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

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By Jorge Cirett

During the 2nd week of the year (January 05th to January 11th, 2026), companies working in Mexico released 31 press releases. Three companies informed on early-stage properties work and three more presented quarterly reports. Four companies presented news on financing rounds, one on consolidation of shares, one on the repurchase of shares and, a sign of the current buoyant times, six on the granting of stock options. Five companies presented updates on advanced properties, while six companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora Aztec Minerals provided an update on Cervantes; Algo Grande generated tens of targets at Adelita. In Durango, Pinnacle Silver and Gold completed a LIDAR survey at El Potrero. ON MINING, Heliostar Metals, Endeavour Silver and Torex Gold presented quarterly reports. ON FINANCING, four companies informed on financing rounds: Capitan Silver (C$6 M), Kootenay Silver (406 K), Bear Creek Mining (C$18 M) and Oroco Resource (C$15 M). Chesapeake Gold, Santacruz Silver Mining, J2 Metals, Barksdale Resources, Canasil Resources, and Elemental Royalties granted incentive stock options. Minera Alamos consolidated its shares on a 10:1 basis. Fortuna Mining repurchased 1.7 M common shares of its stock. ON RESOURCES AND DEVELOPMENT, Silverco Mining provided an update on the restart of mining at Cusi, in Chihuahua. Southern Silver Exploration reported drilling results from Cerro Las Minitas in Durango. Regency Silver informed on breccia characteristics intercepted by drilling at Dios Padre, in Sonora. Kootenay Silver released results from drilling at Columba, in Chihuahua. Kingsmen Resources reported assay results from one hole at Las Coloradas, in Chihuahua. ON DEALS AND CORPORATE ISSUES, Silver Viper Minerals contracted marketing campaigns and announced appointments to the board. Centenario Gold signed a LOI with Vector Factor to option Los Reyes project, in Chihuahua. Zacatecas Silver updated on work at Esperanza and Zacatecas Silver projects in Morelos and Zacatecas, respectively. Algo Grande announced an appointment to the board. Highlander Silver and Bear Creek Mining amended the agreement on which Highlander is acquiring all Bear Creek shares. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News. 

ON EXPLORATION

  • Aztec Minerals Corp. provided an update on work at its Cervantes property in Sonora. During 2025 conducted a surface exploration program that expanded the known extent of the California Au-Cu porphyry system another 0.5 km to the east.. During the first half of 2026 surface exploration is to continue in preparation for potential continued step out and exploration drilling.
  • Pinnacle Silver and Gold Corp. informed the airborne LIDAR survey recently flown over the 1,100 ha El Potrero project in Durango “has confirmed known structural trends, outlined previously unknown structures, and identified a total of 64 adits, 6 shafts and 51 prospecting pits on the two claim blocks comprising the project”.
  • Algo Grande Copper Corp. completed reprocessing and reinterpretation of historical geophysical and geochemical datasets at its Adelita project in Sonora, confirming a district-scale structurally controlled porphyry-skarn system. The work identified 32 Cu-Au-Ag targets, including 14 generated by machine-learning techniques. A high-definition ground magnetic survey has commenced over the Cerro Grande skarn zone.

ON MINING

  • Heliostar Metals Ltd. produced 8,459 Oz AuEq during Q4 2025, for a total of 34,098 Oz AuEq during the year, well within the 2025 guidance. At La Colorada, in Sonora, 17,793 Oz Au, 57.5 K Oz Ag (or 18,467 Oz AuEq) were produced in 2025, whereas at San Agustin, in Durango, 14,883 Oz Au, 22.5 K Oz Ag (or 15,139 Oz AuEq) were produced in the same period while the reminder was produced at the now closed El Castillo operations. 
  • Endeavour Silver Corp. reported a full 2025 year production of 6.5 M Oz Ag, 37,164 Oz Au which, in combination with base metal production, equals 11.2 M AgEq. In Mexico, the company produced 7.85 M Oz AgEq from its operation. At Terronera, in Jalisco, 154.2 K tonnes were processed averaging 86 gpt Ag, 2.27 gpt Au, recovering 82.6% Ag, 72.5% Au, to produce 352 K Oz Ag, 8,148 Oz Au. At Guanaceví, in Durango, 403 K tonnes were processed averaging 334 gpt Ag, 1.16 gpt Au, recovering 90.3% Ag, 91.5% Au, to produce 3.9 M Oz Ag, 13,747 Oz Au. At Bolañitos, in Guanajuato, 393.9 K tonnes were processed averaging 57 gpt Ag, 1.37 gpt Au, recovering 84.0% Ag, 87.9% Au, to produce 608.4 K Oz Ag, 15,270 Oz Au. Terronera was declared commercial production on October 1, 2025, and a definitive agreement to sell the Bolañitos operation was signed in November 2025.
  • Torex Gold Resources Inc. reported 115,066 Oz AuEq of payable production during the fourth quarter of 2025. The company mined 3,175 tpd at ELG Underground and 7,052 tpd at Media Luna Underground, for a total of 10,705 tpd processed at its Moelos Complex in Guerrero. Ore graded 3.40 gpt, 19.08 gpt Ag, 0.65% Cu, with recoveries of 90.3% Au, 83.1% Ag, 91.9% Cu, to produce 94,878 Oz Au, 498.2 K Oz Ag, 13 M Lb Cu. For the full year 2025, payable production totalled 376,586 Oz AuEq. “During 2025, the Company repurchased 825,769 shares at an average price of C$57 per share and paid an inaugural quarterly dividend of C$0.15 per share”.     

ON FINANCING

  • Minera Alamos Inc. announced its common shares have been consolidated at a ratio of ten to one. The company now has 108 million common shares issued and outstanding   (Santana, Sonora).
  • Chesapeake Gold Corp. granted 100 K stock options to Mr. Rajesh Vyas  in relation to his appointment as chief financial officer (Metates, Durango).
  • Santacruz Silver Mining Ltd. granted 39 K restricted share units to a director of the company. (Zimapán, Hidalgo).
  • Capitan Silver Corp. announced that the company has completed its investment from Schroder Investment Management Limited acting as agent on behalf of one of its UCITS funds, for gross proceeds of C$6 M (Cruz de Plata, Durango).
  • J2 Metals Inc. granted 195 K stock options to certain directors and consultants of the company (Sierra Plata, Guerrero).
  • Barksdale Resources Corp. omnibus share incentive plan has been approved by the TSX Venture Exchange (San Javier, Sonora).
  • Oroco Resource Corp. entered into an agreement with Canaccord Genuity Corp. as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters pursuant to which the underwriters have agreed to purchase, on a bought deal basis units of the company for  C$15 M (Santo Tomás, Sinaloa).
  • Fortuna Mining Corp. reported the company repurchased 1.7 M common shares on the open market of the New York Stock Exchange for a total gross consideration of US$17 M (undisclosed projects, Mexico).
  • Canasil Resources Inc. applied to the TSX Venture Exchange for approval to grant 5.15 M incentive stock options to directors, officers, advisors and employees (Nora, Durango).
  • Kootenay Silver Inc. informed that during the third quarter of 2025 the company issued common shares under the ATM program for C$142.6 K in gross proceeds, paying C$3.6 K in aggregate commissions. During the fourth quarter of 2025 the company issued C$263.3 K in common shares with aggregate commissions of C$6.6 K (Columba, Chihuahua).
  • Bear Creek Mining Corp. closed its previously announced non-brokered private placement financing to raise gross proceeds of C$18 M (Mercedes, Sonora).
  • Elemental Royalty Corp. granted 663.3 K incentive stock options and 155.1 K restricted share units to officers, directors, employees and consultants of the company, and 14.9 K cash-settled DSUs to independent directors, redeemable upon the retirement, resignation or replacement of a director (royalty in Mercedes, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Silverco Mining Ltd. provided an update on the restart of operations at its Cusi project, in Chihuahua. Underground workings at the Promontorio area have been dewatered, a project manager has been hired in-country, rehabilitation has commenced with ramp scaling and ground support installation. JDS Energy & Mining Inc. has been engaged to produce a restart study utilizing the updated mineral resource estimate (MRE). Metallurgical optimization test work by Forte Analytical is nearing completion. The remainder of the 2025 drill program results are expected in early Q1 2026 and the recently flown LIDAR survey data is being integrated.
  • Southern Silver Exploration Corp. reported assays from four holes testing the recently acquired Puro Corazon claim within its Cerro Las Minitas project in Durango. Highlighted true width intervals comprise 5.3 m @ 73 gpt Ag, 2.8% Pb, 3.4% Zn; 0.8 m @ 405 gpt Ag, 11.1% Pb, 9.1% Zn; 0.7 m @ 566 gpt Ag, 0.1% Cu, 29.2% Pb, 8.0% Zn; 17.9 m @ 63 gpt Ag, 0.1% Cu, 1.6% Pb, 1.4% Zn; 4.0 m @ 120 gpt Ag, 0.2% Cu, 3.5% Pb, 4.5% Zn; 7.3 m @ 102 gpt Ag, 0.5% Cu, 3.6% Pb, 3.7% Zn (including 4.0 m @ 131 gpt Ag, 0.8% Cu, 6.4% Pb, 5.4% Zn); 3.0 m @ 171 gpt Ag, 0.1% Cu, 2.2% Pb, 3.7% Zn (including 0.4 m @ 0.1 gpt Au, 724 gpt Ag, 0.5% Cu, 6.8% Pb, 21.6% Zn). Sixteen of the proposed twenty-one holes have been completed for a total of 6,820 m of the planned 12,000 m of drilling to test the Puro Corazon claim.
  • Regency Silver Corp. announced the latest hole at its Dios Padre project in Sonora has intercepted sulfide-specularite supported breccia in multiple zones across a non-continuous 240 m interval. The breccias are controlled by a series of quartz-feldspar porphyries 5 to 50 m in width and are similar in nature to the breccia hosting Au-Cu-Ag mineralization in previous holes. “The intersection is ~150m down-dip below the historic Dios Padre silver mine workings and ~225m up dip …. ” from a previous hole that intercepted 38 m @ 7.36 gpt Au. Five holes totaling 3,723m have been completed since drilling resumed in October 2025. 
  • Kootenay Silver Inc. announced assay results from nine drill holes completed as part of its 50,000 m drill program at Columba, in Chihuahua. Drilling is focused on the expansion of the known resource, the same that remains open in all directions. The current mineral resource estimate totals 5.92 M tonnes grading 284 gpt Ag, containing 54.1 M Oz Ag. Highlighted true width intervals comprise 9.78 m @ 11 gpt Ag, 1.0% Pb, 1.0% Zn; 50.7 m @ 49 gpt Ag, 0.1% Zn; 2.85 m @ 315 gpt Ag, 0.3% Pb, 0.5% Zn (including 0.43 m @ 1,295 gpt Ag, 1.3% Pb, 1.1% Zn); 60.3 m @ 56 gpt Ag, 0.1% Pb, 0.1% Zn; 4.56 m @ 299 gpt Ag, 0.5% Pb, 1.0% Zn (including 0.27 m @ 1,830 gpt Ag, 5.0% Pb, 6.2% Zn); 2.72 m @ 390 gpt Ag, 0.2% Pb, 0.7% Zn; 4.97 m @ 186 gpt Ag, 0.1% Pb, 3.8% Zn (including 0.71 m @ 1,040 gpt Ag, 0.3% Pb, 21.0% Zn); 51.52 m @ 35 gpt Ag, 0.2% Pb, 0.5% Zn).
  • Kingsmen Resources Ltd. reported assay results from three diamond drill holes at its Las Coloradas project in Chihuahua. Highlighted core length results comprise 4.8 m @ 52 gpt Ag, 0.9% Pb, 1.22% Zn (including 1.3 m @ 0.72 gpt Au, 143 gpt Ag, 2.5% Pb, 3.4% Zn); 0.25 m @ 0.14 gpt Au, 157 gpt Ag, 0.6% Pb, 1.9% Zn. Mineralization has now been confirmed on three structures -Soledad, Soledad II and No.8- spanning 1.5 km.

ON DEALS AND CORPORATE ISSUES

  • Silver Viper Minerals Corp. entered into an agreement to support ongoing digital marketing efforts with Nordcore Media LLC. “The engagement covers the creation and management of advertising campaigns, remarketing, and related digital strategy activities”. The total cost for the six-month term is US$300 K in cash. In a second press release Silver Viper announced the appointment of Jeff Couch to its board of directors (La Virginia, Sonora).
  • Centenario Gold Corp. entered into a letter of intent (LOI) with Vector Factor S.A. de C.V. to acquire 100% interest in the Los Reyes project in Chihuahua. The 45 ha property  is “located along a northwest-trending structure … that hosts numerous high-grade current and past operating mines…”. The option can be entered into by making US$15 K payment before the end of 2025, initiate a greater than 1,000 m drill program within 6 months of signing the LOI, a final purchase option agreement signed not later than 45 days after receiving drilling assays with US$45 K on signing, US$50 K on year 1, US$80 K on year 2, US$100 K on year 3, US$110 K on year 4, US$120 K on year 5, and a 2% NSR. Centenario is to pay the mining rights of the two mining concessions involved during the LOI validity term. 
  • Silver Viper Minerals Corp. announced the appointment of Mr. Andreas L’Abbé as financial advisor and Mr. Gernot Wober as technical advisor (La Virginia, Sonora).
  • Zacatecas Silver Corp. provided a corporate update outlining key operational progress across its portfolio. At the Zacatecas Silver project in Zacatecas the upcoming 4,000 m drill program has been contracted and surface access agreements signed. At Esperanza, in Morelos, the company is well positioned to benefit from recent improvements in Mexico’s permitting landscape, which includes open pit permits. 
  • Algo Grande Copper Corp. appointed João Rocha as vice president of exploration (Adelita, Sonora).
  • Highlander Silver Corp. and Bear Creek Mining Corp. entered into an amended and restated arrangement agreement dated January 9, 2026, amending and restating the arrangement agreement dated December 18, 2025 pursuant to which Highlander Silver will acquire all of the issued and outstanding common shares of Bear Creek Mining (Mercedes, Sonora).

ON SOCIAL RESPONSIBILITY

  • No Relevant News. 

On the image below: Quartz veinlets in chloritized porphyritic diorite, HQ core. Picture by Jorge Cirett.

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

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By Jorge Cirett

During the 54th week of the year (December 22th to December 28th, 2025), companies working in Mexico presented 15 press releases. There was no relevant news either on early-stage properties or mining. Two companies presented news on financing rounds, one on consolidation of shares, two on increased market activity and one on the granting of stock options. Three companies presented updates on advanced properties. Five companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, no relevant news. ON MINING, no relevant news. ON FINANCING, two companies informed on financing rounds: Apollo Silver (C$25 M) and Captain Silver (C$6 M). Chesapeake Gold and Silverco Mining informed on increased market activity. Centenario Gold consolidated its shares on a 10:1 basis. Impact Silver granted stock options. ON RESOURCES AND DEVELOPMENT, Heliostar Metals filed a PEA on Ana Paula, in Guerrero. Tocvan Ventures informed on advances on its planned pilot mine for Gran Pilar in Sonora. Mithril Silver and Gold presents an exploration update for Coplaquin, in Durango. ON DEALS AND CORPORATE ISSUES, the TSX approved the acquisition of the Bolañitos mine in Guanajuato by Guanajuato Silver Company. Royalties Inc. informed on the latest development on the Cozmin royalties legal saga. J2 Metals is optioning the Sierra Plata property in Guerrero from Impact Silver. Goldgroup Mining acquired all the shares of the company controlling the San Francisco mine in Sonora. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Editor’s Commentary: Mexico The Mexican mining industry is enduring challenging times, battling an in-house restrictive regulatory environment while precious metal prices break all records in the World scene. Unfortunately for Mexico, the present government has in its DNA dogmatic ideologic chains that prevent really positive changes, immersed as it is in its quest to centralize power. Good examples on this endeavour are the recently approved law on water rights, which heavily restricts the granting and exchange of extraction permits, and the intention to change the electoral law in order to make it more difficult for the opposition to challenge the MORENA party rule. The current administration regulatory environment in mining is not good, or even clear, but it has to be said that it is better than under the past administration and that the president seems to have the will to improve it. While the rule book for applying the 2023 law in mining is still being drawn, long awaited permits that allow for open pit expansions and tailings dam construction have begun to flow. Reflecting the overall global economy uncertainties and higher commodity prices, 2025 ends with an optimistic mood for the worldwide mining industry with some of that optimism spilling over into the Mexican side by means of a steady inflow of funds during the last few months to the coffers of  junior companies with properties in Mexico. Expect more drilling in 2026, and the development of some properties that have been on the shelves for some time now.

ON EXPLORATION

  • No Relevant News.

ON MINING

  • No Relevant News.

ON FINANCING

  • Apollo Silver Corp. announced a non-brokered private placement for aggregate gross proceeds of  C$25 M. Only Eric Sprott and a fund managed by Jupiter Asset Management are participating in the Offering, with each subscribing half the offering, after which the Jupiter Fund is to own 12.1% of the shares on Apollo Silver, and Eric Sprott 9.6% (Cinco de Mayo, Chihuahua).
  • Chesapeake Gold Corp. announces that at the request of CIRO, the company’s management is unaware of any material change that would account for the recent increase in market activity (Metates, Durango).
  • Captain Silver Corp. entered into a subscription agreement with Schroder Investment Management Ltd. on which Schroder has agreed to purchase on a non-brokered  private placement basis 2.96 M shares of the company, for gross proceeds of C$6 M. (Cruz de Plata, Durango).
  • Centenario Gold Corp. announced the approval by the TSX Venture Exchange of the consolidation of its issued and outstanding common shares on a 10:1 (ten to one) basis. The consolidation will become effective at the opening of the market on December 30, 2025  (Edén, Sinaloa).
  • Silverco Mining Ltd. announced that at the request of CIRO, Silverco confirms that the company’s management “is unaware of any material change in the Company’s operations that would account for the recent increase in market activity” (Cinco de Mayo, Chihuahua).
  • Impact Silver Corp. granted to directors, officers, consultants and employees of the company, stock options to purchase a total of 4.8 M common shares at a price of $0.42 per common share (Zacualpan, Estado de México).

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd. filed a preliminary economic assessment (PEA) technical report for its Ana Paula project, in Guerrero.
  • Tocvan Ventures Corp. has started sampling for pilot mine feed at the South Block of its Gran Pilar project in Sonora. The company also received local community council approval for the pilot mine development. Clearing and leveling for the heap leach pile and containment ponds has started.
  • Mithril Silver and Gold Ltd. presented an update on exploration. At Copalquin, in Durango, the company focused during 2025 on two of six main targets: Target 1 and Target 5. In 2026 Target 3 is also to be a priority, and a third drill rig is to be added. Currently there is a laboratory back log on assays for 20 holes, and samples from12 more have been dispatched in the last two weeks. A 25,000 m drill campaign is programmed for 2026. At the recently acquired 2,000 ha La Dura concession, 15 km away, LIDAR surveying has been completed and a district scale aerial magnetic survey is scheduled for January 2026. 

ON DEALS AND CORPORATE ISSUES

  • Guanajuato Silver Company Ltd.  received conditional approval from the TSX Venture Exchange to proceed with the acquisition of the Bolañitos mine, in Guanajuato, from Endeavour Silver Corp.
  • Royalties Inc. reported that Capstone Copper Corp. filed a direct Amparo with the Federal Collegiate Tribunal, granting a suspension of the sentence  on the Court decision that Capstone had improperly transferred to themselves royalties without consent, authorization or payment on the production from certain mining concessions at the Cozamin mine in Zacatecas. The company believes Capstone actions are intended to delay the outcome.
  • Impact Silver Corp. executed a letter of intent to option to J2 Metals Inc. 22 Km2 of its 211 Km2  Zacualpan District in Guerrero. J2 renamed the optioned area as Sierra Plata Silver-Antimony project, and may earn 100% interest by making staged payment to Impact by issuing C$250 K in shares within 3 days of the TSX approval, C$1.35 M in exploration expenditures over three years and staged annual payments to Impact totalling up to 6.5 M shares of J2, with up to 25% of the share value to be paid in cash or up to C$375 K in cash over three years with J2 being responsible to keep the mining concessions in good standing. Impact is to retain a 1.5% NSR royalty with J2 having the right to buy 0.75% upon payment of C$1.5 M.
  • J2 Metals Inc. entered into a 3-year option (details above) with Impact Silver Corp. to acquire the 2,200 ha Sierra Plata project in the Zacualpan District in Guerrero. Sierra Plata is located 10 Km from Taxco, hosts five past-producing silver mines, including part of the three-level San Miguel mine, with historic grab samples of up to 414 gpt Ag, 0.45 gpt Au in “quartz-hosted argentite with galena and pyrite displaying classic epithermal textures”. The project is adjacent to, and structurally continuous with, historic antimony mineralization.
  • Goldgroup Mining Inc. announced it has acquired all of the issued and outstanding A and B shares of Molimentales del Noroeste, S.A. de C.V., the company holding the San Francisco mine in Sonora,  through a “Concurso Mercantil” process (restructuring proceeding equivalent to Chapter 11 in the United States). Prior to the filing of the Plan of Arrangement, Goldgroup acquired 60.2% of the debts owed to certain major creditors for US$8.5 M of which US$7.5 M has been paid to date and the balance of US$1 M will be paid to complete the acquisition. Goldgroup has agreed to pay US$2.6 M in three equal installments in December 2026, 2027 and 2028 to the remaining creditors holding 39.8% of the recognized debt in addition to all outstanding mining concession fees, taxes, fees owed to the National Water Commission, supplier debts and other expenses  currently estimated at MX$170 M (approximately US$9.3 M).

ON SOCIAL RESPONSIBILITY

  • No Relevant News. 

On the image below: Garnets and chlorite in a volcano sedimentary rock sequence, HQ core. Picture by Jorge Cirett.

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

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By Jorge Cirett

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

ON MEXICO ISSUES

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

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

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

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

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

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

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No Relevant News. 

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

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

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

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

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

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