows Avino to eliminate these royalty burdens prior to commencing production.
  • Alamos Gold Inc., declared a quarter dividend of USD $0.025 per common share payable on September 25, 2025 to shareholders of record as of the close of business on September 11, 2025. The company has paid dividends for 16 consecutive years, including returning USD $32 million thus far in 2025 (Mulatos mine, Sonora
  • MAG Silver Corp., announced preliminary results regarding shareholder election for the form of consideration in the Pan American Silver Corp acquisition. Shareholders could elect to receive, either USD $20.54 cash or USD $0.001 cash plus 0.755 of a Pan American share per MAG share, subject to proration. The preliminary results show that approximately 1.71% of MAG shareholders elected to receive cash, about 30.55% chose shares of Pan American, and approximately 67.74% did not make a valid election and are deemed to have opted for shares. The final outcome will be determined after the final election results are certified. The transaction has received all necessary approvals and is expected to close around September 4, 2025. Due to proration, some shareholders may receive a combination of cash and shares regardless of their election choice. Following the arrangement, MAG Silver shares are expected to be delisted from the Toronto Stock Exchange and New York Stock Exchange American LLC, and application has been made to cease being a reporting issuer (Juanicipio mine, Zacatecas).
  • Luca Mining Corp., acquired from Fresnillo plc a 100% interest in the Humaya 3 mining concession for USD $400K. It comprises 2,507 hectares and directly surrounds to the Tahuehueto mine in Durango and is not subject to any underlying NSR royalties. The acquisition expands Luca´s land position by over 25% reaching approximately 10,000 hectares, providing new exploration prospects, especially since mineral veins hosting current mineral resources extend into the acquired mineral concession, supporting their growth strategy.
  • DynaResource Inc., entered into an updated agreement with Ocean Partners UK Limited for a credit line facility expansion and offtake extension (all amounts are expressed in US dollars). The concentrate credit line facility replaces the previous one and increase funding from $12.5M to $15M, includes a 6-months grace period on principal repayments, and features competitive interest rates. The offtake agreement for gold concentrate production from San Jose de Gracia mine in Sinaloa has been extended to December 31, 2030, with improved gold payability terms. These agreements aim to enhance working capital, support mine development, and optimize operations for long-term growth.

ON SOCIAL RESPONSIBILITY

  • Alamos Gold Inc., released its 2024 Environmental, Social, and Governance (ESG) report. Highlights include USD $1.5M invested in local community initiatives; zero significant environmental incidents; over 100,000 hours of employee training; 9% reduction in total scope 3 greenhouse gas emissions; 98% of procurement expense with in-country suppliers; and five consecutive years of compliance with the World Gold Council´s Responsible Gold Mining Principles (Mulatos mine, Sonora).

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, phreatic breccia in a low sulphidation epithermal vein system in a project in Guanajuato, Mexico. Photo taken by Miguel A Heredia.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 34th week of the year (August 18th to August 24th, 2025), companies working in Mexico presented 33 press releases. One company presented exploration advances on its early-stage property. Five companies presented quarterly reports. Ten companies presented news on financing rounds and share-related issues. Three companies presented drilling results from their advanced properties. One company received a key acceptance of a surface rights agreement. Fifteen companies informed on deals and corporate issues. ON MEXICO ISSUES, The SGM has been given the first orders by the Economy Ministry to perform exploration activities in three projects.  ON EXPLORATION, In Sonora, Questcorp informed on its drill program at La Union. ON MINING, Starcore International Mines, Elemental Altus Royalties, Santacruz Silver Mining, Sailfish Royalty and Sierra Madre Gold and Silver released Q2 2025 results. ON FINANCING, six companies informed on financing rounds: Regency Silver (C$2.5 M, upsized to C$3.1 M), Mammoth Resources (C$980 K), Sonoro Gold (C$525 K), Goldgroup Mining (C$4 M), Pacifica Silver (C$10 M) and Guanajuato Silver Company (C$18 M). Sonoro Gold informed on the terms of a loan. Apollo Silver and Kootenay Silver granted stock options. ON RESOURCES AND DEVELOPMENT, Sonoro Gold received acceptance by the TSX for the surface rights agreement at Cerro Caliche. Avino Silver and Gold reported drilling results from La Preciosa. First Majestic Silver disclosed results from drilling at San Dimas. GR Silver Mining announced drilling results from its Plomosas project. ON DEALS AND CORPORATE ISSUES, Silver Dollar Resources and Canasil Resources informed on their AGMs. Pacifica Silver, United States Antimony, Kootenay Silver, Tocvan Ventures and Colibri Resource announced appointments to the board. Apollo Silver engaged a service provider. Mag Silver informed on its acquisition by Pan American Silver. Reyna Silver and Torex Gold updated on its acquisition by Torex. Xali Gold informed on its status under the TSX and on the cancellation of claims at El Oro. Capitan Silver acquired mining concessions from Fresnillo plc at Cruz de Plata. EV Resources signed an MOU with Wogen Resources and Xcelsior Capital Advisors. Galore Resources updated on its Los Gemelos and Duraznillo projects. ON SOCIAL RESPONSIBILITY, no relevant news

ON MEXICO ISSUES

  • The Economy Ministry (Secretaría de Economía) emitted three exploration orders to the Mexican Geological Survey (Servicio Geológico Mexicano, or SGM). The orders posted In the Official Gazette (Diario Oficial de la Federación) grant the SGM the initial exploration works at Las Granadas (Estado de México), La Soledad (in Durango) and Delia (in Sonora). (Note by the editor.- This is a feeble attempt by the government to try to make function an exploration system depicted in the new mining law that basically is unworkable in any meaningful way, other than that of plain demagogy).   

ON EXPLORATION

  • Questcorp Mining Inc. announced the completion of 25% of the planned 1,200 to 1,500 m drill program at La Union, in Sonora.

ON MINING

  • Starcore International Mines Ltd. announced production results for the first fiscal quarter ended July 2025. At its San Martin mine in Queretaro, the company milled 54.3 K tonnes averaging 1.47 gpt Au, 12.9 gpt Ag, recovering 77.4% Au, 54.8% Ag, to produce 2,130 gpt AuEq. “During the quarter, the CIL (carbon-in-leach) process for carbonaceous ore was fine-tuned and necessary adjustments were made to optimize the process”.
  • Elemental Altus Royalties Corp. announced its operating and financial results for Q2 2025. The company had revenue of US$9.1 M, adjusted revenue of US$105 M, operating cash flow plus Caserones dividend of US$14.4 M, attributable 3,184 Oz Au Eq and adjusted EBITDA of US$8.8 M, with guidance revenue increased to US$35 M to US$40 M (Royalty on Mercedes, Sonora).
  • Santacruz Silver Mining Ltd. reported its financial and operating results for Q2 2025. The company had revenue of US$73.3 M, gross profit of US$25.3 M, net income of US$21.0 M, adjusted EBITDA of US$26.8 M, working capital of US$60.3 M and cash and short and long term investments of US$57.8 M. The company produced 3.55 M Oz AgEq on its mines in Mexico and South America at an AISC of $22.95 per Oz AgEq (Zimapán, Hidalgo).
  • Sailfish Royalty Corp. announced operating and financial results for the second quarter of 2025. During the period Sailfish earned US$626 K in royalties, earning 8 Oz Au, 1,672 Oz Ag from stream interests. Total revenue was US$713.2 K, for a gross profit of US$687 K, net income of US$185.3 K, declaring a quarterly dividend of US$0.0125 per common share (royalty on Gavilanes, Durango).
  • Sierra Madre Gold and Silver Ltd. provided financial results for Q2 2025. During the period the company had net revenue of US$5.36 M, adjusted EBITDA of US$1.46 M and a gross profit of US$1.29 M. At La Guitarra in Estado de México, 41.2 K tonnes were milled, recovering 76.6% Ag, 78% Au, to produce 66 K Oz Ag, 1,001 Oz Au. Sierra Madre closed the first and second tranches of a C$19.5 M brokered private placement during the quarter.

ON FINANCING

  • Sonoro Gold Corp. announced the completion of cash payments of US$3.12 M to a lessor, satisfying the financial obligations in year 1 of the agreement. The company will issue 5 M common shares to the lessor at a deemed issue price of CAD $0.15 Common Share. “Funding for year-1 payment requirements under the Agreement was financed by unsecured shareholder loans aggregating to US $2,900,000 (the “Loans”) by Company directors, bearing annual interest of 10%, plus a 7% lending fee” (Cerro Caliche, Sonora).
  • Apollo Silver Corp. approved the annual grant of 4.41 M stock options, restricted share units and deferred share units to certain employees, officers, directors and consultants (Cinco de Mayo, Chihuahua).
  • Regency Silver Corp. upsized its previously announced best efforts brokered private placement led by Centurion One Capital Corp. for aggregate gross proceeds of up to C$2.5 M (Dios Padre, Sonora).
  • Mammoth Resources Corp. received approval from the TSX Venture Exchange for a final closing for gross proceeds of C$980 K (Tenoriba, Chihuahua).
  • Sonoro Gold Corp. announced a non-brokered private placement offering for gross proceeds of C$525 K (Cerro Caliche, Sonora).
  • Kootenay Silver Inc. announced stock purchase options have been granted to a consultant to purchase up to 250 K shares of Kootenay at a price of $1.19 per common share for a period of two years. (Columba, Chihuahua).
  • Pacifica Silver Corp. closed the first tranche of its previously announced C$10 M non-brokered private placement financing. Participants included Vizsla Silver Corp., First Majestic Silver Corp., Silver Corp. Metals Inc. and 2176423 Ontario Ltd. (Claudia, Durango).
  • Goldgroup Mining Inc. arranged a non-brokered private placement for gross proceeds of up to C$4 M (Cerro Prieto, Sonora).
  • Guanajuato Silver Company Ltd. announced the closing of its previously announced non-brokered listed issuer financing exemption (LIFE) private placement for aggregate gross proceeds of C$18 M. “In connection with the Offering, the Finders received a cash commission of $520,463.92, and 1,727,904 nontransferable finder’s warrants”. Certain directors and officers acquired an aggregate of 2.1 M units for gross proceeds of C$630 K (El Cubo, Guanajuato).
  • Regency Silver Corp. upsized its previously announced best efforts brokered private placement for aggregate gross proceeds of C$3.1 M (Dios padre, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Sonoro Gold Corp. received the final acceptance from the TSX Venture Exchange for the surface rights lease agreement for the Company’s Cerro Caliche Gold Project in Sonora, Mexico.
  • Avino Silver & Gold Mines Ltd. reported results from 1,100 m of drilling in four twin holes at La Preciosa, Durango. The positive results are from La Abundancia and La Gloria veins. Highlighted true width intervals comprise 7.90 m @ 1.92 gpt Au, 1,638 gpt Ag (including 1.84  @ 0.61 gpt Au, 5,006 gpt Ag); 14.80  @ 0.38 gpt Au, 257 gpt Ag (including 5.04 m @ 0.72 gpt Au, 594 gpt Ag); 6.42 m @ 0.46 gpt Au, 544 gpt Ag; 3.45 m @ 0.44 gpt Au, 970 gpt Ag (including 1.17 m @ 0.64 gpt Au, 1,936 gpt Ag); 3.41 m @ 0.36 gpt Au, 398 gpt Ag. “Mineralization at the La Preciosa is hosted within multiple discrete poly-phase quartz veins, often displaying banded, smoky, drusy, and chalcedonic textures. Also, in each stage, there is variably crustiform banded fracture fill/breccia cement mineralogy”.
  • Colibri Resource Corp. congratulated its joint venture partner, Tocvan Ventures Corp., on receiving permit approval for a 50 K tonnes pilot mine facility located in close proximity to the Pilar project, a 49% Colibri – 51% Tocvan joint venture.
  • First Majestic Silver Corp. reported drilling results from its exploration program at the San Dimas mine in Durango. The drilling program is focused in exploring for new veins, expand and upgrade mineral resources, highlighted true width results comprise 0.75 m @ 9.94 gpt Au, 546 gpt Ag; 0.95 m @ 5.35 gpt Au, 302 gpt Ag; 0.89 m @ 7.77 gpt Au, 357 gpt Ag; 5.17 m @ 7.66 gpt Au, 357 gpt Ag; 1.59 m @ 13.07 gpt Au, 762 gpt Ag; 2.12 m @ 8.38 gpt Au, 282 gpt Ag; 3.57 m @ 15.93 gpt Au, 1,112 gpt Ag; 2.35 m @ 4.67 gpt Au, 289 gpt Ag; 1.06 m @ 23.70 gpt Au, 578 gpt Ag; 3.80 m @ 3.27 gpt Au,151 gpt Ag; 2.53 m @ 9.65 gpt Au, 121 gpt Ag.
  • GR Silver Mining Ltd. announced drilling results from its step-out drill program adjacent to the San Marcial deposit mineral resource area within the Plomosas project in Sinaloa. Highlighted core length intervals comprise 11.1 m @ 0.08 gpt Au, 64 gpt Ag; 22.9 m @ 0.06 gpt Au, 11 gpt Ag; 19.9 m @ 0.10 gpt Au, 206 gpt Ag (including 3.7 m @ 0.20 gpt Au, 511 gpt Ag and 4.2 m @ 0.10 gpt Au, 322 gpt Ag). All theses intervals contain between 0.1% to 0.8% Pb and between 0.1% to 0.9% Zn. “Drilling is ongoing with two diamond drill rigs, focusing on the SE Deep Extension target and the Parallel Breccia target.”.

ON DEALS AND CORPORATE ISSUES

  • Silver Dollar Resources Inc. informed that all resolutions put forth at the company’s annual general meeting (AGM), held on August 15, were approved by its shareholders (La Joya, Durango).
  • Pacifica Silver Corp. announced the appointment of Sophie Hsia to the board of directors and released results of its AGM (Claudia, Durango).
  • Apollo Silver Corp. engaged Creative Direct Marketing Group, Inc., an arm’s-length service provider, to provide marketing and advertising services for a total of US$1.62 M, payable in tranches (Cinco de Mayo, Chihuahua).
  • Colibri Resource Corp. announced thatJamie Lavigne has resigned from his position as director of the company. The company appointed Mark Smethurst, P. Geo, MSc, CFA-Level III Candidate, to the Board of Director (EP project, Sonora).
  • Canasil Resources Inc. announced shareholders voted in favor of all matters brought before its annual general meeting (AGM) held on August 7, 2025 (La Esperanza, Durango-Zacatecas).
  • Mag Silver Corp. announced today that, other than Mexican competition approval (COFECE), all required key approvals and authorizations to consummate the acquisition by Pan American Silver Corp. have been obtained. “If the COFECE Approval is obtained and all closing conditions are satisfied or waived, the Arrangement is expected to be completed in the third quarter of 2025. Following completion of the Arrangement, the MAG Shares are expected to be delisted from the Toronto Stock Exchange and NYSE American LLC” (Juanicipio, Zacatecas).
  • United States Antimony Corp. announced the addition of General John M. Keane, as an independent director to USAC’s board of directors (Juarez, Queretaro).
  • Kootenay Silver Inc. appointed Ron Miller as a director of the company (Columba).
  • Reyna Silver Corp. announced the completion of the previously announced plan of arrangement with Torex Gold Resources Inc.. pursuant to which Torex acquired all of the issued and outstanding shares of Reyna Silver (GuiGui, Chihuahua).
  • Torex Gold Resources Inc. announced the completion of the plan of arrangement with Reyna Silver Corp. (Morelos Complex, Guerrero).
  • Tocvan Ventures Corp. appointed Christopher Gordon as head of corporate development (Pilar, Sonora).
  • Xali Gold Corp. filed its audited annual financial statements. “The TSX Venture Exchange (“TSX.V”) is currently conducting a Listing Review of Xali Gold, which is a normal part of the review process after trading has been halted in a Company. The Company is working to resume trading as soon as possible”. The company is trying to overturn the cancellation of several mineral concessions at El Oro, Estado de México.
  • Capitan Silver Corp. executed a definitive agreement to acquire a strategic land package at its Cruz de Plata project in Durango. The property consists of 2,171.4 ha in seven mining concessions adjacent to and surrounding Cruz de Plata. The acquisition from Fresnillo plc involves the payment of an initial US$2 M (paid) and US$2 M payable on or before the second anniversary of the closing, with no royalties or share payments.
  • EV Resources Ltd. executed a try-party memorandum of understanding (MOU) with Wogen Resources Ltd. and Xcelsior Capital Advisors Ltd. Subject to a definitive agreement Wogen and XCLR will engage on a US$2–3 million secured debt facility to advance Los Lirios antimony project in Oaxaca towards production, and Wogen will be granted exclusive rights to offtake antimony products from Los Lirios, and Wogen and XCLR will provide EVR with technical input and market intelligence.
  • Galore Resources Inc. announced that it will host its annual and special general meeting of shareholders on October 23, 2025. The company has received interest in supporting development at Los Gemelos and Duraznillo in Zacatecas; however, recent proposals were not aligned with the long-term interests of shareholders. Discussions with other potential partners remain ongoing. “At Duraznillo, previously announced drilling was suspended due to delays in committed funding, following unforeseen circumstances with an investor group”.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

On the image below: Chlorite-Epidote alteration in quartz monzonite on HQ core. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Second Week of August, 2025

/ gambusinoprospectormexico / Leave a comment

Rhyolite dome

By Miguel A Heredia

During the 33th week of the year (August 11th to August 17th 2025), at least 29 press releases were announced by companies working in Mexico, with twelve communicating production results, nine disclosing deals and corporate issues, five announcing financial rounds, two reporting resources and developments of their properties, and one informing on exploration results  ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, Silver Tiger announced preliminary results from its exploration program on veins north and south of El Tigre mine in Sonora. ON MINING, MAG Silver reported Q2, 2025 financial results for its Juanicipio mine in Zacatecas. Americas Gold and Silver announced Q2, 2025 results from its Cosala operation in Sinaloa. Altius Minerals reported Q2, 2025 royalty revenue attributable of CAD $12.7M or CAD $0.27 per share (Royalties on Cuale project, Jalisco and Llano de Nogales project, Sonora). Orla Mining announced Q2, 2025 financial results from its Camino Rojo mine in Zacatecas. Prime Mining released selected financial results for the six months ending June 30, 2025 (Los Reyes project, Sinaloa). Bear Creek presented Q2, 2025 financial and operational results from its Mercedes mine in Sonora. Avino Silver & Gold announced Q2, 2025 production and financial results from its Avino mine in Durango. First Majestic reported unaudited consolidated financial and operational results for their Mexican operations. Discovery Silver released Q2, 2025 consolidated financial and operational results (Cordero project, Chihuahua). United States Antimony presented Q2, 2025 consolidated Q2 and H1, 2025 financial and operational results (Madero smelter in Coahuila). Endeavour Silver reported Q2 and H1, 2025 consolidated financial and operational results from their Mexican operations. Elemental Altus announced that it will release its Q2, 2025 results on August 18, 2025 (Royalties on Mercedes mine, Sonora). ON FINANCING, Regency Silver announced a brokered private placement for gross proceeds of up to CAD $1.5M (Dios Padre project, Sonora). Guanajuato Silver closed its non-brokered LIFE private placement for gross proceeds of CAD $18M (El Cubo mine complex, Guanajuato). Sailfish announced a normal course issuer bid to purchase up to 3,767,749 common shares of the company (Gavilanes project, Durango). GR Silver closed its previously announced underwritten private placement for gross proceeds of CAD $13.8M (Plomosas project, Sinaloa). Zacatecas Silver announced a private placement financing for gross proceeds of up to CAD $2.5M (Zacatecas Silver project, Zacatecas).  ON RESOURCES AND DEVELOPMENT, Osisko Development declared that it intends to re-submit its two permit applications for open-pit mining at its San Antonio Gold project in Sonora. Zacatecas Silver announced a 4,000m core drilling program focused on the El Cristo and Panuco North vein systems at its Zacatecas Silver project in Zacatecas state. ON DEALS AND CORPORATE ISSUES, Vizsla announced change of transfer agent (Panuco project, Sinaloa). Sailfish Silver closed the sale of Swordfish Silver, which holds the Gavilanes project in Durango to Advance Metals. Reyna Silver announced that the shareholders of the company approved the acquisition by Torex Gold (Batopilas project, Chihuahua). MAG Silver declared a fix dividend of USD $0.02 per share and an additional cash flow linked dividend of USD $0.124 per share (Juanicipio mine, Zacatecas). Americas Gold and Silver announced that it is implementing a consolidation of its outstanding common shares as authorized by its shareholders and subsequently approved by its Board of Directors (Cosala operations, Sinaloa). Mithril reported that its common shares are now trading on the OTCQB Venture Market in the USA (Copalquin project, Durango). Oroco received a positive resolution from the Mexican Secretariat of Environment and Natural Resources (SEMARNAT), allowing them to proceed with drilling and exploration activities on the Santo Tomas project in Sinaloa. Tocvan obtained full permit approval for a 50,000 tonnes pilot mine facility at its Gran Pilar project in Sonora. Reyna Silver received a final court order for acquisition by Torex Gold (Batopilas project, Chihuahua).  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Silver Tiger Metals Inc., announced preliminary results from its exploration program on veins north and south of El Tigre mine in Sonora. The exploration program is focused on mapping and sampling both the northern and southern veins. In the north, recent work has confirmed the continuity of high-grade mineralization along over 10km of strike, with historic workings and sampling indicating strong silver and gold grades. An initial drill target generation is underway for winter 2025. On the southern side, the company is evaluating previously undrilled greenfield areas like Lluvia de Oro and El Toro, where historical workings and high-grade surface sampling suggest significant mineralization potential over 10km of combined strike length. Overall, this steeply dipping epithermal veins system with over 25km mapped (including El Tigre Mine) supports further drilling and hosts huge potential for expanding known resources.

ON MINING

  • MAG Silver Corp., reported Q2, 2025 financial results for its Juanicipio mine in Zacatecas (all amounts expressed in US dollars). On a 100% basis (56% Fresnillo plc and 44% MAG), Juanicipio mined 355,785 tonnes and processed 342,515 tons of 417 g/t Ag, 1.21 g/t Au, 1.7% Pb, and 3.3% Zn (661 g/t AgEq) and sold 3.83M Oz Ag, 9.26K Oz Au, 10.4M Lb Pb, and 18.3M Lb Zn (5.65M Oz AgEq) at cash and AISC of ($3.90, negative attributable to higher by-product revenue) and $8.38 per Oz Ag sold respectively (or $0.63 and $11.46 per Oz AgEq sold respectively). The company also reported operating cash flow of $110.64M; free cash flow of $92.90M; gross profits of $128.6M; net income before taxes of $117.42M; and net income of $95.64M. On MAG 44% portion, the company reported a net income of $33.4M; and EBITDA of $33.88M; an adjusted EBITDA of $56.4M; and free cash flow of $92.9M.
  • Americas Gold and Silver Corporation announced Q2, 2025 production results. It produced 269K Oz Ag, 1.5M Lb Zn, and 0.2M Lb Pb at its Cosala operation in Sinaloa. The Cosalá Operations are advancing towards mining the higher-grade silver-copper EC120 orebody, aiming for commercial production by the end of 2025.
  • Altius Minerals Corporation reported Q2, 2025 royalty revenue attributable of CAD $12.7M or CAD $0.27 per share, and adjusted earnings of CAD $1.6M (Royalties on Cuale project, Jalisco and Llano de Nogales project, Sonora).
  • Orla Mining Ltd., announced Q2, 2025 financial results from its Camino Rojo mine in Zacatecas (all amounts expressed in US dollars). The company declared that 2M tonnes of ore were mined: 1.7M tonnes with an average grade of 0.71 g/t Au were stacked and 0.6M tonnes of ore of low grade were rehandled and placed on the leach pad at an average grade of 0.32 g/t Au. In total, 2.6M tonnes of ore at an average grade of 0.57 g/t Au were placed on the heap leach pad in Q2, 2025. Orla produced 25,145 Oz Au; sold a total of 26,591 Oz Au; and reported a sustaining capital of 0.5M. Due to the previously announced pit wall event (uncontrolled material movement on the north wall), the company updated the 2025 production guidance. It expects to produce at Camino Rojo between 95K-125K Oz Au at cash and AISC of $800-$900 and $850-950 per Oz Au sold respectively.
  • Prime Mining Corp., released selected financial results for the six months ending June 30, 2025 (all amounts expressed in Canadian dollars). It reported a net loss of $6.17M or a loss per share of $0.04, and ended the period with $32.75M. In addition, Prime declared total assets of $46.93M; total current liabilities of $0.78M; total liabilities of $1.56M; and total shareholders´ equity of $ 45.37M (Los Reyes project, Sinaloa).
  • Bear Creek Mining Corporation presented Q2, 2025 financial and operational results from its Mercedes mine in Sonora (all currency expressed in US dollars). The company mined 91,941 tonnes of 2.81 g/t Au and processed 89,488 tonnes of 2.88 g/t Au with a metallurgical recovery of 96% to produce 7,973 Oz Au and 33,932 Oz Ag at cash and AISC of $2,327 and $2,753 per Oz Au sold respectively. The company sold a total of 8,091 Oz Au during this period. Bear Creek also reported revenue of $27.78M; comprehensive earning loss of $11.7M; cash used in operating activities of $1.7M; cash used in investing activities of $10.34M; and cash generated from financing activities of $10.1M.
  • Avino Silver & Gold Mines Ltd., announced Q2, 2025 production and financial results from its Avino mine in Durango (all currency expressed in US dollars). The company milled 190,987 tonnes to produce 283.6K Oz Ag, 1.8K Oz Au and 1.46M Lb Cu (645.6K Oz AgEq) and sold 676.45 Oz AgEq at cash and AISC of $15.11 and $20.93 per Oz AgEq sold respectively. In addition, Avino reported revenues of $21.8M; mine operating income of $10.22M; net income of $2.86M; EBITDA of $7.4M; adjusted earnings of $8.84M; cash provided by operating activities of $8.35M; mine operating cash flow before taxes $11.3M; cash of $37.3M; and working capital of $40.6M.
  • First Majestic Silver Corp., reported Q2, 2025 unaudited consolidated financial and operational results for their Mexican operations (All currency expressed in US dollars). Figures by mine are shown in the table below:

The company also reported revenue of $264.2M; mine operating earnings of $23.9M; EBITDA of $98.7M; net earnings of $104.8M; adjusted net earnings of $38.5M; cash flow from operations of $91.1M; free cash flow of $71.4M; and cash position of $310.1M. First Majestic declared a cash dividend of $0.0048 per common share for the second quarter of 2025 for shareholders.

  • Discovery Silver Corp., released Q2, 2025 consolidated financial and operational results without presenting results separately from its Cordero project in Chihuahua. The company reported revenues of USD $142M from the sale of 42,550 Oz Au at an average realized gold price of USD $3,337 per Oz Au. In addition, Discovery Silver achieved significant progress at its Cordero project, including the completion of a limited work program focused on de-risking the project, particularly in power and water management, since it is evaluating the potential to use natural gas power sources, planning to upgrade the local water treatment plant, and evaluating the potential to establish solar farms around the project site to contribute to the power supply required for mine development and operation. 
  • United States Antimony Corporation presented Q2, 2025 consolidated Q2 and H1, 2025 financial and operational results without presenting results separately from their Mexican operations (Madero smelter in Coahuila). The company reported revenues of USD $10.5M for the second quarter of 2025 and USD $ 17.5M for the six months ended June 30, 2025.
  • Endeavour Silver Corp., reported Q2 and H1, 2025 consolidated financial and operational results from their Mexican operations (All dollars amount is in US dollars). At Guanacevi mine, Durango, Endeavour processed during the second quarter of 2025, 96,834 tonnes to produce 994.9K payable Oz Ag at cash and AISC of $19.91 and $26.81 per Oz Ag respectively. At Bolañitos mine, Guanajuato, it processed 88,098 tonnes to produce 100.2K payable Oz AgEq at cash and AISC of $(17.26) and $7.04 per Oz Ag respectively. For the six months ended June 30, 2025 the company processed at Guanacevi mine in Durango 199,272 tonnes to produce 2M payable Oz Ag at cash and AISC of $19.82 and $26.65 per Oz Ag respectively, while at Bolañitos mine in Guanajuato, it processed 195,167 tonnes to produce 281.3K Oz Ag at cash and AISC of $(9.75) and $10.98 per Oz Ag respectively. For the second quarter of 2025 Endeavor reported consolidated results including revenue of $85.3M from the sale of 1.45M Oz Ag and 7,706 Oz Au at realized prices of $32.95 per Oz Ag and $ 3,320 per Oz Au; net earnings of ($20.5M); adjusted net earnings of ($9.2M); mine operating earnings of $7.7M; mine operating cash flow before taxes of $22.9M; operating cash flow before working capital of $14.4M; EBITDA of $1.4M; adjusted EBITDA of $10.8M; and working capital of ($15.8M). For the six months ended June 30, 2025, Endeavor reported consolidated results including revenue of $148.8M from the sale of 2.68M Oz Ag and 16,244 Oz Au at realized prices of $32.52 per Oz Ag and $ 3,110 per Oz Au; net earnings of ($53.4M); adjusted net earnings of ($9.4M); mine operating earnings of $20.6M; mine operating cash flow before taxes of $45.0M; operating cash flow before working capital of $22.7M; EBITDA of ($16.7M); adjusted EBITDA of $25.9M; and working capital of ($15.3M).
  • Elemental Altus Royalties Corp., announced that it will release its Q2, 2025 results on August 18, 2025 (Royalties on Mercedes mine, Sonora).

ON FINANCING

  • Regency Silver Corp., announced a brokered private placement for gross proceeds of up to CAD $1.5M through the sale of up to 30,000,000 units at a price of CAD $0.05 per unit. The purpose of the financing is to use the gross proceeds for drilling the Dios Padre project in Sonora, and for general working capital purposes.
  • Guanajuato Silver Company Ltd., closed its non-brokered LIFE private placement of 60,000,000 units at a price of CAD $0.30 per unit for gross proceeds of CAD $18M. The purpose of this financing is to significantly strengthen the Guanajuato Silver’s balance sheet, providing the company with increased financial flexibility. This enhanced financial position enables the company to consider and pursue additional growth opportunities within its portfolio (El Cubo mine complex, Guanajuato).
  • Sailfish Royalty Corp., announced a normal course issuer bid during a 12-month period commencing August 12, 2025 and ending August 11, 2026, to purchase up to 3,767,749 common shares of the company in total, being approximately 5% of the total number of shares outstanding as at July 16, 2025 (Gavilanes project, Durango).
  • GR Silver Mining Ltd., closed its previously announced underwritten private placement of 69,000,000 units at a price of CAD $0.20 per unit for gross proceeds of CAD $13.8M. GR Silver plans to use the gross proceeds for advancement of its Plomosas project in Sinaloa, as well as for working capital and general corporate purposes.
  • Zacatecas Silver Corp., announced a private placement financing for gross proceeds of up to CAD $2.5M to fund a 4,000m drilling program at its Zacatecas Silver project in Zacatecas, for community engagement, and for strategic growth initiates.

ON RESOURCES AND DEVELOPMENT

  • Osisko Development Corp., declared that it intends to re-submit its two permit applications for open-pit mining at its San Antonio Gold project in Sonora since mining permits appears to be gaining traction in Mexico.
  • Zacatecas Silver Corp., announced a 4,000m core drilling program focused on the El Cristo and Panuco North vein systems at its Zacatecas Silver project in Zacatecas state. The goal of this program is to explore underexplored areas, delineate high-grade mineralization, and expand known resources. A 2,500m diamond drill program has been planned for the El Cristo Silver project targeting the extension of the Veta Grande Vein system, where previous drilling intersected silver and base metal mineralization in 22 out of 28 holes. Also, a 1,500m of drilling will be conducted at Panuco, where previous work has shown high grade intercepts.

ON DEALS AND CORPORATE ISSUES

  • Vizsla Silver Corp., announced that Odyssey Trust Company has replaced Computershare Trust Company as the company’s transfer agent effective August 11, 2025. Shareholders do not need to take any action, but inquiries related to shares should now be directed to Odyssey Trust (Panuco project, Sinaloa).
  • Sailfish Silver Corp., closed the sale of Swordfish Silver Corp., which holds the Gavilanes project in Durango to Advance Metals Limited. The transaction included a cash payment of USD $50K, 16,800,000 Advance shares, 33,600,000 performance rights convertible into Advance shares, and a 2% NSR on mineral production from the property. Advanced must spend a minimum of USD $2M on exploration over five years, or pay USD $500K if this commitment is not met.
  • Reyna Silver Corp., announced that the shareholders of the company approved the special resolution for a statutory plan of arrangement regarding the acquisition by Torex Gold. The transaction is expected to close on August 20, 2025, pending a final order from the Supreme Court of British Columbia (Batopilas project, Chihuahua).
  • MAG Silver Corp., declared a fix dividend of USD $0.02 per share and an additional cash flow linked dividend of USD $0.124 per share which represents approximately 30% of the USD $40.9M free cash flow generated by the Juanicipio mine in Zacatecas, for a total dividend of USD $0.144 per share payable on September 1, 2025 to shareholders on record as of August 18, 2025.
  • Americas Gold and Silver Corporation announced that it is implementing a consolidation of its outstanding common shares as authorized by its shareholders and subsequently approved by its Board of Directors. It will consist of one post-consolidation common share for every 2.5 pre-consolidated common shares. The company plans to file articles of amendment on or about August 21, 2025, to implement this change. The CUSIP (Committee on Uniform Securities Identification Procedures) and ISIN (International Securities Identification) numbers of the post-consolidation common shares will also change upon the completion of the consolidation (Cosala operations, Sinaloa).
  • Mithril Silver and Gold reported that its common shares are now trading on the OTCQB Venture Market in the USA under the symbol MTIRF. It also announced that their common shares will continue to trade on the Australian Stock Exchange and Toronto Stock Exchange under the symbols MTH and MSG respectively (Copalquin project, Durango).
  • Oroco Resource Corp., received a positive resolution from the Mexican Secretariat of Environment and Natural Resources (SEMARNAT), allowing them to proceed with drilling and exploration activities on the Santo Tomas project in Sinaloa, without needing an Environmental Impact Authorization. This decision is based on the characteristics outlined in their “informe preventivo” notice.
  • Tocvan Ventures Corp., obtained full permit approval for a 50,000 tonnes pilot mine facility at its Gran Pilar project in Sonora. The facility includes a heap leach pad and hydrometallurgical processing infrastructure, allowing for the processing of high grade material and optimizing extraction methods.
  • Reyna Silver Corp., received a final order from the Supreme Court of British Columbia authorizing Torex Gold Resources Inc to proceed with the acquisition of Reyna Silver (Batopilas project, Chihuahua).

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, an outcrop of a rhyolite dome in an intermediate sulphidation epithermal vein system in a project in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of June 2025

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

By Jorge Cirett
During the 26th week of the year (June 23rd to June 29th, 2025), companies working in Mexico presented 37 press releases. Four companies presented news on early-stage properties. No company presented operational updates. Eight companies reported on financial rounds; another company amended a significant loan facility; one more set the price on its securities; one closed on a significant loan facility, and two more started trading on another stock exchange, while one more granted options, another executed a loan agreement and another declared a dividend. One company presented drilling results from historical waste dumps and one more disclosed exploration results near its operating mine. A large operating gold company is acquiring an exploration company with silver plays in Mexico and USA, another company announced appointments to the board, two more contracted services, another five informed on their AGM’s and one more clarified on a proposed acquisition. ON MEXICO ISSUES, the Mexican president pointed that no new mining concessions are to be issued, while reassuring the mining industry that some mining permits are to be granted and confirming that the open pit ban proposal has been retired. ON EXPLORATION, In Sonora, Questcorp Mining commenced work at La Union; Tocvan Ventures released RC drilling results from Gran Pilar; Masivo Silver advances on the due diligence at Cerro Colorado. ON MINING, no relevant news. ON FINANCING, eight companies informed on financing rounds: Minaurum Gold (C$8 M), Silver Storm Mining (C$4 M), Vizsla Silver (US$100-$115 M), Reyna Silver (C$1.1 M), Endeavour Silver (US$135 M), Silver Viper (C$3.5 M), Kootenay Silver (C$20 M) and Masivo Silver (C$1 M). Endeavour Silver amended a credit facility, increasing its amount to up to US$115 M. Reyna Silver set the price of its securities related to the deal with Torex Gold. Vizsla Royalties and Santacruz Silver started trading on the Frankfurt Stock Exchange and the OTCQX Best Market respectively. Santacruz Mining granted incentive securities. Gold Resource executed a loan agreement for US$6.3 M. Sandstorm Gold declared a dividend. ON RESOURCES AND DEVELOPMENT, Heliostar Metals informed on its plan to process waste stockpiles while restarting open pit mining at La Colorada. DynaResource has two near-mine exploration plays at San Jose de Gracia. ON DEALS AND CORPORATE ISSUES, Torex Gold Resources is to acquire all shares of Reyna Silver. Chesapeake Gold appointed new members to the board. Vizsla Royalties hired a contractor for a digital marketing campaign. Orla Mining, Americas Gold and Silver, Discovery Silver, Almaden Minerals and Orogen Royalties informed on their AGM´s. Vortex Metals engaged a firm for environmental services for its Oaxaca projects. Roberto Resources clarified the acquisition terms of the Claudia project. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Claudia Sheinbaum, president of Mexico, spoke on one of its daily conferences about the tight squeeze on mining permits by its government, pointing that some of these will be authorized once its environmental impact has been reviewed and reduced (no time line offered). She also stated that the ban on open pit mining proposal was retired because of its impracticality but reiterated that no new mining concessions are to be granted.  

ON EXPLORATION

  • Questcorp. Mining Inc. commenced the first phase work program at its La Union project in Sonora. Questcorp is earning a 100% interest from Riverside Resources Inc. in the 2,520 ha property. The initial stage includes marking lines for an IP survey, sampling of limestone and dolomite host rocks for fluorescence study for vectoring, geological mapping of selected drill sites and sections on the IP lines and rock and soil sampling to identify additional targets. The project hosts carbonate replacement deposit style (CRD) mineralization hosted by “Neoproterozoic sedimentary rocks (limestones, dolomites, and siliciclastic sediments) overlying crystalline Paleoproterozoic rocks of the Caborca Terrane….. Mineralization occurs as polymetallic veins, replacement zones (mantos, chimneys), and shear zones with high-grade metal content, as shown in highlight grades of 59.4 grams per metric tonne (g/t) gold, 833 g/t silver, 11% zinc, 5.5% lead, 2.2% copper, along with significant hematite and manganese oxides…”
  • Pinnacle Silver and Gold Corp. provided an update on the Potrero project in Durango. The importance of a quartz feldspar porphyry dike is being recognized as it follows the same structure that hosts the mineralized quartz breccia vein system with some underground workings entirely within it. Additional channel sampling is now conducted in areas where access was previously restricted. “A program of combined underground and surface diamond drilling is being devised in order to systematically test the Dos de Mayo vein system”. A plant consultant reviewed the processing installations and will produce a report in the following weeks. “A permit consultant was taken to the project to initiate a site review for the purpose of permitting near term diamond drilling, mid-term mine development and site preparation, and future production”.
  • Tocvan Ventures Corp. announced reverse circulation (RC) drill results from the latest drill program at its Gran Pilar project in Sonora. Highlighted drill length results comprise 22.88 m @ 0.14 gpt Au, 5 gpt Ag (including 7.63 m @ 0.37 gpt Au, 12 gpt Ag); 42.70 m @ 0.14 gpt Au, 45 gpt Ag (including 10.68 m @ 0.11 gpt Au, 137 gpt Ag); 6.10 m @ 0.16 gpt Au; 12.20 m @ 0.14 gpt Au, 10 gpt Ag (including 4.58 m @ 0.34 gpt Au, 5 gpt Ag).
  • Masivo Silver Corp. is advancing on the due diligence to acquire the Cerro Colorado project in Sonora. Reported historic results from two 2015 drill holes by Minera Gold Zone. The two shallow holes targeted the southwestern margin of the Cerro Colorado system. Highlighted core length results comprise 29.65 m 0.062 gpt Au, 51 gpt Ag, 0.1% Pb, 0.6% Zn (including 5.05 m @ 0.262 gpt Au, 254 gpt Ag, 0.27% Cu, 0.4% Pb, 0.8% Zn; 2.95 m @ 0.395 gpt Au, 384 gpt Ag, 0.40% Cu, 0.4% Pb, 0.9% Zn; 2.45 m @ 0.432 gpt Au, 430 gpt Ag, 0.59% Cu, 0.4% Pb, 0.8% Zn); 35.80 m @ 23 gpt Ag, 0.4% Zn (including 3.15 m @ 0.188 gpt Au, 159 gpt Ag, 0.14% Cu, 0.3% Pb, 0.5% Zn and 0.60 m @ 0.705 gpt Au, 577 gpt Ag, 0.52% Cu, 0.8% Pb, 0.9% Zn). According to Masivo, “Cerro Colorado hosts a sub-epithermal polymetallic system, potentially related to breccia structures on the flank of a deeper porphyry system”.

ON MINING

  • No Relevant News.

ON FINANCING

  • Minaurum Gold Inc. entered into an agreement with Comark Securities Inc. pursuant to which Comark is to act as lead agent in connection with a “best efforts” private placement for aggregate gross proceeds of up to C$5 M (Alamos, Sonora).
  • Silver Storm Mining Ltd. intends to complete a non-brokered private placement for gross proceeds of up to C$2.6 M (La Parrilla, Durango).
  • Vizsla Silver Corp. entered into an agreement with Canaccord Genuity on behalf of itself and syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a bought deal basis common shares for gross proceeds of US$100 M. The underwriters were granted an option for 30 days to buy an over-allotment for up to 15% of the offering. If the over allotment option is exercised in full, the total gross proceeds of the offering will be US$115 M (Panuco, Sinaloa).
  • Reyna Silver Corp. announced a financing concurrent with the definitive agreement on its acquisition by Torex Gold Resources Inc., under which Torex Gold has agreed to purchase C$1.1 M units in a non-brokered private placement. The proceeds of the private placement are to be used to make certain payments relating to its option agreements in Nevada (Batopilas, Chihuahua).
  • Minaurum Gold Inc. increased the size of the previously announced “best efforts” private placement for aggregate gross proceeds of up to C$8.0 M (Alamos, Sonora)
  • Endeavour Silver Corp. amended and restated the previously announced senior secured debt facility with ING Capital LLC and Societe Generale acting as joint lead arrangers. The credit facility was amended and restated to increase the principal amount of up to US$120 M by an additional US$15 M, bringing the aggregate principal amount up to US$135 M (Terronera, Jalisco).
  • Reyna Silver Corp. has set the price of the securities offered in connection with the non-brokered private placement previously announced, in connection with the agreement on which Torex Gold Resources Inc. is to acquire all shares of Reyna Silver. “The price of each Unit to be issued under the Private Placement has now been set at $0.095, and, as previously announced, each Unit will be comprised of one Share and one common share purchase warrant …exercisable … price of $0.13 per Purchaser Warrant ….” (GuiGui, Chihuahua).
  • Americas Gold and Silver Corp. closed its previously announced US$100 M senior secured debt facility provided by funds affiliated with SAF Group to fund spending at the Galena project in the US (Cosalá, Sinaloa).
  • Vizsla Royalties Corp. started trading on the Frankfurt Stock Exchange (Royalty on Panuco, Sinaloa).
  • Santacruz Silver Mining Ltd. has qualified to trade on the OTCQX Best Market, upgrading from the OTCQB Venture Market (Zimapán, Hidalgo).
  • Santacruz Silver Mining Ltd. granted 3.45 M stock options, deferred share units, 0.96 M restricted share units and 0.5 M performance share units to certain directors, officers, employees and consultants (Zimapán, Hidalgo).
  • Silver Viper Minerals Corp. closed its C$3.5 M non-brokered private placement (La Virginia, Sonora).
  • Gold Resource Corp. announced the execution of a loan agreement with Francisco Javier Reyes de la Campa and Jaluca Ltd. in the amount of US$6.3 M. In connection with the agreement the company also issued a common stock purchase warrant to an affiliate of Mr. Reyes de la Campa for up to 1.5 M shares at an exercise price of $0.65 (Don David, Oaxaca).
  • Sandstorm Gold Ltd. declared the second quarterly cash dividend for 2025 in the amount of C$0.02 per common share (Royalty on Cozamin, Zacatecas).
  • Kootenay Silver Inc. completed its previously announced and upsized bought deal public offering for gross proceeds of C$20 M (Columba, Chihuahua).
  • Silver Storm Mining Ltd. increased the previously announced non-brokered private placement from C$2.6 M to C$4 M. Proceeds are to be used at La Parrilla in Durango, for the procurement of mine processing flotation cells; to commence rehabilitation work of the processing facility including equipment purchase and refurbishment, labor and supplies; to order long lead items including deposits on mining equipment and ventilation fans; to fund ongoing operations for the next 12 months and for general corporate and working capital purposes (La Parrilla, Durango).
  • Masivo Silver Corp. announced a non-brokered private placement of up to C$1 M to fund exploration at one property in Mexico and another in the USA (Cerro Colorado, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd. released results from drilling the Truckshop stockpile at its La Colorada mine in Sonora. La Colorada was operated by El Dorado Gold Corp. in the 1990s, with the Truckshop stockpile deposited as a waste dump 400 m from the mine’s crushing circuit. Highlighted drill intercepts from 26 holes in the waste dump comprise 10.7 m @ 1.81 gpt Au, 10 gpt Ag; 19.80 m @ 0.30 gpt Au, 14 gpt Ag; 13.7 m @ 0.61 gpt Ag, 10 gpt Ag; 9.1 m @ 0.39 gpt Au, 18 gpt Ag; 7.6 m @ 0.54 gpt Au, 14 gpt Ag; 19.8 m @ 0.62 gpt Au, 32 gpt Ag; 9.1 m @ 0.86 gpt Au, 10 gpt Ag; 10.7 m @ 0.31 gpt Au, 10 gpt Ag; 35.1 m @ 0.19 gpt Au, 5 gpt Ag; 13.7 m @ 0.36 gpt Au, 8 gpt Ag; 10.7 m @ 0.28 gpt Au, 15 gpt Ag; 19.8 m @ 0.42 gpt Au, 5 gpt Ag; 13.7 m @ 0.24 gpt Au, 11 gpt Ag; 19.8 m @ 0.17 gpt Au, 9 gpt Ag. “the Company will now change the focus of drilling to test the larger El Dorado stockpile … If that drilling is successful, it may provide additional resources and cash flow similar to that currently being generated from the producing Junkyard reserve. The intention is to produce from these low-cost stockpiles to maximize cashflow ahead of primary mining from the open pit pushbacks”.
  • DynaResource Inc. updated on exploration activities at its San Jose de Gracia mine in Sinaloa. Two potential high-grade mineralized zones have been identified and are under evaluation for exploration and development potential. The Victoria vein was discovered on the hanging wall of the Tres Amigos vein system, is 1.5 m wide and has been followed along 110 m by drifting, grading between 7 to 8 gpt Au and currently is envisioned to potentially host around 25 K Oz Au in sulfide rich, chalcopyrite-sphalerite-galena bearing material. The Palos Chinos vein system has a conceptual exploration target of 90 K tonnes grading 5 to 6 gpt Au, with a potential to host 15 K Oz Au. Exploration drifts have encountered minor disseminated mineralization within the footwall of the Palos Chinos structure, with results of up to 7.6 m @ 7.4 gpt Au in channel sampling.

ON DEALS AND CORPORATE ISSUES

  • Torex Gold Resources Inc. entered into a definitive agreement to acquire all of the issued and outstanding common shares of Reyna Silver Corp. for an all-cash consideration of US$26 M (C$36 M) (Morelos Complex, Guerrero).
  • Reyna Silver Corp. entered into a definitive agreement with Torex Gold Resources Inc. pursuant to which Torex Gold has agreed to acquire all issued and outstanding common shares of Reyna Silver. Concurrently with the transaction, Torex Gold is participating in non-brokered private placement with Reyna Silver -see above in Financing- (GuiGui, Chihuahua).
  • Chesapeake Gold Corp. announced the election of Mr. Paul West-Sells to the board of directors together with the returning incumbent directors P. Randy Reifel, Randy Buffington, Doug Flegg, Lian Li, and John Perston. Mr. Jeff Stieber was also appointed to the board, while director Chris Falck is retiring and continuing as an advisor (Metates, Durango).
  • Vizsla Royalties Corp. entered into an agreement with Machai Capital Inc. for a digital marketing campaign “… including branding and content creation, data optimization services, search engine optimization, search engine marketing, lead generation, digital marketing, social media marketing, e-mail marketing and brand marketing” (Royalty on Panuco, Sinaloa).
  • Orla Mining Ltd. reported the voting results from its AGM with all nominees elected as directors (Camino Rojo, Zacatecas).
  • Americas Gold and Silver Corp. announced that all nominees listed in the management proxy circular were elected on its AGM, along with the passing of several other ordinary resolutions (Cosalá, Sinaloa).
  • Vortex Metals Inc. engaged “Pontones & Ledesma” based in Mexico City o to lead the company’s efforts in preparing environmental impact studies (EIA) at its projects Zaachila and Riqueza Marina in Oaxaca.
  • Discovery Silver Corp. announced results of its annual general meeting (AGM), electing all director nominees (Cordero, Chihuahua).
  • Roberto Resources Inc. clarified its disclosure on the proposed acquisition from Durango Gold Corp. of the Claudia project in Durango, as requested by the British Columbia Securities Commission. The company entered into an extension agreement for the due diligence period, until June 30, 2025. The company is to pay US$25 K and 10 M common shares at the closing, assume up to US$500 K in current accounts payables which includes mineral concession payments for US$465 K. Bonus payments to previous owner Silverstone Resources S.A. de C.V. as follows: if a measured and indicated resource is disclosed ranging from 1 to 500 K Oz AuEq, payment of US$7.0 M; 500 K to 1 M Oz AuEq, additional US$ 10.0 M; and 1 M to 1.5 M Oz AuEq, an additional US$2.0 M. Those gold discovery payments can be paid 50% in shares and 50% in cash. If no measures or indicated resources are published by the end of 2029, the project must be returned to Silverstone.
  • Almaden Minerals Ltd. informed all matters submitted to the shareholders were approved at their annual general meeting (Ixtaca, Puebla).
  • Orogen Royalties Inc. announced the plan of arrangement between the company and Triple Flag Precious Metals Corp. was approved on its annual general meeting (AGM), along with the election of all nominees to the board (Royalty on Ermitaño, Sonora). 

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Tectonic breccia within a fault zone in HQ core. Picture by Jorge Cirett.