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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.

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

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By Jorge Cirett

During the 28th week of the year (July 7th to July 13th, 2025), companies working in Mexico presented 38 press releases. Two companies presented news on one early-stage property. Five companies presented quarterly operational updates. Seven companies reported on financial rounds; one company requested a trading halt, another is trading now in the OTCID Market and another was re-listed on the TSX. Two companies presented drilling results from operating mines; two companies presented channel sample results from their projects; another company updated on its environmental permit.  Eleven companies reported on deals, acquisitions, payments, activities, arbitration procedures, spinouts, AGM’s and sales. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Questcorp Mining is preparing for drilling at La Union. Fortuna Mining is not proceeding with the Cecilia project option. ON MINING, Endeavour Silver, GoGold Resources, Sandstorm Gold, Torex Gold and Orla Mining presented preliminary operational/production for Q2 2025. ON FINANCING, seven companies informed on financing rounds: Silver Strom Mining (C$4 M), Aura Minerals (US$210 M), Mithril Silver and Gold (C$11.5 M), Sonoran Desert Copper (C$1 M), Endeavour Silver (US$60 M), Silver Viper (C$3.5 M) and Orogen Royalties (C$10 M). Mithril Silver and Gold shares would have halted trading during the week. Royalties Inc. started trading in the OCID Market. Orogen Royalties re-listed in the TSX. ON RESOURCES AND DEVELOPMENT, Mithril Silver and Gold updated on exploration progress at Copalquin, in Durango. Impact Silver released drilling results from Campo Morado, in Guerrero. Impact Silver presented results from drilling at Plomosas, in Chihuahua. GR Silver reported underground channel sample results from the Plomosas mine in Sinaloa (Yes, a Plomosas mine in Chihuahua and another Plomosas mine in Sinaloa). Sonora Gold updated on the status of the environmental permit for its Cerro Caliche project in Sonora. ON DEALS AND CORPORATE ISSUES, Mag Silver reminds shareholders of the upcoming voting deadline on the company’s acquisition by Pan American Silver. Santacruz Silver Mining made a further payment on the Bolivian assets acquisition. Altius Minerals updated on its project generation business activities. Almaden Minerals made public the memorial on the arbitration procedure alongside Almadex Minerals Ltd. with Mexico under the CPTPP. Royal Gold is to acquire Sandstorm Gold. Starcore International Mines is to spin its West Africa interests. Kingsmen Resources is to acquire the Almoloya project in Chihuahua. Triple Flag Precious Metals is to acquire Orogen Royalties. Silver Storm Mining is acquiring all shares from Till Capital. Starcore International Mines is to acquire the Tortilla project in Queretaro. Almaden Minerals sold a mill and paid an outstanding gold loan to Almadex Minerals. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.  

ON EXPLORATION

  • Riverside Resources Inc. and Questcorp. Mining Inc. are preparing for the maiden drill program at the 2,520 ha La Union project in Sonora. The drilling will follow up on new geophysical and geochemical surveys in the search of a carbonate replacement (CRD) deposit. The program envisages 1,500 m of drilling in 7 holes 150-350 m deep to test at least three areas with historic mines.

ON MINING

  • Endeavour Silver Corp. reported second quarter 2025 production of 1.48 M Oz Ag, 7,755 Oz Au, or 2.5 M Oz AgEq. This is the first quarter that includes figures from a mine not in Mexico (Kolpa, Peru). At Guanaceví, in Durango, 96.8 K tonnes were processed (1,064 tpd), averaging 362 gpt Ag, 1.28 gpt Au, recovering 88.6% Ag, 89.7% Au, to produce 997.9 K Oz Ag, 3,562 Oz Au or 1.28 M Oz AgEq. At Bolañitos in Guanajuato, 88.1 K tonnes were processed (968 tpd) averaging 45 gpt Ag, 1.68 gpt Au, recovering 82.4% Ag, 88.3% Au, to produce 105.2 K Oz Ag, 4,193 Oz Au, or 440.7 K Oz AgEq. On Terronera, in Jalisco, the commissioning and ramp-up continues, with an average output during June of 1,232 tpd. “During commissioning of the plant, the underground mine has continued with mine development and stope preparation”.
  • GoGold Resources Inc. reported Q2 2025 production from its Parral tailings operations. The company produced during the period 201.6 K Oz Ag, 3,100 Oz Au, 128 tonnes Cu, 140 tonnes Zn (555 K Oz AgEq).
  • Sandstorm Gold Ltd. reported preliminary figures for the second quarter 2025. During the period the company sold 15,100 attributable Oz AuEq realizing US$51.4 M, with an operating margin of US$2,980 per Oz AuEq. By the end of the period the outstanding balance of the company’s revolving credit facility was US$315 M, with an undrawn balance of US$310 M (Royalty in Cosalá, Sinaloa).
  • Torex Gold Resources Inc. reported Q2 2025 production of 82,856 Oz AuEq. During the period the company mined at a rate of 2,133 tpd at the ELG open pit, moving waste at 9,313 tpd, mined at a rate of 2,790 tpd and 4,278 tpd from ELG underground and Media Luna Underground respectively, to mine at a total rate of 8,887 tpd in the Morelos Complex in Guerrero. The ore processed graded 2.92 gpt Au, 20.5 gpt Ag, 0.54% Cu, recovering 93.5% Au, 63% Ag, 84.4% Cu, to produce 69,576 Oz Au, 336.5 K Oz Ag, 8 M Lb Cu.
  • Orla Mining Ltd. provided an operational update for the second quarter of 2025, including figures from its operations in Mexico. At Camino Rojo in Zacatecas, 2.0 M tonnes were mined and 2.6 M of waste moved, for a strip ratio of 1.33. A total of 2.6 M tonnes of ore grading 0.57 gpt Au were stacked on the heaps and 25,45 Oz Au produced.  

ON FINANCING

  • Silver Storm Mining Ltd. closed the second and final tranche of its previously announced non-brokered private placement for total gross proceeds of C$130 K, for aggregate gross proceeds of C$4 M (La Parrilla, Durango).
  • Aura Minerals Inc. announces the launch of its United States public offering of common shares, seeking to raise around US$210 M (Aranzazu, Zacatecas).
  • Mithril Silver and Gold Ltd. announced on 9 July 2025 its securities trading on the ASX will be halted on the request of Mithril pending the release of announcements by MTH, until the commencement of trading on July 11, 2025 (Copalquin, Durango).
  • Sonoran Desert Copper Corp. received approval from the TSX Venture Exchange to close its private placement financing for gross proceeds of C$1 M (Cuatro Hermanos, Sonora).
  • Endeavour SilverCorp. Entered into a sales agreement with BMO Capital Markets Corp., TD Securities LLC, Ventum Financial Corp., National Bank of Canada Financial Inc., Raymond James Ltd., H.C. Wainwright & Co. LLC and ING Financial Markets LLC pursuant to which the company at its discretion may sell common share for up to US$60 M in gross proceeds (Terronera, Jalisco).
  • Royalties Inc. announced the launch of trading on the OTCID Market in the US (claims a royalty on Cozamin, Zacatecas).
  • Orogen Royalties Inc. is re-listing on the TSX Venture Exchange. The re-listing is a result of the plan of arrangement that was completed by the Company and Triple Flag Precious Metals Corp. on July 9, 2025. Concurrently with the Arrangement, Triple Flag also completed a C$10.0 M strategic private placement by subscribing Orogen shares (royalty on Ermitaño, Sonora).
  • Silver Viper Minerals Corp. closed its non-brokered private placement for aggregate gross proceeds of C$3.48 M (La Virginia, Sonora).
  • Mithril Silver and Gold Ltd. raised up to C$11.5 M in its previously announced private placement (Copalquin, Durango).

ON RESOURCES AND DEVELOPMENT

  • Mithril Silver and Gold Ltd. updated on exploration progress at Copalquin, in Durango. Drilling is to commence at Target 5 this month, after strong geochemical results from channel sampling, while drilling at Target 3 will follow later this quarter. Continuous mineralization has been mapped across 8 km, with 1,200 m of vertical extent. Highlighted channel samples at Targets 2, 3, 4 and 5 comprise 0.50 m @ 6.21 gpt Au, 265 gpt Ag; 1.00 m @ 19.85 gpt Au, 270 gpt Ag, 0.90 m @ 12.40 gpt Au, 820 gpt Ag; 0.50 m @ 13.25 gpt Au, 558 gpt Ag; 0.70 m @ 5.92 gpt Au, 392 gpt Ag; 0.65 m @ 5.67 gpt Au, 365 gpt Ag; 0.50 m @ 5.80 gpt Au; 0.90 m @ 8.03 gpt Au, 108 gpt Ag. Highlighted soil samples from the San Manuel mine area comprise 4.10 gpt Au, 83 gpt Ag; 2.73 gpt Au, 102 gpt Ag; 5.66 gpt Au, 154 gpt Ag; 5.77 gpt Au, 139 gpt Ag; 4.13 gpt Au, 120 gpt Ag; 5.03 gpt Au, 237 gpt Ag; 2.53 gpt Au, 20 gpt Ag.
  • Impact Silver Corp. released drilling results from underground drilling on the Juarez zone at its Plomosas mine in Chihuahua. Highlighted true width intercepts comprise 0.61 m @ 25 gpt Ag, 1.4% Pb, 6.3% Zn; 2.23 m @ 15 gpt Ag, 4.2% Pb, 9.9% Zn; (including 1.01 m @ 24 gpt Ag, 7.9% Pb, 17.2% Zn); 2.02 m @ 8 gpt Ag, 0.6% Pb, 13.0% Zn (including 0.81 m @ 14 gpt Ag, 0.3% Pb, 30.1% Zn); 3.94 m @ 8 gpt Ag, 0.3% Pb, 10.4% Zn (including 1.70 m @ 11 gpt Ag, 0.2% Pb, 21% Zn); 2.79 m @ 18 gpt Ag, 1.9% Pb, 4.8% Zn; 5.78 m @ 18 gpt Ag, 1.9% Pb, 4.8% Zn; 6.14 m @ 13 gpt Ag, 0.5 % Pb, 6.0% Zn (including 1.07 m @ 18 gpt Ag, 0.1% Pb, 24.9% Zn); 7.59 m @ 15 gpt Ag, 2.0% Pb, 4.2% Zn; 2.57 m @ 10 gpt Ag, 0.3% Pb, 10.7% Zn.
  • Luca Mining Corp. announced results from the first surface drill hole at the Reforma deposit and the next four underground drill holes as part of the phase one 2,500 m surface and 5,000 m underground drilling. Highlighted core length intervals comprise 21.52 m @ 4.24 gpt Au, 159 gpt Ag, 0.38% Cu, 2.1% Pb, 6.2% Zn (including 15.05 m @ 5.35 gpt Au, 188 gpt Ag, 0.31% Cu, 2.8% Pb, 8.4% Zn) on the Reforma deposit from the surface and 1.6 m @ 0.89 gpt Au, 60 gpt Ag, 0.48% Cu, 0.4% Pb, 1.9% Zn; 11.0 m @ 0.32 gpt Au, 99 gpt Ag, 4.20% Cu, 0.2% Pb, 1.6% Zn; 2.2 m @ 0.20 gpt Au, 30 gpt Ag, 0.47% Cu, 2.8% Zn; 6.1 m @ 0.17 gpt Au, 26 gpt Ag, 0.19% Cu, 0.1% Pb, 1.9% Zn; 2.3 m @ 0.49 gpt Au, 53 gpt Ag, 0.65% Cu, 0.6% Pb, 0.2% Zn; 6.4 m @ 0.72 gpt Au, 49 gpt Ag, 0.54% Cu, 0.2% Pb, 1.1% Zn; 2.20 m @ 1.09 gpt Au, 76 gpt Ag, 0.93% Cu, 0.3% Pb, 1.5% Zn; 21.5 m @ 4.24 gpt Au, 159 gpt Ag, 0.38% Cu, 2.0% Pb, 6.2% Zn (including 3 m @ 9.68 gpt Au, 277 gpt Ag, 0.36% Cu, 2.8% Pb, 8.6% Zn).
  • GR Silver Mining Ltd. reported results from underground sampling at the Plomosas mine in Sinaloa. Highlighted channel mine face samples comprise 0.8 m @ 5.74 gpt Au, 137 gpt Ag, 0.5% Cu, 16.7% Pb, 18.2% Zn; 1.0 m @ 2.32 gpt Au, 909 gpt Ag, 0.3% Cu, 6.7% Pb, 8.8% Zn; 1.2 m @ 0.54 gpt Au, 96 gpt Ag, 0.6% Cu, 29.8% Pb, 16.8% Zn; 0.8 m @ 0.18 gpt Au, 28 gpt Ag, 29.5% Pb, 5.0% Zn; 0.6 m @ 15.20 gpt Au, 310 gpt Ag, 7.2% Cu, 15.2% Pb, 26.2% Zn; 1.0 m @ 0.55 gpt Au, 68 gpt Ag, 0.1% Cu, 2.5% Pb, 5.1% Zn; 1.0 m @ 0.07 gpt Au, 864 gpt Ag, 0.1% Pb, 0.2% Zn. The results will be used to assess the implementation of a bulk sample test mining.
  • Sonoro Gold Corp. provided an update on the status of the environmental impact statement (Manifiesto de Impacto Ambiental, or MIA) for its Cerro Caliche project in Sonora. “The revised MIA was initially submitted in February 2025 and supersedes the prior MIA submitted in May 2022. Revisions to the MIA, including enhancing the mine plan and undertaking additional environmental baseline studies and socio-economic assessments … The MIA details an open-pit, heap leach mining operation including waste dumps, crushing facilities, heap leach pad, leach solution ponds, gold recovery facilities, haul roads, building structures and infrastructure”.

ON DEALS AND CORPORATE ISSUES

  • Mag Silver Corp. reminded shareholders about the proxy voting deadline for the company’s upcoming special meeting that was held in person in Vancouver, Canada on July 10, 2025, to consider the previously announced plan of arrangement with Pan American Silver Corp. regarding Magg Silver’s acquisition by Pan American (Juanicipio, Zacatecas).
  • Riverside Resources Inc. has received notice from Fortuna Mining that it has completed Phase 2 exploration work on the Cecilia project in Sonora and will not be proceeding with the option agreement. As a result, Fortuna has not earned any interest in the project.
  • Santacruz Silver Mining Ltd. has made the third payment of US$7.5 M to Glencore to satisfy the base purchase Price related to the Bolivian assets acquisition. It is part of a structured payment plan totaling US$40 M to be completed by October 31, 2025 (Zimapán, Hidalgo).
  • Altius Minerals Corp. updated its project generation business activities and its public junior equities portfolio. Overall performance of the portfolio during the quarter was largely driven by its holding of approximately 19.6% interest in Orogen Royalties Inc., which holds a royalty on the Ermitaño deposit, in Sonora. AbraSilver Resource Corp. announced a potential new porphyry copper discovery at the La Coipita project in Argentina.
  • Almaden Minerals Ltd. made public the memorial on the arbitration procedure alongside Almadex Minerals Ltd. with Mexico filed in March of this year under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The memorial details how Mexico unlawfully expropriated the Claimants’ investments, failed to provide fair treatment, and discriminated against them. The background to the claim involves a lawsuit filed in 2015 by an ejido community against the Mexican government, arguing that the mineral title system was unconstitutional because it lacked required Indigenous consultation. In February 2023, the authorities sought to retroactively deny the original mineral title applications due to alleged minor faults, which Almaden contends breaches both Mexican and international law.  Damages sought by the Claimants total approximately US$1.06 B (Ixtaca, Puebla).
  • Sandstorm Gold Ltd. and Royal Gold Inc. informed that Royal Gold will acquire all of the issued and outstanding common shares of Sandstorm in an all-share transaction with a value of approximately US$3.5 B. Sandstorm shareholders will receive a 21% premium to the 20-day volume weighed average price (VWAP). Concurrent with the Sandstorm Transaction, Royal Gold has entered into a definitive arrangement agreement with Horizon Copper Corp., pursuant to which Royal Gold will acquire all of the issued and outstanding common shares of Horizon Copper in an all-cash transaction valued at approximately US$196 M providing an 85% premium to the 20-day VWAP (Royalty on Cosalá, Sinaloa).
  • Starcore International Mines Ltd. intends to spin out its exploration interests in Cote d’Ivoire, West Africa, through its wholly-owned subsidiary EU Gold Mining Inc. that will seek a separate listing in Canada (Juarez, Queretaro).
  • Kingsmen Resources Ltd. entered into a non-binding letter of intent (LOI) for an option to acquire the recently consolidated 866 ha Almoloya project on the Parral district in Chihuahua. The project includes the past producing Cigarrero and Las Juliettas mines. Historic production was 1.25 M tonnes @ 600 gpt Ag, 40% Pb, 25% Zn with variable Cu-Au. The company has a 60-day due diligence period under the LOI, and the option may be exercised by paying a total of US$8.6 M over eight years on staged payments, of which US$6.5 M should be paid between years five and eight of the option. The optionors will keep a 2.5% NSR, of which 1% can be bought for US$3 M (Cuatro Hermanos, Sonora).
  • Orogen Royalties Inc. and Triple Flag Precious Metals Corp. have completed the previously announced plan of arrangement in which Triple Flag has acquired all of the issued and outstanding common shares of Orogen for a total consideration of approximately C$421 M. The total consideration consists of $171.5 M in cash, $171.5 M in Triple Flag shares, and shares of 1537944 BC Ltd. (“Orogen SpinCo”) with an implied value of $78 M (Royalty on Ermitaño deposit, Sonora).
  • Silver Storm Mining Ltd. announced that “at a special meeting of the shareholders of Till Capital Corporation … the Till shareholders approved the previously announced transaction of Till with the Company, whereby Silver Storm will indirectly acquire … 100% of the issued and outstanding common shares of Till” (La Parrilla, Durango).
  • Starcore International Mines Ltd. entered into a non-binding letter of intent (LOI) with Manuel Felipe Arreguin Martinez to lease six mineral claims and two properties comprising the San Juan Nepomuceno Project, also known as the Tortilla Project, in Queretaro. The project is 40 km NE from the San Martin mine and 5 km W from La Negra mine. For a five-year lease the company is paying the owner US268 K, of which US$107 K are to be paid on signing of the definitive agreement and US$27 K monthly for the next six months, after which the owner is entitled to a 2% NSR from production derived from the Tortillas project. “During the term of the ten-year lease, the Owner has the option to sell all of the claims and concessions to Starcore at a purchase price of US$7,000.000” (San Martin, Queretaro).
  • Almaden Minerals Ltd. closed the sale of certain assets comprising the Rock Creek Mill to Metals Exploration PLC., receiving gross proceeds of US$9.7 M. “15% of the Purchase Price was payable as a commission by Almaden to an equipment sales broker.”. Almaden will now proceed with the early repayment of the outstanding gold loan pursuant to the secured gold loan agreement between Almaden and Almadex Minerals Ltd. “The Gold Loan will be settled by the return of the undrawn balance of 397 ounces” (Ixtaca, Puebla).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Previous igneous phase fragment on monzonite porphyry. Picture by Jorge Cirett.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 20th week of the year (May 12th to May 18th, 2025), companies working in Mexico presented 33 press releases. For a second week in a row, not a single company informed on exploration work in early-stage projects. Nine companies reported quarterly operational/financial results. Two companies informed on financing rounds, one on the receipt of shares from a spin-off company, one another reported an agreement on services, one more declared a dividend, and a further one granted stock options. Two companies released drilling results of ongoing drilling at their operating properties. Two companies announced successful takeover bids for smaller companies. One company announced an appointment to the board. Another company announced the completion of the acquisition of 100% interest on a property, and the divestment of one more. Accordingly, one other company increased its ownership on a project and sold its stake on another one. Two companies provided updates on their MTCO’s. One more company is increasing its land position by acquiring one more adjacent project. One company’s shareholders are being advised to vote for a compensation plan. A company is launching three major initiatives. A large company is selling its interest on a company being taken over by another company. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, no relevant news. ON MINING, Orla Mining, Gold Resource, Prime Mining, Empress Royalty, Endeavour Silver, Starcore International, Altius Minerals, Avino Silver and Discovery Silver reported their quarterly/yearly results. ON FINANCING, two companies informed on financing rounds: Aztec Minerals (C$3.6 M) and GR Silver (C$1.85 M). Riverside Resources announced its shareholders are to receive shares from a spin-out company. Minaurum Gold announced services agreements. Sailfish Royalty declared a quarterly dividend and Osisko Development granted stock options and deferred shares. ON RESOURCES AND DEVELOPMENT, Luca Mining released drill results from underground drilling at Campo Morado, in Guerrero. Heliostar Metals presented results from drilling on the Creston pit, at its La Colorada mine in Sonora. ON DEALS AND CORPORATE ISSUES, Pan American Silver is acquiring all common shares on Mag Silver. Alpayana announced the successful take-over bid on Sierra Metals. Sonoran Desert announced an appointment to the board. Silver Spruce acquired the remaining 50% interest in the Jackie property in Sonora, from Colibri Resource. Colibri Resource is increasing its stake on the Diamante project to 60%. Santacruz Mining and Centenario Gold provided updates on their respective MTCO’s. First Majestic Silver is to have its AGM. Vizsla Silver is to acquire the Santa Fe property in Sinaloa, Sandstorm Gold informed on a positive recommendation to shareholders on the voting of a compensation plan. Oroco Resources announced three significant initiatives to impact on the Santo Tomas project in Sinaloa. Fresnillo plc sold most of its shares in Mag Silver. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • No Relevant News.

ON MINING

  • Orla Mining Ltd. announced results for the first quarter of 2025, including figures from its operations in Mexico. At Camino Rojo, in Zacatecas, the company stacked 1.7 M tonnes on the heaps, grading 0.78 gpt Au to produce 29,973 Oz Au at consolidated (in Mexico and USA) cash cost of $597 per Oz Au and an AISC of $845 per Oz Au. The company obtained US$140.7 M in revenue and held US184.2 M in cash and cash equivalents at the end of the period, with US$265.8 M in debt.
  • Gold Resource Corp. presented operational results for Q1 2025. At the Don David mine in Oaxaca, the company milled 56.9 K tonnes averaging 0.7 gpt Au, 169 gpt Ag, 0.18% Cu, 0.72% Pb, 1.68% Zn, to produce 903 Oz Au, 257.3 K Oz Ag, 54 tonnes Cu, 272 tonnes Pb, 699 tonnes Zn (or 3,394 Oz AuEq) at a total AISC of $3,252 per AuEq. Underground definition and grade control drilling progressed at the Three Sisters vein system, and some definition drilling was completed on the Marean, Santa Helena and Viridiana veins within the Arista system. The company had US$6.2 M dollars in working capital and US$4.9 M in cash at the end of the period.
  • Prime Mining Corp. reported operating and financial results for Q1 2025. The company made a review of the drilling highlights released during the period on the Z-T, Central and Fresnillo trends at its Los Reyes project in Sinaloa. Drilling was halted at the end of January, but six rigs remain in the property to resume drilling as soon as security improves. During the period the company spent C$3.6 M. Total cash at the end of the period was C$19.2 M and total liabilities amounted to C$1.4 M.
  • Empress Royalty Corp. announced financial and operating results for the first quarter of 2025. The company had royalty and stream revenue of US$2.74 M, for a total revenue of US$1.85 M. The positive cash flow of US$1.75 M, adjusted EBITDA of US$1.39 M and a net income of US$0.44 M (Royalty on Tahuehueto, Durango).
  • Endeavour Silver Corp. presented its financial and operating results for Q1 2025. During the period the company produced 1.2 M Oz Ag, 8,338 Oz Au (or 1.9 M Oz AgEq), at cash cost $15.89 per Oz Ag and an ASIC of $24.48 per Oz AgEq. Revenue was US$63.5 M, with mine operating cash flow of US$8.3 M. Cash position by the end of the period was $64.7 M, with a working capital of US$14.8 M.
  • Starcore International Mines Ltd. announced production results for the fourth quarter ended in April 2025. At the San Martin mine in Queretaro, 53.4 K tonnes were milled, averaging 1.57 gpt Au, 15.8 gpt Ag, recovering 81.72% Au, 56.63% Ag, to produce 2,342 Oz AuEq.
  • Altius Minerals Corp. reported first quarter 2025 revenue of C$12.6 M (Royalty on Cuale, Jalisco).
  • Avino Silver & Gold Mines Ltd. reported consolidated financial results for the first quarter of 2025. At Avino, in Durango, the company milled 167.9 K tonnes to produce 265.7 K Oz Ag, 2,225 Oz Au, 1.6 M Lb Cu (or 678.5 K Oz AgEq) at cash cost $12.62 and an AISC of $20.08. Revenue amounted to US$18.8 M, mine operating income to US$10.6 M, net income was US$5.6 M, and EBITDA US$9.7 M. By the end of the period the company had US$26.6 M, and a working capital of US$31.3 M. As previously informed, underground development work commenced at La Preciosa, in Durango.
  • Discovery Silver Corp. announced financial results for the first quarter of 2025. The report focused on the recent acquisition by Discovery of the Porcupine mine complex in Ontario, which resulted in a share price increase of 250%. As a result of the transaction with Newmont Corp. the number of shares of the company passed from 402 M at the end of March to 801 M on May 13, 2025. In Mexico, the company submitted the environmental impact assessment (Manifiesto de Impacto Ambiental, or MIA) in August 2023. “The Company has yet to receive a ruling on the technical review of the MIA. Based on favourable developments in Mexico since President Claudia Sheinbaum assumed office on October 1, 2024, including public comments acknowledging the importance foreign investment projects and the mining industry to the country’s economy, the Company remains confident that Cordero will receive MIA approval”.

ON FINANCING

  • Riverside Resources Inc. announced that on May 22, 2025, shareholders of Riverside will be entitled to receive one new common share of Riverside and one common share of Blue Jay Gold Corp. (Riverside’s spin-out subsidiary) for every five common shares of Riverside (“Riverside Shares”) held at the Effective Time (Cecilia, Sonora).
  • Minaurum Gold Inc. entered into agreements with Capital Analytica and National Inflation Association to provide marketing and communications services (Alamos Silver, Sonora).
  • Aztec Minerals Corp. closed an oversubscribed non-brokered private placement for aggregate gross proceeds of C$3.6 M (Cervantes, Sonora).
  • Sailfish Royalty Corp. declared the second quarterly cash dividend for 2025 in the amount of US$0.0125 per common share, payable on July 15, 2025, to Sailfish shareholders of record as of the close of business on June 30, 2025 (Gavilanes, Durango).
  • Osisko Development Corp. granted an aggregate 1.27 M stock options of the company to certain senior officers and non-executive employees of the company, and 229.6 K deferred shares to its independent directors (San Antonio, Sonora).
  • GRSilver Mining Ltd. increased its non-brokered private placement to aggregate gross proceeds of C$1.85 M (Plomosas, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Luca Mining Corp. announced drill results from seven underground diamond holes of the 5,000 m exploration program at its Campo Morado mine in Guerrero. Highlighted core length (>90% true width) results comprise 4.1 m @ 0.57 gpt Au, 62 gpt Ag, 1.63% Cu, 0.3% Pb, 1.2% Zn; 7.8 m @ 0.64 gpt Au, 59 gpt Ag, 0.70% Cu, 0.4% Pb, 2.1% Zn; 2.6 m @ 0.30 gpt Au, 101 gpt Ag, 2.25% Cu, 0.1% Pb, 0.2% Zn; 5.5 m @ 0.71 gpt Au, 63 gpt Ag, 0.85% Cu, 0.4% Pb, 1.9% Zn; 3.3 m @ 2.14 gpt Au, 105 gpt Ag, 0.77% Cu, 0.7% Pb, 2.2% Zn; 15.80 m @ 2.21 gpt Au, 109 gpt Ag, 0.29% Cu, 0.8% Pb, 2.4% Zn (including 6.6 m @ 3.31 gpt Au, 178 gpt Ag, 0.50% Cu, 1.3% Pb, 4.1% Zn); 4.60 m @ 0.22 gpt Au, 38 gpt Ag, 1.26% Cu, 0.1% Pb, 1.2% Zn. Surface drilling is underway, including at Reforma and El Rey, with the first exploration at these deposits since 2010.
  • Heliostar Metals Ltd. announced additional results from an expanded 16,211 m drilling program at La Colorada, in Sonora. La Colorada restarted production in January 2025, “and the current drill program is intended to expand the mineral reserves ahead of an updated technical report and expansion decision planned for mid-2025”. The 25 holes in this release targeted mostly veins within the Creston pit. Highlighted results comprise 19.95 m @ 2.51 gpt Au, 98 gpt Ag; 56.60 m @ 2.88 gpt Au, 7 gpt Ag; 31.25 m @ 0.65 gpt Au, 35 gpt Ag; 20.90 m @ 3.63 gpt Au, 24 gpt Ag (including 4.05 m @ 17.80 gpt Au, 100 gpt Ag); 29.80 m @ 2.22 gpt Au, 22 gpt Ag (including 8.70 m @ 6.68 gpt Au); 29.30 m @ 1.08 gpt Au, 7 gpt Ag; 18.85 m @ 3.54 gpt Au, 5 gpt Ag; 23.20 m @ 14.40 gpt Au, 22 gpt Ag (including 0.85 m @ 381 gpt Au, 167 gpt Ag); 6.10 m @ 7.94 gpt Au, 3 gpt Ag; 10.70 m @ 0.77 gpt Au, 123 gpt Ag; 85.25 m @ 1.14 gpt Au, 4 gpt Ag. Results from the current drill program are being incorporated into a resource model. Historic stockpiles are to be drilled aiming to produce from these low-cost alternatives, as in the currently producing Junkyard stockpile. Later on the year the focus will shift to stepping out on the high-grade vein intercepts beneath and along strike from the open pits  

ON DEALS AND COPRORATE ISSUES

  • Pan American Silver Corp. and Mag Silver Inc. entered into a definitive agreement to acquire all outstanding common shares of Mag Silver, owner of 44% interest on the Juanicipio mine in Zacatecas (the remaining 55% is owned by Fresnillo plc.).  Mag shareholders will receive a total consideration of US$2.1 billion. “Consideration will be comprised of a mix of cash totaling $500 million and 0.755 Pan American shares per MAG share, subject to proration as detailed below. The consideration represents premiums of approximately 21% and 27%, respectively…” (Pan American Silver owns La Colorada, Zacatecas).
  • Alpayana S.A.C. announced the successful take-over bid to acquire control of Sierra Metals Inc. by paying C$1.15 in cash for share of the company. “Alpayana has satisfied the statutory minimum tender condition and will take immediately take-up and acquire 70.74% of the issued and standing shares of Sierra” (Bolivar, Chihuahua).
  • Sonoran Desert Corp. appointed Mr. Stephen Burega as president of the company.
  • Silver Spruce Resources Inc. informed on the acquisition of the remaining 50% interest in the Jackie project in Sonora from partner Colibri Resource Corp., and the relinquishment of its 25% interest in the Diamante project in Sonora.
  • Colibri Resource Corp. is increasing its ownership on the Diamante project to 60%, and selling its 50% interest on the Jackie project, both in Sonora.
  • Santacruz Silver Mining Ltd. provides a bi-weekly update on the status of the temporary management cease trade order granted on May 1, 2025 by the British Columbia Securities Commission under National Policy 12-203. “The Company reports that (i) other than as described herein, there are no changes to the information contained in the MCTO Announcement that would reasonably be expected to be material to an investor” (Zimapan, Hidalgo).
  • First Majestic Silver Corp. reminds its shareholders about the upcoming annual general meeting (AGM) of shareholders scheduled to take place on Tuesday, May 20, 2025, at 10:00 a.m. (Santa Elena, Sonora; San Dimas, Sinaloa; La Encantada, Coahuila).
  • Vizsla Silver Corp. entered into an agreement to acquire the 12,229 ha Santa Fe project in Sinaloa, located south of its Panuco project. The property comprises production and exploration concessions, including an operating 350 tpd flotation plant, and it’s fully covered with LIDAR and high-resolution aeromagnetic and radiometric surveys, as well as detailed IP geophysics on the mine area. “Previous drilling campaigns completed by Aurico Gold and Fortuna Mining in 2014 and 2020, respectively, outlined the high-grade shoot currently being mined but also reported anomalous silver intercepts in four other target areas”. Vizsla has the option to acquire production concessions in the property from several individuals and local companies in five years by spending US$4 M on exploration and making staged payments that aggregate to US$1.5 M and 1.37 M common shares in total. Exploration concessions can be purchased by making a US$1.43 M payment and a further 2.75 M shares to an individual on the effective date of the agreement. The individual will receive also the Cocos plant, and Vizsla is to pay 50% of mining duties due on the exploration concessions, which amounts to US$395 K.
  • Centenario Gold Corp. provided a default status report on its management cease trade order. The company confirmed “that there have been no material changes to the information contained in the Default Announcement or any other changes required to be disclosed under NP 12-203” (El Eden, Sinaloa).
  • Sandstorm Gold Ltd. informed that Institutional Shareholder Services Inc. updated its voting recommendations on the proposed amendments to the share-based compensation program to be voted at the company’s AGM on May 30, 2025. “ISS’ updated report now recommends shareholders vote FOR all management proposals to be voted on at the Meeting, including those proposals ISS previously recommended voting against” (royalties on Cosala, Sinaloa).
  • Oroco Resource Corp. announced three major initiatives: First, an application to expand the scope of the Santo Tomas mine plan, including the lateral shifting of the river adjacent to the North Zone of the project. Second, the engagement of environmental law firm Pontones & Ledezma. Third, the application to list its securities on the Toronto Stock Exchange (Santo Tomas, Sinaloa).
  • Fresnillo plc. announced its position regarding the recent announced acquisition of Mag Silver Corp. by Pan American Silver Corp.: “Fresnillo originally acquired its stake in MAG Silver as a strategic investment in a single-asset company to support the strong partnership at Juanicipio, one of the world’s premier silver mines where Fresnillo is the operator and majority owner. Under the terms of the Agreement, subject to approval of the transaction, Fresnillo’s shareholding of over 9% of MAG Silver would convert into a shareholding of less than 1% of Pan American, a diversified, multiasset precious metals mining company. This conversion of shares does not align with Fresnillo’s strategic investment objectives nor with the interests of its shareholders and therefore Fresnillo has sold the majority of its MAG Silver shares” (Fresnillo, Zacatecas).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Brecciated-silicified dike in Sonora. Picture by Jorge Cirett.