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

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The Sierra Madre Occidental, Chihuahua, Mexico.

By Miguel A Heredia

During the 25th week of the year (June 16th to June 22th 2025), at least 38 press releases were announced by companies working in Mexico, and 2 news published by the media, with twenty one disclosing deals and corporate issues, eight announcing financing rounds, three reporting resources and development of their properties, three commenting on Mexican issues, three discussing social issues, two informing on exploration results, and none communicating production results.  ON MEXICO ISSUES, The Secretary of Economy, Marcelo Ebrard stated that the Mexican mining states are the new focus to strengthen the sector and ensure that extracted metals and minerals are transformed into value-added products. Marcelo Ebrard, Secretary of Economy declared that mining has become fashionable due to global geopolitical changes, marking a shift from the previous administration’s policies. Axo Copper reported the best drilling intercepts in Mexico on the third week of June, 2025. ON EXPLORATION, In Jalisco, Axo Copper initiated a 15,000m phase II drilling program at its la Huerta Copper project, as well as reported high grade assay results on surface sampling.    ON MINING, No relevant news. ON FINANCING, Guanajuato Silver updated their gold loan terms with Ocean Partners UK Ltd, (Cubo, Valenciana, and San Ignacio mines, Guanajuato). Pinnacle announced a shares-for-debt transaction to conserve capital and improve its balance sheet (Potrero project, Durango). Southern Empire announced a fully subscribed non-brokered private placement for gross proceeds of $100K (Pedro Gold project, Durango). Prime reported that 97% of its CAD $1.15 warrants due June 12, 2025 have been exercised, increasing its cash balance to approximately CAD $33M (Los Reyes project, Sinaloa). Kootenay announced a CAD $12M bought deal public offering to support the advancement of its Columba project in Chihuahua, the same that later on was upsized to CAD $17, 400,600. Silver Viper informed that it plans a concurrent non-brokered private placement of up to 6,666,667 units at a price of CAD $0.30 per unit, following a strong investor interest. Defiance Silver closed its LIFE offering and concurrent non-brokered private placement for gross proceeds of CAD $16.5M (San Acacio project, Zacatecas).  ON RESOURCES AND DEVELOPMENT, Kootenay delivered maiden mineral resource estimate at its 100% owned Columba project in Chihuahua. Tocvan reported that it is advancing its Gran Pilar project in Sonora, with a pilot mine facility designed to process 50,000 tonnes of material. Vizsla provided an update on the Copala test mine at its Panuco project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Santacruz Silver announces the appointment of its CFO (Zimapán mine, Hidalgo). Discovery Silver made management changes (Cordero project, Chihuahua). Aura presented voting results of its annual general meeting of shareholders (Aranzazu mine, Zacatecas). Guanajuato Silver confirmed that the expiry date for the 4,550,000 warrants issued to Ocean Partners UK Ltd., is March, 2028 (Cubo, Valenciana, and San Ignacio mines, Guanajuato). Osisko Development appointed a new member to its Board of Directors (San Antonio Gold project, Sonora). Mithril announced the retirement of two Non-Executive Directors (Copalquin project, Durango).  Minaurum appointed Ruben Molina as Senior Project Manager for the Alamos Silver project, Sonora and three additional seasoned geologists. Equinox and Calibre completed its previously announced business combination (Los Filos mine, Guerrero). Colibri reported voting results of its annual general meeting of shareholders (Pilar project, Sonora). Elemental Altus announced changes to its Board of Directors (Mercedes mine, Sonora). MAG Silver presented voting results of its annual general meeting of shareholders (Juanicipio mine, Zacatecas). Torex announced results of its annual general and special meeting of shareholders (El Limon Guajes mine complex, Guerrero).  Gold Resource appointed a new member to its Board of Directors (Don David Gold mine, Oaxaca). Sierra Madre announced voting results of its annual general meeting of shareholders (La Guitarra mine, Estado de Mexico). Royalties Inc., achieved a significant legal victory through its subsidiary, Minera Portree in a commercial lawsuit against Capstone Copper (Cozamine mine, Zacatecas). Aloro announced voting results of its annual general and special meeting of shareholders (Los Venados project, Sonora). MAG Silver reported that their shareholders received a recommendation to vote for the plan of arrangement with Pan American Silver (Juanicipio mine, Zacatecas). Prime announced voting results of its annual general and special meeting of shareholders (Los Reyes project, Sinaloa). Silver Viper completed the acquisition of the Cimarron project in Sinaloa. Infinitum Copper signed a definitive agreement to sell its interest on Adelita project in Sonora. ON SOCIAL RESPONSIBILITY, Guanajuato Silver reported that it has been recognized as a Mexico´s Socially responsible Enterprise in 2024 (Cubo, Valenciana, and San Ignacio mines, Guanajuato). MAG Silver published its fourth annual sustainability report (Juanicipio mine, Zacatecas).

ON MEXICO ISSUES

  • The Secretary of Economy, Marcelo Ebrard, stated that the Mexican mining states are the new focus to strengthen the sector and ensure that extracted metals and minerals are transformed into value-added products. The event held in Mexico City was attended by the governors of Sonora, Alfonso Durazo, and Zacatecas, David Monreal, two states with a mining vocation, as well as representatives from academia and the sector, who highlighted the importance of a coordinated strategy between the federal government, universities, and the private sector. The government aims to retain economic and technological benefits domestically through initiatives like the Mexico 2025 Mining Education Committee, which fosters industry-academia collaboration. Specifically, efforts are underway to advance lithium production, particularly in Sonora, with support from federal and state authorities, though some projects such as the Sonora Sustainable Energy Plan are still in exploration phases.
  • Marcelo Ebrard, Secretary of Economy declared that mining has become fashionable due to global geopolitical changes, marking a shift from the previous administration’s policies.   Ebrard highlighted the need for Mexico to scale up its capabilities in the mining industry, particularly in refining minerals like copper, to support industries like automotive. He emphasized the importance of implementing a policy of will to address challenges in obtaining critical minerals in a world with geopolitical tensions, citing silicon for semiconductors as an example.
  • Axo Copper Corp., reported the best drilling intercepts in Mexico on the third week of June 2025. Details are shown in the table below:

ON EXPLORATION

  • Axo Copper Corp., initiated a 15,000m phase II drilling program at its la Huerta Copper project in Jalisco. One drill is currently on site and initiating the first drillholes targeting the main La Huerta Trend in an area with a NE-SW strike length of approximately 1km, starting at Las Marias Zone and stepping out to the north along strike towards the Cornelio target. The first hole is expected to be finished in approximately two weeks, with assays being released in the first half of July. In addition, Axo reported that recent exploration efforts, including mapping and sampling, have identified a new area at La Huerta South, approximately 3km from the main Huerta Trend where surface sampling yielded high-grade assay results, with multiple samples returning > 10% Cu, particularly within N-S and E-W fault structures in andesitic volcanic rocks.  Sampling along the 1km long N-S structure has returned results such as 7% Cu, 10.8% Cu, and 10.5% Cu, with numerous other showings above 2% Cu, while the approximately 500m long E-W structure returned highlighted values of 3.6% and 2.6%. In both structures Cu mineralization consists of chalcopyrite and bornite hosted in andesites.

ON MINING

  • No relevant news.

ON FINANCING

  • Guanajuato Silver Company Ltd., updated their gold loan terms with Ocean Partners UK Ltd, with more manageable monthly repayments tied to their gold production, plus some stock warrants involved. “The new Gold Credit Facility, as of today’s date, has an outstanding balance of 7,182 Oz Au bullion, with two-thirds since April 2025 to be repaid over 36 months through fixed monthly installments of 131.7 Oz Au bullion, representing approximately 10% of Guanajuato Silver’s modelled monthly gold production. In addition, the company will issue to Ocean Partners 4,550,000 non-transferable warrants exercisable into one common share of the Company with an exercise price of CAD $0.24. Each warrant has a 36-month term that expires on June 16, 2028. The warrants, and the common shares issuable upon exercise, are subject to a statutory hold period that ends on October 17, 2025 (Cubo, Valenciana, and San Ignacio mines, Guanajuato).
  • Pinnacle Silver and Gold Corp., announced a shares-for-debt transaction to conserve capital and improve its balance sheet. The company will issue 2,491,667 shares at a price of CAD $0.06 per share to settle a debt of CAD $149,500, pending approval from the TSX Venture Exchange. This issuance includes shares to directors and officers, which qualifies as a related party transaction, with the company relying on exemptions due to the transaction’s value being under 25% of its market capitalization (Potrero project, Durango).
  • Southern Empire Resources Corp., announced a fully subscribed non-brokered private placement of 2M units at a price of CAD $0.05 per unit for gross proceeds of CAD $100K. Net proceeds will be used for administrative costs associated with Southern Empire´s mineral properties in Mexico as well as working capital purposes (Pedro Gold project, Durango).
  • Prime Mining Corp., reported that 97% of its CAD $1.15 warrants due June 12, 2025 have been exercised, increasing its cash balance to approximately CAD $33M. This funding will support the advancement of the Los Reyes gold-silver project in Sinaloa, Mexico. The company plans to complete a Preliminary Economic Assessment (PEA) by Q3 2025 and continue exploration activities, including drilling and geological mapping, despite a temporary pause due to security concerns in the area.
  • Kootenay Silver Inc., announced a CAD $12M bought deal public offering by the sale of 11,430,000 units at a price of CAD $1.05 per unit, which was upsized later on to CAD $17,400,600 by the sale of 16,572,000 units at a price of CAD $1.05 per unit. Net proceeds will be used for advancement of its Columba project in Chihuahua, working capital and general corporate purposes.
  • Silver Viper Minerals Corp., informed that it plans a concurrent non-brokered private placement of up to 6,666,667 units at a price of CAD $0.30 per unit, following a strong investor interest.  The gross proceeds, expected to reach up to CAD $6M combined with a previous offering, will fund drilling and exploration at La Virginia project in Sonora, working capital, and general corporate needs.
  • Defiance Silver Corp., closed a financing round, raising about CAD $16.5M through both brokered and non-brokered offerings. The company sold units combining shares and warrants, with plans to use the money mainly to complete a mineral resource estimate at its San Acacio project in Zacatecas, to make periodic cash option payments on its Tepal project in Michoacán, and to provide general working capital to support general operations.

ON RESOURCES AND DEVELOPMENT

  • Kootenay Silver Inc., delivered maiden mineral resource estimate (MRE) at its 100% owned Columba project in Chihuahua.  A total of 17 epithermal veins that comprise the Columba vein system were included in the MRE. The company reported inferred resources of 5.92M tonnes of 284 g/t Ag, 0.2% Pb, and 0.5% Zn for a total of 54.1M Oz Ag, 25.2M Lb Pb, and 65.6M Lb Zn. Kootenay stated that all the mineralized veins which are 5-6m width have an excellent continuity and remain open to expansion along strike, to depth or both.
  • Tocvan Ventures Corp., reported that it is advancing its Gran Pilar project in Sonora, with a pilot mine facility designed to process 50,000 tonnes of material. The pilot leaching pad will utilize a hydrometallurgical process with sodium cyanide to extract gold and silver, supported by robust environmental monitoring systems. The project has expanded to over 21 km², enhancing operational flexibility. Tocvan is finalizing budgets and timelines for the facility, targeting development in 2025, while permitting and additional drilling are ongoing. The company is positioned to leverage record-high gold prices and is in the process of securing project financing for the pilot facility.
  • Vizsla Silver Corp., provided an update on the Copala test mine at its Panuco project in Sinaloa. As of June 2025, mining progress includes advancing about 125 meters down a decline at a steady rate, with favorable ground conditions. “This portal will ultimately become the main access for future mining. Every meter brings us closer to the 10,000-tonne bulk sample location and positions us for efficient resource conversion/expansion drilling from underground, and for the ultimate mine development and ramp-up”. Additionally, Vizsla aims to enhance resource evaluation and optimize mining design through ongoing development. A focus on local hiring has expanded the workforce, and infrastructure improvements have been initiated for better operational and safety management. Overall, the company is on track to complete its test mine phase by year-end.

ON DEALS AND CORPORATE ISSUES

  • Santacruz Silver Mining Ltd., announces the appointment of its new CFO, been effective immediately (Zimapan mine, Hidalgo).
  • Discovery Silver Corp., made management changes announcing the appointment of a Senior Vice Presidents, Legal, and Sustainability, and a Senior Vice President, Corporate Development. The company also announced the promotions of its Executive Vice President, Business Development & Growth, a Senior Vice President, Investor Relations, and a Vice President, Mineral Processing  (Cordero project, Chihuahua).
  • Defiance Silver Corp., finalized a six-year agreement that granted the company the rights to conduct surface exploration, drilling, and engineering studies at its Tepal project in Michoacan. The agreement also enables the company to collect essential data required for the submission of permit applications to advance the development of the project. Defiance will make annual cash payments indexed to the annual inflation in Mexico, and issue common shares with a total annual value of USD $40K/year to the surface rights holder. For the upcoming year, the company will issue 201,452 common shares at a deemed price of CAD $0.27per share to the counterparty. Over the six-year terms, the total number of shares issued will not exceed 1.4M.
  • Aura Minerals Inc., presented voting results of its annual general meeting of shareholders (Aranzazu mine, Zacatecas).
  • Guanajuato Silver Company Ltd., confirmed that the expiry date for the 4,550,000 warrants issued to Ocean Partners UK Ltd., is March, 2028 (Cubo, Valenciana, and San Ignacio mines, Guanajuato).
  • Osisko Development Corp., appointed an independent Director to its Board of Directors effective immediately (San Antonio Gold project, Sonora).
  • Mithril Silver and Gold Limited announced the retirement of two Non-Executive Directors with effect from 30 June 2025 (Copalquin project, Durango).
  • Minaurum Gold Inc., appointed Ruben Molina as Senior Project Manager for the Alamos Silver project, Sonora and three additional seasoned geologists will be joining who previously worked alongside him, including in the capacities as Chief Geologist, Senior Geologist-Prospecting, and Resource Modeling Geologist.
  • Equinox Gold Corp., and Calibre Mining Corp., completed its previously announced business combination pursuant to which Equinox has acquired all of the issued and outstanding common shares of Calibre (Los Filos mine, Guerrero).
  • Colibri Resource Corporation reported voting results of its annual general meeting of shareholders (Pilar project, Sonora).
  • Elemental Altus Royalties Corp., announced changes to its Board of Directors effective immediately, reflecting the acquisition of a 37.8% stake in the company by Tether Investments S.A. de C.V. , and the right to acquire a total of 51.8% of the company’s issued and outstanding common shares (Mercedes mine, Sonora).
  • MAG Silver Corp., presented voting results of its annual general and special meeting of shareholders (Juanicipio mine, Zacatecas).
  • Torex Gold Resources Inc., announced results of its annual general and special meeting of shareholders (El Limon Guajes mine complex, Guerrero).
  • Gold Resource Corporation appointed a new member to its Board of Directors (Don David Gold mine, Oaxaca).
  • Sierra Madre Gold and Silver Ltd., announced voting results of its annual general meeting of shareholders (La Guitarra mine, Estado de Mexico).
  • Royalties Inc., achieved a significant legal victory through its subsidiary, Minera Portree de Zacatecas S.A. de C.V. (MPZ), in a commercial lawsuit against Capstone Copper Corp. The Third Commercial Court of Zacatecas ruled in favor of MPZ, declaring a 2019 rights assignment contract invalid and reaffirming MPZ’s entitlement to a 2% net smelter royalty from mining concessions at the Cozamin mine in Zacatecas. The court ordered Capstone and its subsidiary to pay royalties for various concessions, with amounts to be determined later, while a claim for damages was dismissed due to insufficient evidence.
  • Aloro Mining Corp., announced voting results of its annual general and special meeting in which the approval of the sale of its Los Venados property in Sonora, was approved by the shareholders of the company.
  • MAG Silver Corp., reported that Institutional Shareholders Services Inc., recommended that MAG shareholders vote for the special resolution approving the previously announced plan of arrangement with Pan American Silver Corp (Juanicipio mine, Zacatecas).
  • Prime Mining Corp., announced voting results of its annual general and special meeting of shareholders. “The company is targeting the delivery of a Preliminary Economic Assessment reflecting a high return, high margin, low capital and long-life project at Los Reyes project in Sinaloa, based on drilling to the end of 2024 and extensive technical work completed to-date. The PEA is targeted for completion in Q3, 2025”.
  • Silver Viper Minerals Corp., completed the acquisition of the Cimarron project in Sinaloa from CSCA Holdings Inc., by issuing 9,000,000 of common shares at a price of CAD $0.20 per share.
  • Infinitum Copper Corp., signed a definitive agreement to sell its interest on Adelita project, Sonora. The company sold its Mexican subsidiary, Exploraciones Margarita S.A. de C.V., which holds an 80% interest in the Cerro Grande property in Sonora to Kenadyr Metals Corp. The transaction involves Kenadyr acquiring 100% of the subsidiary for CAD $100K in cash and 1,842,719 common shares. Additionally, if Kenadyr raises up to CAD $3.5M in equity financing within 12 months post-closing, Infinitum will receive additional shares to maintain a 9.0% ownership in Kenadyr. The deal is subject to TSX Venture Exchange and shareholder approvals.

ON SOCIAL RESPONSIBILITY

  • Guanajuato Silver Company Ltd., reported that it has been recognized as a Mexico´s Socially responsible Enterprise in 2024, reflecting its strong community engagement and environmental efforts. The company met high standards in environment, social responsibility, and governance (Cubo, Valenciana, and San Ignacio mines, Guanajuato).
  • MAG Silver Corp., published its fourth annual sustainability report. MAG Silver’s 2024 sustainability efforts are focused on safety, environmental protection, and social responsibility. The company reported a decline in safety incidents, invested over 102,000 hours in safety training, and achieved zero significant environmental incidents. They developed human rights due diligence tool and have a positive social license at the Larder Project. Additionally, their board now includes 38% women directors, surpassing their diversity targets. Overall, MAG emphasizes safety, environmental stewardship, social engagement, and diversity to support its long-term sustainability goals(Juanicipio mine, Zacatecas).

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

On the picture above, the imposing panoramic view of the Sierra Madre Occidental in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

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

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Slickensides related to a shear zone

By Miguel A Heredia

During the 19th week of the year (May 5th to may 11th 2025), at least 39 press releases were announced by companies working in Mexico, and one news published by the media, with twelve disclosing deals and corporate issues, eleven communicating production results, seven announcing financing rounds, five reporting resources and developments of their properties, three commenting on Mexican issues, and two informing on exploration results.  ON MEXICO ISSUES, Vizsla Silver announced that it has resumed all field work activities at its Panuco project in Sinaloa. Carlos Pavón Campos, leader of the Miners’ Union “Frente”, asserted that the USD $55M belongs to the workers, confirmed by a recent ruling against the union led by Napoleón Gómez Urrutia. Fuerte Metals, Tocvan Ventures, Kootenay Silver, and Guanajuato Silver reported the best drilling intercepts in Mexico on the second week of May, 2025. ON EXPLORATION, In Chihuahua, Kingsmen reported the reported the construction of drill pads in preparation for a diamond drilling program, which will involve 14 proposed drill holes at its Las Coloradas project, and Kootenay released latest drill results from its Columba project. Sierra Metals presented Q1, 2025 consolidated financial results (Bolivar mine, Chihuahua).  ON MINING, Impact Silver reported full year 2024 production and financial results from Zacualpan and Plomosas mines in Estado de Mexico and Chihuahua respectively. GoGold reported Q1, 2025 production and financial results from its Parral Tailings property in Chihuahua. Sierra Madre announced Q1, 2025 results (La Guitarra mine, Estado de Mexico). Pan American Silver reported Q1, 2025 unaudited operational results (La Colorada mine, Zacatecas-Durango). First Majestic announced Q1, 2025 operating and cost performance results for each of their four producing mines in Mexico. Torex reported Q1, 2025 production and financial results from its Morelos mine complex in Guerrero. Americas Gold and Silver announced Q1, 2025 production results from its Cosala mine in Sinaloa. Equinox reported Q1, 2025 consolidated operating results. United States Antimony presented Q1, 2025 production and financial results (Madero antimony smelter, Coahuila). MAG Silver released Q1, 2025 production and financial results from its Juanicipio mine in Zacatecas.  ON FINANCING, Aura declared and approved a payment of a dividend of USD $0.40 per common share (Aranzazu mine, Zacatecas). Discovery Silver filed a final short form base shelf prospectus with Canadian securities regulatory authorities, replacing its previous prospectus from March 2023 (Cordero project, Chihuahua). Capstone increased its revolving credit facility from USD $700M to USD $1 B and extended the maturity to May 2029 (Cozamine mine, Zacatecas). GR Silver announced a non-brokered private placement of up to 12M units for gross proceeds of up to $1.56M (Plomosas project, Sinaloa). Bear Creek announced the issuance of a secured promissory note to Sandstorm Gold for up to USD $6.5M, with monthly draws of up to USD $600K (Mercedes mine, Sonora). Goldgroup closed its previously announced non-brokered private placement for CADS $15M (Cerro Prieto mine, Sonora). ON RESOURCES AND DEVELOPMENT, Fuerte Metals reported results from the most recent five holes drilled at its Cristina project, Chihuahua. Osisko Development declared that San Antonio project in Sonora remains in care and maintenance and the Board of Directors has authorized a strategic review. Endeavour commenced wet commissioning at its Terronera property in Jalisco.  Guanajuato Silver provided an exploration update on El Cubo and San Ignacio mines in Guanajuato. ON DEALS AND CORPORATE ISSUES, Apollo announced the appointment of its CEO and President (Cinco de Mayo project, Chihuahua). Newmont notified that its Executive Vice President and Chief Operating officer has been promoted to President and Chief Operating Officer (Peñasquito mine, Zacatecas). Canuc and Macdonald Mines reported a delay in the previously announced transaction whereby Canuc will acquire all the shares of Macdonald Mines (San Javier project, Sonora). Silver Storm entered into a definitive arrangement agreement whereby Silver Storm will acquire 100% of the issued and outstanding shares of Till Capital (La Parrilla mine, Durango). Sierra Metals provided and update regarding Alpayana S.A.C’s increased takeover bid of CAD $1.15 per share, citing extensive conditions and uncertainties attached to the offer that may never be satisfied (Bolivar mine, Chihuahua). Santacruz made the second payment of USD $7.5M to Glencore (Zimapan mine, Hidalgo).  Chesapeake announced the resignation of one of its Directors (Metates project, Durango). Riverside and Questcorp Mining executed a definitive option agreement for La Union project in Sonora. Osisko Development reported voting results of its annual general meeting of shareholders (San Antonio project, Sonora). Canuc acquired all of the issued and outstanding shares of Macdonald Mines (San Javier project, Sonora). Silver Viper announced an agreement to acquire the Cimarron project in Sinaloa.  ON SOCIAL RESPONSIBILITY, no relevant news.  

ON MEXICO ISSUES

  • Vizsla Silver Corp., announced that it has resumed all field work activities at its Panuco project in Sinaloa due to improvement of the security conditions in the region. Ongoing programs include test mine development, geotechnical drilling, exploration drilling, mapping and geophysical surveys.
  • Carlos Pavón Campos, leader of the Miners’ Union “Frente”, asserted that the USD $55M in question belongs to the workers, confirmed by a recent ruling against the union led by Napoleón Gómez Urrutia. Pavón who worked with Napoleón Gómez Urrutia point out that the judicial process has removed Grupo Mexico and Scotiabank from the trust, leaving the responsibility solely with the union. He highlighted that the ruling mandates the union to cover any payment discrepancies for workers who received between MXP $60-80K. He also mentioned that the three emblematic strikes, which have lasted almost 18 years, are no longer effective. In Cananea, workers have returned to work and many have already been paid. In San Martín, Zacatecas, most have also returned to work, and in Taxco, Guerrero, the company had requested the termination of the collective bargaining agreement due to the lack of mineral reserves. Pavón emphasizes that the workers still waiting to return are in a precarious situation, as the mine has no reserves and many of the original workers have aged or passed away.
  • Fuerte Metals Corporation, Tocvan Ventures Corp., Kootenay Silver Inc., and Guanajuato Silver Company Ltd., reported the best drilling intercepts in Mexico on the second week of May 2025. Details are shown in the table below:

ON EXPLORATION

  • Kingsmen Resources Ltd., reported the construction of drill pads in preparation for a diamond drilling program at Las Coloradas project, Chihuahua, which will involve 14 proposed drill holes targeting the Soledad and Soledad II structures. The drilling is expected to commence in May and continue through July 2025.
  • Kootenay Silver Inc., released latest drill results from its Columba project. Drilling highlights are shown in the table below:

Compilation and validation of the completed database is underway in advance of work toward calculation of a maiden resource expected to primarily include F, D and B-Vein.

ON MINING

  • Impact Silver Corp., reported full year 2024 production and financial results from Zacualpan and Plomosas mines in Estado de Mexico and Chihuahua respectively. At Zacualpan, Estado de Mexico, the company processed 136,280 tonnes of 161 g/t Ag to produce 595.3K Oz Ag and 135 Oz Au. Impact reported a total of 592.8 Oz Ag sold in 2024. At Plomosas mine, Chihuahua, the company mined 39,169 tonnes and processed 13,633 tonnes of 12.2% Zn, 7.3% Pb, and 47  g/t Ag to sell 6.1M Lb Zn, 1.3M Lb Pb, and 35K Oz Ag. Impact reported revenue of $31.9M and at the end of the year, the company had $7.1M in cash, $9.0M in working capital and no long-term debt.
  • GoGold Resources Inc., reported Q1, 2025 production and financial results from its Parral Tailings mine in Chihuahua (all currency reported in US dollars). The company announced 377,516 tonnes stacked to produce 210.3K Oz Ag, 3,279 Oz Au, 347.2K Lb Cu, and 358.4K Lb Zn (555.5K Oz AgEq) at cash and AISC of $17.85 and $22.98 respectively. GoGold also reported revenue of $17.6M at an average realized price of $31.7 per Oz AgEq; cost of sales including depreciation of $11.1M; operating income of $3.8M; net income of $3.4M; cash flow from operations of $5.1M; and cash as of march 31, 2025 of $78.3M.
  • Sierra Madre Gold and Silver Ltd., announced Q1, 2025 results from la Guitarra mine in Estado de Mexico (all amounts are expressed in US dollars).  The company milled 39,167 tonnes to produce 70.2K Oz Ag and 1K Oz Au (165K Oz AgEq). Sierra Madre also reported revenue of $4.8M; gross profit of $1.2M; cash generated from operations of $535K; and cash including current assets of $4.3M.
  • Sierra Metals Inc., presented Q1, 2025 consolidated financial results (all amounts are expressed in US dollars). The company reported for its Bolivar mine in Chihuahua, cost of sales of $22.8M; a total cash cost of $17.3M; cash cost per tonne processed of $40.94; and cash and AISC of $2.51 and $3.16 per Lb CuEq respectively.
  • Pan American Silver Corp., reported Q1, 2025 unaudited operational results for its La Colorada mine in Zacatecas-Durango and Dolores mine in Chihuahua.  At La Colorada mine, the company produced 1.39M Oz Ag and 1.2K Oz Au at AISC of USD $19.72 per Oz Ag produced. At Dolores mine, Pan American produced 349K Oz Ag and 14K Oz Au at AISC of $569 per Oz Au.
  • First Majestic Silver Corp., announced Q1, 2025 operating and cost performance results for each of their four producing mines in Mexico (all amounts are expressed in US dollars). Figures are shown in the table below:

The company also presented consolidated financial results reporting revenue of $243.9M; mine operating earnings of $63.8M; cash flow from operations $110M; free cash flow of $43.5M; EBITDA of $98.8M; net earnings of 6.2M; cash and AISC of $13.68 and $19.24 respectively per Oz AgEq; working capital of $404.8M; and cash and restricted cash balance of $462.6M.

  • Torex Gold Resources Inc., reported Q1, 2025 production and financial results from its Morelos mine complex in Guerrero (all amounts are expressed in US dollars). The company produced 558.3K Oz Au (59.6K Oz AuEq) and sold 60.6K Oz AuEq at a realized price of $2,793 per Oz. Torex reported revenue of $170M; AISC of $1,405 per Oz AuEq; cost of sales of $94.1M; net income of $39M; adjusted net earnings of $91.8M; EBITDA of $88.1M; and adjusted EBITDA of $91.8M.
  • Americas Gold and Silver Corporation announced Q1, 2025 production results from its Cosala mine in Sinaloa (all amounts are expressed in US dollars). The company produced 132K Oz Ag, 6,7M Lb Zn and 1.6M Lb Pb at cash and AISC of $17.86 and $27.29 respectively per Oz Ag produced. The company reported revenue of 2.3M and a cost of sales of $11M.
  • Equinox Gold Corp., reported Q1, 2025 consolidated operating results. The company produced 145.3K Oz Au and sold 147.9K Oz Au at an average realized price of USD $2,858 per Oz Au. “Accordingly, the company announced on April 1, 2025 that operations at Los Filos mine in Guerrero are suspended indefinitely. The company has not included any production from Los Filos in its 2025 Guidance. Layoffs at Los Filos have been proceeding; however, the company will retain the staff required to maintain its environmental obligations and secure the company-owned infrastructure at the mine site. Commencing April 1, 2025, Los Filos is being reported as a development project.
  • United Sates Antimony Corporation presented Q1, 2025 production and financial results (all amounts are expressed in US dollars). The company reported revenue of $7M, gross profit of $2.4M; operating expenses of $2M; antimony sales of $5.9M; and cash position of $18.7M (Madero antimony smelter, Coahuila).
  • MAG Silver Corp., released Q1, 2025 production and financial results on a 100% basis from its Juanicipio mine in Zacatecas (all amounts are expressed in US dollars). MAG Silver holds 44% and Fresnillo plc 56%. The company mined 347,467 tonnes and processed 337,017 with average grades of 430 g/t Ag, 1.24 g/t Au, 1.6% Pb, and 2.9% Zn (660 g/t AgEq) to produce 3.98M Oz Ag, 8.72K Oz Au, 9.52M Lb Pb, and 12.1M Lb Zn (5.48M Oz AgEq) at cash and AISC of $8.50 and $10.64 respectively per Oz Ag sold. MAG also reported cost of sales of $175.2M; gross profit of $121M; net income before taxes of $115.2M; net income of $76.9M; operating cash flow of $86.4M; and free cash flow of $77.4M. As at March 31, 2025, Juanicipio had working capital of $178.8M, including cash of $130.6M.

ON FINANCING

  • Aura Minerals Inc., declared and approved a payment of a dividend of USD $0.40 per common share based on Q1, 2025 results (Aranzazu mine, Zacatecas).
  • Discovery Silver Corp., filed a final short form base shelf prospectus with Canadian securities regulatory authorities, replacing its previous prospectus from March 2023. This new prospectus allows the company to offer up to CAD $500M in various securities over a 25-month period, providing financial flexibility for future business developments. The company, which focuses on precious metals, has significant exposure to silver through its Cordero project in Chihuahua and has recently acquired the Porcupine Complex from Newmont Corporation, enhancing its position as a Canadian gold producer.
  • Capstone Copper Corporation increased its revolving credit facility from USD $700M to USD $1 B, with a USD $200M accordion, and extended the maturity to May 2029. The company plans to refinance some project debt using proceeds from recent senior unsecured notes. This enhances the company’s financial flexibility and simplifies its debt maturity profile (Cozamine mine, Zacatecas).
  • GR Silver Mining Ltd., announced a non-brokered private placement of up to 12M units at a price of $0.13 per unit for gross proceeds of up to $1.56M. Gross proceeds will be used for exploration targeting resource expansion in the San Marcial Area of the Plomosas project in Sinaloa, and for general working capital.
  • Bear Creek Mining Corporation announced the issuance of a secured promissory note to Sandstorm Gold Ltd., for up to USD $6.5M, with monthly draws of up to USD $600K. The note bears a 7% interest rate, matures in September 2028, and can potentially be converted into shares. The loan is secured by interests in Bear Creek’s Mercedes mine in Sonora and other assets, with approval from the TSX Venture Exchange pending. The company plans to use revenue from its Mercedes Mine to service the debt.
  • Goldgroup Mining Inc., closed its previously announced non-brokered private placement of 27,272,727 units at a price of CAD $0.55 per unit for CADS $15M. The company will use the net proceeds for near mine exploration at Cerro Prieto mine in  Sonora, mine capital equipment and production improvements, Pinos project PEA update in Zacatecas, debt reduction, ongoing assessment of acquisition opportunities and general corporate working capital purposes.
  • Silver Storm Mining Ltd., announced that it is advancing its plans to restart the La Parrilla mine in Durango, by securing non-binding proposals for multi-year lead and zinc concentrate off-take agreements and associated prepayment or structured finance facilities ranging from USD $15M to USDS $17M, with a duration of 36-48 months. The company is progressing toward formalizing these agreements, which are essential for providing near-term funding and supporting the mine’s restart operations. The proposals are subject to customary conditions, including due diligence and contractual agreements

ON RESOURCES AND DEVELOPMENT

  • Fuerte Metals Corporation reported results from the most recent five holes drilled at its Cristina project, Chihuahua. Drilling highlights (true widths reported) include holes ACD-25-266 with 2.3 g/t Au, 22 g/t Ag, 0.02% Zn, 0.01% Pb, and 0% Cu (2.59 g/t AuEq) over 10.5m, including 9 g/t Au, 90 g/t Ag, 0.02% Zn, 0.02% Pb, and 0.01% Cu (10.33 g/t AuEq) over 2.4m, plus 0.8 g/t Au, 9 g/t Ag, 0.3% Zn, 0.1% Pb, and 0.02% Cu (1.07 g/t AuEq) over 18m, including 6.9 g/t Au, 88 g/t Ag, 0.02% Zn, 0.01% Pb, and 0.03% Cu (8.19 g/t AuEq) over 0.9m; and hole ACD-25-269 with 0.4 g/t Au, 6 g/t Ag, 0.3% Zn, 0.1% Pb, and 0.04% Cu (0.71 g/t AuEq) over 95m, including 0.9 g/t Au, 91 g/t Ag, 7.6% Zn, 2% Pb, and 0.4% Cu (7.01 g/t AuEq) over 1.4m, and including 4.6 g/t Au, 12 g/t Ag, 1.3% Zn, 0.4% Pb, and 0.05% Cu (5.55 g/t AuEq) over 2.1m, and including 4.8 g/t Au, 13 g/t Ag, 0.1% Zn, 0.02% Pb, and 0.02% Cu (5.03 g/t AuEq) over 1.1m, and including 4.6 g/t Au, 12 g/t Ag, 1.3% Zn, 0.4% Pb, and 0.05% Cu (5.55 g/t AuEq) over 3.6m. Fuerte has now reported fifty holes totalling 13,754.7 metres of drilling from the current program.
  • Osisko Development Corp., declared that San Antonio project in Sonora remains in care and maintenance and the Board of Directors has authorized a strategic review. “The approval process for mining permits appears to be gaining traction, specifically for open-pit mining in the country, and the Company intends to re-submit its two permit applications this year”.
  • Endeavour Silver Corp., commenced wet commissioning at its Terronera project in Jalisco, making a significant milestone toward full-scale production. This phase involves testing plant performance with water and slurry to ensure equipment and systems operate correctly. The company continues to monitor performance closely, with plans to ramp up feed and production rates as the process progresses, reflecting its ongoing commitment to advancing the project efficiently and safely.
  • Tocvan Ventures Corp., released significant initial results from its reverse circulation drilling program at the Gran Pilar project in Sonora. The latest drilling has identified a high-grade corridor, with drillhole JES-25-114 returning 0.34 g/t Au and 4 g/t Ag over 129.63m, including 1.02 g/t Au and 10 g/t Ag over 41.18m, including 5.43 g/t Au and 39 g/t Ag over 6.1m, including 15.85 g/t Au and 140 g/t Ag over 1.53m, plus 0.84 g/t Au and 14 g/t Ag, plus 0.17 g/t Au and 2 g/t Ag over 6.1m. This discovery is part of the company’s ongoing efforts to expand known mineralization in the area, which is characterized by a geophysical anomaly extending 250 meters vertically. The company is currently focused on a 100% controlled expansion area, with results pending for seven additional drill holes, including follow-ups on previously high-grade intersections.
  • Guanajuato Silver Company Ltd., provided an exploration update on El Cubo and San Ignacio mines in Guanajuato. At El Cubo, the company is conducting an underground diamond drilling campaign with the goal of confirming lateral and vertical continuity of reported drill results of the San Luis Vein orebody. Drilling highlights (true widths reported) include holes SL-25-02 with 0.07 g/t Au and 7 g/t Ag (13 g/t AgEq) over 0.23m, plus 0.27 g/t Au and 78 g/t Ag (102 g/t AgEq) over 0.24m, plus 0.91 g/t Au and 319 g/t Ag (401 g/t AgEq) over 0.52m; hole SL-25-03A with 0.69 g/t Au and 143 g/t Ag (205 g/t AgEq) over 0.85,including 1.31 g/t Au and 298 g/t Ag (416 g/t AgEq) over 0.32m, plus 0.56 g/t Au and 96 g/t Ag (146 g/t AgEq) over 0.60m, plus 0.69 g/t Au and 315 g/t Ag (377 g/t AgEq) over 0.21m; hole SL-25-04 with 1.27 g/t Au and 248 g/t Ag (362 g/t AgEq) over 0.72m; and hole SL-25-05 with 0.11 g/t Au and 35 g/t Ag (45 g/t AgEq) over 0.30m, plus 0.11 g/t Au and 45 g/t Ag (55 g/t AgEq) over 0.24m, plus 0.87 g/t Au and 496 g/t Ag (574 g/t AgEq) over 0.08m. For 2025, Guanajuato Silver plans to drill a total of 6,500m in approximately 30 holes, targeting the San Luis Vein and other structures at El Cubo.  At San Ignacio, a geophysical study consisting of a combined Induced Polarization (IP) survey and a Controlled-Source-Audio-Frequency MagnetoTellurics (CSAMT) survey has been completed by Zonge to the west of the Santo Niño mining block, which will aid in further exploration activities, including drilling at this highly prospective area west of the Santo Nino vein mining block, which has demonstrated comparatively high gold content. The company expects to share results from the Zonge geophysical study soon.

ON DEALS AND CORPORATE ISSUES

  • Apollo Silver Corp., announced the appointment of Ross McElroy as its CEO and President, effectively immediate (Cinco de Mayo project, Chihuahua).
  • Newmont Corporation notified that its Executive Vice President and Chief Operating officer has been promoted to President and Chief Operating Officer (Peñasquito mine, Zacatecas).
  • Canuc Resources Corporation and Macdonald Mines Exploration Inc., reported a delay in the previously announced transaction whereby Canuc will acquire all the shares of Macdonald Mines (San Javier project, Sonora).
  • Silver Storm Mining Ltd., entered into a definitive arrangement agreement whereby Silver Storm will acquire 100% of the issued and outstanding shares of Till Capital Corp. Transaction will provide Silver Storm with approximately CAD $6.2M in additional liquidity to support restarting its La Parrilla property in Durango. The deal has been unanimously approved by both companies’ boards and is expected to close shortly after the shareholder meeting in July 2025. This acquisition also gains Silver Storm a portfolio of mineral investments and royalties, including a significant interest in Silver Predator and various exploration assets and royalties.
  • Sierra Metals Inc., provided and update regarding Alpayana S.A.C’s increased takeover bid of CAD $1.15 per share, citing extensive conditions and uncertainties attached to the offer that may never be satisfied. After an independent review and strategic analysis, the Sierra Metal´s Board considers the revised offer to be the best available alternative, but remains cautious due to the offer’s conditional nature. Shareholders are encouraged to review upcoming details carefully before the offer deadline on May 12, 2025 (Bolivar mine, Chihuahua).
  • Santacruz Silver Mining Ltd., made the second payment of USD $7.5M to Glencore to exercise its acceleration option and satisfy the base purchase price related to the Bolivian assets acquisition (Zimapan mine, Hidalgo).
  • Chesapeake Gold Corp., announced the resignation of one of its Directors, effective immediately, to pursue other opportunities (Metates project, Durango).
  • Riverside Resources Inc., and Questcorp Mining Inc., executed a definitive option agreement whereby Questcorp will acquire 100% interest in La Union project in Sonora. Questcorp completed a NI 43-101 report and will work to reach the conditions to earn 100% ownership of the property.  Riverside will secure up to CAD $5.5M in exploration funding to advance the property.
  • Osisko Development Corp., reported voting results of its annual general meeting of shareholders (San Antonio project, Sonora).
  • Canuc Resources Corporation acquired all of the issued and outstanding shares of Macdonald Mines Exploration Ltd., Canuc issued an aggregate of 73,768,343 shares and shareholders of Macdonald Mines received 1.497 Canuc shares for each Macdonald Mines Share aggregate of 1,200,000 BMK warrants (San Javier project, Sonora).
  • Silver Viper Minerals Corp., announced an agreement to acquire the Cimarron project in Sinaloa, from CSAC Holdings Inc. and its shareholders. This acquisition aligns with Silver Viper’s strategy to expand its portfolio of high-quality gold, silver, and copper assets in Mexico. Silver Viper has agreed to acquire all of the outstanding common shares of CSAC from the vendors in exchange for 9M common shares of Silver Viper.  The Cimarron Project is situated in a well-established mining area and has a history of extensive drilling, indicating potential for further exploration and development. Silver Viper plans to focus on three key areas within the project and believes trenching could help identify additional drill targets. The transaction is subject to various conditions, including regulatory approvals and due diligence, with closing expected to occur soon after these conditions are met.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

On the picture above, slickensides related to a shear zone in a prospect in Sonora, Mexico. Photo taken by Miguel A Heredia.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 18th week of the year (April 28th to May 4th, 2025), companies working in Mexico presented 33 press releases. Not a single company informed about exploration work in early-stage projects. Five companies reported quarterly/yearly results, one company started commercial production on a new mine and one more on the commencement of activities at another mine working. Two companies informed on financing rounds, one on amended terms of a credit facility, one more updated on its at-the-market equity program, one other reported the exercise of warrants, two more on the granting of stock options, one on its inclusion on a Miners Index and one more on the issuer bid to purchase part of its stock. One company provided and update on its arbitration case against Mexico, another company halted operations in Sinaloa for security reasons, one more announced an appointment to the board, another one on a windfall payment, two companies requested MCTO actions on their stocks, two companies announced the approval of their merger by shareholders, one company previously focused on Mexico confirmed the acquisition of a mine in Peru and one more company informed on the increase of the offer on its stock. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, no relevant news. ON MINING, Guanajuato Silver, Heliostar Metals, Orogen Royalties, Minera Alamos and Capstone Copper reported their quarterly/yearly results. Sierra Madre Gold and Silver commenced mining at the Coloso mine, within La Guitarra property in Estado de Mexico. Torex Gold announced commercial production at the Media Luna mine, in Guerrero. ON FINANCING, two companies announced the closing of financing rounds:  Canuc Resources Metals (C$0.93 M) and Barksdale Resources (C$3.0 M). Americas Gold and Silver was included in the Solactive Global Silver Miners Index. Guanajuato Silver amended the terms of a credit facility. Vizsla Silver, Guanajuato Silver and Defiance Silver granted stock options or common shares. Vizsla Silver updated its at-the-market equity program to sell up to US$200 M of common shares to the public. Luca Mining informed on the exercise of warrants for US$8.4 M. ON RESOURCES AND DEVELOPMENT, Fortune Bay has been advancing community consultation on the Poma Rosa (Ixhuatán) project in Chiapas. Mithril Silver and Gold updated on work at Copalquín, Durango. ON DEALS AND CORPORATE ISSUES, GR Silver announced the pausing of activities at its Plomosas project in Sinaloa, on security grounds. Silver Bull Resources informed on the arbitration process against Mexico on the Sierra Mojada project, in Coahuila. Defiance Silver and Mithril Silver and Gold announced appointments to the board. Impact Silver and Santa Cruz Silver applied for MTCO’s. Elemental Altus Royalties received a windfall payment from a gold stream royalty. Equinox Gold and Calibre Mining informed their shareholders approved the combination of businesses. Sierra Metals acknowledged the notice of variation increasing the price offered by Alpayana to acquire Sierra’s shares. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • The Supreme Court ruled that the Mining Union, led by incumbent party senator Napoleón Gómez Urrutia, must pay former workers of Mexicana de Cananea US$54.84 million plus interest. A trust was created in 2005 following the government’s sale of the Cananea mine to Grupo México. Shortly after, the union received the funds, but under Gómez Urrutia’s leadership, it delivered only a small portion of the money to the workers.  

ON EXPLORATION

  • No Relevant News.

ON MINING

  • Guanajuato Silver Company Ltd. announced financial and operational results for Q4 and full year 2024. During the year the company mined 611.1 K tonnes, milling 606.7 K tonnes to produce 1.63 M Oz Ag, 16,554 Oz Au, 3.2 M Lb Pb, 3.9 M Lb Zn (or 3.3 M Oz AgEq) at cash cost $19.84 per Oz AgEq and an AISC of $24.98 per Oz AgEq at their El Cubo (Guanajuato), VMC (Guanajuato), San Ignacio (Guanajuato) and Topia (Durango) operations. During 2024 revenue was US$75.7 M, mine operating income US$2.5 M, mine operating cash flow of US$12.5 M, a net loss of US$17.4 M and working capital of (US$15.4 M). “27% of the net loss for the year was generated by the derivative stemming from the Gold Credit Facility with Ocean Partners UK Ltd.”
  • Heliostar Metals Ltd. reported preliminary interim results for Q1 2025. Production at its three mines during the quarter as follows: At La Colorada, in Sonora, 4,109 Oz Au, 18.3 K Oz Ag; at San Agustin in Durango, 4,412 Oz Au, 8.6 K Oz Ag; at El Castillo, in Durango, 257 Oz Au, 0.5 K Oz Ag. Consolidated production was 8,777 Oz Au, 27.4 K Oz Ag, or 9,082 Oz AuEq, at cash cost $1,175-$1,275 and an AISC of $1,375-$1,475 per Oz AuEq. Cash and cash equivalents were US$26.9 M by the end of the period.
  • Sierra Madre Gold and Silver Ltd. Announced the commencement of underground mining at the Coloso mine, within its La Guitarra property in Estado de Mexico. “The Coloso silver-gold mine is located 4 kilometers northwest of the Guitarra processing plant. Coloso was developed and mined by First Majestic Silver from 2014 to 2018. The mine has over 12 kilometers of underground workings”. The indicated resource estimate for the Coloso mine is 432 K tonnes averaging 221 gpt Ag, 1.61 gpt Au, while at La Guitarra vein the resource comprises 1.65 M tonnes averaging 123 gpt Ag, 1.25 gpt Au.
  • Orogen Royalties Inc. presented year 2024 performance. The company had C$4.3 M net income, royalty revenue of C$7.9 M with 2,343 attributable Oz AuEq, revenue of prospect generation activities of C$1.4 M, G&A expenses of C$3.7 M, cash flow of C$3.1 M. At the end of the period Orogen had C$26.8 M of working capital (Royalty on Ermitaño, Sonora).
  • Minera Alamos Inc. provided financial and operational highlights from year 2024. At the Santana mine, in Sonora, the company anticipates increased gold production. Total gold sold in 2024 was 2,806 ounces, with inventory on the leach pad of 10,226 recoverable Oz Au. The Suaqui Verde porphyry copper project in Sonora was acquired and combined with Los Verdes and Potreritos copper assets into subsidiary Cobre 4H de Sonora de Mexico. At the Cerro de Oro project in Zacatecas engineering work continues in order to advance pre-development activities while the permitting process finishes. The final US$1 M property option payment on Cerro de Oro was fulfilled, free of royalties. Revenue totaled US$8.9 M, gross mine profit US$1.7 M and US$1.7 M in net income. Cash and cash equivalents of US11.8 M and working capital of US$15.5 M at the end of December 2024.
  • Torex Gold Resources Inc. announced it has achieved commercial production at the Media Luna mine, in Guerrero. “Following the safe, successful tie-in of the flotation circuits to the processing plant, the project team is now focused on ramping up the underground mine to the design level of 7,500 tonnes per day (“tpd”) by mid-2026 …. Significant progress continues to be made on definition drilling, with 51 of the 60 stopes planned to be mined in the 2025 mine plan drilled off, 40 from 2026, and 14 from 2027. Development rates remain above budget with 1,304 metres completed in March compared to a budget of 1,200 metres per month”.
  • Capstone Copper Corp. reported financial results for Q1 2025. The company produced 53,796 tonnes Cu at cash cost $2.59 per Lb Cu in the period, of which 6,524 tonnes were produced at Cozamin, in Zacatecas, at cash cost $1.28 per Lb Cu. Capstone had revenue of US$533.3 M, adjusted net income of US8.1 M, operating cash flow of US$166.1 M, adjusted EBITDA of US$179.9 M and net debt of US$788.1 M. At the end of the period Capstone had US$344.5 M in cash and short-term investments, and US$700 M on the revolving credit facility.

ON FINANCING

  • Americas Gold and Silver Corp. has been included in the Solactive Global Silver Miners Index (Cosala, Sinaloa).
  • Guanajuato Silver Company Ltd. amended terms of the gold credit facility with Ocean Partners UK Ltd., on which “two-thirds of the outstanding balance will be amortized over 36 months starting April 2025, and repayable in equal fixed installments of 131.7 ounces of gold bullion, representing approximately 10% of Guanajuato Silver’s monthly modelled gold production. The remaining one-third of the outstanding balance, 2,366 gold ounces, will be paid on conclusion of the 36-month term”. The company is to grant 7.7 M stock options to directors, officers and employees (El Cubo, Guanajuato; Topia, Durango).
  • Vizsla Silver Corp. updated its previously announced at-the-market equity program to offer and sell up to US$200 M of common shares to the public. “Sales of Common Shares, if any, will be made pursuant to the terms of an equity distribution agreement dated April 28, 2025 … among the Company and Canaccord Genuity and CIBC Capital Markets, as lead agents, and National Bank Financial and BMO Capital Markets ….. on the Toronto Stock Exchange and the NYSE American, and/or any other marketplace for the Common Shares in Canada or the United States or as otherwise agreed between the Agents and the Company. The sales of Common Shares …… at the market price prevailing at the time of each sale”.
  • Luca Mining Corp. announced that Luca investors, including certain insiders, exercised an aggregate 38.8 M share purchase warrants worth US$8.4 M. “The Company has substantially reduced its debt by USD $8.4 million since January 1, 2025, resulting in a current debt balance of USD $8.5 million. Luca’s total cash and cash equivalents balance (including silver bullion on hand) is currently US$20.6 million and growing” (Campo Morado, Guerrero).
  • Fortuna Mining Corp. informed the TSX approved a renewal of Fortuna’s normal course issuer bid to purchase up to five percent of its outstanding common shares (Cecilia, Sonora).
  • Canuc Resources Corp. closed the final tranche of a previously announced private placement financing for gross proceeds of C$930 K (San Javier, Sonora).
  • Vizsla Silver Corp. granted 4 M stock options at an exercise price of $2.90 to directors, officers, employees and consultants of the Company (Panuco, Sinaloa).
  • Defiance Silver Corp. issued 33.4 K common shares to an officer of the company for services rendered between July and December 2024, for a value of C$8 K (Tepal, Michoacan).
  • Barksdale Resources Corp. closed its previously announced private placement offering of secured convertible debentures, for gross proceeds of C$3 M. The company also extended the maturity date of its existing secured convertible debentures for C$1.5 M “and the expiry date of an associated 8,000,000 detachable share purchase warrants previously issued to Delbrook in connection with the Existing Debentures (the “Extension Warrants“) from December 31, 2025 to December 31, 2027” (San Javier, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Fortune Bay Corp. informed the company has been advancing consultation with key project area communities with the goal of establishing exploration agreements on the Ixhuatán project in Chiapas. One of the agreements reached so far is to change the name of the project to Poma Rosa, after a popular fruit cultivated through the area. The Poma Rosa project holds a historical measured and indicated resource of 17.7 M tonnes averaging 1.84 gpt Au, containing 1.04 M Oz Au, and inferred resources of 21.8 M tonnes averaging 1.01 gpt Au, containing 703 K Oz Au. “The presence of a large copper-gold mineralizing system is evident from historical soil sampling results, historical drilling results and historical mining immediately to the north of Poma Rosa at Santa Fe”.
  • Mithril Silver and Gold Ltd. presented its quarterly report for Q1 2025. Several high-grade gold-silver intercepts were reported during the period, with Target 1 resource update drilling and Target 2 exploration drilling as part of the 35,000 m 2025 program. An experienced Canadian Exploration Manager was appointed, and the field team grew to eight geologists and an experienced site manager.  

ON DEALS AND CORPORATE ISSUES

  • GR Silver Mining Ltd. announced the temporary pause of field work on the Plomosas project in Sinaloa. In response to generalized violence in the southern part of Sinaloa “management has decided to temporarily pause field work to allow time for the considerable efforts of the Government of Mexico to increase security and stability in the project region”.
  • Silver Bull Resources Inc. provided an update on its arbitration case against Mexico. Silver Bull filed its Reply to Mexico’s Counter-Memorial under the United States-Mexico-Canada Agreement (USMCA) and the North American Free Trade Agreement (NAFTA) before the International Center for the Settlement of Investment Disputes (ICSID). Under the current schedule, Mexico now has until August 26, 2025 to file its Rejoinder before the case proceeds to a hearing, which will commence on October 6, 2025. The legal case arises from the illegal blockade of Silver Bull’s Sierra Mojada project in Coahuila, and Mexico’s refusal to take action to terminate it. The updated damages claim is for US$374.9 M.
  • Defiance Silver Corp. appointed Mr. Armando Vazquez, M.Sc., C.P.G., as Vice President, Operations (Zacatecas, Zacatecas).
  • Elemental Altus Royalties Corp. received a further US$9.6 M as a result of its secured creditor claim against Rambler Metals and Mining Canada Ltd., in relation to the Company’s former Ming gold stream (Mercedes, Sonora).
  • Impact Silver Corp. requested a temporary Management Cease Trade Order (MCTO) from the British Columbia Securities Commission in connection with the filing of its audited annual financial statements and management discussion and analysis (MDA) for the financial year ended December 31, 2024. “The delay in filing the Annual Filings is a result of unexpected delays experienced by the Company in working with a new auditor for the first times in completing the audit of the Audited Financial Statements… It is the Company’s reasonable expectation that the Annual Filings will be finalized on or about May 7, 2025” (Plomosas, Chihuahua).
  • Equinox Gold Corp. announced its shareholders approved all matters voted on at the annual and special meeting of shareholders, including the share issuance resolution in connection with the proposed business combination with Calibre Mining Corp. (Los Filos, Guerrero).
  • Santacruz Silver Mining Ltd. applied to and received from the British Columbia Securities Commission a temporary management cease trade order (MCTO) on the basis that it was unable to file its annual financial statements for year 2024 (Zimapan, Hidalgo).
  • Endeavour Silver Corp. completed the acquisition of Compañia Minera Kolpa S.A. and thus its main asset, the Huachocolpa Uno Mine, in Peru (Terronera, Jalisco).
  • Calibre Mining Corp. announced its shareholders approved the business combination with Equinox Gold Corp.
  • Sierra Metals Inc. acknowledged the press release and notice of variation dated May 1, 2025, filed by Alpayana S.A.C., announcing an increase to the offer price for its proposed take-over bid to acquire all of the common shares of Sierra Metals from C$1.11 to C$1.15 per common share. The company’s board of directors is reviewing the notice of variation and expects to make a recommendation to shareholders over the coming days (Bolivar, Chihuahua).
  • Mithril Silver and Gold Ltd. announced the appointment of Michael Port from DFK Kidsons as the company’s chief financial officer (Copalquin, Durango).
  • Capstone Copper Corp. announced its annual general meeting results (Cozamin, Zacatecas).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Derelict wall-resembling silicified dike in Sonora. Picture by Jorge Cirett.

01 IMG_9590 – copiaDownload

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

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By Jorge Cirett

During the 14th week of the year (March 31st to April 6th, 2025), companies working in Mexico presented 30 press releases. Not a single company informed on early exploration at its property. One company announced the start of commercial production. Six companies informed on financing rounds, one on the granting of options, another on DTC eligibility and one more on an extension for warrant exercising. Two companies informed on the start of drilling campaigns at their advanced projects, one on a new discovery in an advanced project, another on the near completion of construction of a mine, two more released their 2024 MRE’s and the filing of technical reports, and one more on drilling results on its operating mine. A company announced the spin-out of a subsidiary, one more the suspension of mining operations due to the failure to obtain a community’s permit, another informed on the sale of its Mexican subsidiary, one more on its government liaisons, another  advised its shareholders to take no action in a hostile take-over bid, one more optioned a mining property and one more informed on the advance of its property portfolio. ON MEXICO ISSUES, according to the AIMMGM, the federal government gave the greenlight to 27 permits. Vizsla Silver paused exploration at Panuco, in Sinaloa, on security concerns.  ON EXPLORATION, no relevant news. ON MINING, Luca Mining announced commercial production at Tahuehueto, in Durango. ON FINANCING, companies announcing different stages of financing rounds include Canuc Resource (C$2.3 M), Endeavour Silver (US$45 M), Heliostar Metals (C$75 M), Silver Tiger (C$15 M), GoGold Resources (C$86.2 M) and Fortune Bay (C$2.8 M); Royalties Inc. announced its shares are eligible through DTC, Impact Silver proposed to extend the expiry date of warrants, GR Silver granted incentive options. ON RESOURCES AND DEVELOPMENT, Heliostar Metals is to commence a drilling campaign at Ana Paula, in Guerrero. Capitan Mining commenced an RC drilling campaign at Cruz de Plata, in Durango. Vizsla Silver announced the discovery of mineralization six kilometers from the current MRE at Panuco, in Sinaloa; Endeavour Silver informed the Terronera Mine in Jalisco is in the final stages of construction; Aura Minerals reported the 2024 MRE for the Aranzazu Mine in Zacatecas, and filed the report; Gold Resource released high-grade polymetallic underground drilling results from the Don David Mine in Oaxaca. First Majestic released MRE’s on its four operating mines in Mexico.  ON DEALS AND CORPORATE ISSUES, Riverside Resources announced the spin-out Blue Jay Gold obtained the needed final order. Equinox Gold indefinitely suspended operations at Los Filos Mine in Guerrero, for lack of a community permit. Golden Minerals sold its Mexican subsidiary. Oroco Resource informed on meetings with government executives. Sierra Metals advised its shareholders not to take action on a hostile take-over bid. Masivo Silver optioned the Cerro Colorado property in Southern Sonora. Empress Royalty informed on the advance of its portfolio with a new property coming into production. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • According to the AIMMGM (Asociación de Ingenieros de Minas, Metalurgistas y Geólogos), the federal government has given the green light to at least 27 permits on the mining industry. Furthermore, the president of the CAMIMEX (Cámara Minera de México), Pedro Rivero, stated that dialog with the Mexican authorities has been very productive. Camimex works alongside the government on the development of the rulebook that is to guide the application of the Mining Law approved in April 2023. This rulebook is expected to be produced during the second quarter of 2025.
  • Vizsla Silver Corp. announced the pause of field work at its Panuco project in Sinaloa, due to current security conditions in the area.

ON EXPLORATION

  • No Relevant News.

ON MINING

  • Luca Mining Corp. announced commercial production at its Tahuehueto mine in Durango, releasing also its production guidance for 2025 at Tahuehueto and Campo Morado, in Guerrero. At Tahuehueto the processing plant can process 1,000 tpd and is currently producing at 82% capacity. The company presented two production tables for 2025: one with 85,000 – 100,000 Oz AuEq produced metal and another with 65,000 – 80,000 Oz AuEq of payable metal during the year. “The Company anticipates generating between $30 million and $40 million in free cash flow2 before working capital adjustments for the year”.
  • Alamos Gold Inc. plans to release its Q1 2025 financial results on April 30, 2025 (Mulatos, Sonora).

ON FINANCING

  • Canuc Resources Corp. closed the first tranche of its previously announced private placement financing, with gross proceeds of C$2.3 M. “Proceeds will be used for expenses associated with completing the acquisition of MacDonald Mines Exploration Ltd. and for the exploration and development of the Company’s new and existing exploration and development assets” (San Javier, Sonora).
  • Endeavour Silver Corp. upsized its previously announced bought deal of common shares for gross proceeds of US$45 M. The net proceeds of the offering will be used to fund a portion of the cash component of a mining company in Peru (Terronera, Jalisco).
  • GR Silver Mining Ltd. granted 860 K incentive stock options to certain employees and consultants, 400 K incentive stock options to certain executive officers and 154.8 K deferred share units to the company’s non-executive directors for director’s fees relating to Q1 2025 (Plomosas, Sinaloa).
  • GoGold Resources Inc. filed a short form prospectus pursuant to its C$75 M bought deal public offering of common shares (Los Ricos, Jalisco).
  • Royalties Inc. announced that its common shares are now eligible for electronic clearing and settlement in the United States through the Depository Trust Company (DTC). “DTC eligibility streamlines the trading process, making it more efficient for investors and brokers” (Royalties on Bilbao, Zacatecas).
  • Silver Tiger Metals Inc. filed a final short form prospectus with the securities commissions in each of the provinces of Canada, except Quebec, in connection with its bought deal public offering of common shares intended to raise up to C$15 M. If an over-allotment option is exercised in full, the aggregate gross proceeds would rise to C$17.2 M (El Tigre, Sonora).
  • GoGold Resources Inc. closed the previously announced bought deal offering, for aggregate gross proceeds of C$86.2 M (Los Ricos South, Jalisco).
  • Impact Silver Corp. proposed the extension by 18 months of 33.4 M warrants expiring in 2025. Such an extension is subject receipt of TSX Venture Exchange approval (Plomosas, Chihuahua).
  • Fortune Bay Corp. intends to complete a non-brokered private placement for aggregate gross proceeds of up to C$2.8 M (Ixhuatan, Chiapas).

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd. is to mobilize two drill rigs in April to commence a 15,000 m drilling campaign at Ana Paula, in Guerrero. The drill program will focus on infill drilling, testing the extent of satellite zones and test exploration targets north of the Parallel Panel.
  • Capitan Silver Corp. commenced drilling at its Cruz de Plata project in Durango. The initial 10,000 m of reverse circulation (RC) drilling is to focus on definition and step out drilling at Jesus Maria and its extension into the recently acquired Fresnillo claim, step out drilling along the Gully Fault zone to the northeast and drill targets on parallel mineralized structures to the north of Jesus Maria. “In total there are 8 silver mineralized structures that have been identified at Cruz de Plata for a cumulative strike of 7km”.
  • Vizsla Silver Corp. announced the discovery of high-grade mineralization on the Animas vein system, six km to the northeast of the Copala resource area, within its 7,190 ha Panuco project in Sinaloa. Highlighted true width high-grade intervals within a broader mineralization envelope below historic mine workings comprise 5.85 m @ 4.26 gpt Au, 653 gpt Ag (including 1.31 m @ 4.00 gpt Au, 1,190 gpt Ag and 1.13 m @ 14.10 gpt Au, 1,398 gpt Ag); 2.60 m @ 2.00 gpt Au, 457 gpt Ag, 0.1% Pb, 0.2% Zn (including 1.09 m @ 3.42 gpt Au, 814 gpt Ag, 0.1% Pb, 0.2% Zn).
  • Endeavour Silver Corp. informed its Terronera Mine in Jalisco is in the final construction stages. Highlights include advances in the commissioning of the upper platform process plant, testing of the crushing, grinding, flotation and tailing thickening circuit (producing 2 tonnes of concentrate), concentrate filter pre-commissioning, tailing filter mechanical assembly completed, tailing storage facility nearly complete, the first production stope has been mined and backfilled and surface run-of-mine and crushed stockpiles reached 40 K tonnes.
  • Aura Minerals Inc. reported updated mineral reserves and mineral resources for its four operating mines, including the Aranzazu mine in Zacatecas. “Infill and deep drilling campaigns from 2018 to 2024 in the Glory Hole (GH) zone have been successful in extending known mineralization…. Drilling campaigns in 2024 confirmed the extension of skarn mineralization in the Esperanza zone, with promising copper and gold grades”. Proven and probable reserves comprise 11.5 M tonnes averaging 0.64 gpt Au, 1.04% Cu, 17 gpt Ag, containing 237 K Oz Au, 264.1 M Lb Cu, 6.1 M Oz Ag. Measured and indicated resources comprise 20.1 M tonnes averaging 0.76 gpt Au, 1.18% Cu, 19 gpt Ag, containing 493,885 Oz Au, 521.9 M Lb Cu, 12.3 M Oz Ag. Inferred resources comprise 5.6 M tonnes averaging 0.44 gpt Au, 0.82% Cu, 14 gpt Ag, containing 78,808 Oz Au, 101.9 M Lb Cu, 2.5 M Oz Ag.
  • Gold Resource Corp. released a summary of the 2024 exploration drill results from its Don David Mine in Oaxaca. The program focused on underground infill and expansion drilling within the Three Sisters and Gloria vein systems as well as in veins of the North Arista system. Highlighted true-with results comprise 4.70 m @ 14.13 gpt Au, 125 gpt Ag, 0.32% Cu, 2.8% Pb, 7.1% Zn; 12.30 m @ 3.97 gpt Au, 71 gpt Ag, 0.29% Cu, 2.3% Pb, 4.2% Zn; 8.03 m @ 0.60 gpt Au, 40 gpt Ag, 0.17% Cu, 2.3% Pb, 4.9% Zn; 3.89 m @ 5.86 gpt Au, 33 gpt Ag, 0.24% Cu, 1.6% Pb, 6.2% Zn; 6.00 m @ 1.36 gpt Au, 372 gpt Ag, 0.60% Cu, 1.1% Pb, 2.6% Zn; 4.48 m @ 2.08 gpt Au, 1,299 gpt Ag, 0.32% Cu, 0.6% Pb, 1.5% Zn; 8.72 m @ 1.69 gpt Au, 298 gpt Ag, 0.24% Cu, 1.0% Pb, 2.1% Zn; 5.53 m @ 0.19 gpt Au, 28 gpt Ag, 0.12% Cu, 0.8% Pb, 5.6% Zn; 5.33 m @ 1.89 gpt Au, 746 gpt Ag, 0.21% Cu, 0.8% Pb, 1.5% Zn.
  • Aura Minerals Inc. filed updated technical reports of its mines, including the one on the Aranzazu Mine in Zacatecas. “In 2024, the Mine produced 77.6 thousand tonnes (kt) of concentrate from 1,229 kt of mill feed with average grades of 1.5% Cu, 0.83 g/t Au, and 22 g/t Ag”.
  • First Majestic Silver Corp. announced the 2024 mineral reserve and mineral resource estimates for its mines, including its Mexican operations. First Majestic is currently mining at Cerro Los Gatos (70% attributable to First Majestic) in Chihuahua, San Dimas in Durango, Santa Elena in Sonora and La Encantada in Coahuila. Total contained metals in Mexico amount to 2.61 M Oz Au, 303.3 M Oz Ag, 74 M Lb Cu, 751 M Lb Pb, 1,430 M Lb Zn (or 633.7 M Oz AgEq). The company also owns the Jerrit Canyon Mine in USA, with 1.9 M Oz Au in measured and indicated resources and 1.9 M Oz Au in inferred resources.

ON DEALS AND CORPORATE ISSUES

  • Alamos Gold Inc. filed its annual information form and 2024 annual report on Form 40-F, including its audited financial statements for 2024 with the SEC on EDGAR as well as on SEDAR+ (Mulatos, Sonora).
  • Riverside Resources Inc. announced that the spin-out of its subsidiary Blue Jay Gold Corp. has been approved by shareholders, with completion expected in late H1. Riverside will continue to focus on its royalty generation and project generator model in the Americas, while Blue Jay is to pursue exploration and development of several projects in Ontario (Cecilia, Sonora).
  • Equinox Gold Corp. has indefinitely suspended operations at its Los Filos mine in Guerrero, following the expiry of its land access agreement with the community of Carrizalillo at the end of March. “EquinoxGold has been engaged in collaborative discussions with the three communities that host the mine since November 2023. Consensus on terms was reached in January 2025, and new long-term agreements were subsequently ratified and signed with the Mezcala and Xochipala communities. To date, Carrizalillo has not signed a new long-term agreement with the Company”.
  • Golden Minerals Co. sold its wholly owned subsidiary, Minera de Cordilleras S. de R.L. de C.V. to a privately held Mexican company for consideration of US$600 Ka (previously held Rodeo, in Durango).
  • Oroco Resource Corp. informed of its meeting with Sinaloa’s governor Ruben Rocha and other senior state government officials. “The Governor recognizes the project’s potential for responsible development, investment, and long-term economic growth, and confirmed the potential contribution of the Santo Tomás Project to the future of the state economy, particularly that of the Municipality of Choix”. This meeting followed prior meetings in Mexico City with the undersecretary of economy Rosendo Gutierrez and Jose Aboitiz, Head of Extractives Activities Coordination Unit and Luz Hiram Olimpia, Director General of Mining Development, aimed to prepare for the incorporation of the Santo Tomas project into the Key Development Projects Registry of the Economy’s Mining Coordination Office (Santo Tomás, Sinaloa).
  • Riverside Resources Inc. informed that the Supreme Court of British Columbia has granted the final order involving the spin-out of its equity interest in its subsidiary Blue JayGold Corp., that is to focus on projects in Ontario (Cecilia, Sonora).
  • Sierra Metals Inc. acknowledged the press release by Alpayana S.A.C. announcing an intention to update its previously announced unsolicited all-cash takeover bid to acquire all of the issued and outstanding common shares of Sierra Metals. The company advises shareholders to TAKE NO ACTION at this time (Bolivar, Chihuahua).
  • Canasil Resources Inc. announced that DeVisser Gray LLP, Vancouver, has agreed to act as the Company’s auditors, replacing the previous auditors Davidson & Company LLP (Nora, Durango).
  • Masivo Silver Corp. completed the signing of an arms-length agreement to acquire the Cerro Colorado project from a private owner and Minera GoldZone S.A. de C.V. and partners. The project is located 11 km north of the Piedras Verdes open pit mine in Sonora. Upon completing the agreement Masivo will grant 300 K shares; pay US$60 K and either 1 M Masivo shares or US$100 K on the first anniversary; pay US$70 K  and either 1.5 M Masivo shares or US$150 K on the second anniversary; pay US$80 K and either 2 M Masivo shares or US$200 K on the third anniversary; pay US$100 K and either 2.5 M shares or US$250 K on the fourth anniversary. GoldZone and partners will retain 1.5% NSR, which Masivo can buy for US$1 M.
  • Empress Royalty Corp. informed on the advance to commercial production of the Tahuehueto mine in Durango by Luca Mining (see above), on which Empress has a 100% silver stream.

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Flow banded felsic dike on a Sonora Desert project. Picture by Jorge Cirett.

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

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Flow Banded Rhyolite

By Miguel A Heredia

During the 1st week of the year (December 30th 2024 to January 5th 2025), at least 7 press releases were announced by companies working in Mexico, and 1 news published by the media, with four disclosing deals and corporate issues, two announcing financing rounds, one reporting resources and development of their properties, and one commenting on Mexican issues.  ON MEXICO ISSUES, An independent economic analysis indicated that the year 2024 was a crucial period for the Mexican economy, characterized by a scenario of contrast in the midst of a challenging global environment. ON EXPLORATION, no relevant news. ON FINANCING, Luca Mining reported that one of the company´s insiders sold an aggregate of 5,699,975 common shares (Tahuehueto project, Durango). Odyssey Marine secured $4M in funding to support the project’s development and extended the maturity of its existing debt. ON RESOURCES AND DEVELOPMENT, Silver Tiger provided a year-end review of 2024 highlights and a 2025 outlook for its El Tigre project, Sonora. ON DEALS AND CORPORATE ISSUES, Sierra Metals adopted shareholder rights plan (Bolivar mine, Chihuahua). US Antimony announced second contract for international supply of antimony (Madero smelter, Coahuila). Elemental Altus announced the appointment of a new Director (Mercedes mine, Sonora). Odyssey Marine formed a JV with Capital Latinoamericano to develop a strategic fertilizer project in Mexico, focusing on high-quality phosphate resources within the country’s Exclusive Economic Zone. ON SOCIAL RESPONSIBILITY,  no relevant news.

ON MEXICO ISSUE

  • An independent economic analysis indicated that the year 2024 was a crucial period for the Mexican economy, characterized by a scenario of contrast in the midst of a challenging global environment. Factors such as the slowdown of developed economies, geopolitical tensions and domestic policy decisions have shaped the country’s economic behavior. According to data from the National Institute of Statistics and Geography (INEGI), Mexico’s Gross Domestic Product (GDP) closed 2024 with an estimated growth of 2.8%. Although this represents a slight improvement over previous years, it is still below the expectations of international organizations such as the World Bank, which had projected growth close to 3.5%. Economic performance was mainly driven by: 1 Manufacturing sector and exports: the automotive and electronics industry continued to be a key driver, benefiting from nearshoring and the relocation of supply chains by global companies;  2 Remittances: money transfers from abroad reached a new record, with more than USD $60 B entering the country, which boosted consumption in vulnerable sectors; and 3 Tourism: the recovery of international tourism and the growth of domestic tourism contributed significantly to the economy, especially in regions such as Quintana Roo and Baja California Sur. Inflation closed the year at 4.2%, getting closer to the Bank of Mexico (Banxico) objective of 3%. This achievement is attributed to a restrictive monetary policy that kept the interest rate at high levels for much of the year. However, this also generated an impact on consumer credit and private investment, limiting economic growth. One of the most significant challenges of the year was the weakness in gross fixed investment, which showed a marginal growth of 0.8%. This reflects investor concerns about regulatory uncertainty and the political environment, especially in sectors such as energy and mining. The economic closure of 2024 shows that Mexico faces significant challenges, but also has unique opportunities to strengthen its economy in an uncertain global context. The key to 2025 will be to foster business confidence, consolidate its integration into global value chains and maintain a clear focus on sustainability and inclusive development.

ON EXPLORATION

  • No relevant news.

ON MINING

  • No relevant news.

ON FINANCING

  • Luca Mining Corp., reported that one of the company´s insiders, Calu Opportunity Fund LP (Calu) sold an aggregate of 5,699,975 common shares, at a price of approximately $0.62 per common share for sales gross proceeds of $3,533,984. Calu advised the company´s management that it intends to use $2M for the sales proceeds to exercise a total of 4M warrants at an exercise price of $0.50 per warrant (Tahuehueto project, Durango).
  • Odyssey Marine Exploration Inc., entered into a securities purchase agreement to secure $4M in funding to support the project’s development and extended the maturity of its existing debt. Separately, holders of Odyssey’s debt have agreed to extend the maturity date of notes due December 2024 to December 2025 and notes due June 2025 to April 2026.

ON RESOURCES AND DEVELOPMENT

  • Silver Tiger Metals Inc., provided a year-end review of 2024 and an outlook for 2025, highlighting significant progress in its El Tigre project, Sonora. Key achievements in 2024 included the completion of a Preliminary Feasibility Study (PFS) with a base case After-Tax NPV of USD $222M and an After-Tax IRR of 40%. The company also updated its Mineral Resource Estimate and commenced underground drilling on high-grade veins, sulphide, and shale zones. For 2025, Silver Tiger plans to complete a 5,000m underground drill program, with the first drill results expected in January 2025, deliver a Preliminary Economic Assessment (PEA) during H1-2025 for the underground resource, secure project financing for the open pit portion of the project, and make a construction decision upon receipt of the open pit permit.

ON DEALS AND CORPORATE ISSUES

  • Sierra Metals Inc., adopted a shareholder rights plan effective December 30, 2024, aimed at ensuring fair treatment of shareholders during take-over bids and protecting against creeping bids. The plan allows shareholders to purchase additional common shares at a 50% discount if rights become exercisable. However, it requires ratification by shareholders and approval from the Toronto Stock Exchange by June 30, 2025; otherwise, the plan will terminate (Bolivar mine, Chihuahua).
  • US Antimony Corporation (USAC) announced on December 30, 2024, a second contract for the international supply of antimony, with initial shipments of 50 wet metric tons from Thailand expected to arrive at the Mexican port of Manzanillo in March 2025 to be processed at the company´s Madero smelter in Coahuila. Additionally, USAC filed a new $100M universal shelf registration statement with the United States Securities and Exchange Commission (SEC), aimed at providing flexibility for future financing opportunities. It will replace its existing $25M universal shelf registration statement that will expire in January 2025. This move is part of USAC’s strategy to secure quality antimony supply for its smelters and set up for a strong financial performance in 2025.
  • Elemental Altus Royalties Corp., announced the appointment of a new member to its Board of Directors as an independent non-executive Director (Mercedes mine, Sonora).
  • Odyssey Marine Exploration Inc., formed a JV with Capital Latinoamericano S.A.de C.V. to develop a strategic fertilizer project in Mexico, focusing on high-quality phosphate resources within the country’s Exclusive Economic Zone. The initiative aims to establish a partnership with the Mexican government to enhance food security and empower local farmers, particularly small-scale producers, by providing access to affordable fertilizers. The project combines Odyssey’s expertise in subsea resource exploration with Mr. Juan Cortina’s leadership in agriculture, promoting sustainable practices and rural development. The project will employ advanced technology and proven sustainable dredging techniques, which have been successfully used in over 200 similar projects in Mexican waters by a local operating partner for the project. Odyssey secured $4M in funding to support the project’s development and extended the maturity of its existing debt.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

On the picture above, flow banded rhyolite in an epithermal vein system project in Durango, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico: Highlights on the Second Week of December 2024

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By Jorge Cirett                                             

During the 50th week of the year (December 9th to December 15th, 2024), companies working in Mexico posted at least 28 press releases. Not a single company informed on exploration advances at its property, two companies presented quarterly results, one company was ordered to suspend operations, one more announced commercial production while another the re-start of heap stacking. Two companies informed on financing rounds, one on the granting of options, another on a share purchase plan, one on the evaluation of share consolidation and one more on the signing of service contracts. Six companies updated on drilling programs and one on a new MRE report for its property, one company started test mining and bulk sampling at its advanced property. One company published its annual handset book, two companies presented AGM results, three more announced appointments to the board, two companies informed on their amalgamation agreement, one more on the move of its headquarters and another one on the international arbitration proceedings against Mexico. One company published its sustainability report ON MEXICO ISSUES, Mexico is to review the proposed ban on open pit mining. ON EXPLORATION, no relevant news. ON MINING, GoGold Resources and Heliostar Metals presented quarterly reports. Torex Gold operations in Guerrero were mandated to halt by the government. Sierra Madre Gold and Silver announced commercial production at La Guitarra. Heliostar Metals intends to re-start stacking activities at La Colorada in Sonora. ON FINANCING, Tocvan Ventures and Quetzal Copper announced financing rallies for $2.1 M and C$3 M respectively. Sandstorm entered an automatic share purchase plan. Sierra Metals is considering a 20:1 share consolidation plan. Sierra Madre Gold and Silver granted stock options, Heliostar Metals signed services agreements with two companies, Defiance Silver made a clarification on the engagement of a service company. ON RESOURCES AND DEVELOPMENT, Silver Storm Mining released results from drilling at La Parilla, Mithril Silver and Gold updated on drilling at Copalquin, Defiance Silver announced a new MRE for Tepal, Pan American Silver reported drilling highlights for La Colorada and La Colorada Skarn, Prime Mining reported on expansion drilling at Los Reyes, Orla Mining updated on exploration at Camino Rojo. Fuerte Metals reported drilling results from Cristina, Vizsla Silver commenced test mining and bulk sampling at Panuco ON DEALS AND CORPORATE ISSUES, Elemental Altus Royalties published its annual handset handbook. Defiance Silver and Zacatecas Silver announced AGM’s results. Orla Mining and Luca Mining announced appointments to the board. Enduro Metals and Commander Resources announced its amalgamation agreement. US Antimony announced the move of its headquarters. Almaden Minerals informed on the international arbitration process under the TPP with Mexico. ON SOCIAL RESPONSIBILITY, Capstone Copper published its 2023 sustainability report.

ON MEXICO ISSUES

  • Mexico is to review the proposed bill to ban open pit mining, announced Claudia Shienbaum, Mexico’s president.  The proposal was approved by the lower chamber of Congress in August, and also seeks to prohibit fracking and restrict water usage in areas of scarcity. She emphasized that the review will focus on ensuring environmental protection and is independent of corporate interests. “The Mexican Mining Chamber (Camimex) has voiced strong opposition to the proposed ban. Open-pit mining accounts for 60% of the value of Mexico’s national mining and metallurgical production. Camimex warns that the prohibition could lead to a 1% contraction in the country’s GDP and jeopardize nearly 200,000 jobs.”

ON EXPLORATION

  • No Relevant News.

ON MINING

  • Torex Gold Resources Inc. updated on the carbon monoxide accident that claimed the lives of two employees and one contractor and injured a second contractor. The company commenced its “own internal investigation to determine how, despite multiple levels of safety protocols and controls, such a tragedy could have occurred…. Two experienced individuals went into a restricted area where carbon monoxide was present, and in an effort to rescue their colleagues who suffered exposure, two other individuals entered the area as well. Three of the individuals passed away as a result, while the fourth was transported to a local hospital and is now at home recovering”.
  • Torex Gold Resources Inc. received notification from the DGM (Dirección General de Minas) that all activities are to be temporarily suspended at the Morelos property in Guerrero, “to support their inspection associated with the fatal incident at the El Limón Guajes underground mine” on December 5th, 2024.
  • Sierra Madre Gold and Silver Ltd. announced that industrial production has started at the Guitarra mine processing plant in Estado de México. “The plant has been operating at 86% of the milling circuit nameplate capacity, or 516 wet metric tonnes per day, for the last two (2) months”. During October 13.2 K tonnes were processed to recover a concentrate containing 21.2 K Oz Ag, 295 Oz Au, and 13 K tonnes were processed in November to recover a concentrate containing 22.9 K Oz Ag, 363 Oz Au.
  • GoGold Resources Inc. announced financial results for the three months and full year ended on September 30, 2024. The company had revenue of US$36.5 M for the year on the sale of 1.4 M Oz AgEq, with net income of $1.6 M, production of 553.4 K Oz Ag, 8,700 Oz Au, 468 tonnes Cu, 316 tonnes Zn (or 1.48 M Oz AgEq), at cash cost of $17.62 per Oz AgEq and an AISC of $24.15. Cash of US$72.0 M at the end of the period.
  • Heliostar Metals Ltd. announced its intentions to recommence crushing and stacking in January 2025 of the historical Junkyard Stockpile at the Colorada Mine in Sonora. “The planned restart would initially augment and then replace the current gold production from residual leaching at the mine”. The stockpile is located close to the La Colorada crushing circuit, containing material mined from the Gran Central Pit in the mid to late 1990’s. “Drill holes were completed on a ~35-metre grid across the stockpile with some drill holes completed on a 7-metre grid for variability testing. In total, 57 holes totalling 2,290 metres were completed”.
  • Starcore International Mines Ltd. reported results for its Q2, ended in October 31, 2024. During the period the company processed 48.2 K tonnes at its San Martin mine in Queretaro, grading 1.1 gpt Au, 9.81 gpt Ag, recovering 80.3% Au, 49.2% Ag, to produce 1,400 Oz Au, 7.6 K Oz Ag (or 1,466 Oz AuEq) at cash cost $2,746 per Oz Au. “This quarter reflects the 2-month closure of mining operations due to the safety standards upgrades that were required by the Mexican Labor Department,,,” after a fatal accident at the mine. Cash on hand is C$3.7 M and working capital C$4.1 M.

ON FINANCING

  • Sierra Madre Gold and Silver Ltd. granted stock options to two new employees of the company to purchase an aggregate of 300 K common shares (La Guitarra, Estado de México).
  • Sandstorm Gold Ltd. entered into an automatic share purchase plan under its previously announced normal course issuer bid. The company’s at-the-market equity program for up to US$150 M of common shares expired in October with no shares being issued under the program. Sandstorm renewed its revolving credit agreement allowing the company to borrow up to US$625 M (Royalty in Cosalá, Sinaloa).
  • Tocvan Ventures Corp. closed a first tranche of its previously announced non-brokered private placement for gross proceeds of $2.1 M, including $1.8 M from Sorbie Bornholm LP, a UK based institutional investor (Gran Pilar, Sonora).
  • Sierra Metals Inc. is to hold a special meeting of shareholders on January 31, 2025, to seek authorization from shareholders to consider a consolidation of all the company’s issued and outstanding common shares on 1 to 20 ratio (Bolivar, Chihuahua).
  • Heliostar Metals Ltd. entered into an agreement with Triomphe Holdings Ltd. for an initial term of six months and C$120 K, and Investors News Network with a term of three months and C$25 K, for investor relations and communication services (Ana Paula, Guerrero).
  • Defiance Silver Corp. made a clarification on the engagement of Torrey Hills Capital Inc. to provide investor relation. Torrey is to receive a monthly payment of US$5 K per month for a minimum of four months (Tepal, Michoacan).
  • Quetzal Copper Corp. announced a non-brokered private placement for aggregate gross proceeds of up to C$3 M (Cristinas, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Silver Storm Mining Ltd. released results from drilling at La Parrilla Silver Mine Complex, in Durango. Three high-grade zones within the Central Rosarios at the Rosario mine span 275 m in strike length down to a depth of ~600 m remaining open at depth. Highlighted core length intercepts comprise 1.50 m @ 74 gpt Ag, 2.4% Pb, 3.1% Zn; 1.00 m @ 22 gpt Ag, 0.4% Pb, 4.4% Zn; 0.60 m @ 354 gpt Ag, 0.09% Cu, 5.4% Pb, 2.0% Zn; 1.76 m @ 103 gpt Ag, 1.4% Pb, 1.4% Zn; 4.23 m @ 0.25 gpt Au, 150 gpt Ag, 2.6% Pb, 3.6% Zn (including 1.81 m @ 0.31 gpt Au, 296 gpt Ag, 4.3% Pb, 5.5% Zn).
  • Mithril Silver and Gold Ltd. provided an update on current drilling the Target 1 area at its Copalquin project in Durango. The first wo holes of this campaign are at the lab, the next on the way to the lab, two more are being logged and sampled and a sixth hole has been commenced. A maiden resource for the Target 1 area is scheduled for the end of Q1 2025. Two more areas are to be drilled once the ongoing municipal road upgrade by the company is completed, which will facilitate the 40,000 m of drilling planned for 2025.
  • Defiance Silver Inc. announced a mineral resource estimate (MRE) for its Tepal Au-Cu project in Michoacan. The open pit operation model comprises 111.7 M tonnes grading 0.19% Cu, 0.26 gpt Au, 1.55 gpt Ag, containing 473.9 M Lb Cu, 926 K Oz Au, 5.6 M Oz Ag as measured and indicated resources, and 124.4 M grading 0.16% Cu, 0.25 gpt Au, 1.46 gpt Ag, containing 451 M Lb Cu, 985 K Oz Au, 5.8 M Oz Ag. Molybdenum was not included due to insufficient metallurgical testwork, but moly grades are significant and its recovery will be assessed.
  • Pan American Silver Corp. provided its annual exploration update, including its Mexican operations. At La Colorada, in Zacatecas, 13 new veins have been discovered in the eastern portion of the property. Highlighted true width intercepts comprise 0.95 m @ 9,618 gpt Ag, 4.9% Pb, 4.8% Zn; 2.32 m @ 2,615 gpt Ag, 2.3% Pb, 5.2% Zn; 3.28 m @ 308 gpt Ag, 10.2% Pb, 13.1% Zn. The San Geronimo vein system covers now 550m along the strike by 450m vertical. From May to October almost 48,000 m of drilling have been carried out. At the nearby La Colorada Skarn “infill drilling reinforced confidence in the large, indicated mineral resource updated on June 2024”. Over 11,000 m of infill drilling have been completed since then with highlighted core length intervals comprising 273.1 m @ 54 gpt Ag, 0.8% Pb, 5.2% Zn; 62.55 m @ 84 gpt Ag, 2.0% Pb, 7.6% Zn; 60.25 m @ 85 gpt Ag, 7.0% Pb, 10.4% Zn.
  • Prime Mining Corp. reported expansion drilling results from its Los Reyes project in Sinaloa. The four holes tested Guadalupe East, on the south-east end of the Guadalupe Trend, and are not included in the mineral resource estimate (MRE) released in October. Highlighted true width intervals comprise 1.25 m @ 3.34 gpt Au, 617 gpt Ag (including 0.65 m @ 6.27 gpt Au, 1,160 gpt Ag); 0.95 m @ 14.25 gpt Au, 2,150 gpt Ag; 0.80 m @ 0.81 gpt Au, 1 gpt Ag; 2.35 m @ 1.80 gpt Au, 272 gpt Ag. The company has expanded its fiscal year 2024 program to 50,000 m from 40,0000 m, with “prioritization of targets on probability of resource development and generative area discovery potential”.
  • Orla Mining Ltd. provided an update on exploration of the Camino Rojo Extension, now referred to as Zone 22, at its Camino Rojo project in Zacatecas. Highlighted core length intercepts of 11,318 m in thirteen holes comprise: 4.90 m @ 4.54 gpt Au, 7 gpt Ag, 2.08% Zn; 6.60 m @ 1.01 gpt Au, 63 gpt Ag, 1.6% Cu, 0.1% Zn (including 1.20 m @ 3.08 gpt Au, 202 gpt Ag, 4.95% Cu, 0.2% Zn); 2.90 m @ 5.65 gpt Au, 27 gpt Ag, 0.1% Pb, 1.4% Zn; 4.90 m @ 4.54 gpt Au, 7 gpt Ag, 2.1% Zn; 2.70 m @ 30.70 gpt Au, 4 gpt Ag, 1.3% Zn (including 0.60 m @ 140.50 gpt Au, 9 gpt Ag, 0.16% Cu, 5.2% Zn); 2.00 m @ 0.83 gpt Au, 393 gpt Ag, 2.4% Pb, 8.8% Zn; 15.00 m @ 0.93 gpt Au, 25 gpt Ag, 0,91% Cu; 4.50 m @ 5.17 gpt Au, 215 gpt Ag, 0.14% Cu, 3.3% Pb, 4.6% Zn; 2.80 m @ 2.99 gpt Au, 269 gpt Ag, 0.16% Cu, 4.3% Pb, 6.8% Zn. Mineralization extends up to 800 m down-plunge from the resource pit. In addition to Au-Ag-Zn sulfide replacement and skarn mineralization, Zone 22 presents Cu-Au-Ag values associated to a felsic dike intersected primarily in the deepest down-plunge extension area.
  • Fuerte Metals Corp. reported results from five diamond holes at its Cristina project in Chihuahua. The holes reported are from the Los Ingleses and Mexico Libre vein systems, which returned true width intercepts of: 0.90 m @ 3.40 gpt Au, 6 gpt Ag, 0.1% Zn; 9.00 m @ 1.50 gpt Au, 42 gpt Ag, 0.18% Cu, 0.5% Pb, 2.5% Zn; 17.50 m @ 2.40 gpt Au, 23 gpt Ag, 0.5% Pb, 1.0% Zn (including 7.50 m @ 5.30 gpt Au, 40 gpt Ag, 0.16% Cu, 1.0% Pb, 2.0% Zn); 2.40 m @ 11.90 gpt Au, 69 gpt Ag, 0.25% Cu, 1.9% Pb, 4.0% Zn; 3.00 m @ 8.60 gpt Au, 95 gpt Ag, 0.40% Cu, 1.4% Pb, 6.2% Zn (including 1.80 m @ 14.20 gpt Au, 143 gpt Ag, 0.65% Cu, 2.2% Pb, 9.8% Zn). “Fuerte has now reported thirty holes totalling 7,936.5 metres of drilling as part of a 40-50 hole, 21,000 metre drill program”. An underground resource estimate will follow the completion of the 21,000 m program in Q3 2025.
  • Vizsla Silver Corp. commenced fully funded and fully permitted test mining and bulk sample program at its Panuco project in Sinaloa. The underground scope includes 1,070 m of ramp development, lateral access and ore extraction from the 460-level zone on the Copala structure, where approximately 10 K tonnes of high-grade material is to be mined. Surface infrastructure to be completed includes construction of portal facilities, access roads and laydown areas.

ON DEALS AND CORPORATE ISSUES

  • Elemental Altus Royalties Corp. published the 2024 edition of its Annual Handset Handbook, with information on the production, development and exploration stages royalties (Mercedes, Sonora).
  • Defiance Silver Corp. announced results from its AGM and the election of Pail A. Smith as director (Tepal, Michoacan; Zacatecas, Zacatecas).
  • Orla Mining Ltd. announced the appointment of Dr. Silvana Costa as Chief Sustainability Officer (Camino Rojo, Zacatecas).
  • Enduro Metals Corp. and Commander Resources Ltd. announced its amalgamation agreement pursuant to which Enduro and Commander will combine their operations creating a copper and gold explorer. Commander owns the Pedro project in Durango.
  • United States Antimony Corp. announced the move of its corporate headquarters to Dallas, Texas, from Thompson Falls, Montana. Additionally, Mr. Gary C. Evans assumed the chief executive role and continues as chairman of the board of directors, Mr. Joe Bardswich takes on the role of executive vice-president and chief mining engineer (Los Juarez, Queretaro).
  • Almaden Minerals Ltd. informed on the international arbitration proceedings under the comprehensive and progressive agreement for Trans-Pacific Partnership with Mexico. “The Claim is being prosecuted pursuant to the established and enforceable legal framework of the International Centre for Settlement of Investment Disputes. The Company is financing the Claim with up to US$9.5 million in non-recourse litigation funding”. The company and Mexico have appointed an arbitrator to the three-person arbitration panel, and the third and presiding arbitrator has also been appointed, with the first session held in Washington on November 20, 2024. “While the Company is vigorously pursuing this Claim, its preference is for a constructive resolution with Mexico that results in a positive outcome for all stakeholders” (Ixtaca, Puebla).
  • Luca Mining Corp. announced the appointment of Ramon Medoza Reyes, P. Eng as chief technical officer (Campo Morado, Guerrero).
  • Zacatecas Silver Corp. announced the results of its annual general meeting (AGM) and the resignation of Mr. John Lewins as a director of the company. Zacatecas Silver is evaluating upcoming exploration plans at the Zacatecas Silver project, that includes the Panuco Deposit, El Cristo vein system, San Gill breccia zone and Muleros zone. The company also holds the Esperanza project in Morelos, with 956 K Oz Au in resources in the measured and indicated categories and 277 K Oz Au as inferred.

ON SOCIAL RESPONSIBILITY

  • Capstone Copper Corp. published its 2023 sustainability report, highlighting its sustainable development strategy prioritizing climate, water, tailings, biodiversity and communities.

On the image below: Silicifed fault/vein ridges in Sonora. Drone picture by Jorge Cirett.