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

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By Jorge Cirett

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

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No Relevant News. 

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

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

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Quartz Vein hosted in volcanic rocks

By Miguel A Heredia

During the 45th week of the year (November 3rd to November 9th 2025), at least 33 press releases were announced by companies working in Mexico, with thirteen disclosing deals and corporate issues, eight communicating mining and production issues, five announcing financial rounds, four informing on exploration results, and three reporting resources and developments of their properties. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Colibri retained CANMEX to conduct its next phase of drilling at the EP project, and Kenadyr provided an update on its Adelita copper-gold-silver project. In Chihuahua, Advance Metals confirmed high grade silver-gold in previously unsampled core at its Yoquivo project. In Sinaloa, Mithril provided exploration results and an update for multiple targets at its Copalquin project. ON MINING, Santacruz Silver reported consolidated production results for the period Q3, 2025 and year to date (Zimapan mine, Hidalgo). First Majestic reported Q3, 2025 production and financial results from its Mexican mine operations. Aura Minerals presented Q3, 2025 consolidated production and financial results, including figures from its Aranzazu mine in Zacatecas. Gold Resource released Q3, 2025 production and financial results from its Don David Gold mine in Oaxaca. Torex Gold announced Q3, 2025 production and financial results from its Morelos complex in Guerrero. Gold Royalty released Q3, 2025 consolidated financial results (royalty on Cozamin mine, Zacatecas). Avino Silver & Gold presented Q3, 2025 production and financial results from its Avino mine in Durango. Endeavour Silver announced Q3, 2025 consolidated production and financial results, including its Guanacevi and Bolañitos mines in Durango and Guanajuato respectively.  ON FINANCING, Colibri closed a first tranche of its previously announced non-brokered private placement for gross proceeds of CAD $1,350,722, and a second tranche for gross proceeds of CAD $140,980 (EP project, Sonora). Kingsmen announced a non-brokered private placement for gross proceeds of up to CAD $3,003,750 (Las Coloradas project, Chihuahua). Silver Storm declared that it has fully drawn USD $7.0M under the previously announced Prepaid Offtake Financing Facility with Samsung (La Parrilla mine, Durango). Oroco closed a first tranche of its non-brokered private placement announced on September 24, 2025 for gross proceeds of USD $1,530,999 (Santo Tomas project, Sinaloa).  ON RESOURCES AND DEVELOPMENT, Goldgroup filed an updated NI43-101 technical report on its Cerro Prieto gold mine in Sonora. Silver Tiger announced the receipt of all required approvals and permits to construct the El Tigre Stockwork Silver-Gold project in Sonora. Heliostar released a Preliminary Economic Assessment (PEA) for its Ana Paula underground gold project in Guerrero. ON DEALS AND CORPORATE ISSUES, Osisko Development announced the appointment of Scott Smith as Vice President, Exploration (San Antonio Gold project, Sonora). Mithril reported voting results of its annual general meeting of shareholders (Copalquin project, Durango). Elemental Altus announced that shareholders have overwhelmingly approved all resolutions at its special meeting (Royalty on Mercedes mine, Sonora). Aura Minerals declared dividend based on Q3, 2025 results (Aranzazu mine, Zacatecas).  Orogen granted stock options to directors, officers, employees, and consultants (Ermitaño mine, Sonora). Torex announced its initial return of capital program, which includes a quarterly dividend of CAD $0.15 per share and discretionary share repurchases through its normal course issuer bid (El Limon Guajes and Media Luna properties, Guerrero). Almadex provided an overview of its diversified portfolio of royalties on precious and base metal projects throughout North America. Silver Viper entered into two independent agreements to support ongoing digital marketing and trading-liquidity efforts (La Virginia project, Sonora). Mammoth announced the appointment of three new directors to strengthen its leadership team (Tenoriba project, Chihuahua). Royalties Inc reported that it won a major court battle in the Civil Chamber of the Superior Tribunal of Justice of Zacatecas against Capstone. Apollo Silver announced that the US Department of Interior added silver to the 2025 list of critical minerals. Inomin granted stock options to directors and two advisers of the company. Silver Viper entered into a capital market consulting agreement with Insight Capital Partners (La Virginia project, Sonora).  ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Colibri Resource Corporation retained CANMEX Perforaciones y Servicios SA de CV to conduct its next phase of drilling at the EP project in Sonora. The program will be focused on the undrilled San Perfecto and Banco de Oro target areas.
  • Kenadyr Metals Corp., provided an update on its Adelita copper-gold-silver project in Sonora. The company is preparing to commence Phase 1 exploration activities, including drilling and detailed geophysical surveys at the Cerro Grande skarn zone, following receipt of all necessary permits, including a 20-year mining license. The deal with Infinitum Copper (80%) and Minaurum Gold (20%) is basically done; just waiting on final TSXV approval, and financing is almost wrapped up with a last tranche expected soon. Overall, the project is positioned for active exploration with long-term development potential.
  • Advance Metals Limited confirmed high grade silver-gold in previously unsampled core at its Yoquivo project. More than 6,300m of unsampled core in the Pertenencia Zone has been identified, representing greater than 50% of the historic drilling completed. First batch of sample results comprising 222.7m of core across 11 holes in the southern portion of Pertenencia Zone has confirmed the untested potential, returning grades of up to 370g/t Ag & 6.2g/t Au. Sampling from holes drilled in 2022 include holes YQ-022-025 with 480 g/t AgEq over 2.05m, including 848 g/t AgEq over 1.1m, and hole YQ-022-002 with 115 g/t AgEq over 4.45m, including 249 g/t AgEq over 0.95m. Multiple additional batches of previously untested core are currently awaiting assay results.
  • Mithril Silver and Gold Limited provided exploration results and an update for multiple targets at its Copalquin project. Target 5 in the southwest area of Copalquin, which is still in the early stages of exploration but showing great promise that could significantly impact the district´s resource potential, returned impressive silver-gold drill intercepts, including a standout hit of 1,714 g/t AgEq over 1m. Drilling highlights include hole AP25-003 with 2.28 g/t Au and 500 g/t Ag (660 g/t AgEq) over 2.75m, including 5.8 g/t Au and 1,308 g/t Ag (1,714 g/t AgEq) over 1m; hole AP25-005 with 1.71 g/t Au and 246 g/t Ag (366 g/t AgEq) over 3.35m, including 5.35 g/t Au and 771 g/t Ag (1,146 g/t AgEq) over 1.05m; and hole AP25-006 with 4.55 g/t Au and 409 g/t Ag (728 g/t AgEq) over 1,25m, plus 2.41 g/t Au and 447 g/t Ag (616 g/t AgEq) over 0.90m, plus 1.51 g/t Au and 321 g/T AgEq) over 0.80m. To date, 13 drilled holes have been completed at Target 5 with assay results received for the first eight holes. On the other hand, channel sampling at Tasolera mine returned high grade results, including 2 g/t Au and 3,300 g/t Ag (3,440 g/t AgEq) over 1.4m. This target is

rapidly emerging as a major silver zone. Only around 5% of the related vein system has been tested so far, meaning there´s plenty more ground to cover. Ongoing exploration mapping and channel sampling is on progress to expand its footprint. At Target 3, preparations are underway for drilling, supported by ongoing mapping and sampling efforts. This target is a large, highly prospective gold-silver zone with multiple high-grade surface samples and extensive mapped veins. At Target 1 (El Refugio-La Soledad), which hosts the maiden JORC mineral resource estimate,  an ongoing drilling program is underway aiming to expand this existing resources by testing its western extensions and deep zones. At Target 6, new targets, including old workings have been identified with some recent sampling and mapping, indicating potential for future exploration. In general, drilling keeps revealing solid gold-silver mineralization, and the company is moving fast with more holes planned in multiple areas of the district.

ON MINING

  • Santacruz Silver Mining Ltd., reported its consolidated production results for the period Q3, 2025 and year to date (Zimapan mine, Hidalgo). The table below shows figures for the Zimapan mine in Hidalgo:

First Majestic Silver Corp., reported Q3, 2025 production and financial results from its Mexican mine operations. The first table below shows consolidated financial results, and  the second production figures by mine operation:

Aura Minerals Inc., presented Q3, 2025 consolidated production and financial results from its mine operations. The table below shows production and financial results from its Aranzazu mine in Zacatecas:

  • Gold Resource Corporation released Q3, 2025 production and financial results from its Don David Gold mine in Oaxaca. The company milled 65,131 tonnes with grades of 1.11 g/t Au, 250 g/t Ag, 0.16% Cu, 0.6% Pb, and 1.6% Zn to produce 1,646 Oz Au, 453.05K Oz Ag, 73 tonnes Cu, 241 tonnes Pb, and 784 tonnes Zn. Gold Resource sold 1,422 Oz Au, 417.7K Oz Ag (6,298 Oz AuEq), 67 tonnes Cu, 212 tonnes Pb, and 645 tonnes Zn at averages realized prices of USD $3,546/Oz Au, USD $41.39/Oz Ag, USD $9,690/tonne Cu, USD $1,937/tonne Pb, and USD $2,841/tonne Zn. Total cash and all in sustaining cost (AISC) after co-product credits were $2,166 and USD $2,983 per Oz AuEq respectively. It also reported a net loss of USD $4.7M; a working capital of USD $12.8M and cash and cash equivalent of USD $9.8 as of September 30, 2025.
  • Torex Gold Resources Inc., announced Q3, 2025 production and financial results from its Morelos complex in Guerrero (all amounts are expressed in US dollars). The company produced 95,058 Oz Au, 485.2K Oz Ag and 14M Lb Cu or 119,034 payable Oz AuEq  and sold 118,082 oz AuEq at average realized prices of $3,548 Oz Au or $3,536 Oz AuEq. Total cash and all in sustaining costs (AISC) were $1,297 and $1,658 per Oz AuEq respectively. Torex also reported revenue of $416.4M; cost of sales of $207.3M; earnings from mine operations of $209.1M; net income of $114.4M; adjusted net earnings of $103.4M; EBITDA of $235.3M; adjusted EBITDA of $239.3M; net cash generated from operating activities of $186.8M; net cash generated from operating activities before changes in non-cash operating working capital of $204M; free cash flow of $112.5M; cash and cash equivalents of $107.1M; and an available liquidity of  $289M.
  • Gold Royalty Corp., released Q3, 2025 consolidated financial results, including its 1% NSR royalty in Cozamin mine in Zacatecas. “On October 30, 2025, Capstone Copper Corp. reported copper production of 6,145 thousand tonnes of copper at Cozamin in the third quarter 2025, 2% higher than the same period of 2024 as mine sequencing resulted in higher grades. It stated that Cozamin’s copper production is trending towards the upper end of its previously disclosed 2025 production guidance of 23,000 to 26,000 tonnes as well as the lower end of costs. Production is expected by Capstone to be consistently weighted through the year”.
  • Avino Silver & Gold Mines Ltd., presented Q3, 2025 production and financial results from its Avino mine in Durango (All amounts are expressed in US dollars).  The company milled 188,757 tonnes to produce 263.2K Oz Ag, 1,935 Oz Au and 1.31M Lb Cu or 580.8K Oz AgEq and sold 562.6K Oz AgEq at cash and all in sustaining cost (AISC) of $17.09 and $24.06 per Oz AgEq respectively. Avino also reported revenue of $21.04M; mine operating income of $9.9M; net income of $7.7M; EBITDA of $11.46M; adjusted earnings of $11.64M; cash provided by operation activities of $8.33M; mine operating cash flow before taxes of $11.05M; cash of $57.3M; and a working capital of $50.8M.
  • Endeavour Silver Corp., announced Q3, 2025 consolidated production and financial results, including its Guanacevi and Bolañitos mines in Durango and Guanajuato respectively (all currency is expressed in US dollars).  At Guanacevi, Durango, the company processed 99,340 tonnes to produce 1.02M Oz Ag at cash cost of $22.98 per Oz Ag and an AISC of $31.09 per Oz Ag. The company sold 1.28M Oz AgEq. At Bolañitos, Guanajuato, it processed 105,153 tonnes to produce 137K Oz Ag at cash cost of $(11.47) per Oz Ag and AISC of $27.22 per Oz Ag. The company sold 471.2K Oz AgEq.

ON FINANCING

  • Colibri Resource Corporation closed a first tranche of its previously announced non-brokered private placement of 9,004,816 units at a price of CAD $0.15 per unit for gross proceeds of CAD $1,350,722. A second tranche was closed through the sale of 939,867 units at a price of CADS $0.15 per unit for gross proceeds of CAD $140,980. Combined with tranche 1 the company has raised gross proceeds of CAD $1,491,702. Net proceeds will be used to advance exploration at Colibri´s flagship Mexican gold projects, including Pilar and EP projects in Sonora as well as for general working capital.
  • Kingsmen Resources Ltd., announced a non-brokered private placement of up to 2,225,000 units at a price of CAD $1.35 per unit for gross proceeds of up to CAD $3,003,750. The company plans to use the gross proceeds to advance its Las Colorada project in Chihuahua and for working capital.
  • Silver Storm Mining ltd., declared that it has fully drawn USD $7.0M under the previously announced Prepaid Offtake Financing Facility with Samsung C&T Hongkong Ltd. and QSSC, S.A. de C.V.  Silver Storm will use the proceeds for rehabilitation and preparation at its la Parrilla mine in Durango, including mill rehabilitation and upgrading, underground development, and for general corporate and working capital purposes.
  • Oroco Resource Corp., closed a first tranche of its non-brokered private placement announced on September 24, 2025 through the sale of 7,654,995 units at a price of USD $0.2 per unit for gross proceeds of USD $1,530,999. Net proceeds will be used to advance the Santo Tomas project in Sinaloa toward its plan Pre-Feasibility study, and for general corporate purposes. 

ON RESOURCES AND DEVELOPMENT

  • Goldgroup Mining Inc., filed an updated NI43-101 technical report on its Cerro Prieto gold mine in Sonora. The technical report provides independent assessment of the Mineral Resources Estimates at a cut-off grade of 0.2 g/t Au of the Esperanzas Deposit within the Cerro Prieto mine, which includes the La Esperanza and Nueva Esperanza contiguous zones. Measured and indicated resources as of April 4, 2025 are 3.13M tonnes of 0.37 g/t Au for a total of 37.21K Oz Au, while inferred resources are 131.5K tonnes of 0.36 for a total of 1,504 Oz Au.
  • Silver Tiger Metals Inc., announced the receipt of all required approvals and permits from the Mexican Federal Environmental Department (SEMARNAT) to construct the El Tigre Stockwork Silver-Gold project in Sonora. Now, the company is ready to advance the project toward construction.
  • Heliostar Metals Ltd., released a Preliminary Economic Assessment (PEA) for its Ana Paula underground gold project in Guerrero (all amounts are expressed in US dollars). The PEA for Ana Paula outlines a nine-year underground gold mine with an expectation to produce approximately 875K Oz Au over nine years, averaging about 101K Oz Au per year. The project demonstrates strong economics, with a base case post-tax NPV of $426M, and IRR of 28%, and a payback period of about 2.9 years at a gold price of $2,400/Oz. Upside case is $1B and IRR over 50% with quicker payback if gold hits $3,800/Oz. Heliostar is boosting some of the lowest AIUSC (around $1,011/Oz), ranking in the bottom 13% globally. Initial capital costs are estimated at $300M. Heliostar plans to fast-track development, including accelerating completion of the underground decline, ongoing exploration drilling, engineering, permit amendments, and feasibility study, with plans to bring Ana Paula into production in 2028.

ON DEALS AND CORPORATE ISSUES

  • Osisko Development Corp., announced the appointment of Scott Smith as Vice President, Exploration, effective November 1, 2025 (San Antonio Gold project, Sonora).
  • Mithril Silver and Gold Limited reported voting results of its annual general meeting of shareholders (Copalquin project, Durango).
  • Elemental Altus Royalties Corp., announced that shareholders have overwhelmingly approved all resolutions at its special meeting (Royalty on Mercedes mine, Sonora).
  • Aura Minerals Inc., declared dividend of USD $0.48 per common share and USD $0.16 per Brazilian Depositary Receipts based on Q3, 2025 results. The dividend will be paid to shareholders on November 21, 2025 (Aranzazu mine, Zacatecas). 
  • Orogen Royalties Inc., granted 2,000,000 incentive stock options to directors, officers, employees, and consultants. The stock options have a life of five years, an exercise price of CAD $2.2, and will be vest over three years (Ermitaño mine, Sonora).
  • Torex Gold Resources Inc., announced its initial return of capital program, which includes a quarterly dividend of CAD $0.15 per share and have repurchased CAD $7.2M in shares through its normal course issuer bid. The company is prioritizing returning value to shareholders while maintaining investments in growth projects across Mexico and Nevada   (El Limon Guajes and Media Luna properties, Guerrero).
  • Almadex Minerals Ltd., provided an overview of its diversified portfolio of royalties on precious and base metal projects throughout North America. Almadex’s Mexican properties include several royalties across different states, notably in Chihuahua, Veracruz, Oaxaca, and Sinaloa. These assets primarily consist of NSR royalties ranging from 1.5% to 2.0%, covering a mix of gold-silver, copper-gold, and epithermal systems. Royalty interests in Mexico include  La Bufa in Chihuahua (2% NSR / operator: Endeavour Silver Corp), which covers gold-silver mineralization in a prolific silver belt; Caballo Blanco in Veracruz (1.5% NSR operator: Candelaria Mining), a near surface oxide gold-silver deposit with significant exploration potential; El Cobre in Veracruz (1.75% NSR operator: Azucar Minerals Ltd), a large copper-gold porphyry alteration system with multiple mineralized centers; Cerro Colorado in Oaxaca (2% NSR operator: Gold Resource Corp), a near surface oxide gold-silver project close to existing operations; El Encuentro in Sinaloa (2% NSR operator: Mc Ewing Mining Inc), located in a productive gold-silver belt, offering potential for resource expansion; El Fuego in Oaxaca(2% NSR operator: Gold Resource Corp), similar structural setting as other deposits, indicating future development prospects; and Los Venados in Sonora (2% NSR operator: Alamos Mining Inc), prospective for epithermal and porphyry mineralization, acquired recently, and located near operating mines. Overall, these properties give Almadex exposure to a diverse range of mineral systems and districts in Mexico, with several in significant, potentially high-growth areas for precious and base metals.
  • Silver Viper Minerals Corp., entered into two independent agreements to support ongoing digital marketing and trading-liquidity efforts. Nordcore Media LLC will provide digital advertising and online marketing services will receive only cash, while Red Cloud Securities Inc., will use its best efforts to maintain reasonable trading liquidity in Silver Viper´s common shares on the TSX will receive a fixed monthly cash fee (La Virginia project, Sonora).
  • Mammoth Resources Corp., announced the appointment of three new directors: Jose Antonio Berlanga Balderas, Jose Antonio Berlanga Lopez, and Edgardo Espinoza Velasco, and a new CEO, Paul Rozek, to strengthen its leadership team. Mammoth also granted incentive stock options to directors, officers, and contractors to boost ongoing development efforts at its Tenoriba gold-silver project in Chihuahua and other nearby metal production plans.
  • Royalties Inc., reported that it won a major court battle in the Civil Chamber of the Superior Tribunal of Justice of Zacatecas against Capstone, confirming their rights to royalties from a mining contract dating back to 2002. The appellate court in Zacatecas, Mexico upheld the initial ruling that said Capstone and others improperly sold royalties without proper authorization, and now they have to pay legal costs too. The case is officially closed, and the company expects Capstone to cooperate in sorting out the payments owed.
  • Apollo Silver Corp., announced that the US Department of Interior added silver to the 2025 list of critical minerals. This is the first time that silver is recognized as having growing importance to US economic and national security.
  • Inomin Mines Inc., granted 830,000 stock options to directors and two advisers of the company. The options are exercisable until November 7, 2030, at a price of CADS $0.09 per common share and vest immediately.
  • Silver Viper Minerals Corp., entered into a capital market consulting agreement with Insight Capital Partners Inc., to support the company´s capital markets visibility and investor communication efforts. Insight will receive a monthly cash fee of CAD $17,500 plus applicable Harmonized Sales Tax (HST), payable in advance (La Virginia project, Sonora).

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

On the picture below, quartz vein hosted in volcanic rocks from an intermediate sulphidation epithermal vein system in Chihuahua, Mexico. Photo taken by Miguel A Heredia.

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

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Quartz Vein with Sulphides

By Miguel A Heredia

During the 43rd week of the year (October 20th to October 26th 2025), at least 22 press releases were announced by companies working in Mexico, with ten disclosing deals and corporate issues, four announcing financial rounds, four communicating mining and production issues, two reporting resources and developments of their properties, and two informing on exploration results. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Tocvan announced the discovery of two new gold and silver targets with historic underground workings at their Gran Pilar project. In Estado de Mexico, Sierra Madre Gold and Silver commenced an exploration program at the East District of its Guitarra mine. ON MINING, Americas Gold and Silver reported Q3, 2025 consolidated production results, including its Cosala operation in Sinaloa. Gold Royalty presented Q3, 2025 results (Royalty on Cozamin mine, Zacatecas). Discovery Silver announced that it will release its Q3, 2025 results on November 13, 2025 (Cordero project, Chihuahua).  ON FINANCING, Vortex closed a second tranche of its previously announced non-brokered private placement for gross proceeds of CAD $105K (Riqueza Marina and Zaachila projects, Oaxaca). Questcorp revised the terms of its previously announced non-brokered private placement (La Union project, Sonora). Sonoro Gold closed its previously announced oversubscribed non-brokered private placement for gross proceeds of CAD $4.1M (Cerro Caliche project, Sonora). Apollo Silver reported that it closed the first tranche of its previously announced upsized non-brokered private placement for gross proceeds of CAD $25,134,145 (Cinco de Mayo project, Chihuahua). ON RESOURCES AND DEVELOPMENT, Tocvan Ventures provided an update on its recent progress at its Gran Pilar project in Sonora. Silver Storm initiated rehabilitation activities at its La Parrilla mine in Durango, with the aim of restarting operations. DynaResource commissioned a new a new gravity gold recovery circuit at the San Jose de Gracia Project in Sinaloa.  ON DEALS AND CORPORATE ISSUES, Empress Royalty announced the appointment of Daniel Burns to its Board of Directors (Royalty on Tahuehueto mine Durango). Sandstorm closed its previously announced plan of arrangement with Royal Gold (Cosala mine, Sinaloa). Pinnacle announced the appointment of Carlos Castro as Project Manager for El Potrero project in Durango. Quetzal Copper completed the acquisition of Silverco Mining (Cusi mine, Chihuahua). Torex completed the previously announced plan of arrangement to acquire Prime Mining (Los Reyes project, Sinaloa). Minera Alamos appointed Darren Blasutti as Executive Vice President, Corporate Development (Santana mine, Sonora). Starcore presented voting results of its annual general meeting of shareholders (San Martin mine, Queretaro). Southern Silver appointed Ramón Dávila to the Board of Directors (Cerro Las Minitas, Durango). Kingsmen secured an option to acquire a 100% interest in the Almoloya project in Chihuahua.  ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • No relevant news.

ON EXPLORATION

  • Sierra Madre Gold and Silver Ltd., commenced a USD $3.5M exploration program at the East District of its Guitarra mine in Estado de Mexico. The East District includes historic mines and over 39km of mapped structures. The program aims to systematically map, survey, and analyze historic mine workings and structures to identify promising drill targets. After completing detailed surface mapping and structural analysis over approximately nine months, the company plans to conduct a 20,000 to 25,000m drill campaign over 12 to 18 months to evaluate the economic potential of identified targets. The funding for this phase is secured through a recent private placement, with the goal of unlocking additional resources in a historically under-explored area.
  • Tocvan  Ventures Corp. announced the discovery of two new gold and silver targets within the North Alteration Zone with historic underground workings at their Gran Pilar project in Sonora.  These targets are based on historic underground workings that indicate the presence of mineralized structures. Target 1 is located 700m west of existing drill targets and features approximately a 60-meter exposed section of underground adits and shafts with silicified vein breccia and intense phyllic alteration. Target 2 is situated 700m north of previous high-grade samples and includes a 50m section of historic shafts and waste dumps with argillic alteration and quartz veining. Both targets align with previous high-grade surface sample results, such as assays up to 3.2 g/t Au and 1,225 g/t Ag, suggesting significant mineralization potential. These discoveries validate the exploration model and provide new avenues for drilling and resource delineation, expanding the mineralized footprint in the North Block.

ON MINING

  • Americas Gold and Silver Corporation announced Q3, 2025 consolidated production results, including its Cosala operation in Sinaloa. The company reported 765K Oz Ag, and 2.3M Lb Pb. Americas Gold and Silver reported an unaudited consolidated cash balance of USD $39M.
  • Gold Royalty Corp., presented preliminary Q3, 2025 consolidated results. The company reported total revenue of USD $4.6M equating to 1,323 Oz AuEq (Royalty on Cozamin mine, Zacatecas).
  • Discovery Silver Corp., announced that it will release its Q3, 2025 results on November 13, 2025 (Cordero project, Chihuahua).

ON FINANCING

  • Vortex Metals Inc., closed a second tranche of its previously announced non-brokered private placement of 2,625,000 units at a price of CAD $0.04 per unit for gross proceeds of CAD $105K. The company raised CAD $700K in the first tranche by issuing 17,500,000 units at a price of CAD $0.04 per unit. To date, Vortex raised aggregate proceeds for CAD $805K through the sale of 20,125,000 units. Vortex intends to use the gross proceeds of the second tranche as follows: approximately 40% to pay for mining concession fees, approximately 40% to pay for exploration fees and the remaining 20% for general working capital purposes (Riqueza Marina and Zaachila projects, Oaxaca).
  • Questcorp Mining Inc., revised the terms of its previously announced non-brokered private placement and now will offer up to 23,333,334 units at a price of CAD $0.15 per unit for gross proceeds of up to CAD $3.5M. The company plans to use part of the gross proceeds for advancement of ongoing exploration and drill work at La Union project, in Sonora, as well as for general working capital purposes.
  • Sonoro Gold Corp., closed its previously announced oversubscribed non-brokered private placement of 20,500,000 units at a price of CADS $0.20 per unit for gross proceeds of CAD $4.1M. The company will use the net proceeds to fund ongoing development of its Cerro Caliche project in Sonora, including the commissioning of an updated Preliminary Economic Assessment and completing a final payment due under the Rosario option agreement. Funds will also be allocated for the change of land use payment required for mining operations in Mexico.
  • Apollo Silver Corp., reported that it closed the first tranche of its previously announced upsized non-brokered private placement for gross proceeds of CAD $25,134,145 through the issuance of 6,981,707 units at a price of CADS $3.6 per unit. The upsized offering totals CAD $26,775,648, with the final tranche of 455,973 Units for gross proceeds of $1,641,503 expected to close in the coming days. Apollo plans to use part of the net proceeds for support community relations initiatives at its Cinco de Mayo project in Chihuahua, property maintenance costs and for general corporate purposes.

ON RESOURCES AND DEVELOPMENT

  • Tocvan Ventures Corp., provided an update on its recent progress at its Gran Pilar project in Sonora. It highlighted mobilization activities for drilling, trenching, and ground preparation aimed to advancing exploration and pilot mine development across North and South Blocks, where surface work and geophysical surveys have outlined new targets. The North Block is a fresh area with promising signs, and the company is focusing on road access, site clearing, and trenching to unlock new mineral zones. The goal is to start initial drilling programs and interpret results from surveys and sampling to guide the next steps.
  • Silver Storm Mining Ltd., initiated rehabilitation activities at its La Parrilla mine in Durango, with the aim of restarting operations, which includes a 2,000 tonnes per day mill and three underground mines.  Dynamic Engineer was awarded the contract for the rehabilitation. Key points include rehabilitation of several buildings, rehabilitation, maintenance, and installation of new equipment of the processing plant, replacement of the jaw crusher, relined of ball mills, and service and repair of motor systems, feed lines, conveyors, screens, and cyclones, partial rehabilitation of five leach tanks of the oxide leach and tailings plant, sulphide circuit expansion to increase capacity to 1,250 tonnes per day, and underground rehabilitation including drift cleaning, scaling, ventilation upgrade, and recommissioning of underground services.
  • DynaResource Inc., commissioned a new a new gravity gold recovery circuit at the San Jose de Gracia Project in Sinaloa. This circuit operates as a complementary process within the overall mineral processing flow, aiming to recover high-density gold particles that could be missed by other methods like flotation or leaching. Its purpose is to maximize overall gold recovery efficiency, reduce losses, and improve the project’s economic viability.

ON DEALS AND CORPORATE ISSUES

  • Empress Royalty Corp., announced the appointment of Daniel Burns to its Board of Directors effectively immediately (Royalty on Tahuehueto mine Durango).
  • Sandstorm Gold ltd., closed its previously announced plan of arrangement with Royal Gold Inc., in which Royalty will acquire all all of the issued and outstanding common shares of Sandstorm. Sandstorm´s shareholders will receive 0.0625 of a share of common stock of Royal Gold for each Sandstorm share held (Cosala mine, Sinaloa).
  • Pinnacle Silver and Gold Corporation announced the appointment of Carlos Castro as Project Manager for El Potrero project in Durango, while Jorge Ortega continues in the role of Exploration Manager.
  • Quetzal Copper Corp., completed the acquisition of Silverco Mining Corp., with Silverco and a subsidiary of the company, which resulted in the reverse takeover of Silverco for the company pursuant to the policies of the TSXV Venture Exchange (Cusi mine, Chihuahua).
  • Torex Gold Resources Inc., completed the previously announced plan of arrangement to acquire all of the issued and outstanding common shares of Prime Mining Corp. Prime Mining shareholders are entitled to receive 0.06 Torex common shares for each Prime Mining common share exchanged at closing of the transaction (Los Reyes project, Sinaloa).
  • Starcore International Mines Ltd., presented voting results of its annual general meeting of shareholders (San Martin mine, Queretaro).
  • Southern Silver Exploration Corp., appointed Ramón Dávila to the Board of Directors (Cerro Las Minitas, Durango).
  • Candelaria Mining Corp., provided an update regarding is management cease trade order (MCTO) announced on August 29, 2025 due to the failure to file audited financial statement by the August 28, 2025 deadline. The company expects to file the required documents by October 27, 2025, and will maintain the MCTO until then, providing bi-weekly updates as mandated (Caballo Blanco project, Veracruz).
  • Kingsmen Resources Ltd., secured an option to acquire a 100% interest in the Almoloya project in Chihuahua, located 30km west of its Las Coloradas project. The acquisition involves staged cash payments over an eight year period, with USD $325K to be paid in the first two years, with USD $75K due in the first year. The Almoloya project consolidates five mineral claims into a contiguous land package of 866.25 hectares and includes historic mines, such as Cigarrero and Las Juliettas. Kingsmen aims to revitalize these assets through exploration, focusing on high-grade mineralization in a large 12 x 14km hydrothermal system, hoping to advance the project quickly to drill ready status. The project has not seen systematic exploration since the early 2000s, leaving significant potential untapped.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

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

On the picture below, quartz vein with sulphides from an intermediate sulphidation epithermal vein system in Sonora, Mexico. Photo taken by Miguel A Heredia.

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

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Phreatic Breccia

By Miguel A Heredia

During the 35th week of the year (August 25th to August 31st2025), at least 28 press releases were announced by companies working in Mexico, with nine announcing financial rounds, seven disclosing deals and corporate issues, five communicating production results, four reporting resources and developments of their properties, two informing on exploration results, an one commenting on Mexican issues. ON MEXICO ISSUES, Heliostar, Mithril, and Luca Mining reported the best drilling intercepts in Mexico on the fourth week of August, 2025. ON EXPLORATION, Minaurum announced that it is ramping up its exploration efforts at its Alamos Silver project in Sonora by adding more drill rigs to speed up their 10,000m infill drilling program. Kingsmen provided an update of the drilling progress on its Las Coloradas project in Chihuahua. ON MINING, Impact Silver reported Q2, 2025 financial results from their Mexican mine operations (Zacualpan, Estado de Mexico and Plomosas, Chihuahua). Orogen presented Q2, 2025 financial results from El Ermitaño mine in Sonora where it holds a 2% net smelter royalty. Luca Mining announced Q2 and H1, 2025 consolidated operating and financial results from their Campo Morado and Tahuehueto mines in Guerrero and Durango respectively. DynaResource reported Q2, 2025 results from its San Jose de Gracia mine in Sinaloa. Guanajuato Silver reported Q2, 2025 consolidated operating and financial results.  ON FINANCING, Regency Silver due to strong investor demand upsized its previously announced brokered private placement offering to gross proceeds of CAD $3.58M (Dios Padre project, Sonora). Starcore announced a non-brokered private placement financing for gross proceeds of up to CAD $5M (Tortilla project, Queretaro). Goldgroup revised twice its previously announced non-brokered private placement offering to raise gross proceeds of up to CAD $4M (Cerro Prieto mine, Sonora).  Sonoro Gold increased, in response to investors demand, its previously announced non-brokered private placement offering to 10,000,000 units for gross proceeds of CAD $1.5M (Cerro Caliche project, Sonora). Pacifica Silver closed the second tranche of its previously announced non-brokered private placement financing for gross proceeds of CAD $450K (Claudia project, Durango).  United States Antimony announced a purchase agreement for a registered direct offering of common shares for gross proceeds of USD $18M (Madero smelter operation, Coahuila). Masivo closed the first tranche for gross proceeds of CAD $845K (Cerro Colorado project, Sonora).  ON RESOURCES AND DEVELOPMENT, Heliostar released its first results from the current 15,000m drill program at its Ana Paula project in Guerrero. Luca Mining announced results from 6 surface drill holes and five underground drill holes from the Reforma Deposit in its Campo Morado project in Guerrero. Mithril provided an update regarding the ongoing activities at its Copalquin project in Durango. ON DEALS AND CORPORATE ISSUES, MAG Silver and Pan American Silver received approval from the Mexican Federal Economic Competition (COFECE) for Pan American to acquire all the shares of MAG Silver. Avino purchased and extinguished all of the outstanding royalties and contingent payment obligations to acquire 100% ownership of its La Preciosa project in Durango. Alamos Gold declared a quarter dividend of USD $0.025 per common share (Mulatos mine, Sonora). MAG Silver announced preliminary results regarding shareholder election for the form of consideration in the Pan American acquisition (Juanicipio mine, Zacatecas). Luca Mining acquired from Fresnillo plc a 100% interest in the Humaya 3 mining concession at its Tahuehueto property in Durango for USD $400K. DynaResource entered into an updated agreement with Ocean Partners UK for a credit line facility expansion and offtake extension (San Jose de Gracia mine, Sinaloa). ON SOCIAL RESPONSIBILITY, Alamos Gold released its 2024 annual ESG report (Mulatos mine, Sonora).

ON MEXICO ISSUES

  • Heliostar Metals Ltd., Mithril Silver and Gold Limited, and Luca Mining Corp., reported the best drilling intercepts in Mexico on the fourth week of August, 2025. Details are shown in the table below:

ON EXPLORATION

  • Minaurum Gold Inc., announced that it is ramping up its exploration efforts at its Alamos Silver project in Sonora by adding more drill rigs to speed up their 10,000m infill drilling program. The company has already drilled over 3,000m testing important veins like Promontorio, Europa-Guadalupe, and Travesia. Minaurum is aiming to deliver their first resource estimate soon.
  • Kingsmen Resources Ltd., provided an update of the drilling campaign progress at its Las Coloradas project in Chihuahua. The company has completed to date a maiden drill program of 3,227.2m in 12 core holes, testing short segments of the historic Soledad and Soledad vein systems and a geophysical target defined by induced polarization and magnetic surveys. Significant untested lengths remain, including the Saddle, Silvia and La Plata targets. Drill results to date have confirmed that mineralization extends along strike and beneath the water table, validating the geological model and suggesting a potential discovery, with assay results still pending.

ON MINING

  • Impact Silver Corp., reported Q2, 2025 financial results from their Mexican mine operations. At Zacualpan, Estado de Mexico, Impact processed 69,185 tonnes with an average grade of 158 g/t Ag to produce 295.1K Oz Ag and 237 Oz Au. At Plomosas mine, Chihuahua, the company processed 27,747 tonnes of 8.4% Zn, 4.6% Pb, and 30 g/t Ag to produce 3.91M Lb Zn, 889.3K Lb Pb, and 17.67K Oz Ag. Impact also presented consolidated financial results (all currency reported in Canadian dollars) reporting revenue of $9.8M; mine operating income before amortization and depletion of $1.6M; loss of $0.5M in deferred taxes; $1.1M in exploration, $0.6M in amortization; and $2M in depletion. The company also reported cash of $10.3M and $13.3M in working capital.
  • Orogen Royalties Inc., presented Q2, 2025 financial results from El Ermitaño mine in Sonora where it holds a 2% net smelter royalty (all amounts are in Canadian dollars unless otherwise stated). 269,830 tonnes of 55 g/t Ag and 2.54 h/t Au with metallurgical recoveries of 64% and 94% respectively were processed to produce 467 Oz AuEq. The company reported $2.1M royalty revenue from the sale of the 467 Oz AuEq produced at an average realized price of USD $3,280 per Oz Au; exploration expenses of $3.9M ; net income before taxes of $0.6M; net comprehensive loss of $0.2M; G&A expenses of $1.7M; cash flow of $1.8M; and working capital of $27.8M as of June 30, 2025.
  • Luca Mining Corp., announced Q2 and H1, 2025 consolidated operating and financial results from their Campo Morado and Tahuehueto mines in Guerrero and Durango respectively All amounts are in US dollars). In Q2, 2025 Luca Mining mined 250,879 tonnes and processed 253,717 tonnes (181,320 tonnes at Campo Morado and 72,397 tonnes at Tahuehueto) to produce 6,622 Oz Au, 279.8K Oz Ag, 2.2M Lb Pb, 11.96M Lb Zn, and 2.6M Lb Cu (17.86K Oz AuEq) and sold 5,445 Oz Au, 209.4K Oz Ag, 825K Lb Pb, 8.97M Lb Zn, and 1.81M Lb Cu at cash and AISC of $2,2775 and $3,310 per Oz AuEq sold respectively. In H1, 2025, the company mined 510,385 tonnes and processed 499,999 to produce 145,298 Oz Au, 630.5K Oz Ag, 4.6M Lb Pb, 23.5M Lb Zn, and 5.1M Lb Cu (39.15K Oz AuEq) and sold 12,165 Oz Au, 482.6K Oz Ag, 1.8M Lb Pb, 17.36M Lb Zn, and 3.64M Lb Cu at cash and AISC of $2,073 and $2,732 per Oz AuEq sold respectively. Luca also announced financial results for the period Q2, 2025 reporting revenues of $36.8M; mine operating cash flow of $9.1M; mine operating cash flow before taxes of $12.05M; negative net earnings of $3.23M; negative net free cash flow before working capital of $4.5M; EBITDA of $1.2M; and adjusted EBITDA of $5.8M. For the period H1, 2025, the company reported revenues of $75.4M; mine operating cash flow of $22.4M; mine operating cash flow before taxes of $27.8M; net earnings of $1.3M; net free cash flow before working capital of $4.9M; EBITDA of $8.7M; and adjusted EBITDA of $18.2M.
  • DynaResource Inc., reported Q2, 2025 results from its San Jose de Gracia mine in Sinaloa (all amounts are in US dollars). The company mined 74,002 tonnes and milled 66,834 tonnes of 3.63 g/t Au with a metallurgical recovery of 74.64% to produce 5,701 Oz Au. DynaResource reported revenue of $15.9M; total operating expenses of $13.14M; net operating income of $2.7M; net income of $0.5M; operating cash flow before change in non-cash working capital items of $2.85M; and cash flow used in operating activities of $1.14M.
  • Guanajuato Silver Company Ltd reported Q2, 2025 consolidated operating and financial results from their min operations in Guanajuato (El Cubo mines complex, Valenciana mines complex and San Ignacio mine), and Durango (Topia mine). Consolidated results are shown in the table below (all currency is expressed in US dollars):

ON FINANCING

  • Regency Silver Corp., due to strong investor demand upsized its previously announced brokered private placement offering to 35,847,250 units at a unit price of CAD $0.10 per unit on a post consolidation basis for gross proceeds of up to CAD $3.584,725M. The consolidation of the company’s common shares on a 1 new for 2 old basis is scheduled to be effective on or about August 26, 2025. Later on, the company announced four upsize of its previously announced brokered private placement financing to 40,000,000 units at a price of CAD $0.10 per unit for gross proceeds of CAD $4M. 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.
  • Starcore International Mines Ltd., announced a non-brokered private placement financing of 20,000,000 units at a price of CAD $0.25 per unit for gross proceeds of up to CAD $5M. Gross proceeds will be used primarily towards bulk sampling and the development of the recently announced Tortilla project in Queretaro.
  • Goldgroup Mining Inc., revised its previously announced non-brokered private placement offering will still consists of up to 5,000,000 units at a price of CAD $0.80 per unit to raise gross proceeds of up to CAD $4M. Later on, Goldgroup revised the term again and now the offering will consists of up to 4,848,485 units at a price of CAD $0.825 per unit for CADS $4M in opposed to the 5,000,000 units at a price of CAD $0.80 previously disclosed. The proceeds will primarily fund the company’s efforts to optimize its Cerro Prieto mine in Sonora and pursue strategic acquisitions in the mining sector.
  • Sonoro Gold Corp., increased, in response to investors demand, its previously announced non-brokered private placement offering to 10,000,000 units for gross proceeds of CAD $1.5M. The offering price remains at CAD $0.15 per unit. Net proceeds will be used to fund the ongoing development of its Cerro Caliche project in Sonora, as well as for working capital.
  • Pacifica Silver Corp., closed the second tranche of its previously announced non-brokered private placement financing of 900,000 units at a price of CAD $0.50 for gross proceeds of CAD $450K. Together with the first tranche, Pacifica has raised a total of CAD $10M. Pacifica plans to use the gross proceeds for the upcoming exploration and drill work at its Claudia project in Durango, as well as general working capital.
  • United States Antimony Corporation announced a purchase agreement for a registered direct offering of common shares priced at USD $4.5 per share for gross proceeds of USD $18M from a single institutional investor. Nets proceeds will be used to buy more antimony, boosting their smelter´s production at Madero, Coahuila, working capital and potential acquisitions of other critical mineral companies or specific properties currently under review by management. The offering is expected to close around August 28, 2025, subject to customary conditions.
  • Masivo Silver Corp., closed partially the first tranche of a financial round for gross proceeds of CAD $845K but expects to raise up to CAD $1M.  The private placement at CAD $0.06 with a half warrant at CAD $0.10 for a 12-month term will close on August 29, 2025. Masivo still has a CADS $75K drill credit in Mexico and expects to start drilling the Cerro Colorado project in Sonora in Q4, 2025.

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd., released its first results from the current 15,000m drill program at its Ana Paula project in Guerrero. Drilling highlights include holes AP-25-325 with 2.1 g/t Au over 13.1m, plus 3.31 g/t Au over 65.2m, including 6.29 g/t Au over 30.2m, plus 12.6 g/t Au over 4.5m, 2.25 g/t Au over 6m, and plus 6.43 g/t Au over 2.3m; hole AP-24-322 with 3.77 g/t Au over 21.2m, plus 6.67 g/t Au over 20.95m, plus 13.6 g/t Au over 14.75m, including 45.81 g/t Au over 3.85m, plus 2.14 g/t Au over 10.55m; and hole AP-24-323 with 7.81 g/t Au over 4m, plus 2.26 g/t Au over 11m, plus 8.72 g/t Au over 12.2m, including 24.4 g/t Au over 3.7m. Heliostar has completed 5,556m in 18 holes to date. “The program has the primary goal of converting inferred ounces to higher confidence classifications as well as supporting the ongoing Feasibility Study and testing the next exploration targets around the Ana Paula deposit”.
  • Luca Mining Corp., announced results from 6 surface drill holes and five underground drill holes from the Reforma Deposit in its Campo Morado project in Guerrero. Drilling highlights are shown in the table below:
  • Mithril Silver and Gold Limited provided an update regarding the ongoing activities at its Copalquin project in Durango. The company is conducting a fully funded 45,000m drilling program targeting multiple areas, including Target 1, Target 5, and target 3, with plans to add a third drill rig in early 2026. At target 1, the company has drilled La Soledad East intercepting in hole MTHLS25-35 high grade including 9.95 g/t Au and 45 g/t Ag (10.59 g/t AuEq) over 1.1m and hole MTH-LS25-36 with 3.21 g/t Au and 14 g/t Ag (3.41 g/t AuEq) over 0.5m, plus 8.63 g/t Au and 41 g/t Ag (9.21 g/t AuEq) over 3.3m, including 48.85 g/t Au and 92 g/t Ag (50.16 g/t AuEq9 over 0.5m; while at Zaragoza South it confirmed high-grade mineralization, in hole MTH-ZG25-037 including 6.4 g/t Au and 4,400 g/t Ag (4,848 g/t AgEq) over 0.57m, plus 3.49 g/t Au and 127 g/t Ag (371 g/t AgEq) over 0.66m; and Refugio West where step out drilling is targeting extensions towards El Gallo.  At Target 3 Mithril is currently carrying out systematic mapping and sampling to define targets for a maiden drill program. At Target 5 (Apomal historic mine) drilling has commenced  with three holes completed in a 5,000m program focused on testing veins along strike and a depth. Mithril aims to expand the resource footprint, conduct additional drilling and complete an aeromagnetic survey in Q4, 2025.

ON DEALS AND CORPORATE ISSUES

  • MAG Silver Corp., and Pan American Silver Corp., received approval from the Mexican Federal Economic Competition (COFECE) for Pan American to acquire all the shares of MAG Silver. The deal is expected to be closed by around September 4, 2025. MAG shareholders need to decide no later than 2:00 PM (Vancouver time) on August 27 whether they want to receive either USD $20.54 in cash for each MAG share held; or the default election of USD $0.0001 in cash and USD $0.755 of a common share of Pan American for each MAG share held.
  • Avino Silver & Gold Mines Ltd., purchased and extinguished all of the outstanding royalties and contingent payment obligations to acquire 100% ownership of its La Preciosa project in Durango. The company acquired the La Preciosa obligations from Deterra Royalties Limited for a total consideration of USD $22M, consisting of USD $13.25M upfront payment and an $8.75M deferred payment due within a year after initial production, and a payment of USD $0.25 per Oz AgEq of new mineral reserves discovered and declared outside of the current mineral resource area, subject to a cap of USD $50M.. It also acquired royalty obligations, which include a 1.25% net smelter returns royalty on the Gloria and Abundancia veins, and a 2% gross value returns royalty on the remainder of the La Preciosa resource. This acquisition allows Avino to eliminate these royalty burdens prior to commencing production.
  • Alamos Gold Inc., declared a quarter dividend of USD $0.025 per common share payable on September 25, 2025 to shareholders of record as of the close of business on September 11, 2025. The company has paid dividends for 16 consecutive years, including returning USD $32 million thus far in 2025 (Mulatos mine, Sonora
  • MAG Silver Corp., announced preliminary results regarding shareholder election for the form of consideration in the Pan American Silver Corp acquisition. Shareholders could elect to receive, either USD $20.54 cash or USD $0.001 cash plus 0.755 of a Pan American share per MAG share, subject to proration. The preliminary results show that approximately 1.71% of MAG shareholders elected to receive cash, about 30.55% chose shares of Pan American, and approximately 67.74% did not make a valid election and are deemed to have opted for shares. The final outcome will be determined after the final election results are certified. The transaction has received all necessary approvals and is expected to close around September 4, 2025. Due to proration, some shareholders may receive a combination of cash and shares regardless of their election choice. Following the arrangement, MAG Silver shares are expected to be delisted from the Toronto Stock Exchange and New York Stock Exchange American LLC, and application has been made to cease being a reporting issuer (Juanicipio mine, Zacatecas).
  • Luca Mining Corp., acquired from Fresnillo plc a 100% interest in the Humaya 3 mining concession for USD $400K. It comprises 2,507 hectares and directly surrounds to the Tahuehueto mine in Durango and is not subject to any underlying NSR royalties. The acquisition expands Luca´s land position by over 25% reaching approximately 10,000 hectares, providing new exploration prospects, especially since mineral veins hosting current mineral resources extend into the acquired mineral concession, supporting their growth strategy.
  • DynaResource Inc., entered into an updated agreement with Ocean Partners UK Limited for a credit line facility expansion and offtake extension (all amounts are expressed in US dollars). The concentrate credit line facility replaces the previous one and increase funding from $12.5M to $15M, includes a 6-months grace period on principal repayments, and features competitive interest rates. The offtake agreement for gold concentrate production from San Jose de Gracia mine in Sinaloa has been extended to December 31, 2030, with improved gold payability terms. These agreements aim to enhance working capital, support mine development, and optimize operations for long-term growth.

ON SOCIAL RESPONSIBILITY

  • Alamos Gold Inc., released its 2024 Environmental, Social, and Governance (ESG) report. Highlights include USD $1.5M invested in local community initiatives; zero significant environmental incidents; over 100,000 hours of employee training; 9% reduction in total scope 3 greenhouse gas emissions; 98% of procurement expense with in-country suppliers; and five consecutive years of compliance with the World Gold Council´s Responsible Gold Mining Principles (Mulatos mine, Sonora).

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, phreatic breccia in a low sulphidation epithermal vein system in a project in Guanajuato, Mexico. Photo taken by Miguel A Heredia.

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.