During the 32nd week of the year (August 3rd to August 9th, 2026), 27 companies working in Mexico posted press releases. Three companies presented activities on early-stage work properties. Five companies presented quarterly reports, one began underground mining development, and one more obtained a substantial drilling permit. Six companies announced financings or share related events. One company presented a PEA, two more companies presented drilling results and one more reported exploration activities, all on advanced properties. Five companies presented news on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Tocvan Ventures presented drilling results from Gran Pilar; Defiance Silver received the drilling permit for El Espíritu. In Durango, Pinnacle Silver and Gold reported underground sampling results. ON MINING, Elemental Royalty, Equinox Gold, Gold Royalty, Coeur Mining, Heliostar Metals, Torex Gold informed on quarterly reports. Silverco Mining began underground development at Cusi, in Chihuahua. Guanajuato Silver Company received the drilling permit for El Horcón, in Guanajuato. ON FINANCING. Teck announced the commencement of consent solicitation. Chesapeake Gold announced stock option grant. Aura Mining and Equinox Gold informed on dividends. Endeavour Silver announced a revolving credit facility. Santacruz Silver Mining announced equity incentive grants. ON RESOURCES AND DEVELOPMENT, Kootenay Silver filed a PEA on La Cigarra, Chihuahua. Silver Storm Mining reported results from drilling at La Parrilla, in Durango. Luca mining released drilling results from its Campo Morado mine in Guerrero. Oroco Resource informed on exploration work at Santo Tomás, in Sinaloa. ON DEALS AND CORPORATE ISSUES, Vizsla Silver announced an appointment. Empress Royalty acquired a royalty portfolio. Almadex Minerals completed the sale of a royalty interest. Silver Hammer is acquiring Stroud Resources and Silvermark Resources. Dyna Resource announced a favorable ruling. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
No Relevant News
ON EXPLORATION
Pinnacle Reopens Additional Historic Mine Workings at El Potrero and Samples up to 26.1 g/t Au and 511 g/t Ag: Pinnacle Silver and Gold (El Potrero, Durango)
Defiance Silver Receives Approval for up to 172 Drill Sites at Espiritu Copper Target, Sonora: Defiance Silver (Espíritu, Sonora)
Tocvan Drills Significant Discovery on Mezquite Trend Gran Pilar 215M of 0.6 g/t Au, from 36.6 mDownhole: Tocvan Ventures (Gran Pilar, Sonora)
ON MINING
Silverco Mining Begins Underground Development at Cusi, Restart Remains on Budget and on Schedule: Silverco Mining (Cusi, Chihuahua)
Guanajuato Silver Receives Drilling Permits for El Horcon Project: Guanajuato Silver Company (El Horcón, Guanajuato)
Elemental Royalty to Release Q2 2026 Results on August 11, 2026: Elemental Royalty (royalty on Mercedes, Sonora)
Equinox Gold Delivers Strong Second Quarter Results; Increases 2026 Production Guidance Following Successful Completion of the Orla Mining Merger; Quarterly Dividend Increased by 50%: Equinox Gold (Los Filos, Guerrero)
Gold Royalty Reports Record Six-Month Results with Continued Strong Cash Flow and Earnings Growth: Gold Royalty (Cozamin, Zacatecas)
Coeur Reports Second Quarter 2026 Results: Coeur Mining (Palmarejo, Chihuahua)
Heliostar Presents Q2 2026 Financial and Operating Results with Record Gold Production and Cash Balance: Heliostar Mining (Ana Paula, Guerrero)
Aura Declares Dividend of US$0.72 Per Share and US$0.24 Per BDR Based on Q2 2026 Results, Resulting in a Dividend Yield of 4.3% in the LTM: Aura Mining (Aranzazu, Zacatecas)
Equinox Gold Increases Cash Dividend by 50%; Declares Quarterly Cash Dividend of US$0.0225 per Common Share: Equinox Gold (Los Filos, Guerrero)
Endeavour Silver Announces US$25 Million Revolving Term Credit Facility: Endeavour Silver (Terronera, Jalisco)
Oroco Reports Select Surface Sample of 7.57% Copper and Completion of Drone Magnetic Survey at Vainilla: Oroco Resource (Santo Tomás, Sinaloa)
Luca Intersects 184 Metres of 1.2 g/t Gold, 72 g/t Silver, 0.4% Copper, 0.5% Lead, and 1.7% Zinc at the Largo Norte Zone, Campo Morado: Luca Mining (Campo Morado, Guerrero)
Silver Storm Drills 215 g/t Ag.Eq(1,2) over 11.9 m and 200 g/t Ag.Eq over 15.4 m at the Rosarios Zone: Silver Storm Mining (La Parrilla, Durango)
Kootenay Silver Files NI 43-101 Technical Report Supporting Positive PEA for the La Cigarra Silver Project: Kootenay Silver (La Cigarra, Chihuahua)
ON DEALS AND CORPORATE ISSUES
Vizsla Silver Appoints Luis Lázaro as President, México: Vizsla Silver (Panuco, Sinaloa)
Almadex Announces Completion of Sale of Royalty Interests: Almadex Minerals (Ixtaca, Puebla)
Empress Announces Closing of Acquisition of North American Royalty Portfolio: Empress Royalty (Tahuehueto, Durango)
Silver Hammer Announces Acquisitions of Stroud Resources and Silvermark Resources and Brokered Financing, Eric Sprott to Become Cornerstone Shareholder: Silver Hammer (Santo Domingo, Jalisco)
Dyna Resource Announces Favorable Ruling in Amparo Proceedings: Dyna Resource (San José de Gracia, Sinaloa)
ON SOCIAL RESPONSIBILITY
No Relevant News
On the image below: Complex Quartz/Oxidized-sulfide epithermal vein. Picture by Jorge Cirett
During the 30th week of the year (July 20th to July 26th, 2026), 22 companies working in Mexico posted press releases. Two companies presented activities on early-stage work. Six companies presented quarterly reports. One company closed a bought deal financing, another one began trading on the Canadian Securities Exchange, and a further one announced a dividend. Four companies presented drilling results from advanced properties. Two companies completed their merger, another company acquired two other companies, shareholders of two companies approved their merger, one more presented AGM results and a further one announced its expansion plans. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Tocvan Ventures presented drilling results from Gran Pilar. In Chihuahua, Kingsmen Resources delivered results from drilling at Las Coloradas. ON MINING, Luca Mining, Altius Minerals, Avino Silver & Gold Mines, Americas Gold and Silver, Teck Resources and Newmont presented quarterly releases. ON FINANCING. Altius Minerals closed a C$181.5 M bought deal public offering. Centenario Gold commenced trading on the Canadian Securities Exchange. Teck Resources announced a dividend. ON RESOURCES AND DEVELOPMENT, Coeur Mining provided an exploration update for Palmarejo, in Chihuahua, and Las Chispas, in Sonora. Silver Storm presented results from drilling at La Parrilla, in Durango. Silver Viper released results from drilling the El Rubí zone at La Virginia, in Sonora. Defiance Silver posted drilling assays from the San Acacio deposit, at its Zacatecas Silver project in Zacatecas. ON DEALS AND CORPORATE ISSUES, Mexican Gold Mining and Alcon Silver completed the arrangement to create Platuro Metals. Canasil Resources announced results from its AGM. Orla Mining and Equinox Gold shareholders approved their merger. Goldgroup Mining presented its growth strategy. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
No Relevant News
ON EXPLORATION
Kingsmen Extends High-Grade Soledad System at Depth, with a 1.4m intercept of 641 g/t silver equivalent, confirming continuity over 135 meters of vertical depth at its Las Coloradas silver project, Chihuahua, Mexico: Kingsmen Resources (Las Coloradas, Chihuahua)
Tocvan Discovers New High Grade at Surface Silver-Gold Zone 900 m East of Pilot Plant Facility at Gran Pilar Project: Tocvan Ventures (Gran Pilar, Sonora)
Altius Reports Q2 2026 Expected Record Attributable Revenue: Altius Minerals (royalty on Cuale, Jalisco)
Avino Announces Q2 2026 Production Results Avino Silver & Gold Mines (Avino and La Preciosa, Durango)
Americas Gold and Silver Corporation Announces Second Quarter Production: Americas Gold and Silver (Cosalá, Sinaloa)
Teck Reports Unaudited Second Quarter Results for 2026: Teck Resources (San Nicolás, Zacatecas)
Newmont Reports Robust Second Quarter 2026 Results; Remains on Track to Achieve Full Year Guidance: Newmont (Peñasquito, Zacateca)
ON FINANCING
Altius Minerals Corporation Closes C$181.5 Million “Bought Deal” Public Offering of Common Shares: Altius Minerals (royalty on Cuale, Jalisco)
Centenario Gold Corp. to commence Trading on the Canadian Securities Exchange: Centenario Gold (Los Reyes, Chihuahua)
Teck Announces Dividend: Teck Resources (San Nicolás, Zacatecas)
ON RESOURCES AND DEVELOPMENT
Coeur Provides Exploration Update for Palmarejo and Las Chispas: Coeur Mining (Palmarejo, Chihuahua; Las Chispas, Sonora)
Silver Storm Drills 661 g/t Ag.Eq(1,2) Over 3.7 m and 328 g/t Ag.Eq Over 15.4 m at San Marcos Silver Storm Mining (La Parrilla, Durango)
Silver Viper Receives Additional Infill Drilling Results from the Program at The El Rubi Zone, La Virginia Project in Sonora, Mexico: Silver Viper (La Virginia, Sonora)
Defiance Silver Drilling Returns up to 1,470 g/t Ag from San Acacio Diamond Drill Program: Defiance Silver (Zacatecas Silver, Zacatecas)
ON DEALS AND CORPORATE ISSUES
Mexican Gold Mining Corp. and Alcon Silver Corp. Complete Arrangement to Create Platuro Metals Corp., a Diversified Precious Metals Exploration Company: Mexican Gold Mining (Las Minas, Veracruz)
Silver Hammer Announces Acquisitions of Stroud Resources and Silver Mark Resources and Brokered Financing, Eric Sprott to Become Cornerstone Shareholder Silver Hammer-Stroud Resources-Silver Mark Resources (San Diego, Jalisco)
Canasil Resources Inc. Announces Results of Annual General and Special Meeting: Canasil Resources (La Esperanza, Durango-Zacatecas)
Orla Shareholders Overwhelmingly Approve Business Combination with Equinox Gold: Orla Mining (Camino Rojo, Zacatecas)
Equinox Gold Shareholders Approve Business Combination with Orla Mining: Equinox Gold (Los Filos, Guerrero)
Goldgroup Accelerates Growth Strategy Following Transformational Merger; Company Announces Multi-Asset Drill Programs, Mine Development and Expansion Plans: Goldgroup Mining (San Francisco, Sonora)
ON SOCIAL RESPONSIBILITY
No Relevant News
On the image below: Strong chlorite alteration and quartz veining in volcanosedimentary rocks, HQ core. Picture by Jorge Cirett
During the 26th week of the year (June 22nd to June 28th, 2026), 23 companies working in Mexico posted press releases. As you can see below, the markets are hardly making investments in mining right now and companies are now making deals, rearranging and preparing. Not a single company informed on early-stage property work. One company reached a labor pay agreement, another secured land access and one more mobilized an underground mining crew. One company announced its IPO. Two companies released drill results on their properties while one more received a drilling permit. One company is advancing a mine restart plan and another one received construction permits for two underground operations. Thirteen companies presented news on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, no relevant news. ON MINING,Orla Mining reached an agreement on a bonus for its workforce. Silverco Mining mobilized underground contractors at Cusi in Chihuahua. Equinox Gold secured land access to Los Filos in Guerrero (production was halted back in April 2025 by the lack of it). ON FINANCING. Sinda Ltd. launched its IPO on NYSE. ON RESOURCES AND DEVELOPMENT, Capitan Silver received a key drill permit for Cruz de Plata in Durango. Zacatecas Silver increased the resource at Esperanza, in Morelos. Luca Mining released assays from drilling at Campo Morado in Guerrero. Goldgroup Mining is advancing on the restart of the San Francisco mine in Sonora. Heliostar Metals announced drilling results from Ana Paula in Guerrero. First Majestic received the drilling permits for the Navidad and Santo Niño underground operations at Santa Elena in Sonora. ON DEALS AND CORPORATE ISSUES, Sierra Madre and First Majestic closed the Del Toro mine acquisition in Zacatecas. Discovery Silver, Americas Gold and Silver, Sierra Madre Gold and Silver and Minera Alamos released AGM results. Equinox Gold and Orla Mining updated on inner proceedings regarding their merger. Canasil is to change name to Canadian Silver. Minera Alamos formalized its name change to Mining Americas. Silver Spruce Resources disclosed board changes. Mustang Minerals sells El Cobre, in Veracruz. Frontera Copper and Kupari Investments set Piedras Verdes mine in Sonora for sale. ON SOCIAL RESPONSIBILITY, Equinox Gold published its 2025 sustainability report (Los Filos, Guerrero).
Equinox Gold Secures Long-Term Land Access Agreements with All Three Communities at Los Filos Mine, Planning and Technical Work Underway to Support Mine Restart and Annual Production Expansion: Equinox Gold (Los Filos, Guerrero)
ON FINANCING
Sinda Ltd. Announces Launch of its Initial Public Offering: Sinda (Caracol, Guanajuato)
Minera Sinda debuta en el NYSE: Sinda (Caracol, Guanajuato)
ON RESOURCES AND DEVELOPMENT
Capitan Silver Receives Key Drill Permit for the Cruz De Plata Project and Commences Drilling on Untested High-Priority Regional Targets: Capitan Silver (Cruz de Plata, Durango)
Zacatecas Silver Announces 21% Increase in High-Grade Heap-Leach Updated Gold Mineral Resource at the Esperanza Gold Project to 1.15 Moz AuEq from 45.4 Mt at 0.79 g/t – Grades Above Global Heap-Leach Average & Highest Grades at Surface: Zacatecas Silver (Esperanza, Morelos)
Luca Intersects 28.4 m of 2.3 g/t gold, 135 g/t silver, 0.6% Copper, 1% Lead, and 3.7% Zinc at the El Rey Zone, Campo Morado Mine: Luca Mining (Campo Morado, Guerrero)
Goldgroup Advances San Francisco Restart Plan with Engagement of Leading Mining Contractor Inpromine Goldgroup Mining (San Francisco, Sonora)
Heliostar Expands Expansion Zone and Drills 99.8 Metres Grading 10.9 g/t Gold at Ana Paula: Heliostar Metals (Ana Paula, Guerrero)
First Majestic Receives Construction Permits for Santo Niño and Navidad; Advances Development Across the Santa Elena District: First Majestic Silver (Santa Elena, Sonora)
ON DEALS AND CORPORATE ISSUES
Sierra Madre and First Majestic Announce Closing of Acquisition of the Del Toro Silver Mine for up to US$60M: Sierra Madre Gold and Silver (La Guitarra, Estado de México)
Discovery Announces Annual General and Special Meeting Results Discovery Mining (Cordero, Chihuahua)
Silver Spruce Resources, Inc. Adds Mine Production Knowledge to the Board: Silver Spruce Resources (Pino de Plata, Chihuahua)
Americas Gold and Silver Corporation Announces Election of Directors and Annual Meeting Results: Americas Gold and Silver (Cosalá, Sinaloa)
Orla Mining Announces Receipt of Interim Order and Filing and Mailing of Meeting Materials for Special Meeting of Shareholders to Approve the Arrangement with Equinox Gold Corp. Orla Mining (Camino Rojo, Zacatecas)
Equinox Gold Announces Filing and Mailing of Meeting Materials for the Special Meeting of Shareholders to Approve Business Combination with Orla Mining: Equinox Gold (Los Filos, Guerrero)
Silver Spruce Resources, Inc. Adds Mining, Energy, and Finance Development Expertise to the Board and Announces Director Resignation Silver Spruce Resources (Jackie, Sonora)
Minera Alamos Announces Annual General and Special Meeting Results and Changes Name to Mining Americas Inc.: Minera Alamos – Mining Americas (Santana, Sonora)
Mustang Announces Sale of El Cobre Copper-Gold Porphyry Project: Mustang Minerals (El Cobre, Veracruz)
Frontera y Kupari Anuncian el Inicio del Proceso de Venta Estratégica del Complejo Minero de Cobre de Propiedad Conjunta Piedras Verdes en Sonora, México Frontera Copper and Kupari Investments (Piedras Verdes, Sonora)
During the 24th week of the year (June 8th to June 14th, 2026), 26 companies working in Mexico posted press releases. Three companies informed about early-stage property work and one company poured its first doré. Two companies joined an additional Index, one company announced a normal course issuer bid, one more announced a dividend, and another the closing of a private placement. One company secured construction permits for an underground mine, one more announced the arrival of another drilling rig, two companies released drill results on their advanced projects, and another one announced a fatality on an advanced project. Nine companies presented deals and corporate issues. ON MEXICO ISSUES, LitioMx was obliged to present information on its budget and exploration activities after the institution had reject to do so on grounds of National Security (the preferred method applied by the actual and past federal administrations to evade the obligation to disclose information). The US$0.81 M annual budget was 97% applied on salaries for 17 employees, and no budget was allocated to any specific project. EXPLORATION, in Sonora, Questcorp Mining and Riverside Resources are to commence a phase 2 drilling campaign at La Unión. In Oaxaca, EV Resources informed on geophysical targeting at Los Lirios. ON MINING,Silver Storm Mining conducted the first doré production at La Parrilla. ON FINANCING. Altius Minerals is to join the S&P/TSX Composite Index, and Coeur Mining the S&P MidCap 400 Index. Elemental Royalty announced an issuer bid. Salifish Royalty declared a dividend. Sonoro Gold closed an oversubscribed private placement. ON RESOURCES AND DEVELOPMENT, GoGold Resources obtained the final permits for construction of the Los Ricos South underground mine. Capitan Silver announced the arrival of an additional rig at its Cruz de Plata project. Mithril Silver and Gold released drilling results from its Copalquín project. Kootenay Silver announced a fatality at its Columba project. Pacifica Silver reported drilling results from its Claudia project. ON DEALS AND CORPORATE ISSUES, Avino Silver & Gold Mines announced key appointments. Heliostar Metals and Zacatecas Silver announced the closing of the definitive option agreement on non-core Heliostar properties. Silver Spruce Resources announced management changes and the grant of options. Americas Gold and Silver closed on an agreement to settle silver and gold delivery obligations. Luca Mining provided an operations and corporate update. First Majestic reported on its AGM. Galore Resources provided an update on the Dos Santos project. Capitan Silver informed on its AGM results. ON SOCIAL RESPONSIBILITY, Santacruz Silver published its 2025 sustainability report for its Mexican operations (Zimapán, Hidalgo).
ON MEXICO ISSUES
LitioMx was forced to provide information on exploration, budget and activities. Most (97%) of the 0.81 M annual budget was applied on salaries, while no budget was allocated to any specific project: News on Mexico
ON EXPLORATION
Questcorp Commences Fully Funded Phase 2 Drill Campaign at La Union Targeting Gold-Silver Carbonate Replacement District Potential: Questcorp Mining (La Unión, Sonora)
Riverside Resources and Questcorp Announce Commencement of Phase 2 Drilling at Union Project, Sonora, Mexico Riverside Resources (La Unión, Sonora)
EV Resources: Geophysics Reveals New Targets and Increased Scale Potential at Lirios 1 EV Resources (Los Lirios, Oaxaca)
ON MINING
Silver Storm Conducts First Pour of Silver-Gold doré at La Parrilla: Silver Storm Mining (La Parrilla, Durango)
ON FINANCING
Altius Minerals Corporation to Join the S&P/TSX Composite Index: Altius Minerals (royalty on Cuale, Jalisco)
Sonoro Gold Announces Closing of Oversubscribed $15.5 M Private Placement: Sonoro Gold (Cerro Caliche, Sonora)
ON RESOURCES AND DEVELOPMENT
GoGold Achieves Major Milestone: Final Remaining Permits Secured and Construction Approved for Los Ricos South Underground Mine: GoGold Resources (Los Ricos South, Jalisco)
Capitan Silver Announces Arrival of 4th Drill Rig at the Cruz De Plata Project Capitan Silver (Cruz de Plata, Durango)
Mithril Drills 4.01 g/t Gold, 225 g/t Silver Over 7.25 M Including 15.25 g/t Gold, 533 g/t Silver Over 0.5 m at Target 1, Copalquin Mithril Silver and Gold (Copalquín, Durango)
Pacifica Silver Reports Strong Gold-Silver Intercepts at Claudia Project and Extends Justina Vein to 600 Metres in Strike Length: Pacifica Silver (Claudia, Durango)
ON DEALS AND CORPORATE ISSUES
Avino Announces Key Senior Executive Appointments: Avino Silver & Gold Mines (Avino and La Preciosa, Durango)
Heliostar Announces Closing of Option Agreement with Zacatecas Silver for Non-Core Properties Heliostar Metals (Ana Paula, Guerrero)
Zacatecas Silver Enters into Definitive Option Agreement to Acquire MultiAsset Exploration Portfolio from Heliostar Metals Zacatecas Silver (Esperanza, Morelos)
Silver Spruce Resources, Inc. Announces Management Changes and Option Grants Silver Spruce Resources (Pino de Plata, Chihuahua)
Americas Gold and Silver Closes Previously announced Agreements to Settle Silver and Gold Delivery Obligations Americas Gold and Silver (Cosalá, Sinaloa)
During the 22nd week of the year (May 25th to May 31st, 2026), companies working in Mexico released 21 press releases. One company informed on early-stage property work while six companies presented quarterly reports. One company closed a credit facility, one other secured a working capital facility with the Mexican government, two companies increased their financing rounds, another company declared a dividend, while one more granted stock options. Two companies released drill results on their advanced projects. Two companies announced results of their AGM’s, one changed auditor, another one settled on gold delivery obligations and one other is to report semi-annually. ON MEXICO ISSUES, some paperwork for the mining industry has been simplified. EXPLORATION, in Querétaro, Starcore International Mines reached a community agreement at La Tortilla. ON MINING,Orogen Royalty, Guanajuato Silver Company, Empress Royalty, Minera Alamos, Sailfish Royalty and Silverco Mining reported quarterly results. ON FINANCING. Minera Alamos closed a US$75 M revolving credit facility and granted stock options. Vizsla Silver secured a working capital agreement with the government for the Pánuco project in Sinaloa. Southern Empire Resources and Sonoro Gold increased their private placements to C$1.75 M and C$15 M respectively, Alamos Gold declared a quarterly dividend, Sonoro Gold. ON RESOURCES AND DEVELOPMENT, Axo Metals released drilling results from the San Antonio project in Sonora. Minaurum Silver presented results from expansion drilling at the Alamos Silver project in Sonora. ON DEALS AND CORPORATE ISSUES, Americas Gold and Silver settled an agreement on a fixed gold delivery obligation. Sonoro Gold changed auditor. Alamos Gold and Elemental Royalty announced results from their respective AGM’s. Silver Viper adopted semi-annual reporting ON SOCIAL RESPONSIBILITY, Torex Gold released its “2025 Responsible Gold Mining Report” (Morelos Complex, Guerrero). Pan American Silver released its “2025 Sutainability Report” (La Colorada, Zacatecas).
ON MEXICO ISSUES
Elimina Federación un trámite y simplifica 42 para inversiones mineras: News on Mexico
ON EXPLORATION
Starcore Reaches Communities Agreement for La Tortilla Project: Starcore International Mines (San Martín, Querétaro)
ON MINING
Orogen Reports Strong Q1 2026 Results with 144% Growth in Net Income: Orogen Royalties (Ermitaño, Sonora)
Guanajuato Silver Delivers Record Revenue and Record Net Income in Q1, 2026: Guanajuato Silver Company (El Cubo, Guanajuato)
Minera Alamos Reports First Quarter 2026 Results, Setting Quarterly Records for Revenue of US$39.2 Million, Earnings of US$10.9 Million, and EBITDA of US$15.3 Million: Minera Alamos (Cerro de Oro, Zacatecas)
Silverco Mining Announces Filing of Q1 2026 Interim Financial Statements and MD&A: Silverco Mining (La Negra, Querétaro)
ON FINANCING
Minera Alamos Closes US$75 Million Revolving Credit Facility with Scotiabank and National Bank, Strengthening Balance Sheet for Organic Growth Profile: Minera Alamos (Santana, Sonora)
Vizsla Silver Secures Working Capital Facility with Mexican Government Financial Institution for Panuco Vizsla Silver (Pánuco, Sinaloa)
Alamos Gold Declares Quarterly Dividend and Announces Share Repurchases Under Normal Course Issuer Bid: Alamos Gold (Mulatos, Sonora)
Sonoro Gold Announces Increase in Private Placement to $15 Million Sonoro Gold (Cerro Caliche, Sonora)
Minera Alamos Announces Granting of Stock Options: Minera Alamos (Cerro de Oro, Zacatecas)
ON RESOURCES AND DEVELOPMENT
Axo Metals Intercepts 23.6 Metres of 2.13 g/t from Surface at the San Antonio Project: Axo Metals (San Antonio, Sonora)
Minaurum Drills High-Grade Silver on the Europa Sur Vein Zone at the Alamos Silver Project: 3.20 m of 882 g/t AgEq and 6.20 m of 374 g/t AgEq Minaurum Silver (Alamos Silver, Sonora)
ON DEALS AND CORPORATE ISSUES
Americas Gold and Silver Announces Agreement with Affiliate of Royal Gold to Settle Fixed Gold Delivery Obligation: Americas Gold and Silver (Cosalá, Sinaloa)
During the 20th week of the year (May 11th to May 17th, 2026), companies working in Mexico released 39 press releases. Two companies informed on early-stage property work and ten companies presented quarterly reports. Two companies adopted semi-annual reporting, one company declared a dividend, one more repaid a loan, and one other closed a private placement while one more granted stock options. Three companies released drill results on their advanced projects, and one more updated the technical report on a property. Five companies announced appointments and officers changes, one company is acquiring more ground, two mid-tier companies announced their merger, one company reported its AGM results, and the acquisition of a royalty company was announced. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Tocvan Ventures reported continued drilling and exploration at Gran Pilar. In Chihuahua, Kingsmen Resources completed topographic surveys at Las Coloradas and Almoloya. ON MINING,Orla Mining, First Majestic, Altius Minerals, Heliostar Metals, Osisko Development, Elemental Royalty, Discovery Silver, Americas Gold and Silver, Avino Silver & Gold Mines, Santacruz Silver and Golden Minerals reported quarterly results. ON FINANCINGSilver Viper and Regency Silver adopted semi-annual reporting. Coeur Mining reported a dividend. Heliostar Metals granted stock options. Guanajuato Silver repaid a gold loan. J2 Metals closed the second tranche of a private placement for C$356 K in gross proceeds. ON RESOURCES AND DEVELOPMENT, Goldgroup updated the technical report on the San Francisco mine in Sonora. Capitan Silver released results from drilling at Cruz de Plata in Durango. Defiance Silver announced drilling results from its Zacatecas project in Zacatecas. Mithril Silver and Gold provided assay results from drilling at the Target 1 of its Copalquin project in Durango. ON DEALS AND CORPORATE ISSUES, Oroco Resource, Minera Alamos, Vizsla Silver, Regency Silver and Goldgroup announced appointments to the board. Sonoro Gold signed a LOI on the acquisition of adjacent ground at Cerro Caliche, in Sonora. Equinox Gold and Orla Mining announced their merger. Altius Minerals presented results of its AGM. Elemental Royalty is to acquire Vizsla Royalties. Minera Alamos is to change name to Mining Americas. ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
No relevant news
ON EXPLORATION
Tocvan Accelerates Gran Pilar: 5,000+ Meters Drilled to Date, Historic Workings Discovered on South Block, Pilot Progresses: Tocvan Ventures (Gran Pilar, Sonora)
Kingsmen Completes 60 km² Precision Satellite Topographic Surveys at Las Coloradas and Almoloya, Advancing Drill Targeting Across the High-Grade Parral Silver-Gold District, Chihuahua, Mexico: Kingsmen Resources (Las Coloradas, Chihuahua)
Tocvan Announces New surface Gold-Silver Results, Outlining New Target 3 Kilometers East of Main Zone at Gran Pilar Gold-Silver Project: Tocvan Ventures (Gran Pilar, Sonora)
First Majestic Announces Q1 2026 Financial Results and Increased Quarterly Dividend Payment; Provides Management Updates: First Majestic Silver (San Dimas, Sinaloa)
Altius Reports Q1 2026 Attributable Royalty Revenue of $26.8M and Adjusted Earnings(1) of $5.4M: Altius Minerals (royalty on Cuale, Jalisco)
Heliostar Presents Record Q1 2026 Financial and Operating Results: Heliostar Metals (Ana Paula, Guerrero)
Osisko Development Reports First Quarter 2026 Results: Osisko Development (sold San Antonio, Sonora)
Elemental Royalty Announces Record Quarterly Revenue and Adjusted EBITDA Elemental Royalty (royalty on Mercedes, Sonora)
Discovery Silver Reports Solid Earnings and Cash Flow in Q1 2026: Discovery Silver (Cordero, Chihuahua)
Americas Gold and Silver Reports Record Production and Sales in Q1 2026 as Execution on the Growth Plan Continues at Galena: Americas Gold and Silver (Cosalá, Sinaloa)
Goldgroup Files Updated Technical Report on San Francisco Gold Project: Gold Group Mining (San Francisco, Sonora)
Capitan Silver Intersects 935 g/t Silver Equivalent over 1.3 Metres, Within a Wider Zone of 157 g/t Silver Equivalent over 20.0 Metres at the Cruz De Plata Project: Capitan Mining (Cruz de Plata, Durango)
Defiance Silver Drilling Returns up to 356 g/t Ag and 2.15 g/t Au in Additional Silver and Gold Structures: Defiance Silver (Zacatecas Project, Zacatecas)
Mithril Drills 7.00 g/t Gold, 370 g/t Silver Over 9.65 m Including 30.7 g/t Gold, 1,780 g/t Silver Over 0.5 m at Target 1, Copalquin: Mithril Silver and Gold (Copalquín, Durango)
Minera Alamos Strengthens Board and Management Team and Proposes Name Change to Mining Americas Inc.: Minera Alamos (Santana, Sonora)
Sonoro Gold Announces Letters of Intent to Acquire Adjacent Mineral Concessions to Further Expand the Cerro Caliche Gold Project: Sonoro Gold (Cerro Caliche, Sonora)
Equinox Gold and Orla Mining Combine to Create North America’s New Senior Gold Producer: Built to Grow, Built to Last: Orla Mining (Camino Rojo)
Equinox Gold and Orla Mining Combine to Create North America’s New Senior Gold Producer: Built to Grow, Built to Last: Equinox Gold (Los Filos, Guerrero)
Altius Reports Voting Results From its May 13, 2026 Annual and Special Meeting: Altius Minerals (royalty on Cuale, Jalisco)
Elemental Royalty to Acquire Vizsla Royalties, Securing Long-Life Royalty Exposure to the Panuco Silver-Gold Project: Elemental Royalty (royalty on Mercedes, Sonora)
Vizsla Silver appoints Former Senior Mexican Government Mining Official as Vice President, Government Relations: Vizsla Silver (Panuco, Sinaloa)
Regency Silver Corp. (TSXV: RSMX) Appoints Private Equity Fund Manager Alejandro Sucre to Board of Directors: Regency Silver (Dios Padre, Sonora)
Goldgroup Announces Nominees to Board in Connection with Proposed Business Combination with Gold Resource Corporation and Amends Arrangement Agreement: Goldgroup Mining (Cerro Prieto, Sonora)
ON SOCIAL RESPONSIBILITY
No Relevant News
On the image below: Epithermal quartz veining and pyrite in volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.
Since 2015 Miguel Heredia and I have published the weekly newsletter ‘The Mining and Exploration News in Mexico’. It has been a very rewarding experience and we have learnt a lot in the process on Mexico and on the global mining industry. Although a pro-bono project, the previous format consumed a lot of time. We realized we could not keep reasonably doing this task in the same manner when recently had to put more than 10 hours in the week for producing the newsletter, while doing long hours on project work at the same time. To sustain this contribution, we are introducing a new, streamlined format with all the key mining activity in Mexico, with links to all the original press releases and sources. It is our intention to continue serving the industry as long as it remains fun and rewarding as it has been so far.
During the 12th week of the year (March 16th to March 22nd, 2026), companies working in Mexico released 32 press releases. Four companies informed on early-stage property work, four more presented quarterly and/or full-year 2025 reports. Three companies updated on financing rounds/movements, another is not proceeding with a financing round and one more is to list in the OTCQB. Two companies presented drilling results on their advanced projects, while four more informed on their incoming drill programs. One company informed on development contracts while one more received a long awaited mining permit. Finally, one company received an economic update for its project. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Questcorp Mining and Riverside Resources completed the acquisition of key claims on La Union. In Durango, Pinnacle Silver and Gold discovered mineralization after a LiDAR survey at El Potrero. In Michoacán, Canadian Silver Hunter released assay results from surface sampling of stockpiles at an undisclosed project. ON MINING,Heliostar Metals (Ana Paula, Guerrero), Orla Mining (Camino Rojo, Zacatecas), Gold Resource (Don David, Oaxaca) and Elemental Royalty (royalty on Mercedes, Sonora) presented Q4 and/full year 2025 results. ON FINANCING, three companies informed on financing rounds/movements: Barksdale Resources (San Javier, Sonora) completed a shares for debt transaction of US$351 K and completed a private placement for C$763 K. Orogen royalties informed that the company will not proceed with the previously announced private placement. Silverco Mining commenced trading on the OTCQB. ON RESOURCES AND DEVELOPMENT, Heliostar Metals reported drilling results from San Agustín, in Durango. Silver Tiger announced contracts for development engineering and management for El Tigre, in Sonora. Orla Mining received the environmental permit for the Camino Rojo project in Zacatecas. Southern Silver Exploration presented drill results from Cerro Las Minitas in Durango. Silverco Mining announced a 30,000 m drilling program at Cusi, in Chihuahua. Pacifica Silver announced the expansion to 20,000 m of the drill program at Claudia in Durango. Zacatecas Silver received the drilling permit for its Zacatecas Silver project in Zacatecas. Silver Dollar contracted 3,500 m of drilling for La Joya, in Durango. Royalties Inc. received an economic update for the Bilbao project in Zacatecas. ON DEALS AND CORPORATE ISSUES, Orex Minerals entered into a definitive share purchase agreement with Silver Viper Minerals and Fresnillo plc to sell Silver Viper the Coneto project in Durango, for US$15 M in shares. Azucar Minerals announced the change name to Mustang Minerals Ltd. (El Cobre, Veracruz). Xali Gold announced an appointment to the board. EV Resources secured a plant for antimony production (Los Lirios, Oaxaca). ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
ON EXPLORATION
Pinnacle Discovers Silver-Lead-Zinc Mineralization Following up on LiDAR Survey at El Potrero : Pinnacle Silver and Gold
Pacifica Silver Expands Phase II Drill Program at Claudia to 20,000 m; Appoints Dr. Steven I. Weiss as Interim VP Exploration : Pacifica Silver
Silverco Mining Commences 30,000-Meter 2026 Drill Program at Cusi, Targeting Massive Step-Out Potential and Regional Blue-Sky Prospects : Silverco Mining
Silver Dollar Hires Versa for Diamond Drilling at Its La Joya Silver (Cu-Au) Project : Silver Dollar Resources
Heliostar Drills Multiple Gold Intercepts over 200 Metres From Pit Edge at San Agustin : Heliostar Metals2
Silver Tiger Awards Engineering Procurement and Construction Management Contract and Provides Construction Update : Silver Tiger Metals
Orla Mining Receives Permits to Extend Operations in Mexico Supporting Company’s Long-Term Commitment to Camino Rojo : Orla Mining
Southern Silver Intersects 6.3 Metres Averaging 874g/t AgEq at Cerro Las Minitas Project in Durango, México : Southern Silver Exploration
Zacatecas Silver Receives Drill Permit for El Cristo, Supporting 2026 Drill Program Aimed at increasing Existing Silver Resource at the Zacatecas Silver Project : Zacatecas Silver
Royalties Inc. Receives Bilbao Project Economic Update : Royalties Inc
ON DEALS AND CORPORATE ISSUES
Silver Viper Minerals announced execution of definitive agreement to acquire the Coneto Silver-Gold Project: Silver Viper Minerals
Orex Minerals Inc. Announces Sale of the Coneto Silver-Gold Project to Silver Viper Minerals Corp. : Orex Minerals
Azucar Minerals Ltd. Announces Change of Name to Mustang Minerals Limited : Azucar Minerals
During the 8th week of the year (February 16th to February 22nd, 2026), companies working in Mexico released 54 press releases. Five companies informed on early-stage properties work, eleven presented quarterly and full-year reports, one company is working on an expansion project and one more release its guidance for 2026. Six companies updated on financing rounds, one company granted options, one company consolidated shares, three more declared dividends and eight were recognized as top companies. Nine companies presented updates on advanced properties, while five companies informed on deals and corporate issues. ON MEXICO ISSUES, The Mexican government is assessing to open oil and gas fracking, a previously no-go zone. Vizsla Silver continues operations in Sinaloa. ON EXPLORATION, in Chihuahua, Kingsmen Resources is to drill at Las Coloradas. In Sinaloa, Mercado Minerals informed on exploration and surveys at Copalito. In Durango, Canasil Resources is to drill at Vizcaíno; Silver Wolf Exploration is to drill the Ana María project. In Oaxaca, EV Resources informed on work at Los Lirios. ON MINING,Starcore International Mines, Alamos Gold, Torex Gold Resources, Equinox Gold, Pan American Silver, Coeur Mining, Discovery Silver, Royal Gold, Avino Silver and Gold Mines, Newmont and First Majestic Silver presented quarterly and full-year 2025 reports. Luca Mining is working on an expansion project for its Campo Morado mine in Guerrero. Capstone Copper released its 2026 guidance. ON FINANCING, six companies informed on financing rounds: Silver Tiger Metals (C$57.5 M), Regency Silver (C$4 M), Tocvan Ventures (C$10 M), Silverco Mining (C$62.5 M), Algo Grande Copper (C$7 M) and Orex Metals amended terms on a previously announced placement. Silver Wolf Exploration granted stock options. Infinitum Copper and Canuc Resources informed on share consolidation programs. Equinox Gold, Alamos Gold and Teck Resources informed on dividends. Eight companies made it to the 2025 TSX Venture Exchange Top 50, seven of which have the term silver on its name: Apollo Silver, Guanajuato Silver Company, Sierra Madre Gold and Silver, Capitan Silver, Silver Viper Metals, Santacruz Silver Mining, Southern Silver Exploration and Goldgroup Mining. ON RESOURCES AND DEVELOPMENT, GR Silver mobilized drill rigs to Plomosas, in Sinaloa. Sierra Madre Gold and Silver is expanding production at La Guitarra, Estado de México. Pacifica Silver released drill results from Claudia, in Durango. Luca Mining released interesting drill results from its Campo Morado mine in Guerrero. Alamos Gold reported 2025 its MRE for the Mulatos district in Sonora. Hecla Mining reported 2025 MRE for San Sebastián in Durango. Defiance Silver updated on drilling results at its Zacatecas project. Newmont reported mineral reserves and resources for Peñasquito, in Zacatecas. Orla Mining released a PEA for Camino Rojo underground in Zacatecas. ON DEALS AND CORPORATE ISSUES, EV Resources and Kootenay Silver entered into marketing services agreements. Discovery Silver and Hecla Mining announced appointments to the board. Bear Creek Mining shareholders voted for the arrangement with Highlander Silver. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
Mexico’s president Claudia Sheinbaum acknowledged that the federal government through Pemex (Petroleos Mexicanos) assesses the possibility of using fracking to recover gas and oil in Mexican soil.
Feliciano Castro, economy secretary in Sinaloa,informed Vizsla Silver is to continue operations in Sinaloa. This after the recent violence that affected its workers in the Concordia community.
ON EXPLORATION
Canasil Resources Inc. announced the drill permit application for the Vizcaino project in Durango is in progress. The program envisages 1,050 m of diamond drilling in six holes. A phase 2 program of 1,450 m in eight holes is to follow after the evaluation of results. “The outcrops show classic banded epithermal textures typical of the higher levels of epithermal vein systems”.
Kingsmen Resources Corp. informed the upcoming drill program at Las Coloradas in Chihuahua “will comprise step-out and deeper drilling around the high-grade silver mineralization intersected in the Soledad and Soledad II vein/structures. Drilling on the Soledad vein/structure has tested very specific targets and approximately 700 meters of the system remains to be drilled. With only one shallow hole drilled, the ~1.7 km-long Soledad II vein/structure offers excellent discovery potential”. Targets to be tested include Saddle, Silvia/La Plata and Almoloya.
Silver Wolf Exploration Ltd. announced that a drill contract has been signed, and a drill rig mobilized to the Ana María property in Durango. The company intends to commence a 3,000 m 13-hole drill program.
EV Resources Ltd. informed antimony ingots were produced on preliminary metallurgical testing at Los Lirios project in Oaxaca. “EVR utilised stockpiles of material from the Lirios 1 and Lirios 2 East open pits to conduct preliminary direct-to-smelter testing”.
Mercado Minerals Ltd. informed its technical team has been mapping, sampling and preparing an incoming 3,000 m drilling program at its Copalito project in Sinaloa. A drone based magnetic survey and a drone LiDAR survey have been completed, while soil sampling presents 25% advance. Geological mapping has identified three new areas with mineralization hundreds of meters from previously known targets.
ON MINING
Starcore International Mines Ltd. announced production results for its third fiscal quarter ended January 2026. At San Martín, in Querétaro, 52.6 K tonnes were processed grading 1.33 gpt Au, 18.3 gpt Ag, recovering 85.7% Au, 46.4% Ag, to produce 2,162 gpt AuEq. “… the exploration carried out over the past six months to extend the high-grade ore bodies in the northern part of the current operation was successful. We have begun mining these new highgrade extensions which are grading approximately 5 grams of gold and 80 grams of silver per ton”.
Alamos Gold Inc. presented its fourth quarter and year-end 2025 results, including figures from its Mexican operations. On a consolidated basis the company produced 545,040 Oz Au at a cash cost of $1,077 per Oz Au and an AISC of $1,524 per Oz Au in the year and 141,500 Oz Au in the quarter. At the Mulatos District, in Sonora, Alamos Gold produced 40,100 Oz Au in the quarter and 141,600 Oz Au in the year at cash cost $947 per Oz Au and an AISC of $1,018 per Oz Au.
Torex Gold Resources Inc. reported its financial and operational results for Q4 of 2025. At its Morelos property in Guerrero, the company produced 117,325 Oz AuEq in the quarter, at cash cost $1,499 per Oz AuEq and an AISC of $1,905 per Oz AuEq. For the year, production was 461,420 Oz AuEq at cash cost $1,376 per Oz AuEq and an AISC of $1,783 per Oz AuEq. “The Company plans to invest a record $77 million in exploration and drilling in 2026 including $43 million at Morelos. Drilling at Los Reyes remains suspended given the security environment within the State of Sinaloa…”.
Equinox Gold Corp. reported its financial and operational results for Q4 and full-year 2025, without disclosing figures from its Mexican operations. The company had a consolidated production of 856,908 Oz Au at cash cost $1,416 per Oz Au and an AISC of $1,809 per Oz Au. Operations at Los Filos, in Guerrero, were terminated on April 2025 because of the rejection of the community to grant land access.
Pan American Silver Corp. reported fourth quarter and year-end 2025 financial results, without disclosing figures by operation. The company produced 22.8 M Oz Ag, 742.2 K Oz Au, 3 K tonnes Cu, 27 K tonnes Pb, 55.9 K tonnes Zn, an AISC of $13.88 per Oz Ag. “The Company is now evaluating a potential phased approach to developing the La Colorada mine and Skarn project with the aim of maximizing the overall value of the deposit. A phased approach would allow the Company to focus on a higher grade, lower tonnage and less capital intensive initial stage with the option to be followed by a later expansion to target lower grade material”.
Coeur Mining Inc. reported fourth quarter and year-end 2025 financial results, including figures from its Mexican operations. The company produced 419,046 Oz Au, 18.2 M Oz Ag, at cash cost $1,347 per Oz Au, $17.69 per Oz Ag. At Las Chispas, in Sonora, the company milled 403 K tonnes during 2025, grading 4.4 gpt Ag, 409 gpt Ag, recovering 97.1% Au, 97.2% Ag, to produce 54,705 Oz Au, 5.1 M Oz Ag, at cash cost $1,649 per Oz Au, $19.11 per Oz Ag, generating US$285.8 M in free cash flow. At Palmarejo, in Chihuahua, 1.75 M tonnes were milled grading 1.9 gpt Au, 130 gpt Ag, recovering 94.2% Au, 88.7% Ag, to produce 100,768 Oz Au, 6.5 M Oz Ag, at cash cost $871 per Oz Au, $15.85 per Oz Ag, generating US$154.5 in free cash flow. At the end of the period Coeur had US$554 M in cash and total debt of US$341 M.
Discovery Silver Corp. announced financial and operating results for the fourth quarter and full-year 2025. The company produced 66,718 Oz Au during 2025 at cash cost $1,185 per Oz Au and at an AISC of $2,034 per Oz Au, out form Mexico. During Q4 2025 the company engaged a third-party assessment on the use of natural gas power sources at Cordero, in Chihuahua, completed a geotechnical assessment work on the planned upgrade of the local water treatment plant and is evaluating the potential to establish solar farms around the project site, while working with the various governmental bodies involved in issuing the permits for the project.
Royal Gold Inc. released results for Q4 and full year 2025, including figures from its Mexican operations. For 2025 the company had revenue of US$1,030. 5 M. Royalties in the year from Peñasquito in Zacatecas amounted to US$70.2 M and from Mercedes in Sonora to US$3.5 M.
Avino Silver & Gold Mines Ltd. provided an outlook for 2026 and key 2025 milestones. During 2025 production results were 1.16 M Oz Ag, 7,621 Oz Au, 5.7 M Lb Cu. The company changed the planned mining method for La Preciosa, in Durango, to allow for a 500 tpd rate of extraction by H2 2026. “In the fourth quarter, La Preciosa contributed nearly 12,000 tonnes of mill feed”. In 2026 the company expects to process 725 – 750 K tonnes sourced from La Preciosa and Avino mines, to produce 1.0 – 1.2 M Oz Ag, 5 – 7 K Oz Au and 6.0 – 7.5 M Lb Cu at cash cost $18 – $20 per Oz AgEq and an AISC of $24 – $26 per Oz AgEq. Plans for 2026 include 30,000 m of drilling at La Preciosa and Avino.
Newmont Corp. announced fourth quarter and full year 2025 results, including figures from its operations in Mexico. During the year 5.89 M Oz Au were produced globally. At Peñasquito, in Zacatecas, 415 K Oz Au, 28 M Oz Ag, 28 K tonnes Pb, 58 K tonnes Zn were produced at an AISC of 1,491 per Oz AuEq. Guidance for 2026 is 185 K Oz Au, 32 M Oz Ag, 90 k tonnes Lead, 220 K tonnes Zn.
First Majestic Silver Corp. announced Q4 and year 2025 audited consolidated financial results. In 2025 the company produced 15.4 M Oz Ag, 147,433 Oz Au (342 Oz Au produced out from Mexico) at cash cost $15.07 per Oz AgEq and an AISC of $21.17 per Oz AuEq. During the year, at Los Gatos in Chihuahua, 5.87 M Oz Ag, 3,121 Oz Au (8.9 M Oz AgEq) were produced at cash cost $12.91 per Oz AgEq and an AISC of $15.15 per Oz AgEq. At San Dimas in Durango, 5.38 M Oz Ag, 55,724 Oz Au were produced at cash cost $14.97 per Oz AgEq and an AISC of $19.62 per Oz AgEq. At Santa Elena, in Sonora, 1.42 M Oz Ag, 88,107 Oz Au were produced at cash cost $14.36 per Oz AgEq and an AISC of $17.96 per Oz AgEq. At La Encantada, in Coahuila, 2.76 M Oz Ag, 137 Oz Au were produced at cash cost $23.61 per Oz AgEq and an AISC of $29.96 per Oz AgEq.
Luca Mining Corp. is working on an expansion project led by Ausenco for its Campo Morado mine in Guerrero. The project focuses on bulk flotation and recovery of precious metals from pyrite concentrates. A second phase will evaluate methods to recover Au and Ag from tailings, including cyanide leaching, Albion process, and Pressure Oxidation.
Capstone Copper Corp. released 2026 annual production guidance, including figures for its Mexican operations. Consolidated copper production is forecast between 200 -230 K tonnes at cash cost $2.45 to $2.75 per Lb Cu. Total sustaining capital expenditures are set at US$270 M. For Cozamin in Zacatecas, production is estimated between 21 to 24 K tonnes Cu, at cash cost $1.55 to $1.85 per Lb Cu, with ore production grades estimated at 1.8% Cu.
ON FINANCING
Mexico Financing in Q4 2025. over US$1.5 billion was channeled to mining companies in Mexico through financing rounds in the last quarter of 2025. Companies with operating mines or properties near production took 77% of these funds, with Endeavour Silver, First Majestic Silver and Vizsla Silver (the three silver miners), taking over US$300 M each to their coffers. Companies with advanced properties raised 19% of the total while exploration companies accrued 4% of the funds.
Silver Tiger Metals Inc. closed its previously announced bought deal offering for gross proceeds of C$57.5 M (El Tigre, Sonora).
Regency Silver Corp. arranged a non-brokered private placement for aggregate gross proceeds of C$4 M (Dios Padre, Sonora).
Tocvan Ventures Corp. closed its previously announced bought deal private placement for aggregate gross proceeds of C$10 M, including the full exercise of the over-allotment option (Gran Pilar, Sonora).
Silverco Mining Ltd. closed its previously announced bought deal offering for aggregate gross proceeds of C$62.5 M. Insiders of the company subscribed for C$11.2 M (Cusi, Chihuahua).
Algo Grande Copper Corp. upsized its previously announced non-brokered private placement to accrue up to C$7 M in gross proceeds (Adelita, Sonora).
Orex Metals Inc. amended the terms of its previously announced non-brokered private placement. The hold period has been increased to twelve months from four months previously. The anticipated closing of the offering is now March 4, 2026, with the correct warrant price being C$0.22 (Sandra, Durango).
Silver Wolf Exploration Ltd. granted 2.3 M incentive stock options to directors, officers, consultants and employees (Ana María Durango).
Infinitum Copper Corp. announced the completion of its eight to one share consolidation is to take effect on February 20, 2026 (Adelita, Sonora).
Canuc Resources Corp. announced its shares have been consolidated on a ten to one ratio (10:1) on February 18, 2026 (San Javier, Sonora).
Teck Resources Ltd. has declared an eligible dividend on its outstanding class A common shares and class B subordinate voting shares to be paid on March 31, 2026 (San Nicolás, Zacatecas).
Alamos Gold Inc. authorized a 60% increase to its quarterly dividend to US$0.04 per common share (Mulatos, Sonora).
Apollo Silver Corp. has been recognized as a 2026 Top Company by the TSX Venture Exchange (Cinco de Mayo, Chihuahua).
Guanajuato Silver Company Ltd. has been included in the 2025 TSX Venture 50 list of top performing companies. Additionally, the company entered in a service agreement with Epstein Research for investor relations services, for a US$2 K monthly fee (El Cubo, Guanajuato).
Sierra Madre Gold and Silver Ltd. has been recognized as a 2026 Top 50 company by the TSX Venture Exchange. The company granted 1 M stock options to employees and consultants (La Guitarra, Estado de México, Estado de México).
Capitan Silver Corp. has been included in the TSX Venture 50 list (undisclosed project in Mexico).
Silver Viper Minerals Corp. announced its inclusion in the 2026 TSX Venture 50 (La Virginia, Sonora).
Santacruz Silver Mining Ltd. announced it ranked first overall on the 2026 TSX Venture 50 list (Zimapán, Hidalgo).
Southern Silver Exploration Corp. has been included in the TSX Venture 50 (Cerro Las Minitas, Durango).
Goldgroup Mining Inc. announced its inclusion in the TSX Venture 50 list of top performing companies (Cerro Prieto, Sonora).
ON RESOURCES AND DEVELOPMENT
GR Silver Mining Ltd. announced the mobilization of multiple drill rigs to the San Marcial area of its Plomosas project in Sinaloa. The company intends to expand “the footprint of the mineralized system hosted in a chlorite-rich hydrothermal breccia, by an additional 200 metres along strike” and conduct step-put drilling for resource expansion aiming to produce a preliminary economic assessment (PEA) late in 2026. The exploration office has been relocated to Durango, to address recent operational challenges in Sinaloa.
Sierra Madre Gold and Silver Ltd. informed the first expansion stage at La Guitarra plant in Estado de México is to increase production rates from 500 tonnes pe day (tpd) to 750-800 tpd of processing capacity. To achieve these production rates the company has acquired two new scoop trams, one used scoop tram and is rebuilding two existing scoops. Four haulage trucks have been purchased along a front end loader.
Pacifica Silver Corp. released assay results from nine holes of its phase 1 diamond drilling program at its Claudia project in Durango. Highlighted core length intervals comprise 10.7 m @ 0.33 gpt Au, 11 gpt Ag; 14.35 m @ 0.76 gpt Au, 73 gpt Ag (including 2.2 m @ 2.31 gpt Au, 409 gpt Ag); 8.3 m @ 0.89 gpt Au, 62 gpt Ag; 0.3 m @ 22.3 gpt Au, 156 gpt Ag. The company has completed more than 3,650 m of drilling across 13 holes on the current program that is currently focused on expanding and following mineralized intervals in the Aguilareña vein, step-out drilling in the Justina vein and testing the Mina Vieja and Mina de Oro areas.
Luca Mining Corp. announced underground drill results from its ongoing exploration program at Campo Morado, Guerrero. Highlighted core length results comprise 33.5 m @ 0.18 gpt Au, 25 gpt Ag, 0.36% Cu, 0.3% Pb, 1.4% Zn; 41.4 m @ 0.20 gpt Au, 13 gpt Ag, 0.34% Cu, 0.1% Pb, 2% Zn; 14.3 m @ 1.5 gpt Au, 76 gpt Ag, 1.01% Cu, 0.5% Pb, 2.8% Zn; 12.4 m @ 0.96 gpt Au, 21 gpt Ag, 0.44% Cu, 0.1% Zn; 135.7 m @ 1.58 gpt Au, 77 gpt Ag, 0.88% Cu, 0.4% Pb, 1.6% Zn (including 101.5 m @ 1.92 gpt Au, 99 gpt Ag, 0.88% Cu, 0.5% Pb, 2.1% Zn); 22.5 m @ 2.74 gpt Au, 162 gpt Ag, 0.85% Cu, 1.1% Pb, 4.1% Zn. To date, 38 underground diamond drillholes totaling 9,043 m have been completed and 8,682 m have been drilled from 29 surface drillholes at the Reforma, El Rey, Reforma Deeps and Zapata targets.
Alamos Gold Inc. reported mineral reserves and reserves for 2025, including figures for its Mexican operations. Globally, the company holds 15.9 M Oz Au in mineral reserves, 5.5 M Oz Au in measured and indicated resources and 2.0 M Oz Au in inferred resources. At the Mulatos District in Sonora the company reported 1.2 M Oz Au in reserves, 0.83 M Oz Au in measured and indicated resources and 0.1 M Oz Au in inferred resources. In the table below can be seen the reserves and resources held in the Mulatos mine, La Yaqui Grande, Puerto del Aire, Cerro Pelón and Carricito deposits.
Hecla Mining Co. reported 2025 year-end mineral reserves and resources, including figures for its Mexican operations. Hecla holds consolidated mineral reserves of 231 M Oz Ag, 2 M Oz Au, measured and indicated resources of 160.9 M Oz Ag, 4.5 M Oz Au and inferred resources of 467.7 M Oz Ag, 6.3 M Oz Au. At San Sebastián, in Durango, the company holds 15 M Oz Ag, 145 K Oz Au, 15 K tons Cu, 23.3 K tons Pb, 35.6 K tons Zn in measured and indicated resources, and 19.2 M Oz Ag, 160 K Oz Au, 3 K tons Cu, 5.5 K tons Pb, 8.1 K tons Zn.
Defiance Silver Corp. provided an update on the current drilling campaign at its Zacatecas project in Zacatecas. The 10,000 m program is designed to confirm extensions to known mineralization and to validate the current geological model that will be used for the upcoming mineral resource estimate. The results are from 2,553 m in five holes, with highlighted core length intervals comprising 4.15 m @ 0.2 gpt Au, 94 gpt Ag0.3% Zn; 1.33 m@ 1.24 gpt Au, 67 gpt Ag, o.7% Pb, 3.1% Zn; 22.57 m @ .03 gpt Au, 103 gpt Ag, 10.65 m @ .17 gpt Au, 211 gpt Ag, 0.2% Zn (including 3.07 m @ 0.28 gpt Au, 579 gpt Ag, 0.2% Zn, which includes 0.55 m @ 0.97 gpt Au, 2,120 gpt Ag, 0.2% Pb, 0.2% Zn); 10.52 m @ 101 gpt Ag, 0.1% Zn.
Newmont Corp. reported 2025 global mineral reserves adding up to 118.2 M attributable Oz Au, 12.5 M attributable tonnes Cu and 442 M attributable Oz Ag. At Peñasquito, in Zacatecas, proven and probable mineral reserves stand at 256.6 M tonnes grading 0.49 gpt Au, 30.7 gpt Ag, 0.3% Pb, 0.67% Zn, holding 4.1 M Oz Au, 253.3 M Oz Ag, 0.7 B tonnes Pb, 1.5 B tonnes Zn. Measured and indicated resources stand at 224.9 M tonnes grading 0.23 gpt Au, 26 gpt Ag, 0.24% Pb, 0.60% Zn, containing 1.6 M Oz Au, 188 M Oz Ag, 0.5 B tonnes Pb, 1.4 B tonnes Zn, and 9.2 M tonnes grading 0.2 gpt Au, 24.2 gpt Ag, 0.2% Pb, 0.5% Zn containing 0.1 M Oz Au, 7.1 M Oz Ag. At La Bikina measured and indicated resources stand at 19.9 M tonnes @ 0.37 gpt Au, 13.99 gpt Ag, 9 M Oz Ag, containing 200 K Oz Au and inferred resources of 1.6 M tonnes grading 0.2 gpt Au, 11 gpt Ag.
Orla Mining Ltd. released results of a preliminary economic assessment (PEA) for the underground project at its Camino Rojo mine in Zacatecas. The PEA outlines the development for an underground mine standalone operation at Camino Rojo beyond the current open pit heap leach operation supported by its own crushing, grinding, and flotation circuits to produce concentrates. The project envisages a net present value (5%) of 1.3 B and a 30% internal rate of return (IRR) at a price of $3,100 per Oz Au. It includes mining at an 8,000 tpd rate to process 37.2 M tonnes grading 2.7 gpt Au, 11.5 gpt Ag, 0.39% Zn (2.96 gpt AuEq), producing 215 K Oz Au (228 K Oz AuEq) per year and a total of 2.8 M Oz Au (2.97 M Oz AuEq) in the 17 years mine life, with cash cost of $1,067 and an AISC of $1,339 per Oz Au. The project includes a capital cost of US$608.1 M.
ON DEALS AND CORPORATE ISSUES
EV Resources Ltd. entered into a services agreement with MineMaker LLC, including “identifying and securing non-dilutive funding through U.S. government programs intended to onshore critical mineral supply chains. This includes loans, co-investment opportunities, tax incentives, and procurement mechanisms, as well as securing appropriate assistance for permitting at Federal and State level for the Company’s Nevada assets” (Los Lirios, Oaxaca).
Kootenay Silver Inc. entered into a marketing services agreement with Gold Standard Media LLC, an internet marketing and advertising company. Gold Standard will provide certain financial publishing and digital marketing services focused on introducing the company to a broader audience. In exchange for providing these services, Gold Standard will receive an aggregate upfront payment of USD$1 million. (Columba, Chihuahua).
Discovery Silver Corp. announced the appointment of Lee Hodgkinson to the board of directors (Cordero, Chihuahua).
Hecla Mining Co. informed Mr. Stephen F. Ralbovsky has retired from the board of directors. Also, Ms. Jill Satre was appointed as “the Chair of the Company’s Audit Committee” (San Sebastián, Durango).
Bear Creek Mining Corp. that its share holders have voted in favour of both the previously announced acquisition of the company by Highlander Silver Corp. and the interest deferral agreements entered into between the company and Royal Gold, Inc. and Equinox Gold Corp. at the company’s special meeting (Mercedes, Sonora).
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: chlorite flooding and specularite veining on volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.
During the 4th week of the year (January 19th to January 25th, 2026), companies working in Mexico released 43 press releases. Six companies informed on early-stage properties work, eight more presented quarterly reports and one informed on an illegal blockade. Eight companies presented news on financing rounds, one on trading on a new market, one on the halting of trading and one more on a favorable ranking. Six companies presented updates on advanced properties, while nine companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Questcorp Mining and partner Riverside Resources released favorable channel sample results from La Unión; Tocvan Ventures released drilling results from the North Block at its Gran Pilar project. In Chihuahua, Kingsmen Resources released drilling results from Las Coloradas; Mammoth Resources is working in planning and permitting a resource definition drilling campaign at Tenoriba. In Durango, Pinnacle Silver and Gold released underground sampling results from El Potrero. In Oaxaca, EV Resources is mobilizing a rig to Los Lirios. ON MINING, Luca Mining, Orla Mining, Gold Resource, Pan American Silver, GoGold Resources, Americas Gold and Silver, Gold Royalty and Avino Silver and Gold Mines presented quarterly reports. Gold Resource reported an illegal blockade at its Don David mine in Oaxaca. ON FINANCING, four companies informed on financing rounds: Canasil Resources (C$0.5 M), Apollo Silver (C$15 M), Kootenay Silver (C$16.5 M), and Pacifica Silver (C$23 M). Silver Spruce Resources corrected a previous offering note. Santacruz Silver Mining commenced trading on the Nasdaq Capital Market. Silverco Mining halted trading on the TSX. Guanajuato Silver and Luca Mining were named to the 2026 OTCQX Best 50. EV Resources received A$0.6 M from the sale of an Australian property. ON RESOURCES AND DEVELOPMENT, Kootenay Silver is to conduct a PEA on La Cigarra. Vizsla Silver updated on 2025 work at Panuco, and plans for 2026. Capitan Silver commenced a 60,000 m drilling campaign at Cruz de Plata. Mithril Silver and Gold released drilling results from Coplaquin. Alamos Gold presented drilling results from the PDA, Cerro Pelón and Halcón deposits in the Mulatos district. Silver Tiger Metals filed an updated PFS on the Stockwork zone and a PEA on the underground at El Tigre project. ON DEALS AND CORPORATE ISSUES, Bear Creek Mining informed on the incoming meeting of shareholders to resolve its arrangement with Highlander Silver. Mammoth Resources elected board directors at its AGM. Regency Silver optioned the La India concession near its Dios Padre project in Sonora. Silverco Mining is acquiring Nuevo Silver, owner of la Negra mine in Querétaro. Southern Empire Resources acquired the Pedro project in Durango from Enduro Metals. Radius Gold continues discussions with Pan American Silver to advance the Amalia project in Chihuahua. Silver Viper Minerals announced an appointment to the board. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
No Relevant News.
ON EXPLORATION
Kingsmen Resources Corp. released results from three diamond drill holes on the Soledad structure at its Las Coloradas project in Chihuahua. Two of the holes intersected old workings, with the remaining hole intercepting 15.7 m of core length averaging 0.04 gpt Au, 46 gpt Ag, 9.9% Pb, 0.7% Zn (including 7.7 m @ 0.08 gpt Au, 89 gpt Ag, 1.8% Pb, 1.2% Zn, which includes 0.60 m @ 0.867 gpt Au, 848 gpt Ag, 18.2% Pb, 11.7% Zn). “The geological sequence consists of variably sheared and interbedded arenite and lutite…. Alteration comprises green chlorite-epidote-nontronite and sericite with pyrite-calcite veinlets, sphalerite-(galena) veinlets, grey to white bleaching +/- disseminated pyrite (mm-cm) size.
Mammoth Resources Corp. is advancing steps towards the planning and permitting to complete a resource definition drill program at its Tenoriba project in Chihuahua. The company also intends to proceed with studies to confirm potential gold-silver recoveries from a coarser fraction heap leach metallurgical test and to define high-grade areas to source material for a pilot plant operation.
EV Resources Ltd. announced the mobilization of drilling equipment to its Los Lirios antimony project in Oaxaca. The 1,500-2,000 m drill program targets high-grade Sb mineralization beneath historical workings along the Lirios fault zone, testing for both veins and carbonate replacement targets on 900 m of the 9 km long system.
Pinnacle Silver and Gold Corp. released underground sampling results from the Estrella vein at its El Potrero project in Durango. Channel sampling identified two mineralized zones within the 42 m long workings, one of 5.49 gpt Au, 48 gpt Ag across 0.72 m and another yielding 1.87 gpt Au, 51 gpt Ag, averaging 1.1 m in width. The identification of high-grade Au-Ag mineralization at La Estrella is significant, as it lies 500 m from the main Dos de Mayo structure and is topographically 300 to 400 m above, with “… brecciated, lattice bladed and banded textures”.
Questcorp Mining Corp. and partner Riverside Resources Inc. reported results from channel sampling at La Unión, in Sonora. A 30 m continuous channel sample oblique to strike along the decline wall at La Unión mine averaged 20 gpt Au, 226 gpt Ag. The companies continue to forward the CRD and sediment hosted mineralization models for the property.
Tocvan Ventures Corp. released drilling results from its maiden (reverse circulation?) drill program on the North block at its Gran Pilar project in Sonora, five kilometers north of the South Block/Main Zone. Highlighted results from five drill holes comprise 7.64 m @ 23 gpt Ag (including 1.53 m @ 92 gpt Ag); 7.63 m @ 18.8 gpt Ag, 0.1% Zn; 10.71 m @ 0.3% Zn; 3.06 m @ 20 gpt Ag, 0.5% Pb, 0.3% Zn. Other elements were as high as 0.13% Cu, 170 ppm As, 276 ppm Sb.
ON MINING
Luca Mining Corp. provided its production report for Q4 2025, and achieved its revised full-year 2025 production guidance. During 2025 Campo Morado in Guerrero produced 8,735 Oz Au, 1 M Oz Ag, 4,921 tonnes Pb, 38,740 tonnes Zn, 8,895 tonnes Cu, while Tahuehueto in Durango produced 17,410 Oz Au, 316.1 K Oz Ag, 4,000 tonnes Pb, 6,472 tonnes Zn, 1,185 tonnes Cu, for a consolidated production of 26,144 Oz Au, 1.33 M Oz Ag, 8,921 tonne Pb, 45,212 tonnes Zn, 10,081 tonnes Cu. Payable production ranged between 70 and 82% of metals. During the quarter 5,836 m of drilling were completed, for a total of 22,855 m in the year, with an investment of US$3.8 M. The company’s cash position at the end of the period was US$25.1 M.
Orla Mining Ltd. provided an operational update for the fourth quarter and year 2025. The company produced a total of 95,405 Oz Au in the quarter and 300,620 Oz Au in the year from its operations in Mexico and the US. At Camino Rojo in Zacatecas, 1.86 M tonnes of ore were stacked grading 0.47 gpt Au to produce 19,587 Oz Au during the quarter, and stacked 8.94 M tonnes of ore grading 0.54 gpt Au to produce 96,764 Oz Au in the year.
Gold Resource Corp. announced preliminary fourth quarter production from its Don David mine in Oaxaca. During the period 85.9 K tonnes were milled at a rate of 1,305 tpd, grading 0.96 gpt Au, 298 gpt Au, 0.16% Cu, 0.58% Pb, 1.22% Zn, to produce 1,993 Oz Au, 687.5 K Oz Ag, 87 tonnes Cu, 306 tonnes Pb, 750 tonnes Zn. “During the quarter, the Company’s production profile has transitioned into more of a silver producer, accounting for about 80% of its revenue….. a total gold equivalent (AuEq) ounces of 10,413”. For the full year, the company produced 23,125 Oz AuEq.
Pan American Silver Corp. presented preliminary 2025 results, with a total of 22.8 M Oz Ag, 742,200 Oz Au consolidated production. In Mexico the company produced during the fourth quarter 1.61 M Oz Ag, 1,100 Oz Au at La Colorada (Zacatecas), 1.91 M Oz Ag, 4,800 Oz Au at Juanicipio (Zacatecas), 0.11 M Oz Ag, 5,400 Oz Au at Dolores (Chihuahua). For the year production was 6.02 M Oz Ag, 4,600 Oz Au at La Colorada, 2.49 M Oz Ag, 6,700 Oz Au at Juanicipio, 5.4 M Oz Ag, 37,600 Oz Au at Dolores, with 61% of Ag and 6.5% Au consolidated production coming from Mexico. Guidance for 2026 is 25-27 M Oz Ag, 700,000-750,000 Oz Au, with a budgeted US$55 M on brownfield exploration, US$ 55 M on project related exploration and US$-22-25 M on regional exploration in Brazil, Mexico, Canada and Chile.
Americas Gold and Silver Corp. had consolidated production of 2.65 M Oz Ag in 2025. At Cosalá, in Sinaloa, 463 K Oz Ag were produced in the quarter, for a total of 1.19 M Oz Ag during the year. The rest of the production was from its USA operations.
GoGold Resources Inc. reported production for the quarter ended December 31, 2025. At its Parral operations in Chihuahua, the company produced 205.1 K Oz Ag, 2,914 Oz Au, 96 tonnes Cu, 150 tonnes Zn, or 456.2 K Oz AgEq.
Gold Royalty Corp. released preliminary fourth quarter 2025 results. Total revenue, land agreement proceeds and interest was US$5.2 M (revenue of US$4.2 M), or 1,255 Oz AuEq. For 2025, total revenue, land agreement and proceeds and interest added up to US$17.7 M (revenue of US$13.9 M), or 5,173 Oz AuEq (royalty on Cosalá, Sinaloa).
Gold Resource Corp. announced that an illegal blockade is underway at its mine in Oaxaca. Employees of terminated contractors on Union membership affiliation grounds established an illegal mine-access blockade. “This dispute is between the union and four contractors who were previously affiliated with the union. This is not a dispute between the Company and the union nor between the Company and the four contractors” (Don David, Oaxaca).
Avino Silver & Gold Mines Ltd. reported full year 2025 production of 1.16 M Oz Ag, 7,621 Oz Au, 5.67 M Lb Cu, or 2.6 M Oz AgEq. During the year 724,940 K tonnes were processed at Avino, in Durango, averaging 0.44 gpt Au, 56 gpt Ag, 0.42% Cu, recovering 73% Au, 84% Ag, 84% Cu, to produce 7,544 Oz Au, 1.1 M Oz Ag, 5.67 M Lb Cu (or 2.55 M Oz AgEq). At La Preciosa, 19 kilometers from Avino, 12 K tonnes were processed, averaging 0.32 gpt Au, 191 gpt Ag, recovering 62% Au, 66% Ag, to produce 77 Oz Au, 48.2 K Oz Ag (or 54.9 K Oz AgEq). The company commenced extraction, haulage and processing of mineralized development material from La Preciosa during the fourth quarter 2025. Avino Silver had US$100 M in cash at the end of 2025.
ON FINANCING
Canasil Resources Inc. announced a private placement for a total of C$500 K in gross proceeds. Insiders of the Company subscribed for a total of 2.5 M shares, which constitutes a related party transaction (Nora, Durango).
Silver Spruce Resources Inc. corrected a previous press-release that stated 976 K units offered, to 9.76 M units (Pinos, Chihuahua).
Santacruz Silver Mining Ltd. has commenced trading on the Nasdaq Capital Market. (Zimapán, Hidalgo).
Silverco Mining Ltd. announced the halting of its common shares on January 21, 2026, at the request of the TSX Venture Exchange to facilitate the review of the binding letter with Nuevo Silver Inc. (Cusi, Chihuahua).
Apollo Silver Corp. closed the final tranche of its previously announced non-brokered private placement for aggregate gross proceeds of C$15 M. Eric Sprott, through 2176423 Ontario Ltd. participated with C$12.5 M, taking its stake in the company to 10.3% of outstanding shares on a non-diluted basis and 15.8% on a partially diluted basis, assuming the exercise of such warrants (Cinco de Mayo, Chihuahua).
Kootenay Silver Inc. announced an engagement letter with Red Cloud Securities Inc. as lead underwriter pursuant to which the underwriters have agreed to purchase shares of the company on a bought deal basis in a private placement for C$10 M in gross proceeds. The underwriters have the option to buy shares at the same price for gross proceeds of C$1.5 M before the closing of the placement (Columba, Chihuahua).
Guanajuato Silver Co. has been named to the 2026 OTCQX Best 50, a ranking of top performing companies traded on the OTCQX Best Market last year (El Cubo, Guanajuato).
Kootenay Silver Inc. increased the size of its previously announced “bought deal” private placement from C$10 M to C$16.5 M in gross proceeds. The underwriters have the option to buy shares for another C$1.5 M in gross proceeds.(undisclosed projects, Mexico).
Luca Mining Corp. has been named to the 2026 OTCQX Best 50, a ranking of top performing companies traded on the OTCQX Best Market last year (Campo Morado, Guerrero).
EV Resources. confirmed the receipt of A$600 K in cash from the sale of a project in Australia. The funds are to be used in the upcoming drill program at Los Lirios antimony project in Oaxaca.
Pacifica Silver Corp. closed its previously announced upsized, private placement offering for aggregate gross proceeds of C$23 M (Claudia, Durango).
ON RESOURCES AND DEVELOPMENT
Kootenay Silver Inc. engaged engineering firms Sacré-Davey Engineering Inc. and Canenco Consulting Corp. to conduct a preliminary economic assessment (PEA) on its La Cigarra project in Chihuahua. The pit constrained mineral resource totals 51.6 M Oz Ag in the measured and indicated categories in 15.7 M tonnes averaging 0.07 gpt Au, 102 gpt Ag, 0.16% Pb, 0.21% Zn and 11 M Oz Ag on the inferred category in 3.4 M tonnes averaging 0.06 gpt Au, 102 gpt Ag, 0.2% Pb, 0.19% Zn.
Vizsla Silver Corp. informed that during 2025 the company published a feasibility study (FS) on the Panuco project in Sinaloa, with $1.8 B after-tax NPV. 11% IRR and a 7-month payback period, with annual production of 17.4 M Oz AgEq over 9.4 years, securing financing with over US$450 M in cash and advanced test mine operations to 700 m depth. For 2026, Vizsla plans to begin construction following receipt of environmental permits (expected mid-year), complete 60,000 m of drilling on the district, advance detailed engineering and contractor selection and continue exploration on newly acquired properties.
Capitan Silver Corp. commenced a 60,000 m drilling campaign of diamond and reverse circulation (RC) drilling for 2026 at its Cruz de Plata project in Durango. The company informed that during 2025 the company raised C$29 M, restarted drilling operations, the first since 2023, extending mineralization by 250 m, increased Capitan Hill resources to 525,000 Oz Au, bought the main royalty on the project for US$1 M, and acquired claims from Fresnillo, consolidating and increasing the land position by 85%. For 2026 Capitan Silver launched a drilling campaign, expanding from one RC rig to three core rigs and one RC rig, with focus on several targets including the 3.7 km Jesús María trend and infill drilling at Capitan Hill to upgrade resources. An airborne geophysical survey is planned, as well as mechanical trenching.
Mithril Silver and Gold Ltd. released drilling results from expansive resource drilling at Target 1 within the Copalquin project in Durango. Drilling extended 300 m west the mineralized structure and 300 m down dip on the Refugio 1 structure. Highlighted core length intercepts comprise 3.95 m @ 1.37 gpt Au, 22 gpt Ag; 3.05 m @ 1.68 gpt Au, 107 gpt Ag (including 0.5 m @ 9.6 gpt Au, 612 gpt Ag); 2.8 m @ 2.29 gpt Au, 60 gpt Ag; 4.4 m @ 2.18 gpt Au, 15 gpt Ag (including 0.5 m @ 15.5 gpt Au, 66 gpt Ag); 1.55 m @ 2.11 gpt Au, 6 gpt Ag; 1.35 m @ 21.94 gpt Au, 357 gpt Ag (including 0.5 m @ 57.65 gpt Au, 924 gpt Ag); 5.45 m @ 0.78 gpt Au, 36 gpt Ag.
Alamos Gold Inc. updated on drilling results within the Mulatos District in Sonora, where exploration has shifted from targeting oxides to higher grade sulfide mineralization. “A total of $20 million was spent on exploration in the Mulatos District in 2025, similar to spending in 2024. The near-mine and regional drilling program totalled 56,117 m in 170 holes. This included 13,779 m of surface exploration drilling in 58 holes at the GAP-Victor and PDA targets at PDA, and 21,394 m in 56 holes at Cerro Pelon. Regional exploration drilling totalled 20,944 m in 56 holes …” with the Halcon discovery being part of the latter program. At Cerro Pelón, drill intersects comprise 23.85 m @ 5.60 gpt Au; 5.93 m TW @ 5.85 gpt Au; 15.15 m @ 6.58 gpt Au; 8.67 m TW @ 6.64 gpt Au; 14.10 m @ 4.28 gpt Au; 4.25 m @ 12.95 gpt Au; 7.20 m @ 6.13 gpt Au; 2.75 m @ 6.05 gpt Au. At PDA (Puerto del Aire) drill intersects comprise 8.97 m @ 13.64 gpt Au; 15.60 m @ 3.72 gpt Au; 15.61 m @ 4.27 gpt Au; 14.92 m @ 4.85 gpt Au; 6.92 m @ 8.79 gpt Au; 7.10 m @ 5.77 gpt Au; 2.91 m @ 15.00 gpt Au; 0.81 m @ 43.70 gpt Au. At Halcon drill intersects comprise 47.60 m @ 3.04 gpt Au (including 4.50 m @ 7.78 gpt Au; 3.75 m @ 13.41 gpt Au); 37.35 m @ 3.53 gpt Au (including 10.20 m @ 8.13 gpt Au); 31.50 m @ 3.46 gpt Au (including 6.00 m @ 5.56 gpt Au); 19.00 m @ 3.88 gpt Au (including 3.40 m @ 10.08 gpt Au).
Silver Tiger Metals Inc. filed two studies, a preliminary economic assessment (PEA) on the underground at El Tigre and an updated prefeasibility study (PFS) on the Stockwork Zone for its El Tigre project in Sonora. The PEA proposes a base-case Ag price of US$38 per Oz and of US$3,200 per Oz Au, with After-Tax (NPV 5%) of US$ 304 M and After-Tax IRR of 42.8% and a payback period of 2.6 years. The study envisages 15-year UG mine life with 3-year historical tailings processing to recover 34 M Oz Ag, 130 K Oz Au (or 38 M Oz AgEq, or 453 K Oz AuEq), producing an average of 2.1 M Oz Ag, 8 K Oz Au per year. The updated PFS with the same base-case metal prices includes an After-Tax (NPV 5%) of US$456 M with an After-Tax IRR of 65.7% with a 1.4 years payback period, 10-year mine life recovering 9 M Oz Ag, 408 K Oz Au (or 43 M Oz AgEq, or 509 K Oz Au), producing an average of 4.8 M Oz AgEq or 56.5 K Oz AuEq.
ON DEALS AND CORPORATE ISSUES
Bear Creek Mining Corp. filed its notice of meeting, management information circular and related documents with securities regulators in connection with the special meeting of shareholders of Bear Creek to approve the proposed plan of arrangement with Highlander Silver Corp. and the interest deferral agreements entered into between the company and each of Royal Gold Inc. and Equinox Gold Corp. The proxy voting deadline is February 17, 2026 (Mercedes, Sonora).
Mammoth Resources Corp. announced shareholders at its annual general meeting (AGM) elected Thomas Atkins, Paul O’Brien, Jose Antonio Berlanga Balderas, Edgardo Espinosa Velasco, Jose Antonio Berlanga Lopez, and Richard Simpson as directors and appointed Kresto GTA, Chartered Accountants as auditors of the company (Tenoriba, Chihuahua).
Regency Silver Corp. entered into an agreement to option the 4,823 ha La India mining concession located 10 km to the north of its Dios Padre project in Sonora. The claim hosts Early cretaceous andesitic volcanic rocks that are proximal to late cretaceous plutonic rocks associated with Laramide age porphyries in the district. The deal involves an initial US$60 K payment and staged payment totalling US$580 K over five years , as well as to pay US$145 K in owed taxes. A payment of US$1 M is due upon the publication of a mineral resource estimate over 1 M Oz Au. The vendors are entitled to a 2% NSR, on which the company has the right to purchase half by paying US$1 M.
Silverco Mining Ltd. entered into a binding letter to acquire Nuevo Silver Inc., which recently entered into a share purchase agreement to acquire 100% of the producing La Negra mine in Querétaro. Holders of Nuevo Silver shares will be issued 16.8 M Silverco shares, and upon completion former holders of Silverco shares will hold 34% of Silverco shares. Silverco will also assume US11 M in debt associated with La Negra mine, US$12.5 M in milestone payments due in Q1 2027 and US$5 M in contingent payments potentially due between Q1 2027 and Q1 2028. “La Negra is currently operating at approximately 55% capacity”.
Southern Empire Resources Corp. completed the acquisition of the 1,750 ha Pedro gold project in Durango, from Enduro Metals Corp. The company issued Enduro 2 M common shares, agreeing to a future milestone payment of US$2 M upon production commencement, with Enduro retaining a 2% NSR. The project area displays “hematite-stained, silica-rich ridges of angular chalcedony fragments and silicified sedimentary rocks within a coarse breccia” with values of up to 2.3 gpt Au”. Geology, alteration and geochemistry mapped at Pedro are indicative of a potential low-sulphidation epithermal vein system, with some indications of possible Carlin style mineralization. Previous drilling intercepted up to 15.2 m averaging 0.577 gpt Au. “Fortuna Mining Corp. (Fortuna) has informed Southern Empire that it has resumed its 3,500 m core drilling program at the Centauro Gold Project, located 100 km northwest of Pedro”. Fortuna acquired the option rights for Centauro from Southern Empire in 2025.
Radius Gold Inc. informed that between “2019 and 2022, Radius and joint venture partner Pan American Silver Corp. completed 67 drill holes for 23,058 meters of diamond drilling at the Amalia Project, in Chihuahua, with multiple targets remaining untested. “Pan American held the right to earn 65 % interest under an existing option agreement. As operator Pan American Silver suspended work on the property during merger negotiations with Yamana in 2022. Radius continues discussions with Pan American with the objective of agreeing a pathway forward for the Amalia … ” project.
Silver Viper Minerals Corp. announced the appointment of Mr. Rakesh Malhotra as chief financial officer (La Virginia, Sonora).
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: Quartz veining cut by late specularite veins in volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.
