Gambusino Prospector

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

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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.

The Mining and Exploration News in Mexico; Highlights on the Fourth Week of November 2025

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By Jorge Cirett

During the 48th week of the year (November 24th to November 30th, 2025), companies working in Mexico presented 28 press releases.  One company informed about exploration advances on early-stage properties. Three companies reported third quarter 2025 results. Eleven companies presented news on financing rounds or share matters. Four companies presented updates on advanced properties/mines. Eight companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Durango, Pinnacle Silver and Gold informed on a LiDAR survey at El Potrero. ON MINING, Orogen Royalties, Guanajuato Silver Company, Royalties Inc. and Impact Silver presented third quarter 2025 reports. ON FINANCING, nine companies informed on financing rounds: Silver Viper Minerals (C$17 M), GoGold Resources (C$125 M), Vizsla Silver (US$300 M), Silver Wolf Exploration (C$2.1 M), Pinnacle Silver and Gold (C$2.5 M), Kingsmen Resources (C$4.2 M), Silver Tiger Metals (C$40 M), Avino Silver & Gold (US$60 M) and GoGold Resources (C$143.75 M). Elemental Royalty is to start trading on the Nasdaq. Regency Silver granted stock options to acquire 4.5 M shares. ON RESOURCES AND DEVELOPMENT, Heliostar Metals released results from drilling at Ana Paula, in Guerrero. In a separate press release, Heliostar informed on the filing of a technical report for La Colorada, in Sonora. Silver Dollar Resources reported underground sample results from La Joya, in Durango. Minaurum Gold completed the 10,000 m phase I drilling campaign at Alamos Silver in Sonora, and is starting the 25,000 m phase II. ON DEALS AND CORPORATE ISSUES, Guanajuato Silver Company is to acquire the Bolañitos mine in Guanajuato from Endeavour Silver. Osisko Development entered into a securities purchase agreement to sell its San Antonio project in Sonora to Axo Copper. Apollo Silver, Minaurum Gold and Mithril Silver and Gold engaged marketing services providers. Santacruz Silver held its AGM. Proxy advisory firms recommended Teck Resources shareholders to vote for the merger with Anglo American. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

  • Pinnacle Silver and Gold Corp. informed an airborne LiDAR survey has been flown over El Potrero in Durango, covering the 1,100 ha property. The resulting high-resolution topographic study will aid mapping “features such as structures and lithological contacts that can be related to mineralization but may not be exposed at surface”.

ON MINING

  • Orogen Royalties Inc. released Q3 2025 results. Net income before tax of C$1.3 M, a net comprehensive income of C$0.65 M, royalty revenue of C$2.3 M, general and administrative expenses of C$1.4 M, cash flow of C$2.2 M and a working capital of C$21.64 M (royalty on Ermitaño, Sonora).
  • Guanajuato Silver Company Ltd. announced financial information and production results for Q3 2025. Working capital of  C$11.3 M, positive operating cash flow of C3 M. and US$11.6 M of cash and cash equivalents by the end of the period. Consolidated production during the quarter from the Topia mine (Durango), El Cubo Mines Complex (Guanajuato), The Valenciana Mines Complex (Guanajuato), and the San Ignacio mine (Guanajuato) from 85 K tonnes mined, 85 K tonne milled averaging 0.91 gpt Au, 103 gpt Ag, recovering 81.1% Au, 86.7% Ag to produce 2,025 Oz Au, 245.4 K Oz Ag, 597.3 K Lb Pb, 741.6 K Lb Zn (or 457.5 K Oz AgEq) at cash cost $32.10 per Oz AgEq and an AISC of $40.64 per Oz AgEq. During the period 1,403 m were drilled at Villaplando/El Cubo, 642 m at San Ignacio and 395 m at Topia.
  • Impact Silver Corp. announced financial and operating results for the third quarter 2025. The company reported revenue of C$10.7 M. At Zacualpan, in Estado de Mexico, the Guadalupe mill processed 35.4 K tonnes averaging 157 gpt Ag to produce 150.4 K Oz Ag. At Plomosas, in Chihuahua, 10 K tonnes were produced grading 30 gpt Ag, 4.5% Pb, 8.3% Zn. ”the mine successfully commissioned a new lead oxide recovery circuit following extensive metallurgical testing. This new system has been performing well, recovering up to 60% of lead oxide material which occurs locally in the mine that was previously unrecoverable by the prior operator”. 

ON FINANCING

  • Silver Viper Minerals Corp. raised the maximum size of its previously announced non-brokered private placement to C$17 M (La Virginia, Sonora).
  • Elemental Royalty Corp. announced its common shares are to start trading on the Nasdaq capital market (royalty on Mercedes, Sonora).
  • GoGold Resources Inc. filed a final short form prospectus pursuant to its C$125 M bought deal public offering (Los Ricos South, Jalisco).
  • Vizsla Silver Corp. closed its previously announced offering of 5% convertible senior unsecured notes due 2031 for an aggregate principal amount of US$300 M. The company has now twice the capital requirement to bring the Panuco project in Sinaloa into production and continue district-scale exploration.
  • Silver Wolf Exploration Ltd. closed the non-brokered private placement for aggregate gross proceeds of C$2.1 M. Avino Silver & Gold Mines Ltd. acquired 5 M shares, taking its stake in the company to 11.65% on a non-diluted basis and to 16.5% on a fully-diluted basis   (Ana Maria, Durango).
  • Pinnacle Silver and Gold Corp. arranged a non-brokered private placement to raise gross proceeds of up to C$2.5 M (El Potrero, Durango).
  • Kingsmen Resources Ltd. closed its non-brokered private placement, raising C$4.2 M. (Las Coloradas, Chihuahua).
  • Silver Tiger Metals Inc. closed its previously announced bought deal offering of common shares of the company, for gross proceeds of C$40 M (El Tigre, Sonora).
  • Avino Silver & Gold Mines Ltd. filed a prospectus supplement to the company’s short form base shelf prospectus dated May 26, 2025 with the securities commission in each of the provinces and territories of Canada pursuant to which the company may, at its discretion and from time to time, distribute common shares up to the aggregate sales amount of US$60 M (Avino, Durango).
  • GoGold Resources Inc. closed its previously announced bought deal offering for aggregate gross proceeds of C$143.75 M. This includes proceeds from the full exercise of a 15% over-allotment option (Los Ricos South, Jalisco).
  • Royalties Inc. reported results for the third quarter of 2025. During the period the company generated revenue of US$41.2 K, while operating expenses totaled US$111.7 K. At the end of the period total assets were US$2.8 M (pursuing royalty on Cozamin, Zacatecas).
  • Regency Silver Corp. granted stock options to acquire 4.5 M common shares of the company to directors, officers, employees and consultants. (Dios Padre, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd. released additional results from the current drilling program at Ana Paula, in Guerrero. Drilling is designed to better define the overall east-west orientation of the High Grade Panel zone, with 44 holes and 12,615 m drilled to date. Highlighted core length intervals comprise 48.5 m @ 5.48 gpt Au (including 3.2 m @ 20.8 gpt Au); 70.65 m @ 9.38 gpt Au; 26.6 m @ 4.78 gpt Au; 83.2 m @ 17.30 gpt Au (including 46.65 m @ 27.30 gpt Au); 92.05 m @ 4.33 gpt Au; 35.55 m @ 6.73 gpt Au; 18.35 m @ 7.94 gpt Au; 65.15 m @ 5.39 gpt Au; 10.2 m @ 13.60 gpt Au.
  • Silver Dollar Resources Inc. reported underground sample results and preliminary geologic modelling to shift from open pit to underground at its La Joya project in Durango. Results from twelve samples 0.26 to 1.10 m in width were as high as 0.6 gpt Au, 1,800 gpt Ag, 13.9% Cu, 0.1% Pb, 0.5% Zn..
  • Heliostar Metals Ltd. filed an updated technical report on its operating La Colorada mine, in Sonora. . 
  • Minaurum Gold Inc. completed the 10,000 m phase I infill resource drill program and commenced the 25,000 m phase II resource expansion drill program at the Alamos Silver project in Sonora. “The program will include step-out holes at the Europa and Travesia silver shoots, as well as additional drilling at the historic Quintera and Minas Nuevas mines and the more recent discoveries at Promontorio Sur, Cotera, Pulpito, and San Jose vein zones”. 

ON DEALS AND CORPORATE ISSUES

  • Guanajuato Silver Company Ltd. entered into a definitive agreement to acquire the Bolañitos mine in Guanajuato, from Endeavour Silver Corp. for total consideration of up to US$50 M. A total upfront consideration at closing of US$30 M in cash and US$10 M in Guanajuato Silver’s common shares. Two more contingent payments are to be made, US$5 M upon achieving production of 2 M Oz AgEq and 4 M Oz AgEq, 50% in cash and 50% in shares. Bolañitos consists of 26 mining concessions totaling 2,537 ha, including the San Miguel, La Luz and Lucero producing mines and the Golondrinas mine, scheduled to restart production early in 2026. The property has 534 K tonnes grading 2.8 gpt Au, 101 gpt Ag containing 42,600 Oz Au, 4.6 M Oz Ag of mineral reserves, 453 K tonnes grading 2.3 gpt Au, 110 gpt Ag containing 34,000 Oz Au, 1.6 M Oz Ag of measured and indicated resources and 1.7 M tonnes grading 2.5 gpt Au, 141 gpt Ag, containing 132,200 Oz Au, 7.5 M Oz Ag in inferred resources. Bolañitos produced 25,230 Oz Au, 452.6 K Oz Ag (2.47 M Oz AgEq) in 2024.
  • Osisko Development Corp. entered into a securities purchase agreement with Axo Copper Corp. to sell its 100% interest in the 11,338 ha San Antonio project in Sonora. Upon closing of the transaction Osisko will receive shares of Axo Copper for a total of 9.99% of the company and a cash payment equal to 70% of any Mexican value added tax refund due. Upon the filing of a feasibility study (FS), Osisko will receive US$2 M, in cash or Axo shares. Upon the first gold pour, Osisko will receive US$2 M in cash or shares of Axo. When Axo raises more than US$10 M in equity financings, Osisko is to receive the Axo shares needed to keep its 9.99% ownership. An amended and restated stream agreement was signed between Axo and OR Royalties Inc. entitling OR Royalties to 4.99% of the issued shares of Axo, with the designated percentage of payable precious metals set at 7.15%, the transfer payments for metal deliveries set to 30% of spot prices and contingent payments set at 50, 100 and 150 K Oz Au production marks, up to an aggregate of US$8.55 M, payable in gold deliveries and subject to the 30% transfer payment.
  • Apollo Silver Corp. engaged Equedia Network Corp. to provide communications and advisory services in accordance with the policies of the TSX Venture Exchange and applicable securities laws (Cinco de Mayo, Chihuahua).
  • Santacruz Silver Mining Ltd. reported that all matters were approved at its annual general and special meeting of shareholders held on November 25, 2025 (Zimapán, Hidalgo).
  • Teck Resources Ltd. announced that independent proxy advisory firms Institutional Shareholder Services Inc. and Glass Lewis & Co. have recommended that Teck shareholders vote “FOR” the company’s merger of equals with Anglo American plc  (San Nicolás, Zacatecas).
  • Minaurum Gold Inc. entered into agreements with Capital Analytica and National Inflation Association to extend marketing and communication services agreements (Alamos Silver, Sonora).
  • Royalties Inc. reported that on November 4, 2025 the Civil Chamber of the Superior Tribunal of Justice of Zacatecas upheld Royalties Inc. entitlement to royalties and rejected the appeals filed by defendants Raúl González Anaya and Capstone Gold S.A. de C.V. “The next step is the calculation and the collection of the amount owed on the 2% NSR on past production from the Portree claim under the tailings pond” (pursues royalty on Cozamin, Zacatecas).
  • Mithril Silver and Gold Ltd. engaged the services of ICP Securities Inc. to provide automated market making services for a monthly fee of C$7.5 K. Additionally, Ignite Partners was engaged for a six months investor engagement services and Small Caps IR to deliver professional investor relations services for a fee of AU$3 K per month. The company has retained Departures Capital to provide ongoing digital media marketing services (Copalquin, Durango).  

ON SOCIAL RESPONSIBILITY

  • No Relevant News. 

On the image below: Epithermal quartz veining on volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.

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

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By Jorge Cirett

During the 46th week of the year (November 10th to November 16th, 2025), companies working in Mexico presented 32 press releases.  Five companies informed about exploration advances on early-stage properties. Five companies provided operational figures for the quarter. Eight companies presented news on financing rounds or share matters. Seven companies presented updates on advanced properties/mines. Seven companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Questcorp Mining and Riverside Resources completed drilling at La Union; Tocvan Ventures informed on ongoing drilling at Gran Pilar. In Durango, Pinnacle Silver and Gold released sampling results at El Potrero; Silver Dollar Resources reported surface sampling results from the Nora project. ON MINING, Altius Minerals, Orla Mining, Americas Gold and Silver, Bear Creek Mining and Sierra Madre Gold and Silver presented third quarter 2025 reports. ON FINANCING, six companies informed on financing rounds: Questcorp Mining (C$2.1 M), GoGold Resources (C$125 M), Prismo Metals (C$1.74 M), Silver Tiger Metals (C$40 M), Americas Gold and Silver (US$115 M), Kingsmen Resources (C$4 M). Mithril Silver and Gold informed on the release of shares from escrow. ON RESOURCES AND DEVELOPMENT, Capitan Silver reported RC drilling results from Cruz de Plata, in Durango. Zacatecas Silver signed surface access agreements for its Zacatecas Silver project in Zacatecas. Silverco Mining released drilling results from Cusi, in Chihuahua. Vizsla Silver presented the feasibility report on Panuco, in Sinaloa. Luca Mining announced a three-year exploration program for its Campo Morado and Tahuehueto properties in Guerrero and Durango respectively. Discovery Silver presented an update on the Cordero property, in Chihuahua. ON DEALS AND CORPORATE ISSUES, Teck Resources is to have a special meeting of shareholders to seek the approval of a merger with Anglo American. Osisko Development intends to re-submit permit applications for the San Antonio project in Sonora. Elemental Altus Royalties and Emex Royalty closed the merger of the companies. Elemental Altus is to change name to Elemental Royalty Corp. Fuerte Metals announced additions to the board. Silver Spruce signed an amending agreement with Colibri Resource on the acquisition of Colibri’s 50% interest on the Jackie property in Sonora. Mexican Gold Mining acquired the Tatatila project in Veracruz from Chesapeake Gold. Xali Gold sold the El Oro tailings project to Kappes, Cassiday and Associates. ON SOCIAL RESPONSIBILITY, Alamos Gold informed on community support in the Mulatos District of Sonora. 

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

  • Questcorp Mining Inc. and Riverside Resources Inc. completed the first phase of drilling at the La Union project in Sonora. Over 1,600 m of drilling in 12 diamond drill holes across six targets have been completed, including La Union mine, the Famosa mine area, Famosa Mag, Union Norte, Cobre and Luis. Assays Pending.
  • Tocvan Ventures Corp. informed on the current drilling at the 2,200 ha Gran Pilar project in Sonora.  The program is designed to test a 3.2 km by 1.5 km target zone with strong geochemical and geological signatures.
  • Silver Dollar Resources Inc. reported the latest surface sample assay results and receipt of a drill permit for its Nora property in Durango. Channel sampling 1,500 m on strike of the Candy vein returned up to 12.5 m @ 39 gpt Ag, 0.4% Pb, 2.3% Zn; 4.3 m @ 27 gpt Ag, 0.1% Pb, 0.8% Zn; 2.3 m @ 46 gpt Ag, 0.1% Pb, 0.4% Zn. Mineralization appears to be widely disseminated within an oxidation zone over 100m wide, with strong pervasive iron and manganese oxides with trace galena.
  • Pinnacle Silver and Gold Corp. provided sampling results from La Dura mine at El Portrero project in Durango. “The identification of another zone of gold-silver extends the mineralized strike length along the Dos de Mayo vein structure to almost 500 metres…. Of those 146 samples, 40 were taken from the two small adits. The mineralized zone identified was sampled by six composite channels along an exposed 12 metre strike length, and has an average width of 1.3 metres and average grades of 1.98 g/t Au and 98 g/t Ag, with individual grades up to 4.51 g/t Au and 269 g/t Ag over 0.5 metres.

ON MINING

  • Altius Minerals Corp. reported its Q3 2025 revenue at C$17.2 M and attributable royalty revenue of C$21.4 M, with adjusted EBITDA of C$13. 2 M. “During the quarter the Corporation made debt repayments of $11 million including a $9 million voluntary repayment on its revolving facility and $2 million of scheduled repayments on its term facility, paid cash dividends of $4.2 million and issued 12,850 shares under the dividend reinvestment plan” (royalty on Cuale, Jalisco).
  • Orla Mining Ltd. announced the results for the third quarter 2025, including figures from its operations in Mexico. During the quarter, over 0.7 M tonnes of ore and 2.4 M tonnes of waste (Strip ratio 3.34:1) were moved at Camino Rojo, in Zacatecas. “This higher strip ratio was a result of the pit wall event that occurred during the quarter. As stabilization activities began, a new ramp was established that required the removal of overburden material and waste material which resulted in a higher than normal strip ratio”. A total of 2.8 M tonnes of ore grading 0.40 gpt Au were stacked on the heap leach, producing 22,050 Oz Au.
  • Americas Gold and Silver Corp. reported consolidated financial and operational results for the quarter ended September 30, 2025, including figures from its Mexican operations. Consolidated production during the quarter of 765 K Oz Ag, or 877 K Oz AgEq. At Cosalá, in Sinaloa, the company produced 325 K Oz Ag, at cash cost $23.87. “The Cosalá Operations increased capital spending on the EC120 Project, incurring $3.8 million during Q3-2025 ($2.9 million during Q2-2025)”. The company had US$39 M in cash at the end of Q3. 
  • Sierra Madre Gold and Silver Ltd. provided financial results for the quarter ended September 30, 2025. During the period the company obtained revenues of US$5.52 M, gross profit of US$1.7 M. The company had an all-in-sustaining costs (AISC) of US$34.42 per Oz AgEq. Current assets, including cash totaled US$19.5 M by the end of the period. “Sierra Madre announced plans for a two-stage plant expansion at La Guitarra. The first phase would grow capacity by more than 50%, to 750 tpd – 800 tpd, by Q2 2026. A subsequent expansion would increase capacity to …. 1,200 tpd – 1,500 tpd, by Q3 2027”.
  • Bear Creek Mining Corp. reported its interim consolidated financial results for the three months ended September 30, 2025. At the Mercedes mine in Sonora, 76.2 K tonnes were mined averaging 2.84 gpt Au, 79.5 tonnes milled averaging 2.53 gpt Au, recovering 96% Au to produce 6,219 Oz Au, 18.9 K Oz Ag at cash cost $3,161 per Oz Au and an AISC of $3,563 per Oz Au. The company had revenue of US$22.5 M and a comprehensive loss after taxes of US$30.8 M. “Actively continued the strategic review process … to explore and evaluate the strategic and financial options available to the Company with the ultimate view of enhancing value”.

ON FINANCING

  • Questcorp Mining Inc. completed the first tranche of its non-brokered private placement for gross proceeds of C$2.1 M. A portion of the units issued, representing C$2 M are held pursuant to a sharing agreement entered into with an institutional investor, Sorbie Bornholm LP.  (Nueva Union, Sonora).
  • GoGold Resources Inc.  entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, to buy on a bought deal basis units for gross proceeds of C$125 M (Los Ricos South and North, Jalisco).
  • Questcorp Mining Inc. announced that Sorbie BornholmLP has undertaken an initial investment in the company with a gross investment of C$2 M (Nueva Union, Sonora).
  • Prismo Metals Inc. upsized and closed its previously announced non-brokered private placement for gross proceeds of C$1.74 M (Palos Verdes, Sinaloa).
  • Mithril Silver and Gold Ltd. confirmed that 31.94 M shares of the company will be released from escrow on 25 November 2015. (Copalquin, Durango).
  • Silver Tiger Metals Inc. entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and Stifel Nicolaus Canada as joint bookrunners under which the underwriters have agreed to buy on bought deal basis common shares of the company for gross proceeds of C$40 M (El Tigre, Sonora).
  • Americas Gold and Silver Corp. increased the size of its “bought deal” private placement to aggregate gross proceeds of US$115 M. The company granted the underwriters an option to purchase additional common shares for additional gross proceeds of up to US$17.3 M (Cosalá, Sinaloa).
  • Kingsmen Resources Ltd. increased the previously announced non-brokered private placement to raise up to C$4 M (Las Coloradas, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Capitan Silver Corp. reported assay results from the reverse circulation drill program at its Cruz de Plata project in Durango. Highlighted drill length intervals from six holes comprise 6.10 m @ 0.77 gpt Au, 276 gpt Ag (including 1.50 m @ 1.51 gpt Au, 644 gpt Ag); 35.10 m @ 0.05 gpt Au, 57 gpt Ag, 0.2% Pb, 0.4% Zn; 1.50 m @ 0.04 gpt Au, 251 gpt Ag, 1.2% Pb, 2.3% Zn; 6.10 m @ 0.14 gpt Au, 202 gpt Ag, 0.5% Pb, 1.1% Zn (including 1.50 m @ 0.16 gpt Au, 596 gpt Ag, 1.1% Pb, 2.5% Zn); 25.90 m @ 0.21 gpt Au, 232 gpt Ag (including 1.50 m @ 1.57 gpt Au, 1,760 gpt Ag). A total of 57 drill holes have been completed across the Jesus Maria trend, Gully Fault, and new, early-stage targets in the property   .
  • Zacatecas Silver Corp. entered into a new community access agreement with Ejido Panuco at its Zacatecas Silver project in Zacatecas. The company also signed a drill contract with Major Drilling for an initial 4,000 m of angled diamond drilling.
  • Silverco Mining Ltd. reported initial assay results from its 15,000 m 2025 diamond drill program at the Cusi past producing property, in Chihuahua. The drill program is primarily focused on expanding the potential of its San Miguel target, with holes in 50 m step outs. Highlighted core length intervals comprise: 3.80 m @ 0.08 gpt Au, 351 gpt Ag, 1.5% Pb, 0.5% Zn; 1.10 m @ 0.76 gpt Au, 741 gpt Ag, 0.2% Pb, 0.4% Zn; 1.10 m @ 0.31 gpt Au, 658 gpt Ag, 2.0% Pb, 5.1% Zn; 2.70 m @ 0.57 gpt Au, 245 gpt Ag, 4.4% Pb, 4.7% Zn; 1.40 m @ 1.98 gpt Au, 1,830 gpt Ag, 4.5% Pb, 3.8% Zn; 3.10 m @ 0.43 gpt Au, 817 gpt Ag, 7.4% Pb, 7.4% Zn; 8.60 m @ 0.21 gpt Au, 240 gpt Ag, 0.6% Pb, 0.7% Zn.
  • Vizsla Silver Corp. announced positive results from its feasibility study (FS) on the Panuco project in Sinaloa. The study encompasses a 3,300 tpd underground operation  for the first three years, expanding to 4,000 tpd in year 4, with a life of mine (LOM) average of 17.4 M Oz AgEq (10.1 M Oz Ag, 83 K Oz Au), with years 1-5 averaging 20.1 M Oz AgEq (12.1 M Oz Ag, 92 K Oz Au) at cash cost US$8.56 per Oz AgEq and AISC of US$10.61 per Oz AgEq. The pre-production capital expenditure is US$238.7 M with an after-tax NPV(5%) of US$$1,802 M and 111% IRR at precious metals prices of US$3,100 per Oz Au, US$35.50 per Oz Ag. Mineral reserves stand at 12.8 M tonnes @ 249 gpt Ag, 2.01 gpt Au (416 gpt AgEq), containing 102.7 M Oz Ag, 829 K Oz Au (171.2 M Oz AgEq). At the Copala area, measured and indicated resources stand at 7.26 M tonnes @ 2.70 gpt Au, 420 gpt Ag, 0.1% Pb, 0.2% Zn (635 gpt AgEq), containing 630 K Oz Au, 98 M Oz Ag, 16 M Lb Pb, 30 M Lb Zn (148.1 M Oz AgEq), and inferred resources of 3.55 M tonnes @ 1.96 gpt Au, 341 gpt Ag, 0.2% Pb, 0.3% Zn (507 gpt AgEq), containing 224 K Oz Au, 38.9 M Oz Ag, 15 M Lb Pb, 25 M Lb Zn (57.7 M Oz AgEq). At the Napoleon area measured and indicated resources stand at 5.70 M tonnes @ 2.22 gpt Au, 162 gpt Ag, 0.5% Pb, 1.7% Zn (405 gpt AgEq), containing 406 K Oz Au, 29.8 M Oz Ag, 61 M Lb Pb, 213 M Lb Zn (74.3 M Oz AgEq), and inferred resources of 6.25 M tonnes @ 2.00 gpt Au, 152 gpt Ag, 0.4% Pb, 1.5% Zn (368 gpt AgEq), containing 403 K Oz Au, 30.6 M Oz Ag, 52 M Lb Pb, 204 M Lb Zn (73.9 M Oz AgEq). Total measured plus inferred resources add up to 1.66 M Oz Au, 197.3 M Oz Ag (354 M Oz AgEq).
  • Luca Mining Corp. announced a three-year US$25 M exploration program across its Campo Morado and Tahuehueto mines, in Guerrero and Durango respectively. The program includes 80,000 m of surface and underground diamond drilling to expand and define gold resources and the use of AI based systems on >30 years of drilling, geologic and geophysical exploration data. At Campo Morado 38 priority targets have been identified, including Reforma Deeps. At Tahuehueto, near-mine and brownfields drilling to extend the Crestón, Perdido, and Santiago structures along strike and depth.
  • Discovery Silver Corp. presented an overview on the Cordero property in Chihuahua. The property was acquired in 2019, with over US$100 M invested since then. The last FS report was released on March 2024, comprising average annual production of 37 M Oz AgEq over the first 12 years of the 19 years mine life., at an AISC of $12.50 per Oz AgEq in years 1 to 8, a base case NPV of $1.2 B at metal prices of $1,600 per Oz Au, $22 per Oz Ag, $1.0 per Lb Pb, $1.2 per Lb Zn, with an initial capital expenditure of US$606 M. The mineral reserve contains 302 M Oz Ag, 840 k Oz Au, 3.0 B Lb Pb, 5.2 B Lb Zn. The company is assessing the use of natural gas as power source and evaluating the potential to establish solar farms, as well ongoing discussions with the various governmental bodies involved in issuing the permits for the project.
  • Zacatecas Silver Corp. finalized the land-access agreements from private owners for the upcoming drill program at its Zacatecas Silver project in Zacatecas. “the Company will move forward with its SEMARNAT permit applications to initiate drilling”.

ON DEALS AND CORPORATE ISSUES

  • Teck Resources Ltd. announced the filing of meeting materials for the special meeting of shareholders, to be held on December 9, 2025, seeking the approval of merger between equals with Anglo American (San Nicolas, Zacatecas).
  • Osisko Development Corp. informed on its third quarter 2025 review that the San Antonio project in Sonora remains in care and maintenance. “The approval process for mining permits appears to be gaining traction, specifically for open-pit mining in the country, and the Company intends to re-submit its two permit applications in the foreseeable future”.
  • Elemental Altus Royalties Corp. and EMEX Royalty Corp. announced the closing of the merger of the companies. Elemental Altus is to change name to Elemental Royalty Corp. (royalty on Mercedes, Sonora).
  • Fuerte Metals Corp. announced the addition of Chris Beer, Dawson Proudfoot and Sandip Rana to the board of directors. The company granted 6.98 M incentive stock options and 2.6 M bonus shares to certain officers, employees and directors of the company (Cristina, Chihuahua).
  • Silver Spruce Resources Inc. signed an amending agreement with Colibri Resource Corp. on November 12, 2025 in respect of the proposed acquisition of Colibri’s 50% interest in the Jackie project, in Sonora. “In consideration for Colibri’s 50% interest in the Project, Silver Spruce will issue 166,667 common shares to Colibri at a price of $0.15 per share based on the closing price per share on November 10, 2025 and grant a 1% Net Smelter Return royalty on any future production from the Project”.
  • Mexican Gold Mining Corp. has acquired 100% of the title and interest of the 3,824 ha Tatatila project in Veracruz. “The Tatatila concessions surround or are adjacent to Mexican Gold’s Las Minas Project”. The company issued Chesapeake Gold Corp. 4.45 M common shares of the company and 1.5% NSR royalty.
  • Xali Gold Corp. announced that  Xali Gold and Kappes, Cassiday and Associates (KCA) agreed to finalize a definitive agreement whereby Xali Gold will transfer all of their rights related to the mine tailings from El Oro, Estado de México. Mine Tailings in El Oro, Mexico. The Agreement gives KCA the right to process and sell precious metals recovered from the tailings in return for a 4% NSR gross royalty, less any royalties due, but not less than 3% gross royalty. “KCA maintains the right to purchase 1% of the royalty from Xali Gold for US$1,000,000 at any time … continuing until production commences, a minimum royalty payment of US$50,000 is to be paid every 6 months”.

ON SOCIAL RESPONSIBILITY

  • No Relevant News. 

On the image below: Specularite stockwork in volcanosedimentary rock, HQ core. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico; Highlights on the Fifth Week of October 2025

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 44th week of the year (October 27th to November 2nd, 2025), companies working in Mexico presented 32 press releases.  Two companies informed about exploration advances on early-stage properties. Four companies provided operational figures for the quarter. Ten companies presented news on financing rounds or share matters. Four companies presented updates on advanced properties/mines. Ten companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, in Sonora, Minaurum Gold released results from definition drilling at Alamos Silver. In Durango, Pinnacle Silver and Gold updated on work at El Potrero. ON MINING, Alamos Gold, Coeur mining, Capstone Copper and Agnico Eagle presented third quarter 2025 reports. ON FINANCING, eight companies informed on financing rounds: Questcorp Mining (C$2.1 M), Silver Wolf (C$5.1 M), Colibri Resources (C$1.5 M), Starcore International Mines (C$5 M), Apollo Silver (C$26.8), Oroco Resource (US$3.6 M), Fortune Bay (C$8 M), Guanajuato Silver Company (C$0.52 M). Silver Spruce is consolidating shares. Santacruz Silver Mining intends to trade on a new stock exchange. Xali Gold granted stock options.  ON RESOURCES AND DEVELOPMENT, Avino Silver and Gold reported drilling results from La Preciosa, in Durango. Mithril Silver and Gold updated on activities at Copalquin in Durango. Silverco Mining presented results from the 2024 drilling campaign at Cusi, in Chihuahua. Minaurum Gold delivered results from resource definition drilling at Alamos Silver, in Sonora. Santacruz Silver Mining and Heliostar Metals  informed on its AGM. Silver Viper is to acquire the Coneto property from Fresnillo plc and Orex Minerals. Quetzal Copper is now Silverco Mining, and updated on the status of the Cusi property in Chihuahua. ON DEALS AND CORPORATE ISSUES, Sonoro Gold made the final payment on the Cerro Caliche property in Sonora. ON SOCIAL RESPONSIBILITY, Alamos Gold informed on community support in the Mulatos District of Sonora. 

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

  • Pinnacle Silver and Gold Corp. announce positive results from the preliminary scoping metallurgical tests for the El Potrero project in Durango. Three samples from the Pinos Cuates underground mine were sent to the SGS lab in Durango, for grinding, bottle roll cyanide leach and gravity tests. Bottle roll cyanide leach tests averaged 95.1% Au and 54.7% Ag, while gravity tests returned 29% to 76% Au and 4% to 16% Ag. More studies are warranted to characterize the silver mineralization and increase the recovery rates.
  • Minaurum Gold Inc. announced further results of its 2025 resource-definition drill program at its Alamos Silver project in Sonora. The program is targeting the Promontorio, Travesia and Europa vein zones. Highlighted core length intervals comprise 4.8 m @ 0.17 gpt Au, 154 gpt Ag, 0.28% Cu, 1.1% Pb, 2.4% Zn; 0.55 m @ 0.50 gpt Au, 352 gpt Ag, 0.80% Cu, 3.1% Pb, 7.6% Zn; 1.10 m @ 0.08 gpt au, 606 gpt Ag, 0.64% Cu, 0.8% Pb,1.3% Zn; 4.53 m @ 0.08 gpt Au, 275 gpt Ag, 0.34% Cu, 0.9% Pb 2.1% Zn (including 0.5 m @ 0.15 gpt Au, 983 gpt Ag, 0.85% Cu, 2.0% Pb, 5.3% Zn); 0.7 m @ 0.07 gpt Au, 25 gpt Ag, 1.37% Cu, 1.2% Pb, 1.7% Zn.     .

ON MINING

  • Alamos Gold Inc. reported its financial results for the quarter ended September 30, 2025, including figures from its operations in Mexico. During the period the company produced 141,700 Oz Au, generating US$130.3 M of free cash flow. At the Mulatos District, in Sonora, Alamos mined 997.3 K tonnes of ore, 3.89 M tonnes of waste (3.91 waste-to-ore ratio), stacking 1 M tonnes averaging 1.4 gpt Au, containing 48,037 Oz Au with an average recovery rate of 61%, producing 37,000 Oz Au at cash cost $761 per Oz Au and an AISC of $831. Alamos had cash and cash equivalents of US$463.1 M at the end of the period.
  • Coeur Mining Inc. reported third quarter 2025 financial results, including revenue of US$555 M and cash flow from operating activities of $238 M. During the period the company produced 111,364 Oz Au, 4.8 M Oz Ag at cash cost $1,215 per Oz AuEq or $14.95 per Oz AgEq. At Las Chispas, in Sonora, 139.9 K tonnes were milled averaging 3.42 gpt Au, 321 gpt Ag, recovering 97.9% Au, 97.8% Ag, to produce 16,540 Oz Au, 1.7 M Oz Ag, at cash cost $934 per Oz Au, $10.75 per Oz Ag and free cash flow of US$66.1 M. At Palmarejo, in Chihuahua, 48.3 K tonnes were milled, averaging 1.55 gpt Au, 108 gpt Ag, recovering 95.0% Au, 89.9% Ag, to produce 24,802 Oz Au, 1.51 M Oz Ag at cash cost $887 per Oz Au, $16.44 per Oz Ag and free cash flow of US46.9 M.
  • Capstone Copper Corp. reported results for the quarter ended September 30, 2025, including figures from its Mexico operations. The company produced a total of 55,280 tonnes of copper at cash cost $2.42 per Lb Cu. At Cozamin, in Zacatecas, 6,145 tonnes of copper were produced during the period from ore grading 1.93% Cu and a recovery rate of 94.3%, at cash cost $1.51 per Lb Cu. 
  • Agnico Eagle Mines Ltd. reported financial and operating results for the third quarter of 2025, including information from its operations in Mexico. During the period the company produced 866,936 Oz Au at cash cost of $963 per Oz Au and all-in-sustaining costs (AISC) of 1,363 per Oz Au. The San Nicolas project in Zacatecas continues to advance on the feasibility study (FS), with engineering expected to be completed by year-end. During the quarter 21,380 Oz Au were produced at Pinos Altos-Creston Mascota, in Chihuahua, at cash cost $1,531 per Oz Au, and 4,529 Oz Au produced at La india, in Sonora, at cash cost $2,872 per Oz Au.

ON FINANCING

  • Questcorp Mining Inc. closed the first tranche of its non-brokered private placement for gross proceeds of C$2.1 M (Nueva Union, Sonora).
  • Silver Wolf Exploration Ltd. announced a non-brokered private placement for aggregate gross proceeds of C$1.5 M. The offering will be carried out utilizing the Listed Issuer Financing Exemption (Ana Maria, Durango).
  • Colibri Resource Corp. increased the size of its previously announced offering for gross proceeds of C$1.5 M (EP, Sonora).
  • Silver Spruce Resources Inc. is to implement the 1:15 consolidation of shares on October 31, 2025. (Jackie, Sonora).
  • Starcore International Mines Ltd. closed its non-brokered private placement, raising C$5 M in gross proceeds. Aggregate compensation of C$92 K was paid by the company to various eligible registrants as finders’ fees (San Martin, Queretaro).
  • Apollo Silver Corp. closed the final tranche of its previously announced upsized non-brokered private placement, raising gross proceeds of C$1.6 M and raising total proceeds of C$26.8 M. In connection with the subscription the company will pay aggregate finder’s fees totalling C$901 K  (Cinco de Mayo, Chihuahua).
  • Santacruz Silver Mining Ltd. has applied to list its common shares on the Nasdaq Capital Market (Zimapan, Hidalgo).
  • Oroco Resource Corp. updated on its non-brokered private placement for aggregate gross proceeds of up to US$3.6 M, with an anticipated minimum of US$2 M (Santo Tomás, Sinaloa).
  • Xali Gold Corp. announced the granting of 2.2 M incentive stock options to certain directors, officers, employees and consultants of the company (El Oro, Estado de Mexico).
  • Fortune Bay Corp. announced the closing of its previously announced “bought deal” private placement for aggregate gross proceeds of C$8 M. Pursuant to the offering the company sold “flow-through” shares for gross proceeds of $2 M (US or Can?) and common shares of the company for gross proceeds of $6 M (US or Can?) (Poma Rosa, Chiapas).
  • Guanajuato Silver Company Ltd. announced that following the offering of the company in which it obtained C$43.5 m in gross proceeds, Cannacord Genuity Corp. and Red Cloud Securities Inc. have purchased additional common share purchase warrants for additional C$522 K (El Cubo, Guanajuato).

ON RESOURCES AND DEVELOPMENT

  • Avino Silver and Gold Ltd. reported results from four twin holes drilled at La Preciosa, in Durango. The results exhibit variation in thickness and grade “expected due to the “pinch and swell” geometry of the La Preciosa veins and the high nugget effects”. Highlighted true width intercepts comprise 2.48 m @ 0.66 gpt Au, 425 gpt Ag; 0.78 m @ 1.21 gpt Au, 513 gpt Ag; 5.22 m @ 0.51 gpt Au, 787 gpt Ag (including 0.77 m @1.02 gpt Au, 3,206 gpt Ag). 1.47 m @ 0.86 gpt Au, 635 gpt Ag; 3.98 m @ 1.15 gpt Au, 306 gpt Ag; 4.00 m @ 0.61 gpt Au, 463 gpt Ag.
  • Mithril Silver and Gold Ltd. informed on activities during their September 2025 quarterly report. At the Copalquin project in Durango, drilling progressed at target 1, commenced at target 5, channel sampling defined a new target at the Santa Cruz mine and work continues on resource drilling and 3D modelling for the resource update planned for early 2026. Mithril common shares are now trading on the OTCQB Venture Market. Cash balance at the end of September was A$18.3 M.
  • Silverco Mining Corp. reported results from its 5,500 m 2024 drill program at Cusi, in Chihuahua. Highlighted core length intervals comprise 1.7 m @ 0.13 gpt Au, 2022 gpt Ag, 0.8% Pb, 4.5% Zn; 3.3 m @ 0.15 gpt Au, 450 gpt Ag, 0.3% Pb, 0.4% Zn; 2.6 m @ 0.26 gpt Au, 385 gpt Ag, 0.3% Pb, 0.1% Zn; 7.5 m @ 0.30 gpt Au, 291 gpt Ag, 2.2% Pb, 2.5% Zn; (including 0.7 m @ 0.96 gpt Au, 958 gpt Ag, 2.0% Pb, 5.0% Zn); 5.9 m @ 0.16 gpt Au, 315 gpt Ag, 0.4% Pb, 0.1% Zn; 3.2 m @ 0.23 gpt Au, 498 gpt Ag, 1.3% Pb, 1.8% Zn; 3.7 m 0.26 gpt Au, 304 gpt Ag, 1.3% Pb, 0.7% Zn. Currently the company is advancing a 15,000 m drill program with assays expected in Q4 2025.
  • Minaurum Gold Inc. announced results of its 2025 resource-definition drilling at its Alamos Silver project in Sonora. The program targeted the Promontorio, Travesia and Europa vein zones. Highlighted core length intervals comprise 4.80 m @ 0.17 gpt Au, 154 gpt Ag, 0.28% Cu, 1.1% Pb, 2.4% Zn; 0.50 m @ 0.50 gpt Au, 771 gpt Ag, 0.50% Cu, 2.1% Pb, 4.3% Zn; 0.55 m @ 0.50 gpt Au, 352 gpt Ag, 0.80% Cu, 3.1% Pb, 7.6% Zn; 1.10 m @ 0.08 gpt Au, 606 gpt Ag, 0.64% Cu, 0.8% Pb, 1.3% Zn; 4.53 m @0 .08 gpt Au, 275 gpt Ag, 0.34% Cu, 0.9% Pb, 2.2% Zn; 1.40 m@ 0.18 gpt Au, 300 gpt Ag, 0.44% Cu, 0.7% Pb, 1.3% Zn.    

ON DEALS AND CORPORATE ISSUES

  • Chesapeake Gold Corp. announced the second extension of its exploration agreement on the Metates property with the community of San Juan de Camarones, within the Santiago Papasquiaro Municipality in Durango. The company’s “proprietary sulphide leach testwork remains on schedule and is progressing well alongside environmental and related baseline studies in support of the upcoming PFS”.
  • Inomin Mines Inc. entered into a definitive agreement with Calu royalty S.A.P.I de C.V. for the La Gitana and Peña Blanca properties in Oaxaca. The sale of the 100% interest on the properties involves the payment of C$350 K, payable as follows: C$100 K within five days of the execution date, C$100 K on the closing of the transaction and $150 K when the concessions are registered in the Public Mining Registry, or six months after the signing date.
  • Santacruz Silver Mining Ltd. announced that its annual general and special meeting of shareholders will be held in-person in Vancouver on November 25, 2025 (Zimapán, Hidalgo).
  • Silver Viper Minerals Corp. entered into a binding agreement with Fresnillo plc and Orex Minerals Inc. to acquire 100% ownership of the Coneto project in Durango. Silver Viper will acquire the combined interests in Coneto (61.21% held by Fresnillo and 38.79 % held by Orex) through an all-share transaction. The transaction values the project at US$15 M and common shares are to be issued for the purchase price. After the transaction, Fresnillo is expected to own 17% and Orex 11% of the issued and outstanding shares of Silver Viper. “ The parties will work on closing the Acquisition expeditiously and no later than January 2026”.
  • Quetzal Copper Corp., doing business as Silverco Mining Ltd. provided an update following the completion of its listing  on the TSX Venture Exchange  via its reverse takeover by Silverco Mining Corp. on October 17, 2025. The Cusi property in Chihuahua includes a 1,200 tpd mill. The company has raised C$25 M privately over the previous 18 months. A 15,000 m drill program is currently underway with two rigs on site. The San Miguel and La Bamba claims were acquired. A new resource estimate and a preliminary economic assessment (PEA) are to be completed with a view to support planned production on H2 2026.
  • Masivo Silver Corp. signed a definitive option agreement with a private Mexican person, Minera Goldzone S.A. de C.V., and partners, to acquire the 2,649 ha Cerro Colorado project in Sonora. Masivo’s intends to commence in November 2025 a drill program to test “along-strike and down-dip extensions of mineralized zones identified in prior surface work”.
  • Orex Minerals Inc. entered into a binding term sheet with Silver Viper Minerals Corp. and Fresnillo plc to sell its interest in the Coneto project in Durango. Through an all-share transaction valued at US$15 M, Silver Viper will acquire 38.79% ownership from Orex and 61.21% ownership from Fresnillo. Post-closing, Fresnillo and Orex will hold 17% and 11% respectively of Silver Viper.
  • Silverco Mining Ltd. completed its name change from Quetzal Copper Corp. to Silverco Mining Ltd. “Due to a labour dispute between the British Columbia General Employees’ Union and the government of British Columbia, BC Registries, the government body responsible for registrations of businesses, was temporarily closed. As a result, the Company was unable to legally change its name at the time of completing its reverse takeover of Silverco Mining Corp., which closed on October 17, 2025” (Cusi, Chihuahua).
  • Heliostar Metals Ltd. announced its annual general and special meeting is to be held on November 26, 2025 (Ana Paula, Guerrero).
  • Sonoro Gold Corp. made the final concession payment on its Cerro Caliche property in Sonora. The Rosario mineral concessions were bought to an Arizona resident for total consideration of US1.79 M and a 2% NSR royalty, which can be bought at US$1 M for each 1%. These concessions represent 30% of the total surface area of the project.

ON SOCIAL RESPONSIBILITY

  • Alamos Gold Inc. informed on ongoing support within the Mulatos District in Sonora, including medical services, road maintenance, water distribution, and student scholarships.

On the image below: Specularite stockwork in volcanosedimentary rock, HQ core. Picture by Jorge Cirett.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 42nd week of the year (October 13th to October 19th, 2025), companies working in Mexico presented 28 press releases.  Two companies presented exploration advances on early-stage properties. Five companies provided operational figures for the quarter and one announced commercial production on a mine. Three companies presented news on financing rounds. Four companies presented drilling results on advanced properties/mines. Nine companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, in Sonora, Minaurum Gold released results from definition drilling at Alamos Silver; Questcorp Mining informed on their drilling program at La Union. ON MINING, Orla Mining, Avino Silver, GoGold Resources, Royal Gold and Altius Minerals presented third quarter 2025 reports; Endeavour Silver achieved commercial production at Terronera, in Jalisco. ON FINANCING, three companies informed on financing rounds: Aztec Minerals (C$10.0 M), Sonoro Gold (C$4 M), Colibri Resources (C$1.25 M + C$0.5 M + US$0.25 M). ON RESOURCES AND DEVELOPMENT, Capitan Silver released RC drilling results from Cruz de Piedra, in Durango. GR Silver Mining reported results from bulk sampling at Plomosas, in Sinaloa. Mithril Silver and Gold reported drilling results from Copalquin, in Durango. Guanajuato Silver Company presented assay results from drilling at El Cubo mine, in Guanajuato. Heliostar Metals presented the results of a technical report at La Colorada, in Sonora. ON DEALS AND CORPORATE ISSUES, Golden Minerals completed the sale of its Velardeña oxide processing plant and water well, in Durango. Starcore International Mines finalized a ten-year agreement on the Tortilla project in Queretaro. Sandstorm Gold announced the granting of the final order for its merger with Royal Gold. Silver Dollar Resources entered into a marketing agreement. GR Silver Mining announced changes to the board. Prime Mining received from COFECE the needed clearance for its acquisition by Torex Gold. Silver Bull Resources updated on its litigation with Mexico. Galore Resources is to have its AGM. Zacatecas Silver entered into an investor relation agreement. ON SOCIAL RESPONSIBILITY, Capstone Copper published its 2024 sustainability report.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Minaurum Gold Inc. released results from its resource definition drilling program testing the Promontorio, Europa and Travesia zones at its Alamos Silver project in Sonora. Highlighted core length results comprise 5.85 m @ 0.09 gpt Au, 380 gpt Ag, 0.60% Cu, 0.2% Pb, 0.9% Zn (including 1.80 m @ 0.15 gpt Au, 1,093 gpt Ag, 1.69% Cu, 0.4% Pb, 2.0% Zn); 1.20 m @ 26.00 gpt Au, 96 gpt Ag, 0.60% Cu, 0.2% Pb, 1.0% Zn; 21.45 m @ 0.37 gpt Au, 54 gpt Ag, 0.12% Cu, 1.3% Pb, 3.3% Zn (including 1.20 m @ 1.50 gpt Au, 440 gpt Ag, 0.86% Cu, 9.1% Pb, 18.8% Zn); 1.75 m @ 0.02 gpt Au, 495 gpt Ag, 0.47% Cu, 1.0% Pb, 1.5% Zn; 2.40 m @ 0.04 gpt Au, 380 gpt Ag, 0.54% Cu, 0.6% Pb, 1.7% Zn.
  • Questcorp Mining Inc. and Riverside Resources Inc. informed that the maiden drilling program at La Union, in Sonora, is now two-thirds complete with initial and second holes now completed at four of the five main targets. Seven holes have been completed and there are plans for another three to five. The Union mine, Famosa, North Union and El Cobre targets have been tested, and one hole is planned for El Creston target.

ON MINING

  • Orla Mining Ltd. provided an operational update for the third quarter of 2025. During the quarter over 0.7 M tonnes of ore and 2.4 M tonnes of waste were moved at an strip ratio of 3.34, at the Camino Rojo mine in Zacatecas., with 2.8 M tonnes of ore stacked on the heaps averaging 0.40 gpt Au, to produce 22,059 Oz Au. During July Camino Rojo experienced a pit failure with no injuries, equipment damage or environmental impacts. A 50-80 m pushback of the pit is in the making, but due to the changed mining schedule guidance for 2025 was revised to 95-105 K Oz Au, down from 110-120 K Oz Au. The company has one other mining operation outside Mexico.
  • Royal Gold Inc. sold 38,600 Oz Au, 594.5 K Oz Ag and 1,200 tonnes of Cu related to its streaming agreements during the third quarter of 2025 (Royalty on Cosalá, Sinaloa).
  • Altius Minerals Corp. expects to report Q3 2025 attributable royalty revenue of C$21.2 M (Royalty on Cuale, Jalisco).
  • Avino Silver & Gold Mines Ltd. presented third quarter 2025 production results. At Avino, in Durango, the company milled 188.8 K tonnes averaging 0.43 gpt Au, 52 gpt Ag, 0.39% Cu, recovering 74% Au, 84% Ag, 81% Cu, to produce 1,935 Oz Au, 263.2 K Oz Ag, 1.31 M Lb Cu (or 580.8 K Oz AgEq). At the end of the quarter the company had US$55 M in cash. At La Preciosa, the Gloria and Abundancia veins have been intercepted on the San Fernando ramp  while progressing up to level 4. Over, 6.7 K tonnes have been stockpiled and trucking to the Avino mine facilities is now underway. Exploration drilling is underway both at Avino and La Preciosa.
  • GoGold Resources Inc. reported production figures for the year ending on September 30, 2025, at its Parral tailings property in Chihuahua. During the period the company produced 0.85 M Oz Ag, 12,289 Oz Au, 479 tonnes Cu, 609 tonnes Zn. For the third quarter of 2025, the company produced 212.8 K Oz Ag, 2,697 Oz Au, 110 tonnes Cu, 150 tonnes Zn.
  • Endeavour Silver Corp. achieved commercial production at the Terronera mine in Jalisco. “The Company forecasts throughput of approximately 360,000 tonnes over the next six months, with average grades estimated at 122 g/t silver and 2.52 g/t gold. Higher grade zones are scheduled to be accessed by mid-2026, which is expected to further enhance production”.

ON FINANCING

  • Aztec Minerals Corp. closed its previously announced “bought deal” private placement offering, for aggregate gross proceeds of C$10 M. The company paid the underwriter a cash commission of C$700 K (Cervantes, Sonora).
  • Sonoro Gold Corp. is increasing its non-brokered private placement, for gross proceeds of C$4 M (Cerro Caliche, Sonora).
  • Colibri Resource Corp. is increasing the size of the offering that comprises a non-brokered private placement for gross proceeds of up to C$1.25 M, a debt conversion of C$520 K and a non-brokered private placement of convertible debenture units for gross proceeds of up to US$250 K (EP, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Capitan Silver Corp. released assay results from twelve holes on its 15,000 m reverse circulation drilling program at Cruz de Piedra project in Durango. Highlighted drill length results comprise 18.30 m @ 0.17 gpt Au, 200 gpt Ag (including 1.50 m @ 1,599 gpt Ag); 38.10 m @ 0.25 gpt Au, 93 gpt Ag, (including 3.0 m @ 0.57 gpt Au, 372 gpt Ag); 3.00 m @ 0.29 gpt Au, 82 gpt Ag, 1.1% Pb, 2.5% Zn; 10.70 m @ 0.55 gpt Au, 117 gpt Ag, 1.5% Pb, 1.4% Zn; 44.20 m @ 0.52 gpt Au, 65 gpt Ag (including 13.50 m @ 1.12 gpt Au, 142 gpt Ag); 22.90 m @ 0.37 gpt Au, 67 gpt Ag, 0.6% Pb, 0.7% Zn.
  • GR Silver Mining Ltd. reported the results of phase II of the bulk sample test mining program at the Plomosas mine in Sinaloa. Highlighted initial underground channel sampling results comprise 6.7 m @ 0.03 gpt Au, 903 gpt Ag, 1.4% Pb, 1.7% Zn; 1.2 m @ 0.08 gpt Au, 2,264 gpt Ag, 0.5% Pb, 0.9% Zn; 4.2 m @ 5.12 gpt Au, 49 gpt Ag, 6.9% Pb, 5.0% Zn (including 0.5 m @ 35.7 gpt Au, 102 gpt Ag, 4.3% Pb, 14.2% Zn. A detailed laser survey of the historic mine across 7.4 km of underground development has been completed.
  • Mithril Silver and Gold Ltd. provided exploration results for its Copalquin project in Durango. Target 1 resource expansion drilling extended the east-west structure 300 m, for a total strike length of 1,300 m. Highlighted core length intervals comprise 2.85 m @ 1.12 gpt Au, 25 gpt Ag; 1.35 m @ 1.26 gpt Au, 72 gpt Ag; 0.5 m @ 3.21 gpt Au, 1 gpt Ag; 7.20 m @ 2.78 gpt Au, 148 gpt Ag (including 2.05 m @ 7.41 gpt Au, 419 gpt Ag); 2.80 m @ 3.97 gpt Au, 209 gpt Ag; 8.03 m @ 7.19 gpt Au, 260 gpt Ag. Assays are pending for 11 holes on Target 5. The company intends to complete 45,000 m of drilling over the next 12-14 months.
  • Guanajuato Silver Company Ltd. informed on development drilling at its El Cubo mines complex in Guanajuato. The drilling focused on the San Luis, Maria, Dolores, Packman, Villalpando and Raquel veins. Highlihgted true width intervals comprise 0.52 m @ 1.12 gpt Au, 330 gpt Ag: 0.72 m @ 1.27 gpt Au, 248 gpt Ag; 0.18 m @ 13.02 gpt Au, 970 gpt Au; 0.42 m @ 26.70 gpt Au, 321 gpt Ag; 2.77 m @ 3.30 gpt Au, 24 gpt Ag.
  • Luca Mining Corp. reported analytical results from four surface and two underground drillholes at Campo Morado, in Guerrero. Four surface holes tested the Reforma deposit and two underground holes the Campo Morado mine. Highlighted core length intervals comprise 12.70 m @ 0.97 gpt Au, 60 gpt Ag, 0.77% Cu, 0.4% Pb, 2.0% Zn; 21.20 m @ 3.53 gpt Au, 161 gpt Ag, 0.55% Cu, 0.9% Pb, 2.3% Zn (including 13.00 m @ 4.96 gpt Au, 237 gpt Ag, 0.66% Cu, 1.3% Pb, 3.0% Zn); 7.90 m @ 0.56 gpt Au, 189 gpt Ag; 24.60 m @ 2.25 gpt Au, 75 gpt Ag, 0.86% Cu, 0.5% Pb, 2.4% Zn. The drill program focus is to confirm and expand resources at the Reforma and El Rey deposits, and close to the actual mine operation, as well as to test exploration targets. The surface and underground drill programs are set now to complete 5,000 m and 7,500 m respectively in 2025.
  • Heliostar Metals Ltd. presented the results of an updated technical report on La Colorada property in Sonora. The new mineral resource comprises 17.1 M tonnes @ 0.68 gpt Au, 9.2 gpt Ag containing 376.2 K Oz Au, 5.05 M Oz Ag (or 385.4 K Oz AuEq) in probable reserves, 20.2 M tonnes @ 0.79 gpt Au, 10.4 gpt Ag, containing 513 K Oz Au, 6.8 M Oz Ag of measured and indicated resources, and 1.1 M tonnes @ 0.45 gpt Au, 35.1 gpt Ag, containing 17 K Oz Au, 1.3 M Oz Ag. The study encompasses a mine life of 6.1 years at an 8,200 tonnes per day rate with an annual production of 46.1 K Oz AuEq at an average AISC of $1,626 per Oz AuEq. An IRR of 24.4% is expected on a base price of $2,300 per Oz Au, with an NPV of US$66.2 M and a payback of 3.4 years. With a gold price on $3,500 per Oz, the IRR is US$168.4M and the NPV is US$243.3 M with a 2 year payback. A capital cost of US$44.5 M is estimated.

ON DEALS AND CORPORATE ISSUES

  • Golden Minerals Co. completed the previously announced sale of its Velardeña oxide processing plant and water well, in Durango. The total purchase price was US$3.0 M plus VAT. “The Velardeña Buyer had previously acquired the Velardeña and Chicago mines, related mining equipment, and the sulfide processing plant under separate agreements”.
  • Starcore International Mines Ltd. finalized a ten-year lease agreement on six mining concessions at the San Juan Nepomuceno project (or Tortilla project) in Queretaro. The project is 40 km from Starcore’s San Martin mine, and 5 km from La Negra mine. The deal involves the payment of US$107.5 K on signature (paid) and six monthly payments of US$27 K starting on November 2025, and a 2% NSR afterwards. “During the term of the ten-year lease and for two years thereafter, the lessor has the option to sell all of the claims and concessions to Starcore at a purchase price of US$5,000.000. The 2% NSR can also be acquired by Starcore at a purchase price of US$2 million”.
  • Sandstorm Gold Ltd. announced that the Supreme Court of British Columbia has granted the final order on the plan of arrangement Royal Gold Inc., whereby Royal Gold will indirectly acquire all of the issued and outstanding common shares of Sandstorm (Royalty on Cosalá, Sinaloa).
  • Silver Dollar Resources Inc. entered into an advertising and investor awareness marketing agreement with Dig Media Inc., dba Investing News Network, with a six month term commencing on October 15th, 2025, at a cost of C$204 K (La Joya, Durango).
  • GR Silver Mining Ltd. announced the resignation of Mr. Alejandro Cano, vice president, operations. Mr. Robert Payment, current CFO, has assumed the additional role of corporate secretary. Mr. Payment succeeds Mr. Blaine Bailey, who is retiring from the position (Plomosas, Sinaloa).
  • Prime Mining Corp. announced the receipt of the clearance decision from the Comisión Federal de Competencia Económica (COFECE) with respect to the plan of arrangement with Torex Gold Resources Inc., whereby Torex will acquire all of the issued and outstanding shares of Prime Mining (Los Reyes, Sinaloa).
  • Silver Bull Resources Inc. reported that the 5-day hearing for its arbitration case against Mexico was completed on October 10, 2025, in Washington, D.C. “Upon completion of the hearing, the Arbitration Tribunal directed the Company and Mexico (the “Parties”) to provide their Post-Hearing Briefs by November 21, 2025. The Parties are then directed to file their submissions on costs by December 5, 2025. Upon completion of these submissions, the Tribunal will close the proceedings and render its final award as soon as practicable”. Silver Bull is challenging Mexico with respect to the illegal blockade of Silver Bull’s Sierra Mojada Project in Coahuila, which commenced in September 2019 and remains ongoing
  • Galore Resources Inc. is to have its annual general meeting on October 23, 2025 (Dos Santos, Zacatecas).
  • Zacatecas Silver Corp. entered into an investor relation agreement with Capital Gain Media Inc. for content development and digital marketing services for four months commencing on October 16, 2025. As a consideration for the services the company agreed to pay an aggregate upfront cash fee of C$250 K (Zacatecas Silver, Zacatecas).

ON SOCIAL RESPONSIBILITY

  • Capstone Copper Corp. published its 2024 sustainability report which highlights its key initiatives on environmental, social and governance matters (Cozamin, Zacatecas).

On the image below: Specularite-Pyrite-quartz vein, HQ core. Picture by Jorge Cirett. Picture by Jorge Cirett.

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

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By Jorge Cirett

During the 40th week of the year (September 28th to October 5th, 2025), companies working in Mexico presented 36 press releases.  No companies presented exploration advances on early-stage properties or production figures. Nine companies presented news on financing rounds and share-related issues. Two companies updated on their advanced properties. Two companies commenced drilling on advanced projectsOne company announced mining developments. Nineteen companies informed on deals and corporate issues. ON MEXICO ISSUES, the government is cancelling a large number of mining concessions that overlap protected areas.  ON EXPLORATION, no relevant news. ON MINING, no relevant news. ON FINANCING, six companies informed on financing rounds: Zacatecas Silver (C$3.75 M), Vortex Metals (C$700 K), Guanajuato Silver (C$30 M), Apollo Silver (C$20.9 M), Silver Tiger (C$25 M) and Sonoro Gold (C$3 M). Guanajuato Silver Company and GR Silver Mining granted stock options. Aura Minerals announced the conversion of receipts into shares. ON RESOURCES AND DEVELOPMENT, Regency Silver is to commence drilling at its Dios Padre project in Sonora. Capitan Silver updated on its Cruz de Plata project in Durango. Sierra Madre Gold and Silver announced that development has started at La Guitarra mine, in Estado de Mexico. Sonoro Gold provided an update on the Cerro Caliche and San Marcial projects in Sonora. Silver Viper Minerals commenced a drilling campaign at La Virginia, in Sonora. ON DEALS AND CORPORATE ISSUES, Royal Gold received government regulatory approvals for the acquisition of Sandstorm Gold. Prime Mining’s security holders approved its acquisition by Torex Gold. Fuerte Metals, GR Silver, Empress Royalty, Almaden Minerals and Altius Minerals announced appointments to the board. Empress Royalty announced senior appointments. Mexican Gold is to acquire the Tatatila project in Veracruz from Chesapeake Gold. Sierra Madre Gold and Silver engaged marketing services. Sonoro Gold is considering to spinout the San Marcial project in Sonora. Silver Bull reported dates for the hearings on its arbitration case against Mexico. Prismo Metals and Vizsla Silver held their AGM’s. Canasil is to review opportunities in its Mexican portfolio. Silver Storm Mining contracted investor relations services. ON SOCIAL RESPONSIBILITY, Vizsla Silver released its third sustainability report.

ON MEXICO ISSUES

  • The Ministry of Economy (Secretaría de Economía) started the procedure to cancel 805 mining concessions that overlap protected natural areas (Áreas Naturales Protegidas, or ANP’s), on the base that these are not complying on certain obligations, like the payment of annual mining duties.

ON EXPLORATION

  • No Relevant News.

ON MINING

  • No Relevant News.

ON FINANCING

  • Zacatecas Silver Corp. announced the closing of its non-brokered private placement financing for total gross proceeds of C$3.75 M (Zacatecas Silver, Zacatecas).
  • Vortex Metals Inc. increased the size of its previously announced non-brokered private placement to C$700 K. “Vortex intends to allocate the gross proceeds raised from the sale of the Units as follows: approximately 40% to pay for mining concession fees, approximately 40% to pay for exploration fees and remaining 20% for general working capital purposes” (Riqueza Marina, Oaxaca).
  • Guanajuato Silver Company Ltd. entered into an agreement with Cannacord Genuity Corp. and Red Cloud Securities Inc. as co-lead underwriters and joint bookrunners to purchase on a “bought deal” basis units of the company for gross proceeds of C$30 M (El Cubo and Valenciana, Guanajuato).
  • GR Silver Mining Ltd. granted incentive stock options to certain eligible persons to purchase up to an aggregate of 600 K common shares (Plomosas, Sinaloa).
  • Apollo Silver Corp. announced a non-brokered private placement for aggregate gross proceeds of up to C$20.88 M (Cinco de Mayo, Chihuahua).
  • Aura Minerals Inc. “Announces to the holders of the Company’s Brazilian Depositary Receipts (“BDRs”) the launch of the Incentive Program for the conversion of BDRs into common shares (“Incentive Program”), under which holders may request the conversion of their BDRs (“AURA33”) into the underlying common shares (“AUGO”) listed on Nasdaq (“common shares”), at a ratio of three to one, without being required to pay the applicable fees charged by Banco Bradesco. The Incentive Program will be available for a fixed period of 32 days, from October 6, 2025, to November 6, 2025” (Aranzazu, Zacatecas).
  • Silver Tiger Metals Inc. filed a short form prospectus with the securities commissions in each of the provinces of Canada, except Quebec, in connection with its bought deal public offering of common shares for aggregate gross proceeds of C$25 M (El Tigre, Sonora).
  • Sonoro Gold Corp. announced a fully subscribed non-brokered private placement offering for gross proceeds of C$3 M (Cerro Caliche, Sonora).
  • Prismo Metals Inc. granted 850 K stock options to certain directors and officers of the company, and 100 K options to a consultant of the company. Also, 725 K restricted share units were issued to certain directors and officers of the company (Palos Verdes, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Capitan Silver Corp. provided an update on its Cruz de Plata project in Durango. Since 2020 the company has consolidated its position in the district, more recently with the acquisition of 2,171 ha from Fresnillo plc. Capitan Silver has elaborated a geological model that includes annular structures to an elliptical intrusive body with silver mineralization in sedimentary rocks and gold mineralization in the contact of these rocks with overlying volcanic rocks. Six main targets are comprised by Casco Norte, Jesús María Northwest, Jesús María East, San Rafael, La Providencia, La Purísima, Jesús María North and El Tubo Hill. The 2025 drilling program is being expanded from 10,000 m to 15,000 m. Just over 8,000 m of drilling have been completed to date, with assays pending for 38 holes. A property-wide 385 line-km regional airborne magnetic and magnetotelluric survey has been contracted. The press release includes a table with grab and chip sample results of up to 62 gpt Au, 991 gpt Ag, 0.76% Cu, 6.25% Pb, 7% Zn.
  • Sierra Madre Gold and Silver Ltd. announced that development has started at the Nazareno mine in the La Guitarra complex in Estado de México. Over 700 tonnes of ore have been delivered to the La Guitarra processing plant, material that was not included in the mineral resource estimate. The company also announced the purchase of a new rig capable of drilling up to 150 m of NWL size and 250 m of BWL size core. The rig is capable of underground and surface drilling.
  • Sonoro Gold Corp. provided an update on the Cerro Caliche and San Marcial projects in Sonora. The company intends to commission an updated preliminary economic assessment (PEA) on Cerro Caliche by the first quarter of 2026. The current PEA contemplates a 9-year mining operation at a 12,000 tpd rate based on a gold price of US$1,800 per Oz Au. The updated PEA will include 55,360 m of drilling, trenching and the changes in the environmental report that covers the property. The project counts with a surface agreement access for the property.
  • Regency Silver Corp. commenced drilling at its Dios Padre project in Sonora. The company plans to drill approximately 4,500 m in 6 to 8 holes, focused on targeting along-strike extensions of high-grade Au-Cu-Ag mineralization previously intercepted.
  • Silver Viper Minerals Corp. commenced a 5,000 m diamond drill program at its advanced stage La Virgina project in Sonora, with the program being carried out by Globexplore Drilling Corp. Drilling will begin with 8-9 reconnaissance holes at El Molino area, the first drill testing of this area with high priority geophysical anomalies. The program will continue at El Rubi, aiming to expand mineralization along strike and at shallow depths.  

ON DEALS AND CORPORATE ISSUES

  • Sandstorm Gold Ltd. announced that Royal Gold Inc. has received all government regulatory approvals required for the previously announced acquisition of Sandstorm” (Royalty on Mercedes, Sonora).
  • Prime Mining Corp. announced that the company’s security holders have approved the plan of arrangement with Torex Gold Resources Inc., whereby Torex will acquire all of the issued and outstanding common shares of Prime (Los Reyes, Sinaloa).
  • Fuerte Metals Corp. announced that CFO Martin Rip is retiring at the end of September 2025. “Mr. John Teo, Fuerte’s Vice President of Finance, has been appointed Interim CFO” (Cristina, Chihuahua).
  • Altius Minerals Corp. announced the retirement of Ben Lewis, chief financial officer (CFO) and Chad Wells, vice president corporate development. Stephanie Hussey, current vice president finance, has been appointed chief financial officer (Llano del Nogal royalty, Sonora).
  • Royal Gold Inc. received all governmental regulatory approvals required for the company’s previously announced acquisitions of Sandstorm Gold Ltd. and Horizon Copper Corp. (Sandstorm Gold holds a royalty on Cuale, Jalisco and Llano del Nogal, Sonora).
  • Empress Royalty Corp. announced the appointment of Brad Breetzke as business development advisor, Africa and Christian Agarnaz as busines development analysts (Royalty on Tahuehueto, Durango).
  • GR Silver Mining Ltd. announced the nomination of Daniel Schieber as vice president of corporate development and corporate relations (Plomosas, Sinaloa).
  • Chesapeake Gold Corp. entered into a definitive agreement sell its Tatalila project in Veracruz to Mexican Gold Mining Corp. “in exchange for such number of common shares of Mexican Gold representing 14.99% of the outstanding common shares of Mexican Gold at closing” and a 1.5% net smelter royalty. Mexican Gold may repurchase 0.5% of the royalty  for US$500 K within ten years from the date of the agreement. “Tatatila is a gold-copper skarn district located in Veracruz State that Chesapeake identified in 2007. Tatatila surrounds Mexican Gold’s Las Minas Project, which has a reported NI 43-101 Mineral Resource Estimate and Preliminary Economic Assessment. Several skarn prospects were discovered on Tatatila by Chesapeake, including possible extensions of the Las Minas existing resource.”
  • Sierra Madre Gold and Silver Ltd. engaged “Triomphe Holdings Ltd., doing business as Capital Analytica, an arm’s length service provider, to provide certain marketing and social media services to the company” (La Guitarra, Estado de México).
  • Sonoro Gold Corp. is considering a spinout of its San Marcial project into its subsidiary Oronos Gold Corp. The property is in Santa Ana, Sonora, covering the historic San Marcial and Soledad mines that were subject to drilling programs in the last two decades of the past century.
  • Silver Bull Resources Inc. reported that the hearing for its arbitration case against Mexico  will commence on October 6, 2025, in Washington, D.C., and will conclude no later than October 11, 2025. The international arbitration proceedings under the United States–Mexico–Canada Agreement (USMCA) and the North American Free Trade Agreement (NAFTA) arised from Mexico’s refusal to take action with respect to the illegal blockade of Silver Bull’s Sierra Mojada Project in Coahuila, which commenced in September 2019 and remains ongoing.
  • Starcore International Mines Ltd. acknowledges the current postal strike across Canada, which has created significant challenges in ensuring timely delivery of shareholder communications and proxy materials. The company took a number of measures to overcome these challenges, that can be seen on the press release at the company’s website (San Martin, Querétaro).
  • Mexican Gold Mining Corp. entered into a mining concession assignment agreement with Chesapeake Gold Corp. to acquire 100% interest on the 3,824 hectares Tatatila project in Veracruz. Mexican gold shall issue Chesapeake 4.45 M common shares of the company (a $222.6 K value), representing 14.99% of the total issues and outstanding common shares of the company. As further consideration for the interest, Mexican Gold shall grant to Chesapeake a 1.5% net smelter return (NSR) royalty, of which the company might purchase 0.5% of the royalty for US$500 K within 10 years of the execution of the agreement.
  • Prismo Metals Inc. held its annual general meeting (AGM) on October 2, 2025. A board of directors was elected, comprising Alain Lambert, Louis Doyle, Craig Gibson and Martin Dupuis, with DeVisser Gray LLP re-appointed as auditor. A new long-term incentive plan was approved. Finally, a possible new corporate name as determined by the directors of the company was reviewed (Palos Verde, Sinaloa).
  • Canasil Resources Inc. is to review opportunities in its portfolio in Durango and Zacatecas. “Of Canasil’s seven Mexican silver-gold projects, the Company’s interest in the Sandra and Nora projects have been sold to Pan American Silver and Silver Dollar Resources respectively. The Company retains a 2% NSR on its claims in each project with a 1% buyout for US$ 4 million on the Sandra NSR, and 1% buyout for $1 million on the Nora NSR. Canasil holds 100% interest in all the remaining projects. La Esperanza, Salamandra, and Colibri have had successful past drill programs which have returned high-grade silver-gold intercepts”. The company sees an improved positive environment for advancing mining projects under the current federal administration.
  • Vizsla Silver Corp. announced the results of its annual general and special meeting of shareholders held on October 2, 2025. Shareholders approved all motions put forth including its change of auditor from MNP LLP to Deloitte LLP (Panuco, Sinaloa).
  • Almaden Minerals Ltd. announced the appointment of Douglas McDonald as president and CEO. Morgan Poliquin has been appointed vice chair of the company (Ixtaca, Puebla).
  • Azucar Minerals Ltd. announced the resignation of Douglas McDonald from all his roles in the company, including as director and executive vice president, but will continue in an advisory role to support related succession initiatives and ongoing business activities El Cobre, Veracruz).
  • Silver Storm Mining Inc. retained the services of Renmark to provide investor relations services to the company for an initial term of twelve months, subject to monthly renewal and a consideration of C$9 K per month (La Parrilla, Durango).

ON SOCIAL RESPONSIBILITY

  • Vizsla Silver Corp. released its third annual sustainability report which highlights its key initiatives on environmental, social and governance matters (Panuco, Sinaloa).

On the image below: Late specularite seams on quartz vein, HQ core. Picture by Jorge Cirett.

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

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

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

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

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

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

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By Jorge Cirett

During the 36th week of the year (September 1st to September 7th, 2025), companies working in Mexico presented 23 press releases. No companies presented exploration advances on early-stage properties. One company presented financial results. Thirteen companies presented news on financing rounds and share-related issues. Three companies presented drilling results from their advanced properties. Six companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, no relevant news. ON MINING, Heliostar Metals reported financial results to the end of June 2025. ON FINANCING, nine companies informed on financing rounds: Masivo Silver (C$505 K), Impact Silver (C$13 M), Regency Silver (C$4 M), Silver Storm (C$13 M), Gold Resource (C$11.4 M), Elemental Altus (US$100 M), Sonoro Gold (C$2 M), Tocvan Ventures (“significant”), and Vizsla Silver  (US$220 M). Apollo Silver is consolidating its shares. Mithril Silver and Gold issued shares to management, employees and consultants. Pacifica Silver is to commence trading on the OTCQB marketplace. ON RESOURCES AND DEVELOPMENT, Capitan Silver informed on drilling at Cruz de Piedra, in Durango. GR Silver Mining presented drilling results from step-out drilling at the San Marcial deposit, on the Plomosas project in Sinaloa. First Majestic Silver announced results from its 2024/2025 exploration campaign at Los Gatos, in Chihuahua. ON DEALS AND CORPORATE ISSUES, Minaurum Gold is exchanging interest on a property for an NSR. Pacifica Silver made appointments to the board. Elemental Altus Royalties is acquiring EMX Royalty. Pan American Silver completed the acquisition of Mag Silver. Orogen Royalties signed an exploration alliance with South32. Mithril Silver and Gold amended a press release. ON SOCIAL RESPONSIBILITY, no relevant news

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • No relevant news.

ON MINING

  • Heliostar Metals Ltd. reported unaudited financial results to the end of June 2025 (Heliostar’s first quarter of 2025). The company produced 7,396 Oz AuEq from mining the Junkyard Stockpile at La Colorada, and re-leaching previously stacked ore at La Colorada (Sonora) and San Agustin (Durango), at a total cash cost of $1,413 per Oz AuEq and an AISC of $1,541 per Oz AuEq. Mine operating earnings were US14.3 M, with net income of US$1.9 M and cash of US$29.7 M and working capital US$51.7 M. At La Colorada the company will feed new ore from historical stockpiles and after receiving regulatory approvals expand the Veta Madre pit to exploit 43 K Oz Au of gold reserves. The company completed the regulatory requirements to enable the approval to restart mining at San Agustin from the Corner area, with estimated reserves of 44.5 K Oz Au. At Ana Paula in Guerrero, commenced and expanded a US$9.5 M exploration and development program, including a 15,000 m drill campaign to upgrade inferred mineral resources in the upcoming feasibility study. At Cerro del Gallo, in Guanajuato, the process of advancing the additional development and engineering required is ongoing.

ON FINANCING

  • Apollo Silver Corp. intends to proceed with the consolidation of its issues and outstanding common shares on a five to one basis (Cinco de Mayo, Chihuahua).
  • Masivo Silver Corp. closed the first tranche of its previously announced non-brokered private placement, raising C$505 K (Cerro Colorado, Sonora).
  • Mithril Silver and Gold Ltd. issued 4.18 M options to key management, employees and consultants under its employee incentive securities plan (Copalquin, Durango).
  • Impact Silver Corp. entered into an agreement with Red Cloud Securities Inc. pursuant to which Red Cloud and Research Capital Corp. as co-lead underwriters and joint bookrunners, have agreed to purchase for resale 22.2 M units of the company for gross proceeds of C$8 M. The company will grant the underwriters an option, exercisable up to 48 hours prior to the closing date, to purchase up to C$2 M of additional units (Plomosas, Chihuahua).
  • Regency Silver Corp. closed its previously announced private placement for aggregate gross proceeds of C$4 M (Dios Padre, Sonora).
  • Silver Storm Mining Ltd. entered into an agreement with Red Cloud Securities Inc., as sole underwriter and bookrunner, under which Red Cloud agreed to purchase for resale 52 M units for gross proceeds of C$13 M. Silver Storm will grant to Red Cloud an option to purchase for resale up to an additional 8 M units for additional gross proceeds of up to C$2 M (La Parrilla, Durango).
  • Gold Resource Corp. is pursuing a registered direct offering with certain investors to sell shares of the company for up to C$11.4 M in gross proceeds. Gold Resource intends to use C$6.4 M of the net proceeds to prepay in full a loan to Francisco Javier Reyes de la Campa and Jaluca Ltd (Don David, Oaxaca).
  • Pacifica Silver Corp. announced its common shares will commence trading in the United States on the OTCQB marketplace, operated by OTC Markets Group Inc. on September 4, 2025 (Claudia, Durango).
  • Impact Silver Corp. increased the size of its previously announced “bought deal” private placement to gross proceeds of C$13 M. Red Cloud Securites Inc. and Research Capital Corp. have agreed to purchase for resale 36.1 M units of the company at C$0.36 per unit. Impact Silver granted to the underwriters an option to purchase for resale up to an additional 8.33 M units for additional gross proceeds of up to C$3 M. The company intends to use the nets proceeds to advance underground development at Zacualpan, Estado de México, and to expand mining operations at Plomosas, in Chihuahua.
  • Tocvan Ventures Corp. secured “significant new funding through the exercise of over 2.2 million warrants through the past five weeks with more anticipated over the coming weeks by long supportive shareholders” (Gran Pilar, Sonora).
  • Elemental Altus Royalties Corp. announced that Tether Investments S.A. de C.V. and Elemental Altus have entered into a subscription agreement on which Tether has agreed to purchase 75 M Elemental Altus shares for aggregate gross proceeds of US$100 M. The funds are to be used on the merger with EMX Royalty Corp. described below. (Mercedes, Sonora).
  • Sonoro Gold Corp. increased its fully-subscribed non-brokered private placement for gross proceeds of C$2 M (Cerro Caliche, Sonora).
  • Vizsla Silver Corp. executed a mandate letter with Macquire Bank Ltd. for a senior project finance facility of up to US$220 M to fund the construction and development of the Panuco project in Sinaloa. “The Facility will be arranged by a syndicate of banks, with Macquarie retaining a 70% interest and managing syndication of the remaining 30%. Macquarie will act as lead arranger, agent and sole underwriter…., Vizsla Silver may draw an initial US$25 million early-drawdown tranche down from the Facility, providing immediate funding for early development, construction preparation, and working capital ahead of the full project build-out at Panuco… Based on current SOFR levels, the Facility is expected to carry an interest cost of approximately 10% during construction and below 10% post-completion”.

ON RESOURCES AND DEVELOPMENT

  • Capitan Silver Corp. announced results from the first eleven holes of its 10,000 m phase one drill program at Cruz de Plata, Durango. The work has focused primarily on the Jesús María trend, with 6,700 m completed in 41 reverse-circulation (RC) holes. In parallel, the company is also testing new targets to the north, east, and west of the Jesús María zone. Highlighted drill-length intervals comprise 22.90 m @ 0.05 gpt Au, 32 gpt Ag, 0.1% Pb, 0.4% Zn; 16.80 m @ 0.05 gpt Au, 109 gpt Ag, 0.1% Pb, 0.3% Zn (including 1.50 m @ 0.09 gpt Au, 456 gpt Ag, 0.4% Pb, 0.7% Zn); 13.70 m @ 0.10 gpt Au, 79 gpt Ag, 0.2% Pb, 0.6% Zn; 19.80 m @ 0.25 gpt Au, 370 gpt Ag (including 4.60 m @ 0.62 gpt Au, 1,400 gpt Ag), 0.2% Pb, 0.2% Zn, and 1.12 gpt Au, 2,636 gpt Ag, 0.3% Pb, 0.3% Zn); 3.00 m @ 0.19 gpt Au, 316 gpt Ag.
  • GR Silver Mining Ltd. presented intercepts from the step-out drilling campaign on the SE Deep Extension Target of the San Marcial deposit at its Plomosas project in Sinaloa. “Drilling at the SE Extension target ……  has confirmed the continuation of wide, high-grade silver mineralization, extending 100 metres horizontally beyond the current Resource Area”. Highlighted core length intervals comprise 3.8 m @ 0.12 gpt Au, 44 gpt Ag, 0.2% Pb, 0.8% Zn; 75.2 m @ 0.1 gpt Au, 260 gpt Ag; 0.2% Pb, 0.5% Zn (including 6.4 m @ 0.04 gpt Au, 1,853 gpt Ag, 0.3% Pb, 1.0% Zn, and 1.8 m @ 1.10 gpt Au, 1,363 gpt Ag, 2.2% Pb, 5.4% Zn).
  • First Majestic Silver Corp. announced drilling results from its 2024/2025 exploration program at Los Gatos mine in Chihuahua. “The drilling programs were designed to expand silver, zinc, lead, copper and gold mineralization in the South-East Deeps, Central Deeps and North-West Deeps zones”. Highlighted true length intervals comprise 9.0 m @ 0.23 gpt Au, 196 gpt Ag, 1.7% Pb, 5.4% Zn (including 1.20 m @ 0.24 gpt Au, 353 gpt Ag, 3.0% Pb, 6.7% Zn; and 1.0 m @ 0.32 gpt Au, 365 gpt Ag, 5.5% Pb, 9.9% Zn); 2.60 m @ 0.44 gpt Au, 105 gpt Ag, 0.33% Cu, 0.8% Pb, 1.5% Zn; 2.60 m @ 0.59 gpt Au, 97 gpt Ag, 2.9% Pb, 11.6% Zn; 8.0 m @ 0.14 gpt Au, 130 gpt Ag, 0.22% Cu, 6.3% Pb, 18.2% Zn (including 1.60 m @ 0.09 gpt Au, 224 gpt Ag, 0.20% Cu, 12.3% Pb, 23.2% Zn); 3.70 m @ 0.07 gpt Au, 106 gpt Ag, 1.01% Cu, 2.8% Pb, 10.8% Zn; 6.90 m @ 0.33 gpt Au, 167 gpt Ag, 0.42% Cu, 5.0% Pb, 17.1% Zn (including 1.9 m @ 0.62 gpt Au, 154 gpt Ag, 0.27% Cu, 6.7% Pb, 30.1% Zn).

ON DEALS AND CORPORATE ISSUES

  • Minaurum Gold Inc. entered into an agreement with Kenadyr Metals to exchange 20% interest in the Adelita project for a 1% net smelter royalty (NSR) on all minerals extracted from the Adelita project in Sonora. In addition, Kenadyr will be issuing shares worth approximately C$135 K to Minaurum. The company extended its marketing services agreement with Capital Analytica and National Inflation Association to provide marketing and communications services (Alamos, Sonora).
  • Pacifica Silver Corp. announced the appointment of Mr. Daniel Kutzman as chairman of the board of directors, Mr Fernando Berdegué de Cima as president and of Mr. Octavio Lizardi as vice-president of exploration (Claudia, Durango).
  • Elemental Altus Royalties Corp. and EMX Royalty Corp. entered into a definitive agreement whereby Elemental Altus will acquire all of the issued and outstanding common shares of EMX. The Merged company will continue under the new name Elemental Royalty Corp. The merger will create a revenue generating royalty company with a combined revenue guidance of US$70 M in 2025 and US$80 M in 2026 (Mercedes, Sonora; San Agustín, Durango).
  • Pan American Silver Corp. announced the completion of the acquisition of all the issued and outstanding common shares of Mag Silver Corp. The Transaction adds a 44% joint venture interest in the Juanicipio mine in Zacatecas, operated by Fresnillo plc. and 100% interest on projects out from Mexico. “Pursuant to the terms of the Transaction, MAG shareholders received an aggregate of US$500 million in cash and approximately 60.2 million Pan American Shares in consideration for their MAG Shares. Following completion of the Transaction, former MAG shareholders own approximately 14.3% of the issued and outstanding Pan American Shares, on a fully diluted basis”.
  • Orogen Royalties Inc. signed a multi-year generative exploration alliance agreement program with South32 Ltd. The Alliance will focus on generating intrusion-related base metal targets in western North America. An initial US$300 K budget is to be funded by South32, with additional pre-alliance US181 K to be reimbursed to Orogen. “Projects selected within the Alliance area of interest (each a “Designated Project”) will be subject to a five-year option agreement whereby South32 can earn a 100% interest in a Designated Project by funding $5 million in exploration expenditures and making milestone cash payments of $2 million. Orogen will retain up to a 2% net smelter return (“NSR”) royalty, subject to a buydown of up to 0.5% for $5 million”.
  • Mithril Silver and Gold Ltd. provided an amended press release, replacing the one emitted last week with drilling results from the Copalquin project in Durango. The new document includes “additional drill hole collar information in Table 5 on page 10 and a cross reference to Table 5 in JORC Table 2 Drill hole Information”.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

On the image below: Coarse grained felsic rock dike on fine grained intermediate intrusive rock, HQ core. Picture by Jorge Cirett.

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

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By Jorge Cirett

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

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

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By Jorge Cirett
During the 32nd week of the year (August 04th to August 10th, 2025), companies working in Mexico presented 36 press releases. Two companies presented news on two early-stage properties. Nine companies presented quarterly operational updates, one informed on actions to be taken on a pit wall failure and one more reported steady commissioning progress. Six companies reported on financial rounds. One company is drawing funds from a loan facility, another one received a cease trade order, while another company is voluntarily delisting from the TSX, another one is paying a dividend, a further one is changing its stock options plan and finally another is retracting amendments to outstanding debentures. One company received a key operational permit and one more informed on actions to be taken regarding a recent pit failure. Five companies informed on deals and corporate issues. ON MEXICO ISSUES, Mexico advanced several positions in the Fraser Institute Attractiveness Index. ON EXPLORATION, In Sonora, Aztec Minerals informed on surface exploration work at Cervantes; Questcorp Mining and Riverside Resources commenced a drilling program at La Union. ON MINING, Capstone Copper, Aura Minerals, Gold Resource, Torex Gold, Go Gold Resources, Pan American Silver, Gold Royalty, Coeur Mining, and Sandstorm Gold released Q2 2025 results. Orla Mining informed on actions to be taken on its recent pit wall failure. Endeavour Silver reported steady progress at Terronera in Jalisco. ON FINANCING, nine companies informed on financing rounds: Gold Group Mining (C$12 M), Aura Minerals (US$21.75 M), Pinnacle Silver and Gold (C$1.7 M), Minera Alamos (C$110 M), Prismo Metals (C$385 K) and Alamos Gold (US$500 M). Aura Minerals is to pay a dividend and delist from the TSX. Bear Creek Mining has drawn down US$0.6 M from a loan facility and Colibri Resource is not proceeding with debenture amendments. Xali Gold has been notified of a cease trade order. ON RESOURCES AND DEVELOPMENT, Guanajuato Silver received a key explosives permit for its Pinguico project in Guanajuato. Orla Mining provided an update on exploration and definition drilling on the extension of the Sulfide zone at its Camino Rojo mine in Zacatecas. ON DEALS AND CORPORATE ISSUES, Fresnillo plc is acquiring the Los Coyotes project in Sonora from Orogen Royalties. Pan American Silver made an appointment to the board. Angel Wing Metals presented results of its AGM. Minera Alamos is acquiring several properties in Nevada for Equinox Gold. ON SOCIAL RESPONSIBILITY, Oroco Resource signed a cooperation agreement with Mexico’s government program “Sembrando Vida” for supporting local initiatives near its Santo Tomas project in Sinaloa.

ON MEXICO ISSUES

  • México advanced from the 78 to the 49 position (from 82 constituencies evaluated) in the Fraser Institute Attractiveness Index. The Index is 60% based in the geological potential and 40% in the political perception. Mexico climbed almost 18 points supported by its geological potential (from 37.5 to 64.29 points) and a little bit less by its political perception (35 to 40 points). The index is based in a poll that included answers from 2,289 exploration and development companies.   

ON EXPLORATION

  • Aztec Minerals Corp. updated on 2025 exploration work realized at its 3,649 ha Cervantes project in Sonora. Field crews collected 151 outcrop and subcrop samples, extending “the known extent of the California Au-Cu porphyry system another 0.5 kms to the east, finding and confirming new prospects with porphyry related mineralization with results of up to 15.6 gpt Au, 177.3 gpt Ag, and 8,062 ppm Cu in the adjoining target areas of Brasil, Estrella, California East, California North, and Purisima East”. Small outcrops of B-type vein stockworking and disseminated mineralization in quartz feldspar porphyry along with hydrothermal breccias were found on the rugged terrain up to 0.5 km to the east of the California target.
  • Questcorp Mining Inc. commenced drilling on its 25 square Km La Union project in Sonora. The 1,500 m diamond drill program across six holes is being carried out by vendor and operator Riverside Resources Inc. Four areas are to be tested: Union Main mine, North Union mine, Cobre and Central Union. The project is a carbonate replacement deposit (CRD) project “hosted by Neoproterozoic sedimentary rocks (limestones, dolomites, and siliciclastic sediments) overlying crystalline Paleoproterozoic rocks of the Caborca Terrane”

ON MINING

  • Capstone Copper Corp. reported financial results for the second quarter 2025. The company had a consolidated Cu production of 57,416 tonnes at cash cost $2.45 per Lb Cu., with a net income of US$24 M, adjusted net income of US$27.5 M, adjusted EBITDA of US$ 215.6 M, operating cash flow of US212.4 M and the net debt decreasing to US$691.9 M. At Cozamin, in Zacatecas, the company produced 6,509 tonnes Cu at $1.49 per Lb Cu during the period.
  • Endeavour Silver Corp. reported steady progress at its Terronera mine in Jalisco. The company milled 57 K tonnes at the site at an average rate of 1,841 tpd, with recoveries of 71% Ag, 67% Au while processing lower grade ore. “Higher-grade material is scheduled for processing soon, while optimization efforts continue. The introduction of higher-grade material is expected to directly enhance recoveries”.
  • Orla Mining Ltd. updated on the recent pit wall event at its Camino Rojo mine in Zacatecas. The comprehensive assessment determined that “The material movement was bounded by two faults acting as release features from increased pore pressure due to rainfall and the steepness of the interwall angle… The north wall will be re-established at a lower overall slope at single 10 metre benches”.  The pit wall is to be pushed back 50 to 80 m, to remove approximately 9 M tonnes, material that is expected to average 0.74 gpt Au and will be crushed and stacked on the heap.
  • Aura Minerals Inc. filed audited consolidated financial statements for Q2 2025. The company had a consolidated production of 64,033 Oz AuEq at a cash cost of $1,146 per Oz Au, an AISC of $1,149 per Oz Au, with a net revenue of US$190.4 M, gross profit of US$103.9 M, EBITDA of US$106.2 M, net income of US$8.1 M, adjusted net income of US$36.8 M. At Aranzazu, in Zacatecas, 22,290 Oz AuEq were produced at cash cost $1,110 per Oz AuEq, an AISC of $1,514 per Oz AuEq, for a revenue of US$62.5 M and a gross profit of US$31.5 M.
  • Gold Resource Corp. announced its second quarter operational results from its Don David mine in Oaxaca. During the period 63.5 K tonnes were milled, averaging 0.56 gpt Au, 115 gpt Ag, 0.13% Cu, 0.88% Pb, 2.72% Zn, to produce 758 Oz Au, 196.4 K Oz Ag, 50 tonnes Cu, 373 tones Pb, 1,380 tonnes Zn at cash cost $4,017 per Oz AuEq and an AISC of $5,458 per Oz AuEq. Productivity is being hindered by the lack of equipment to work several mining faces simultaneously. The company had US$10.4 M in working capital and US$12.7 M in cash at the end of the period.
  • Torex Gold Resources Inc. reported financial and operational results for Q2 2025. During the period the company produced at its Morelos Complex in Guerrero 82,856 Oz AuEq at an AISC of $2,103 per Oz AuEq, to have US$83.2 M in net income, adjusted net earnings of US$43.8 M, EBITDA of US$114.1 M and adjusted EBITDA of US$117.7 M, generating US$67.8 M in net cash and US$95.3 M before changes in non-cash operating working capital.
  • GoGold Resources Inc. announced financial results for the quarter ending in June 2025. From the operation of the Parral tailings in Chihuahua, the company obtained revenue of US$17.7 M, operating income of US$4.6 M, net income of US8.2 M and cash flow of US7.2 M. At the Parral tailings project in Chihuahua 402.9 K tonnes were stacked, 527.9 K Oz AgEq sold with a cash cost of $17.21 and an AISC of $22.78.
  • Pan American Silver Corp. reported unaudited results for the second quarter. The company produced 5.1 M Oz Ag, 178,700 Oz Au to obtain US$811 M in revenue, net earnings of US$189.6 M, mine operating earnings of US$273.3 M and adjusted earnings of US$155.4 M. Cash flow from operations was US$293.4 M with US$233 M of free cash flow. Consolidated cash cost was $19.69 per Oz Ag and $1,611 per Oz Au. At La Colorada, in Zacatecas, 1.5 M Oz Ag, 1,300 Oz Au were produced at an AISC of $24.18 per Oz Ag, while at Dolores, in Chihuahua, 0.29 Moz Ag, 10,100 Oz Au were produced at an AISC of $811 per Oz Au. The company entered into a definitive agreement to acquire all shares of Mag Silver Corp. (Juanicipio, Zacatecas).
  • Gold Royalty Corp. filed its operating and financial results for Q2, 2025. The company had US$3.8 M in revenue during the period, a net loss of US$829 K, with an adjusted EBITDA of US$2.36 M and an adjusted net loss of US$66 K (Royalty on Cozamin, Zacatecas).
  • Coeur Mining Inc. reported second quarter 2025 financial results. During the period the company had a consolidated production of 108,487 Oz Au, 4.7 M Oz Ag, at a cash cost $1,260 per Oz Au, $13.41 per Oz Ag. for a revenue of US480.7 M, a net income of US$70.7 M, an adjusted net income of US$127.4, EBITDA of US$203.0 M, adjusted EBITDA of US$243 .5 M, free cash flow of US$146.2 M while holding a total debt of US$380.7 M. At Las Chispas, in Sonora, 118.4 tonnes were milled, grading 4.67 gpt Au, 414 gpt Ag, recovering 93.8% Au, 94.4% Ag, to produce 16,271 Oz Au, 1.49 M Oz Ag at cash cost $894 per Oz Au, $8.94 per Oz Ag. At Palmarejo, in Chihuahua, 483.9 K tonnes were milled, averaging 1.93 gpt Au, 134 gpt Ag, recovering 92.9% Au, 88.6% Ag, to produce 27,272 Oz Au, 1.74 M Oz Ag at a cash cost of $888 per Oz Au, $14.39 per Oz Ag.  The 2025 production guidance includes 42,500 to 52,500 Oz Au, 4.25 M to 5.25 M Oz Ag at Las Chispas and 95,000 to 105,000 Oz Au, 5.4 M to 6.5 M Oz Ag at Palmarejo.
  • Sandstorm Gold Ltd. released its financial results for the second quarter 2025. The company obtained revenue of US$51.4 M during the period, with 1,098 Oz AuEq attributable, cash flow of US$37.7 M, a net income of US$16.9 M, with an operating margin of $2,981 per Oz AuEq (Cosala, Sinaloa).

ON FINANCING

  • Aura Minerals Inc. intends to commence an application for a voluntary delisting of the common shares from the Toronto Stock Exchange (TSX), following the completion of listing on the Nasdaq on July 16, 2025 (Aranzazu, Zacatecas).
  • Bear Creek Mining Corp. announced that pursuant to the promissory note issued by a wholly owned subsidiary of Sandstorm Gold Ltd. funds in the amount of US$0.6 M were drawn down by the company on August 1, 2025. “The principal amount of the 2025 Sandstorm Note is a maximum of US$6.5 million, of which the Company may draw down up to US$600,000 per month. An aggregate total of funds drawn to date is US$4.2 million and the remaining amount of up to US$2.3 million may be drawn down subject to prior approval by Sandstorm in its sole discretion” (Mercedes, Sonora).
  • Goldgroup Mining Inc. closed the previously announced C$12 M private placement. Mr. Eric Sprott, through 2176423 Ontario Ltd., acquired approximately $1.5 M of shares. Following completion of the private placement Mr. Eric Sprott owns 29.8 M shares and 15.8 M warrants, representing 10.5% of the outstanding shares on a non-diluted basis and 15.2% on a partially diluted basis, assuming the exercise of warrants (Cerro Prieto, Sonora).
  • Aura Minerals Inc. declared the payment of a dividend “of US$0.33 per share, achieving a 7.4% dividend yield, including share buybacks, over the last twelve months…” (Aranzazu, Zacatecas).
  • Chesapeake Gold Corp. adopted a fixed up to 10%” stock option plan to replace its prior “rolling up to 10%” stock option plan. “Under the terms of the Fixed Plan, the Company may issue up to 7,209,338 common shares of the Company pursuant to the exercise of outstanding options granted to eligible persons under the Fixed Plan” (Metates, Durango).
  • Aura Minerals Inc. closed the sale of “897,134 common shares as a result of the partial exercise of the underwriters’ option to purchase additional shares granted to them in connection with the U.S. initial public offering pursuant to a registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission (“SEC”) at the public offering price of US$24.25 per common share, less underwriting discounts and commissions…. The principal purposes of this offering are to transfer Aura’s principal listing venue to a stock exchange in the United States equity market, which the Company believes will increase the liquidity of its common shares, as well as strengthen and diversify its shareholder base through broader access to global capital markets” (Note of compiler: The not stated gross proceeds of the financing can be calculated as US$21.75 M) (Aranzazu, Zacatecas).
  • Colibri Resource Corp. announced that it will not be proceeding with certain amendments to its outstanding debentures, related common share purchase warrants and finder’s fee options as announced on its July 16, 2025 news release (EP, Sonora).
  • Xali Gold Corp. informed that the British Columbia Securities Commission has notified the company that it has issued a cease trade order (FFCTO). “The FFCTO was issued as a result of the Company’s delay in filing its audited annual financial statements, accompanying management discussion and analysis, and CEO and CFO certifications for the financial year ended March 31, 2025….. The Company expects to be able to file the Annual Filings as required and resume trading within the next 3 or 4 days” (El Oro, Estado de Mexico).
  • Pinnacle Silver and Gold Corp. announced the closing its non-brokered private placement to raise gross proceeds of C$1.7 M. “Finder’s fees consisting of $20,622 in cash commission and 343,700 non-transferable finder’s warrants were paid in connection with the offering” (El Potrero, Durango).
  • Minera Alamos Inc. entered into an agreement with Stifel Canada, as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters in connection with a bought deal private placement offering for gross proceeds of C$110 M which under certain circumstances may be increased to an additional C$25 M (Santana, Sonora).
  • Prismo Metals Inc. proceeded with an upsized closing of its previously announced non-brokered private placement for gross proceeds of C$385 K (Palos Verdes, Sinaloa).
  • Alamos Gold Inc. filed a base shelf prospectus with the Ontario Securities Commission. The base shelf prospectus qualifies the issuance of up to US$500 M of class A common shares, debt securities, warrants and subscription receipts of the company. The Base Shelf Prospectus is effective for a period of 25 months (Mulatos, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Guanajuato Silver Company Ltd. received a key explosives permit for its Pinguico project in Guanajuato. Restarting of drifting along the mineralized San Jose structure towards the Pinguico underground stockpile (historic backfill) is expected in Q4, 2025. The company expects to find economic mineralization during the development work, material that will be sent to the El Cubo processing plant.
  • Orla Mining Ltd. provided an exploration update on Zone 22 extensions of the Sulphides Zone at its Camino Rojo mine in Zacatecas. The 15,000 m infill drill program was launched in early 2025 and completed in mid-July, returning consistently high-grade Au-Ag-Zn results. “This press release provides results from 16 of 21 drill holes and 9,470 metres drilled as part of the 2025 infill drilling program, and 7 drill holes and 5,278 metres from the final portion of the 2024 program”. The company has expanded the program by an additional 5,000 m in 2025. Highlighted core length intervals comprise 2.1 m @ 21.20 gpt Au, 115 gpt Ag, 0.13% Cu, 1.2% Pb, 5.8% Zn; 1.5 m @ 142 gpt Au; 14.7 m @ 3.0 gpt Au, 15 gpt Ag, 0.26% Cu, 0.6% Zn; 1.6 m @ 13.60 gpt Au, 38 gpt Ag, 0.11% Cu, 0.2% Pb, 14.3% Zn; 4.4 m @ 9.06 gpt Au, 62.1 gpt Ag, 0.22% Cu, 0.2% Pb, 8.3% Zn; 10.50 m @ 9.42 gpt Au, 16 gpt Ag, 0.4% Zn (including 1 m @ 72.30 gpt Au, 4 gpt Ag, 0.5% Zn); 9.8 m @ 8.00 gpt Au, 11 gpt Ag, 1.5% Zn; 1.50 m @ 21.00 gpt Au, 44 gpt Ag, 0.2% Cu, 0.1% Pb, 1.7% Zn; 1.50 m @ 14.00 gpt Au, 168 gpt Ag, 0.11% Cu, 2.4% Pb, 6.0% Zn; 11.60 m @ 4.77 gpt Au, 17 gpt Ag, 0.12% Cu, 2.2% Zn.      

ON DEALS AND CORPORATE ISSUES

  • Orogen Royalties Inc. signed a purchase and sale agreement with Fresnillo plc whereby Fresnillo has acquired the Los Coyotes project in Sonora. “To acquire a 100% interest in the Los Coyotes project, Fresnillo will pay Orogen US$118,000 on signing (received) and US$1 million on the commencement of commercial production. Orogen will retain a 1% net smelter return (“NSR”) royalty”. The property comprises six claims covering 600 ha with multiple sub parallel subvertical structures and replacements within a limestone interbedded with Laramide age andesites.
  • Pan American Silver Corp. appointed Mr. Pablo Marcet to its board of directors La Colorada, Zacatecas).
  • Angel Wing Metals Inc. informed shareholders voted in favor of the election of all directors nominees and in favor of all matters present in the Annual General Meeting (AGM) circular (La Reyna, Nayarit).
  • Minera Alamos Inc. entered into a definitive agreement to acquire Calibre USA Holding Ltd. from Equinox Gold Corp. for total consideration of US$115 M. Calibre USA holds a 100% economic interest in the producing Pan Gold Mine, Gold Rock Project and Illipah Project located in Nevada. “Pan is a heap leach gold operation producing approximately 40 koz….. Post-Transaction, the Company’s asset base when fully developed will hold the potential to produce, in aggregate, over 175 koz gold annually based on the current development plans for Copperstone, Cerro de Oro and Gold Rock”. Jason Kosec is joining the leadership team of Minera Alamos as chairman with a mandate to lead the Company’s strategic growth initiatives and capital markets presence (Santana, Sonora; Cerro de Oro, Zacatecas).

ON SOCIAL RESPONSIBILITY

  • Oroco Resource Corp. signed a cooperation agreement with Sembrando Vida, a flagship environmental and social program of the Government of Mexico. “Through this collaboration, Oroco will provide material, logistical, and advisory support for local initiatives, including native tree planting, land recovery, and training for program participants” (Santo Tomás, Sinaloa).

On the image below: Quartz-chlorite lined veinlet with feld-K alteration halo on HQ core. Picture by Jorge Cirett.