Feasibility Study

The Mining and Exploration News in Mexico; Highlights on the First Week of March 2026

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By Jorge Cirett

During the 10th week of the year (March 2nd to March 8th, 2026), companies working in Mexico released 22 press releases. One company informed on early-stage property work, two presented quarterly and full-year reports. One company updated on a financing round, one informed on a credit facility, one other company on its credit rating, one more on its share re-purchase plan and one on the trading on a new Exchange. Four companies presented drilling results on advanced properties and one updated the MRE and a PEA on its advanced property. Eight companies informed on deals and corporate issues. ON MEXICO ISSUES, the president asserted that the moratorium in new claims is to continue. Rules on small scale coal mining are to be strengthened. ON EXPLORATION, in Sonora, Regency Silver presented drilling results from Dios Padre. ON MINING, Capstone Copper and Starcore International Mines presented quarterly and full-year reports. ON FINANCING, one company informed on a financing round: Silver spruce Resources (C$2 M). Elemental Royalty amended a US$150 M credit facility. Aura Minerals credit rating was upgraded. Pan American Silver intends to repurchase up to 5% of its shares. Highlander Silver is to trade on the NYSE. ON RESOURCES AND DEVELOPMENT, Kootenay silver released results from drilling at Columba, Chihuahua. Advance Metals presented drill results from Yoquivo, in Chihuahua. Pan American Silver reported drilling results from La Colorada, in Zacatecas, encountering several new veins. Luca Mining released drill results from Tahuehueto, in Durango. Sonoro Gold presented a new MRE and a PEA on its Cerro Caliche project in Sonora. ON DEALS AND CORPORATE ISSUES, Royalties Inc. informed on its legal proceedings with Capstone on Cozamin royalties. Heliostar Metals entered into a binding agreement with Zacatecas Silver on several non-core properties. Medoro Metals informed on the proposed reverse takeover with Narrow River. Vizsla Silver updated on the situation in Concordia, at the Panuco project in Sinaloa. Altius Minerals and Lithium Royalty completed their arrangement. Mithril Silver, Endeavour Silver and Heliostar Metals announced appointments to the board or executive positions. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • The Work Secretariat in Mexico is about to strengthen the rules on small scale coal mining. Such operations usually work with less strict security measures.
  • The United States army asked mining companies in USA help to increase the supply of 13 critical minerals. Selected projects could receive development funds between US$100 and over US$500 million The list includes arsenic, bismuth, graphite, tungsten and vanadium, minerals of which there are known prospects in Mexico.
  • The president of México, Claudia Sheinbaum, asserted she will continue with the moratorium in mining concessions, with the only exception for lithium by the government funded LitioMx.  

ON EXPLORATION

  • Regency Silver Corp. announced results of its 5-hole 3,142 m drill program at Dios Padre, in Sonora. Highlighted core length results comprise 36.3 m @ 2.23 gpt Au (including 9.0 m @ 5.43 gpt Au); 22.0 m @ 0.36 gpt Au; 22.5 m @ 0.24 gpt Au; 18 m @ 94 gpt Ag (including 9.0 m @ 158 gpt Ag); 18.0 m @ 69 gpt Ag; 10.5 m @ 64 gpt Ag; 24.3 m @ 0.65% Cu (including 5.7 m @ 1.44% Cu); 18.0 m @ 0.41% Cu; 4.5 m @ 1.24% Cu. Antimony intercepts can be as high as 9 m @ 0.39% Sb. “it appears as though the lower gold rich breccia zone is spatially connected to the Dios Padre silver mine, though it may be locally shuffled and displaced via faulting.. The breccia itself appears to be primarily controlled by a swarm of Quartz-feldspar porphyry dykes that anastomose from depth towards the silver mine at surface”.

ON MINING

  • Capstone Copper Corp. reported financial results for Q4 and full-year 2025 with some figures from its Mexican operations. The company had a consolidated 2025 production of 224.8 K tonnes Cu at cash cost $2.44 per Lb Cu, net income of US$315.6 M, adjusted EBITDA of US$952.7 M and net debt of US$780.1 M. At Cozamin, in Zacatecas, the company produced 25,348 tonnes Cu in the year, 6,170 tonnes Cu in Q4, at cash cost $1.32 per Lb Cu in 2025 (the lowest for Capstone in an average of $2.00 per Lb Cu).
  • Starcore International Mines Ltd. filed results “for the third quarter ended January 31, 2026”. During the period the San Martín unit in Querétaro milled 52.6 K tonnes grading 1.33 gpt Au, 18.3 gpt Ag, recovering 85.7% Au, 46.4% Ag. Revenue was C$13.5 M, earnings of C$6.2 M and net income C$1.3 M.

ON FINANCING

  • Silver Spruce Resources Inc. announced a non-brokered private placement to raise proceeds of up to C$2 M (Pino de Plata, Chihuahua).
  • Elemental Royalty Corp. signed an amendment to the existing revolving credit facility, which was upsized to US$150 M with a US$50 M accordion feature (royalty on Mercedes, Sonora).
  • Aura Minerals Inc. announced its issuer credit rating was upgraded “by S&P Global Ratings from ‘B+’ to ‘BB-’, with stable outlook and, on national scale, S&P upgraded Aura’s Brazilian National Scale rating from ‘brAA’ to ‘brAA+’ and revised the outlook from positive to stable” (Aranzazu, Zacatecas).
  • Pan American Silver. intends to renew its normal course issuer bid to purchase up to 21 M of its common shares, or up to 5% of Pan American Silver’s issued and outstanding shares (La Colorada, Zacatecas).
  • Highlander Silver Corp. received approval to list its common shares on the NYSE American LLC (Mercedes, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Kootenay Silver Inc. announced additional assay results from nine drill holes at its Columba project in Chihuahua. Approximately 17,000 m have been drilled on 24 holes of the planned 50,000-60,000 m expansion program on the 54.1 M Oz Ag contained in 5.92 M tonnes grading 284 gpt Ag. Highlighted true width intervals comprise 0.42 m @ 1,020 gpt Ag, 0.7% Pb, 1.6% Zn; 12.64 m @ 76 gpt Ag, 0.1% Pb, 0.2% Zn; 5.3 m @ 503 gpt Ag, 0.1% Pb, 0.6% Zn (including 0.58 m @ 3,620 gpt Ag, 0.1% Pb, 0.8% Zn); 9.29 m @ 31 gpt Ag, 0.4% Pb, 1.3% Zn; 3.04 m @ 98 gpt Ag, 0.1% Pb, 2.1% Zn; 1.92 m @ 6 gpt Ag, 1.2 % Pb, 4.5% Zn; 6.08 m @ 319 gpt Ag, 0.1% Pb, 0.6% Zn (including 2.0 m @ 687 gpt Ag, 0.2% Pb, 0.8% Zn).
  • Advance Metals Ltd. reported drilling results from its Yoquivo project in Chihuahua. Highlighted core length intervals comprise 1.82 m @ 2.8 gpt Au, 20 gpt Ag; 10.4 m @ 0.4 gpt Au, 69 gpt Ag; 67.88 m @ 0.9 gpt Au, 68 gpt Ag (Including 23.89 m @ 1.7 gpt Au, 123 gpt Ag). The company stresses current results “support a potential transition at Yoquivo from an exclusively narrow-vein underground opportunity toward a scalable development scenario potentially incorporating both underground and bulk tonnage open-pit mineralisation”.
  • Pan American Silver Corp. reported drill results from the southeastern and eastern Candelaria zones of the La Colorada mine in Zacatecas. Highlighted true width intervals comprise 11.6 m @ 0.81 gpt Au, 241 gpt Ag, 0.17% Cu, 2.1% Pb, 4.5% Zn; 1.03 m @ 6.19 gpt Ag, 9,730 gpt Ag, 1.22% Cu, 2.6% Pb, 5.7% Zn; 5.13 m @ 0.77 gpt Au, 1,000 gpt Ag, 0.29% Cu, 3.7% Pb, 6.7% Zn; 65.63 m @ 0.12 gpt Ag, 101 gpt Ag, 0.07% Cu, 0.3% Pb, 2.5% Zn; 9.27 m @ 0.27 gpt Au, 332 gpt Ag, 0.32% Cu, 3.8% Pb, 8.4% Zn and a core length interval of 26.35 m @ 0.1 gpt Au, 22 gpt Ag, 1.1% Pb, 2.5% Zn. “Exploration drilling between the Cristina and San Gerónimo systems has resulted in the discovery of at least four new veins and associated contact-related replacement mineralization”.
  • Luca Mining Corp. reported assay results from its ongoing 2026 drilling program at the Tahuehueto mine in Durango. Highlighted core length intervals comprise 1.7 m @ 3.06 gpt Au, 58 gpt Ag, 1.08% Cu, 2.4% Pb, 9.9% Zn; 7.6 m @ 14.27 gpt Au, 47 gpt Ag, 0.33% Cu, 2.6% Pb, 1.2% Zn (including 2.6 m @ 25.13 gpt Au, 25 gpt Ag, 0.1% Pb, 0.2% Zn); 15.9 m @ 0.83 gpt Au, 63 gpt Ag, 0.68% Cu, 0.8% Pb, 1.3% Zn; 1.9 m @ 1.38 gpt Au, 178 gpt Ag, 2.38% Cu, 0.8% Pb, 0.7% Zn; 13.2 m @ 6.66 gpt Au, 17 gpt Ag, 0.2% Pb, 0.7% Zn. “Initial drilling has intersected high-grade gold mineralization in breccia zones, immediately below current mine workings, confirming continuity of breccia-hosted mineralization within the Creston vein system”.
  • Sonoro Gold Corp. announced results of a new mineral resource estimate (MRE) and an updated preliminary economic assessment (PEA) on the Cerro Caliche project in Sonora. The study base case at $3,500 per Oz Au, $48 per Oz Ag includes a pre-tax NPV (-8%) of $360 M, pre-tax IRR of 65%, after-tax NPV of $224 M and after tax IRR of 50%, with recoveries of 72% Au, 27% Ag, a 10-year LOM with 459 K Oz AuEq , cash costs of $1,842 per Oz AuEq and an AISC of $1,902 per Oz AuEq, with a 1.7 years payback period.

ON DEALS AND CORPORATE ISSUES

  • Royalties Inc. reported that “the Federal Prosecutor filed formal opposition to Capstone Gold’s constitutional challenge called an Amparo against a Zacatecas appellate ruling that upheld MPZ’s royalty rights over disputed mining royalty payments. …. The Federal Court will likely take 4-6 months to process the above recommendation to uphold the lower court decisions and it overturns State decisions in only 3% of cases” (disputing royalty on some Cozamin claims, Zacatecas).
  • Heliostar Metals Ltd. entered into a binding agreement with Zacatecas Silver Corp. pursuant to which Heliostar will grant Zacatecas the option to acquire a 100% interest in non-core exploration projects Cúmaro (Sonora), La Lola (Sonora), Oso Negro (Sonora) and Ejutla (Jalisco?). The agreement consists of staged payments to Heliostar over the next three years totalling $450 K in cash and $750 K in shares of Zacatecas Silver, with $150 K in cash and $300 K in shares being paid upon closing. Heliostar will retain a 2% NSR on the property with 1% available to repurchase before production for $2 M.
  • Madoro Metals Corp. informed on the proposed reverse takeover with Narrow River Resources Pty Ltd. Madoro and NRR continue to advance and progress as expected in the TSX Venture Exchange requirements, including technical reporting, preparation of transaction documentation, and assembly of required regulatory filings. The parties remain committed to moving the proposed transaction forward (Yautepec, Oaxaca).
  • Vizsla Silver Corp. provided an update of the situation at the Panuco project in Sinaloa, announcing that the company “has been focused on supporting the families of the ten colleagues taken from its project site in Concordia, as well as its employees, through a time of pain, grief, and uncertainty … Vizsla Silver continues to cooperate fully with Mexican authorities as search efforts and the broader investigation proceed. The Company remains committed to supporting the authorities in their work and will continue to provide updates as confirmed information becomes available. The safety and security of employees, contractors, and community members remain Vizsla Silver’s highest priority. The Company continues to review and strengthen its security protocols in close coordination with local authorities”.
  • Altius Minerals Corp. and Lithium Royalty Corp. announced the completion of their plan of arrangement. It was approved by LRC shareholders at a special meeting of shareholders held on February 26, 2026 with 99.8% of all votes cast being in favor of the arrangement (royalty on Cuale, Jalisco).
  • Mithril Silver and Gold Ltd. announced the appointment of James Barr as Vice President, Exploration (Copalquin, Durango).
  • Endeavour Silver Corp. announced the appointment of George Paspalas to the board of directors, the retirement of Don Gray as Chief Operating Officer and the appointment of Luis Castro as Chief Operating Officer (Terronera, Jalisco).
  • Heliostar Metals Ltd. announced the addition of Tara Gilfillan as a non-executive director and Audit Chair to the board of directors (Ana Paula, Guerrero).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: chlorite alteration and specularite veining on volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of February, 2026

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Quartz Vein

By Miguel A Heredia

During the 9th week of the year (February 23th to March 01st 2026), at least 33 press releases were announced by companies working in Mexico, and 1 news publish by the media, with ten disclosing deals and corporate issues, eight informing on exploration results, eight reporting resources and development of their properties, three communicating production results, three announcing financing rounds, and two commenting on Mexican issues. ON MEXICO ISSUES, According to an analysis of S&P Mining Intelligence, the Mexican Mining Policy may affect Mexico-USA Critical Minerals Plan. Minaurum Silver, Silverco, Heliostar, Capitan Silver and Axo Copper reported the best drilling intercepts in Mexico on the fourth week of February, 2026. ON EXPLORATION, In Sonora, Barksdale informed that it is reviewing a sample collection program to assay historic core drill samples, and Riverside released assays and exploration results at its Ariel project. In Chihuahua, Mammoth identified potential draw point locations for small-scale gold-silver and pilot leach testing at its Tenoriba project. In Durango, Pinnacle provided an update on its El Potrero project; Mithril reported progress of its ongoing exploration activities at La Dura and Copalquin projects and Capitan Silver released assays from nine RC holed drilled at Cruz de Plata project. In Jalisco, Axo Copper provided an update on its exploration plan at La Huerta project. In Guerrero, J2 Metals reported high grade Ag-Au-Sb results from the due diligence visit to its Sierra Plata project. ON MINING, Aura reported Q4 and full year, 2025 production and financial results (Aranzazu mine, Zacatecas). Endeavor announced Q4 and full 2025 results from their Mexican operations. ON FINANCING, Regency Silver closed its previously announced non-brokered private placement for gross proceeds of CAD $4,247,500 (Dios Padre project, Sonora). Questcorp closed the first tranche of its upsized non-brokered private placement, increasing the total offering from CAD $2.22M to CAD $2.62M (La Union project, Sonora). Algo Grande closed its previously announced non-brokered private placement for gross proceeds of CAD $6.52M (Adelita project, Sonora). ON RESOURCES AND DEVELOPMENT, Oroco commenced its Phase 2 drill program at its Santo Tomas project in Sinaloa. Kootenay informed that a three-dimensional induced polarization (3D-IP) and Audio-Magnetotelluric AMT) geophysical survey has initiated at its Columba project in Chihuahua. Minaurum filed a NI43-101 Technical Report, Mineral Resource Estimate on its Alamos Silver project in Sonora. Silverco released the final assay results from the 2025 drilling program at its Cusi mine in Chihuahua. Minaurum announced the mobilization of six rigs to accelerate its ongoing Phase II, 50,000m resource expansion drilling program at its Alamo Silver project in Sonora, and released additional results. GoGold informed that it has advanced the development of its Los Ricos South project in Jalisco. Heliostar released results from the ongoing drilling program at its Ana Paula project in Guerrero. Axo Copper provided an update on its exploration plan at its recently acquired San Antonio Gold project in Sonora.  ON DEALS AND CORPORATE ISSUES, Pinnacle signed an amendment agreement with the vendor of El Potrero project, Durango. GR Silver informed that it qualified to trade on the OTCQX Best Market and granted stock options to certain external consultants (Plomosas project, Sinaloa). Goldgroup completed the sale of Pinos project in Zacatecas. Bear Creek announced that the Supreme Court of British Columbia approved the plan of arrangement with Highlander Silver (Mercedes mine, Sonora). Silverco announced that Nuevo Silver has completed the purchase of the La Negra mine in Queretaro. Canasil announced the appointment of Fabian Espinoza as Exploration Manager, Mexico (Nora project, Durango). GR Silver announced it will present at PDAC 2026 Convention (Plomosas project, Sinaloa). Highlander and Bear Creek completed business combination (Mercedes mine, Sonora). Santacruz granted stock options to a firm leader in investor relations and capital marketing advisory (Zimapan mine, Hidalgo). Silver Storm announced that it will be attending visitors of the PDAC 2026 Convention at its booth (La Parrilla mine, Durango). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • According to an analysis of SP Global Market Intelligence, the Mexican Mining Policy may affect Mexico-USA Critical Minerals Plan. Mexico is among the largest producers of six of the 60 minerals it imports from the United States, but the 2023 mining reform could limit the attraction of new investment. The agreement on critical minerals recently reached with the United States represents an opportunity for Mexico to boost its mining sector. Despite the agreement, President Sheinbaum has reiterated that no new mining concessions will be granted, nor will the strict 2022 law be modified, which could limit the attraction of new investments and the development of new projects.
  • Minaurum Silver Inc., Silverco Mining Ltd., Heliostar Metals Ltd., Capitan Silver Corp., and Axo Copper Corp., reported the best drilling intercepts in Mexico on the fourth week of February, 2026. Details are shown in the table below:

ON EXPLORATION

  • Barksdale Resources Corp., informed that it is reviewing a sample collection program to assay historic core drill samples and core from 2021 Barksdale drilling program for gold content. During the 2021 drill campaign, Barksdale encountered three broad intercepts of gold, including 1.97 g/t Au over 27m in hole SJ21-04; and two 21m intervals of 0.55 g/t Au followed by 1.57 g/t Au in hole SJ21-05.
  • Riverside Resources Inc., reported new assay results and exploration updates from its Ariel project in Sonora. Highlights include high-grade mineralization from veins in the northern Maria Luisa area, with values of up to 320 g/t Ag, 5.4% Pb, and 0.66 g/t Au. The company also completed detailed geological mapping and alteration mineral studies using spectral analysis to identify minerals associated with porphyry copper and high-sulphidation systems. In addition, a regional geophysical dataset was analyzed to prioritize drilling within permitted areas. Riverside expanded its land position through the acquisition of adjacent mineral concessions, consolidating the Ariel project into a single, drill-ready property covering 1,640 hectares. The work has further refined two principal target styles: a porphyry copper target and an epithermal target interpreted as the upper portion of a porphyry system.
  • Mammoth Resources Corp., identified potential draw point locations for small-scale gold-silver and pilot leach testing at its Tenoriba project in Chihuahua. Geologists analyzed thousands of surface samples and drill results, combined with geological and geophysical data, to pinpoint promising several draw point within the Carneritos area, with average gold grades ranging from about 0.97 g/t to 3.86 g/t. The target that shows high surface grades averaging 3.86 g/t gold has not been drilled yet. Next plans of the company are to carry out a field validation of the selected draw points; estimate size and tonnage; run metallurgical tests, and drill to define resources.
  • Pinnacle Silver and Gold Corp., provided an update on its El Potrero project in Durango, as its progresses towards a production decision. Key developments include the rehabilitation of historic mine workings and the preparation of drill stations, with a a total of 2,423m of drilling across 107 holes planned. The company also has applied for an environmental permit for surface drilling; completed a second round of metallurgical testing to optimize gold and silver recoveries, and finalize a feasibility study to extend a powerline to the project site. In addition, further community agreements are expected following the recent signing of a one-year agreement with the Ejido El Carmen.
  • Mithril Silver and Gold Limited reported progress of its ongoing exploration activities at La Dura and Copalquin projects in Durango. A high-resolution LiDAR survey revealed a 1.5 km by 300m structural corridor with multiple historic mine shafts, adits and prospecting pits, identifying a high-priority key drill target. Ongoing drilling at Target 1 aims to update resources, while promising early results at Target 3 are guiding future exploration. The company is integrating LiDAR, magnetic surveys, and sampling data to prioritize areas for resource expansion and district-wide development.
  • Capitan Silver Corp., released assays from nine RC holed drilled at Cruz de Plata project in Durango., and initiated core drilling at the property, focused on extending the new high-grade silver zone at the Jesus Maria trend proximal to the Peñoles Fault. Two more rigs are expecting to arrive in the coming weeks and will target several priority drill targets in addition to testing deeper mineralization along the Jesus Maria Silver Trend. RC Drilling highlights are shown in the next table:
  • Axo Copper Corp., provided an update on its exploration plan at La Huerta project in Jalisco. Drilling at La Huerta project is ongoing, with the current objective of testing the down-dip extension at Las Marias, through a series of planned holes ranging from approximately 350m to 450m in length. Recent assay results from La Huerta include an intercept of 2.26% Cu and 6 g/t Ag (2.34% CuEq) over 11.4m, including 3.69% Cu and 9 g/t Ag (3.81% CuEq) over 4.2m in hole LHCC-25-043.
  • J2 Metals Inc., reported high grade Ag-Au-Sb results from the due diligence visit to its Sierra Plata project in Guerrero, with a peak of 12.8 g/t Au and 3.1Kg Ag/t (60.49 g/t AuEq) from the waste dumps of the San Miguel mine. The company plans to conduct follow-up mapping, geochemistry, and magnetic geophysics to explore the property.

ON MINING

  • Aura Minerals Inc., reported Q4 and full year, 2025 production and financial results (all currency is expressed in US dollars). In Q4, 2025, the company produced at its Aranzazu mine in Zacatecas, a total of 18,878 Oz AuEq and sold 18,068 Oz AuEq at cash and AISC of $ 1,228 and $1,732 per Oz AuEq sold respectively. Aura also reported some financial numbers from its Aranzazu mine, including revenue of $66.54M and EBITDA of $40.99M. Full year 2025 production was 83,140 Oz AuEq and Aura sold 82,328 Oz AuEq at cash and AISC of $1,156 and $1,569 per Oz AuEq sold respectively. The company declared and approved the payment of a dividend of USD $0.66 per common share (approximately $55.1M).
  • Endeavor Silver Corp., announced Q4 and full 2025 results from their Mexican operations. The next tables show figures by mine for both periods:

ON FINANCING

  • Regency Silver Corp., closed its previously announced non-brokered private placement for gross proceeds of CAD $4,247,500 by selling 16, 990,000 units at a price of CAD $0.25 by unit. Net proceeds will be used to support the ongoing drilling at Dios Padre project, in Sonora.
  • Questcorp Mining Inc., closed the first tranche of its upsized non-brokered private placement of 11,100,000 units at a price of CAD $0.2 per unit for gross proceeds of CAD $2.22M, and then it amended and restated to 13,100,000 units at a price of CAD $0.20 per unit for gross proceeds of CAD $2.62M. Part of the gross proceeds will be used for exploration work at La Union project in Sonora, as well as general working capital purposes.
  • Algo Grande Copper Corp., closed its previously announced non-brokered private placement of 10,037,020 shares at a price of CAD $0.65 per share for gross proceeds of CAD $6.52M.  Net proceeds will be used to fund the next phase of exploration at its Adelita project in Sonora, focused on a Phase II drilling program.

ON RESOURCES AND DEVELOPMENT

  • Oroco Resource Corp., commenced its Phase 2 drilling program at its Santo Tomas project in Sinaloa. The program will consists of infill and confirmation drilling to refine de geological and grade model to support the upgrade of the mineral resource classifications in the project’s South Zone. The company also announced that it will undertake complementary Pre-Feasibility Study (PFS) hydrological, geotechnical and metallurgical programs intended to advance project engineering and reduce technical risk at Santo Tomas project.
  • Kootenay Silver Inc., informed that a three-dimensional induced polarization (3D-IP) and Audio-Magnetotelluric AMT) geophysical survey has initiated at its Columba project in Chihuahua. It will cover over 1,250 hectares to aid in discovering additional mineralized zones, and is expected to take approximately eight weeks to complete. The geophysical survey aims to enhance understanding of subsurface structures and mineralization, complementing ongoing drilling efforts that have already delineated significant silver-lead-zinc- resources. The combined geophysical data will help refine drill targets, support resource expansion, and guide future exploration, all as part of Kootenay’s broader plan to advance the project and increase silver-lead-zinc resource estimates.
  • Minaurum Silver Inc., filed a NI43-101 Technical Report, Mineral Resource Estimate on its Alamos Silver project in Sonora to announce results from its resource-expansion drill program in the Europa, Promontorio and Travesia vein zones.
  • Silverco Mining Ltd., released the final assay results from the 2025 drilling program at its Cusi mine in Chihuahua. Drilling highlights at San Miguel Zone include hole CU-25-45 with 0.22 g/t Au, 500 g/t Ag, 1.6% Pb, and 3% Zn (548 g/t AgEq) over 3.9m, including 0.63 g/t Au, 1,265 g/t Ag, 3.6% Pb, and 6% Zn over 1,348 g/t AgEq, plus 0.34 g/t Au, 293 g/t Ag, 1.7% Pb, and 3.1% Zn (370 g/t AgEq) over 13.6m, including 1.18 g/t Au, 1,1015 g/t Ag, 0.3% Pb, and 0.7% Zn (980 g/t AgEq) over 1.3m; hole CU-25-43 with 0.27 g/t Au, 137 g/t Ag, 2.1% Pb, and 3.2% Zn (236 g/t AgEq) over 12m, including 0.58 g/t Au, 198 g/t Ag, 4.5% Pb, 6.7% Zn (417 g/t AgEq) over 3.1m, plus 0.08 g/t Au, 54 g/t Ag, 2.6% Pb, and 4.1% Zn (181 g/t AgEq) over 3.1m; and hole CU-25-58 with 0.7 g/t Au, 239 g/t Ag, 13.1% Pb, and 15.7% Zn (803 g/t AgEq) over 3.7m.
  • Minaurum Silver Inc., announced the mobilization of six rigs to accelerate its ongoing Phase II, 50,000m resource expansion drilling program at its Alamo Silver project in Sonora, and released additional results. The company will continue step-out drilling on vein zones with established resources at Europa and Promontorio-Travesia, while initiating resource-definition on several additional veins, including San Jose, Quintera, Cotera-Pulpito, and Minas Viejas. Drilling highlights are shown in the table below:
  • GoGold Resources Inc., informed that it has advanced the development of its Los Ricos South project in Jalisco. Key activities include detailed underground mine design, plant engineering, and equipment procurement underway. The company has selected contractors for underground mining, secured key equipment like a SAG grinding mill and working out power, and water supplies, and is preparing for construction once permits are received. Plant designs for processing and tailings are over halfway done. With a robust financial position of approximately USD $250M, GoGold is well-positioned to move towards production, aiming to benefit the local community and stakeholders through economic investments.
  • Heliostar Metals Ltd., released results from the current drilling program at its Ana Paula project in Guerrero, which is focused on converting inferred ounces to higher confidence classifications, as well as support the ongoing Feasibility Study. Drilling results are shown in the next table:
  • Axo Copper Corp., provided an update on its exploration plan at its recently acquired San Antonio Gold project in Sonora. It announced that it will commence an initial 25,000m drill program to expand and upgrade existing resources through infill drilling, as well as to drill additional 5,000mto test new exploration targets along strike of known deposits. Sapuchi deposit is a top priority and is considered a potential starter pit due to oxide mineralization and existing infrastructure. Additional exploration targets include El Tigre, with strong surface gold results and historic workings. It consists of a 1.5km by 0.5km mineralized corridor, located along strike and immediately west of the Golfo de Oro resource. Initial drilling (~5,000 m) will test strike continuity and vertical extent, with scalability contingent on results.

ON DEALS AND CORPORATE ISSUES

  • Pinnacle Silver and Gold Corp., informed that it amended payment terms for the El Potrero project in Durango. The original payment of USD $750K due on February 21, 2026 will be split into three equal portions. The new payment schedule will comprise payments of US$250,000 on each of February 24, May 24 and August 24, 2026.  All other cash payments and share issuances remain the same.  
  • GR Silver Mining Ltd., informed that it qualified to trade on the OTCQX Best Market. GR Silver will trade under the symbol “GRSLF”. The company also granted incentive options to certain external consultants to purchase up to 750,000 common shares. These options are exercisable for a period of five years at a price of CAD $0.465 per share. On the other hand, GR Silver entered into a consultant agreement with Redwood Empire Financial Communications LLC to receive investor relations services commencing January 1, 2026 and ending on December 31, 2026 (Plomosas project, Sinaloa).
  • Goldgroup Mining Inc., completed the sale of Minera Apolo SA de CV, which owns all the issued and outstanding shares of Minera Catanava SA de CV.  Apolo and Minera Catanava collectively hold a 100% interest in the Pinos project in Zacatecas, which comprises 30 contiguous mining concessions totalling 3,816 hectares. Goldgroup sold the project to a private arm´s length British Columbia company in consideration of USD $5M in stages payments, with USD $2.45M paid on signing, USD $550K paid on closing and USD $2M to be paid within six months following the closing, which paymrent is secured by a promissory note.
  • Bear Creek Mining Corporation announced that the Supreme Court of British Columbia approved the plan of arrangement with Highlander Silver under the Business Corporations Act. It will enacts Highlander to acquire all the issued and outstanding common shares of Bear Creek as previously announced (Mercedes mine, Sonora).
  • Silverco Mining Ltd., announced that Nuevo Silver Inc., has completed the purchase of the La Negra mine in Queretaro, and is proceeding with its proposed acquisition of Nuevo Silver. The company continues to negotiate a definitive agreement, pending due diligence, board approval, and regulatory clearances. The upcoming steps involve finalizing the acquisition process and obtaining all necessary approvals.
  • Canasil Resources Inc., announced the appointment of Fabian Espinoza as Exploration Manager, Mexico (Nora project, Durango).
  • GR Silver Mining Ltd., announced it will present at PDAC 2026 Convention from February 26th to March 04th, 2026 (Plomosas project, Sinaloa).
  • Highlander Silver Corp., and Bear Creek Mining Corporation completed business combination under Division 5 of Part 9 of the Business Corporations Act and the concurrent closing of the debt settlement agreements between Highlander Silver and each of Royal Gold, Inc., through its wholly-owned subsidiary, International Royalty Corporation, and Equinox Gold Corp., (Mercedes mine, Sonora).
  • Santacruz Silver Mining Ltd., granted 45,000 stock options at an exercise price of CAD $17.18 to a firm leader in investor relations and capital marketing advisory (Zimapan mine, Hidalgo).
  • Silver Storm Mining Ltd announced that it will be attending visitors of the PDAC 2026 Convention at its booth (La Parrilla mine, Durango).

ON SOCIAL RESPONSIBILITY

  • No relevant news.

Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.

On the picture below, float of a quartz vein in an intermediate sulphidation epithermal vein-breccia system in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico; Highlights on the Third Week of February 2026

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 8th week of the year (February 16th to February 22nd, 2026), companies working in Mexico released 54 press releases. Five companies informed on early-stage properties work, eleven presented quarterly and full-year reports, one company is working on an expansion project and one more release its guidance for 2026. Six companies updated on financing rounds, one company granted options, one company consolidated shares, three more declared dividends and eight were recognized as top companies. Nine companies presented updates on advanced properties, while five companies informed on deals and corporate issues. ON MEXICO ISSUES, The Mexican government is assessing to open oil and gas fracking, a previously no-go zone. Vizsla Silver continues operations in Sinaloa. ON EXPLORATION, in Chihuahua, Kingsmen Resources is to drill at Las Coloradas. In Sinaloa, Mercado Minerals informed on exploration and surveys at Copalito. In Durango, Canasil Resources is to drill at Vizcaíno; Silver Wolf Exploration is to drill the Ana María project. In Oaxaca, EV Resources informed on work at Los Lirios. ON MINING, Starcore International Mines, Alamos Gold, Torex Gold Resources, Equinox Gold, Pan American Silver, Coeur Mining, Discovery Silver, Royal Gold, Avino Silver and Gold Mines, Newmont and First Majestic Silver presented quarterly and full-year 2025 reports. Luca Mining is working on an expansion project for its Campo Morado mine in Guerrero. Capstone Copper released its 2026 guidance. ON FINANCING, six companies informed on financing rounds: Silver Tiger Metals (C$57.5 M), Regency Silver (C$4 M), Tocvan Ventures (C$10 M), Silverco Mining (C$62.5 M), Algo Grande Copper (C$7 M) and Orex Metals amended terms on a previously announced placement. Silver Wolf Exploration granted stock options. Infinitum Copper and Canuc Resources informed on share consolidation programs. Equinox Gold, Alamos Gold and Teck Resources informed on dividends. Eight companies made it to the 2025 TSX Venture Exchange Top 50, seven of which have the term silver on its name: Apollo Silver, Guanajuato Silver Company, Sierra Madre Gold and Silver, Capitan Silver, Silver Viper Metals, Santacruz Silver Mining, Southern Silver Exploration and Goldgroup Mining. ON RESOURCES AND DEVELOPMENT, GR Silver mobilized drill rigs to Plomosas, in Sinaloa. Sierra Madre Gold and Silver is expanding production at La Guitarra, Estado de México. Pacifica Silver released drill results from Claudia, in Durango. Luca Mining released interesting drill results from its Campo Morado mine in Guerrero. Alamos Gold reported 2025 its MRE for the Mulatos district in Sonora. Hecla Mining reported 2025 MRE for San Sebastián in Durango. Defiance Silver updated on drilling results at its Zacatecas project. Newmont reported mineral reserves and resources for Peñasquito, in Zacatecas. Orla Mining released a PEA for Camino Rojo underground in Zacatecas. ON DEALS AND CORPORATE ISSUES, EV Resources and Kootenay Silver entered into marketing services agreements.  Discovery Silver and Hecla Mining announced appointments to the board. Bear Creek Mining shareholders voted for the arrangement with Highlander Silver.   ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Mexico’s president Claudia Sheinbaum acknowledged that the federal government through Pemex (Petroleos Mexicanos) assesses the possibility of using fracking to recover gas and oil in Mexican soil.
  • Feliciano Castro, economy secretary in Sinaloa, informed Vizsla Silver is to continue operations in Sinaloa. This after the recent violence that affected its workers in the Concordia community.

ON EXPLORATION

  • Canasil Resources Inc. announced the drill permit application for the Vizcaino project in Durango is in progress. The program envisages 1,050 m of diamond drilling in six holes. A phase 2 program of 1,450 m in eight holes is to follow after the evaluation of results. “The outcrops show classic banded epithermal textures typical of the higher levels of epithermal vein systems”.
  • Kingsmen Resources Corp. informed the upcoming drill program at Las Coloradas in Chihuahua “will comprise step-out and deeper drilling around the high-grade silver mineralization intersected in the Soledad and Soledad II vein/structures. Drilling on the Soledad vein/structure has tested very specific targets and approximately 700 meters of the system remains to be drilled. With only one shallow hole drilled, the ~1.7 km-long Soledad II vein/structure offers excellent discovery potential”. Targets to be tested include Saddle, Silvia/La Plata and Almoloya.
  • Silver Wolf Exploration Ltd. announced that a drill contract has been signed, and a drill rig mobilized to the Ana María property in Durango. The company intends to commence a 3,000 m 13-hole drill program.
  • EV Resources Ltd. informed antimony ingots were produced on preliminary metallurgical testing at Los Lirios project in Oaxaca. “EVR utilised stockpiles of material from the Lirios 1 and Lirios 2 East open pits to conduct preliminary direct-to-smelter testing”.
  • Mercado Minerals Ltd. informed its technical team has been mapping, sampling and preparing an incoming 3,000 m drilling program at its Copalito project in Sinaloa. A drone based magnetic survey and a drone LiDAR survey have been completed, while soil sampling presents 25% advance. Geological mapping has identified three new areas with mineralization hundreds of meters from previously known targets.

ON MINING

  • Starcore International Mines Ltd. announced production results for its third fiscal quarter ended January 2026. At San Martín, in Querétaro, 52.6 K tonnes were processed grading 1.33 gpt Au, 18.3 gpt Ag, recovering 85.7% Au, 46.4% Ag, to produce 2,162 gpt AuEq. “… the exploration carried out over the past six months to extend the high-grade ore bodies in the northern part of the current operation was successful. We have begun mining these new highgrade extensions which are grading approximately 5 grams of gold and 80 grams of silver per ton”.
  • Alamos Gold Inc. presented its fourth quarter and year-end 2025 results, including figures from its Mexican operations. On a consolidated basis the company produced 545,040 Oz Au at a cash cost of $1,077 per Oz Au and an AISC of $1,524 per Oz Au in the year and 141,500 Oz Au in the quarter. At the Mulatos District, in Sonora, Alamos Gold produced 40,100 Oz Au in the quarter and 141,600 Oz Au in the year at cash cost $947 per Oz Au and an AISC of $1,018 per Oz Au.
  • Torex Gold Resources Inc. reported its financial and operational results for Q4 of 2025. At its Morelos property in Guerrero, the company produced 117,325 Oz AuEq in the quarter, at cash cost $1,499 per Oz AuEq and an AISC of $1,905 per Oz AuEq. For the year, production was 461,420 Oz AuEq at cash cost $1,376 per Oz AuEq and an AISC of $1,783 per Oz AuEq. “The Company plans to invest a record $77 million in exploration and drilling in 2026 including $43 million at Morelos. Drilling at Los Reyes remains suspended given the security environment within the State of Sinaloa…”.
  • Equinox Gold Corp. reported its financial and operational results for Q4 and full-year 2025, without disclosing figures from its Mexican operations. The company had a consolidated production of 856,908 Oz Au at cash cost $1,416 per Oz Au and an AISC of $1,809 per Oz Au. Operations at Los Filos, in Guerrero, were terminated on April 2025 because of the rejection of the community to grant land access.
  • Pan American Silver Corp. reported fourth quarter and year-end 2025 financial results, without disclosing figures by operation. The company produced 22.8 M Oz Ag, 742.2 K Oz Au, 3 K tonnes Cu, 27 K tonnes Pb, 55.9 K tonnes Zn, an AISC of $13.88 per Oz Ag. “The Company is now evaluating a potential phased approach to developing the La Colorada mine and Skarn project with the aim of maximizing the overall value of the deposit. A phased approach would allow the Company to focus on a higher grade, lower tonnage and less capital intensive initial stage with the option to be followed by a later expansion to target lower grade material”.
  • Coeur Mining Inc. reported fourth quarter and year-end 2025 financial results, including figures from its Mexican operations. The company produced 419,046 Oz Au, 18.2 M Oz Ag, at cash cost $1,347 per Oz Au, $17.69 per Oz Ag. At Las Chispas, in Sonora, the company milled 403 K tonnes during 2025, grading 4.4 gpt Ag, 409 gpt Ag, recovering 97.1% Au, 97.2% Ag, to produce 54,705 Oz Au, 5.1 M Oz Ag, at cash cost $1,649 per Oz Au, $19.11 per Oz Ag, generating US$285.8 M in free cash flow. At Palmarejo, in Chihuahua, 1.75 M tonnes were milled grading 1.9 gpt Au, 130 gpt Ag, recovering 94.2% Au, 88.7% Ag, to produce 100,768 Oz Au, 6.5 M Oz Ag, at cash cost $871 per Oz Au, $15.85 per Oz Ag, generating US$154.5 in free cash flow. At the end of the period Coeur had US$554 M in cash and total debt of US$341 M.
  • Discovery Silver Corp. announced financial and operating results for the fourth quarter and full-year 2025. The company produced 66,718 Oz Au during 2025 at cash cost $1,185 per Oz Au and at an AISC of $2,034 per Oz Au, out form Mexico. During Q4 2025 the company engaged a third-party assessment on the use of natural gas power sources at Cordero, in Chihuahua, completed a geotechnical assessment work on the planned upgrade of the local water treatment plant and is evaluating the potential to establish solar farms around the project site, while working with the various governmental bodies involved in issuing the permits for the project.
  • Royal Gold Inc. released results for Q4 and full year 2025, including figures from its Mexican operations. For 2025 the company had revenue of US$1,030. 5 M. Royalties in the year from Peñasquito in Zacatecas amounted to US$70.2 M and from Mercedes in Sonora to US$3.5 M.
  • Avino Silver & Gold Mines Ltd. provided an outlook for 2026 and key 2025 milestones. During 2025 production results were 1.16 M Oz Ag, 7,621 Oz Au, 5.7 M Lb Cu. The company changed the planned mining method for La Preciosa, in Durango, to allow for a 500 tpd rate of extraction by H2 2026. “In the fourth quarter, La Preciosa contributed nearly 12,000 tonnes of mill feed”. In 2026 the company expects to process 725 – 750 K tonnes sourced from La Preciosa and Avino mines, to produce 1.0 – 1.2 M Oz Ag, 5 – 7 K Oz Au and 6.0 – 7.5 M Lb Cu at cash cost $18 – $20 per Oz AgEq and an AISC of $24 – $26 per Oz AgEq. Plans for 2026 include 30,000 m of drilling at La Preciosa and Avino.
  • Newmont Corp. announced fourth quarter and full year 2025 results, including figures from its operations in Mexico. During the year 5.89 M Oz Au were produced globally. At Peñasquito, in Zacatecas, 415 K Oz Au, 28 M Oz Ag, 28 K tonnes Pb, 58 K tonnes Zn were produced at an AISC of 1,491 per Oz AuEq. Guidance for 2026 is 185 K Oz Au, 32 M Oz Ag, 90 k tonnes Lead, 220 K tonnes Zn.
  • First Majestic Silver Corp. announced Q4 and year 2025 audited consolidated financial results. In 2025 the company produced 15.4 M Oz Ag, 147,433 Oz Au (342 Oz Au produced out from Mexico) at cash cost $15.07 per Oz AgEq and an AISC of $21.17 per Oz AuEq. During the year, at Los Gatos in Chihuahua, 5.87 M Oz Ag, 3,121 Oz Au (8.9 M Oz AgEq) were produced at cash cost $12.91 per Oz AgEq and an AISC of $15.15 per Oz AgEq. At San Dimas in Durango, 5.38 M Oz Ag, 55,724 Oz Au were produced at cash cost $14.97 per Oz AgEq and an AISC of $19.62 per Oz AgEq. At Santa Elena, in Sonora, 1.42 M Oz Ag, 88,107 Oz Au were produced at cash cost $14.36 per Oz AgEq and an AISC of $17.96 per Oz AgEq. At La Encantada, in Coahuila, 2.76 M Oz Ag, 137 Oz Au were produced at cash cost $23.61 per Oz AgEq and an AISC of $29.96 per Oz AgEq.
  • Luca Mining Corp. is working on an expansion project led by Ausenco for its Campo Morado mine in Guerrero. The project focuses on bulk flotation and recovery of precious metals from pyrite concentrates. A second phase will evaluate methods to recover Au and Ag from tailings, including cyanide leaching, Albion process, and Pressure Oxidation.
  • Capstone Copper Corp. released 2026 annual production guidance, including figures for its Mexican operations. Consolidated copper production is forecast between 200 -230 K tonnes at cash cost $2.45 to $2.75 per Lb Cu. Total sustaining capital expenditures are set at US$270 M. For Cozamin in Zacatecas, production is estimated between 21 to 24 K tonnes Cu, at cash cost $1.55 to $1.85 per Lb Cu, with ore production grades estimated at 1.8% Cu.

ON FINANCING

  • Mexico Financing in Q4 2025. over US$1.5 billion was channeled to mining companies in Mexico through financing rounds in the last quarter of 2025. Companies with operating mines or properties near production took 77% of these funds, with Endeavour Silver, First Majestic Silver and Vizsla Silver (the three silver miners), taking over US$300 M each to their coffers. Companies with advanced properties raised 19% of the total while exploration companies accrued 4% of the funds.
  • Silver Tiger Metals Inc. closed its previously announced bought deal offering for gross proceeds of C$57.5 M (El Tigre, Sonora).
  • Regency Silver Corp. arranged a non-brokered private placement for aggregate gross proceeds of C$4 M (Dios Padre, Sonora).
  • Tocvan Ventures Corp. closed its previously announced bought deal private placement for aggregate gross proceeds of C$10 M, including the full exercise of the over-allotment option (Gran Pilar, Sonora).
  • Silverco Mining Ltd. closed its previously announced bought deal offering for aggregate gross proceeds of C$62.5 M. Insiders of the company subscribed for C$11.2 M (Cusi, Chihuahua).
  • Algo Grande Copper Corp. upsized its previously announced non-brokered private placement to accrue up to C$7 M in gross proceeds (Adelita, Sonora).
  • Orex Metals Inc. amended the terms of its previously announced non-brokered private placement. The hold period has been increased to twelve months from four months previously. The anticipated closing of the offering is now March 4, 2026, with the correct warrant price being C$0.22 (Sandra, Durango).
  • Silver Wolf Exploration Ltd. granted 2.3 M incentive stock options to directors, officers, consultants and employees (Ana María Durango).
  • Infinitum Copper Corp. announced the completion of its eight to one share consolidation is to take effect on February 20, 2026 (Adelita, Sonora).
  • Canuc Resources Corp. announced its shares have been consolidated on a ten to one ratio (10:1) on February 18, 2026 (San Javier, Sonora).
  • Equinox Gold Corp. declared an inaugural quarterly cash dividend (Los Filos, Guerrero).
  • Teck Resources Ltd. has declared an eligible dividend on its outstanding class A common shares and class B subordinate voting shares to be paid on March 31, 2026 (San Nicolás, Zacatecas).
  • Alamos Gold Inc. authorized a 60% increase to its quarterly dividend to US$0.04 per common share (Mulatos, Sonora).
  • Apollo Silver Corp. has been recognized as a 2026 Top Company by the TSX Venture Exchange (Cinco de Mayo, Chihuahua).
  • Guanajuato Silver Company Ltd. has been included in the 2025 TSX Venture 50 list of top performing companies. Additionally, the company entered in a service agreement with Epstein Research for investor relations services, for a US$2 K monthly fee (El Cubo, Guanajuato).
  • Sierra Madre Gold and Silver Ltd. has been recognized as a 2026 Top 50 company by the TSX Venture Exchange. The company granted 1 M stock options to employees and consultants (La Guitarra, Estado de México, Estado de México).
  • Capitan Silver Corp. has been included in the TSX Venture 50 list (undisclosed project in Mexico).
  • Silver Viper Minerals Corp. announced its inclusion in the 2026 TSX Venture 50 (La Virginia, Sonora).
  • Santacruz Silver Mining Ltd. announced it ranked first overall on the 2026 TSX Venture 50 list (Zimapán, Hidalgo).
  • Southern Silver Exploration Corp. has been included in the TSX Venture 50 (Cerro Las Minitas, Durango).
  • Goldgroup Mining Inc. announced its inclusion in the TSX Venture 50 list of top performing companies (Cerro Prieto, Sonora).

ON RESOURCES AND DEVELOPMENT

  • GR Silver Mining Ltd. announced the mobilization of multiple drill rigs to the San Marcial area of its Plomosas project in Sinaloa. The company intends to expand “the footprint of the mineralized system hosted in a chlorite-rich hydrothermal breccia, by an additional 200 metres along strike” and conduct step-put drilling for resource expansion aiming to produce a preliminary economic assessment (PEA) late in 2026. The exploration office has been relocated to Durango, to address recent operational challenges in Sinaloa.
  • Sierra Madre Gold and Silver Ltd. informed the first expansion stage at La Guitarra plant in Estado de México is to increase production rates from 500 tonnes pe day (tpd) to 750-800 tpd of processing capacity. To achieve these production rates the company has acquired two new scoop trams, one used scoop tram and is rebuilding two existing scoops. Four haulage trucks have been purchased along a front end loader.
  • Pacifica Silver Corp. released assay results from nine holes of its phase 1 diamond drilling program at its Claudia project in Durango. Highlighted core length intervals comprise 10.7 m @ 0.33 gpt Au, 11 gpt Ag; 14.35 m @ 0.76 gpt Au, 73 gpt Ag (including 2.2 m @ 2.31 gpt Au, 409 gpt Ag); 8.3 m @ 0.89 gpt Au, 62 gpt Ag; 0.3 m @ 22.3 gpt Au, 156 gpt Ag. The company has completed more than 3,650 m of drilling across 13 holes on the current program that is currently focused on expanding and following mineralized intervals in the Aguilareña vein, step-out drilling in the Justina vein and testing the Mina Vieja and Mina de Oro areas.
  • Luca Mining Corp. announced underground drill results from its ongoing exploration program at Campo Morado, Guerrero. Highlighted core length results comprise 33.5 m @ 0.18 gpt Au, 25 gpt Ag, 0.36% Cu, 0.3% Pb, 1.4% Zn; 41.4 m @ 0.20 gpt Au, 13 gpt Ag, 0.34% Cu, 0.1% Pb, 2% Zn; 14.3 m @ 1.5 gpt Au, 76 gpt Ag, 1.01% Cu, 0.5% Pb, 2.8% Zn; 12.4 m @ 0.96 gpt Au, 21 gpt Ag, 0.44% Cu, 0.1% Zn; 135.7 m @ 1.58 gpt Au, 77 gpt Ag, 0.88% Cu, 0.4% Pb, 1.6% Zn (including 101.5 m @ 1.92 gpt Au, 99 gpt Ag, 0.88% Cu, 0.5% Pb, 2.1% Zn); 22.5 m @ 2.74 gpt Au, 162 gpt Ag, 0.85% Cu, 1.1% Pb, 4.1% Zn. To date, 38 underground diamond drillholes totaling 9,043 m have been completed and 8,682 m have been drilled from 29 surface drillholes at the Reforma, El Rey, Reforma Deeps and Zapata targets.
  • Alamos Gold Inc. reported mineral reserves and reserves for 2025, including figures for its Mexican operations. Globally, the company holds 15.9 M Oz Au in mineral reserves, 5.5 M Oz Au in measured and indicated resources and 2.0 M Oz Au in inferred resources. At the Mulatos District in Sonora the company reported 1.2 M Oz Au in reserves, 0.83 M Oz Au in measured and indicated resources and 0.1 M Oz Au in inferred resources. In the table below can be seen the reserves and resources held in the Mulatos mine, La Yaqui Grande, Puerto del Aire, Cerro Pelón and Carricito deposits.

Hecla Mining Co. reported 2025 year-end mineral reserves and resources, including figures for its Mexican operations. Hecla holds consolidated mineral reserves of 231 M Oz Ag, 2 M Oz Au, measured and indicated resources of 160.9 M Oz Ag, 4.5 M Oz Au and inferred resources of 467.7 M Oz Ag, 6.3 M Oz Au. At San Sebastián, in Durango, the company holds 15 M Oz Ag, 145 K Oz Au, 15 K tons Cu, 23.3 K tons Pb, 35.6 K tons Zn in measured and indicated resources, and 19.2 M Oz Ag, 160 K Oz Au, 3 K tons Cu, 5.5 K tons Pb, 8.1 K tons Zn.  

  • Defiance Silver Corp. provided an update on the current drilling campaign at its Zacatecas project in Zacatecas. The 10,000 m program is designed to confirm extensions to known mineralization and to validate the current geological model that will be used for the upcoming mineral resource estimate. The results are from 2,553 m in five holes, with highlighted core length intervals comprising 4.15 m @ 0.2 gpt Au, 94 gpt Ag0.3% Zn; 1.33 m@ 1.24 gpt Au, 67 gpt Ag, o.7% Pb, 3.1% Zn; 22.57 m @ .03 gpt Au, 103 gpt Ag, 10.65 m @ .17 gpt Au, 211 gpt Ag, 0.2% Zn (including 3.07 m @ 0.28 gpt Au, 579 gpt Ag, 0.2% Zn, which includes 0.55 m @ 0.97 gpt Au, 2,120 gpt Ag, 0.2% Pb, 0.2% Zn); 10.52 m @ 101 gpt Ag, 0.1% Zn.
  • Newmont Corp. reported 2025 global mineral reserves adding up to 118.2 M attributable Oz Au, 12.5 M attributable tonnes Cu and 442 M attributable Oz Ag. At Peñasquito, in Zacatecas, proven and probable mineral reserves stand at 256.6 M tonnes grading 0.49 gpt Au, 30.7 gpt Ag, 0.3% Pb, 0.67% Zn, holding 4.1 M Oz Au, 253.3 M Oz Ag, 0.7 B tonnes Pb, 1.5 B tonnes Zn. Measured and indicated resources stand at 224.9 M tonnes grading 0.23 gpt Au, 26 gpt Ag, 0.24% Pb, 0.60% Zn, containing 1.6 M Oz Au, 188 M Oz Ag, 0.5 B tonnes Pb, 1.4 B tonnes Zn, and 9.2 M tonnes grading 0.2 gpt Au, 24.2 gpt Ag, 0.2% Pb, 0.5% Zn containing 0.1 M Oz Au, 7.1 M Oz Ag. At La Bikina measured and indicated resources stand at 19.9 M tonnes @ 0.37 gpt Au, 13.99 gpt Ag, 9 M Oz Ag, containing 200 K Oz Au and inferred resources of 1.6 M tonnes grading 0.2 gpt Au, 11 gpt Ag.
  • Orla Mining Ltd. released results of a preliminary economic assessment (PEA) for the underground project at its Camino Rojo mine in Zacatecas. The PEA outlines the development for an underground mine standalone operation at Camino Rojo beyond the current open pit heap leach operation supported by its own crushing, grinding, and flotation circuits to produce concentrates. The project envisages a net present value  (5%) of 1.3 B and a 30% internal rate of return (IRR) at a price of $3,100 per Oz Au. It includes mining at an 8,000 tpd rate to process 37.2 M tonnes grading 2.7 gpt Au, 11.5 gpt Ag, 0.39% Zn (2.96 gpt AuEq), producing 215 K Oz Au (228 K Oz AuEq)  per year and a total of 2.8 M Oz Au (2.97 M Oz AuEq) in the 17 years mine life, with cash cost of $1,067 and an AISC of $1,339 per Oz Au. The project includes a capital cost of US$608.1 M.

ON DEALS AND CORPORATE ISSUES

  • EV Resources Ltd. entered into a services agreement with MineMaker LLC, including “identifying and securing non-dilutive funding through U.S. government programs intended to onshore critical mineral supply chains. This includes loans, co-investment opportunities, tax incentives, and procurement mechanisms, as well as securing appropriate assistance for permitting at Federal and State level for the Company’s Nevada assets” (Los Lirios, Oaxaca).
  • Kootenay Silver Inc. entered into a marketing services agreement with Gold Standard Media LLC, an internet marketing and advertising company. Gold Standard will provide certain financial publishing and digital marketing services focused on introducing the company to a broader audience. In exchange for providing these services, Gold Standard will receive an aggregate upfront payment of USD$1 million.  (Columba, Chihuahua).
  • Discovery Silver Corp. announced the appointment of Lee Hodgkinson to the board of directors (Cordero, Chihuahua).
  • Hecla Mining Co. informed Mr. Stephen F. Ralbovsky has retired from the board of directors. Also, Ms. Jill Satre was appointed as “the Chair of the Company’s Audit Committee” (San Sebastián, Durango).
  • Bear Creek Mining Corp. that its share holders have voted in favour of both the previously announced acquisition of the company by Highlander Silver Corp. and the interest deferral agreements entered into between the company and Royal Gold, Inc. and Equinox Gold Corp. at the company’s special meeting (Mercedes, Sonora).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: chlorite flooding and specularite veining on volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Second Week of February, 2026

/ gambusinoprospectormexico / Leave a comment

Near-surface oxidized copper mineralization

By Miguel A Heredia

During the 7th week of the year (February 9th to February 15th 2026), at least 29 press releases were announced by companies working in Mexico, and 1 news publish by the media, with eight announcing financial rounds, six disclosing deals and corporate issues, five commenting on Mexican issues, four informing on exploration results, and three communicating production results.  ON MEXICO ISSUES, Vizsla provided an update on the unfortunate situation in Concordia, Sinaloa. Marcelo Ebrard, Secretariat of Economy, announced that the Mexican government has recovered over 1,100 mining concessions that were not in compliance with the law or were being used for speculation. Pacifica Silver, Capitan Silver, Mithril, Southern Silver, and Minaurum reported the best drilling intercepts in Mexico on the second week of February, 2026. ON EXPLORATION, In Sinaloa, Mercado Minerals received drill permit for its Copalito project. In Durango, Capitan Silver reported the arrival of a second drill rig at its Cruz de Plata project, and Pacifica Silver released assay results from eleven additional drill holes completed at its Claudia project. ON MINING, Teck announced that it will release its Q4, 2025 results on February 19, 2026 (San Nicolas project, Zacatecas). GoGold reported Q4, 2025 production and financial results (Parral tailings project, Chihuahua). Agnico Eagle reported Q4 and full-year 2025 production results for its Pinos Altos operation in Chihuahua; provided production guidance for the years 2026, 2027, and 2028; and informed on the status of its San Nicolas project in Zacatecas. ON FINANCING, Kingsmen closed a bought deal private placement for gross proceeds of CAD $13M (Las Coloradas and Almoloya projects, Chihuahua). Algo Grande announced a non-brokered private placement for gross proceeds of CAD $5M (Adelita project, Sonora). Colibri closed its debenture offering units for gross proceeds of USD $115K (EP project, Sonora). Questcorp announced an upsize of its previously announced non-brokered private placement to up to CAD $3M (La Union project, Sonora). Kootenay closed its previously announced bough deal private placement for gross proceeds of CAD $18M (Columba and La Cigarra projects, Chihuahua). Avino filed a final base shelf prospectus, enabling the company to raise capital by issuing various securities such as shares, warrants, receipts, units, or debt over the next 37 months (Avino mine, Durango). Axo Copper announced that it filed a final short form prospectus in connection with its bought deal public offering of units for aggregate gross proceeds of CAD $35M (San Antonio Gold project, Son). Silver Tiger filed a final short form prospectus to raise over CAD $50M through a bought deal public offering of common shares (El Tigre project, Sonora). ON RESOURCES AND DEVELOPMENT, Southern Silver reported additional assay results from the ongoing drilling program at Puro Corazon claim in its Cerro Las Minitas project in Durango. Minaurum announced results from the first holes of its Phase II, 50,000m resource-expansion drill program at its Alamo project, Sonora. Mithril reported significant progress at its Copalquin project in Durango. Agnico Eagle provided an update on year-end 2025 mineral reserves and mineral resources at their Mexican mine sites and advanced projects. ON DEALS AND CORPORATE ISSUES, Canasil informed that it met the requirements to be listed as a TSX Venture Tier 2 company (Nora project, Durango).  Discovery Silver announced that it will hold an investor day on March 02, 2026 (Cordero project, Chihuahua). Vortex announced that it has engaged the services of Global One Media Limited to provide services for investor marketing (Zaachila and Riqueza Marina projects, Oaxaca).  Defiance Silver signed a five-year surface access agreement at its Green Earth project in Sonora, and granted incentive stock options. Apollo announced that Tom Peregoodoff has been nominated for election to the company´s Board of Directors (Cinco de Mayo project, Chihuahua). Canuc informed that it intends to consolidate its common shares (San Javier Silver-Gold project, Sonora). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • Vizsla Silver Corp., provided an update on the unfortunate situation in Concordia, Sinaloa, focusing on security, operations, and support for affected families and colleagues. The company informed that five of the colleagues who were taken from the company´s project site in Concordia, have been found deceased, and five remain unaccounted for, acknowledging the ongoing uncertainty and difficulty this causes for their families, employees, and the broader community. Vizsla informed that it is actively supporting affected families with practical and financial assistance, including access to appropriate support services. Company representatives are working closely with families to address their evolving needs. The company is also providing grief counseling and flexible work arrangements for its Mexico and Canada-based teams. Vizsla also declared that work on its Panuco project is ongoing, although site operations remain suspended. Much of the near-term advancement is engineering-based and can be conducted remotely, allowing the project to progress towards key milestones. The company remains committed to responsibly developing the Panuco district over the long term and maintaining its investment in the Concordia community. Note of editor.- There have been widespread expressions of outrage and dismay from people across the country over the tragic events in Concordia, reflecting deep frustration with the escalating wave of insecurity affecting the nation. Peaceful marches are being organized in several Mexican cities to protest the growing crime, insecurity, and impunity.
  • Marcelo Ebrard, Secretariat of Economy, announced that the Mexican government has recovered over 1,100 mining concessions that were not in compliance with the law due to non-payment or were being used for speculation. This action is part of the policy implemented by President Claudia Sheinbaum to review and regulate the use of these national assets. During a joint presentation with José Fernando Aboitiz, head of the Coordination Unit for Extractive Activities at the Ministry of Economy, Marcelo Ebrard explained that the concessions, representing approximately 800,000 hectares, have been canceled. For his part, Aboitiz specified that the updated number of recovered concessions amounts to 1,126, which together cover 809,150 hectares, an area comparable to the territorial extension of the state of Querétaro. He also highlighted that within this process, nearly 20,000 hectares located in Protected Natural Areas have been recovered. Regarding the geographic distribution, the canceled concessions are concentrated mainly in states with a long mining tradition, such as Coahuila, Chihuahua, Sonora, Zacatecas, Durango, and Jalisco. On the other hand, the official specified that approximately 90% of the cancellations were made by individuals, not large companies.
  • Pacifica Silver Corp., Capitan Silver Corp., Mithril Silver & Gold Limited, Sothern Silver Exploration Corp., and Minaurum Silver Inc., reported the best drilling intercepts in Mexico on the second week of February, 2026. Details are shown in the table below:

ON EXPLORATION

  • Mercado Minerals Ltd., received exploration drill permit for its Copalito project in Sinaloa. The company is focused on preparing its inaugural 3,000m diamond drill program, which is expected to commence in Q1, 2026.
  • Capitan Silver Corp., reported the arrival of a second drill rig at its Cruz de Plata project in Durango. “The second rig is one of three core rigs that are planned to arrive at the property and will be used to test high-priority targets with the goal of extending advanced high-grade mineralized zones along the Jesus Maria Silver Trend, which also includes the Gully Fault and Peñoles Fault targets”.
  • Pacifica Silver Corp., released assay results from eleven additional drill holes completed at its Claudia project in Durango and also reported that it received new permits authorizing exploration drilling. Drilling highlights include hole 25CLAU059D on Justina vein and hanging wall stockwork with 3.53 g/t Au and 460 g/t Ag (764 g/t AgEq) over 2.1m, including 9.01 g/t Au and 1,175 g/t Ag (1,950 g/t AgEq) over 0.80m; hole 25CLAU064D on Aguilareña vein and foot wall stockwork with 1.51 g/t Au and 68 g/t Ag (198 g/t AgEq) over 6m, including 3.34 g/t Au and 211 g/t Ag (498 g/t AgEq) over 1.65m; and hole 25CLAU047D on Aguilareña vein with 1.09 g/t Au and 25 g/t Ag (118 g/t AgEq) over 4.85m, including 3.64 g/t Au and 74 g/t Ag (387 g/t AgEq) over 0.85m. “The Phase I drill program was completed at the end of December 2025 with a total of 30 holes drilled, and assay results from the first 10 holes were announced on December 15, 2025. Assays from the final nine holes are expected to be reported in the coming weeks”. The company also informed that it has received new permits authorizing exploration drilling at up to 153 additional drill sites. It will allow Pacifica to drill test several high-priority targets identified at Claudia property.

ON MINING

  • Teck Resources Limited announced that it will release its Q4, 2025 results on February 19, 2026 (San Nicolas project, Zacatecas).
  • GoGold Resources Inc., reported Q4, 2025 production and financial results (currency expressed in US dollars). The company produced 456,179 Oz AgEq consisting of 205,104 Oz Ag, 2,914 Oz Au, 215K Lb Cu, and 336K Lb Zn at cash and AISC of $21.45 and $ 28.45 per Oz Ag Eq respectively. GoGold reported revenue of $31.1M on the sale of 486,928 Oz AgEq sold at an average realized price per Oz of $63.88; cost of sale of $11.7M; operating income of $16.16M; net income of $13.3M; cash flow provided by operations of $9.7M, including free cash flow of $18.1M; and cash of $245.6M.
  • Agnico Eagle Mines Limited reported Q4 and full-year 2025 production results for its Pinos Altos operation in Chihuahua; provided production guidance for the years 2026, 2027, and 2028; and informed on the status of its San Nicolas project in Zacatecas (all currency expressed in US dollars).  At Pinos Altos, Chihuahua, the company milled during the period Q4, 2025, a total of 467K tonnes of 1.55 g/t Au to produce 22,195 Oz Au at cash cost and  production cost of $1,927 and $2,572 respectively, and sold 20,604 Oz Au. During 2025, it milled 1.72M tonnes of 1.55 g/t Au to produce 81,734 Oz Au at cash cost and production cost of $2,006 and $2,518 respectively, and sold 80,177 Oz Au. Agnico also provide production guidance for the years 2026 to 2028. It informed that in 2026, 2027, and 2028, the company expects to produce between 70K-80K Oz Au, 70K-80K Oz Au, and 85K-95K Oz Au respectively. At San Nicolas project, Zacatecas (50/50 joint venture with Teck Resources), Agnico continued progressing through its feasibility study and engineering phases.  The project is awaiting permit resolutions, with actions for permits (Environmental Impact Assessment, and Land Use Change) completed and a regulatory decision expected in the first half of 2026. Engineering work is over 30% complete, aiming for about 50% by mid-2026. The company continues to advance drilling and geological evaluation activities near the projected mine area, supporting the development plan. Overall, the project is moving forward with a focus on securing permits and completing engineering to enable potential development soon.

ON FINANCING

  • Kingsmen Resources Ltd., closed a bought deal private placement of 5,777,778 units at a price of CAD $2.25 per unit for gross proceeds of CAD $13M. Gross proceeds will be used for te exploration and advancement of the Las Coloradas and Almoloya projects in Chihuahua, as well as for working capital and general corporate purposes.
  • Algo Grande Copper Corp., announced a non-brokered private placement of up to 7,692,308 common shares at a price of CAD $0.65 per share for gross proceeds of CAD $5M. The company plans to use the gross proceeds to fund exploration activities at the Adelita project in Sonora, including a Phase II drill program and for general working capital purposes.
  • Colibri Resource Corporation closed its debenture offering units for gross proceeds of USD $115K. Each debenture unit consists of USD $1,000 principal amount 10% unsecured convertible debenture, and 5,200 common shares purchase warrants, at a rate of CAD $0.25 per common share (EP project, Sonora).
  • Questcorp Mining Inc., announced an upsize of its previously announced non-brokered private placement to up to 15,000,000 units at a price of CAD $0.20 per unit for gross proceeds of up to CAD $3M. Part of the gross proceeds will be used for exploration work at La Union project in Sonora, as well as general working capital purposes.
  • Kootenay Silver Inc., closed its previously announced bough deal private placement of 8,000,001 units at a price of CAD $2.25 per unit for gross proceeds of CAD $18M. Net proceeds will be used for the advancement of its Columba and La Cigarra projects in Chihuahua, as well as for working capital and general corporate purposes.
  • Avino Silver & Gold Mines Ltd., filed a final base shelf prospectus, dated February 12, 2026, enabling the company to raise capital by issuing various securities such as shares, warrants, receipts, units, or debt over the next 37 months, and is expected to become effective on or about February 19, 2026. This filing aligns with Canadian and US regulations, providing flexibility for future offerings, including public sales or strategic investments. The move aims to support Avino’s ongoing growth and development projects while maintaining compliance with securities laws (Avino mine, Durango).
  • Axo Copper Corp., announced that, dated January 28, 2026, it filed a final short form prospectus in connection with its bought deal public offering of units at a price of CAD $0.70 per unit for aggregate gross proceeds of CAD $35M. If this option is exercised in full, an additional CAD $5.25M in gross proceeds will be raised pursuant to the Offering and the aggregate gross proceeds of the Offering will be CAD $40.25M (San Antonio Gold project, Son).
  • Silver Tiger Metals Inc., filed a final short form prospectus to raise over CAD $50M through a bought deal public offering of common shares at CAD $1.17 each one. If the over-allotment option is exercised in full, additional gross proceeds of CAD $7.5 M will be raised pursuant to the offering and the aggregate gross proceeds of the offering will be CAD $57.5M (El Tigre project, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Southern Silver Exploration Corp., reported additional assay results from the ongoing drilling program at Puro Corazon claim in its Cerro Las Minitas project in Durango. Drilling highlights are shown in the table below:
  • Minaurum Silver Inc., announced results from the first holes of its Phase II, 50,000m resource-expansion drill program at its Alamo project, Sonora. Drilling highlights include hole AL25-163 on Europa Sur vein with 318 g/t Ag, 0.09 g/t Au, 0.35% Cu, 1.6% Pb, and 0.9% Zn (408 g/t AgEq) over 12.35m, including 523 g/t Ag, 0.14 g/t Au, 0.44% Cu, 2.8% Pb, and 1.4% Zn (659 g/t AgEq) over 7m, including 1.032 g/t Ag, 0.27 g/t Au, 0.69% Cu, 5.5% Pb, and 2.4% Zn (1,277 g/t AgEq) over 3.20m; and hole AL25-153 on Europa vein with 240 g/t Ag, 0.06 g/t Au, 0.7% Cu, 1.8% Pb, and 1.5% Zn (374 g/t AgEq) over 2.35m, including 487 g/t Ag, 0.16 g/t Au,  0.95% Cu, 4.2% Pb, and 2.1% Zn (714 g/t AgEq) over 0.55m.
  • Mithril Silver and Gold Limited reported significant progress at its Copalquin project in Durango, confirming a large, high-grade silver-gold mineralized zone at Target 5, which extends over approximately 1.5 km and remains open in multiple directions. The company has also begun maiden drilling at Target 3 and continues resource expansion at Target 1. Hole AP25-017 encountered the most significant drill intercept with 0.07 g/t Au and 165 g/t Ag (170 g/t AgEq) over 3.05m, including 0.11 g/t Au and 229 g/t Ag (237 g/t AgEq) over 0.85m, including 0.09 g/t Au and 265 g/t Ag (271 g/t AgEq) over 0.65m. An aerial magnetic survey is underway to aid target identification and drill planning across the district. Overall, these efforts demonstrate the potential for substantial mineral resources and rapid district-scale growth.
  • Agnico Eagle Mines Limited provided an update on year-end 2025 mineral reserves and mineral resources at their Mexican mine sites and advanced projects. Mineral Reserves and Mineral Resources as at December 31, 2025 are set out in the table below:

ON DEALS AND CORPORATE ISSUES

  • Canasil Resources Inc., informed that it met the requirements to be listed as a TSX Venture Tier 2 company, effective February 9, 2026. The Company’s listing will transfer from NEX to TSX Venture, the Company’s Tier classification will change from NEX to Tier 2, and the Filing and Service Office will change from NEX to Vancouver. The trading symbol for the Company will change from CLZ.H to CLZ. The Company is classified as a ‘Mining’ company (Nora project, Durango).
  • Discovery Silver Corp., announced that it will hold an investor day on March 02, 2026 (Cordero project, Chihuahua).
  • Vortex Metals Inc., announced that it has engaged the services of Global One Media Limited to provide services for investor marketing (Zaachila and Riqueza Marina projects, Oaxaca). 
  • Defiance Silver Corp., signed a five-year surface access agreement to conduct surface exploration, drilling, and engineering studies at its Green Earth project in Sonora. The company also granted 2,720,000 incentive stock options to certain employees, directors, and consultants, to purchase common shares of Defiance at an exercise price of CAD $0.35. It also granted 289,000 deferred share units to certain directors, 458,000 performance share units to certain employees, and 314,000 restricted share units to certain employees.
  • Apollo Silver Corp., announced that Tom Peregoodoff has been nominated for election to the company´s Board of Directors, and if elected, the Board intends to appoint Mr. Peregoodoff as Executive Chair (Cinco de Mayo project, Chihuahua).
  • Canuc Resources Corporation informed that it intends to consolidate its common shares on the basis of ten pre-consolidation common shares for one post-consolidation common share. The Company currently has 284,531,484 common shares issued and outstanding. Upon completion of the Consolidation, the Company will have approximately 28,453,148 common shares issued and outstanding (San Javier Silver-Gold project, Sonora).

ON SOCIAL RESPONSIBILITY

  • No relevant news.

Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.

On the picture below, near-surface oxidized copper mineralization (malachite) in an IOCG system in Sonora, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico; Highlights on the Fourth Week of January 2026

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 4th week of the year (January 19th to January 25th, 2026), companies working in Mexico released 43 press releases. Six companies informed on early-stage properties work, eight more presented quarterly reports and one informed on an illegal blockade. Eight companies presented news on financing rounds, one on trading on a new market, one on the halting of trading and one more on a favorable ranking. Six companies presented updates on advanced properties, while nine companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Questcorp Mining and partner Riverside Resources released favorable channel sample results from La Unión;  Tocvan Ventures released drilling results from the North Block at its Gran Pilar project. In Chihuahua, Kingsmen Resources released drilling results from Las Coloradas; Mammoth Resources is working in planning and permitting a resource definition drilling campaign at Tenoriba. In Durango, Pinnacle Silver and Gold released underground sampling results from El Potrero. In Oaxaca, EV Resources is mobilizing a rig to Los Lirios. ON MINING, Luca Mining, Orla Mining, Gold Resource, Pan American Silver, GoGold Resources, Americas Gold and Silver, Gold Royalty and Avino Silver and Gold Mines presented quarterly reports. Gold Resource reported an illegal blockade at its Don David mine in Oaxaca. ON FINANCING, four companies informed on financing rounds: Canasil Resources (C$0.5 M), Apollo Silver (C$15 M), Kootenay Silver (C$16.5 M), and Pacifica Silver (C$23 M). Silver Spruce Resources corrected a previous offering note. Santacruz Silver Mining commenced trading on the Nasdaq Capital Market. Silverco Mining halted trading on the TSX. Guanajuato Silver and Luca Mining were named to the 2026 OTCQX Best 50. EV Resources received A$0.6 M from the sale of an Australian property. ON RESOURCES AND DEVELOPMENT, Kootenay Silver is to conduct a PEA on La Cigarra. Vizsla Silver updated on 2025 work at Panuco, and plans for 2026. Capitan Silver commenced a 60,000 m drilling campaign at Cruz de Plata. Mithril Silver and Gold released drilling results from Coplaquin. Alamos Gold presented drilling results from the PDA, Cerro Pelón and Halcón deposits in the Mulatos district. Silver Tiger Metals filed an updated PFS on the Stockwork zone and a PEA on the underground at El Tigre project. ON DEALS AND CORPORATE ISSUES, Bear Creek Mining informed on the incoming meeting of shareholders to resolve its arrangement with Highlander Silver. Mammoth Resources elected board directors at its AGM. Regency Silver optioned the La India concession near its Dios Padre project in Sonora. Silverco Mining is acquiring Nuevo Silver, owner of la Negra mine in Querétaro. Southern Empire Resources acquired the Pedro project in Durango from Enduro Metals. Radius Gold continues discussions with Pan American Silver to advance the Amalia project in Chihuahua. Silver Viper Minerals announced an appointment to the board.  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News. 

ON EXPLORATION

  • Kingsmen Resources Corp. released results from three diamond drill holes on the Soledad structure at its Las Coloradas project in Chihuahua. Two of the holes intersected old workings, with the remaining hole intercepting 15.7 m of core length averaging 0.04 gpt Au, 46 gpt Ag, 9.9% Pb, 0.7% Zn (including 7.7 m @ 0.08 gpt Au, 89 gpt Ag, 1.8% Pb, 1.2% Zn, which includes 0.60 m @ 0.867 gpt Au, 848 gpt Ag, 18.2% Pb, 11.7% Zn). “The geological sequence consists of variably sheared and interbedded arenite and lutite…. Alteration comprises green chlorite-epidote-nontronite and sericite with pyrite-calcite veinlets, sphalerite-(galena) veinlets, grey to white bleaching +/- disseminated pyrite (mm-cm) size.
  • Mammoth Resources Corp. is advancing steps towards the planning and permitting to complete a resource definition drill program at its Tenoriba project in Chihuahua. The company also intends to proceed with studies to confirm potential gold-silver recoveries from a coarser fraction heap leach metallurgical test and to define high-grade areas to source material for a pilot plant operation.
  • EV Resources Ltd. announced the mobilization of drilling equipment to its Los Lirios antimony project in Oaxaca. The 1,500-2,000 m drill program targets high-grade Sb mineralization beneath historical workings along the Lirios fault zone, testing for both veins and carbonate replacement targets on 900 m of the 9 km long system.
  • Pinnacle Silver and Gold Corp. released underground sampling results from the Estrella vein at its El Potrero project in Durango. Channel sampling identified two mineralized zones within the 42 m long workings, one of 5.49 gpt Au, 48 gpt Ag across 0.72 m and another yielding 1.87 gpt Au, 51 gpt Ag, averaging 1.1 m in width. The identification of high-grade Au-Ag mineralization at La Estrella is significant, as it lies 500 m from the main Dos de Mayo structure and is topographically 300 to 400 m above, with “… brecciated, lattice bladed and banded textures”. 
  • Questcorp Mining Corp. and partner Riverside Resources Inc. reported results from channel sampling at La Unión, in Sonora. A 30 m continuous channel sample oblique to strike along the decline wall at La Unión mine averaged 20 gpt Au, 226 gpt Ag. The companies continue to forward the CRD and sediment hosted mineralization models for the property.
  • Tocvan Ventures Corp. released drilling results from its maiden (reverse circulation?) drill program on the North block at its Gran Pilar project in Sonora, five kilometers north of the South Block/Main Zone. Highlighted results from five drill holes comprise 7.64 m @ 23 gpt Ag (including 1.53 m @ 92 gpt Ag); 7.63 m @ 18.8 gpt Ag, 0.1% Zn; 10.71 m @ 0.3% Zn; 3.06 m @ 20 gpt Ag, 0.5% Pb, 0.3% Zn. Other elements were as high as 0.13% Cu, 170 ppm As, 276 ppm Sb.

ON MINING

  • Luca Mining Corp. provided its production report for Q4 2025, and achieved its revised full-year 2025 production guidance. During 2025 Campo Morado in Guerrero produced 8,735 Oz Au, 1 M Oz Ag, 4,921 tonnes Pb, 38,740 tonnes Zn, 8,895 tonnes Cu, while Tahuehueto in Durango produced 17,410 Oz Au, 316.1 K Oz Ag, 4,000 tonnes Pb, 6,472 tonnes Zn, 1,185 tonnes Cu, for a consolidated production of 26,144 Oz Au, 1.33 M Oz Ag, 8,921 tonne Pb, 45,212 tonnes Zn, 10,081 tonnes Cu. Payable production ranged between 70 and 82% of metals. During the quarter 5,836 m of drilling were completed, for a total of 22,855 m in the year, with an investment of US$3.8 M. The company’s cash position at the end of the period was US$25.1 M. 
  • Orla Mining Ltd. provided an operational update for the fourth quarter and year 2025. The company produced a total of 95,405 Oz Au in the quarter and 300,620 Oz Au in the year from its operations in Mexico and the US. At Camino Rojo in Zacatecas, 1.86 M tonnes of ore were stacked grading 0.47 gpt Au to produce 19,587 Oz Au during the quarter, and stacked 8.94 M tonnes of ore grading 0.54 gpt Au to produce 96,764 Oz Au in the year.
  • Gold Resource Corp. announced preliminary fourth quarter production from its Don David mine in Oaxaca. During the period 85.9 K tonnes were milled at a rate of 1,305 tpd, grading 0.96 gpt Au, 298 gpt Au, 0.16% Cu, 0.58% Pb, 1.22% Zn, to produce 1,993 Oz Au, 687.5 K Oz Ag, 87 tonnes Cu, 306 tonnes Pb, 750 tonnes Zn. “During the quarter, the Company’s production profile has transitioned into more of a silver producer, accounting for about 80% of its revenue….. a total gold equivalent (AuEq) ounces of 10,413”. For the full year, the company produced 23,125 Oz AuEq. 
  • Pan American Silver Corp. presented preliminary 2025 results, with a total of 22.8 M Oz Ag, 742,200 Oz Au consolidated production. In Mexico the company produced during the fourth quarter 1.61 M Oz Ag, 1,100 Oz Au at La Colorada (Zacatecas), 1.91 M Oz Ag, 4,800 Oz Au at Juanicipio (Zacatecas), 0.11 M Oz Ag, 5,400 Oz Au at Dolores (Chihuahua). For the year production was 6.02 M Oz Ag, 4,600 Oz Au at La Colorada, 2.49 M Oz Ag, 6,700 Oz Au at Juanicipio, 5.4 M Oz Ag, 37,600 Oz Au at Dolores, with 61% of Ag and 6.5% Au consolidated production coming from Mexico. Guidance for 2026 is 25-27 M Oz Ag, 700,000-750,000 Oz Au, with a budgeted US$55 M on brownfield exploration, US$ 55 M on project related exploration and US$-22-25 M on regional exploration in Brazil, Mexico, Canada and Chile.
  • Americas Gold and Silver Corp. had consolidated production of 2.65 M Oz Ag in 2025. At Cosalá, in Sinaloa, 463 K Oz Ag were produced in the quarter, for a total of 1.19 M Oz Ag during the year. The rest of the production was from its USA operations.
  • GoGold Resources Inc. reported production for the quarter ended December 31, 2025. At its Parral operations in Chihuahua, the company produced 205.1 K Oz Ag, 2,914 Oz Au, 96 tonnes Cu, 150 tonnes Zn, or 456.2 K Oz AgEq.
  • Gold Royalty Corp. released preliminary fourth quarter 2025 results. Total revenue, land agreement proceeds and interest was US$5.2 M (revenue of US$4.2 M), or 1,255 Oz AuEq. For 2025, total revenue, land agreement and proceeds and interest added up to US$17.7 M (revenue of US$13.9 M), or 5,173 Oz AuEq (royalty on Cosalá, Sinaloa).
  • Gold Resource Corp. announced that an illegal blockade is underway at its mine in Oaxaca. Employees of terminated contractors on Union membership affiliation grounds established an illegal mine-access blockade. “This dispute is between the union and four contractors who were previously affiliated with the union. This is not a dispute between the Company and the union nor between the Company and the four contractors” (Don David, Oaxaca).
  • Avino Silver & Gold Mines Ltd. reported full year 2025 production of 1.16 M Oz Ag, 7,621 Oz Au, 5.67 M Lb Cu, or 2.6 M Oz AgEq. During the year 724,940 K tonnes were processed at Avino, in Durango, averaging 0.44 gpt Au, 56 gpt Ag, 0.42% Cu, recovering 73% Au, 84% Ag, 84% Cu, to produce 7,544 Oz Au, 1.1 M Oz Ag, 5.67 M Lb Cu (or 2.55 M Oz AgEq). At La Preciosa, 19 kilometers from Avino, 12 K tonnes were processed, averaging 0.32 gpt Au, 191 gpt Ag, recovering 62% Au, 66% Ag, to produce 77 Oz Au, 48.2 K Oz Ag (or 54.9 K Oz AgEq). The company commenced extraction, haulage and processing of mineralized development material from La Preciosa during the fourth quarter 2025. Avino Silver had US$100 M in cash at the end of 2025.  

ON FINANCING

  • Canasil Resources Inc. announced a private placement for a total of C$500 K in gross proceeds. Insiders of the Company subscribed for a total of 2.5 M shares, which constitutes a related party transaction  (Nora, Durango).
  • Silver Spruce Resources Inc. corrected a previous press-release that stated 976 K units offered, to 9.76 M units (Pinos, Chihuahua).
  • Santacruz Silver Mining Ltd. has commenced trading on the Nasdaq Capital Market. (Zimapán, Hidalgo).
  • Silverco Mining Ltd. announced the halting of its common shares on January 21, 2026, at the request of the TSX Venture Exchange to facilitate the review of the binding letter with Nuevo Silver Inc. (Cusi, Chihuahua).
  • Apollo Silver Corp. closed the final tranche of its previously announced non-brokered private placement for aggregate gross proceeds of C$15 M. Eric Sprott, through 2176423 Ontario Ltd.  participated with C$12.5 M, taking its stake in the company to 10.3% of outstanding shares on a non-diluted basis and 15.8% on a partially diluted basis, assuming the exercise of such warrants (Cinco de Mayo, Chihuahua).
  • Kootenay Silver Inc. announced an engagement letter with Red Cloud Securities Inc. as lead underwriter pursuant to which the underwriters have agreed to purchase shares of the company on a bought deal basis in a private placement for C$10 M in gross proceeds. The underwriters have the option to buy shares at the same price for gross proceeds of C$1.5 M before the closing of the placement (Columba, Chihuahua).
  • Guanajuato Silver Co. has been named to the 2026 OTCQX Best 50, a ranking of top performing companies traded on the OTCQX Best Market last year (El Cubo, Guanajuato).
  • Kootenay Silver Inc. increased the size of its previously announced “bought deal”  private placement from C$10 M to C$16.5 M in gross proceeds. The underwriters have the option to buy shares for another C$1.5 M in gross proceeds.(undisclosed projects, Mexico).
  • Luca Mining Corp. has been named to the 2026 OTCQX Best 50,  a ranking of top performing companies traded on the OTCQX Best Market last year (Campo Morado, Guerrero).
  • EV Resources. confirmed the receipt of A$600 K in cash from the sale of a project in Australia. The funds are to be used in the upcoming drill program at Los Lirios antimony project in Oaxaca.
  • Pacifica Silver Corp. closed its previously announced upsized, private placement offering for aggregate gross proceeds of C$23 M (Claudia, Durango).

ON RESOURCES AND DEVELOPMENT

  • Kootenay Silver Inc. engaged  engineering firms Sacré-Davey Engineering Inc. and Canenco Consulting Corp. to conduct a preliminary economic assessment (PEA) on its La Cigarra project in Chihuahua. The pit constrained mineral resource totals 51.6 M Oz Ag in the measured and indicated categories in 15.7 M tonnes averaging 0.07 gpt Au, 102 gpt Ag, 0.16% Pb, 0.21% Zn and 11 M Oz Ag on the inferred category in 3.4 M tonnes averaging 0.06 gpt Au, 102 gpt Ag, 0.2% Pb, 0.19% Zn. 
  • Vizsla Silver Corp. informed that during 2025 the company published a feasibility study (FS) on the Panuco project in Sinaloa, with $1.8 B after-tax NPV. 11% IRR and a 7-month payback period, with annual production of 17.4 M Oz AgEq over 9.4 years, securing financing with over US$450 M in cash and advanced test mine operations to 700 m depth. For 2026, Vizsla plans to begin construction following receipt of environmental permits (expected mid-year), complete 60,000 m of drilling on the district, advance detailed engineering and contractor selection and continue exploration on newly acquired properties.
  • Capitan Silver Corp. commenced a 60,000 m drilling campaign of diamond and reverse circulation (RC) drilling for 2026 at its Cruz de Plata project in Durango. The company informed that during 2025 the company raised C$29 M, restarted drilling operations, the first since 2023, extending mineralization by 250 m, increased Capitan Hill resources to 525,000 Oz Au, bought the main royalty on the project for US$1 M, and acquired claims from Fresnillo, consolidating and increasing the land position by 85%. For 2026 Capitan Silver launched a drilling campaign, expanding from one RC rig to three core rigs and one RC rig, with focus on several targets including the 3.7 km Jesús María trend and infill drilling at Capitan Hill to upgrade resources. An airborne geophysical survey is planned, as well as mechanical trenching.
  • Mithril Silver and Gold Ltd. released drilling results from expansive resource drilling at Target 1 within the Copalquin project in Durango. Drilling extended 300 m west the mineralized structure and 300 m down dip on the Refugio 1 structure. Highlighted core length intercepts comprise 3.95 m @ 1.37 gpt Au, 22 gpt Ag; 3.05 m @ 1.68 gpt Au, 107 gpt Ag (including 0.5 m @ 9.6 gpt Au, 612 gpt Ag); 2.8 m @ 2.29 gpt Au, 60 gpt Ag; 4.4 m @ 2.18 gpt Au, 15 gpt Ag (including 0.5 m @ 15.5 gpt Au, 66 gpt Ag); 1.55 m @ 2.11 gpt Au, 6 gpt Ag; 1.35 m @ 21.94 gpt Au, 357 gpt Ag (including 0.5 m @ 57.65 gpt Au, 924 gpt Ag); 5.45 m @ 0.78 gpt Au, 36 gpt Ag.
  • Alamos Gold Inc. updated on drilling results within the Mulatos District in Sonora, where exploration has shifted from targeting oxides to higher grade sulfide mineralization. “A total of $20 million was spent on exploration in the Mulatos District in 2025, similar to spending in 2024. The near-mine and regional drilling program totalled 56,117 m in 170 holes. This included 13,779 m of surface exploration drilling in 58 holes at the GAP-Victor and PDA targets at PDA, and 21,394 m in 56 holes at Cerro Pelon. Regional exploration drilling totalled 20,944 m in 56 holes …” with the Halcon discovery being part of the latter program.  At Cerro Pelón, drill intersects comprise 23.85 m @ 5.60 gpt Au; 5.93 m TW @ 5.85 gpt Au; 15.15 m @ 6.58 gpt Au; 8.67 m TW @ 6.64 gpt Au; 14.10 m @ 4.28 gpt Au; 4.25 m @ 12.95 gpt Au; 7.20 m @ 6.13 gpt Au; 2.75 m @ 6.05 gpt Au. At PDA (Puerto del Aire) drill intersects comprise 8.97 m @ 13.64 gpt Au; 15.60 m @ 3.72 gpt Au; 15.61 m @ 4.27 gpt Au; 14.92 m @ 4.85 gpt Au; 6.92 m @ 8.79 gpt Au; 7.10 m @ 5.77 gpt Au; 2.91 m @ 15.00 gpt Au; 0.81 m @ 43.70 gpt Au. At Halcon drill intersects comprise 47.60 m @ 3.04 gpt Au (including 4.50 m @ 7.78 gpt Au; 3.75 m @ 13.41 gpt Au); 37.35 m @ 3.53 gpt Au (including 10.20 m @ 8.13 gpt Au); 31.50 m @ 3.46 gpt Au (including 6.00 m @ 5.56 gpt Au); 19.00 m @ 3.88 gpt Au (including 3.40 m @ 10.08 gpt Au).
  • Silver Tiger Metals Inc. filed two studies, a preliminary economic assessment (PEA) on the underground at El Tigre and an updated prefeasibility study (PFS) on the Stockwork Zone for its El Tigre project in Sonora. The PEA proposes a base-case Ag price of US$38 per Oz and of US$3,200 per Oz Au, with After-Tax (NPV 5%) of US$ 304 M and After-Tax IRR of 42.8% and a payback period of 2.6 years. The study envisages 15-year UG mine life with 3-year historical tailings processing  to recover 34 M Oz Ag, 130 K Oz Au (or 38 M Oz AgEq, or 453 K Oz AuEq), producing an average of 2.1 M Oz Ag, 8 K Oz Au per year. The updated PFS with the same base-case metal prices includes an After-Tax (NPV 5%) of US$456 M with an After-Tax IRR of 65.7% with a 1.4 years payback period, 10-year mine life recovering 9 M Oz Ag, 408 K Oz Au (or 43 M Oz AgEq, or 509 K Oz Au), producing an average of 4.8 M Oz AgEq or 56.5 K Oz AuEq. 

ON DEALS AND CORPORATE ISSUES

  • Bear Creek Mining Corp. filed its notice of meeting, management information circular and related documents with securities regulators in connection with the special meeting of shareholders of Bear Creek to approve the proposed plan of arrangement with Highlander Silver Corp. and the interest deferral agreements entered into between the company and each of Royal Gold Inc. and Equinox Gold Corp. The proxy voting deadline is February 17, 2026 (Mercedes, Sonora).
  • Mammoth Resources Corp. announced shareholders at its annual general meeting (AGM) elected Thomas Atkins, Paul O’Brien, Jose Antonio Berlanga Balderas, Edgardo Espinosa Velasco, Jose Antonio Berlanga Lopez, and Richard Simpson as directors and appointed Kresto GTA, Chartered Accountants as auditors of the company (Tenoriba, Chihuahua). 
  • Regency Silver Corp. entered into an agreement to option the 4,823 ha La India mining concession located 10 km to the north of its Dios Padre project in Sonora. The claim hosts Early cretaceous andesitic volcanic rocks that are proximal to late cretaceous plutonic rocks associated with Laramide age porphyries in the district. The deal involves an initial US$60 K payment and staged payment totalling US$580 K over five years , as well as to pay US$145 K in owed taxes. A payment of US$1 M is due upon the publication of a mineral resource estimate over 1 M Oz Au. The vendors are entitled to a 2% NSR, on which the company has the right to purchase half by paying US$1 M. 
  • Silverco Mining Ltd. entered into a binding letter to acquire Nuevo Silver Inc., which recently entered into a share purchase agreement to acquire 100% of the producing La Negra mine in Querétaro. Holders of Nuevo Silver shares will be issued 16.8 M Silverco shares, and upon completion former holders of Silverco shares will hold 34% of Silverco shares. Silverco will also assume US11 M in debt associated with La Negra mine, US$12.5 M in milestone payments due in Q1 2027 and US$5 M in contingent payments potentially due between Q1 2027 and Q1 2028. “La Negra is currently operating at approximately 55% capacity”.
  • Southern Empire Resources Corp. completed the acquisition of the 1,750 ha Pedro gold project in Durango, from Enduro Metals Corp. The company issued Enduro 2 M common shares, agreeing to a future milestone payment of US$2 M upon production commencement, with Enduro retaining a 2% NSR. The project area displays “hematite-stained, silica-rich ridges of angular chalcedony fragments and silicified sedimentary rocks within a coarse breccia” with values of up to 2.3 gpt Au”. Geology, alteration and geochemistry mapped at Pedro are indicative of a potential low-sulphidation epithermal vein system, with some indications of possible Carlin style mineralization. Previous drilling intercepted up to 15.2 m averaging 0.577 gpt Au. “Fortuna Mining Corp. (Fortuna) has informed Southern Empire that it has resumed its 3,500 m core drilling program at the Centauro Gold Project, located 100 km northwest of Pedro”. Fortuna acquired the option rights for Centauro from Southern Empire in 2025.
  • Radius Gold Inc. informed that between “2019 and 2022, Radius and joint venture partner Pan American Silver Corp. completed 67 drill holes for 23,058 meters of diamond drilling at the Amalia Project, in Chihuahua, with multiple targets remaining untested. “Pan American held the right to earn 65 % interest under an existing option agreement. As operator Pan American Silver suspended work on the property during merger negotiations with Yamana in 2022. Radius continues discussions with Pan American with the objective of agreeing a pathway forward for the Amalia … ” project.
  • Silver Viper Minerals Corp. announced the appointment of Mr. Rakesh Malhotra as chief financial officer (La Virginia, Sonora).

ON SOCIAL RESPONSIBILITY

  • No Relevant News. 

On the image below: Quartz veining cut by late specularite veins in volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.

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

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Quartz hydrothermal breccia

By Miguel A Heredia

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No relevant news.

Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.

On the picture below, a hydrothermal breccia cemented by FeOx-Cu carbonates-sulphides in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico; Highlights on the Second Week of December 2025

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 50th week of the year (December 8th to December 14th, 2025), companies working in Mexico presented 28 press releases.  One company informed about exploration advances on its early-stage property. One company reported results for its fiscal year. Seven companies presented news on financing rounds, and one each on consolidation of shares, dividends and new market listings. Six companies presented updates on advanced properties/mines. Four companies informed on deals and corporate issues. ON MEXICO ISSUES, the backlog in permitting is being reduced, not as fast as the industry requires, but it is a signal by the government that more investment is wanted. ON EXPLORATION, in Sonora, Colibri Resource commenced an RC drilling campaign at the EP project. ON MINING, GoGold Resources announced financial results for its fiscal year. ON FINANCING, six companies informed on financing rounds: Capitan Silver (C$20 M), Gold Royalty (US$103.5 M), First Majestic Silver (US$350 M), Minera Alamos (C$3.5 M), Minaurum Gold (25 M), Regency Silver (C$3 M). Santacruz Silver Mining consolidated its shares on a 4:1 basis. Vizsla Royalties graduated to the OTCQX. Sailfish Royalties declared a quarterly dividend. ON RESOURCES AND DEVELOPMENT, Regency Silver informed on the drilling at Dios Padre, in Sonora. Vizsla Silver filed the FS on the Panuco project, in Sinaloa. Silverco Mining presented an updated MRE for its Cusi project, Chihuahua. Impact Silver released results from underground drilling at its Plomosas mine, in Chihuahua. Heliostar Metals completed a PFS on Cerro del Gallo project , in Guanajuato. Coeur Mining provided an update on 68,000 m of drilling at Palmarejo, in Chihuahua. ON DEALS AND CORPORATE ISSUES, Teck Resources shareholders voted FOR in the merger with Anglo American, same that received the needed government approval on the week. Pinnacle Gold and Silver received conditional approval by the TSX to pay all finders fees associated with the El Potrero option agreement in Durango. Defiance Silver had its AGM. Kingsmen Resources contracted promotional services. ON SOCIAL RESPONSIBILITY, Fortune Bay announced its formal Environmental, Social & Governance (ESG) Policy (Poma Rosa, Chiapas).

ON MEXICO ISSUES

Fernando Aboitiz, head of the Extractive Activities Coordinating Unit from the Economy Secretariat, pointed that nearly 65% of the backlog on permitting for mining activities has been cleared, and that mid 2026 it could be normalized. At the beginning of this presidential term 176 projects were paused, to date 110 have been authorized and 66 are pending. States like Zacatecas, Sonora, Chihuahua and Durango are to be among the most benefited by the issuing of permits. 

ON EXPLORATION

  • Colibri Resource Corp. has commenced a reverse circulation drilling campaign at its 4,766 ha EP project in Sonora.

ON MINING

  • GoGold Resources Inc. announced financial results for the year ending September 30, 2025. During the period, 416.6 K tonnes were stacked at its Parral operations, selling 2.14 M Oz Ag, produced at cash cost $18.35 per Oz AgEq and an AISC of $23.72 per Oz AgEq. The company had revenue of US$72.5 M, an operating income of US$17.1 M, and net income of US$17.3 M.

ON FINANCING

  • Capitan Silver Corp. entered into deal with a syndicate of underwriters led by Stifel Canada in connection with a “bought deal” private placement offering for aggregate gross proceeds of C$20 M. A cash commission of 6% of the gross proceeds shall be paid to the underwriters  (Cruz de Plata, Durango).
  • Gold Royalty Corp. entered into an agreement with National Bank Capital Markets, BMO Capital Markets, and RBC Capital Markets as joint bookrunners, on behalf of a syndicate of underwriters that are to purchase on a bought deal basis, common shares of the company for aggregate gross proceeds of US$70 M (royalty on Coazamin, Zacatecas).
  • Santacruz Silver Mining Ltd. announced the consolidation of its shares on a four to 1 (4:1) basis on December 10, 2025, subject to final approval by the TSX Venture Exchange  (Zimapán, Hidalgo).
  • First Majestic Silver Corp. announced the closing of its previously announced US$300 M offering of unsecured convertible senior notes due in 2031, and the concurrent closing of an additional US$50 M aggregate principal amount of notes pursuant to the exercise in full of the over-allotment option granted to the initial purchasers of the notes (San Dimas, Durango).
  • Gold Royalty Corp. increased the size of its previously announced bought deal financing for aggregate gross proceeds of US$90 M. The company granted the underwriters an over-allotment option to purchase up to an additional 15% of the common shares issued on the offering, for additional gross proceeds of up to US$103.5 M (royalty on Cozamin, Zacatecas).
  • Minera Alamos Inc. closed its previously announced private placement offering for gross profits of C$3.5 M (Santana, Sonora).
  • Minaurum Gold Inc. completed its previously announced “best efforts” private placement, for C$25 M in gross proceeds, which included the exercise in full of the agents’ option. Cormark Securities Inc. acted as lead agent, on behalf of itself and a syndicate of agents including Beacon Securities Ltd. and Canaccord Genuity Corp. The company paid the agents a C$1.4 M cash commission and issued 3.95 M purchase warrants. In addition, a cash fee of C$11.2 K was paid and issued 31.3 K broker warrants to an arm’s length finder (Alamos Silver, Sonora).
  • Regency Silver Corp. entered into an agreement with Centurion One Capital Corp. as lead agent and sole bookrunner with a brokered private placement to raise up to C$2 M. Later on the week the offering was upsized to C$3 M in gross profits (Dios Padre, Sonora).
  • Vizsla Royalties Corp. graduated to trade on the OTCQX Best Market (royalty on Panuco, Sinaloa).
  • Sailfish Royalties Inc. declared a quarterly dividend of US$0.0125 per share, to be payable on July 15, 2026 (royalty on Gavilanes, Durango).

ON RESOURCES AND DEVELOPMENT

  • Regency Silver Corp. informed a new drill hole intersected 23.7 m of sulfide-specularite breccia similar to the breccia hosting high-grade Au-Cu-Ag mineralization 35 m updip and along strike from a previous hole at its Dios Padre project in Sonora. Four holes totalling 2,476 m have been completed since early October 2025. ”… the mineralized shingle breccia typically hosting mineralization is found on both sides of a new intersection of Quartz-Feldspar porphyry … ”.
  • Vizsla Silver Corp. filed the feasibility study (FS) on the Panuco project, in Sinaloa, “which highlights 17.4 M Oz AgEq of annual production over an initial 9.4-year mine life, an after-tax NPV(5%) of US$1.8B, 111% IRR and a 7-month payback at US$35.50/oz Ag and US$3,100/oz Au”.
  • Silverco Mining Ltd. presented an updated mineral resource estimate (MRE) for its Cusi project in Chihuahua. The study notes 4.89 M tonnes grading 206 gpt Ag, 0.15 gpt Au, 0.73% Pb, 0.86% Zn (262 gpt AgEq), containing 32.4 M Oz Ag, 24 K Oz Au, 78.3 M Lb Pb, 92.8 M Lb Zn (41.2 M Oz AgEq) in measured and indicated resources and 4.07 M tonnes grading 172 gpt Ag, 0.17 gpt Au, 0.89% Pb, 1.20% Zn (243 gpt AgEq), containing 22.5 M Oz Ag, 22.2 K Oz Au, 79.5 M Lb Pb, 107.5 M Lb Zn (31.7 M Oz AgEq). 
  • Impact Silver Corp. released further results from its underground drill program in the Santo Domingo zone at its Plomosas mine in Chihuahua. Highlighted true width intercepts comprise 0.84 m @ 35 gpt Ag, 6.5% Pb, 26.3% Zn; 2.07 m @ 24 gpt Ag, 9.4% Pb, 10.6% Zn; 4.95 m @ 23 gpt Ag, 7.4% Pb, 13.8% Zn (including 1.33 m @ 29 gpt Ag, 11.3% Pb, 18.2% Zn); 0.58 m @ 45 gpt Ag, 18.3% Pb; 20.3% Zn; 3.15 m @ 9 gpt Ag, 5.1% Pb, 5.0% Zn. “All these Santo Domingo drill intersections lie outside the JORC mineral resource blocks published by the previous operator”.
  • Heliostar Metals Ltd. completed an updated prefeasibility study (PFS) for its Cerro del Gallo project in Guanajuato. The current mineral reserve base is 2.27 M Oz AuEq, with the study outlining a 15.3  year mine life producing 85,700 Oz AuEq per year at cash cost $1,252 per Oz AuEq and an AISC of $1,390 per Oz AuEq and a CAPEX of US$195.3 M to bring it into production. “At the base case gold price of $2,300 per ounce, this results in an after-tax NPV of $424M, an IRR of 33.1% and a payback period of 2.3 years”. The study envisages a 6 M tonne per year open pit mining operation with ore crushed and stacked with cyanide leaching. “Copper and silver dissolved in solution will be recovered through a sulphidization, acidification, recycling, and thickening”.  
  • Coeur Mining Inc. provided an update on the 2025 exploration campaign at its Palmarejo complex in Chihuahua. Approximately 68,000 m of drilling have been completed by eleven rigs on the 30,000 ha property. The program identified numerous resource growth opportunities through a balance of near-mine and district-scale exploration. The Hidalgo Libertad, San Juan veins have been extended along strike by 500 m, 300 m and 150 m respectively, continuity confirmed between the Independencia Norte and Independencia South zones and drilling confirmed mineralization along 900 m of strike along the 4 km Camuchin-Escondida trend. Highlighted true width intercepts comprise 10.4 m @ 4.10 gpt Au, 1,517 gpt Ag (including 1.50 m @ 15.40 gpt Au, 4,957 gpt Ag); 17.9 m @ 4.20 gpt Au, 1,870 gpt Ag (including 9.1 m @ 7.10 gpt Au. 3,610 gpt Ag); 10.5 m @ 4.10 gpt Au, 1,928 gpt Ag; 5.2 m @ 14.70 gpt Au, 4,527 gpt Ag; 3.7 m @ 18.60 gpt Au, 778 gpt Ag; 22.2 m @ 6.70 gpt Au, 26 gpt Ag (including 4.80 m @ 14 gpt Au, 33 gpt Ag).

ON DEALS AND CORPORATE ISSUES

  • Teck Resources Ltd. informed its shareholders overwhelmingly voted to approve the special resolution involving the merger with Anglo American plc. Later on the week Teck  obtained a final order from the Supreme Court of British Columbia approving the previously-announced plan of arrangement under section 192 of the Canada Business Corporations Act, authorizing the merger of equals of Anglo American and Teck  (50% San Nicolas, Zacatecas).
  • Pinnacle Silver and Gold Corp. received conditional TSX Venture Exchange approval for all finders fee shares associated with the staged option of the El Potrero project in Durango. “a Finder’s Fee of 4% of the measurable benefit of each installment payment will be paid to Juan Jose Camacho, who is arm’s length to the issuer and the vendor”. Payments include 71.6 K shares on February 2025, 40 K shares and US$8,000 on November 2025, 40 K shares and US$30 K on February 2026, US$40 K when the plant is sufficiently upgraded and all permits received to commence production, or 4 years from signing, US$60 K one year after commencing production, or 5 years from signing, US$120 K two years after commencing production or 7 years from signing. And a contingent payment of  US$40 K and 40 K shares upon the establishment of a NI-43-101 350 K Oz AuEq in the inferred category or better.
  • Defiance Silver Corp. announced shareholders approved all matters presented at its annual general and special meeting (Zacatecas Silver, Zacatecas).
  • Kingsmen Resources Ltd. entered into a service agreement with Resource Stock Digest of Round Rock, Texas, to provide certain promotional services (Las Coloradas, Chihuahua).

ON SOCIAL RESPONSIBILITY

  • Fortune Bay Corp. announced the adoption of its formal Environmental, Social & Governance (ESG) Policy, highlighting a community-centered approach, responsible environmental practices, transparency and straight talk, governance and ethical conduct and local economic participation (Poma Rosa, Chiapas). 

On the image below: Specularite veining on volcanic sedimentary rocks, HQ core. Picture by Jorge Cirett.