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.
During the 51st week of the year (December 15th to December 21st 2025), at least 43 press releases were announced by companies working in Mexico, with eighteen disclosing deals and corporate issues, ten announcing financial rounds, eight informing on exploration results, four communicating production results, two reporting resources and development of their properties, and one commenting on Mexican issues. ON MEXICO ISSUES, First Majestic and Pacifica Silver reported the best drilling intercepts in Mexico on the third week of December, 2025. ON EXPLORATION, In Sonora, Kenadyr (to be renamed Algo Grande Copper) filed a technical report for its Adelita project and Colibri reported drilling progress at its EP project. In Chihuahua, Kingsmen released high grade gold results from 527 samples collected at its Almoloya project and Advance Metals informed that its drilling program at Yoquivo is progressing well. In Durango, Pinnacle reported that it has prepared an inaugural underground drilling program for its El Potrero project, and Pacifica Silver released assay results from its drilling program at Claudia project. In Oaxaca, EV Resources finalized plans for a maiden drill program at its Los Lirios project and reported preliminary metallurgical recovery results. ON MINING, Starcore presented results for the second quarter ended October 31, 2025 (San Martin mine, Queretaro). Heliostar restarted mining operations in San Agustin, Durango. Silver Storm informed that it plans to restart operations at its la Parrilla mine in Durango by early 2026. ON FINANCING, Regency Silver announced second upsize of its previously announced brokered LIFE offering for gross proceeds of up to CAD $3.5M, and announced a concurrent non-brokered private placement for gross proceeds of CAD $87.5K (Dios Padre project, Sonora). Sonoro Gold notified about a fully-committed non-brokered private placement for gross proceeds of CAD $4M (Cerro Caliche project, Sonora). Kenadyr Metals Corp (to be renamed Algo Grande Copper) closed the third and final tranche for gross proceeds of $868,012.88 (Adelita project, Sonora). Southern Silver announced the closing of its previously announced bought deal LIFE offering for gross proceeds of CAD $6M (Cerro Las Minitas, Durango). Capitan Silver closed its previously announced bought deal offering for gross proceeds of CAD $23,006,497.50 (Cruz de Plata project, Durango). Fuerte Metals completed its previously announced brokered private placement for gross proceeds of CAD $17,249,933 (Cristina project, Chihuahua). GR Silver closed its previously announced bought deal offering for gross proceeds of CAD $20M (Plomosas project, Sinaloa). Sierra Madre announced a private placement for gross proceeds of up to USD $50M (La Guitarra mine, Estado de Mexico). Pinnacle closed a first tranche of a non-brokered private placement for gross proceeds of USD $1,067,532.94 (El Potrero project, Durango). ON RESOURCESAND DEVELOPMENT, First Majestic announced significant exploration success at its Santa Elena mine in Sonora. ON DEALS AND CORPORATE ISSUES, Orla announced the appointment of Joanna Pearson as Independent Non-Executive Director (Camino Rojo, Zacatecas). Teck and Anglo American announced that they received regulatory approval from the Government of Canada under the Investment Canada Act (ICA) for their merger of equals, which will form a new global critical minerals company named Anglo Teck (San Nicolas project, Zacatecas). Silver Wolf completed acquisition of Ana Maria and Laberinto projects in Durango. Fortune Bay provided an update regarding recent regulatory developments in the State of Chiapas, Mexico, that may affect the Company’s Rio Negro concession (Poma Rosa Project). Apollo informed on ongoing community engagement activities at its Cinco de Mayo project in Chihuahua. Fuerte Metals reported voting results from its annual general and special meeting of shareholders (Cristina project, Chihuahua). Agnico Eagle announced additional investment in Osisko Metals Incorporated (Pinos Altos, Chihuahua). Vizsla informed that it entered into an agreement to acquire from Minera Fresnillo strategic claims that surround its Panuco property in Sinaloa. Sierra Madre announced agreement to acquire the Del Toro mine in Zacatecas from First Majestic. Minaurum Gold informed that it has changed its name to Minaurum Silver (Alamos Silver project, Sonora). Bear Creek and Highlander entered into a definitive agreement to combine their respective business (Mercedes mine, Sonora). Kenadyr completes change of name to Alto Grande Copper (Adelita project, Sonora). Kootenay issued a statement in response to a request of OCT markets regarding recent promotional activities related to its common shares traded on the OTCQX marketplace (Columba project, Chihuahua). First Majestic announced the promotion of Mani Alkhafahi to President & Chief Corporate Development Officer, effective January 1, 2026 (Santa Elena and Ermitaño mines, Sonora). Mercado Minerals signed community agreement with local ejidos in Copalito, Sinaloa. Infinitum Copper reported voting results from its annual general and special meeting of shareholders. Chesapeake granted stock options to officers of the company (Metates project, Durango). ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
First Majestic Silver Corp., and Pacifica Silver Corp., reported the best drilling intercepts in Mexico on the third week of December, 2025. Details are shown in the table below:
ON EXPLORATION
Kenadyr Metals Corp (to be renamed Algo Grande Copper Corp) filed an independent NI43-101 technical report, dated effective August 15, 2025 for its Adelita project in Sonora.
Colibri Resource Corporation reported RC drilling progress at the San Perfecto target within its EP project in Sonora. To date, the company has completed 11 RC holes totalling approximately 906m at the San perfecto and Banco de Oro targets. Samples are currently being prepared to submit them to the lab for assays. First results are expected to be received in January 2026.
Kingsmen Resources Ltd., released high grade gold sampling results from its Almoloya project in Chihuahua. A total of 527 samples have been collected from historic underground workings and surface samples on the Juliettas prospect in the South Block. 28 samples out of 527 returned >6.16 g/t Au; 82 samples between 1.14 and 5.9 g/t Au; 168 samples between 0.13 and 1.02 g/t Au; and 249 samples < 0.13 g/t Au. The structures are from 50m to 400m in length, are up to 1.2m wide and are up to 200m deep. The gold mineralization occurs with calcite-dolomite-iron oxide-quartz-magnetite-pyrolusite/ psilomelane and pyrite in veins and stockworks. The host rock is limestone with moderate to strong marbling and recrystallization.
Advance Metals Limited informed that its drilling program at Yoquivo, Chihuahua is progressing rapidly. To date five drill holes have been completed with assay results pending. The new drilling includes down-dip extensional targets at Pertenencia below the existing Foreign Estimate. Drilling will continue in 2026 testing multiple additional targets including newly discovered veining that previously returned surface rock chip samples up to 1,594g/t AgEq. Additionally, a high-resolution airborne LiDAR survey has also recently been completed at the project, with processed data expected to be available shortly.
Pinnacle Silver and Gold Corp., reported that it has prepared an inaugural underground drilling program for its El Potrero project in Durango. To date, the plan is to drill approximately 2,600m in 112 holes and is expected to be completed in about six weeks. The underground drill program will commence after certain development work is completed to create enough room for the drill set ups and make sure that the drillers will have a safe working environment. This work will take about a month to complete.
Pacifica Silver Corp., released assay results from the first 10 of 29 drilling program at its Claudia project in Durango. Drilling highlights include hole25 CLAU039D with 0.20 g/t Au and 18 g/t Ag (35 g/t AgEq) over 13.35m, including 0.8 g/t Au and 119 g/t Ag (187 g/t AgEq) over 0.80m, plus 0.43 g/t Au and 91 g/t Ag (128 g/t AgEq) over 0.45m, plus 2.94 g/t Au and 313 g/t Ag (566 g/t AgEq) over 6.35m, including 6.4 g/t Au and 1,390 g/t Ag (1,941 g/t AgEq) over 1.30m, including 9.27 g/t Au and 1,905 g/t Ag (2,702 g/t AgEq) over 0.85m; and hole 25CLAU037D with 0.45 g/t Au and 46 g/t Ag (85 g/t AgEq) over 2.45m, including 1.15 g/t Au and 113 g/t Ag (211 g/t AgEq) over 0.35m, plus 2.29 g/t Au and 51 g/t Ag (248 g/t AgEq) over 10.5m, including 3.38 g/t Au and 74 g/t Ag (364 g/t AgEq) over 6.55m, including 20.3 g/t Au and 81 g/t Ag (1,827 g/t AgEq) over 0.60m. Both holes were drilled on Aguilareña-Tres Reyes Vein. To date, a total of 7,992m has been drilled in 29 holes and includes 3,584 m in 15 holes at Aguilareña Vein; 2,285m in 8 holes at the Guadalupe Vein; and 1,457m in 6 holes testing the Justina, West, Central and Pinolera Veins. The Company expects to conclude its Phase I drill program by the end of December 2025 and commence Phase II drilling in January 2026 with three active drill rigs on site.
EV Resources finalized plans for a maiden drill program at its Los Lirios project in Oaxaca and reported preliminary metallurgical recovery results. This Phase 1 drill program will consists of 1,500-2,000m and will test high-grade antimony beneath historical old workings along the Lirios Fault Zone over approximately 900m of strike within a broader 4kmmapped system. The drill program is a critical since step as it moves from surface exploration to subsurface definition, targeting a maiden JORC resource in Q3, 2026. It also reported exceptional preliminary metallurgical recovery results with 90.8% recovery established in preliminary metallurgical test work using a simple reagent-free , two stages gravity process, and 99.2% from a high-grade sulphide flotation test followed by regrinding of rougher concentrate and two-stages cleaning.
ON MINING
Starcore International Mines Ltd., presented results for the second quarter ended October 31, 2025 from its San Martin mine in Queretaro (all currency expressed in Canadian dollars). The company mined 52,000 tonnes of 1.33 g/t Au and 15 g/t Ag with metallurgical recoveries of 77.2% and 49.3% respectively, to produce 1.7K Oz Au and 11.9K Oz Ag (1,860 Oz AuEq). Starcore also reported revenues of $10.7M; cash of $9.8M; working capital of $7M; income from mining operations of $2.4M; loss of $0.7M; and EBITDA of $1.7M.
Heliostar Metals Ltd., announced that mining, crushing and conveying and stacking of ore onto the leach pad at San Agustin, Durango as recommenced. The restart is expected to produce about 45K Oz Au at an AISC of USD $1,990 per Oz AuEq, generating roughly USD $40M in cash flow at a USD $3,000/Oz Au price. Initial capital expenditures are estimated at USD $4.2M. Heliostar is concurrently advancing a 10,000‑15,000 m drilling program aimed at extending the oxide resource and lengthening the mine’s life. To date, 37 drill holes (≈3,300 m) have been completed, with assays pending. A previous operator reported high-grade oxide intercepts from the priority Corner SW target area, including 3.52 g/t Au over 32m in hole 14-SAGRC-196.
Heliostar Metals Ltd., announced that they have received positive media reports indicating that their La Colorada expansion project in Sonora, Mexico, is progressing. They applied for and are awaiting approval of a permit to expand the Veta Madre open pit, with an expectation for completion in early 2026. The permit review by the Mexican environmental agency SEMARNAT was smooth, with no questions raised during the mandatory 20-day period, so approval is expected soon. The company plans to restart open-pit mining at La Colorada in Q1 2026, as part of its broader strategy to grow into a mid-tier gold producer through resource development and expansion of operations in Mexico.
Silver Storm Mining Ltd., informed that it plans to restart operations at its la Parrilla mine in Durango for which it placed orders for new equipment and ventilation systems all set for early 2026. This includes underground mining equipment, development and production drills as well as ventilation system fans. This critical equipment is essential to advance toward the potential restart of operations as early as Q2, 2026 and unlocking the full potential of La Parrilla mine.
ON FINANCING
Regency Silver Corp., announced second upsize of its previously announced brokered LIFE offering for gross proceeds of up to CAD $3.5M from the issuance of 20,000,000 units at a price of CAD $0.175 per unit, and announced a concurrent non-brokered private placement of 500,000 units at a price of CAD $0.175 per unit for gross proceeds of CAD $87.5K. Later on, it announced that it closed its brokered private placement of units for aggregate gross proceeds of approximately CAD $3,991,000. The company also informed that it closed a concurrent non-brokered private placement of units for additional gross proceeds of CAD $87,500. Gross proceeds will be used for drilling on Dios Padre Project in Sonora and general working capital purposes.
Sonoro Gold Corp., notified about a fully-committed non-brokered private placement consisting of 20,000,000 units at a price of CAD $0.2 per unit for gross proceeds of CAD $4M. Funds will be used to advance its Cerro Caliche project in Sonora and for general working capital purposes.
Kenadyr Metals Corp (to be renamed) Algo Grande Copper closed the third and final tranche of 2,314,701 subscription receipts at a price of CAD $0.375 per subscription receipt for gross proceeds of CAD $868,012.88. Including the first and second tranche proceeds, the offering has raised CAD $3,824,400 in aggregate gross proceeds. The company plans to use the gross proceeds in exploration and property payment on the Adelita project in Sonora, salaries and consulting fees, marketing and investor relations, payment of existing accounts payable, loan repayments, and other general and administrative expenses, including legal, accounting and audit expenses.
Southern Silver Exploration Corp., announced the closing of its previously announced bought deal LIFE offering of 12,000,000 common shares at a price of CAD $0.5 per common share for gross proceeds of CAD $6M. Southern Silver will use the gross proceeds for the advancement of the Cerro Las Minitas project in Durango, as well as for working capital and general corporate purposes.
Capitan Silver Corp., closed its previously announced bought deal offering of an aggregate of 11,333,250 common shares at a price of CAD $2.03 for gross proceeds of CAD $23,006,497.50. Gross proceeds will be used to fund exploration activities at Cruz de Plata project in Durango, as well as for working capital and general corporate purposes.
Fuerte Metals Corporation completed its previously announced brokered private placement for gross proceeds of CAD $17,249,933. (Cristina project, Chihuahua).
GR Silver Mining Ltd., closed its previously announced bought deal offering issuing 66,666,832 units at a price of CAD $0.30 per unit for gross proceeds of CAD $20M. Net proceeds will be used for advancement of its Plomosas project in Sinaloa, and for working capital and general corporate purposes.
Sierra Madre Gold and Silver Ltd., announced a private placement of up to 38,462,000 subscription receipts at a price of USD $1.3 per subscription receipt for gross proceeds of up to USD $50M. “The company intends to use the net proceeds of the offering to fund the completion of the transaction, for exploration and development of Del Toro mine in Zacatecas, following completion of the transaction and for general working capital purposes” (La Guitarra mine, Estado de Mexico).
Pinnacle Silver and Gold Corp., closed a first tranche of a non-brokered private placement of 7,268,171 units at a price of USD $0.14 per unit for gross proceeds of USD $1,067,532.94. Gross proceeds will be used to advance El Potrero project in Durango, for project evaluations, and for general working capital.
ON RESOURCES AND DEVELOPMENT
First Majestic Silver Corp., and Orogen Royalties Inc., announced significant exploration success at its Santa Elena mine in Sonora, with expanded gold and silver mineralization at the Santo Niño and Navidad discoveries to over 1.1km along strike by 400m down-dip, with true thickness ranging from 2.5 to 5.0m in the case of Santo Niño, and to over 1.2km by 400m, with thickness ranging from 3.0-4.0m at Navidad. Orogen holds 2% net smelter return on the Ermitaño mine which is part of the Santa Elena mine complex. “During 2025, a total of 64,000m of exploration drilling was planned by First Majestic and the Company has completed approximately 66,800m to date, reflecting a decision to increase the targeted metres in a context of exploration success and the Company’s overarching growth strategy”. Key drilling highlights at Navidad target include hole EWUG-25-074 with 5.8 g/t Au and 126 g/t Ag over 8m. The company completed 11,190m of drilling at the Luna Zone to convert Inferred Mineral Resources to Indicated Mineral Resources. Preliminary mine planning studies for Santo Niño and Navidad are underway, exploring potential underground mining strategies. An internal scoping study for the Navidad vein suggests access via a ~3km underground ramp. Metallurgical testing confirmed excellent gold and silver recovery rates exceeding 95%, compatible with the Santa Elena processing plant. The company plans to increase the Santa Elena plant’s throughput from 3,200 to 3,500 tonnes per day by the end of 2026.
ON DEALS AND CORPORATE ISSUES
Orla Mining Ltd., announced the appointment of Joanna Pearson as Independent Non-Executive Director, effective immediately (Camino Rojo, Zacatecas).
Teck Resources Limited and Anglo American plc announced that they received regulatory approval from the Government of Canada under the Investment Canada Act (ICA) for their merger of equals, which will form a new global critical minerals company named Anglo Teck. Global headquarters will be located in Vancouver, BC in Canada and will be trading on the London Stock Exchange. Anglo Teck is committed to spend at least CAD $10B over 15 years in Canada. Other commitments include maintaining Canadian employment levels, supporting Canadian junior mining companies, establishing a Global Institute for Critical Minerals Research and Innovation (involving institutions in Canada, South Africa, and the UK), and continuing remediation and reclamation activities . The company also reaffirms its enduring commitment to South Africa (San Nicolas project, Zacatecas).
Silver Wolf Exploration Ltd., completed acquisition of Ana Maria and Laberinto projects in Durango. To acquire a 100% interest in the Ana Maria and Laberinto projects, the company issued to Avino Silver & Gold Mines Ltd, 2,000,000 common shares at a deemed price of CAD $0.20 per common share for an aggregate value of CAD 400K. Under the terms of the option agreement, Silver Wolf has issued a total of CAD $600K worth of common shares, satisfied by the issuance of 3,181,718 common shares at deemed price of CAD $0.20 and incurred over CAD $750K in exploration expenditures on the properties.
Fortune Bay Corp., provided an update regarding recent regulatory developments in the State of Chiapas, Mexico, that may affect the Company’s Rio Negro concession (Poma Rosa Project). On 19 Nov 2025, the Chiapas government decreed the “Zona Sujeta a Conservación Ecológica Mina Banderas” protected area, overlapping 11% of the Rio Negro concession, including part of the Campamento gold-silver deposit. Fortune Bay has filed an amparo in federal court contesting the decree on due-process, consultation and federal-vs-state jurisdiction grounds, seeking to preserve its mining rights. The company has also been making good progress working with local landowners for exploration agreements. No immediate impact on operations or finances is expected, but timing might be uncertain.
Apollo Silver Corp., informed on ongoing community engagement activities with the Ejido Benito Juarez at its Cinco de Mayo project in Chihuahua. The proposed agreement is to rescind a property access ban from 2012 and establish a long-term agreement for mineral exploration and mining at the Cinco de Mayo property to provide economic benefits, including over a 30-year period approximately USD $50M in annual payments, local employment opportunities, and support for community priorities. Community discussions are ongoing, with a general assembly planned for early 2026 to vote on the agreement.
Fuerte Metals Corporation reported voting results from its annual general and special meeting of shareholders. The company also appointed Kerry Sparkes and Scott J Hicks as technical advisors to the Board of Directors (Cristina project, Chihuahua).
Agnico Eagle Mines Limited announced additional investment in Osisko Metals Incorporated. It acquired 26,000,000 common shares of Osisko pursuant to a non-brokered private placement at a price of CAD $0.48 per common shares for total consideration of CAD $12,480,000 (Pinos Altos, Chihuahua).
Vizsla Silver Corp., informed that it entered into an agreement to acquire from Minera Fresnillo strategic claims that surround its Panuco property in Sinaloa. The agreement involves ten claims comprising 2,378 hectares along the highly prospective Panuco-San Dimas corridor. Seven of these claims comprising 1,734 hectares occur adjacent to the Panuco project, covering potential extensions of veins with known mineralization. Vizsla has agreed to pay USD $2M and issue 854,697 common shares (USD $4M) to Fresnillo as consideration for the claims.
Sierra Madre Gold and Silver Ltd., announced agreement to acquire the Del Toro mine in Zacatecas from First Majestic Silver Corp., for total consideration of up to USD $60M. Pursuant to the transaction, Sierra Madre will acquire a 100% interest in the 2,129 hectares Del Toro property that include three fully permitted underground mines, a 3,000 tonnes per day flotation processing circuit and numerous historic mines.
Minaurum Gold Inc., informed that it has changed its name to Minaurum Silver Inc. The company´s common shares will commence trading under its new name on the TSX Venture Exchange at market open on December 22, 2025 with the new name, new CUSIP and new ISIN numbers. The company´s stock symbols will remain “MGG” on the TSXV and “MMRGF” on the OTCQX (Alamos Silver project, Sonora).
Bear Creek Mining Corporation and Highlander Silver Corp., entered into a definitive agreement to combine their respective business to create leading growth company in the silver sector. “Bear Creek Shareholders will receive 0.1175 common shares in the capital of Highlander Silver in exchange for each Bear Creek Share held immediately prior to the effective time of the Arrangement. Upon completion of the Arrangement, existing holders of Highlander Shares and former Bear Creek Shareholders will own approximately 82% and 18% of the total issued and outstanding Highlander Shares, respectively, on a fully-diluted basis” (Mercedes mine, Sonora).
Kenadyr Metals Corp., completes change of name to Alto Grande Copper Corp., effective at market opening on or about December 23, 2025. Common shares of Alto Grande are expected to commence trading under the symbol “ALGR” on Tier 2 of the TSX Venture Exchange, upon satisfaction of all conditions of the company´s reactivation. The company also reported the acquisition of 100% interest in the Adelita project in Sonora, and the appointment of Gordon Neal to the Board of Directors.
Kootenay Silver Inc., issued a statement in response to a request of OCT markets regarding recent promotional activities related to its common shares traded on the OTCQX marketplace. The company clarified that it had engaged Sideways Frequency LLC (SFLLC), an independent third-party firm, to provide investor relations and marketing services for two three-month terms, paying a total of $500,000. SFLLC conducted promotional activities such as email campaigns, digital ads, and content creation, using publicly available information from Kootenay’s disclosures. Kootenay stated that it had editorial control over the promotional material for accuracy but was not directly involved in its creation or distribution. The company believes the increase in trading volume of its shares was primarily driven by rising silver prices, positive market conditions, and recent drill results, rather than the promotional activities. Kootenay confirmed that no management, directors, or major shareholders were involved in creating or distributing promotional materials, nor did they trade the company’s securities in the past 90 days (Columba project, Chihuahua).
First Majestic Silver Corp., announced the promotion of Mani Alkhafahi to President & Chief Corporate Development Officer, effective January 1, 2026.
Mercado Minerals Ltd., signed community agreement with Ejido Llano Grande and Ejido La Lapara in Copalito, Sinaloa. With the agreement signed, Mercado is positioned to advance and complete the drilling permit process. The company will pay an annual fee of MXP $100K effective January 1st, 2026, with a one-year renewal option, and will be committed to repair segments of local roads utilized in its operations, supporting infrastructure improvements for the communities.
Infinitum Copper Corp., reported voting results from its annual general and special meeting of shareholders. In this annual meeting, shareholders approved the sale and disposition by the company to Kenadyr Metals Corp., of all the outstanding shares in the capital of Exploraciones Margarita S.A. de C.V.
Chesapeake Gold Corp., granted stock options to officers of the company to purchase an aggregate of 69,000 common shares of the company at a price of CAD $2.48 per common share for a five-year term expiring December 19, 2030 (Metates project, Durango).
ON SOCIAL RESPONSIBILITY
No relevant news.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture below, a hydrothermal breccia cemented by FeOx-Cu carbonates-sulphides in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.
During the 49th week of the year (December 1st to December 7th 2025), at least 29 press releases were announced by companies working in Mexico, and 2 news published by the media with eleven announcing financial rounds, six reporting resources and development of their properties, five disclosing deals and corporate issues, three communicating production results, three informing on exploration results, and three commenting on Mexican issues. ON MEXICO ISSUES, The Association of Mining, Metallurgical, and Geological Engineers of Mexico (AIMMGM) expressed its concern about the reform to the Water Law, which according to the miners “threatens the operational continuity of the sector”. Torex Gold, Southern Silver, Pan American Silver, and Kingsmen reported the best drilling intercepts in Mexico on the second week of November, 2025. ON EXPLORATION, In Sonora, Minaurum announced a plan to expand the phase II resource-expansion drill program at its Alamos Silver project from 25,000m to 50,000m, and Tocvan reported positive surface sampling results from the North Block area and provided an update on their ongoing drill program at Gran Pilar project. In Chihuahua, Kingsmen reported drill results from its Las Coloradas project. In Oaxaca, EV Resources provided an exploration and development update on its Los Lirios project. ON MINING, Empress Royalty reported financial and operational results for the nine months ended September 30, 2025 (royalties on Tahuehueto project, Durango). Guanajuato Silver provided an update on its mining operations in Guanajuato. Gold Resource reported initial production from the Three Sisters Area at Don David Gold mine in Oaxaca. ON FINANCING, Riverside closed a non-brokered private placement for gross proceeds of CAD $3,692,000 (La Union project, Sonora). Endeavour Silver announced the issuance of USD $300M in unsecured convertible senior notes due 2031, with an option to sell an additional USD $45M, which has been increased to USD $50M (Pitarrilla project, Durango). GR Silver upsized its bought deal LIFE offering for gross proceeds of CAD $17,500,200 (Plomosas project, Sinaloa). First Majestic announced a private placement of up to USD $300M unsecured convertible senior notes due 2031 an optional up‑front purchase right for an additional USD $45M. Minaurum announced a private placement for gross proceeds of up to CAD $10,000,080, and then, due to investor demand was increased to CAD $15, 7999,999.68 (Alamos Silver project, Sonora). Silver Spruce reported that it will undertake a non-brokered private placement for gross proceeds of up to CAD $1M (Pino de Plata project, Chihuahua). Southern Silver announced bought deal LIFE private placement for gross proceeds of CAD $5M (Cerro Las Minitas project, Durango). Orla declared inaugural quarterly cash dividend of USD $0.015 per common share (Camino Rojo mine, Zacatecas). ON RESOURCESAND DEVELOPMENT, Southern Silver released assays from a hole drilled at Puro Corazon claim at its Cerro Las Minitas project in Durango. Minera Alamos provided an update on its Cerro de Oro project in Zacatecas. Pan American provided a 2025 year end exploration update on its La Colorada mine in Zacatecas-Durango. Torex Gold released drill results from Media Luna West in Guerrero. EV Resources reported that it is advancing the refurbishment of its Tecomatlán plant in Puebla, to process antimony. Mithril provided an exploration update on its Copalquin project in Durango. ON DEALS AND CORPORATE ISSUES, Heliostar appointed James Perry as Chairman of the company (Ana Paula project, Guerrero). Vizsla posted a replay of its recent webinar summarizing the positive results of the independent Feasibility Study for its Panuco project in Sinaloa. Heliostar made a deal with GRA Enterprises for investor relations and communication services (Ana Paula project, Guerrero). Fortune Bay appointed Patrick McGrath as Chief Financial Officer (Poma Rosa project, Chiapas). Mithril announced a purchase option to acquire La Dura project in Durango. ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
The Association of Mining, Metallurgical, and Geological Engineers of Mexico (AIMMGM) expressed its concern about the reform to the Water Law, which according to the miners threatens the operational continuity of the sector, the production of strategic minerals, and the live hoods of approximately 3 million families who depend directly and indirectly on mining. This amendment would allow water concessions to be granted to the mining industry under new restrictions and usage priorities, which could significantly limit or modify their access to and operation of water in areas where the resource is currently used. The association, which represents professionals and technicians in the mining industry, highlighted that currently 76% of Mexico’s water is allocated for agricultural use, 14% for public supply, 5% for the energy sector, and 5% for the industrial sector, and mining uses an estimated 0.27% of the total national volume.
· In agreement with the Mexican Mining Chamber (CAMIMEX), the Association of Mining, Metallurgical, and Geological Engineers of Mexico (AIMMGM) called for legislation on water resources that balances industrial, social, and environmental considerations, and warned that potential negative impacts could arise from proposed changes to article 118 of the National Water Law. It also stated that efficient and responsible water management is a fundamental pillar of sustainable development strategies for economic activity in Mexico and that human consumption should be prioritized. However, the proposed reform would negatively impact the mining industry and other economic sectors. “Formal mining in Mexico adheres to strict standards and safely contains its waste. With guidance from federal agencies such as the National Water Commission (CONAGUA), mining units establish clear guidelines for the responsible management of water resources, guaranteeing their preservation and sustainable use during the operational phase and after the conclusion of mining activities. The AIMMGM reaffirmed its willingness to collaborate with the Government of Mexico in building an effective, sustainable regulatory framework that is fully aligned with national objectives for mining.
Torex Gold Resources Inc., Southern Silver Exploration Corp., Pan American Silver Corp., and Kingsmen Resources Ltd., reported the best drilling intercepts in Mexico on the second week of November, 2025. Details are shown in the table below:
ON EXPLORATION
Minaurum Gold Inc., announced a plan to expand the phase II resource-expansion drill program at its Alamos Silver project in Sonora from 25,000m to 50,000m. The drill program will be carried out with multiple rigs on site and 263 drill pads already permitted across the property, and 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 most recently discoveries at Promontorio Sur, Cotera, Pulpito, and San Jose vein zones.
Tocvan Venture Corp., reported positive surface sampling results from the North Block area and provided an update on their ongoing drill program at Gran Pilar project in Sonora. Surface sampling returned promising Au (up to 5.6 g/t) and Ag assays (up to 1,225 g/t), along with widespread elevated pathfinders and alteration signatures such as As, Sb, Pb, and Zn, which are commonly associated with epithermal Au-Ag systems. These results support further exploration efforts. On the other hand, Tocvan reported that the ongoing drill program at Gran Pilar is advancing well, with multiple holes completed and encouraging initial results that aim to expand the known mineralized area. To date, 1,300m have been drilled in five holes across the North Block. Assay results are pending.
Kingsmen Resources Ltd., reported drill results from its Las Coloradas project in Chihuahua. Hole LC-25-008 intersected a high-grade interval from 156.4m to 158m (1.60m) with 1.28 g/t Au, 521 g/t Ag, 9.4% Pb, and 1.1% Zn (931 g/t AgEq).
EV Resources provided an exploration and development update on its Los Lirios project in Oaxaca. It commenced preparation for its upcoming drill program and has already completed permits to drill up to 50 drill holes as well as for bulk sampling trenches to explore mineralization at Los Lirios project. The company expects to start the drill program in the second week of January, 2026.
ON MINING
Empress Royalty Corp., reported financial and operating results for the nine months ended September 30, 2025. Empress recorded royalty and streaming revenue of USD $10.8M, with gross profit of USD $7.4M (royalties on Tahuehueto project, Durango).
Guanajuato Silver Company Ltd., provided an update on its mining operations in Guanajuato, as it is closing the acquisition of Bolañitos S.A. de C.V. The company is optimizing its processing facilities by temporarily closing the Cata plant and rerouting mineralized material to existing mills like El Cubo. This restructuring aims to enhance mill utilization, reduce costs, and improve overall efficiency in the Guanajuato region. They are also exploring options to reactivate other mines and improve their operations ahead of completing the Bolañitos acquisition, expected in January 2026.
Gold Resource Corporation reported initial production from the Three Sisters Area at Don David Gold mine in Oaxaca. In the week November 8-14, the company mined 4,357 tonnes and processed 6,769 tonnes at an average NSR of USD $1,512 per tonne. The NSR is 129% higher than NSR modelled. In the week November 15-21, it mined 6,580 tonnes and processed 6,095 tonnes at an average NSR of USD $723 per tonne. The tonnes mined are 40% higher and the NSR is 91% higher than planned and modelled.
ON FINANCING
Riverside Resources Inc., closed a non-brokered private placement for gross proceeds of CAD $3,692,000 by selling 18,460,000 hard-dollar units at a price of CAD $0.20 per unit. The company plans to use the net proceeds for strategic initiatives, working capital and general corporate purposes, and the advancement of its projects (La Union project, Sonora).
Endeavour Silver Corp., announced the issuance of USD $300M in unsecured convertible senior notes due 2031, with an option to sell an additional USD $45M, which has been increased to USD $50M, and now Endeavour Silver has set the terms for its convertible senior notes offering, aiming to raise up to USD $350M. The notes will bear a 0.25% annual interest rate, with an initial conversion price of approximately USD $12.4550 per share, representing a 32.5% premium over the current stock price. Later on, it closed its previously announced offering for gross proceeds of USD $350M. The company intends to use the proceeds primarily to repay existing debt, fund the development of its Pitarrilla project in Mexico, and for general corporate purposes. The notes will accrue interest semi-annually and be convertible into Endeavour Shares.
GR Silver Mining ltd., upsized its bought deal LIFE offering for gross proceeds of CAD $17,500,200 consisting of 33,334,000 units at a price of CAD $0.30 per unit for gross proceeds of CAD $10,000,200 to be issued on a prospectus-exempt basis pursuant to the LIFE Exemption, and 25,000,000 units at a price of CAD $0.30 per unit for gross proceeds of CAD $7,500,000 to be issued under a private placement pursuant to applicable prospectus exemptions in accordance with NI 45-106. Net proceeds will be used to advance its Plomosas project in Sinaloa, working capital and general corporate purposes.
First Majestic Silver Corp., announced a private placement of up to USD $300M unsecured convertible senior notes due 2031 an optional up‑front purchase right for an additional USD $45M. Net proceeds will fund a negotiated repurchase of a portion of its 0.375 % convertible senior notes due 2027. The notes will bear cash interest semi-annually and can be converted into common shares of First Majestic.
Minaurum Gold Inc., announced a private placement of 27,778,000 units at a price of CAD $0.36 per unit for gross proceeds of up to CAD $10,000,080, and then, due to investor demand was increased to 43,888,888 units for gross proceeds of CAD $15, 7999,999.68. The company plans to use the net proceeds to fund a 50,000m drill program at its Alamos Silver project in Sonora, a resource modelling, a metallurgical study, and update a NI43-101 mineral resource estimate, as well as for surface rights purchases, community relations expenses. General and administrative expenses and working capital.
Silver Spruce Resources Inc., reported that it will undertake a non-brokered private placement of 10,000,000 units at a price of CAD $0.1 per unit for gross proceeds of up to CAD $1M. Net proceeds will be used for exploration of the company´s mineral projects and general working capital (Pino de Plata project, Chihuahua).
Southern Silver Exploration Corp., announced bought deal LIFE private placement of 10,000,000 of common shares at a price of CAD $0.50 per common share for gross proceeds of CAD $5M. Net proceeds will be used for the advancement of its Cerro Las Minitas project in Durango, as well as for working capital and general corporate purposes.
Orla Mining Ltd., declared inaugural quarterly cash dividend of USD $0.015 per common share, which is payable on February 10, 2026 to shareholders of record as at the close of business on the record date of January 12, 2026 (Camino Rojo mine, Zacatecas).
ON RESOURCES AND DEVELOPMENT
Southern Silver Exploration Corp., released assays from a hole drilled at Puro Corazon claim in its Cerro Las Minitas project in Durango. The most interesting interceptions were encountered at hole 25CLM-203 (true widths reported) with 560 g/t Ag, 0.1 g/t Au, 0.1% Cu, 11.2% Pb, and 12.3% Zn (1,115 g/t AgEq or 41.6% ZnEq) over 10.5m, including 1,067 g/t Ag, 0.2 g/t Au, 0.2% Cu, 20% Pb, and 19.1% Zn (1,982 g/t AgEq or 74% ZnEq) over 3.4m, plus 143 g/t Ag, 0 g/t Au, 0.1% Cu, 4.8% Pb, and 1.5% Zn (280 g/t AgEq or 10.4% ZnEq) over 2.6m, including 396 g/t Ag, 0 g/t Au, 0% Cu, 7.2% Pb, and 5.8% Zn (691 g/t AgEq or 25.8% ZnEq) over 0.3m, plus 443 g/t Ag, 0.1 g/t Au, 0.3% Cu, 17.6% Pb, and 3.6% Zn (903 g/t AgEq or 33.7% ZnEq) over 0.6m. “The company is planning to incorporate the results of the Puro Corazon drilling program into the much larger Cerro Las Minitas project to significantly enhance the project economics. Final assays are expected to be received by the end of the first quarter of 2026, after which the company intends to update the Mineral Resource Estimate of the Cerro Las Minitas project; followed by an update of the Preliminary economic Assessment (“PEA”) of the project in accordance with the provisions of National Instrument 43-101”.
Minera Alamos Inc., provided an update on its Cerro de Oro project in Zacatecas. The Cerro de Oro is in the permitting phase and the company is actively engaging in constructive dialogue with the federal environmental permitting agency (SEMARNAT) to facilitate the approval process for mining activities. It also is focused on Engineering efforts to advance pre-development activities, including metallurgical optimization studies and detailed engineering designs, which are crucial for the project´s progression. On the other hand, Minera Alamos plans to initiate additional exploration drilling aimed at expanding the known areas of gold mineralization, as outlined in the Preliminary Economic Assessment (PEA) report dated October 3, 2022.
Pan American Silver Corp., provided a 2025 year end exploration update on its La Colorada mine in Zacatecas-Durango. In 2025, the company drilled nearly 23,000m to expand its mineral resources. The company particularly focused on the eastern and deeper parts of the mine, where recent drilling confirmed high grades of silver, gold, lead, and zinc, and extended mineralization beyond current resource estimates. A key highlight was the success in exploring the eastern extensions of high-grade veins, especially along the NC2 and Mariana vein systems. These efforts have helped increase the estimated inferred silver mineral resources to about 52.7M Oz in all mineralization styles, thanks to new discoveries and resource expansion campaigns. Overall, the focus is on enhancing the existing resource base and exploring new zones to sustain long-term production.
Torex Gold Resources Inc., released drill results from Media Luna West in its Morelos Complex in Guerrero. “A mineralized footprint of 400 x 300 m has now been defined. The system remains open to the north along the north-south mineralized corridor and to the south as surface mapping shows continuity of the breccia bodies towards the San Miguel fault”. Highlights from the 2025 drilling program at Media Luna West are shown in the table below:
EV Resources reported that it is progressing towards becoming a near-term producer of antimony and is advancing the refurbishment of its Tecomatlán plant in Puebla. The preliminary engineering studies for Phase 1 of the plant refurbishment are expected to be completed before year-end. This refurbishment aims to enable initial low-capex production, potentially starting the antimony production as early as mid-2026, with plans to expand to full processing capabilities later. The company just secured more funding to keep everything moving.
Mithril Silver and Gold Limited provided an exploration update on its Copalquin project in Durango. Channel sampling in different target areas has returned encouraging results. At Target 1 West-El Gallo, sampling returned 16.8 g/t Au and 625 g/t Ag over 0.50m and the resource update drilling continue, successfully expanding the mineralization and providing valuable information for the geology model that is now robust and predictive. At Target 3-El Jabali, a sample returned 16 g/t Au and 284 g/t Ag over 0.65m, and now is ready for the first phase of drilling, commencing early January, 2026. AtTarget 5-Candelaria, the sampling returned 38.3 g/t Au and 4,520 g/t Ag. Drilling, mapping and sampling continue to expand this highly prospective area in the southwest of the district. 8 drill holes have been completed to date with assay results pending.
ON DEALS AND CORPORATE ISSUES
Heliostar Metals Ltd., appointed James Perry as Chairman at the company annual general meeting of shareholders. It also granted 250,000 stock options at an exercise price of CAD $2.63 and 200,000 restricted share units (each, an RSU) to directors, officers and consultants of the company. The options are exercisable for a period of five years and will vest over the next three years. The RSUs will vest in three equal annual instalments commencing on the first anniversary of the grant date (Ana Paula project, Guerrero).
Vizsla Silver Corp., posted a replay of its recent webinar summarizing the positive results of the independent Feasibility Study for its Panuco project in Sinaloa.
Heliostar Metals Ltd., made a deal with GRA Enterprises LLC starting December 1, 2025 for a fee of USD $30K for investor relations and communication services (Ana Paula project, Guerrero).
Fortune Bay Corp., appointed Patrick McGrath as Chief Financial Officer (Poma Rosa project, Chiapas).
Mithril Silver and Gold Limited announced a purchase option to acquire La Dura project in Durango. It consists of five contiguous mining claims totalling 2,052 hectares located less than 20km from its Copalquin project. Mithril has an option to acquire 100% interest at any time over four years by paying USD $4M to the vendor. It also is committed to maintain in good standing the mining concessions and carry out a LiDAR and aerial magnetic survey over the property in the first year and a minimum spend of USD $200K on exploration work in the second year.
ON SOCIAL RESPONSIBILITY
No relevant news.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture below, massive sulphides in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.
During the 43rd week of the year (October 20th to October 26th 2025), at least 22 press releases were announced by companies working in Mexico, with ten disclosing deals and corporate issues, four announcing financial rounds, four communicating mining and production issues, two reporting resources and developments of their properties, and two informing on exploration results. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Tocvan announced the discovery of two new gold and silver targets with historic underground workings at their Gran Pilar project. In Estado de Mexico, Sierra Madre Gold and Silver commenced an exploration program at the East District of its Guitarra mine. ON MINING, Americas Gold and Silver reported Q3, 2025 consolidated production results, including its Cosala operation in Sinaloa. Gold Royalty presented Q3, 2025 results (Royalty on Cozamin mine, Zacatecas). Discovery Silver announced that it will release its Q3, 2025 results on November 13, 2025 (Cordero project, Chihuahua). ON FINANCING, Vortex closed a second tranche of its previously announced non-brokered private placement for gross proceeds of CAD $105K (Riqueza Marina and Zaachila projects, Oaxaca). Questcorp revised the terms of its previously announced non-brokered private placement (La Union project, Sonora). Sonoro Gold closed its previously announced oversubscribed non-brokered private placement for gross proceeds of CAD $4.1M (Cerro Caliche project, Sonora). Apollo Silver reported that it closed the first tranche of its previously announced upsized non-brokered private placement for gross proceeds of CAD $25,134,145 (Cinco de Mayo project, Chihuahua). ON RESOURCESAND DEVELOPMENT, Tocvan Ventures provided an update on its recent progress at its Gran Pilar project in Sonora. Silver Storm initiated rehabilitation activities at its La Parrilla mine in Durango, with the aim of restarting operations. DynaResource commissioned a new a new gravity gold recovery circuit at the San Jose de Gracia Project in Sinaloa. ON DEALS AND CORPORATE ISSUES, Empress Royalty announced the appointment of Daniel Burns to its Board of Directors (Royalty on Tahuehueto mine Durango). Sandstorm closed its previously announced plan of arrangement with Royal Gold (Cosala mine, Sinaloa). Pinnacle announced the appointment of Carlos Castro as Project Manager for El Potrero project in Durango. Quetzal Copper completed the acquisition of Silverco Mining (Cusi mine, Chihuahua). Torex completed the previously announced plan of arrangement to acquire Prime Mining (Los Reyes project, Sinaloa). Minera Alamos appointed Darren Blasutti as Executive Vice President, Corporate Development (Santana mine, Sonora). Starcore presented voting results of its annual general meeting of shareholders (San Martin mine, Queretaro). Southern Silver appointed Ramón Dávila to the Board of Directors (Cerro Las Minitas, Durango). Kingsmen secured an option to acquire a 100% interest in the Almoloya project in Chihuahua. ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
No relevant news.
ON EXPLORATION
Sierra Madre Gold and Silver Ltd., commenced a USD $3.5M exploration program at the East District of its Guitarra mine in Estado de Mexico. The East District includes historic mines and over 39km of mapped structures. The program aims to systematically map, survey, and analyze historic mine workings and structures to identify promising drill targets. After completing detailed surface mapping and structural analysis over approximately nine months, the company plans to conduct a 20,000 to 25,000m drill campaign over 12 to 18 months to evaluate the economic potential of identified targets. The funding for this phase is secured through a recent private placement, with the goal of unlocking additional resources in a historically under-explored area.
Tocvan Ventures Corp. announced the discovery of two new gold and silver targets within the North Alteration Zone with historic underground workings at their Gran Pilar project in Sonora. These targets are based on historic underground workings that indicate the presence of mineralized structures. Target 1 is located 700m west of existing drill targets and features approximately a 60-meter exposed section of underground adits and shafts with silicified vein breccia and intense phyllic alteration. Target 2 is situated 700m north of previous high-grade samples and includes a 50m section of historic shafts and waste dumps with argillic alteration and quartz veining. Both targets align with previous high-grade surface sample results, such as assays up to 3.2 g/t Au and 1,225 g/t Ag, suggesting significant mineralization potential. These discoveries validate the exploration model and provide new avenues for drilling and resource delineation, expanding the mineralized footprint in the North Block.
ON MINING
Americas Gold and Silver Corporation announced Q3, 2025 consolidated production results, including its Cosala operation in Sinaloa. The company reported 765K Oz Ag, and 2.3M Lb Pb. Americas Gold and Silver reported an unaudited consolidated cash balance of USD $39M.
Gold Royalty Corp., presented preliminary Q3, 2025 consolidated results. The company reported total revenue of USD $4.6M equating to 1,323 Oz AuEq (Royalty on Cozamin mine, Zacatecas).
Discovery Silver Corp., announced that it will release its Q3, 2025 results on November 13, 2025 (Cordero project, Chihuahua).
ON FINANCING
Vortex Metals Inc., closed a second tranche of its previously announced non-brokered private placement of 2,625,000 units at a price of CAD $0.04 per unit for gross proceeds of CAD $105K. The company raised CAD $700K in the first tranche by issuing 17,500,000 units at a price of CAD $0.04 per unit. To date, Vortex raised aggregate proceeds for CAD $805K through the sale of 20,125,000 units. Vortex intends to use the gross proceeds of the second tranche as follows: approximately 40% to pay for mining concession fees, approximately 40% to pay for exploration fees and the remaining 20% for general working capital purposes (Riqueza Marina and Zaachila projects, Oaxaca).
Questcorp Mining Inc., revised the terms of its previously announced non-brokered private placement and now will offer up to 23,333,334 units at a price of CAD $0.15 per unit for gross proceeds of up to CAD $3.5M. The company plans to use part of the gross proceeds for advancement of ongoing exploration and drill work at La Union project, in Sonora, as well as for general working capital purposes.
Sonoro Gold Corp., closed its previously announced oversubscribed non-brokered private placement of 20,500,000 units at a price of CADS $0.20 per unit for gross proceeds of CAD $4.1M. The company will use the net proceeds to fund ongoing development of its Cerro Caliche project in Sonora, including the commissioning of an updated Preliminary Economic Assessment and completing a final payment due under the Rosario option agreement. Funds will also be allocated for the change of land use payment required for mining operations in Mexico.
Apollo Silver Corp., reported that it closed the first tranche of its previously announced upsized non-brokered private placement for gross proceeds of CAD $25,134,145 through the issuance of 6,981,707 units at a price of CADS $3.6 per unit. The upsized offering totals CAD $26,775,648, with the final tranche of 455,973 Units for gross proceeds of $1,641,503 expected to close in the coming days. Apollo plans to use part of the net proceeds for support community relations initiatives at its Cinco de Mayo project in Chihuahua, property maintenance costs and for general corporate purposes.
ON RESOURCES AND DEVELOPMENT
Tocvan Ventures Corp., provided an update on its recent progress at its Gran Pilar project in Sonora. It highlighted mobilization activities for drilling, trenching, and ground preparation aimed to advancing exploration and pilot mine development across North and South Blocks, where surface work and geophysical surveys have outlined new targets. The North Block is a fresh area with promising signs, and the company is focusing on road access, site clearing, and trenching to unlock new mineral zones. The goal is to start initial drilling programs and interpret results from surveys and sampling to guide the next steps.
Silver Storm Mining Ltd., initiated rehabilitation activities at its La Parrilla mine in Durango, with the aim of restarting operations, which includes a 2,000 tonnes per day mill and three underground mines. Dynamic Engineer was awarded the contract for the rehabilitation. Key points include rehabilitation of several buildings, rehabilitation, maintenance, and installation of new equipment of the processing plant, replacement of the jaw crusher, relined of ball mills, and service and repair of motor systems, feed lines, conveyors, screens, and cyclones, partial rehabilitation of five leach tanks of the oxide leach and tailings plant, sulphide circuit expansion to increase capacity to 1,250 tonnes per day, and underground rehabilitation including drift cleaning, scaling, ventilation upgrade, and recommissioning of underground services.
DynaResource Inc., commissioned a new a new gravity gold recovery circuit at the San Jose de Gracia Project in Sinaloa. This circuit operates as a complementary process within the overall mineral processing flow, aiming to recover high-density gold particles that could be missed by other methods like flotation or leaching. Its purpose is to maximize overall gold recovery efficiency, reduce losses, and improve the project’s economic viability.
ON DEALS AND CORPORATE ISSUES
Empress Royalty Corp., announced the appointment of Daniel Burns to its Board of Directors effectively immediately (Royalty on Tahuehueto mine Durango).
Sandstorm Gold ltd., closed its previously announced plan of arrangement with Royal Gold Inc., in which Royalty will acquire all all of the issued and outstanding common shares of Sandstorm. Sandstorm´s shareholders will receive 0.0625 of a share of common stock of Royal Gold for each Sandstorm share held (Cosala mine, Sinaloa).
Pinnacle Silver and Gold Corporation announced the appointment of Carlos Castro as Project Manager for El Potrero project in Durango, while Jorge Ortega continues in the role of Exploration Manager.
Quetzal Copper Corp., completed the acquisition of Silverco Mining Corp., with Silverco and a subsidiary of the company, which resulted in the reverse takeover of Silverco for the company pursuant to the policies of the TSXV Venture Exchange (Cusi mine, Chihuahua).
Torex Gold Resources Inc., completed the previously announced plan of arrangement to acquire all of the issued and outstanding common shares of Prime Mining Corp. Prime Mining shareholders are entitled to receive 0.06 Torex common shares for each Prime Mining common share exchanged at closing of the transaction (Los Reyes project, Sinaloa).
Starcore International Mines Ltd., presented voting results of its annual general meeting of shareholders (San Martin mine, Queretaro).
Southern Silver Exploration Corp., appointed Ramón Dávila to the Board of Directors (Cerro Las Minitas, Durango).
Candelaria Mining Corp., provided an update regarding is management cease trade order (MCTO) announced on August 29, 2025 due to the failure to file audited financial statement by the August 28, 2025 deadline. The company expects to file the required documents by October 27, 2025, and will maintain the MCTO until then, providing bi-weekly updates as mandated (Caballo Blanco project, Veracruz).
Kingsmen Resources Ltd., secured an option to acquire a 100% interest in the Almoloya project in Chihuahua, located 30km west of its Las Coloradas project. The acquisition involves staged cash payments over an eight year period, with USD $325K to be paid in the first two years, with USD $75K due in the first year. The Almoloya project consolidates five mineral claims into a contiguous land package of 866.25 hectares and includes historic mines, such as Cigarrero and Las Juliettas. Kingsmen aims to revitalize these assets through exploration, focusing on high-grade mineralization in a large 12 x 14km hydrothermal system, hoping to advance the project quickly to drill ready status. The project has not seen systematic exploration since the early 2000s, leaving significant potential untapped.
ON SOCIAL RESPONSIBILITY
No relevant news.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture below, quartz vein with sulphides from an intermediate sulphidation epithermal vein system in Sonora, Mexico. Photo taken by Miguel A Heredia.
By Jorge Cirett During the 38th week of the year (September 15th to September 21st, 2025), companies working in Mexico presented 29 press releases. Two companies presented exploration advances on early-stage properties. One company presented financial results. Fifteen companies presented news on financing rounds and share-related issues. One company is to commence drilling at its advanced property. twelve companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Tocvan Ventures is to commence field work at Gran Pilar; Colibri Resource updated on project work at the EP project. ON MINING, Starcore International Mines filed quarterly results. ON FINANCING, five companies informed on financing rounds: Silver Tiger (C$25 M), Impact Silver (C$16 M), Minera Alamos (C$135 M), Zacatecas Silver (C$3.75 M), Silver Dollar Resources (C$5.9 M). Masivo Silver is working on its MCTO. Discovery Silver can borrow up to US$250-350 M. Sandstorm Gold declared a dividend for the quarter. Elemental Altus Royalties received approbation for consolidation. Pacifica Silver and Luca Mining issued shares to management, employees and consultants. Avino Silver & Gold Mines has been added to the Market Vectors Junior Gold Miners Index (MVGDXJTR). Xali Gold resumed trading and explained how it is addressing its current capital deficiency. ASA Gold and Precious Metals acquired 17.5% of Minera Alamos. ON RESOURCES AND DEVELOPMENT, Regency Silver is to commence drilling at its Dios Padre project in Sonora. ON DEALS AND CORPORATE ISSUES, Masivo Silver updated on the Cerro Colorado project in Sonora. Sandstorm Gold filed its notice of meeting on its Merger with Royal Gold. Almaden Minerals provided an update on its litigation against Mexico. Capitan Silver announced appointments to its management’s team and board of directors. Plata Latina announced AGM results. Xali Gold terminated its option on the Sarape project, in Sonora. Xali Gold clarified the agreement with Remoedioambiente S.A. de C.V. on El Oro claims. Vizsla Silver announced the appointment of Eduardo Luna as lead director of the board. Southern Silver Exploration is acquiring a key inner claim at its Cerro Las Minitas project in Durango. Prime Mining announced an advisory firm is recommending shareholder vote for the Torex’s takeover. Goldgroup Mining acquired a majority on Molimentales del Noroeste, S.A. de C.V., the company holding the San Francisco mine in Sonora. Newmont divested its holdings on Orla Mining. ON SOCIAL RESPONSIBILITY, Orla Mining released its 2024 sustainability report.
ON MEXICO ISSUES
No Relevant News.
ON EXPLORATION
Tocvan Ventures Corp. announced the commencement of field work and an airborne magnetics survey at its Gran Pilar project in Sonora. “the field work encompasses advanced geological mapping, targeted sampling, and sophisticated geophysical surveys…”. Tocvan is also preparing a drilling and trenching campaign to commence before the end of the month. The company has secured full permit approval for a 10-year pilot mine facility at the site.
Colibri Resource Corp. provided a corporate update. At the EP project in Sonora the company holds 4,766 ha within 25 km from Fresnillo plc´s La Herradura mine, with more than 2,500 surface samples and 12,000 m of drilling. At Pilar, also in Sonora, Colibri holds 49% interest in the project that has over 24,000 m of drilling, trenching and surface work, as well as a 1,400-tonne bulk sample completed in 2023 with 63% recoveries for gold. The projects is permitted for a 50 K tonnes pilot mine facility. The company is also advancing debt conversion-New debenture, equity financing and market initiatives.
ON MINING
Starcore International Mines Ltd. filed the results for its first quarter ended July 31, 2025. During the period the company had revenues of C$8.64 M, earnings of C$1.9 M, net income of C$0.93 M and EBITDA of C$1.35 M. At its San Martin mine in Queretaro, Starcore milled 54.2 K tonnes averaging 1.47 gpt Au, 12.9 gpt Ag, recovering 77.4% Au, 54.8% Ag, to produce 2,000 Oz Au, 12.3 K Oz Ag, or 2.1 K Oz AuEq, at 2,499 per Oz AuEq.
ON FINANCING
Masivo Silver Corp. has prepared the financial statements and is undergoing the associated audit to reverse its management cease trade order (MCTO). “Masivo expects the audit to be completed, and the required filings submitted by September 29, 2025” Cerro Colorado, Sonora).
Silver Tiger Metals Inc. entered into an agreement with Stifel Canada, to act as sole book underwriter, together with a syndicate of underwriters, to purchase on a bought deal basis 34.75 M common shares for gross proceeds of C$25 M. The company will grant an option to purchase an additional 15% of the offering that will, if exercised in full, raise additional C$3.75 M in gross proceeds (El Tigre, Sonora).
Discovery Silver Corp. entered into an agreement with a syndicate of financial institutions for a revolving credit facility that allows the company to borrow up to US$250 M, with an accordion feature for an additional US$100 M. The syndicate includes Bank of Montreal (BMO), BMO Capital Markets and Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada (NBC) (Cordero, Chihuahua).
Sandstorm Gold Ltd. declared the third quarterly cash dividend for 2025, in the amount of C$0.02 per common share (Royalty on Cosalá, Sinaloa).
Pacifica Silver Corp. issued 2.6 M stock options to directors, officers and consultants (Claudia, Durango).
Elemental Altus Royalties Corp. received approval of the TSX Venture Exchange for the share consolidation of the issued and outstanding shares of the company on a one to ten basis (royalty on Mercedes, Sonora).
Avino Silver & Gold Mines Ltd. announced that it has been added to the Market Vectors Junior Gold Miners Index (MVGDXJTR) and the VanEck Junior Gold Miners ETF (DXJ) (Avino, Durango).
Xali Gold Corp. addressed the current capital working deficiency, US$3.15 M as of June 30, 2025, with the following plans. Mining Fees of US$1.25 M owed in Mexico are to be reduced to nil by payments by Remedioambiente S.A. de C.V. (See note under Deals and Corporate Issues) and/or other third parties. A third party owed US$646.5 K is to be issued shares for debt for up to 50% of the amount owed and the reminder in 2026. Directors and officers who are owed US$594 K have agreed to wait and take shares for debt for up to 50% of the amount owed and the rest when possible. “Trade payables and liabilities totalling $542,393, of which up to 40% are to be paid from proceeds of a financing planned for Fall 2025, up to 25% by shares for debt and the remaining with proceeds from a second financing planned for 2026”, Ridley Rocks Inc., a company controlled by Joanne Freeze, president and CEO, had loaned the Company C$124.3 K which is payable by March 31, 2026, is not interest bearing nor does it have any securities pledged against it. During July-September 2025 Ridley Rocks is to loan additional C$150 K, bearing 3% interest, to be repaid on September 2026 (El Oro, Estado de México).
Impact Silver Corp. announced the closing of its previously announced “bought deal” private placement for gross proceeds of C$16 M. The company intends to advance underground development and infrastructure at the Guadalupe mine and increase processing plant throughput at the Guadalupe Production Centre (Royal Mines of Zacualpan) in the states of Mexico and Guerrero and expand mining operations and processing capacity and resource definition drilling at the Plomosas zinc-silver-lead mine in Chihuahua.
Minera Alamos Inc. reported the closing of the “bought deal” private placement previously announced, for gross proceeds of C$135 M (Santana, Sonora).
Luca Mining Corp. granted an aggregate of 3.2 M incentive stock options and 0.88 M restricted share units to certain officers and directors of the company (Campo Morado, Guerrero).
Zacatecas Silver Corp. increased its previously announced private placement for gross proceeds of up to C$3.75 M (Zacatecas Silver, Zacatecas).
Xali Gold Corp. resumed trading on September 18, 2025 (El Oro, Estado de Mexico).
Silver Dollar Resources Inc. upsized its previously announced brokered private placement from C$4 M to C$5.9 M. The Offering is being led by Research Capital Corp. and Mr. Eric Sprott has indicated his intention to participate in the transaction through 2176423 Ontario Ltd. (La Joya, Durango).
ASA Gold and Precious Metals Ltd. acquired from Minera Alamos Inc. through a private placement 55.6 M common shares and 55.6 M common shares purchase warrants for a C$19.72 M consideration in cash for the common shares. Asa Gold holds 9.6% of the issued and outstanding shares of the Issuer, or 17.5% of the issued and outstanding shares on a partially diluted basis (Santana, Sonora).
ON RESOURCES AND DEVELOPMENT
Regency Silver Corp. is to commence drilling on the fourth week of September at its Dios Padre project in Sonora. The program is for 4,500 m of drilling in six to eight holes.
ON DEALS AND CORPORATE ISSUES
Masivo Silver Corp. is advancing toward the anticipated closing of the Cerro Colorado property acquisition in Sonora, “where the project is already drill-permitted and ready for immediate mobilization of a drill program following financing and close”. The company continues to review properties in Sinaloa.
Sandstorm Gold Ltd. filed its notice of meeting, management information circular in connection with the special meeting of shareholders to approve the merger with Royal Gold Inc (Royalty on Cosalá, Sinaloa).
Almaden Minerals Ltd. provided an update to the international proceedings under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with the United Mexican States (Mexico’s formal name). Almaden is pursuing the claim together with Almadex Minerals Ltd., which holds a 2% NSR, on illegal acts by Mexico resulting in the complete loss of the Ixtaca project (Puebla) investment. The three-person arbitration panel established the procedural calendar through to the hearing dates as follows: “Mexico is due to file its counter memorial (which responds to the Claimants’ March 20, 2025, memorial), by November 24, 2025. The Claimants will file their reply to Mexico’s counter memorial by April 27, 2026, and Mexico will file its rejoinder to this reply by August 5, 2026. The hearings are scheduled for December 14 – 18, 2026 (with December 19 held in reserve), and will be held in Washington, D.C.”. The claimants are seeking damages of US$1.06 billion.
Capitan Silver Corp. announced the addition to the management’s team and board of directors of Graham Scott, director; Marc Idziszek, vice president of exploration; Israel Tolano Chacón, technical services, Xochitl L- Valenzuela Verdugo, project evaluation and Greg DiTomaso, investor relations (Cruz de Plata, Durango).
Plata Latina Minerals Corp. announced results of its annual general meeting (AGM) held on September 16, 2025. All matters presented to the meeting were approved (La Joya, Hidalgo).
Xali Gold Corp.has chosen not to continue with the option onthe Sarape project, in Sonora, from Advanced Lithium Corp.
Xali Gold Corp. under advice by the TSX clarifies its agreement with Remedioambiente S.A. de C.V. on El Oro project, Estado de Mexico. Remedioambiente has the right to recover mineral from veins and backfill left behind in the historic El Oro mine workings on five of the El Oro concessions, paying Xali Gold 3% NSR on the extracted material above the 2,400 m level. Remedioambiente has an obligation to pay the mineral rights past due and payable in the future. Once these fees reach US$50 K, the fees may be converted in Xali shares. Remedioambiente has the right to appoint a Mining Engineer to Xali’s board, and if Remedioambiente acquires greater than 20% of Xali shares within five years, also an additional person to the position of chair of the board. A total of nine mining concessions in El Oro had been declared as cancelled by the Mexican Mines Bureau (AGM.- Agencia de Minería), in a manner that are understood to be unlawful due to the failure to provide a legally required 60-day notice directly to the company.
Vizsla Silver Corp. announced that Mr. Eduardo Luna, an independent director of the Company since November 2023, has been appointed as Lead Director of the Board (Panuco, Sinaloa).
Southern Silver Exploration Corp. reached an agreement to acquire the Puro Corazon mining claim located contiguous to its 100%-owned Cerro Las Minitas project in Durango, from an arms-length third party. The Puro Corazon mine is currently extracting ore at a 60 tpd rate, producing silver-lead and zinc concentrates. Puro Corazon is to be incorporated into the surrounding Cerro Las Minitas project to immediately commence a 12,000 m infill drilling program. On the first quarter of 2026 the company will commence the preparation of a preliminary economic assessment (PEA). The right to acquire the mining concession “m from an arms-length vendor in consideration for a series of cash payments to be made over a forty-month period following entering into of a definitive assignment agreement with the vendor”.
Prime Mining Corp.announced that Glass Lewis, an independent proxy advisory firm has recommended that Prime securityholders vote “FOR” the plan of arrangement with Torex Gold Resources Inc. The proxy voting deadline is September 25, 2025. “The Board of Directors of Prime unanimously recommends that the Securityholders vote FOR the Arrangement” (Los Reyes, Sinaloa).
Goldgroup Mining Inc. has acquired 52.7% of the creditors’ rights in Molimentales del Noroeste, S.A. de C.V. Concurso Mercantil (Chapter 11 equivalent in USA). Molimentales main asset is the San Francisco mine concession in Sonora. “Goldgroup paid approximately US$3.74 million for this acquisition, which includes payments made directly to creditors as well as expenses related to the transaction. The Company anticipates incurring additional costs as it continues acquiring further creditors’ rights”.
Newmont Corp. completed the sale of 43.24 M common shares of Orla Mining Ltd. at a price of US$10.14 per common share, for aggregate gross proceeds of US$439 M. Prior to the sale Newmont held 13.3% of the issued and outstanding common shares on a non-diluted basis (Peñasquito, Zacatecas).
ON SOCIAL RESPONSIBILITY
Orla Mining Ltd. released its 2024 sustainability report describing its responsible mining and transparent disclosure of environmental, social, and governance (“ESG”) performance. At Camino Rojo, in Zacatecas, the company stressed its low GHG emission intensity, low water usage per tonne of ore processed, purchasing from local suppliers, high training of workforce and partnership with local schools.
On the image below: Specularite veinlets in volcanosedimentary rocks, secondary hematite halo, HQ core. Picture by Jorge Cirett.
