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

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By Jorge Cirett

During the 34th week of the year (August 18th to August 24th, 2025), companies working in Mexico presented 33 press releases. One company presented exploration advances on its early-stage property. Five companies presented quarterly reports. Ten companies presented news on financing rounds and share-related issues. Three companies presented drilling results from their advanced properties. One company received a key acceptance of a surface rights agreement. Fifteen companies informed on deals and corporate issues. ON MEXICO ISSUES, The SGM has been given the first orders by the Economy Ministry to perform exploration activities in three projects.  ON EXPLORATION, In Sonora, Questcorp informed on its drill program at La Union. ON MINING, Starcore International Mines, Elemental Altus Royalties, Santacruz Silver Mining, Sailfish Royalty and Sierra Madre Gold and Silver released Q2 2025 results. ON FINANCING, six companies informed on financing rounds: Regency Silver (C$2.5 M, upsized to C$3.1 M), Mammoth Resources (C$980 K), Sonoro Gold (C$525 K), Goldgroup Mining (C$4 M), Pacifica Silver (C$10 M) and Guanajuato Silver Company (C$18 M). Sonoro Gold informed on the terms of a loan. Apollo Silver and Kootenay Silver granted stock options. ON RESOURCES AND DEVELOPMENT, Sonoro Gold received acceptance by the TSX for the surface rights agreement at Cerro Caliche. Avino Silver and Gold reported drilling results from La Preciosa. First Majestic Silver disclosed results from drilling at San Dimas. GR Silver Mining announced drilling results from its Plomosas project. ON DEALS AND CORPORATE ISSUES, Silver Dollar Resources and Canasil Resources informed on their AGMs. Pacifica Silver, United States Antimony, Kootenay Silver, Tocvan Ventures and Colibri Resource announced appointments to the board. Apollo Silver engaged a service provider. Mag Silver informed on its acquisition by Pan American Silver. Reyna Silver and Torex Gold updated on its acquisition by Torex. Xali Gold informed on its status under the TSX and on the cancellation of claims at El Oro. Capitan Silver acquired mining concessions from Fresnillo plc at Cruz de Plata. EV Resources signed an MOU with Wogen Resources and Xcelsior Capital Advisors. Galore Resources updated on its Los Gemelos and Duraznillo projects. ON SOCIAL RESPONSIBILITY, no relevant news

ON MEXICO ISSUES

  • The Economy Ministry (Secretaría de Economía) emitted three exploration orders to the Mexican Geological Survey (Servicio Geológico Mexicano, or SGM). The orders posted In the Official Gazette (Diario Oficial de la Federación) grant the SGM the initial exploration works at Las Granadas (Estado de México), La Soledad (in Durango) and Delia (in Sonora). (Note by the editor.- This is a feeble attempt by the government to try to make function an exploration system depicted in the new mining law that basically is unworkable in any meaningful way, other than that of plain demagogy).   

ON EXPLORATION

  • Questcorp Mining Inc. announced the completion of 25% of the planned 1,200 to 1,500 m drill program at La Union, in Sonora.

ON MINING

  • Starcore International Mines Ltd. announced production results for the first fiscal quarter ended July 2025. At its San Martin mine in Queretaro, the company milled 54.3 K tonnes averaging 1.47 gpt Au, 12.9 gpt Ag, recovering 77.4% Au, 54.8% Ag, to produce 2,130 gpt AuEq. “During the quarter, the CIL (carbon-in-leach) process for carbonaceous ore was fine-tuned and necessary adjustments were made to optimize the process”.
  • Elemental Altus Royalties Corp. announced its operating and financial results for Q2 2025. The company had revenue of US$9.1 M, adjusted revenue of US$105 M, operating cash flow plus Caserones dividend of US$14.4 M, attributable 3,184 Oz Au Eq and adjusted EBITDA of US$8.8 M, with guidance revenue increased to US$35 M to US$40 M (Royalty on Mercedes, Sonora).
  • Santacruz Silver Mining Ltd. reported its financial and operating results for Q2 2025. The company had revenue of US$73.3 M, gross profit of US$25.3 M, net income of US$21.0 M, adjusted EBITDA of US$26.8 M, working capital of US$60.3 M and cash and short and long term investments of US$57.8 M. The company produced 3.55 M Oz AgEq on its mines in Mexico and South America at an AISC of $22.95 per Oz AgEq (Zimapán, Hidalgo).
  • Sailfish Royalty Corp. announced operating and financial results for the second quarter of 2025. During the period Sailfish earned US$626 K in royalties, earning 8 Oz Au, 1,672 Oz Ag from stream interests. Total revenue was US$713.2 K, for a gross profit of US$687 K, net income of US$185.3 K, declaring a quarterly dividend of US$0.0125 per common share (royalty on Gavilanes, Durango).
  • Sierra Madre Gold and Silver Ltd. provided financial results for Q2 2025. During the period the company had net revenue of US$5.36 M, adjusted EBITDA of US$1.46 M and a gross profit of US$1.29 M. At La Guitarra in Estado de México, 41.2 K tonnes were milled, recovering 76.6% Ag, 78% Au, to produce 66 K Oz Ag, 1,001 Oz Au. Sierra Madre closed the first and second tranches of a C$19.5 M brokered private placement during the quarter.

ON FINANCING

  • Sonoro Gold Corp. announced the completion of cash payments of US$3.12 M to a lessor, satisfying the financial obligations in year 1 of the agreement. The company will issue 5 M common shares to the lessor at a deemed issue price of CAD $0.15 Common Share. “Funding for year-1 payment requirements under the Agreement was financed by unsecured shareholder loans aggregating to US $2,900,000 (the “Loans”) by Company directors, bearing annual interest of 10%, plus a 7% lending fee” (Cerro Caliche, Sonora).
  • Apollo Silver Corp. approved the annual grant of 4.41 M stock options, restricted share units and deferred share units to certain employees, officers, directors and consultants (Cinco de Mayo, Chihuahua).
  • Regency Silver Corp. upsized its previously announced best efforts brokered private placement led by Centurion One Capital Corp. for aggregate gross proceeds of up to C$2.5 M (Dios Padre, Sonora).
  • Mammoth Resources Corp. received approval from the TSX Venture Exchange for a final closing for gross proceeds of C$980 K (Tenoriba, Chihuahua).
  • Sonoro Gold Corp. announced a non-brokered private placement offering for gross proceeds of C$525 K (Cerro Caliche, Sonora).
  • Kootenay Silver Inc. announced stock purchase options have been granted to a consultant to purchase up to 250 K shares of Kootenay at a price of $1.19 per common share for a period of two years. (Columba, Chihuahua).
  • Pacifica Silver Corp. closed the first tranche of its previously announced C$10 M non-brokered private placement financing. Participants included Vizsla Silver Corp., First Majestic Silver Corp., Silver Corp. Metals Inc. and 2176423 Ontario Ltd. (Claudia, Durango).
  • Goldgroup Mining Inc. arranged a non-brokered private placement for gross proceeds of up to C$4 M (Cerro Prieto, Sonora).
  • Guanajuato Silver Company Ltd. announced the closing of its previously announced non-brokered listed issuer financing exemption (LIFE) private placement for aggregate gross proceeds of C$18 M. “In connection with the Offering, the Finders received a cash commission of $520,463.92, and 1,727,904 nontransferable finder’s warrants”. Certain directors and officers acquired an aggregate of 2.1 M units for gross proceeds of C$630 K (El Cubo, Guanajuato).
  • Regency Silver Corp. upsized its previously announced best efforts brokered private placement for aggregate gross proceeds of C$3.1 M (Dios padre, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Sonoro Gold Corp. received the final acceptance from the TSX Venture Exchange for the surface rights lease agreement for the Company’s Cerro Caliche Gold Project in Sonora, Mexico.
  • Avino Silver & Gold Mines Ltd. reported results from 1,100 m of drilling in four twin holes at La Preciosa, Durango. The positive results are from La Abundancia and La Gloria veins. Highlighted true width intervals comprise 7.90 m @ 1.92 gpt Au, 1,638 gpt Ag (including 1.84  @ 0.61 gpt Au, 5,006 gpt Ag); 14.80  @ 0.38 gpt Au, 257 gpt Ag (including 5.04 m @ 0.72 gpt Au, 594 gpt Ag); 6.42 m @ 0.46 gpt Au, 544 gpt Ag; 3.45 m @ 0.44 gpt Au, 970 gpt Ag (including 1.17 m @ 0.64 gpt Au, 1,936 gpt Ag); 3.41 m @ 0.36 gpt Au, 398 gpt Ag. “Mineralization at the La Preciosa is hosted within multiple discrete poly-phase quartz veins, often displaying banded, smoky, drusy, and chalcedonic textures. Also, in each stage, there is variably crustiform banded fracture fill/breccia cement mineralogy”.
  • Colibri Resource Corp. congratulated its joint venture partner, Tocvan Ventures Corp., on receiving permit approval for a 50 K tonnes pilot mine facility located in close proximity to the Pilar project, a 49% Colibri – 51% Tocvan joint venture.
  • First Majestic Silver Corp. reported drilling results from its exploration program at the San Dimas mine in Durango. The drilling program is focused in exploring for new veins, expand and upgrade mineral resources, highlighted true width results comprise 0.75 m @ 9.94 gpt Au, 546 gpt Ag; 0.95 m @ 5.35 gpt Au, 302 gpt Ag; 0.89 m @ 7.77 gpt Au, 357 gpt Ag; 5.17 m @ 7.66 gpt Au, 357 gpt Ag; 1.59 m @ 13.07 gpt Au, 762 gpt Ag; 2.12 m @ 8.38 gpt Au, 282 gpt Ag; 3.57 m @ 15.93 gpt Au, 1,112 gpt Ag; 2.35 m @ 4.67 gpt Au, 289 gpt Ag; 1.06 m @ 23.70 gpt Au, 578 gpt Ag; 3.80 m @ 3.27 gpt Au,151 gpt Ag; 2.53 m @ 9.65 gpt Au, 121 gpt Ag.
  • GR Silver Mining Ltd. announced drilling results from its step-out drill program adjacent to the San Marcial deposit mineral resource area within the Plomosas project in Sinaloa. Highlighted core length intervals comprise 11.1 m @ 0.08 gpt Au, 64 gpt Ag; 22.9 m @ 0.06 gpt Au, 11 gpt Ag; 19.9 m @ 0.10 gpt Au, 206 gpt Ag (including 3.7 m @ 0.20 gpt Au, 511 gpt Ag and 4.2 m @ 0.10 gpt Au, 322 gpt Ag). All theses intervals contain between 0.1% to 0.8% Pb and between 0.1% to 0.9% Zn. “Drilling is ongoing with two diamond drill rigs, focusing on the SE Deep Extension target and the Parallel Breccia target.”.

ON DEALS AND CORPORATE ISSUES

  • Silver Dollar Resources Inc. informed that all resolutions put forth at the company’s annual general meeting (AGM), held on August 15, were approved by its shareholders (La Joya, Durango).
  • Pacifica Silver Corp. announced the appointment of Sophie Hsia to the board of directors and released results of its AGM (Claudia, Durango).
  • Apollo Silver Corp. engaged Creative Direct Marketing Group, Inc., an arm’s-length service provider, to provide marketing and advertising services for a total of US$1.62 M, payable in tranches (Cinco de Mayo, Chihuahua).
  • Colibri Resource Corp. announced thatJamie Lavigne has resigned from his position as director of the company. The company appointed Mark Smethurst, P. Geo, MSc, CFA-Level III Candidate, to the Board of Director (EP project, Sonora).
  • Canasil Resources Inc. announced shareholders voted in favor of all matters brought before its annual general meeting (AGM) held on August 7, 2025 (La Esperanza, Durango-Zacatecas).
  • Mag Silver Corp. announced today that, other than Mexican competition approval (COFECE), all required key approvals and authorizations to consummate the acquisition by Pan American Silver Corp. have been obtained. “If the COFECE Approval is obtained and all closing conditions are satisfied or waived, the Arrangement is expected to be completed in the third quarter of 2025. Following completion of the Arrangement, the MAG Shares are expected to be delisted from the Toronto Stock Exchange and NYSE American LLC” (Juanicipio, Zacatecas).
  • United States Antimony Corp. announced the addition of General John M. Keane, as an independent director to USAC’s board of directors (Juarez, Queretaro).
  • Kootenay Silver Inc. appointed Ron Miller as a director of the company (Columba).
  • Reyna Silver Corp. announced the completion of the previously announced plan of arrangement with Torex Gold Resources Inc.. pursuant to which Torex acquired all of the issued and outstanding shares of Reyna Silver (GuiGui, Chihuahua).
  • Torex Gold Resources Inc. announced the completion of the plan of arrangement with Reyna Silver Corp. (Morelos Complex, Guerrero).
  • Tocvan Ventures Corp. appointed Christopher Gordon as head of corporate development (Pilar, Sonora).
  • Xali Gold Corp. filed its audited annual financial statements. “The TSX Venture Exchange (“TSX.V”) is currently conducting a Listing Review of Xali Gold, which is a normal part of the review process after trading has been halted in a Company. The Company is working to resume trading as soon as possible”. The company is trying to overturn the cancellation of several mineral concessions at El Oro, Estado de México.
  • Capitan Silver Corp. executed a definitive agreement to acquire a strategic land package at its Cruz de Plata project in Durango. The property consists of 2,171.4 ha in seven mining concessions adjacent to and surrounding Cruz de Plata. The acquisition from Fresnillo plc involves the payment of an initial US$2 M (paid) and US$2 M payable on or before the second anniversary of the closing, with no royalties or share payments.
  • EV Resources Ltd. executed a try-party memorandum of understanding (MOU) with Wogen Resources Ltd. and Xcelsior Capital Advisors Ltd. Subject to a definitive agreement Wogen and XCLR will engage on a US$2–3 million secured debt facility to advance Los Lirios antimony project in Oaxaca towards production, and Wogen will be granted exclusive rights to offtake antimony products from Los Lirios, and Wogen and XCLR will provide EVR with technical input and market intelligence.
  • Galore Resources Inc. announced that it will host its annual and special general meeting of shareholders on October 23, 2025. The company has received interest in supporting development at Los Gemelos and Duraznillo in Zacatecas; however, recent proposals were not aligned with the long-term interests of shareholders. Discussions with other potential partners remain ongoing. “At Duraznillo, previously announced drilling was suspended due to delays in committed funding, following unforeseen circumstances with an investor group”.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

On the image below: Chlorite-Epidote alteration in quartz monzonite on HQ core. Picture by Jorge Cirett.

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

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Rhyolite dome

By Miguel A Heredia

During the 33th week of the year (August 11th to August 17th 2025), at least 29 press releases were announced by companies working in Mexico, with twelve communicating production results, nine disclosing deals and corporate issues, five announcing financial rounds, two reporting resources and developments of their properties, and one informing on exploration results  ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, Silver Tiger announced preliminary results from its exploration program on veins north and south of El Tigre mine in Sonora. ON MINING, MAG Silver reported Q2, 2025 financial results for its Juanicipio mine in Zacatecas. Americas Gold and Silver announced Q2, 2025 results from its Cosala operation in Sinaloa. Altius Minerals reported Q2, 2025 royalty revenue attributable of CAD $12.7M or CAD $0.27 per share (Royalties on Cuale project, Jalisco and Llano de Nogales project, Sonora). Orla Mining announced Q2, 2025 financial results from its Camino Rojo mine in Zacatecas. Prime Mining released selected financial results for the six months ending June 30, 2025 (Los Reyes project, Sinaloa). Bear Creek presented Q2, 2025 financial and operational results from its Mercedes mine in Sonora. Avino Silver & Gold announced Q2, 2025 production and financial results from its Avino mine in Durango. First Majestic reported unaudited consolidated financial and operational results for their Mexican operations. Discovery Silver released Q2, 2025 consolidated financial and operational results (Cordero project, Chihuahua). United States Antimony presented Q2, 2025 consolidated Q2 and H1, 2025 financial and operational results (Madero smelter in Coahuila). Endeavour Silver reported Q2 and H1, 2025 consolidated financial and operational results from their Mexican operations. Elemental Altus announced that it will release its Q2, 2025 results on August 18, 2025 (Royalties on Mercedes mine, Sonora). ON FINANCING, Regency Silver announced a brokered private placement for gross proceeds of up to CAD $1.5M (Dios Padre project, Sonora). Guanajuato Silver closed its non-brokered LIFE private placement for gross proceeds of CAD $18M (El Cubo mine complex, Guanajuato). Sailfish announced a normal course issuer bid to purchase up to 3,767,749 common shares of the company (Gavilanes project, Durango). GR Silver closed its previously announced underwritten private placement for gross proceeds of CAD $13.8M (Plomosas project, Sinaloa). Zacatecas Silver announced a private placement financing for gross proceeds of up to CAD $2.5M (Zacatecas Silver project, Zacatecas).  ON RESOURCES AND DEVELOPMENT, Osisko Development declared that it intends to re-submit its two permit applications for open-pit mining at its San Antonio Gold project in Sonora. Zacatecas Silver announced a 4,000m core drilling program focused on the El Cristo and Panuco North vein systems at its Zacatecas Silver project in Zacatecas state. ON DEALS AND CORPORATE ISSUES, Vizsla announced change of transfer agent (Panuco project, Sinaloa). Sailfish Silver closed the sale of Swordfish Silver, which holds the Gavilanes project in Durango to Advance Metals. Reyna Silver announced that the shareholders of the company approved the acquisition by Torex Gold (Batopilas project, Chihuahua). MAG Silver declared a fix dividend of USD $0.02 per share and an additional cash flow linked dividend of USD $0.124 per share (Juanicipio mine, Zacatecas). Americas Gold and Silver announced that it is implementing a consolidation of its outstanding common shares as authorized by its shareholders and subsequently approved by its Board of Directors (Cosala operations, Sinaloa). Mithril reported that its common shares are now trading on the OTCQB Venture Market in the USA (Copalquin project, Durango). Oroco received a positive resolution from the Mexican Secretariat of Environment and Natural Resources (SEMARNAT), allowing them to proceed with drilling and exploration activities on the Santo Tomas project in Sinaloa. Tocvan obtained full permit approval for a 50,000 tonnes pilot mine facility at its Gran Pilar project in Sonora. Reyna Silver received a final court order for acquisition by Torex Gold (Batopilas project, Chihuahua).  ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Silver Tiger Metals Inc., announced preliminary results from its exploration program on veins north and south of El Tigre mine in Sonora. The exploration program is focused on mapping and sampling both the northern and southern veins. In the north, recent work has confirmed the continuity of high-grade mineralization along over 10km of strike, with historic workings and sampling indicating strong silver and gold grades. An initial drill target generation is underway for winter 2025. On the southern side, the company is evaluating previously undrilled greenfield areas like Lluvia de Oro and El Toro, where historical workings and high-grade surface sampling suggest significant mineralization potential over 10km of combined strike length. Overall, this steeply dipping epithermal veins system with over 25km mapped (including El Tigre Mine) supports further drilling and hosts huge potential for expanding known resources.

ON MINING

  • MAG Silver Corp., reported Q2, 2025 financial results for its Juanicipio mine in Zacatecas (all amounts expressed in US dollars). On a 100% basis (56% Fresnillo plc and 44% MAG), Juanicipio mined 355,785 tonnes and processed 342,515 tons of 417 g/t Ag, 1.21 g/t Au, 1.7% Pb, and 3.3% Zn (661 g/t AgEq) and sold 3.83M Oz Ag, 9.26K Oz Au, 10.4M Lb Pb, and 18.3M Lb Zn (5.65M Oz AgEq) at cash and AISC of ($3.90, negative attributable to higher by-product revenue) and $8.38 per Oz Ag sold respectively (or $0.63 and $11.46 per Oz AgEq sold respectively). The company also reported operating cash flow of $110.64M; free cash flow of $92.90M; gross profits of $128.6M; net income before taxes of $117.42M; and net income of $95.64M. On MAG 44% portion, the company reported a net income of $33.4M; and EBITDA of $33.88M; an adjusted EBITDA of $56.4M; and free cash flow of $92.9M.
  • Americas Gold and Silver Corporation announced Q2, 2025 production results. It produced 269K Oz Ag, 1.5M Lb Zn, and 0.2M Lb Pb at its Cosala operation in Sinaloa. The Cosalá Operations are advancing towards mining the higher-grade silver-copper EC120 orebody, aiming for commercial production by the end of 2025.
  • Altius Minerals Corporation reported Q2, 2025 royalty revenue attributable of CAD $12.7M or CAD $0.27 per share, and adjusted earnings of CAD $1.6M (Royalties on Cuale project, Jalisco and Llano de Nogales project, Sonora).
  • Orla Mining Ltd., announced Q2, 2025 financial results from its Camino Rojo mine in Zacatecas (all amounts expressed in US dollars). The company declared that 2M tonnes of ore were mined: 1.7M tonnes with an average grade of 0.71 g/t Au were stacked and 0.6M tonnes of ore of low grade were rehandled and placed on the leach pad at an average grade of 0.32 g/t Au. In total, 2.6M tonnes of ore at an average grade of 0.57 g/t Au were placed on the heap leach pad in Q2, 2025. Orla produced 25,145 Oz Au; sold a total of 26,591 Oz Au; and reported a sustaining capital of 0.5M. Due to the previously announced pit wall event (uncontrolled material movement on the north wall), the company updated the 2025 production guidance. It expects to produce at Camino Rojo between 95K-125K Oz Au at cash and AISC of $800-$900 and $850-950 per Oz Au sold respectively.
  • Prime Mining Corp., released selected financial results for the six months ending June 30, 2025 (all amounts expressed in Canadian dollars). It reported a net loss of $6.17M or a loss per share of $0.04, and ended the period with $32.75M. In addition, Prime declared total assets of $46.93M; total current liabilities of $0.78M; total liabilities of $1.56M; and total shareholders´ equity of $ 45.37M (Los Reyes project, Sinaloa).
  • Bear Creek Mining Corporation presented Q2, 2025 financial and operational results from its Mercedes mine in Sonora (all currency expressed in US dollars). The company mined 91,941 tonnes of 2.81 g/t Au and processed 89,488 tonnes of 2.88 g/t Au with a metallurgical recovery of 96% to produce 7,973 Oz Au and 33,932 Oz Ag at cash and AISC of $2,327 and $2,753 per Oz Au sold respectively. The company sold a total of 8,091 Oz Au during this period. Bear Creek also reported revenue of $27.78M; comprehensive earning loss of $11.7M; cash used in operating activities of $1.7M; cash used in investing activities of $10.34M; and cash generated from financing activities of $10.1M.
  • Avino Silver & Gold Mines Ltd., announced Q2, 2025 production and financial results from its Avino mine in Durango (all currency expressed in US dollars). The company milled 190,987 tonnes to produce 283.6K Oz Ag, 1.8K Oz Au and 1.46M Lb Cu (645.6K Oz AgEq) and sold 676.45 Oz AgEq at cash and AISC of $15.11 and $20.93 per Oz AgEq sold respectively. In addition, Avino reported revenues of $21.8M; mine operating income of $10.22M; net income of $2.86M; EBITDA of $7.4M; adjusted earnings of $8.84M; cash provided by operating activities of $8.35M; mine operating cash flow before taxes $11.3M; cash of $37.3M; and working capital of $40.6M.
  • First Majestic Silver Corp., reported Q2, 2025 unaudited consolidated financial and operational results for their Mexican operations (All currency expressed in US dollars). Figures by mine are shown in the table below:

The company also reported revenue of $264.2M; mine operating earnings of $23.9M; EBITDA of $98.7M; net earnings of $104.8M; adjusted net earnings of $38.5M; cash flow from operations of $91.1M; free cash flow of $71.4M; and cash position of $310.1M. First Majestic declared a cash dividend of $0.0048 per common share for the second quarter of 2025 for shareholders.

  • Discovery Silver Corp., released Q2, 2025 consolidated financial and operational results without presenting results separately from its Cordero project in Chihuahua. The company reported revenues of USD $142M from the sale of 42,550 Oz Au at an average realized gold price of USD $3,337 per Oz Au. In addition, Discovery Silver achieved significant progress at its Cordero project, including the completion of a limited work program focused on de-risking the project, particularly in power and water management, since it is evaluating the potential to use natural gas power sources, planning to upgrade the local water treatment plant, and evaluating the potential to establish solar farms around the project site to contribute to the power supply required for mine development and operation. 
  • United States Antimony Corporation presented Q2, 2025 consolidated Q2 and H1, 2025 financial and operational results without presenting results separately from their Mexican operations (Madero smelter in Coahuila). The company reported revenues of USD $10.5M for the second quarter of 2025 and USD $ 17.5M for the six months ended June 30, 2025.
  • Endeavour Silver Corp., reported Q2 and H1, 2025 consolidated financial and operational results from their Mexican operations (All dollars amount is in US dollars). At Guanacevi mine, Durango, Endeavour processed during the second quarter of 2025, 96,834 tonnes to produce 994.9K payable Oz Ag at cash and AISC of $19.91 and $26.81 per Oz Ag respectively. At Bolañitos mine, Guanajuato, it processed 88,098 tonnes to produce 100.2K payable Oz AgEq at cash and AISC of $(17.26) and $7.04 per Oz Ag respectively. For the six months ended June 30, 2025 the company processed at Guanacevi mine in Durango 199,272 tonnes to produce 2M payable Oz Ag at cash and AISC of $19.82 and $26.65 per Oz Ag respectively, while at Bolañitos mine in Guanajuato, it processed 195,167 tonnes to produce 281.3K Oz Ag at cash and AISC of $(9.75) and $10.98 per Oz Ag respectively. For the second quarter of 2025 Endeavor reported consolidated results including revenue of $85.3M from the sale of 1.45M Oz Ag and 7,706 Oz Au at realized prices of $32.95 per Oz Ag and $ 3,320 per Oz Au; net earnings of ($20.5M); adjusted net earnings of ($9.2M); mine operating earnings of $7.7M; mine operating cash flow before taxes of $22.9M; operating cash flow before working capital of $14.4M; EBITDA of $1.4M; adjusted EBITDA of $10.8M; and working capital of ($15.8M). For the six months ended June 30, 2025, Endeavor reported consolidated results including revenue of $148.8M from the sale of 2.68M Oz Ag and 16,244 Oz Au at realized prices of $32.52 per Oz Ag and $ 3,110 per Oz Au; net earnings of ($53.4M); adjusted net earnings of ($9.4M); mine operating earnings of $20.6M; mine operating cash flow before taxes of $45.0M; operating cash flow before working capital of $22.7M; EBITDA of ($16.7M); adjusted EBITDA of $25.9M; and working capital of ($15.3M).
  • Elemental Altus Royalties Corp., announced that it will release its Q2, 2025 results on August 18, 2025 (Royalties on Mercedes mine, Sonora).

ON FINANCING

  • Regency Silver Corp., announced a brokered private placement for gross proceeds of up to CAD $1.5M through the sale of up to 30,000,000 units at a price of CAD $0.05 per unit. The purpose of the financing is to use the gross proceeds for drilling the Dios Padre project in Sonora, and for general working capital purposes.
  • Guanajuato Silver Company Ltd., closed its non-brokered LIFE private placement of 60,000,000 units at a price of CAD $0.30 per unit for gross proceeds of CAD $18M. The purpose of this financing is to significantly strengthen the Guanajuato Silver’s balance sheet, providing the company with increased financial flexibility. This enhanced financial position enables the company to consider and pursue additional growth opportunities within its portfolio (El Cubo mine complex, Guanajuato).
  • Sailfish Royalty Corp., announced a normal course issuer bid during a 12-month period commencing August 12, 2025 and ending August 11, 2026, to purchase up to 3,767,749 common shares of the company in total, being approximately 5% of the total number of shares outstanding as at July 16, 2025 (Gavilanes project, Durango).
  • GR Silver Mining Ltd., closed its previously announced underwritten private placement of 69,000,000 units at a price of CAD $0.20 per unit for gross proceeds of CAD $13.8M. GR Silver plans to use the gross proceeds for advancement of its Plomosas project in Sinaloa, as well as for working capital and general corporate purposes.
  • Zacatecas Silver Corp., announced a private placement financing for gross proceeds of up to CAD $2.5M to fund a 4,000m drilling program at its Zacatecas Silver project in Zacatecas, for community engagement, and for strategic growth initiates.

ON RESOURCES AND DEVELOPMENT

  • Osisko Development Corp., declared that it intends to re-submit its two permit applications for open-pit mining at its San Antonio Gold project in Sonora since mining permits appears to be gaining traction in Mexico.
  • Zacatecas Silver Corp., announced a 4,000m core drilling program focused on the El Cristo and Panuco North vein systems at its Zacatecas Silver project in Zacatecas state. The goal of this program is to explore underexplored areas, delineate high-grade mineralization, and expand known resources. A 2,500m diamond drill program has been planned for the El Cristo Silver project targeting the extension of the Veta Grande Vein system, where previous drilling intersected silver and base metal mineralization in 22 out of 28 holes. Also, a 1,500m of drilling will be conducted at Panuco, where previous work has shown high grade intercepts.

ON DEALS AND CORPORATE ISSUES

  • Vizsla Silver Corp., announced that Odyssey Trust Company has replaced Computershare Trust Company as the company’s transfer agent effective August 11, 2025. Shareholders do not need to take any action, but inquiries related to shares should now be directed to Odyssey Trust (Panuco project, Sinaloa).
  • Sailfish Silver Corp., closed the sale of Swordfish Silver Corp., which holds the Gavilanes project in Durango to Advance Metals Limited. The transaction included a cash payment of USD $50K, 16,800,000 Advance shares, 33,600,000 performance rights convertible into Advance shares, and a 2% NSR on mineral production from the property. Advanced must spend a minimum of USD $2M on exploration over five years, or pay USD $500K if this commitment is not met.
  • Reyna Silver Corp., announced that the shareholders of the company approved the special resolution for a statutory plan of arrangement regarding the acquisition by Torex Gold. The transaction is expected to close on August 20, 2025, pending a final order from the Supreme Court of British Columbia (Batopilas project, Chihuahua).
  • MAG Silver Corp., declared a fix dividend of USD $0.02 per share and an additional cash flow linked dividend of USD $0.124 per share which represents approximately 30% of the USD $40.9M free cash flow generated by the Juanicipio mine in Zacatecas, for a total dividend of USD $0.144 per share payable on September 1, 2025 to shareholders on record as of August 18, 2025.
  • Americas Gold and Silver Corporation announced that it is implementing a consolidation of its outstanding common shares as authorized by its shareholders and subsequently approved by its Board of Directors. It will consist of one post-consolidation common share for every 2.5 pre-consolidated common shares. The company plans to file articles of amendment on or about August 21, 2025, to implement this change. The CUSIP (Committee on Uniform Securities Identification Procedures) and ISIN (International Securities Identification) numbers of the post-consolidation common shares will also change upon the completion of the consolidation (Cosala operations, Sinaloa).
  • Mithril Silver and Gold reported that its common shares are now trading on the OTCQB Venture Market in the USA under the symbol MTIRF. It also announced that their common shares will continue to trade on the Australian Stock Exchange and Toronto Stock Exchange under the symbols MTH and MSG respectively (Copalquin project, Durango).
  • Oroco Resource Corp., received a positive resolution from the Mexican Secretariat of Environment and Natural Resources (SEMARNAT), allowing them to proceed with drilling and exploration activities on the Santo Tomas project in Sinaloa, without needing an Environmental Impact Authorization. This decision is based on the characteristics outlined in their “informe preventivo” notice.
  • Tocvan Ventures Corp., obtained full permit approval for a 50,000 tonnes pilot mine facility at its Gran Pilar project in Sonora. The facility includes a heap leach pad and hydrometallurgical processing infrastructure, allowing for the processing of high grade material and optimizing extraction methods.
  • Reyna Silver Corp., received a final order from the Supreme Court of British Columbia authorizing Torex Gold Resources Inc to proceed with the acquisition of Reyna Silver (Batopilas project, Chihuahua).

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, an outcrop of a rhyolite dome in an intermediate sulphidation epithermal vein system in a project in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

By Jorge Cirett
During the 26th week of the year (June 23rd to June 29th, 2025), companies working in Mexico presented 37 press releases. Four companies presented news on early-stage properties. No company presented operational updates. Eight companies reported on financial rounds; another company amended a significant loan facility; one more set the price on its securities; one closed on a significant loan facility, and two more started trading on another stock exchange, while one more granted options, another executed a loan agreement and another declared a dividend. One company presented drilling results from historical waste dumps and one more disclosed exploration results near its operating mine. A large operating gold company is acquiring an exploration company with silver plays in Mexico and USA, another company announced appointments to the board, two more contracted services, another five informed on their AGM’s and one more clarified on a proposed acquisition. ON MEXICO ISSUES, the Mexican president pointed that no new mining concessions are to be issued, while reassuring the mining industry that some mining permits are to be granted and confirming that the open pit ban proposal has been retired. ON EXPLORATION, In Sonora, Questcorp Mining commenced work at La Union; Tocvan Ventures released RC drilling results from Gran Pilar; Masivo Silver advances on the due diligence at Cerro Colorado. ON MINING, no relevant news. ON FINANCING, eight companies informed on financing rounds: Minaurum Gold (C$8 M), Silver Storm Mining (C$4 M), Vizsla Silver (US$100-$115 M), Reyna Silver (C$1.1 M), Endeavour Silver (US$135 M), Silver Viper (C$3.5 M), Kootenay Silver (C$20 M) and Masivo Silver (C$1 M). Endeavour Silver amended a credit facility, increasing its amount to up to US$115 M. Reyna Silver set the price of its securities related to the deal with Torex Gold. Vizsla Royalties and Santacruz Silver started trading on the Frankfurt Stock Exchange and the OTCQX Best Market respectively. Santacruz Mining granted incentive securities. Gold Resource executed a loan agreement for US$6.3 M. Sandstorm Gold declared a dividend. ON RESOURCES AND DEVELOPMENT, Heliostar Metals informed on its plan to process waste stockpiles while restarting open pit mining at La Colorada. DynaResource has two near-mine exploration plays at San Jose de Gracia. ON DEALS AND CORPORATE ISSUES, Torex Gold Resources is to acquire all shares of Reyna Silver. Chesapeake Gold appointed new members to the board. Vizsla Royalties hired a contractor for a digital marketing campaign. Orla Mining, Americas Gold and Silver, Discovery Silver, Almaden Minerals and Orogen Royalties informed on their AGM´s. Vortex Metals engaged a firm for environmental services for its Oaxaca projects. Roberto Resources clarified the acquisition terms of the Claudia project. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Claudia Sheinbaum, president of Mexico, spoke on one of its daily conferences about the tight squeeze on mining permits by its government, pointing that some of these will be authorized once its environmental impact has been reviewed and reduced (no time line offered). She also stated that the ban on open pit mining proposal was retired because of its impracticality but reiterated that no new mining concessions are to be granted.  

ON EXPLORATION

  • Questcorp. Mining Inc. commenced the first phase work program at its La Union project in Sonora. Questcorp is earning a 100% interest from Riverside Resources Inc. in the 2,520 ha property. The initial stage includes marking lines for an IP survey, sampling of limestone and dolomite host rocks for fluorescence study for vectoring, geological mapping of selected drill sites and sections on the IP lines and rock and soil sampling to identify additional targets. The project hosts carbonate replacement deposit style (CRD) mineralization hosted by “Neoproterozoic sedimentary rocks (limestones, dolomites, and siliciclastic sediments) overlying crystalline Paleoproterozoic rocks of the Caborca Terrane….. Mineralization occurs as polymetallic veins, replacement zones (mantos, chimneys), and shear zones with high-grade metal content, as shown in highlight grades of 59.4 grams per metric tonne (g/t) gold, 833 g/t silver, 11% zinc, 5.5% lead, 2.2% copper, along with significant hematite and manganese oxides…”
  • Pinnacle Silver and Gold Corp. provided an update on the Potrero project in Durango. The importance of a quartz feldspar porphyry dike is being recognized as it follows the same structure that hosts the mineralized quartz breccia vein system with some underground workings entirely within it. Additional channel sampling is now conducted in areas where access was previously restricted. “A program of combined underground and surface diamond drilling is being devised in order to systematically test the Dos de Mayo vein system”. A plant consultant reviewed the processing installations and will produce a report in the following weeks. “A permit consultant was taken to the project to initiate a site review for the purpose of permitting near term diamond drilling, mid-term mine development and site preparation, and future production”.
  • Tocvan Ventures Corp. announced reverse circulation (RC) drill results from the latest drill program at its Gran Pilar project in Sonora. Highlighted drill length results comprise 22.88 m @ 0.14 gpt Au, 5 gpt Ag (including 7.63 m @ 0.37 gpt Au, 12 gpt Ag); 42.70 m @ 0.14 gpt Au, 45 gpt Ag (including 10.68 m @ 0.11 gpt Au, 137 gpt Ag); 6.10 m @ 0.16 gpt Au; 12.20 m @ 0.14 gpt Au, 10 gpt Ag (including 4.58 m @ 0.34 gpt Au, 5 gpt Ag).
  • Masivo Silver Corp. is advancing on the due diligence to acquire the Cerro Colorado project in Sonora. Reported historic results from two 2015 drill holes by Minera Gold Zone. The two shallow holes targeted the southwestern margin of the Cerro Colorado system. Highlighted core length results comprise 29.65 m 0.062 gpt Au, 51 gpt Ag, 0.1% Pb, 0.6% Zn (including 5.05 m @ 0.262 gpt Au, 254 gpt Ag, 0.27% Cu, 0.4% Pb, 0.8% Zn; 2.95 m @ 0.395 gpt Au, 384 gpt Ag, 0.40% Cu, 0.4% Pb, 0.9% Zn; 2.45 m @ 0.432 gpt Au, 430 gpt Ag, 0.59% Cu, 0.4% Pb, 0.8% Zn); 35.80 m @ 23 gpt Ag, 0.4% Zn (including 3.15 m @ 0.188 gpt Au, 159 gpt Ag, 0.14% Cu, 0.3% Pb, 0.5% Zn and 0.60 m @ 0.705 gpt Au, 577 gpt Ag, 0.52% Cu, 0.8% Pb, 0.9% Zn). According to Masivo, “Cerro Colorado hosts a sub-epithermal polymetallic system, potentially related to breccia structures on the flank of a deeper porphyry system”.

ON MINING

  • No Relevant News.

ON FINANCING

  • Minaurum Gold Inc. entered into an agreement with Comark Securities Inc. pursuant to which Comark is to act as lead agent in connection with a “best efforts” private placement for aggregate gross proceeds of up to C$5 M (Alamos, Sonora).
  • Silver Storm Mining Ltd. intends to complete a non-brokered private placement for gross proceeds of up to C$2.6 M (La Parrilla, Durango).
  • Vizsla Silver Corp. entered into an agreement with Canaccord Genuity on behalf of itself and syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a bought deal basis common shares for gross proceeds of US$100 M. The underwriters were granted an option for 30 days to buy an over-allotment for up to 15% of the offering. If the over allotment option is exercised in full, the total gross proceeds of the offering will be US$115 M (Panuco, Sinaloa).
  • Reyna Silver Corp. announced a financing concurrent with the definitive agreement on its acquisition by Torex Gold Resources Inc., under which Torex Gold has agreed to purchase C$1.1 M units in a non-brokered private placement. The proceeds of the private placement are to be used to make certain payments relating to its option agreements in Nevada (Batopilas, Chihuahua).
  • Minaurum Gold Inc. increased the size of the previously announced “best efforts” private placement for aggregate gross proceeds of up to C$8.0 M (Alamos, Sonora)
  • Endeavour Silver Corp. amended and restated the previously announced senior secured debt facility with ING Capital LLC and Societe Generale acting as joint lead arrangers. The credit facility was amended and restated to increase the principal amount of up to US$120 M by an additional US$15 M, bringing the aggregate principal amount up to US$135 M (Terronera, Jalisco).
  • Reyna Silver Corp. has set the price of the securities offered in connection with the non-brokered private placement previously announced, in connection with the agreement on which Torex Gold Resources Inc. is to acquire all shares of Reyna Silver. “The price of each Unit to be issued under the Private Placement has now been set at $0.095, and, as previously announced, each Unit will be comprised of one Share and one common share purchase warrant …exercisable … price of $0.13 per Purchaser Warrant ….” (GuiGui, Chihuahua).
  • Americas Gold and Silver Corp. closed its previously announced US$100 M senior secured debt facility provided by funds affiliated with SAF Group to fund spending at the Galena project in the US (Cosalá, Sinaloa).
  • Vizsla Royalties Corp. started trading on the Frankfurt Stock Exchange (Royalty on Panuco, Sinaloa).
  • Santacruz Silver Mining Ltd. has qualified to trade on the OTCQX Best Market, upgrading from the OTCQB Venture Market (Zimapán, Hidalgo).
  • Santacruz Silver Mining Ltd. granted 3.45 M stock options, deferred share units, 0.96 M restricted share units and 0.5 M performance share units to certain directors, officers, employees and consultants (Zimapán, Hidalgo).
  • Silver Viper Minerals Corp. closed its C$3.5 M non-brokered private placement (La Virginia, Sonora).
  • Gold Resource Corp. announced the execution of a loan agreement with Francisco Javier Reyes de la Campa and Jaluca Ltd. in the amount of US$6.3 M. In connection with the agreement the company also issued a common stock purchase warrant to an affiliate of Mr. Reyes de la Campa for up to 1.5 M shares at an exercise price of $0.65 (Don David, Oaxaca).
  • Sandstorm Gold Ltd. declared the second quarterly cash dividend for 2025 in the amount of C$0.02 per common share (Royalty on Cozamin, Zacatecas).
  • Kootenay Silver Inc. completed its previously announced and upsized bought deal public offering for gross proceeds of C$20 M (Columba, Chihuahua).
  • Silver Storm Mining Ltd. increased the previously announced non-brokered private placement from C$2.6 M to C$4 M. Proceeds are to be used at La Parrilla in Durango, for the procurement of mine processing flotation cells; to commence rehabilitation work of the processing facility including equipment purchase and refurbishment, labor and supplies; to order long lead items including deposits on mining equipment and ventilation fans; to fund ongoing operations for the next 12 months and for general corporate and working capital purposes (La Parrilla, Durango).
  • Masivo Silver Corp. announced a non-brokered private placement of up to C$1 M to fund exploration at one property in Mexico and another in the USA (Cerro Colorado, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd. released results from drilling the Truckshop stockpile at its La Colorada mine in Sonora. La Colorada was operated by El Dorado Gold Corp. in the 1990s, with the Truckshop stockpile deposited as a waste dump 400 m from the mine’s crushing circuit. Highlighted drill intercepts from 26 holes in the waste dump comprise 10.7 m @ 1.81 gpt Au, 10 gpt Ag; 19.80 m @ 0.30 gpt Au, 14 gpt Ag; 13.7 m @ 0.61 gpt Ag, 10 gpt Ag; 9.1 m @ 0.39 gpt Au, 18 gpt Ag; 7.6 m @ 0.54 gpt Au, 14 gpt Ag; 19.8 m @ 0.62 gpt Au, 32 gpt Ag; 9.1 m @ 0.86 gpt Au, 10 gpt Ag; 10.7 m @ 0.31 gpt Au, 10 gpt Ag; 35.1 m @ 0.19 gpt Au, 5 gpt Ag; 13.7 m @ 0.36 gpt Au, 8 gpt Ag; 10.7 m @ 0.28 gpt Au, 15 gpt Ag; 19.8 m @ 0.42 gpt Au, 5 gpt Ag; 13.7 m @ 0.24 gpt Au, 11 gpt Ag; 19.8 m @ 0.17 gpt Au, 9 gpt Ag. “the Company will now change the focus of drilling to test the larger El Dorado stockpile … If that drilling is successful, it may provide additional resources and cash flow similar to that currently being generated from the producing Junkyard reserve. The intention is to produce from these low-cost stockpiles to maximize cashflow ahead of primary mining from the open pit pushbacks”.
  • DynaResource Inc. updated on exploration activities at its San Jose de Gracia mine in Sinaloa. Two potential high-grade mineralized zones have been identified and are under evaluation for exploration and development potential. The Victoria vein was discovered on the hanging wall of the Tres Amigos vein system, is 1.5 m wide and has been followed along 110 m by drifting, grading between 7 to 8 gpt Au and currently is envisioned to potentially host around 25 K Oz Au in sulfide rich, chalcopyrite-sphalerite-galena bearing material. The Palos Chinos vein system has a conceptual exploration target of 90 K tonnes grading 5 to 6 gpt Au, with a potential to host 15 K Oz Au. Exploration drifts have encountered minor disseminated mineralization within the footwall of the Palos Chinos structure, with results of up to 7.6 m @ 7.4 gpt Au in channel sampling.

ON DEALS AND CORPORATE ISSUES

  • Torex Gold Resources Inc. entered into a definitive agreement to acquire all of the issued and outstanding common shares of Reyna Silver Corp. for an all-cash consideration of US$26 M (C$36 M) (Morelos Complex, Guerrero).
  • Reyna Silver Corp. entered into a definitive agreement with Torex Gold Resources Inc. pursuant to which Torex Gold has agreed to acquire all issued and outstanding common shares of Reyna Silver. Concurrently with the transaction, Torex Gold is participating in non-brokered private placement with Reyna Silver -see above in Financing- (GuiGui, Chihuahua).
  • Chesapeake Gold Corp. announced the election of Mr. Paul West-Sells to the board of directors together with the returning incumbent directors P. Randy Reifel, Randy Buffington, Doug Flegg, Lian Li, and John Perston. Mr. Jeff Stieber was also appointed to the board, while director Chris Falck is retiring and continuing as an advisor (Metates, Durango).
  • Vizsla Royalties Corp. entered into an agreement with Machai Capital Inc. for a digital marketing campaign “… including branding and content creation, data optimization services, search engine optimization, search engine marketing, lead generation, digital marketing, social media marketing, e-mail marketing and brand marketing” (Royalty on Panuco, Sinaloa).
  • Orla Mining Ltd. reported the voting results from its AGM with all nominees elected as directors (Camino Rojo, Zacatecas).
  • Americas Gold and Silver Corp. announced that all nominees listed in the management proxy circular were elected on its AGM, along with the passing of several other ordinary resolutions (Cosalá, Sinaloa).
  • Vortex Metals Inc. engaged “Pontones & Ledesma” based in Mexico City o to lead the company’s efforts in preparing environmental impact studies (EIA) at its projects Zaachila and Riqueza Marina in Oaxaca.
  • Discovery Silver Corp. announced results of its annual general meeting (AGM), electing all director nominees (Cordero, Chihuahua).
  • Roberto Resources Inc. clarified its disclosure on the proposed acquisition from Durango Gold Corp. of the Claudia project in Durango, as requested by the British Columbia Securities Commission. The company entered into an extension agreement for the due diligence period, until June 30, 2025. The company is to pay US$25 K and 10 M common shares at the closing, assume up to US$500 K in current accounts payables which includes mineral concession payments for US$465 K. Bonus payments to previous owner Silverstone Resources S.A. de C.V. as follows: if a measured and indicated resource is disclosed ranging from 1 to 500 K Oz AuEq, payment of US$7.0 M; 500 K to 1 M Oz AuEq, additional US$ 10.0 M; and 1 M to 1.5 M Oz AuEq, an additional US$2.0 M. Those gold discovery payments can be paid 50% in shares and 50% in cash. If no measures or indicated resources are published by the end of 2029, the project must be returned to Silverstone.
  • Almaden Minerals Ltd. informed all matters submitted to the shareholders were approved at their annual general meeting (Ixtaca, Puebla).
  • Orogen Royalties Inc. announced the plan of arrangement between the company and Triple Flag Precious Metals Corp. was approved on its annual general meeting (AGM), along with the election of all nominees to the board (Royalty on Ermitaño, Sonora). 

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Tectonic breccia within a fault zone in HQ core. Picture by Jorge Cirett.

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

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By Jorge Cirett

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

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • No Relevant News.

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND COPRORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

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

The Mining and Exploration News in Mexico: Highlights on the Fourth Week of February, 2025

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Orogenic Quartz Vein

By Miguel A Heredia

During the 9th week of the year (February 24th to March 02nd 2025), at least 33 press releases were announced by companies working in Mexico, with eleven disclosing deals and corporate issues, ten announcing financing rounds, seven reporting resources and development of their properties, seven announcing financing rounds, six disclosing deals and corporate issues, three informing on exploration results, and one communicating production results, and one commenting on Mexican issues.  ON MEXICO ISSUES, Torex Gold, Tocvan, Prime Mining, Southern Silver, and Minaurum Gold reported the best drilling intercepts in Mexico on the fourth week of February, 2025. ON EXPLORATION, In Sonora, Riverside provided updates on H1, 2025 exploration programs of its Cuarentas, Ariel, and Union projects, and Minaurum reported results from its ongoing drilling program at its Alamos Silver project.  In Sinaloa, Prismo provided an update on its Palos Verdes project.  ON MINING, Heliostar reported Q4, 2024 financial results from their Mexican operations. ON FINANCING, Capitan Mining closed its previously announced private placement for gross proceeds of CAD $5.3M (Cruz de Plata project, Durango). Mexican Gold announced a non-brokered private placement for gross proceeds of CAD $160K (Las Minas project, Veracruz). Mithril confirmed that 7,000,000 ordinary shares will be released from escrow (Copalquin project, Durango).  Oroco upsized its oversubscribed private placement and received $2,303,555.75 in gross proceeds (Santo Tomas project, Sinaloa). Pinnacle closed a non-brokered private placement for gross proceeds of $800K (Potrero project, Durango).  Sailfish declared Q1, 2025 dividend and announced dividend reinvestment plan (Gavilanes project, Durango). Southern Silver closed a non-brokered private placement for gross proceeds of $3,583,680.03 (Cerro Las Minitas, Durango). Alamos Gold declared quarterly dividend (Mulatos mine, Sonora). Aura declared and approved the payment of a dividend respect of its Q4, 2024 financial results (Aranzazu mine, Zacatecas).  Reyna Silver closed a third tranche of its previously announced non-brokered private placement for gross proceeds of CAD $106.5K (Batopilas project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Torex reported drilling results from Media Luna West and Media Luna East in its Morelos Mine Complex in Guerrero. Southern Silver reported results from six core holes totalling 2,395m from its Q4, 2024 “proof of concept” drilling being conducted at its Cerro Las Minitas in Durango. Tocvan released results of 4 RC holes totalling 776.2m drilled at its Pilar project in Sonora. Prime Mining reported generative drilling results of 14 holes completed at its Los Reyes project in Sinaloa. Mammoth Resources announced plans to initiate small-scale gold-silver production at its Tenoriba project in Chihuahua.  Guanajuato Silver completed development to high-grade Santo Niño Vein in san Ignacio mine, Guanajuato. GoGold announced the filing of NI 43-101feasibility study technical report at its Los Ricos South project in Jalisco. ON DEALS AND CORPORATE ISSUES, Equinox Gold and Calibre Mining entered into a definitive arrangement agreement to merge, forming New Equinox Gold (Los Filos mine, Guerrero). Apolo Silver appointed a new member to its Board of Directors (Cinco de Mayo project, Chihuahua). Pinnacle signed a definitive agreement for option to acquire El Potrero project in Durango. Chesapeake announced the appointment of its Chief Metallurgical Officer (Metates project, Durango). Plata Latina declared that a wholly subsidiary of Fresnillo plc has exercised its right to purchase the NSR on the Naranjillo property, Guanajuato. Roberto Resources announced a proposed acquisition of the Claudia Gold and Silver Project in Durango. Canasil announced the appointment of a new member to its Board of Directors and its CFO (Nora project, Durango). Defiance Silver entered into an agreement for six month for investor relations services (San Acacio project, Zacatecas). Masivo Silver signed a letter of intent to acquire Cerro Colorado project in Sonora. Xali Gold entered into a binding letter of intent to option the Sarape project in Sonora. ON SOCIAL RESPONSIBILITY,  no relevant news.

ON MEXICO ISSUES

  • Torex Gold Resources Inc., Tocvan Ventures Corp., Prime Mining Corp., Southern Silver Exploration Corp., and Minaurum Gold Inc., reported the best drilling intercepts in Mexico on the fourth week of February, 2025. Details are shown in the table below:

ON EXPLORATION

  • Riverside Resources Inc., provided updates on H1, 2025 exploration programs of its Cuarentas, Ariel, and Union projects in Sonora, and on additional projects and partnerships. At Cuarentas project, Riverside has identified four priority drill targets using geochemical, geophysical, and mapping techniques. The project is drill-permitted and has a history of high-grade mining. At Ariel project, the company is focused on a large, undrilled porphyry copper system, with surface indicators suggesting deeper copper potential. Recent work includes mapping and geochemical sampling in the area. At Union project, Riverside has identified a high-grade carbonate replacement deposit with potential for a deeper porphyry system. It has been identified as a high-priority target for future exploration campaigns. Other projects in Riverside´s portfolio include the Suaqui Verde project, which is currently under option to Sothern Empire, and the neighboring Suaqui Grande copper project, which Riverside retains 100% ownership of.  “Exploration efforts for H1 2025 continue across multiple projects, with further results expected from Cecilia project and other key targets. Riverside also remains actively engaged in joint venture discussions, welcoming potential partnerships to advance its exploration programs”.
  • Minaurum Gold Inc., reported results from its ongoing drilling program, which have further expanded the Promontorio vein zone and confirmed consistent grade continuity at the Alamos Silver Project, Sonora. Drilling highlights are shown in the table below:
  • Prismo Metals Inc., provided an update on its Palos Verdes project in Sinaloa, where this property involves a collaborative drilling program between Prismo Metals and Vizsla Silver Corp. This is the fourth phase of drilling and was focusing on three main targets to trace the mineralized vein system. The drilling began in September 2024, with two holes completed to test the down-dip extension of previously identified high-grade mineralization. However, the program faced challenges, including slow progress and budget constraints, leading to a curtailment in late November 2024, with assay results still pending.

 ON MINING

  • Heliostar Metals Ltd., reported Q4, 2024 financial results from their Mexican operations (all currency expressed in Canadian dollars). The company produced 5,429 Oz Au from re-leaching of the heap leach piles at la Colorada and San Agustin mines located in Sonora and Durango respectively, with some additional contribution from residual production from the heap leach pads at the Castillo mine in Durango. Heliostar sold 5,145 Oz Au (5,277 Oz AuEq) at cash cost and AISC of $1,755 and $2,089 per Oz AuEq respectively. Cost of sales was $1,849 per Oz AuEq.  The company also reported revenues of $19.5M; mine operating earnings of $9.56M; gain on bargain purchase of $90.4M; exploration expenses of $2.8M; net (loss) earnings of $84.4M or $0.41 per share; cash and cash equivalents as of December 31, 2024 of $7.7M; total assets of $174.7M; and working capital of $51.97M.The company had a debt facility of up to USD $10M but all debt was fully re-paid by February 2025. Heliostar also provided 2025 production and costs guidance. At La Colorada, Sonora, it expects to produce between 17K-23.3K Oz Au and 42.5K-51K Oz Ag (17.5K-23.8K Oz AuEq) at cash and AISC of USD $1,800-$1,950 and USD $1,850-$1975 per Oz AuEq respectively. At San Agustin, Durango, Heliostar expects to produce between 8.5K-11K Oz Au at cash and AISC of USD $1,500-$1,650 and USD $1,700-$1850 per Oz AuEq respectively. At San Agustin re-start, the company expects to produce between 4.5K-5.7K Oz Au and 34K-43K Oz Ag (5K-6.2K Oz AuEq) at cash and AISC of USD $2,350-$2,500 and USD $2,900-$3,035 per Oz AuEq respectively.Heliostaralso reported consolidated figures and expects to produce between 30K-40K Oz Au and 76.5K-94.5 Oz Ag (31K-41K Oz AuEq) at cash and AISC of USD $1,800-$1,950 and USD $1,950-2,100 per Oz AuEq.

ON FINANCING

  • Capitan Silver Corp., Mining closed its previously announced private placement of 13,250,000 units at a price of CAD $0.40 per unit for gross proceeds of CAD $5.3M. Net proceeds will be used to fund exploration activities at its Cruz de Plata project in Durango, additional consolidation opportunities as well as to fund working capital, and general corporate expenses.
  • Mexican Gold Mining Corp., announced a non-brokered private placement for gross proceeds of CAD $160K through the issuance of 4,000,000 units at a price of CAD $0.04 per unit. Net proceeds will be used to fund claim fee payments and continuing operations of Las Minas project in Veracruz, as well as to fund to fund annual OTCQB listing fees, payment of outstanding invoices, and for general working capital.
  • Mithril Silver and Gold Limited confirmed that 7,000,000 ordinary shares will be released from escrow on March 4, 2025 at the conclusion of the four months from issue hold period (Copalquin project, Durango).
  • Oroco Resource Corp., upsized its oversubscribed private placement and received $2,303,555.75 in gross proceeds by the issuance of 9,214,223 units at a price of $ 0.25 per unit. Net proceeds will be used for the advancement of the Santo Tomas project in Sinaloa, as well as working capital, corporate marketing, and other general corporate purposes.
  • Pinnacle Silver and Gold Corp., closed a non-brokered private placement and the associated staged option to acquire up to a 100% interest in the Potrero property in Durango, Mexico, for gross proceeds of $800K through the issuance of 20,000,000 units at a price of $0.06 per unit. Gross proceeds will be used for exploration and development of the Potrero Project, Durango, payment of the back-taxes, and for working capital.
  • Sailfish Royalty Corp., declared Q1, 2025 dividend of USD $0.0125 per share, payable on April 15, 2025. It also introduced a Dividend Reinvestment Plan (DRIP) which allows shareholders to reinvest their dividends into additional shares. Participation in the DRIP is optional and does not affect cash dividend payouts unless shareholders choose to participate. Future dividends will be determined at the discretion of the Board based on the company’s financial situation and other relevant factors (Gavilanes project, Durango).
  • Southern Silver Exploration Corp., closed a non-brokered private placement for gross proceeds of $3,583,680.03 through the issuance of 19,909,335 units at a price of $0.18 per unit. Net proceeds will be used for working capital, the continued advancement and development of the Cerro Las Minitas property, Durango and the compilation of data and exploration of the newly acquired Nazas property, Durango, in preparation for permitting and drill testing of the property later in 2025.
  • Alamos Gold Inc., declared a quarterly dividend of USD $0.025 per common share, payable on March 27, 2025 to shareholders. The company has paid dividends for 15 consecutive years, including returning USD $41M to shareholders in 2024 (Mulatos mine, Sonora)
  • Aura Minerals Inc., declared and approved the payment of a dividend of USD $0.25 per common share (approximately USD $18.3M in total) respect of its Q4, 2024 financial results. The dividend will be paid on March 14, 2025 (Aranzazu mine, Zacatecas).
  • Reyna Silver Corp., closed a third tranche of its previously announced non-brokered private placement of 1,420,000 units at a price of CAD $0.075 per unit for gross proceeds of CAD $106.5K. Gross proceeds of the third tranche will be used for ongoing exploration, maintenance and development of the company´s properties and general working capital and corporate purposes. In aggregate, the company has issued 37,749,899 units for aggregate gross proceeds of CAD $2,831,242.43 to date in the offering, inclusive of the first closing, second closing and third closing.

ON RESOURCES AND DEVELOPMENT

  • Torex Gold Resources Inc., reported drilling results from Media Luna West and Media Luna East in Guerrero. The ongoing drilling program is focused on unlocking additional near-mine opportunities at the Media Luna Cluster in order to further enhance and extend the production profile of the Morelos Complex. Drilling highlights include hole ML24-1043DB collared at Media Luna West, with 3.16 g/t Au, 2 g/t Ag, and 0.04% Cu (3.25 g/t AuEq) over 1.3m, plus 13.36 g/t Au, 2 g/t Ag, and 0.01% Cu (13.4 g/t AuEq) over 28.4m, including 22.66 g/t Au, 3 g/t Ag, and 0.02% Cu (22.73 g/t AuEq) over 13.1m, including 20.2 g/t Au and 1 g/t Ag (20.22 g/t AuEq) over 1m, and including 23.7 g/t Au, 3 g/t Ag, and 0.03% Cu (23.79 g/t AuEq) over 1m; and hole MLE-003 collared at Media Luna East, with 4.89 g/t Au, 49 g/t Ag, and 2.11% Cu (8.92 g/t AuEq) over 60.9m, plus 14.73 g/t Au, 26 g/t Ag, and 2.0% Cu (18.28 g/t AuEq) over 12m, including 28.82 g/t Au, 23 g/t Ag, and 2.3% Cu (32.83 g/t AuEq) over 4.4m, plus 18.84 g/t Au, 158 g/t Ag, and 4.52% Cu (28.12 g/t AuEq) over 18.3m. The advanced exploration drilling program at Media Luna West has defined a mineralized footprint of 600m by 400m with multiple high-grade intercepts, and the initial drill testing at Media Luna East returned strong results, with multiple high-grade intercepts, many with copper grades in excess of 2%.
  • Southern Silver Exploration Corp., reported results from six core holes totalling 2,395m from its Q4, 2024 “proof of concept” drilling being conducted at its Cerro Las Minitas in Durango. “Drilling tested gaps within the current block model, lateral extensions of the mineralization and successfully intersected thick intervals of mineralized skarn in a hole which tested the depth projection of the main mineralized shoot of the South Skarn deposit”. The best drill intercept was encountered in hole 24CLM-198 with 19 g/t Ag, 1 g/t Au, 0.1% Pb, and 0.1% Zn (105 g/t AgEq) over 1.8m, including 51 g/t Ag, 4.1 g/t Au, 0.1% Pb, and 0.2% Zn (393 g/t AgEq) over 0.3m, plus 124 g/t Ag, 5.2 g/t Au, 4% Pb, and 0.4% Zn (682 g/t AgEq) over 0.9m, plus 135 g/t Ag, 1 g/t Au, 0.1% Cu, 0.6% Pb, and 0.3% Zn (267 g/t AgEq) over 0.7m, plus 81 g/t Ag, 0.2 g/t Au, 0.1% Cu, 0.4% Pb, and 3.9% Zn (267 g/t AgEq) over 5.6m, plus 61 g/t Ag, 0.1 g/t Au, 0.6% Cu, and 0.4% Zn (155 g/t AgEq) over 18.5m, including 97 g/t Ag, 0.1 g/t Au, 0.7% Cu, 0.1% Pb, and 0.7% Zn (222 g/t AgEq) over 12.6m, and including 154 g/t Ag, 0.2 g/t Au, 5.6% Cu, and 0.1% Zn (834 g/t AgEq) over 0.6m.
  • Tocvan Ventures Corp., released results of 4 RC holes totalling 776.2m drilled at its Pilar project in Sonora on the 100% controlled expansion area immediately north of known mineralized trends. It was the first ever drill program on this area and the scout drilling intersected anomalous gold and silver. The best drill intercept was encountered in hole JES-24-101 with 0.61 g/t Au and 1 g/t Ag over 106.8m, including 3.06 g/t Au and 2 g/t Ag over 19.8m, including 19.39 g/t Au and 4 g/t Ag over 3.1m.  “Recent soil sampling further north on the trend returned 519 ppb Au, more drilling will be planned on these corridors to further evaluate the full potential of area. Recent surface sampling and mapping has indicated mineralization continues 700 m north and 2,000 m east of this area”.
  • Prime Mining Corp., reported generative drilling results of 14 holes completed at Fresnillo and mariposa targets within its Los Reyes project in Sinaloa. Drilling highlights (true widths reported) include holes 24NB-75 with 1.82 g/t Au and 13 g/t Ag (1.99 g/t AuEq) over 9.6m, including 18.4 g/t Au and 125 g/t Ag (20.02 g/t AuEq) over 0.8m, plus 1.56 g/t Au and 30 g/t Ag (1.95 g/t AuEq) over 0.7m, plus 5.03 g/t Au and 82 g/t Ag (6.09 g/t AuEq) over 0.8m; hole 24NB-71 with 1.12 g/t Au and 2 g/t Ag (1.15 g/t AuEq) over 1.2m, plus 2.52 g/t Au and 24 g/t Ag (2.83 g/t AuEq) over 6.2m, including 5.38 g/t Au and 47 g/t Ag (5.99 g/t AuEq) over 2.8m, plus 5.47 g/t Au and 46 g/t Ag (6.07 g/t AuEq) over 1.1m; hole 24NB-69 with 1.08 g/t Au and 30 g/t Ag (1.46 g/t AuEq) over 9.8m, including 5.35 g/t Au and 109 g/t Ag (6.76 g/t AuEq) over 1.4m, plus 0.49 g/t Au and 16 g/t Ag (0.69 g/t AuEq) over 7.8m, including 1.55 g/t Au and 37 g/t Ag (2.03 g/t AuEq) over 0.9m; and hole 24FRE-29 with 1.14 g/T Au and 8 g/t Ag (1.24 g/t AuEq) over 1.2m, plus 1.17 g/t Au and 22 g/t Ag (1.45 g/t AuEq) over 6.8m, including 1.76 g/t Au and 39 g/t Ag (2.26 g/t AuEq) over 1.9m, including 1.93 g/t Au and 29 g/t Ag (2.31 g/t AuEq) over 1.5m. These results are not included in the October 15, 2024 Mineral Resource Estimate.
  • Mammoth Resources Corp., announced plans to initiate small-scale gold-silver production at its Tenoriba project in Chihuahua. The company is investigating custom milling and heap leaching scenarios. It is exploring opportunities to process mineralized material at a nearby 200-tonne per day flotation mill, which is under construction. The company is working with environmental consultants to investigate permitting pathways for mineral extraction, which could include either custom milling or small-scale heap leaching. Permitting could be approved in six months for heap leaching if the pad is under two hectares and uses non-cyanide dissolution methods. Preliminary tests using cyanide dissolution showed up to 90% gold recoveries. The current high gold prices, nearing USD $3,000 per ounce, have heightened their enthusiasm for these projects, as they could provide cash flow and valuable data to support further exploration efforts targeting a nearly 2M Oz Au resource at Tenoriba.
  • Guanajuato Silver Company Ltd., completed development to high-grade Santo Niño Vein in san Ignacio mine, Guanajuato. The 430 Ramp has reached the Purisima vein where mining activity has been initiated. The advance of the ramp then continued to the west approximately another 10m where the Santo Nino vein was contacted. The Santo Nino vein offers the Company access to an entirely new mining area with comparatively higher gold content.  “Exploration at San Ignacio for 2025 will focus on infill drilling in the Melladito North area, exploring deeper extensions to the Nombre de Dios veins, and evaluating additional veins to the west of Santo Nino, supported by geophysics and geological surface mapping. 
  • GoGold Resources Inc., announced the filing of NI 43-101 feasibility study (FS) technical report at its Los Ricos South project in Jalisco. The FS includes a re-engineered 2,000 tonne per day underground mine plan compared to the Preliminary Economic Assessment (PEA) which was released in September 2023 and incorporates an updated Mineral Resource Estimate (MRE). Highlights of the FS, with a silver price of USD $26.8/Oz, gold price of USD $2,330/Oz, and copper price of USD $4/Lb include (all figures in US dollars): an after-tax net present value (using a discount rate of 5%)  of $355M, with an after-tax IRR of 34%; 15 year mine life producing a total of 80M payable Oz AgEq, consisting of 41M Oz Ag, 424K Oz Au, and 11M Lb Cu; initial capital cost of $227M, including $21M in contingency costs, over an expected two year build, and sustaining capital cost of $100M over the life of mine(LOM); average operating cash cost of $9.91 per Oz AgEq, and all in sustain cost (AISC) of $11.19 per Oz AgEq over the first 5 years of production, with average AISC of $12.32 per Oz AgEq over the underground mine life; average annual production of 7.3M Oz AgEq over first 5 years; successful conversion of Mineral Resources to Proven and Probable Mineral Reserves totalling 10.2M tonnes grading 276 g/t AgEq containing 91M Oz AgEq, including 7.5M underground tonnes grading 326 g/t AgEq; and average underground mining width of 11 metres using bulk mining method of longitudinal sublevel long-hole mining.

ON DEALS AND CORPORATE ISSUES

  • Equinox Gold Corp., and Calibre Mining Corp., entered into a definitive arrangement agreement to merge, forming New Equinox Gold, which will become the second largest gold producer in Canada. Equinox will acquire all the issued and outstanding common shares of Calibre pursuant to a court-approved plan of arrangement. The combined company is expected to produce approximately 950K Oz Au in 2025, not including production from Valentine in Newfoundland & Labrador, Canada or Los Filos in Guerrero, Mexico.  “Calibre shareholders will receive 0.31 Equinox common shares for each Calibre common share held immediately prior to the effective time of the transaction. Upon completion of the transaction, existing Equinox shareholders and former Calibre shareholders will own approximately 65% and 35% of the outstanding common shares of the combined company, respectively, on a fully diluted in-the-money basis. The implied market capitalization of the combined company is estimated at CAD $7.7 B”.
  • Apolo Silver Corp., appointed a new member to its Board of Directors. The company granted an aggregate of 300K incentive stock options to its new Director (Cinco de Mayo project, Chihuahua).
  • Pinnacle Silver and Gold Corp., signed a definitive agreement for option to acquire a 100% interest in the El Potrero project in Durango, spanning 1,074 hectares. Pinnacle plans to explore and develop the property, leveraging its experienced management team and aiming for production in a cost-effective manner. The transaction for acquiring the El Potrero project is structured as a staged earn-in, allowing Pinnacle to progressively acquire a 100% interest in the property through a series of cash payments and share issuances, totaling approximately USD $7.5 million in cash and 3.5M shares. Key terms include an initial payment of USD $50K cash and 500K shares upon signing the definitive agreement (DA); USD $200K in cash and 1M shares  at 8 months from signing; USD $750K cash and 1M shares at a year of signing; USD $1M cash for a 50% interest when the plant is upgraded and all permits are received or 4 years from signing; USD $1.5M cash for an additional 20% interest 1 year after commencing production or 5 years from signing;  USD $3M cash for another 20% totaling 90% interest 2 years after commencing production or 7 years from signing; a contingent bonus of USD $1M cash and 1M shares if a Mineral Resource Estimate of at least 350K Oz Au is established; and a royalty of 2% NSR on the remaining interest held by the vendor after Pinnacle completes the acquisition. Pinnacle will also pay back taxes estimated at USD $183K for the property through a payment plan with Mexican authorities.
  • Prismo Metals Inc., has previously announced a notice of termination of Los Pavitos project option agreement with Minera Cascabel, as the company is currently unable to support the project due to market conditions and ongoing funding requirements. This decision reflects a strategic move to focus resources on more promising projects.
  • Chesapeake Gold Corp., announced the appointment of its Chief Metallurgical Officer, effective February 26, 2025 (Metates project, Durango).
  • Plata Latina Minerals Corporation declared that a wholly subsidiary of Fresnillo plc has exercised its right to purchase the 3% NSR on the Naranjillo property, Guanajuato, for a total of USD $6M. The transaction is expected to close before the end of March, 2025.
  • Roberto Resources announced a proposed acquisition of the Claudia Gold and Silver Project in Durango, Mexico, which covers an 11,876-hectare area with known high-grade gold and silver mineralization. Previous drilling campaigns identified multiple mineralized zones and indicated the potential for significant discoveries along various structures, specifically the Aguilareña and Guadalupana veins. The company plans to conduct further exploration and drilling after the acquisition is complete, aiming to enhance its understanding and development of the project. Key terms of the agreement include a payment of USD $25K in cash at closing, the issuance of 10M shares to an escrow agent, which will be distributed to Durango´s shareholders, an assumption up to USD $500K in current accounts payable related to the project; and an obligation to make a bonus payment if a measured and indicated resource exceeds 500K Oz Au.
  • Canasil Resources Inc., announced the appointment of a new member to its Board of Directors and its CFO (Nora project, Durango).
  • Defiance Silver Corp., entered into an agreement for six months with Triomphe Holdings Ltd. (dba Capital Analytica) for investor relations services, effective March 1, 2025 for a fee of $120K. The company also granted 2,888,500 stock options to employees and directors at an exercise price of $0.22, with a five-year term and three-year vesting schedule. Additionally, various other equity incentives, including 643,500 Deferred Share Units were granted to certain Directors, 55,000 Performance Share Units were granted to certain employees, and 252,475 Restricted Share Units, were also granted to certain employees (San Acacio project, Zacatecas).
  • Masivo Silver Corp., signed a letter of intent to acquire the Cerro Colorado project in Sonora, which is located near significant mining operations, including the Piedras Verdes copper mine. The Cerro Colorado project consists of two mineral concessions covering a total of 2,649 hectares. Initial exploration activities, including mapping, sampling, and induced polarization on an area where strong brecciation with strong phyllic alteration, mainly sericite and iron oxides is observed. This initial exploration campaign has revealed promising mineralization, with historical samples showing high grades of silver and gold, such as 2,200 g/t Ag and 4.57 g/t Au in an old collapsed tunnel; 1,840 g/t Ag, 4.8 g/t Au, 3.06% Cu, 4.5% Pb and 2.92 % Zn in another collapsed tunnel; and a trench that returned 7.2m true-wide with 0.75 g/t Au, 159 g/t Ag, 0.24% Cu, 0.52 % Pb, and 0.29% Zn. The company plans to drill 8 holes to utilize a $75K drill credit for the upcoming drilling program.
  • Xali Gold Corp., entered into a binding letter of intent to option the Sarape project in Sonora, from Advanced Lithium Corp. The Sarape project covers 57 square kilometers within a promising mining district known for high-grade silver and gold deposits, including proximity to SilverCrest´s Las Chispas Mine. The project exhibits significant exploration potential with extensive mineralization and favorable geological characteristics associated with low-sulphidation epithermal deposits. Xali Gold plans to implement an accelerated exploration program and sees immense potential for the discovery of deeper high-grade mineralization. The acquisition involves earning a 90% interest in the Sarape Project through a series of stages; an initial payment of 1M shares to Advanced Lithium upon signing the definitive agreement; cash payments totaling CAD $450K in stages to fund exploration drilling, not exceeding 10% of each financing;  partial earn-in of 51% interest in Sarape once Xali has completed 10,000m of drilling and issuing 26.6M shares; second earn-in of 70% interest in Sarape by completing an additional 5,000m of drilling and issuing an additional 21M shares, along with complete cash payments of the CAD $450K; A final interest of 90% in Sarape upon completing an additional 5,000m of drilling (cumulative total of 20,000m) and an additional 91.4M shares are issued (total of 104M which is 50% of shares outstanding on date of signing). Xali Gold anticipates the timing for the earn-in of the 90% interest to be between 12-18 months post regulatory approval.  The Project is subject to a 1.5% Net Smelter Return, with no current buyout option.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

On the picture above, orogenic quartz vein in an orogenic gold project in Sonora, Mexico. Photo taken by Miguel A Heredia.

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

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By Jorge Cirett

During the 8th week of the year (February 17th to February 23rd, 2025), companies working in Mexico presented 28 press releases. Two companies informed on exploration on their properties and nine companies presented quarterly and full year 2024 reports. Two companies informed on financing rounds and two more about its inclusion on the list of top performing TSX companies. One company released the 2024 MRE for several deposits, while one more filed a previously released MRE. Three companies released drilling results from their advanced companies and one more elaborated on its plans for 2025. Two companies announced senior board position changes. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Chihuahua, Kingsmen Resources completed a review on the geochemistry of surface samples. In Durango, Silver Wolf Exploration released results from drilling at Ana Maria. ON MINING, Sandstorm Gold, Pan American Silver, Alamos Gold, Coeur Mining, Torex Gold, Capstone Copper, Starcore International, First Majestic Silver and Newmont presented Q4 and full year 2024 reports. ON FINANCING, Quetzal Copper and Tocvan Ventures informed on the closing of financing tranches for C$487.5 K and C$1.05 M respectively. Luca Mining and Heliostar Metals informed on its inclusion on the list of top performing companies in the TSX. ON RESOURCES AND DEVELOPMENT, Alamos Gold presented the MRE for five properties within the Mulatos district in Sonora. Prime Mining disclosed its 2025 program for Los Reyes, in Sinaloa. Endeavour Silver reported drilling results from La Luz area at its Bolañitos producing property in Guanajuato. Vizsla Silver filed the MRE report on Panuco, in Sinaloa. Luca Mining released results from drilling at Tahuehueto, in Durango. Heliostar Metals reported results from the drilling program at Ana Paula, in Guerrero.  ON DEALS AND CORPORATE ISSUES, Centenario Gold and US Antimony announced movements on their boards of directors. ON SOCIAL RESPONSIBILITY, Guanajuato Silver Co. informed on diverse initiatives it is taking on the communities nearby to its operations in Durango and Guanajuato.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Silver Wolf Exploration Ltd. announced results of the drill program on El Soldado claim at the Ana Maria project in Durango. A total of 17 holes and 2,560 m were drilled, testing the continuity of the carbonate replacement deposits and breccia structures observed. Highlighted core length intercepts comprise 1.0 m @ 1.91% Zn; 6.05 m @ 0.25% Pb, 0.45% Zn (including 0.85 m @ 52 gpt Ag, 0.4% Pb, 2.2% Zn). The “inaugural drill program was successful in identifying significant subvertical breccias (“Chimney” bodies) with extensive hydrothermal mineralization and dolomitization underlying the historical Silver, Lead, and Zinc (Ag-PbZn) workings at El Soldado”. The Ana Maria project is adjacent to the significant past producer Ojuela mine.
  • Kingsmen Resources Ltd. completed a review of the geochemistry of samples collected from the Soledad and Soledad II vein systems at its Las Coloradas project in Chihuahua. The variations of pathfinder elements with silver are interpreted to indicate different pulses of mineralization. The potential for intrusion-related and skarn mineralization has not been explored to date.

ON MINING

  • Sandstorm Gold Ltd. released its financial results for the quarter and year ended in December 2024. Without disclosing by operation, the company had a total yearly revenue of US$176.3 M, or 72,810 Oz Au (holds royalties on Cosalá, Sinaloa).
  • Pan American Silver Corp. provided fourth quarter and yearly 2024 results and its outlook production for 2025. The company generated US$196.2 M in cash flow in Q4 and US$445.1 M in 2024, producing 21.1 M Oz Ag, 892.5 K Oz Au in the year at $14.30 per Oz Ag and $1,203 per Oz Au in the year. At the end of the period Pan American had a working capital of US$1,033.4 M, inclusive of cash and short-term investments of US$887.3 M, and a total debt of US$803 M. For 2025 the company forecasts production of 5.5 – 5.8 M Oz Ag at La Colorada in Zacatecas and 0.9 – 1.0 M Oz Ag, 28 – 31 K Oz Au at Dolores, in Chihuahua.
  • Alamos Gold Inc. reported Q4 and full year 2024 results. The company produced 567 K Oz Au in 2024, at total cash cost of $927 per Oz Au and an AISC of $1,281 per Oz Au. At Mulatos, in Sonora, 205 K Oz Au were produced in the year. Cash and cash equivalents of US$327.2 M at the end of 2024.
  • Coeur Mining Inc. announced Q4 2024 and full year financial results. During the year the company produced 341,852 Oz Au, 11.4 M Oz Ag at cash cost $1,203 per Oz Au and $16.55 per Oz Ag. Coeur generated US$1.1 B in revenue in 2024. Closed on February 14, 2025, the 1.58 B acquisition of SilverCrest Metals (Las Chispas, Sonora). Guidance of 16.7-20.3 M Oz Ag, 380,000-440,000 Oz Au for 2025. At Palmarejo, in Chihuahua, 1.76 M tonnes were milled in 2024, averaging 2.18 gpt Au, 141 gpt Ag, recovering 93% Au, 85% Ag, to produce 108,666 Oz Au, 6.78 M Oz Ag, at cash cost $892 per Oz Au, $14.28 per Oz Ag, generated US$138.1 M in cash flow, while investing US$13.2 M in exploration. “Seven rigs were active during the quarter, with three rigs focused on step-out drilling along the western extension of the Hidalgo corridor. A new mineralized structure discovered in 2024 called the Libertad Footwall has demonstrated splays and breccias similar to those contained at Guadalupe and Independencia. Exploration drilling successfully traced these Libertad structures over 750 meters along strike. In addition, the 2024 drill program at Hidalgo and Libertad was a significant contributor to inferred resource growth. Successful exploration also led to a maiden resource at the San Juan target and an extension of the Guadalupe zone”.
  • Torex Gold Resources Inc. reported Q4 and full year 2024 financial and operational results. Annual production was 452,523 Oz Au (or 461,420 Oz AuEq), with a gold recovery of 90.6%, total cash cost of $940 per Oz Au and an AISC of $1,156 per Oz Au.  Achieved a mining rate of 2,092 tonnes per day from ELG (El Limon-Guajes) underground. Net income of US$134.6 M, adjusted net earnings of US$224.3 M and readjusted EBITDA of US$541.1 M, with net cash generated from operating activities of US$449 M. Negative free cash flow of US$122.9 M as a direct result of US$449.0 M invested in the Media Luna project, which stood at 94% completion at the end of the period. Closed the year with US$331.5 M, including US$110.2 M in cash and US$221 available on credit facilities (Morelos Complex, Guerrero).
  • Capstone Copper Corp. informed on financial results for Q4 and full year 2024. The company had a net income in 2024 of US$82.9 M, an adjusted EBITDA of US$496 M, operating cash flow of US$414.8 M, net debt of US$742.0 M, availability of US$506.4 M comprising US$132.4 M in cash and US$374 M on a credit facility. The consolidated copper production in 2024 was 184,460 tonnes of Cu at cash cost $2.56 per Lb Cu. At Cozamin, in Zacatecas, 24,907 tonnes of copper were produced during the period, at cash cost $1.75 per Lb Cu (the lowest for Capstone operations).
  • Starcore International Mines Ltd. announced production results for the third quarter 2025, ended January 2025. At San Martin, in Querétaro, 46.7 K tonnes were milled, averaging 1.74 gpt Au, 11.08 gpt Ag, recovering 82.44% Au, 49.1% Ag, to produce 2,268 Oz AuEq.
  • First Majestic Silver Corp. announced consolidated financial results for Q4 and full year 2024. The company produced 8.4 M Oz Ag, 156,542 Oz Ag (or 21.7 M Oz AgEq), realized US$138.6 M in free cash flow, with revenues of US$560.6 M, EBITDA of US$127.1 and ended the year with 2,595 Oz Au, 539.2 K Oz Ag valued at US$22.4 M. On January 16, 2025 the company completed the acquisition of Gatos Silver Inc. for a consideration of US$1.07 M in shares.
  • Newmont Corp. reported fourth quarter and full year 2024. The company reported US$3.4 B of net income in 2024, generated US$6.4 B of cash from operating activities, reported US$2.9 B in free cash flow, produced 5.7 M Oz Au and 1.9 M Oz AuEq (Cu, Ag, Pb, Zn) for a total of 6.8 M attributable Oz Au. During the year Peñasquito (in Zacatecas) produced 390 K Oz Au, 28 M Oz Ag, 90 K tonnes Pb, 236 K tonnes Zn. Cash cost was $930 per Oz Au, $11.50 per Oz Ag, $1,080 per Lb Pb, $1,430 per Lb Zn. The AISC was $1,210 per Oz Au, $15.0 per Oz Ag, $1,290 per Lb Pb, $1,890 per Lb Zn. The cash cost and the AISC are expected to increase during 2025. “Peñasquito gold production is expected to increase in 2025, as mining is expected to be from the higher gold content Peñasco pit for the first half of 2025.Gold production in 2025 is expected to be approximately 60 percent weighted to the first half of the year… co-product production of silver, lead and zinc is expected to decline from 2024 levels due to reduced mining in the Chile Colorado pit as this polymetallic mine progresses through its planned sequence”.

ON FINANCING

  • Quetzal Copper Corp. closed the third tranche of a previously announced non-brokered flow-through and non-flow-through private placement, for gross proceeds of C$487.5 K. In total the company raised gross proceeds of C$2.44 M (Las Cristinas, Chihuahua).
  • Quetzal Copper Corp. announced the extension to complete its previously announced non-flow-through portion of its non-brokered private placement, until February 28, 2025 (Las Cristinas, Chihuahua).
  • Luca Mining Corp. informed on its inclusion in the 2025 TSX Venture 50TM list of top performing companies (Tahuehueto, Durango; Campo Morado, Guerrero).
  • Tocvan Ventures Corp. closed the final tranche of its previously announced non-brokered private placement for gross proceeds of C$1.05 M (Pilar and Gran Pilar, Sonora).
  • Teck Resources Ltd. has declared “an eligible dividend of $0.125 per share on its outstanding Class A common shares and Class B subordinate voting shares, to be paid on March 31, 2025 to shareholders of record at the close of business on March 14, 2025” (San Nicolás, Zacatecas).
  • Heliostar Metals Ltd. announced it has been included in the 2024 TSX Venture 50TM list of top performing companies (Ana Paula, Guerrero; La Colorada, Sonora).
  • Alamos Gold Inc. reported mineral reserves and resources to the end of 2024. Of a total of 13.95 M Oz Au in reserves by the company, 1.39 M stand in the Mulatos district in Sonora. The total amount of reserves and resources at Mulatos is 2.13 M Oz Au, distributed in the Mulatos mine, Puerto del Aire, La Yaqui Grande, Cerro Pelon and Carricito deposits, as can be seen below. The project is heading to more underground operations with the Puerto del Aire and Cerro Pelon higher grade sulfides. A total of US$19 M is budgeted for exploration in 2025, including 15,000 m of drilling at the GAP-Victor area and PDA extension, and 20,000 m planned at Cerro Pelon.
  • Prime Mining Corp. disclosed its 2025 outlook for its Los Reyes project in Sinaloa. An initial 40,000 m of drilling is planned to identify extensions to know structures and further discovery areas, working toward a preliminary economic assessment (PEA), “refining the metallurgical, geotechnical, mine planning and development parameters for project development, including process and underground mining optimization, infrastructure assessment and permitting requirements”.  Drilling halted in late January due to safety issues on large areas of Sinaloa, but due to resume as soon as these concerns ease, with the drill rigs are still on-site. In October of last year Prime filed a mineral resource estimate with 2.19 M Oz AuEq in indicated resources and 817 K AuEq in inferred resources.
  • Endeavour Silver Corp. reported drill results from its exploration program at the Bolañitos mine in Guanajuato. The program was focused on the La Luz vein, with intersections that provide opportunities to extend mine-life. Highlighted true width intercepts comprise 1.02 m @ 1.17 gpt Au, 449 gpt Ag; 1.67 m @ 0.41 gpt Au, 183 gpt Ag; 0.95 m @ 2.03 gpt Au, 70 gpt Ag; 1.62 m @ 2.43 gpt Au, 1,063 gpt Ag (including 0.34 m @ 9.61 gpt Au, 4,070 gpt Ag); 2.49 m @ 3.15 gpt Au, 71 gpt Ag. “… eight drill holes totaling 2,000 metres has outlined high-grade mineralization over 100 metres in length to a depth of 200 metres. The area remains open to the south and to depth. Drilling will continue in the area for the first half of 2025”.
  • Vizsla Silver Corp. filed an independent technical report containing an updated mineral resource estimate (MRE) on the Panuco project in Sinaloa.
  • Luca Mining Corp. released results from the first four underground diamond drill holes on the ongoing 5,000 m exploration drill program at its Tahuehueto mine in Durango. The objective of the campaign is to define vertical and lateral extents of known mineralization within the Creston and Perdido vein systems. Highlighted core length intervals comprise 1.8 m @ 0.95 gpt Au, 60 gpt Ag, 1.11% Cu, 0.2% Pb, 0.2% Zn; 22.3 m @ 1.47 gpt Au, 42 gpt Ag, 0.44% Cu, 1.5% Pb, 2.3% Zn (Including 7.9 m @ 2.59 gpt Au, 68 gpt Ag, 0.68% Cu, 2.3% Pb, 2.7% Zn); 0.9 m @ 0.09 gpt Au, 18 gpt Ag, 0.21% Cu, 0.9% Pb, 4.0% Zn; 2.3 m @ 2.37 gpt Au, 0.1% Pb, 0.3% Zn; 7.2 m @ 0.37 gpt Au, 41 gpt Ag, 0.26% Cu, 1.8% Pb, 0.9% Zn; 1.7 m @ 0.09 gpt Au, 22 gpt Ag, 0.29% Cu, 2.1% Pb, 2.0% Zn.
  • Heliostar Metals Ltd. announced results from drilling at its Ana Paula project in Guerrero. The drilling program focus was on expanding the High Grade Panel and test step-out targets at depth beneath this zone. Highlighted core-length results comprise 161.0 m @ 4.26 gpt Au (including 30.0 m @ 10.1 gpt Au); 23.0 m @ 4.15 gpt Au (including 3.0 m @ 21.4 gpt Au); 4.6 m @ 7.91 gpt Au; 68.5 m @ 1.44 gpt Au; 24.0 m @ 5.10 gpt Au (including 3.0 m @ 10.9 gpt Au and 5.15 m @ 14.0 gpt Au); 3.80 m @ 2.43 gpt Au; 1.0 m @ 4.99 gpt Au; 66.85 m @ 3.12 gpt Au (including 15.7 @ 10.4 gpt Au); 13.0 m @ 3.50 gpt Au. 

ON DEALS AND CORPORATE ISSUES

  • Centenario Gold Corp. announced the resignation of Alain Charest as CEO of the company. “Alain will continue to represent the Company as both a board member, VP Exploration and an active adviser to the Company”. Doug Fulcher, current president of the company has been appointed CEO (Eden, Sinaloa).
  • United States Antimony Corp. announced the appointment of Mr. Rodney Blakestead as Vice President of the Mining Division and Leo Jackson as Vice President of the Mexican Antimony Division (Los Juarez, Querétaro).

ON SOCIAL RESPONSIBILITY

  • Guanajuato Silver Company Ltd. informed it is sponsoring a clinic in Topia, Durango, has treated 350 patients, and the Cata clinic in Guanajuato a further 700 persons. Furthermore “Water at the mines is largely recycled, while essential water services are often provided to rural communities. With priority placed on schools, kindergartens, and community spaces…”. Among other initiatives, the company is also committed to generating zero biodiversity loss from operations. 

On the image below: Sometimes following structures from a distance is not that difficult. Drone picture by Jorge Cirett.