During the 15th week of the year (April 6 to April 12, 2026), at least 21 press releases were issued by companies operating in Mexico, along with one news article published by the media. Of these, five related to deals and corporate matters, five reported production results, four presented exploration results, three addressed Mexico-related issues, three announced financing activities, and two covered resource and development updates. ON MEXICO ISSUES, Vizsla provided an update on the situation in Concordia, Sinaloa, confirming that nine colleagues have been found deceased and one remains still missed. Mithril reported an incident where their CEO and two employees experienced on-ground gunfire damage to their plane while flying near Chihuahua, about 30 km from their Copalquin project site in Durango. Rescue operations continue amidst extreme conditions at the Santa Fe mine located in the Municipality of El Rosario, Sinaloa. Last April 8th, authorities reported the successful rescue of a second miner found alive and confirmed the discovery of a third worker who had perished, while the search persists for the final miner who remains trapped. ON EXPLORATION, In Sonora, Tocvan mobilized a second RC drill rig to its flagship Gran Pilar Gold-Silver Project, to accelerate their fully funded 20,000m drilling program by enabling parallel testing of multiple high-priority targets, primarily in the South Block area, and Masivo Silver completed and extended its first diamond drill hole (CC-26-001) at its Cerro Colorado project, intersecting a significant 35.1m interval of visible mineralization characterized by quartz veinlets and sulphide minerals such as pyrite, sphalerite, freibergite, galena, and minor chalcopyrite, accompanied by a strong sericite -smectite alteration. In Chihuahua, Kingsmen acquired 100% interest in the Claudia 2 mining concession, free of any royalty, at its Las Coloradas project. In Durango, Mithril released drill results from its Copalquin project, confirming high grade and widespread silver and gold at Target 3. ON MINING, Endeavour Silver reported Q1, 2026 results from their Mexican operations. Aura announced preliminary Q1, 2026 production results from its Aranzazu mine in Zacatecas. First Majestic reported Q1, 2026 production results from their underground mines in Mexico. Teck informed that it plans to release Q1, 2026 results on April 23, 2026. Torex Gold reported Q1, 2026 AuEq production of 100,874 Oz and AuEq sales of 109,222 Oz. ON FINANCING, Avino announced its intention to make a Normal Course Issuer Bid to repurchase, for cancellation up to an aggregate of 8,428,566 common shares. Sonoro Gold announced a private placement for gross proceeds of CAD $11M. Vortex Minerals closed the first tranche of its previously announced non-brokered private placement for gross proceeds of CAD $479,900. ON RESOURCES AND DEVELOPMENT, Heliostar drilled 101m of 5.34 g/t Au in the Ana Paula Expansion Zone in Guerrero; to date, it has completed 84 holes and 28,318m as part of its ongoing 2025-26 drill program at Ana Paula project. Orogen Royalties, which holds a cash-flowing 2% net smelter return royalty at Ermitaño—a property operated by First Majestic in Sonora—announced an updated Mineral Reserve and Resource Estimate. ON DEALS AND CORPORATE ISSUES, Mexican Gold appointed Holgren Lai as Chief Financing Officer of the company. Torex Gold announced the appointment of Jacques Perron to its Board of Directors. Mexican Gold and Alcon entered into an arrangement agreement to create a diversified precious metals exploration company. Pacifica Silver informed that it has adopted a semi-annual financial reporting, effective immediately. Sonoro Gold acquired a 100%binterest in the Diana mining concession, located adjacent to the central-eastern boundary of its Cerro Caliche project in Sonora. ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
Vizsla Silver Provides Additional Update on situation in Concordia: Vizsla Silver Corp
Tocvan Announces Addition of Second Drill Rig and Accelerates High Priority Drill targets at Flagship Gran Pilar Gold-Silver Project: Tocvan Ventures Corp
Masivo Silver Extends and Completes First Hole at Cerro Colorado Project: Masivo Silver Corp
Kingsmen Acquires 100% Ownership of the Claudia 2 Claim, Adding Never-Drilled Saddle target and District-Scale Extension to Las Coloradas Silver-Gold Project: Kingsmen Resources Ltd
Pacifica Silver Announces Adoption of Semi-Annual Reporting: Pacifica Silver Corp
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 displaying boiling texture in a low-sulphidation epithermal vein system in Guanajuato, Mexico. Photo taken by Miguel A Heredia.
During the 14th week of the year (March 30th to April March 5th, 2026), companies working in Mexico released 25 press releases. Five companies informed on early-stage property work on four properties, four companies presented quarterly and/or full-year 2025 reports one provided 2026 guidance and one more provided Q1 2026 results. One Company updated on a financing round, another one informed on a revolving credit facility and one more announced trading on a new market. Three companies presented drilling results on their advanced projects and one more initiated drilling, one more announced increased resources and two more reported updated MREs. One company is to change name. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Tocvan Ventures encountered gold mineralization in RC drilling one km from the main zone at Gran Pilar; Questcorp Mining and Riverside Resources commenced phase II exploration at La Unión; Algo Grande Copper reported drilling results from Adelita. ON MINING,Americas Gold and Silver (Cosalá, Sinaloa), Golden Minerlas (sold Velardeña, Durango), Dyna Resource (San José de Gracia, Sinaloa) and Santacruz Silver presented full year 2025 results, while Alamos Gold (Santana, Sonora) provided Q1 2026 results. Royal Gold provided 2026 guidance. ON FINANCING, three companies informed on financing movements: Minera Alamos executed a term sheet for a US$75 M revolving credit facility. Silver Spruce Resources closed the C$739 K first tranche of a non-brokered private placement. Elemental Royalty is to commence trading on the Toronto Stock Exchange. ON RESOURCES AND DEVELOPMENT, Americas Gold and Silver informed on drilling results at Cosalá, in Sinaloa. Minaurum Silver delivered drill results from the resource expansion drilling at Alamos Silver in Sonora. First Majestic Announced 2025 mineral resource estimates for Los Gatos (Chihuahua), Santa Elena (Sonora), San Dimas (Sinaloa) and La Encantada (Coahuila), for a consolidated 843 M Oz AgEq. Zacatecas Silver commenced drilling at its Zacatecas Silver project in Zacatecas. Southern Silver released drilling results from Cerro Las Minitas in Durango. Capitan Silver delivered results from RC drilling at Cruz de Plata in Durango. Aura Minerals Reported mineral resource estimates, with 246,400 Oz Au, 278.2 M Lb Cu, 7 M Oz Ag in reserves, 180,800 Oz Au, 185.3 M Lb Cu, 4.5 M Oz Ag in measured and indicated resources and 86,120 Oz Au, 104.9 M Lb Cu, 2,7 M Oz Ag in inferred resources. ON DEALS AND CORPORATE ISSUES, Axo Copper is to change name to Axo Metals. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
No Relevant News
ON EXPLORATION
Tocvan Discovers New Gold-Silver Zone 1,600 Metres from Main Zone at South Block Gran Pilar; First Aggressive Step-Out Drilling Intersects Mineralization from Surface (Gran Pilar, Sonora): Tocvan Ventures
Questcorp Mining and Riverside Resources Commence Phase 2 Exploration Program at the La Union Project, Sonora, Mexico (La Unión, Sonora): Questcorp Mining
Riverside Resources and Questcorp Launch Phase 2 Exploration Program at La Union Project, Sonora, Mexico (La Unión, Sonora): Riverside Resources
Algo Grande Reports Results from Completed Phase I Drill Program at Cerro Grande Skarn (Adelita, Sonora): Algo Grande Copper
ON MINING
Americas Gold and Silver Announces Strong Full-Year 2025 Results and 2026 Guidance with ~30% Annual Production Growth (Cosalá, Sinaloa): Americas Gold and Silver
Golden Minerals Reports Full Year 2025 Results (exited Mexico): Golden Minerals
DynaResource Reports Year End 2025 Results at the San Jose de Gracia Mine, Net Income for 2025 of $3.8 M, and Adjusted EBITDA for 2025 of $12.1 M (San José de Gracia, Sinaloa): DynaResource
Royal Gold Provides 2026 Guidance and Five Year Outlook and Announces Further Debt Repayment and Publication of Asset Handbook (royalty on Cosalá, Sinaloa): Royal Gold
Santacruz Silver Reports Year End 2025 Financial Results (Zimapán, Hidalgo): Santacruz Silver Mining
Alamos Gold Provides Notice of First Quarter 2026 Results and Conference Call, and Annual General Meeting of Shareholders (Santana, Sonora): Alamos Gold
ON FINANCING
Minera Alamos Moves to Strengthen Balance Sheet with Executed Term Sheet for US$75 Million Revolving Credit Facility from Scotiabank and National Bank (Cerro de Oro, Zacatecas): Minera Alamos
Silver Spruce Resources Inc. Announces Close of $739,250 First Tranche of Non-Brokered Private Placement and Extension (Pino de Plata, Chihuahua): Silver Spruce Resources
Elemental Royalty to Commence Trading on the Toronto Stock Exchange (Mercedes, Sonora): Elemental Royalty
ON RESOURCES AND DEVELOPMENT
Americas Gold and Silver Announces New Major Discoveries in Idaho and Mexico and a Strong 2025 Resource & Reserve Update including a 19% Year Over Year Increase in M&I Mineral Resources and 21% Increase in M&I Grades at Galena (Cosalá, Sinaloa): Americas Gold and Silver
Minaurum Drills High-Grade Silver on the Quintera Vein Zone at the Alamos Silver Project: 5.30 m of 570 g/t Ag, including 2.50 m of 1,024 g/t Ag and 5.80 m of 581 g/t Ag: Minaurum Silver
First Majestic Announces 2025 Mineral Reserve and Mineral Resource Estimates: First Majestic Silver
Zacatecas Silver Announces Drilling Commencement and Completion of First Hole at El Cristo: Zacatecas Silver
Southern Silver Intersects 4.6 metres Averaging 201g/t Ag, 4.5%Pb and 9.8%Zn (557g/t AgEq) at Cerro Las Minitas Project in Durango, México: Southern Silver Exploration
Capitan Silver Intersects 1,450.5 g/t Silver Equivalent over 1.5 Metres, Within a Wider Zone of 211.0 g/t Silver Equivalent over 41.1 Metres at the Cruz De Plata Project: Capitan Silver
Aura Reports Updated Mineral Reserves and Mineral Resources For The YearEnded 2025, Highlighting year of Significant Growth in Mineral Reserve and Resource Portfolio: Aura Minerals
ON DEALS AND CORPORATE ISSUES
Axo Copper Announces Proposed Name Change to Axo Metals: Axo Copper
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: Specularite, quartz-pyrite(-) and secondary hematite in chloritized volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.
Since 2015 Miguel Heredia and I have published the weekly newsletter ‘The Mining and Exploration News in Mexico’. It has been a very rewarding experience and we have learnt a lot in the process on Mexico and on the global mining industry. Although a pro-bono project, the previous format consumed a lot of time. We realized we could not keep reasonably doing this task in the same manner when recently had to put more than 10 hours in the week for producing the newsletter, while doing long hours on project work at the same time. To sustain this contribution, we are introducing a new, streamlined format with all the key mining activity in Mexico, with links to all the original press releases and sources. It is our intention to continue serving the industry as long as it remains fun and rewarding as it has been so far.
During the 12th week of the year (March 16th to March 22nd, 2026), companies working in Mexico released 32 press releases. Four companies informed on early-stage property work, four more presented quarterly and/or full-year 2025 reports. Three companies updated on financing rounds/movements, another is not proceeding with a financing round and one more is to list in the OTCQB. Two companies presented drilling results on their advanced projects, while four more informed on their incoming drill programs. One company informed on development contracts while one more received a long awaited mining permit. Finally, one company received an economic update for its project. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Questcorp Mining and Riverside Resources completed the acquisition of key claims on La Union. In Durango, Pinnacle Silver and Gold discovered mineralization after a LiDAR survey at El Potrero. In Michoacán, Canadian Silver Hunter released assay results from surface sampling of stockpiles at an undisclosed project. ON MINING,Heliostar Metals (Ana Paula, Guerrero), Orla Mining (Camino Rojo, Zacatecas), Gold Resource (Don David, Oaxaca) and Elemental Royalty (royalty on Mercedes, Sonora) presented Q4 and/full year 2025 results. ON FINANCING, three companies informed on financing rounds/movements: Barksdale Resources (San Javier, Sonora) completed a shares for debt transaction of US$351 K and completed a private placement for C$763 K. Orogen royalties informed that the company will not proceed with the previously announced private placement. Silverco Mining commenced trading on the OTCQB. ON RESOURCES AND DEVELOPMENT, Heliostar Metals reported drilling results from San Agustín, in Durango. Silver Tiger announced contracts for development engineering and management for El Tigre, in Sonora. Orla Mining received the environmental permit for the Camino Rojo project in Zacatecas. Southern Silver Exploration presented drill results from Cerro Las Minitas in Durango. Silverco Mining announced a 30,000 m drilling program at Cusi, in Chihuahua. Pacifica Silver announced the expansion to 20,000 m of the drill program at Claudia in Durango. Zacatecas Silver received the drilling permit for its Zacatecas Silver project in Zacatecas. Silver Dollar contracted 3,500 m of drilling for La Joya, in Durango. Royalties Inc. received an economic update for the Bilbao project in Zacatecas. ON DEALS AND CORPORATE ISSUES, Orex Minerals entered into a definitive share purchase agreement with Silver Viper Minerals and Fresnillo plc to sell Silver Viper the Coneto project in Durango, for US$15 M in shares. Azucar Minerals announced the change name to Mustang Minerals Ltd. (El Cobre, Veracruz). Xali Gold announced an appointment to the board. EV Resources secured a plant for antimony production (Los Lirios, Oaxaca). ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
ON EXPLORATION
Pinnacle Discovers Silver-Lead-Zinc Mineralization Following up on LiDAR Survey at El Potrero : Pinnacle Silver and Gold
Pacifica Silver Expands Phase II Drill Program at Claudia to 20,000 m; Appoints Dr. Steven I. Weiss as Interim VP Exploration : Pacifica Silver
Silverco Mining Commences 30,000-Meter 2026 Drill Program at Cusi, Targeting Massive Step-Out Potential and Regional Blue-Sky Prospects : Silverco Mining
Silver Dollar Hires Versa for Diamond Drilling at Its La Joya Silver (Cu-Au) Project : Silver Dollar Resources
Heliostar Drills Multiple Gold Intercepts over 200 Metres From Pit Edge at San Agustin : Heliostar Metals2
Silver Tiger Awards Engineering Procurement and Construction Management Contract and Provides Construction Update : Silver Tiger Metals
Orla Mining Receives Permits to Extend Operations in Mexico Supporting Company’s Long-Term Commitment to Camino Rojo : Orla Mining
Southern Silver Intersects 6.3 Metres Averaging 874g/t AgEq at Cerro Las Minitas Project in Durango, México : Southern Silver Exploration
Zacatecas Silver Receives Drill Permit for El Cristo, Supporting 2026 Drill Program Aimed at increasing Existing Silver Resource at the Zacatecas Silver Project : Zacatecas Silver
Royalties Inc. Receives Bilbao Project Economic Update : Royalties Inc
ON DEALS AND CORPORATE ISSUES
Silver Viper Minerals announced execution of definitive agreement to acquire the Coneto Silver-Gold Project: Silver Viper Minerals
Orex Minerals Inc. Announces Sale of the Coneto Silver-Gold Project to Silver Viper Minerals Corp. : Orex Minerals
Azucar Minerals Ltd. Announces Change of Name to Mustang Minerals Limited : Azucar Minerals
During the 8th week of the year (February 16th to February 22nd, 2026), companies working in Mexico released 54 press releases. Five companies informed on early-stage properties work, eleven presented quarterly and full-year reports, one company is working on an expansion project and one more release its guidance for 2026. Six companies updated on financing rounds, one company granted options, one company consolidated shares, three more declared dividends and eight were recognized as top companies. Nine companies presented updates on advanced properties, while five companies informed on deals and corporate issues. ON MEXICO ISSUES, The Mexican government is assessing to open oil and gas fracking, a previously no-go zone. Vizsla Silver continues operations in Sinaloa. ON EXPLORATION, in Chihuahua, Kingsmen Resources is to drill at Las Coloradas. In Sinaloa, Mercado Minerals informed on exploration and surveys at Copalito. In Durango, Canasil Resources is to drill at Vizcaíno; Silver Wolf Exploration is to drill the Ana María project. In Oaxaca, EV Resources informed on work at Los Lirios. ON MINING,Starcore International Mines, Alamos Gold, Torex Gold Resources, Equinox Gold, Pan American Silver, Coeur Mining, Discovery Silver, Royal Gold, Avino Silver and Gold Mines, Newmont and First Majestic Silver presented quarterly and full-year 2025 reports. Luca Mining is working on an expansion project for its Campo Morado mine in Guerrero. Capstone Copper released its 2026 guidance. ON FINANCING, six companies informed on financing rounds: Silver Tiger Metals (C$57.5 M), Regency Silver (C$4 M), Tocvan Ventures (C$10 M), Silverco Mining (C$62.5 M), Algo Grande Copper (C$7 M) and Orex Metals amended terms on a previously announced placement. Silver Wolf Exploration granted stock options. Infinitum Copper and Canuc Resources informed on share consolidation programs. Equinox Gold, Alamos Gold and Teck Resources informed on dividends. Eight companies made it to the 2025 TSX Venture Exchange Top 50, seven of which have the term silver on its name: Apollo Silver, Guanajuato Silver Company, Sierra Madre Gold and Silver, Capitan Silver, Silver Viper Metals, Santacruz Silver Mining, Southern Silver Exploration and Goldgroup Mining. ON RESOURCES AND DEVELOPMENT, GR Silver mobilized drill rigs to Plomosas, in Sinaloa. Sierra Madre Gold and Silver is expanding production at La Guitarra, Estado de México. Pacifica Silver released drill results from Claudia, in Durango. Luca Mining released interesting drill results from its Campo Morado mine in Guerrero. Alamos Gold reported 2025 its MRE for the Mulatos district in Sonora. Hecla Mining reported 2025 MRE for San Sebastián in Durango. Defiance Silver updated on drilling results at its Zacatecas project. Newmont reported mineral reserves and resources for Peñasquito, in Zacatecas. Orla Mining released a PEA for Camino Rojo underground in Zacatecas. ON DEALS AND CORPORATE ISSUES, EV Resources and Kootenay Silver entered into marketing services agreements. Discovery Silver and Hecla Mining announced appointments to the board. Bear Creek Mining shareholders voted for the arrangement with Highlander Silver. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
Mexico’s president Claudia Sheinbaum acknowledged that the federal government through Pemex (Petroleos Mexicanos) assesses the possibility of using fracking to recover gas and oil in Mexican soil.
Feliciano Castro, economy secretary in Sinaloa,informed Vizsla Silver is to continue operations in Sinaloa. This after the recent violence that affected its workers in the Concordia community.
ON EXPLORATION
Canasil Resources Inc. announced the drill permit application for the Vizcaino project in Durango is in progress. The program envisages 1,050 m of diamond drilling in six holes. A phase 2 program of 1,450 m in eight holes is to follow after the evaluation of results. “The outcrops show classic banded epithermal textures typical of the higher levels of epithermal vein systems”.
Kingsmen Resources Corp. informed the upcoming drill program at Las Coloradas in Chihuahua “will comprise step-out and deeper drilling around the high-grade silver mineralization intersected in the Soledad and Soledad II vein/structures. Drilling on the Soledad vein/structure has tested very specific targets and approximately 700 meters of the system remains to be drilled. With only one shallow hole drilled, the ~1.7 km-long Soledad II vein/structure offers excellent discovery potential”. Targets to be tested include Saddle, Silvia/La Plata and Almoloya.
Silver Wolf Exploration Ltd. announced that a drill contract has been signed, and a drill rig mobilized to the Ana María property in Durango. The company intends to commence a 3,000 m 13-hole drill program.
EV Resources Ltd. informed antimony ingots were produced on preliminary metallurgical testing at Los Lirios project in Oaxaca. “EVR utilised stockpiles of material from the Lirios 1 and Lirios 2 East open pits to conduct preliminary direct-to-smelter testing”.
Mercado Minerals Ltd. informed its technical team has been mapping, sampling and preparing an incoming 3,000 m drilling program at its Copalito project in Sinaloa. A drone based magnetic survey and a drone LiDAR survey have been completed, while soil sampling presents 25% advance. Geological mapping has identified three new areas with mineralization hundreds of meters from previously known targets.
ON MINING
Starcore International Mines Ltd. announced production results for its third fiscal quarter ended January 2026. At San Martín, in Querétaro, 52.6 K tonnes were processed grading 1.33 gpt Au, 18.3 gpt Ag, recovering 85.7% Au, 46.4% Ag, to produce 2,162 gpt AuEq. “… the exploration carried out over the past six months to extend the high-grade ore bodies in the northern part of the current operation was successful. We have begun mining these new highgrade extensions which are grading approximately 5 grams of gold and 80 grams of silver per ton”.
Alamos Gold Inc. presented its fourth quarter and year-end 2025 results, including figures from its Mexican operations. On a consolidated basis the company produced 545,040 Oz Au at a cash cost of $1,077 per Oz Au and an AISC of $1,524 per Oz Au in the year and 141,500 Oz Au in the quarter. At the Mulatos District, in Sonora, Alamos Gold produced 40,100 Oz Au in the quarter and 141,600 Oz Au in the year at cash cost $947 per Oz Au and an AISC of $1,018 per Oz Au.
Torex Gold Resources Inc. reported its financial and operational results for Q4 of 2025. At its Morelos property in Guerrero, the company produced 117,325 Oz AuEq in the quarter, at cash cost $1,499 per Oz AuEq and an AISC of $1,905 per Oz AuEq. For the year, production was 461,420 Oz AuEq at cash cost $1,376 per Oz AuEq and an AISC of $1,783 per Oz AuEq. “The Company plans to invest a record $77 million in exploration and drilling in 2026 including $43 million at Morelos. Drilling at Los Reyes remains suspended given the security environment within the State of Sinaloa…”.
Equinox Gold Corp. reported its financial and operational results for Q4 and full-year 2025, without disclosing figures from its Mexican operations. The company had a consolidated production of 856,908 Oz Au at cash cost $1,416 per Oz Au and an AISC of $1,809 per Oz Au. Operations at Los Filos, in Guerrero, were terminated on April 2025 because of the rejection of the community to grant land access.
Pan American Silver Corp. reported fourth quarter and year-end 2025 financial results, without disclosing figures by operation. The company produced 22.8 M Oz Ag, 742.2 K Oz Au, 3 K tonnes Cu, 27 K tonnes Pb, 55.9 K tonnes Zn, an AISC of $13.88 per Oz Ag. “The Company is now evaluating a potential phased approach to developing the La Colorada mine and Skarn project with the aim of maximizing the overall value of the deposit. A phased approach would allow the Company to focus on a higher grade, lower tonnage and less capital intensive initial stage with the option to be followed by a later expansion to target lower grade material”.
Coeur Mining Inc. reported fourth quarter and year-end 2025 financial results, including figures from its Mexican operations. The company produced 419,046 Oz Au, 18.2 M Oz Ag, at cash cost $1,347 per Oz Au, $17.69 per Oz Ag. At Las Chispas, in Sonora, the company milled 403 K tonnes during 2025, grading 4.4 gpt Ag, 409 gpt Ag, recovering 97.1% Au, 97.2% Ag, to produce 54,705 Oz Au, 5.1 M Oz Ag, at cash cost $1,649 per Oz Au, $19.11 per Oz Ag, generating US$285.8 M in free cash flow. At Palmarejo, in Chihuahua, 1.75 M tonnes were milled grading 1.9 gpt Au, 130 gpt Ag, recovering 94.2% Au, 88.7% Ag, to produce 100,768 Oz Au, 6.5 M Oz Ag, at cash cost $871 per Oz Au, $15.85 per Oz Ag, generating US$154.5 in free cash flow. At the end of the period Coeur had US$554 M in cash and total debt of US$341 M.
Discovery Silver Corp. announced financial and operating results for the fourth quarter and full-year 2025. The company produced 66,718 Oz Au during 2025 at cash cost $1,185 per Oz Au and at an AISC of $2,034 per Oz Au, out form Mexico. During Q4 2025 the company engaged a third-party assessment on the use of natural gas power sources at Cordero, in Chihuahua, completed a geotechnical assessment work on the planned upgrade of the local water treatment plant and is evaluating the potential to establish solar farms around the project site, while working with the various governmental bodies involved in issuing the permits for the project.
Royal Gold Inc. released results for Q4 and full year 2025, including figures from its Mexican operations. For 2025 the company had revenue of US$1,030. 5 M. Royalties in the year from Peñasquito in Zacatecas amounted to US$70.2 M and from Mercedes in Sonora to US$3.5 M.
Avino Silver & Gold Mines Ltd. provided an outlook for 2026 and key 2025 milestones. During 2025 production results were 1.16 M Oz Ag, 7,621 Oz Au, 5.7 M Lb Cu. The company changed the planned mining method for La Preciosa, in Durango, to allow for a 500 tpd rate of extraction by H2 2026. “In the fourth quarter, La Preciosa contributed nearly 12,000 tonnes of mill feed”. In 2026 the company expects to process 725 – 750 K tonnes sourced from La Preciosa and Avino mines, to produce 1.0 – 1.2 M Oz Ag, 5 – 7 K Oz Au and 6.0 – 7.5 M Lb Cu at cash cost $18 – $20 per Oz AgEq and an AISC of $24 – $26 per Oz AgEq. Plans for 2026 include 30,000 m of drilling at La Preciosa and Avino.
Newmont Corp. announced fourth quarter and full year 2025 results, including figures from its operations in Mexico. During the year 5.89 M Oz Au were produced globally. At Peñasquito, in Zacatecas, 415 K Oz Au, 28 M Oz Ag, 28 K tonnes Pb, 58 K tonnes Zn were produced at an AISC of 1,491 per Oz AuEq. Guidance for 2026 is 185 K Oz Au, 32 M Oz Ag, 90 k tonnes Lead, 220 K tonnes Zn.
First Majestic Silver Corp. announced Q4 and year 2025 audited consolidated financial results. In 2025 the company produced 15.4 M Oz Ag, 147,433 Oz Au (342 Oz Au produced out from Mexico) at cash cost $15.07 per Oz AgEq and an AISC of $21.17 per Oz AuEq. During the year, at Los Gatos in Chihuahua, 5.87 M Oz Ag, 3,121 Oz Au (8.9 M Oz AgEq) were produced at cash cost $12.91 per Oz AgEq and an AISC of $15.15 per Oz AgEq. At San Dimas in Durango, 5.38 M Oz Ag, 55,724 Oz Au were produced at cash cost $14.97 per Oz AgEq and an AISC of $19.62 per Oz AgEq. At Santa Elena, in Sonora, 1.42 M Oz Ag, 88,107 Oz Au were produced at cash cost $14.36 per Oz AgEq and an AISC of $17.96 per Oz AgEq. At La Encantada, in Coahuila, 2.76 M Oz Ag, 137 Oz Au were produced at cash cost $23.61 per Oz AgEq and an AISC of $29.96 per Oz AgEq.
Luca Mining Corp. is working on an expansion project led by Ausenco for its Campo Morado mine in Guerrero. The project focuses on bulk flotation and recovery of precious metals from pyrite concentrates. A second phase will evaluate methods to recover Au and Ag from tailings, including cyanide leaching, Albion process, and Pressure Oxidation.
Capstone Copper Corp. released 2026 annual production guidance, including figures for its Mexican operations. Consolidated copper production is forecast between 200 -230 K tonnes at cash cost $2.45 to $2.75 per Lb Cu. Total sustaining capital expenditures are set at US$270 M. For Cozamin in Zacatecas, production is estimated between 21 to 24 K tonnes Cu, at cash cost $1.55 to $1.85 per Lb Cu, with ore production grades estimated at 1.8% Cu.
ON FINANCING
Mexico Financing in Q4 2025. over US$1.5 billion was channeled to mining companies in Mexico through financing rounds in the last quarter of 2025. Companies with operating mines or properties near production took 77% of these funds, with Endeavour Silver, First Majestic Silver and Vizsla Silver (the three silver miners), taking over US$300 M each to their coffers. Companies with advanced properties raised 19% of the total while exploration companies accrued 4% of the funds.
Silver Tiger Metals Inc. closed its previously announced bought deal offering for gross proceeds of C$57.5 M (El Tigre, Sonora).
Regency Silver Corp. arranged a non-brokered private placement for aggregate gross proceeds of C$4 M (Dios Padre, Sonora).
Tocvan Ventures Corp. closed its previously announced bought deal private placement for aggregate gross proceeds of C$10 M, including the full exercise of the over-allotment option (Gran Pilar, Sonora).
Silverco Mining Ltd. closed its previously announced bought deal offering for aggregate gross proceeds of C$62.5 M. Insiders of the company subscribed for C$11.2 M (Cusi, Chihuahua).
Algo Grande Copper Corp. upsized its previously announced non-brokered private placement to accrue up to C$7 M in gross proceeds (Adelita, Sonora).
Orex Metals Inc. amended the terms of its previously announced non-brokered private placement. The hold period has been increased to twelve months from four months previously. The anticipated closing of the offering is now March 4, 2026, with the correct warrant price being C$0.22 (Sandra, Durango).
Silver Wolf Exploration Ltd. granted 2.3 M incentive stock options to directors, officers, consultants and employees (Ana María Durango).
Infinitum Copper Corp. announced the completion of its eight to one share consolidation is to take effect on February 20, 2026 (Adelita, Sonora).
Canuc Resources Corp. announced its shares have been consolidated on a ten to one ratio (10:1) on February 18, 2026 (San Javier, Sonora).
Teck Resources Ltd. has declared an eligible dividend on its outstanding class A common shares and class B subordinate voting shares to be paid on March 31, 2026 (San Nicolás, Zacatecas).
Alamos Gold Inc. authorized a 60% increase to its quarterly dividend to US$0.04 per common share (Mulatos, Sonora).
Apollo Silver Corp. has been recognized as a 2026 Top Company by the TSX Venture Exchange (Cinco de Mayo, Chihuahua).
Guanajuato Silver Company Ltd. has been included in the 2025 TSX Venture 50 list of top performing companies. Additionally, the company entered in a service agreement with Epstein Research for investor relations services, for a US$2 K monthly fee (El Cubo, Guanajuato).
Sierra Madre Gold and Silver Ltd. has been recognized as a 2026 Top 50 company by the TSX Venture Exchange. The company granted 1 M stock options to employees and consultants (La Guitarra, Estado de México, Estado de México).
Capitan Silver Corp. has been included in the TSX Venture 50 list (undisclosed project in Mexico).
Silver Viper Minerals Corp. announced its inclusion in the 2026 TSX Venture 50 (La Virginia, Sonora).
Santacruz Silver Mining Ltd. announced it ranked first overall on the 2026 TSX Venture 50 list (Zimapán, Hidalgo).
Southern Silver Exploration Corp. has been included in the TSX Venture 50 (Cerro Las Minitas, Durango).
Goldgroup Mining Inc. announced its inclusion in the TSX Venture 50 list of top performing companies (Cerro Prieto, Sonora).
ON RESOURCES AND DEVELOPMENT
GR Silver Mining Ltd. announced the mobilization of multiple drill rigs to the San Marcial area of its Plomosas project in Sinaloa. The company intends to expand “the footprint of the mineralized system hosted in a chlorite-rich hydrothermal breccia, by an additional 200 metres along strike” and conduct step-put drilling for resource expansion aiming to produce a preliminary economic assessment (PEA) late in 2026. The exploration office has been relocated to Durango, to address recent operational challenges in Sinaloa.
Sierra Madre Gold and Silver Ltd. informed the first expansion stage at La Guitarra plant in Estado de México is to increase production rates from 500 tonnes pe day (tpd) to 750-800 tpd of processing capacity. To achieve these production rates the company has acquired two new scoop trams, one used scoop tram and is rebuilding two existing scoops. Four haulage trucks have been purchased along a front end loader.
Pacifica Silver Corp. released assay results from nine holes of its phase 1 diamond drilling program at its Claudia project in Durango. Highlighted core length intervals comprise 10.7 m @ 0.33 gpt Au, 11 gpt Ag; 14.35 m @ 0.76 gpt Au, 73 gpt Ag (including 2.2 m @ 2.31 gpt Au, 409 gpt Ag); 8.3 m @ 0.89 gpt Au, 62 gpt Ag; 0.3 m @ 22.3 gpt Au, 156 gpt Ag. The company has completed more than 3,650 m of drilling across 13 holes on the current program that is currently focused on expanding and following mineralized intervals in the Aguilareña vein, step-out drilling in the Justina vein and testing the Mina Vieja and Mina de Oro areas.
Luca Mining Corp. announced underground drill results from its ongoing exploration program at Campo Morado, Guerrero. Highlighted core length results comprise 33.5 m @ 0.18 gpt Au, 25 gpt Ag, 0.36% Cu, 0.3% Pb, 1.4% Zn; 41.4 m @ 0.20 gpt Au, 13 gpt Ag, 0.34% Cu, 0.1% Pb, 2% Zn; 14.3 m @ 1.5 gpt Au, 76 gpt Ag, 1.01% Cu, 0.5% Pb, 2.8% Zn; 12.4 m @ 0.96 gpt Au, 21 gpt Ag, 0.44% Cu, 0.1% Zn; 135.7 m @ 1.58 gpt Au, 77 gpt Ag, 0.88% Cu, 0.4% Pb, 1.6% Zn (including 101.5 m @ 1.92 gpt Au, 99 gpt Ag, 0.88% Cu, 0.5% Pb, 2.1% Zn); 22.5 m @ 2.74 gpt Au, 162 gpt Ag, 0.85% Cu, 1.1% Pb, 4.1% Zn. To date, 38 underground diamond drillholes totaling 9,043 m have been completed and 8,682 m have been drilled from 29 surface drillholes at the Reforma, El Rey, Reforma Deeps and Zapata targets.
Alamos Gold Inc. reported mineral reserves and reserves for 2025, including figures for its Mexican operations. Globally, the company holds 15.9 M Oz Au in mineral reserves, 5.5 M Oz Au in measured and indicated resources and 2.0 M Oz Au in inferred resources. At the Mulatos District in Sonora the company reported 1.2 M Oz Au in reserves, 0.83 M Oz Au in measured and indicated resources and 0.1 M Oz Au in inferred resources. In the table below can be seen the reserves and resources held in the Mulatos mine, La Yaqui Grande, Puerto del Aire, Cerro Pelón and Carricito deposits.
Hecla Mining Co. reported 2025 year-end mineral reserves and resources, including figures for its Mexican operations. Hecla holds consolidated mineral reserves of 231 M Oz Ag, 2 M Oz Au, measured and indicated resources of 160.9 M Oz Ag, 4.5 M Oz Au and inferred resources of 467.7 M Oz Ag, 6.3 M Oz Au. At San Sebastián, in Durango, the company holds 15 M Oz Ag, 145 K Oz Au, 15 K tons Cu, 23.3 K tons Pb, 35.6 K tons Zn in measured and indicated resources, and 19.2 M Oz Ag, 160 K Oz Au, 3 K tons Cu, 5.5 K tons Pb, 8.1 K tons Zn.
Defiance Silver Corp. provided an update on the current drilling campaign at its Zacatecas project in Zacatecas. The 10,000 m program is designed to confirm extensions to known mineralization and to validate the current geological model that will be used for the upcoming mineral resource estimate. The results are from 2,553 m in five holes, with highlighted core length intervals comprising 4.15 m @ 0.2 gpt Au, 94 gpt Ag0.3% Zn; 1.33 m@ 1.24 gpt Au, 67 gpt Ag, o.7% Pb, 3.1% Zn; 22.57 m @ .03 gpt Au, 103 gpt Ag, 10.65 m @ .17 gpt Au, 211 gpt Ag, 0.2% Zn (including 3.07 m @ 0.28 gpt Au, 579 gpt Ag, 0.2% Zn, which includes 0.55 m @ 0.97 gpt Au, 2,120 gpt Ag, 0.2% Pb, 0.2% Zn); 10.52 m @ 101 gpt Ag, 0.1% Zn.
Newmont Corp. reported 2025 global mineral reserves adding up to 118.2 M attributable Oz Au, 12.5 M attributable tonnes Cu and 442 M attributable Oz Ag. At Peñasquito, in Zacatecas, proven and probable mineral reserves stand at 256.6 M tonnes grading 0.49 gpt Au, 30.7 gpt Ag, 0.3% Pb, 0.67% Zn, holding 4.1 M Oz Au, 253.3 M Oz Ag, 0.7 B tonnes Pb, 1.5 B tonnes Zn. Measured and indicated resources stand at 224.9 M tonnes grading 0.23 gpt Au, 26 gpt Ag, 0.24% Pb, 0.60% Zn, containing 1.6 M Oz Au, 188 M Oz Ag, 0.5 B tonnes Pb, 1.4 B tonnes Zn, and 9.2 M tonnes grading 0.2 gpt Au, 24.2 gpt Ag, 0.2% Pb, 0.5% Zn containing 0.1 M Oz Au, 7.1 M Oz Ag. At La Bikina measured and indicated resources stand at 19.9 M tonnes @ 0.37 gpt Au, 13.99 gpt Ag, 9 M Oz Ag, containing 200 K Oz Au and inferred resources of 1.6 M tonnes grading 0.2 gpt Au, 11 gpt Ag.
Orla Mining Ltd. released results of a preliminary economic assessment (PEA) for the underground project at its Camino Rojo mine in Zacatecas. The PEA outlines the development for an underground mine standalone operation at Camino Rojo beyond the current open pit heap leach operation supported by its own crushing, grinding, and flotation circuits to produce concentrates. The project envisages a net present value (5%) of 1.3 B and a 30% internal rate of return (IRR) at a price of $3,100 per Oz Au. It includes mining at an 8,000 tpd rate to process 37.2 M tonnes grading 2.7 gpt Au, 11.5 gpt Ag, 0.39% Zn (2.96 gpt AuEq), producing 215 K Oz Au (228 K Oz AuEq) per year and a total of 2.8 M Oz Au (2.97 M Oz AuEq) in the 17 years mine life, with cash cost of $1,067 and an AISC of $1,339 per Oz Au. The project includes a capital cost of US$608.1 M.
ON DEALS AND CORPORATE ISSUES
EV Resources Ltd. entered into a services agreement with MineMaker LLC, including “identifying and securing non-dilutive funding through U.S. government programs intended to onshore critical mineral supply chains. This includes loans, co-investment opportunities, tax incentives, and procurement mechanisms, as well as securing appropriate assistance for permitting at Federal and State level for the Company’s Nevada assets” (Los Lirios, Oaxaca).
Kootenay Silver Inc. entered into a marketing services agreement with Gold Standard Media LLC, an internet marketing and advertising company. Gold Standard will provide certain financial publishing and digital marketing services focused on introducing the company to a broader audience. In exchange for providing these services, Gold Standard will receive an aggregate upfront payment of USD$1 million. (Columba, Chihuahua).
Discovery Silver Corp. announced the appointment of Lee Hodgkinson to the board of directors (Cordero, Chihuahua).
Hecla Mining Co. informed Mr. Stephen F. Ralbovsky has retired from the board of directors. Also, Ms. Jill Satre was appointed as “the Chair of the Company’s Audit Committee” (San Sebastián, Durango).
Bear Creek Mining Corp. that its share holders have voted in favour of both the previously announced acquisition of the company by Highlander Silver Corp. and the interest deferral agreements entered into between the company and Royal Gold, Inc. and Equinox Gold Corp. at the company’s special meeting (Mercedes, Sonora).
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: chlorite flooding and specularite veining on volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.
During the 5th week of the year (January 26th to February 01st 2026), at least 49 press releases were announced by companies working in Mexico, and 1 news publish by the media, with fifteen disclosing deals and corporate issues, fifteen announcing financial rounds, nine reporting resources and developments of their properties, four communicating production results, four commenting on Mexican issues, and three informing on exploration results. ON MEXICO ISSUES, Vizsla Silver provided information regarding a security incident at its Copala project in Concordia, Sinaloa. According to financial analysts, the market value of the mining companies on the stock exchange have risen by more than USD $500B. Luca Mining, Avino Silver & Gold, and Southern Silver reported the best drilling intercepts in Mexico on the fifth week of January, 2026. ON EXPLORATION, In Sonora, Colibri completed its Phase 1 reconnaissance RC drilling program at the El Plomo project, and Regency Silver informed that the first hole of its ongoing 2026 drill program at Dios Padre project has intersected sulphide-specularite supported breccia in multiple zones across a broad, non-continuous ~250m interval. In Sinaloa, Mercado Minerals commenced its geophysical surveys over its Copalito project. ON MINING, Santacruz Silver reported Q4 and full year 2025 production results from its Zimapan mine in Hidalgo. Discovery Silver announced that it will release its financial and operating results for the fourth quarter and full year 2025 prior to the market open on Thursday, February 19, 2026 (Cordero project, Chihuahua). Orogen Royalties provided an update and outlook regarding its exploration stage projects and royalties in 2026 (Ermitaño mine, Sonora). Guanajuato Silver reported 2025 production results from its Mexican operations. ON FINANCING, Highlander announced and closed a non-brokered private placement for gross proceeds of USD $40M (Mercedes mine, Sonora/Bear Creek Mining). Questcorp announced the appointment of Amandip Singh as an advisor to the Board (La Union project, Sonora). Chesapeake closed its previously announced bought deal public offering for gross proceeds of CAD $17,250,345, and closed a CAD $2.8M non-brokered private placement with participation of Eric Sprott (Metates project, Durango). Minera Alamos announced the upcoming sale of approximately 9.68M shares by a subsidiary of Equinox Gold to strategic investors, including their Executive Vice President, Corporate Development, Darren Blasutti (Santana project, Sonora). Silver Tiger announced a bought deal financing for gross proceeds of approximately CAD $0M and later on it increased to CAD $50M (El Tigre project, Sonora). Silverco announced a bought deal offering for gross proceeds of CAD $40M (Cusi mine, Chihuahua). J2 Metals upsized its previously announced non-brokered private placement and additional flow-through financing for gross proceeds of CAD $5.3M (Sierra Plata project, Estado de Mexico). Axo Copper announced a bought deal financing for gross proceeds of approximately CAD $25M and later on it upsized to approximately CAD $35M (San Antonio project, Sonora). Apollo Silver closed the second and final tranche of its previously announced non-brokered private placement for gross proceeds of CAD $12.5M (Cinco de Mayo project, Chihuahua). Oroco closed upsized bought deal public offering for gross proceeds of CAD $23M (Santo Tomas project, Sinaloa). Sierra Madre Gold and Silver closed the second and final tranche of its previously announced private placement for gross proceeds of USD $17,822,449 (Del Toro mine, Zacatecas). Silverco informed that it upsized its previously announced bought deal financing for gross proceeds of CAD $62.5M (Cusi mine, Chihuahua). Colibri announced that it has completed the conversion of CAD $600,995 of debt to units of the company (EP project, Sonora). ON RESOURCESAND DEVELOPMENT, Heliostar filed a Pre-Feasibility Study Technical Report for its Cerro del Gallo project in Guanajuato. Southern Silver reported assay results from four holes drilled at Puro Corazon claim in its Cerro Las Minitas project in Durango. Sierra Madre Gold and Silver secured a land use authorization and expanded its land holdings at Tlacotal project, Estado de Mexico. Avino released results from six holes drilled at its la Preciosa project in Durango. Luca Mining released drill results from its ongoing Phase 2 exploration program at its Campo Morado mine in Guerrero. Minaurum published at initial Mineral Resource Estimate for its Alamos Silver project in Sonora. Silver Dollar outlined 2026 plans at its La Joya project, Durango. Guanajuato Silver announced its ambitious consolidated drilling plans for 2026 at their five Mexican mine operations, with a total of approximately 75,000m of drilling expected. Mithril provided a summary of the Q4, 2025 exploration activities carried out at their Copalquin and La Dura properties in Durango. ON DEALS AND CORPORATE ISSUES, Gold Resource announced that it entered into a definitive arrangement agreement and plan of merger with Goldgroup (Don David mine, Oaxaca). Questcorp announced the appointment Amandip Singh as an adviser to the Board and granted incentive stock options to certain directors, officers, consultants and advisors (La Union project, Sonora). Axo Copper reported that it has completed the acquisition of the San Antonio project in Sonora from Osisko Development. Barksdale informed that it granted stock options to certain directors, officers, employees, and consultants of the company (San Javier project, Sonora). Silver Spruce informed on the resignation of Greg Davison from the Board of Directors and from his role as Vice-President Exploration (Pino de Plata, Chihuahua). Silverco provided additional information on the agreement to acquire Nuevo Silver and the La Negra mine in Queretaro. Oroco granted stock options to directors, officers, employees, and consultants of the company (Santo Tomas project, Sinaloa). Silver Spruce appointed Paul K Smith as Vice President of Exploration (Pino de Plata project, Chihuahua). Algo Grande informed that it will hold its annual general meeting of shareholders on February 25, 2026 and announced the appointment of Raymond Jannas to its Board of Directors (Adelita project, Sonora). Masivo Silver entered into a digital marketing services agreement with Senergy Comminications Capital Inc (Cerro Colorado, Sonora). Questcorp issued a news release to clarify its share arrangement following a review by the British Columbia Securities Commission (La Union project, Sonora). Empress Royalty granted restricted share units to Mr. Burns (Royalty in Tahuehueto, Durango). Mexican Gold granted stock options to certain directors, officers, and consultants of the company (Las Minas project, Veracruz). ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
Vizsla Silver Corp., provided information regarding a security incident at its Copala project in Concordia, Sinaloa. Ten individuals were taken during the incident. The incident is currently under investigation and information remains limited. As a precautionary measure, Vizsla Silver has temporarily suspended certain activities at and near the site.
According to financial analysts, The 10 largest publicly traded mining companies have registered a gain of USD $528.63 B in the last year. This increase in value is driven by a historic rally in the prices of gold and silver, and sustained demand for copper for the energy transition. The gold price has rebounded by more than 20% so far this year, and the silver price by around 63% in 2026. The 10 largest mining companies reached a combined market capitalization of USD $1.33 trillion as of January 28, 2026. Compared to January 2025, the same companies had a combined market value of USD $678.57B, representing an increase of 96.47% or USD $654.6B. Included in this list is Southern Copper Corporation, one of the world´s largest integrated copper producers, with mail operations in Peru and Mexico, which added USD $88.37B to its market capitalization. In January, 2026, the mining company´s value is projected at USD $162.3B. On the other hand, in the last year, Grupo Mexico became the largest company on the Mexican Stock Exchange by market capitalization exceeding USD $73.46B.
Luca Mining Corp., Avino Silver & Gold Mines Limited, and Southern Silver Exploration Corp., reported the best drilling intercepts in Mexico on the fifth week of January, 2026. Details are shown in the table below:
ON EXPLORATION
Colibri Resource Corporation completed its Phase 1 reconnaissance RC drilling program at the El Plomo project in Sonora, testing multiple priority gold targets. The RC program consisted of 22 holes totalling approximately 1,815m. Drill samples are currently being prepared for shipment to lab for analytical assays.
Regency Silver Corp., informed that the first hole of its ongoing 2026 drill program at Dios Padre project has intersected sulphide-specularite supported breccia in multiple zones across a broad, non-continuous ~250m interval. Analytical assays are pending, but in terms of geology, alteration, mineral species and abundance, the zones appear to compare favorably to previous drill holes that returned high grade mineralization.
Mercado Minerals Ltd., commenced its geophysical surveys over its Copalito project in Sinaloa. The first phase will comprise a high resolution drone magnetic survey followed by a drone LiDAR survey. The high-resolution magnetic survey will cover 1,885 hectares using 50m-line spacing and has been designed to map known veins and their extensions, as well as provide valuable data over previously unexplored areas of the property, while the drone LiDAR survey will cover 1,867 hectares to enhance topographic detail across the property, focusing on known vein systems, their potential extensions, and additional unexplored zones.
ON MINING
Santacruz Silver Mining Ltd., reported Q4 and full year 2025 production results from its Zimapan mine in Hidalgo. During Q4, 2025 the company milled 222,703 tonnes of 80 g/t Ag, 2.9% Zn, 0.7% Pb, and 0.26% Cu with metallurgical recoveries of 70%, 78%,78%, and 50% respectively to produce 403.3K Oz Ag, 11.22M Lb Zn, 2.77M Lb Pb, and 112K Lb Cu (1.02M Oz AgEq). In the full year 2025, Santacruz milled 893,067 tonnes of 82 g/t Ag, 2.5% Zn, 0.75% Pb, and 0.29% Cu with metallurgical recoveries of 75%, 78%, 85%, and 43% respectively, to produce 1.68M Oz Ag, 36.54M Lb Zn, 12.2M Lb Pb, and 2.37M Lb Cu (3.8M Oz AgEq).
Discovery Silver Corp., announced that it will release its financial and operating results for the fourth quarter and full year 2025 prior to the market open on Thursday, February 19, 2026 (Cordero project, Chihuahua).
Orogen Royalties Inc., provided an update and outlook regarding its exploration stage projects and royalties in 2026. Highlights from 2025 include over 37,800m of partner-funded drilling (estimated USD $30M expenditure), including over 21,000m of resource expansion and conversion drilling at the Navidad/Winter vein target and the Luna zone at the Ermitaño gold-silver mine in Sonora; reception of over USD $4.1M from the sale of projects and payments from exploration partners; and the establishment of four new royalties and three exploration alliances. The 2026 outlook anticipates twelve partner-funded drilling programs with an estimated 40,000m of drilling, excluding drilling plans at Ermitaño; three partner-funded exploration alliances will continue; six projects under option to industry partners; and new updates on resources, including at the Navidad/Winter Au-Ag veins at Ermitaño.
Guanajuato Silver Company Ltd., reported 2025 production results from its Mexican operations. In 2025, the Bolañitos mine in Guanajuato produced 608.4K Oz Ag and 15.3K Oz Au; while consolidated 2025 production from the Company’s four other mines, namely Topia in Durango, and El Cubo, VMC and San Ignacio in Guanajuato, totaled 1.24M Oz Ag, 10.3K Oz Au, 2.78M Lb Pb, and 3.38M Lb Zn.
ON FINANCING
Highlander Silver Corp., announced and closed a non-brokered private placement of 8,060,226 common shares at a price of CAD $6.80 per common shares for gross proceeds of USD $40M (Mercedes mine, Sonora/Bear Creek Mining). Gross proceeds will be used to fund the advancement of the company´s mineral projects and for working capital and corporate purposes.
Chesapeake Gold Corp., closed its previously announced bought deal public offering of 4,107,225 units of the company at a price of CAD $4.20 per unit for gross proceeds of CAD $17,250,345. It also closed a non- brokered private placement of 685,000 units at a price of CAD $4.2 per units for gross proceeds of 2,877,000. Net proceeds will be used to advance the company’s proprietary oxidative leach technology, the Metates and Lucy projects in Durango, and for general working capital.
Minera Alamos Inc., announced the upcoming sale of approximately 9.68M shares by a subsidiary of Equinox Gold to strategic investors, including their Executive Vice President, Corporate Development, Darren Blasutti. The shares are priced at CAD $5.80 each, raising over CAD $56M, with closing expected in early February 2026 (Santana project, Sonora).
Silver Tiger Metals Inc., announced a bought deal financing of 34,189,000 common shares of the company at a price of CAD $1.17 per common share for gross proceeds of approximately CAD $40M. Later on, it increased it to 42,736,000 common shares at a price of CAD $1.17 per common share for gross proceeds of approximately CAD $50M. The company plans to use the net proceeds to fund exploration and development expenditures at El Tigre project in Sonora, as well as for working capital and general corporate purposes.
Silverco Mining Ltd., announced a bought deal offering of 3,200,000 common shares at a price of CAD $12.50 per common share for gross proceeds CAD $40M. Later on, it upsized the previously announced bought deal financing offering to 4,000,000 common shares at a price of CAD $12.5 per common share for gross proceeds of CAD $62.5M. Net proceeds will be used for exploration, evaluation, and restart work on the Cusi mine in Chihuahua, as well as for general and administrative expenditures and working capital.
J2 Metals Inc., upsized its previously announced non-brokered private placement and additional flow-through financing for gross proceeds of CAD $5.3M, consisting of CAD $3.8M raised through the issuance of subscription receipts at a price of CAD $0.25 per subscription receipt, and CAD $1.5M raised through the issuance of flow-through subscription receipts at a price of CAD $0.35 per flow-through subscription receipt. Net proceeds will be used to explore and advance the company´s projects and for general corporate purposes (Sierra Plata project, Estado de Mexico).
Axo Copper Corp., announced a bought deal financing of 35,715,000 units at a price of CAD $0.70 per unit for gross proceeds of approximately CAD $25M and later on it upsized to 50,000,000 units at a price of CAD $0.70 for gross proceeds of approximately CAD $35M. The company plans to use the net proceeds for exploration and advancement of its La Huerta project in Jalisco and San Antonio project in Sonora.
Apollo Silver Corp., closed the second and final tranche of its previously announced non-brokered private placement of 2,500,000 units at a price of CAD $5 per unit for gross proceeds of CAD $12.5M. With the completion of this tranche, the offering is now fully subscribed for total gross proceeds of CAD $27,500,000. Part of the gross proceeds will be used to support community relations initiatives at Cinco de Mayo project in Chihuahua, cover ongoing property maintenance costs, and for general corporate purposes.
Oroco Resource Corp., closed upsized bought deal public offering of 60,526,340 units at a price of CAD $0.38 per unit for gross proceeds of CAD $23M. The company will use the net proceeds to fund commencement of Pre-Feasibility Study drilling at its Santo Tomas project in Sinaloa, advance baseline environmental and permitting work, and for general corporate working capital.
Sierra Madre Gold and Silver Ltd., closed the second and final tranche of its previously announced private placement of 13,709,576 subscriptions receipts at a price of USD $1.30 per subscription receipt for gross proceeds of USD $17,822,449. With the completion of this tranche, the offering is now fully subscribed for total gross proceeds of USD $57,500,690. Net proceeds will be used to fund the completion of the transaction, for exploration and development of Del Toro mine in Zacatecas, following completion of the transaction and for general working capital purposes.
Colibri Resource Corporation announced that it has completed the conversion of CAD $600,995 of debt to units of the company into equity through the issuance of units comprising common shares and warrants. This debt-to-equity conversion reduces the company’s debt load and enhances its capacity to raise additional capital. The completion of this transaction is pending final approval from the TSX Venture Exchange (EP project, Sonora).
ON RESOURCES AND DEVELOPMENT
Heliostar Metals Ltd., filed a Pre-Feasibility Study Technical Report for its Cerro del Gallo project in Guanajuato. It has an effective date of December 11, 2025.
Southern Silver Exploration Corp., reported assay results from four holes drilled at Puro Corazon claim in its Cerro Las Minitas project in Durango. Drilling highlights are shown in the table below:
The company informed that next steps are update the Mineral Resource Estimate of the Cerro Las Minitas project; followed by an update of the Preliminary Economic Assessment of the project in accordance with the provisions of National Instrument 43-101 and continue to advance baseline data collection and permit readiness review.
Sierra Madre Gold and Silver Ltd., received approval to change land use for a 34.7 hectares at its Tlacotal property in Estado de México, enabling it to be used for mining-related activities. The company also executed agreements to purchase additional land, including a 33.1 hectares adjacent area and private lands associated with the current tailings facility. This land is secured via a 30-year lease and the option to purchase will be exercised upon receipt of ownership transfer documentation. It supports the expansion of their operations, including potential mine development and tailings facility upgrades. The company plans to begin drilling activities in the second half of 2026 to further explore and develop the resource potential in the region, aiming to build out their production center and explore nearby veins.
Avino Silver & Gold Mines Ltd., released results from six holes totalling 1,400m drilled at its la Preciosa project in Durango, with the full 2025 drilling program, comprising 14 holes totalling approximately 3,500m drilled. Drilling highlights include hole PMLP 25-12 on La Gloria Vein with 0.65 g/t Au and 585 g/t Ag (637 g/t AgEq) over 4.90m, including 1.92 g/t Au and 2,218 g/t Ag (2,372 g/t AgEq) over 0.95m, including 1.91 g/t Au and 1,107 g/t Ag (1,260 g/t AgEq) over 0.77m; and hole PMLP 25-14 with 0.13 g/t Au and 72 g/t Ag (83 g/t AgEq) over 0.89m on Splay 1 Vein, plus 0.62 g/t Au and 340 g/t Ag (390 g/t AgEq) over 0.60m on Abundancia Vein. “The drill results exceeded grade expectations and verified the geometry of the current vein-based resource model”.
Luca Mining Corp., released drill results from its ongoing Phase 2 exploration program at its Campo Morado mine in Guerrero. Drilling highlights include hole CMRY-25-02 with 1.34 g/t Au, 115 g/t Ag, 0.47% Cu, 0.8% Pb, and 2.7% Zn (5.35 g/t AuEq) over 28.6m, including 1.31 g/t Au, 184 g/t Ag, 0.32% Cu, 1.4% Pb, and 4.6% Zn (7.18 g/t AuEq) over 11.2m, including 5.2 g/t Au, 219 g/t Ag, 0.85% Cu, 1.7% Pb, and 4.6% Zn (12.55 g/t AuEq) over 2.8m; and hole CMRY-25-06 with 1.36 g/t Au, 103 g/t Ag, 0.43% Cu, 0.6% Pb, and 2.2% Zn (4.87 g/t AuEq) over 29.5m, including 1.82 g/t Au, 131 g/t Ag, 0.4% Cu, 0.9% Pb, and 3% Zn (6.13 g/t AuEq) over 21m, including 12.27 g/t Au, 556 g/t Ag, 0.46% Cu, 3.5% Pb, and 6% Zn (25.38 g/t AuEq) over 2.2m. “Initial results indicate thick, gold- and silver-rich VMS mineralization at El Rey, an unmined deposit located approximately 200m from the Reforma deposit and close to existing underground infrastructure, supporting its potential inclusion in the longer-term Campo Morado mine plan”.
Minaurum Silver Inc., published at initial Mineral Resource Estimate (MRE) for its Alamos Silver project in Sonora. It consists of high-grade inferred resources of 5.37M tonnes grading 202 g/t Ag, 0.21 g/t Au, 0.43% Cu, 0.97% Pb, and 2% Zn and containing 34.8M Oz Ag, 35.6K Oz Au, 51M Lb Cu, 115M Lb Pb, and 238M Lb Zn (55.2M Oz AgEq). The MRE comprises portions of the Promontorio, Travesia, and Europa Vein zones, three of the twenty-six vein zones identified at the property. Minaurum is currently conducting a 50,000m core drilling program to expand the MRE at Europa and Promontorio-Travesia, while also completing step-out and infill drilling in additional vein zones including at San Jose, Quintera, Promontorio Sur, Pulpito-Cotera, and Minas Nuevas. The table below shows with more detail the MRE, with an effective day of January 8, 2026:
Silver Dollar Resources Inc., outlined 2026 plans at its La Joya project, Durango. The company is shifting its exploration strategy from potential open-pit to underground development, focusing on higher-grade underground mineralization. The focus is on targeting higher-grade underground mineralization within the 2 x 3 kilometer La Joya mineralized complex. Key activities include enhanced modeling of known high-grade areas, detailed underground and surface mapping and sampling, and the re-logging of selected historical drill core. The areas of focus include targets that demonstrate similarities to the nearby San Martin mine, known for significant silver mineralization. Five targets are identified for drilling to test for deep San Martin-type mineralization.
Guanajuato Silver Company Ltd., announced its ambitious consolidated drilling plans for 2026 at their five Mexican mine operations (Topia in Durango, and Bolañitos, El Cubo, Valenciana, and San Ignacio in Guanajuato), with a total of approximately 75,000m of drilling expected. This represents significant increases over previous years, specifically 731% more than 2025 and 1,660% more than 2024. The drilling will be divided into 45,000m of exploration drilling and 30,000m of infill drilling, aimed at establishing reserves, enhancing material definition, and expanding resource bases at various mines under its ownership in Mexico. The plan marks a strategic commitment to invest in resource growth and long-term production increases.
Mithril Silver and Gold Limited provided a summary of the Q4, 2025 exploration activities carried out at their Copalquin and La Dura properties in Durango. In 2025, Mithril made significant advancements in exploration activities at the Copalquin district. Throughout the year, drilling at Target 1 expanded the mineralized system and an update of the maiden resource at Target 1 is planned for Q2, following a 3,000m drill program to infill key areas in the mode. Target 5, with multiple, parallel NW trending veins hosted in the granodiorite intrusive in the southwest area of the district emerged as a promising silver-rich growth opportunity. Preparations were made for drilling at Target 3, which commenced in January 2026. On the other hand, additional exploration efforts included systematic mapping, sampling, and geophysical work are currently being carried out to strengthen the geological model across the district. The overall focus on these activities indicates a firm belief in Copalquin’s potential as a large, vertically extensive epithermal gold-silver system with mineralization defined over 9km strike length and 1,200m vertical extent, with multiple targets, a dominant east-west structural corridor, and multiple northwest-trending structures within the 70 square km mining concession area, suggesting a considerable resource growth potential. Finally, the company acquired La Dura mining concessions, which comprise five contiguous concessions totaling 2,052 hectares, located just 5 km from El Durazno and 20 km from the flagship Copalquin property. This area is noted for a significant Au-Ag sheeted to stockwork vein system associated with NW striking faults.
ON DEALS AND CORPORATE ISSUES
Gold Resource Corporation (GRC) announced that it entered into a definitive arrangement agreement and plan of merger with Goldgroup Mining Inc., whereby Goldgroup has agreed to acquire all the issued and outstanding shares of the company´s common stock. GRC´s stakeholders will receive 1.4476 common shares of Goldgroup for each share of GRC common stock as a result of a four-for-one share consolidation. Based on the closing prices of GRC’s common stock and Goldgroup’s common shares on January 23, 2026, the Exchange Ratio represents a value of USD $2.25 per share of GRC’s common stock, reflecting a 39% premium to GRC’s closing price on January 23, 2026. The Transaction values GRC’s common stock at approximately USD $372M on a fully-diluted in-the-money basis and based on the value of Goldgroup shares on January 23, 2026. The Transaction was unanimously approved by the boards of directors of Goldgroup and GRC (Don David mine, Oaxaca).
Questcorp Mining Inc., announced the appointment of Amandip Singh as an advisor to the Board. It also granted 4,400,000 incentive stock options to certain directors, officers, consultants, and advisors (La Union project, Sonora).
Axo Copper Corp., reported that it has completed the acquisition of Sapuchi Minera S de R.L. de C.V., from Osisko Development Corp. At closing of the Transaction, the Company issued 15,325,841 common shares of Axo Copper to Osisko Development and 7,655,250 Axo Shares to OR Royalties International Inc., , in accordance with the Securities Purchase Agreement and Share Issuance Agreement, respectively. Sapuchi Minera holds a 100% interest in the San Antonio Gold project in Sonora. Osisko Development is entitled to certain contingent deferred payments in connection with the sale, including a cash payment equal to 70% of any Mexican value‑added tax refund due or owing to Sapuchi Mexico in respect of any period ending on or before the closing date of the Transaction; upon the public filing by Axo of a feasibility study respecting the Project that is prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects, USD $2M, payable in cash or up to 9,398,496 Axo Shares, at Axo’s option, provided that if the issue price of such Axo Shares is below the November 21, 2025 closing price of the Axo Shares, the Company will receive 9,398,496 Axo Shares plus a cash payment equal to the shortfall between USD $2M and the US dollar-equivalent value of the Axo Shares received; and a cash payment of USD $2M, upon the first gold pour being completed at the Project.
Barksdale Resources Corp., informed that it granted stock options to certain directors, officers, employees, and consultants of the company to acquire an aggregate of 4,850,000 common shares in the capital of the company (San Javier project, Sonora).
Silver Spruce Resources Inc., informed on the resignation of Greg Davison from the Board of Directors and from his role as Vice-President Exploration (Pino de Plata, Chihuahua).
Silverco Mining Ltd., provided additional information on the agreement to acquire Nuevo Silver and the La Negra mine in Queretaro. Nuevo Silver does not currently hold title to the la Negra mine and it is a condition of closing of the acquisition that Nuevo Silver completes its purchase of the La Negra mine. Nuevo Silver raised over USD $30M through subscription receipts to fund the acquisition. The deal is subject to various conditions, including the completion of Nuevo Silver’s purchase of the mine, regulatory approvals, and the delivery of a technical report. The acquisition will be executed through Silverco issuing shares to Nuevo Silver shareholders, with the valuation driven upward by recent increases in silver prices and positive cash flow prospects at the La Negra Mine.
Oroco Resource Corp., granted a total of 7,050,000 incentive stock options to directors, officers, employees, and consultants of the company at an exercise price of CAD $0.85 per share with a term of three years (Santo Tomas project, Sinaloa).
Silver Spruce Resources Inc., appointed Paul K Smith as Vice President of Exploration, effective immediately (Pino de Plata project, Chihuahua).
Algo Grande Copper Corp., informed that it will hold its annual general meeting of shareholders on February 25, 2026 and announced the appointment of Raymond Jannas to its Board of Directors (Adelita project, Sonora).
Masivo Silver Corp., entered into a digital marketing services agreement with Senergy Comminications Capital Inc., to provide content creation, strategic messaging, Paid advertising, corporate communications support, and enhanced online visibility services to increase awareness of the company´s projects and strengthen engagement with current and prospective shareholders. Senergy has been retained for an initial period of two months, commencing on January 29, 2026, and Masivo has agreed to pay CAD $60K plus applicable taxes for the services provided during the term of the agreement (Cerro Colorado, Sonora).
Questcorp Mining Inc., issued a news release to clarify its share arrangement following a review by the British Columbia Securities Commission. On October 24, 2025, the company completed a non-brokered private placement, issuing 14,000,334 units at CAD $0.15 per unit for total gross proceeds of CAD $2,100,050. Additionally, Questcorp entered into a Sharing Agreement with Sorbie Bornholm LP for a notional amount of CAD $2M, in which the company will initially receive CAD $8K, with future payments determined over 24 months based on its share price performance. Notably, there are risks involved as no funds from the Sharing Agreement are secured, exposing the company to potential losses if Sorbie faces financial difficulties (La Union project, Sonora).
Empress Royalty Corp., granted 250,000 restricted share units at a deemed price of CAD $1.09 per unit to Mr. Burns, further to its appointment to the Board of Directors (Royalty in Tahuehueto, Durango).
Mexican Gold Mining Corp., granted stock options to certain directors, officers, and consultants of the company to acquire an aggregate of 3,650,000 common shares at an exercise price of CAD $0.16 per common share (Las Minas project, Veracruz).
ON SOCIAL RESPONSIBILITY
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On the picture below, low-temperature silica in a low-sulphidation epithermal vein system in a project in Durango, Mexico. Photo taken by Miguel A Heredia.
