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 9th week of the year (February 23th to March 01st 2026), at least 33 press releases were announced by companies working in Mexico, and 1 news publish by the media, with ten disclosing deals and corporate issues, eight informing on exploration results, eight reporting resources and development of their properties, three communicating production results, three announcing financing rounds, and two commenting on Mexican issues. ON MEXICO ISSUES, According to an analysis of S&P Mining Intelligence, the Mexican Mining Policy may affect Mexico-USA Critical Minerals Plan. Minaurum Silver, Silverco, Heliostar, Capitan Silver and Axo Copper reported the best drilling intercepts in Mexico on the fourth week of February, 2026. ON EXPLORATION, In Sonora, Barksdale informed that it is reviewing a sample collection program to assay historic core drill samples, and Riverside released assays and exploration results at its Ariel project. In Chihuahua, Mammoth identified potential draw point locations for small-scale gold-silver and pilot leach testing at its Tenoriba project. In Durango, Pinnacle provided an update on its El Potrero project; Mithril reported progress of its ongoing exploration activities at La Dura and Copalquin projects and Capitan Silver released assays from nine RC holed drilled at Cruz de Plata project. In Jalisco, Axo Copper provided an update on its exploration plan at La Huerta project. In Guerrero, J2 Metals reported high grade Ag-Au-Sb results from the due diligence visit to its Sierra Plata project. ON MINING, Aura reported Q4 and full year, 2025 production and financial results (Aranzazu mine, Zacatecas). Endeavor announced Q4 and full 2025 results from their Mexican operations. ON FINANCING, Regency Silver closed its previously announced non-brokered private placement for gross proceeds of CAD $4,247,500 (Dios Padre project, Sonora). Questcorp closed the first tranche of its upsized non-brokered private placement, increasing the total offering from CAD $2.22M to CAD $2.62M (La Union project, Sonora). Algo Grande closed its previously announced non-brokered private placement for gross proceeds of CAD $6.52M (Adelita project, Sonora). ON RESOURCES AND DEVELOPMENT, Oroco commenced its Phase 2 drill program at its Santo Tomas project in Sinaloa. Kootenay informed that a three-dimensional induced polarization (3D-IP) and Audio-Magnetotelluric AMT) geophysical survey has initiated at its Columba project in Chihuahua. Minaurum filed a NI43-101 Technical Report, Mineral Resource Estimate on its Alamos Silver project in Sonora. Silverco released the final assay results from the 2025 drilling program at its Cusi mine in Chihuahua. Minaurum announced the mobilization of six rigs to accelerate its ongoing Phase II, 50,000m resource expansion drilling program at its Alamo Silver project in Sonora, and released additional results. GoGold informed that it has advanced the development of its Los Ricos South project in Jalisco. Heliostar released results from the ongoing drilling program at its Ana Paula project in Guerrero. Axo Copper provided an update on its exploration plan at its recently acquired San Antonio Gold project in Sonora. ON DEALS AND CORPORATE ISSUES, Pinnacle signed an amendment agreement with the vendor of El Potrero project, Durango. GR Silver informed that it qualified to trade on the OTCQX Best Market and granted stock options to certain external consultants (Plomosas project, Sinaloa). Goldgroup completed the sale of Pinos project in Zacatecas. Bear Creek announced that the Supreme Court of British Columbia approved the plan of arrangement with Highlander Silver (Mercedes mine, Sonora). Silverco announced that Nuevo Silver has completed the purchase of the La Negra mine in Queretaro. Canasil announced the appointment of Fabian Espinoza as Exploration Manager, Mexico (Nora project, Durango). GR Silver announced it will present at PDAC 2026 Convention (Plomosas project, Sinaloa). Highlander and Bear Creek completed business combination (Mercedes mine, Sonora). Santacruz granted stock options to a firm leader in investor relations and capital marketing advisory (Zimapan mine, Hidalgo). Silver Storm announced that it will be attending visitors of the PDAC 2026 Convention at its booth (La Parrilla mine, Durango). ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
According to an analysis of SP Global Market Intelligence, the Mexican Mining Policy may affect Mexico-USA Critical Minerals Plan. Mexico is among the largest producers of six of the 60 minerals it imports from the United States, but the 2023 mining reform could limit the attraction of new investment. The agreement on critical minerals recently reached with the United States represents an opportunity for Mexico to boost its mining sector. Despite the agreement, President Sheinbaum has reiterated that no new mining concessions will be granted, nor will the strict 2022 law be modified, which could limit the attraction of new investments and the development of new projects.
Minaurum Silver Inc., Silverco Mining Ltd., Heliostar Metals Ltd., Capitan Silver Corp., and Axo Copper Corp., reported the best drilling intercepts in Mexico on the fourth week of February, 2026. Details are shown in the table below:
ON EXPLORATION
Barksdale Resources Corp., informed that it is reviewing a sample collection program to assay historic core drill samples and core from 2021 Barksdale drilling program for gold content. During the 2021 drill campaign, Barksdale encountered three broad intercepts of gold, including 1.97 g/t Au over 27m in hole SJ21-04; and two 21m intervals of 0.55 g/t Au followed by 1.57 g/t Au in hole SJ21-05.
Riverside Resources Inc., reported new assay results and exploration updates from its Ariel project in Sonora. Highlights include high-grade mineralization from veins in the northern Maria Luisa area, with values of up to 320 g/t Ag, 5.4% Pb, and 0.66 g/t Au. The company also completed detailed geological mapping and alteration mineral studies using spectral analysis to identify minerals associated with porphyry copper and high-sulphidation systems. In addition, a regional geophysical dataset was analyzed to prioritize drilling within permitted areas. Riverside expanded its land position through the acquisition of adjacent mineral concessions, consolidating the Ariel project into a single, drill-ready property covering 1,640 hectares. The work has further refined two principal target styles: a porphyry copper target and an epithermal target interpreted as the upper portion of a porphyry system.
Mammoth Resources Corp., identified potential draw point locations for small-scale gold-silver and pilot leach testing at its Tenoriba project in Chihuahua. Geologists analyzed thousands of surface samples and drill results, combined with geological and geophysical data, to pinpoint promising several draw point within the Carneritos area, with average gold grades ranging from about 0.97 g/t to 3.86 g/t. The target that shows high surface grades averaging 3.86 g/t gold has not been drilled yet. Next plans of the company are to carry out a field validation of the selected draw points; estimate size and tonnage; run metallurgical tests, and drill to define resources.
Pinnacle Silver and Gold Corp., provided an update on its El Potrero project in Durango, as its progresses towards a production decision. Key developments include the rehabilitation of historic mine workings and the preparation of drill stations, with a a total of 2,423m of drilling across 107 holes planned. The company also has applied for an environmental permit for surface drilling; completed a second round of metallurgical testing to optimize gold and silver recoveries, and finalize a feasibility study to extend a powerline to the project site. In addition, further community agreements are expected following the recent signing of a one-year agreement with the Ejido El Carmen.
Mithril Silver and Gold Limited reported progress of its ongoing exploration activities at La Dura and Copalquin projects in Durango. A high-resolution LiDAR survey revealed a 1.5 km by 300m structural corridor with multiple historic mine shafts, adits and prospecting pits, identifying a high-priority key drill target. Ongoing drilling at Target 1 aims to update resources, while promising early results at Target 3 are guiding future exploration. The company is integrating LiDAR, magnetic surveys, and sampling data to prioritize areas for resource expansion and district-wide development.
Capitan Silver Corp., released assays from nine RC holed drilled at Cruz de Plata project in Durango., and initiated core drilling at the property, focused on extending the new high-grade silver zone at the Jesus Maria trend proximal to the Peñoles Fault. Two more rigs are expecting to arrive in the coming weeks and will target several priority drill targets in addition to testing deeper mineralization along the Jesus Maria Silver Trend. RC Drilling highlights are shown in the next table:
Axo Copper Corp., provided an update on its exploration plan at La Huerta project in Jalisco. Drilling at La Huerta project is ongoing, with the current objective of testing the down-dip extension at Las Marias, through a series of planned holes ranging from approximately 350m to 450m in length. Recent assay results from La Huerta include an intercept of 2.26% Cu and 6 g/t Ag (2.34% CuEq) over 11.4m, including 3.69% Cu and 9 g/t Ag (3.81% CuEq) over 4.2m in hole LHCC-25-043.
J2 Metals Inc., reported high grade Ag-Au-Sb results from the due diligence visit to its Sierra Plata project in Guerrero, with a peak of 12.8 g/t Au and 3.1Kg Ag/t (60.49 g/t AuEq) from the waste dumps of the San Miguel mine. The company plans to conduct follow-up mapping, geochemistry, and magnetic geophysics to explore the property.
ON MINING
Aura Minerals Inc., reported Q4 and full year, 2025 production and financial results (all currency is expressed in US dollars). In Q4, 2025, the company produced at its Aranzazu mine in Zacatecas, a total of 18,878 Oz AuEq and sold 18,068 Oz AuEq at cash and AISC of $ 1,228 and $1,732 per Oz AuEq sold respectively. Aura also reported some financial numbers from its Aranzazu mine, including revenue of $66.54M and EBITDA of $40.99M. Full year 2025 production was 83,140 Oz AuEq and Aura sold 82,328 Oz AuEq at cash and AISC of $1,156 and $1,569 per Oz AuEq sold respectively. The company declared and approved the payment of a dividend of USD $0.66 per common share (approximately $55.1M).
Endeavor Silver Corp., announced Q4 and full 2025 results from their Mexican operations. The next tables show figures by mine for both periods:
ON FINANCING
Regency Silver Corp., closed its previously announced non-brokered private placement for gross proceeds of CAD $4,247,500 by selling 16, 990,000 units at a price of CAD $0.25 by unit. Net proceeds will be used to support the ongoing drilling at Dios Padre project, in Sonora.
Questcorp Mining Inc., closed the first tranche of its upsized non-brokered private placement of 11,100,000 units at a price of CAD $0.2 per unit for gross proceeds of CAD $2.22M, and then it amended and restated to 13,100,000 units at a price of CAD $0.20 per unit for gross proceeds of CAD $2.62M. Part of the gross proceeds will be used for exploration work at La Union project in Sonora, as well as general working capital purposes.
Algo Grande Copper Corp., closed its previously announced non-brokered private placement of 10,037,020 shares at a price of CAD $0.65 per share for gross proceeds of CAD $6.52M. Net proceeds will be used to fund the next phase of exploration at its Adelita project in Sonora, focused on a Phase II drilling program.
ON RESOURCES AND DEVELOPMENT
Oroco Resource Corp., commenced its Phase 2 drilling program at its Santo Tomas project in Sinaloa. The program will consists of infill and confirmation drilling to refine de geological and grade model to support the upgrade of the mineral resource classifications in the project’s South Zone. The company also announced that it will undertake complementary Pre-Feasibility Study (PFS) hydrological, geotechnical and metallurgical programs intended to advance project engineering and reduce technical risk at Santo Tomas project.
Kootenay Silver Inc., informed that a three-dimensional induced polarization (3D-IP) and Audio-Magnetotelluric AMT) geophysical survey has initiated at its Columba project in Chihuahua. It will cover over 1,250 hectares to aid in discovering additional mineralized zones, and is expected to take approximately eight weeks to complete. The geophysical survey aims to enhance understanding of subsurface structures and mineralization, complementing ongoing drilling efforts that have already delineated significant silver-lead-zinc- resources. The combined geophysical data will help refine drill targets, support resource expansion, and guide future exploration, all as part of Kootenay’s broader plan to advance the project and increase silver-lead-zinc resource estimates.
Minaurum Silver Inc., filed a NI43-101 Technical Report, Mineral Resource Estimate on its Alamos Silver project in Sonora to announce results from its resource-expansion drill program in the Europa, Promontorio and Travesia vein zones.
Silverco Mining Ltd., released the final assay results from the 2025 drilling program at its Cusi mine in Chihuahua. Drilling highlights at San Miguel Zone include hole CU-25-45 with 0.22 g/t Au, 500 g/t Ag, 1.6% Pb, and 3% Zn (548 g/t AgEq) over 3.9m, including 0.63 g/t Au, 1,265 g/t Ag, 3.6% Pb, and 6% Zn over 1,348 g/t AgEq, plus 0.34 g/t Au, 293 g/t Ag, 1.7% Pb, and 3.1% Zn (370 g/t AgEq) over 13.6m, including 1.18 g/t Au, 1,1015 g/t Ag, 0.3% Pb, and 0.7% Zn (980 g/t AgEq) over 1.3m; hole CU-25-43 with 0.27 g/t Au, 137 g/t Ag, 2.1% Pb, and 3.2% Zn (236 g/t AgEq) over 12m, including 0.58 g/t Au, 198 g/t Ag, 4.5% Pb, 6.7% Zn (417 g/t AgEq) over 3.1m, plus 0.08 g/t Au, 54 g/t Ag, 2.6% Pb, and 4.1% Zn (181 g/t AgEq) over 3.1m; and hole CU-25-58 with 0.7 g/t Au, 239 g/t Ag, 13.1% Pb, and 15.7% Zn (803 g/t AgEq) over 3.7m.
Minaurum Silver Inc., announced the mobilization of six rigs to accelerate its ongoing Phase II, 50,000m resource expansion drilling program at its Alamo Silver project in Sonora, and released additional results. The company will continue step-out drilling on vein zones with established resources at Europa and Promontorio-Travesia, while initiating resource-definition on several additional veins, including San Jose, Quintera, Cotera-Pulpito, and Minas Viejas. Drilling highlights are shown in the table below:
GoGold Resources Inc., informed that it has advanced the development of its Los Ricos South project in Jalisco. Key activities include detailed underground mine design, plant engineering, and equipment procurement underway. The company has selected contractors for underground mining, secured key equipment like a SAG grinding mill and working out power, and water supplies, and is preparing for construction once permits are received. Plant designs for processing and tailings are over halfway done. With a robust financial position of approximately USD $250M, GoGold is well-positioned to move towards production, aiming to benefit the local community and stakeholders through economic investments.
Heliostar Metals Ltd., released results from the current drilling program at its Ana Paula project in Guerrero, which is focused on converting inferred ounces to higher confidence classifications, as well as support the ongoing Feasibility Study. Drilling results are shown in the next table:
Axo Copper Corp., provided an update on its exploration plan at its recently acquired San Antonio Gold project in Sonora. It announced that it will commence an initial 25,000m drill program to expand and upgrade existing resources through infill drilling, as well as to drill additional 5,000mto test new exploration targets along strike of known deposits. Sapuchi deposit is a top priority and is considered a potential starter pit due to oxide mineralization and existing infrastructure. Additional exploration targets include El Tigre, with strong surface gold results and historic workings. It consists of a 1.5km by 0.5km mineralized corridor, located along strike and immediately west of the Golfo de Oro resource. Initial drilling (~5,000 m) will test strike continuity and vertical extent, with scalability contingent on results.
ON DEALS AND CORPORATE ISSUES
Pinnacle Silver and Gold Corp., informed that it amended payment terms for the El Potrero project in Durango. The original payment of USD $750K due on February 21, 2026 will be split into three equal portions. The new payment schedule will comprise payments of US$250,000 on each of February 24, May 24 and August 24, 2026. All other cash payments and share issuances remain the same.
GR Silver Mining Ltd., informed that it qualified to trade on the OTCQX Best Market. GR Silver will trade under the symbol “GRSLF”. The company also granted incentive options to certain external consultants to purchase up to 750,000 common shares. These options are exercisable for a period of five years at a price of CAD $0.465 per share. On the other hand, GR Silver entered into a consultant agreement with Redwood Empire Financial Communications LLC to receive investor relations services commencing January 1, 2026 and ending on December 31, 2026 (Plomosas project, Sinaloa).
Goldgroup Mining Inc., completed the sale of Minera Apolo SA de CV, which owns all the issued and outstanding shares of Minera Catanava SA de CV. Apolo and Minera Catanava collectively hold a 100% interest in the Pinos project in Zacatecas, which comprises 30 contiguous mining concessions totalling 3,816 hectares. Goldgroup sold the project to a private arm´s length British Columbia company in consideration of USD $5M in stages payments, with USD $2.45M paid on signing, USD $550K paid on closing and USD $2M to be paid within six months following the closing, which paymrent is secured by a promissory note.
Bear Creek Mining Corporation announced that the Supreme Court of British Columbia approved the plan of arrangement with Highlander Silver under the Business Corporations Act. It will enacts Highlander to acquire all the issued and outstanding common shares of Bear Creek as previously announced (Mercedes mine, Sonora).
Silverco Mining Ltd., announced that Nuevo Silver Inc., has completed the purchase of the La Negra mine in Queretaro, and is proceeding with its proposed acquisition of Nuevo Silver. The company continues to negotiate a definitive agreement, pending due diligence, board approval, and regulatory clearances. The upcoming steps involve finalizing the acquisition process and obtaining all necessary approvals.
Canasil Resources Inc., announced the appointment of Fabian Espinoza as Exploration Manager, Mexico (Nora project, Durango).
GR Silver Mining Ltd., announced it will present at PDAC 2026 Convention from February 26th to March 04th, 2026 (Plomosas project, Sinaloa).
Highlander Silver Corp., and Bear Creek Mining Corporation completed business combination under Division 5 of Part 9 of the Business Corporations Act and the concurrent closing of the debt settlement agreements between Highlander Silver and each of Royal Gold, Inc., through its wholly-owned subsidiary, International Royalty Corporation, and Equinox Gold Corp., (Mercedes mine, Sonora).
Santacruz Silver Mining Ltd., granted 45,000 stock options at an exercise price of CAD $17.18 to a firm leader in investor relations and capital marketing advisory (Zimapan mine, Hidalgo).
Silver Storm Mining Ltd announced that it will be attending visitors of the PDAC 2026 Convention at its booth (La Parrilla mine, Durango).
ON SOCIAL RESPONSIBILITY
No relevant news.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture below, float of a quartz vein in an intermediate sulphidation epithermal vein-breccia system in Chihuahua, Mexico. Photo taken by Miguel A Heredia.
During the 4th week of the year (January 19th to January 25th, 2026), companies working in Mexico released 43 press releases. Six companies informed on early-stage properties work, eight more presented quarterly reports and one informed on an illegal blockade. Eight companies presented news on financing rounds, one on trading on a new market, one on the halting of trading and one more on a favorable ranking. Six companies presented updates on advanced properties, while nine companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Questcorp Mining and partner Riverside Resources released favorable channel sample results from La Unión; Tocvan Ventures released drilling results from the North Block at its Gran Pilar project. In Chihuahua, Kingsmen Resources released drilling results from Las Coloradas; Mammoth Resources is working in planning and permitting a resource definition drilling campaign at Tenoriba. In Durango, Pinnacle Silver and Gold released underground sampling results from El Potrero. In Oaxaca, EV Resources is mobilizing a rig to Los Lirios. ON MINING, Luca Mining, Orla Mining, Gold Resource, Pan American Silver, GoGold Resources, Americas Gold and Silver, Gold Royalty and Avino Silver and Gold Mines presented quarterly reports. Gold Resource reported an illegal blockade at its Don David mine in Oaxaca. ON FINANCING, four companies informed on financing rounds: Canasil Resources (C$0.5 M), Apollo Silver (C$15 M), Kootenay Silver (C$16.5 M), and Pacifica Silver (C$23 M). Silver Spruce Resources corrected a previous offering note. Santacruz Silver Mining commenced trading on the Nasdaq Capital Market. Silverco Mining halted trading on the TSX. Guanajuato Silver and Luca Mining were named to the 2026 OTCQX Best 50. EV Resources received A$0.6 M from the sale of an Australian property. ON RESOURCES AND DEVELOPMENT, Kootenay Silver is to conduct a PEA on La Cigarra. Vizsla Silver updated on 2025 work at Panuco, and plans for 2026. Capitan Silver commenced a 60,000 m drilling campaign at Cruz de Plata. Mithril Silver and Gold released drilling results from Coplaquin. Alamos Gold presented drilling results from the PDA, Cerro Pelón and Halcón deposits in the Mulatos district. Silver Tiger Metals filed an updated PFS on the Stockwork zone and a PEA on the underground at El Tigre project. ON DEALS AND CORPORATE ISSUES, Bear Creek Mining informed on the incoming meeting of shareholders to resolve its arrangement with Highlander Silver. Mammoth Resources elected board directors at its AGM. Regency Silver optioned the La India concession near its Dios Padre project in Sonora. Silverco Mining is acquiring Nuevo Silver, owner of la Negra mine in Querétaro. Southern Empire Resources acquired the Pedro project in Durango from Enduro Metals. Radius Gold continues discussions with Pan American Silver to advance the Amalia project in Chihuahua. Silver Viper Minerals announced an appointment to the board. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
No Relevant News.
ON EXPLORATION
Kingsmen Resources Corp. released results from three diamond drill holes on the Soledad structure at its Las Coloradas project in Chihuahua. Two of the holes intersected old workings, with the remaining hole intercepting 15.7 m of core length averaging 0.04 gpt Au, 46 gpt Ag, 9.9% Pb, 0.7% Zn (including 7.7 m @ 0.08 gpt Au, 89 gpt Ag, 1.8% Pb, 1.2% Zn, which includes 0.60 m @ 0.867 gpt Au, 848 gpt Ag, 18.2% Pb, 11.7% Zn). “The geological sequence consists of variably sheared and interbedded arenite and lutite…. Alteration comprises green chlorite-epidote-nontronite and sericite with pyrite-calcite veinlets, sphalerite-(galena) veinlets, grey to white bleaching +/- disseminated pyrite (mm-cm) size.
Mammoth Resources Corp. is advancing steps towards the planning and permitting to complete a resource definition drill program at its Tenoriba project in Chihuahua. The company also intends to proceed with studies to confirm potential gold-silver recoveries from a coarser fraction heap leach metallurgical test and to define high-grade areas to source material for a pilot plant operation.
EV Resources Ltd. announced the mobilization of drilling equipment to its Los Lirios antimony project in Oaxaca. The 1,500-2,000 m drill program targets high-grade Sb mineralization beneath historical workings along the Lirios fault zone, testing for both veins and carbonate replacement targets on 900 m of the 9 km long system.
Pinnacle Silver and Gold Corp. released underground sampling results from the Estrella vein at its El Potrero project in Durango. Channel sampling identified two mineralized zones within the 42 m long workings, one of 5.49 gpt Au, 48 gpt Ag across 0.72 m and another yielding 1.87 gpt Au, 51 gpt Ag, averaging 1.1 m in width. The identification of high-grade Au-Ag mineralization at La Estrella is significant, as it lies 500 m from the main Dos de Mayo structure and is topographically 300 to 400 m above, with “… brecciated, lattice bladed and banded textures”.
Questcorp Mining Corp. and partner Riverside Resources Inc. reported results from channel sampling at La Unión, in Sonora. A 30 m continuous channel sample oblique to strike along the decline wall at La Unión mine averaged 20 gpt Au, 226 gpt Ag. The companies continue to forward the CRD and sediment hosted mineralization models for the property.
Tocvan Ventures Corp. released drilling results from its maiden (reverse circulation?) drill program on the North block at its Gran Pilar project in Sonora, five kilometers north of the South Block/Main Zone. Highlighted results from five drill holes comprise 7.64 m @ 23 gpt Ag (including 1.53 m @ 92 gpt Ag); 7.63 m @ 18.8 gpt Ag, 0.1% Zn; 10.71 m @ 0.3% Zn; 3.06 m @ 20 gpt Ag, 0.5% Pb, 0.3% Zn. Other elements were as high as 0.13% Cu, 170 ppm As, 276 ppm Sb.
ON MINING
Luca Mining Corp. provided its production report for Q4 2025, and achieved its revised full-year 2025 production guidance. During 2025 Campo Morado in Guerrero produced 8,735 Oz Au, 1 M Oz Ag, 4,921 tonnes Pb, 38,740 tonnes Zn, 8,895 tonnes Cu, while Tahuehueto in Durango produced 17,410 Oz Au, 316.1 K Oz Ag, 4,000 tonnes Pb, 6,472 tonnes Zn, 1,185 tonnes Cu, for a consolidated production of 26,144 Oz Au, 1.33 M Oz Ag, 8,921 tonne Pb, 45,212 tonnes Zn, 10,081 tonnes Cu. Payable production ranged between 70 and 82% of metals. During the quarter 5,836 m of drilling were completed, for a total of 22,855 m in the year, with an investment of US$3.8 M. The company’s cash position at the end of the period was US$25.1 M.
Orla Mining Ltd. provided an operational update for the fourth quarter and year 2025. The company produced a total of 95,405 Oz Au in the quarter and 300,620 Oz Au in the year from its operations in Mexico and the US. At Camino Rojo in Zacatecas, 1.86 M tonnes of ore were stacked grading 0.47 gpt Au to produce 19,587 Oz Au during the quarter, and stacked 8.94 M tonnes of ore grading 0.54 gpt Au to produce 96,764 Oz Au in the year.
Gold Resource Corp. announced preliminary fourth quarter production from its Don David mine in Oaxaca. During the period 85.9 K tonnes were milled at a rate of 1,305 tpd, grading 0.96 gpt Au, 298 gpt Au, 0.16% Cu, 0.58% Pb, 1.22% Zn, to produce 1,993 Oz Au, 687.5 K Oz Ag, 87 tonnes Cu, 306 tonnes Pb, 750 tonnes Zn. “During the quarter, the Company’s production profile has transitioned into more of a silver producer, accounting for about 80% of its revenue….. a total gold equivalent (AuEq) ounces of 10,413”. For the full year, the company produced 23,125 Oz AuEq.
Pan American Silver Corp. presented preliminary 2025 results, with a total of 22.8 M Oz Ag, 742,200 Oz Au consolidated production. In Mexico the company produced during the fourth quarter 1.61 M Oz Ag, 1,100 Oz Au at La Colorada (Zacatecas), 1.91 M Oz Ag, 4,800 Oz Au at Juanicipio (Zacatecas), 0.11 M Oz Ag, 5,400 Oz Au at Dolores (Chihuahua). For the year production was 6.02 M Oz Ag, 4,600 Oz Au at La Colorada, 2.49 M Oz Ag, 6,700 Oz Au at Juanicipio, 5.4 M Oz Ag, 37,600 Oz Au at Dolores, with 61% of Ag and 6.5% Au consolidated production coming from Mexico. Guidance for 2026 is 25-27 M Oz Ag, 700,000-750,000 Oz Au, with a budgeted US$55 M on brownfield exploration, US$ 55 M on project related exploration and US$-22-25 M on regional exploration in Brazil, Mexico, Canada and Chile.
Americas Gold and Silver Corp. had consolidated production of 2.65 M Oz Ag in 2025. At Cosalá, in Sinaloa, 463 K Oz Ag were produced in the quarter, for a total of 1.19 M Oz Ag during the year. The rest of the production was from its USA operations.
GoGold Resources Inc. reported production for the quarter ended December 31, 2025. At its Parral operations in Chihuahua, the company produced 205.1 K Oz Ag, 2,914 Oz Au, 96 tonnes Cu, 150 tonnes Zn, or 456.2 K Oz AgEq.
Gold Royalty Corp. released preliminary fourth quarter 2025 results. Total revenue, land agreement proceeds and interest was US$5.2 M (revenue of US$4.2 M), or 1,255 Oz AuEq. For 2025, total revenue, land agreement and proceeds and interest added up to US$17.7 M (revenue of US$13.9 M), or 5,173 Oz AuEq (royalty on Cosalá, Sinaloa).
Gold Resource Corp. announced that an illegal blockade is underway at its mine in Oaxaca. Employees of terminated contractors on Union membership affiliation grounds established an illegal mine-access blockade. “This dispute is between the union and four contractors who were previously affiliated with the union. This is not a dispute between the Company and the union nor between the Company and the four contractors” (Don David, Oaxaca).
Avino Silver & Gold Mines Ltd. reported full year 2025 production of 1.16 M Oz Ag, 7,621 Oz Au, 5.67 M Lb Cu, or 2.6 M Oz AgEq. During the year 724,940 K tonnes were processed at Avino, in Durango, averaging 0.44 gpt Au, 56 gpt Ag, 0.42% Cu, recovering 73% Au, 84% Ag, 84% Cu, to produce 7,544 Oz Au, 1.1 M Oz Ag, 5.67 M Lb Cu (or 2.55 M Oz AgEq). At La Preciosa, 19 kilometers from Avino, 12 K tonnes were processed, averaging 0.32 gpt Au, 191 gpt Ag, recovering 62% Au, 66% Ag, to produce 77 Oz Au, 48.2 K Oz Ag (or 54.9 K Oz AgEq). The company commenced extraction, haulage and processing of mineralized development material from La Preciosa during the fourth quarter 2025. Avino Silver had US$100 M in cash at the end of 2025.
ON FINANCING
Canasil Resources Inc. announced a private placement for a total of C$500 K in gross proceeds. Insiders of the Company subscribed for a total of 2.5 M shares, which constitutes a related party transaction (Nora, Durango).
Silver Spruce Resources Inc. corrected a previous press-release that stated 976 K units offered, to 9.76 M units (Pinos, Chihuahua).
Santacruz Silver Mining Ltd. has commenced trading on the Nasdaq Capital Market. (Zimapán, Hidalgo).
Silverco Mining Ltd. announced the halting of its common shares on January 21, 2026, at the request of the TSX Venture Exchange to facilitate the review of the binding letter with Nuevo Silver Inc. (Cusi, Chihuahua).
Apollo Silver Corp. closed the final tranche of its previously announced non-brokered private placement for aggregate gross proceeds of C$15 M. Eric Sprott, through 2176423 Ontario Ltd. participated with C$12.5 M, taking its stake in the company to 10.3% of outstanding shares on a non-diluted basis and 15.8% on a partially diluted basis, assuming the exercise of such warrants (Cinco de Mayo, Chihuahua).
Kootenay Silver Inc. announced an engagement letter with Red Cloud Securities Inc. as lead underwriter pursuant to which the underwriters have agreed to purchase shares of the company on a bought deal basis in a private placement for C$10 M in gross proceeds. The underwriters have the option to buy shares at the same price for gross proceeds of C$1.5 M before the closing of the placement (Columba, Chihuahua).
Guanajuato Silver Co. has been named to the 2026 OTCQX Best 50, a ranking of top performing companies traded on the OTCQX Best Market last year (El Cubo, Guanajuato).
Kootenay Silver Inc. increased the size of its previously announced “bought deal” private placement from C$10 M to C$16.5 M in gross proceeds. The underwriters have the option to buy shares for another C$1.5 M in gross proceeds.(undisclosed projects, Mexico).
Luca Mining Corp. has been named to the 2026 OTCQX Best 50, a ranking of top performing companies traded on the OTCQX Best Market last year (Campo Morado, Guerrero).
EV Resources. confirmed the receipt of A$600 K in cash from the sale of a project in Australia. The funds are to be used in the upcoming drill program at Los Lirios antimony project in Oaxaca.
Pacifica Silver Corp. closed its previously announced upsized, private placement offering for aggregate gross proceeds of C$23 M (Claudia, Durango).
ON RESOURCES AND DEVELOPMENT
Kootenay Silver Inc. engaged engineering firms Sacré-Davey Engineering Inc. and Canenco Consulting Corp. to conduct a preliminary economic assessment (PEA) on its La Cigarra project in Chihuahua. The pit constrained mineral resource totals 51.6 M Oz Ag in the measured and indicated categories in 15.7 M tonnes averaging 0.07 gpt Au, 102 gpt Ag, 0.16% Pb, 0.21% Zn and 11 M Oz Ag on the inferred category in 3.4 M tonnes averaging 0.06 gpt Au, 102 gpt Ag, 0.2% Pb, 0.19% Zn.
Vizsla Silver Corp. informed that during 2025 the company published a feasibility study (FS) on the Panuco project in Sinaloa, with $1.8 B after-tax NPV. 11% IRR and a 7-month payback period, with annual production of 17.4 M Oz AgEq over 9.4 years, securing financing with over US$450 M in cash and advanced test mine operations to 700 m depth. For 2026, Vizsla plans to begin construction following receipt of environmental permits (expected mid-year), complete 60,000 m of drilling on the district, advance detailed engineering and contractor selection and continue exploration on newly acquired properties.
Capitan Silver Corp. commenced a 60,000 m drilling campaign of diamond and reverse circulation (RC) drilling for 2026 at its Cruz de Plata project in Durango. The company informed that during 2025 the company raised C$29 M, restarted drilling operations, the first since 2023, extending mineralization by 250 m, increased Capitan Hill resources to 525,000 Oz Au, bought the main royalty on the project for US$1 M, and acquired claims from Fresnillo, consolidating and increasing the land position by 85%. For 2026 Capitan Silver launched a drilling campaign, expanding from one RC rig to three core rigs and one RC rig, with focus on several targets including the 3.7 km Jesús María trend and infill drilling at Capitan Hill to upgrade resources. An airborne geophysical survey is planned, as well as mechanical trenching.
Mithril Silver and Gold Ltd. released drilling results from expansive resource drilling at Target 1 within the Copalquin project in Durango. Drilling extended 300 m west the mineralized structure and 300 m down dip on the Refugio 1 structure. Highlighted core length intercepts comprise 3.95 m @ 1.37 gpt Au, 22 gpt Ag; 3.05 m @ 1.68 gpt Au, 107 gpt Ag (including 0.5 m @ 9.6 gpt Au, 612 gpt Ag); 2.8 m @ 2.29 gpt Au, 60 gpt Ag; 4.4 m @ 2.18 gpt Au, 15 gpt Ag (including 0.5 m @ 15.5 gpt Au, 66 gpt Ag); 1.55 m @ 2.11 gpt Au, 6 gpt Ag; 1.35 m @ 21.94 gpt Au, 357 gpt Ag (including 0.5 m @ 57.65 gpt Au, 924 gpt Ag); 5.45 m @ 0.78 gpt Au, 36 gpt Ag.
Alamos Gold Inc. updated on drilling results within the Mulatos District in Sonora, where exploration has shifted from targeting oxides to higher grade sulfide mineralization. “A total of $20 million was spent on exploration in the Mulatos District in 2025, similar to spending in 2024. The near-mine and regional drilling program totalled 56,117 m in 170 holes. This included 13,779 m of surface exploration drilling in 58 holes at the GAP-Victor and PDA targets at PDA, and 21,394 m in 56 holes at Cerro Pelon. Regional exploration drilling totalled 20,944 m in 56 holes …” with the Halcon discovery being part of the latter program. At Cerro Pelón, drill intersects comprise 23.85 m @ 5.60 gpt Au; 5.93 m TW @ 5.85 gpt Au; 15.15 m @ 6.58 gpt Au; 8.67 m TW @ 6.64 gpt Au; 14.10 m @ 4.28 gpt Au; 4.25 m @ 12.95 gpt Au; 7.20 m @ 6.13 gpt Au; 2.75 m @ 6.05 gpt Au. At PDA (Puerto del Aire) drill intersects comprise 8.97 m @ 13.64 gpt Au; 15.60 m @ 3.72 gpt Au; 15.61 m @ 4.27 gpt Au; 14.92 m @ 4.85 gpt Au; 6.92 m @ 8.79 gpt Au; 7.10 m @ 5.77 gpt Au; 2.91 m @ 15.00 gpt Au; 0.81 m @ 43.70 gpt Au. At Halcon drill intersects comprise 47.60 m @ 3.04 gpt Au (including 4.50 m @ 7.78 gpt Au; 3.75 m @ 13.41 gpt Au); 37.35 m @ 3.53 gpt Au (including 10.20 m @ 8.13 gpt Au); 31.50 m @ 3.46 gpt Au (including 6.00 m @ 5.56 gpt Au); 19.00 m @ 3.88 gpt Au (including 3.40 m @ 10.08 gpt Au).
Silver Tiger Metals Inc. filed two studies, a preliminary economic assessment (PEA) on the underground at El Tigre and an updated prefeasibility study (PFS) on the Stockwork Zone for its El Tigre project in Sonora. The PEA proposes a base-case Ag price of US$38 per Oz and of US$3,200 per Oz Au, with After-Tax (NPV 5%) of US$ 304 M and After-Tax IRR of 42.8% and a payback period of 2.6 years. The study envisages 15-year UG mine life with 3-year historical tailings processing to recover 34 M Oz Ag, 130 K Oz Au (or 38 M Oz AgEq, or 453 K Oz AuEq), producing an average of 2.1 M Oz Ag, 8 K Oz Au per year. The updated PFS with the same base-case metal prices includes an After-Tax (NPV 5%) of US$456 M with an After-Tax IRR of 65.7% with a 1.4 years payback period, 10-year mine life recovering 9 M Oz Ag, 408 K Oz Au (or 43 M Oz AgEq, or 509 K Oz Au), producing an average of 4.8 M Oz AgEq or 56.5 K Oz AuEq.
ON DEALS AND CORPORATE ISSUES
Bear Creek Mining Corp. filed its notice of meeting, management information circular and related documents with securities regulators in connection with the special meeting of shareholders of Bear Creek to approve the proposed plan of arrangement with Highlander Silver Corp. and the interest deferral agreements entered into between the company and each of Royal Gold Inc. and Equinox Gold Corp. The proxy voting deadline is February 17, 2026 (Mercedes, Sonora).
Mammoth Resources Corp. announced shareholders at its annual general meeting (AGM) elected Thomas Atkins, Paul O’Brien, Jose Antonio Berlanga Balderas, Edgardo Espinosa Velasco, Jose Antonio Berlanga Lopez, and Richard Simpson as directors and appointed Kresto GTA, Chartered Accountants as auditors of the company (Tenoriba, Chihuahua).
Regency Silver Corp. entered into an agreement to option the 4,823 ha La India mining concession located 10 km to the north of its Dios Padre project in Sonora. The claim hosts Early cretaceous andesitic volcanic rocks that are proximal to late cretaceous plutonic rocks associated with Laramide age porphyries in the district. The deal involves an initial US$60 K payment and staged payment totalling US$580 K over five years , as well as to pay US$145 K in owed taxes. A payment of US$1 M is due upon the publication of a mineral resource estimate over 1 M Oz Au. The vendors are entitled to a 2% NSR, on which the company has the right to purchase half by paying US$1 M.
Silverco Mining Ltd. entered into a binding letter to acquire Nuevo Silver Inc., which recently entered into a share purchase agreement to acquire 100% of the producing La Negra mine in Querétaro. Holders of Nuevo Silver shares will be issued 16.8 M Silverco shares, and upon completion former holders of Silverco shares will hold 34% of Silverco shares. Silverco will also assume US11 M in debt associated with La Negra mine, US$12.5 M in milestone payments due in Q1 2027 and US$5 M in contingent payments potentially due between Q1 2027 and Q1 2028. “La Negra is currently operating at approximately 55% capacity”.
Southern Empire Resources Corp. completed the acquisition of the 1,750 ha Pedro gold project in Durango, from Enduro Metals Corp. The company issued Enduro 2 M common shares, agreeing to a future milestone payment of US$2 M upon production commencement, with Enduro retaining a 2% NSR. The project area displays “hematite-stained, silica-rich ridges of angular chalcedony fragments and silicified sedimentary rocks within a coarse breccia” with values of up to 2.3 gpt Au”. Geology, alteration and geochemistry mapped at Pedro are indicative of a potential low-sulphidation epithermal vein system, with some indications of possible Carlin style mineralization. Previous drilling intercepted up to 15.2 m averaging 0.577 gpt Au. “Fortuna Mining Corp. (Fortuna) has informed Southern Empire that it has resumed its 3,500 m core drilling program at the Centauro Gold Project, located 100 km northwest of Pedro”. Fortuna acquired the option rights for Centauro from Southern Empire in 2025.
Radius Gold Inc. informed that between “2019 and 2022, Radius and joint venture partner Pan American Silver Corp. completed 67 drill holes for 23,058 meters of diamond drilling at the Amalia Project, in Chihuahua, with multiple targets remaining untested. “Pan American held the right to earn 65 % interest under an existing option agreement. As operator Pan American Silver suspended work on the property during merger negotiations with Yamana in 2022. Radius continues discussions with Pan American with the objective of agreeing a pathway forward for the Amalia … ” project.
Silver Viper Minerals Corp. announced the appointment of Mr. Rakesh Malhotra as chief financial officer (La Virginia, Sonora).
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: Quartz veining cut by late specularite veins in volcanosedimentary rocks, HQ core. Picture by Jorge Cirett.
Subhorizontal quartz veins cut by high-angle structures
By Miguel A Heredia
During the 1st week of the year (December 29th 2025 to January 04th 2026), at least 10 press releases were announced by companies working in Mexico, with seven disclosing deals and corporate issues, two announcing financial rounds, and one informing on exploration results. ON MEXICO ISSUES, No relevant news. ON EXPLORATION, In Sonora, Tocvan provided a review of the most significant activities performed at its Gran Pilar project during the year 2025. ON MINING, No relevant news. ON FINANCING, Apollo informed that it has upsized its previously announced non-brokered private placement by an additional CAD $2.5M for total gross proceeds of up to CAD $27.5M (Cinco de Mayo project, Chihuahua). Sonoro Gold closed its previously announced oversubscribed non-brokered private placement for gross proceeds of CAD $4.9M (Cerro Caliche project, Sonora). ON RESOURCESAND DEVELOPMENT, No relevant news. ON DEALS AND CORPORATE ISSUES, Chesapeake announced the appointment of Jean-Paul Tsotsos and Rajesh Vyas as Chief Executive Officer and Chief Financial Officer and Corporate Secretary respectively, effective January 1st, 2026, and the step down of Navin Sandhu and Bernard Poznanski as Interim Chief Financial Officer and Corporate Secretary respectively, effective December 31, 2025 (Metates project, Durango). Silver Dollar granted stock options to Directors, Officers and Consultants (La Joya project, Durango). Vortex announced that it has continued out of the provincial jurisdiction of British Columbia (Riqueza Marina project, Oaxaca). Minera Alamos informed that it will consolidate its common shares (Santana project, Sonora). Golden Minerals reported that it has substantially reduced its liabilities in Mexico. Goldgroup Mining entered into an agreement to sell all of its shares in Minera Apolo which owns the Pinos project in Zacatecas to a private British company. Silver Viper provided a clarification and additional details regarding its existing agreements with Nordcore Media and Red Cloud Securities about marketing and trading support, and announced the resignation of Taj Singh from the board of Directors (La Virginia project, Sonora). ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
No relevant news.
ON EXPLORATION
Tocvan Ventures Corp., provided a review of the most significant activities performed in 2025 with major progress on their Gran Pilar project in Sonora. Highlights include record high-grade gold and silver drilling results; new discoveries expanding their mineral targets across a 22km2 area; secured critical permits for drilling and a 10-year pilot mine with 50,000 tonnes capacity; and strengthened their team and attracted significant funding to support ongoing growth and shareholder value.
ON MINING
No relevant news.
ON FINANCING
Apollo Silver Corp., informed that it has upsized its previously announced non-brokered private placement by an additional CAD $2.5M for a total gross proceeds of up to CAD $27.5M through the issuance of 5,500,000 units at a price of CAD $5 per unit. Gross proceeds will be used to fund exploration and development activities across the Company’s projects, as well as for general working capital and corporate purposes (Cinco de Mayo project, Chihuahua).
Sonoro Gold Corp., closed its previously announced oversubscribed non-brokered private placement of 24,500,000 units at a price of CAD $0.20 per unit for gross proceeds of CAD $4.9M. Net proceeds will be used to fund the ongoing development of its Cerro Caliche project in Sonora, and for general working capital purposes.
ON RESOURCES AND DEVELOPMENT
No relevant news.
ON DEALS AND CORPORATE ISSUES
Chesapeake Gold Corp., announced the appointment of Jean-Paul Tsotsos and Rajesh Vyas as Chief Executive Officer and Chief Financial Officer and Corporate Secretary respectively, effective January 1st, 2026, and the step down of Navin Sandhu and Bernard Poznanski as Interim Chief Financial Officer and Corporate Secretary respectively, effective December 31, 2025 (Metates project, Durango).
Silver Dollar Resources Inc., granted stock options to Directors, Officers and Consultants to purchase up to 1,850,000 shares of the company at a price of 0.55 per share until December 30, 2030 (La Joya project, Durango).
Vortex Metals Inc., announced that it has continued out of the provincial jurisdiction of Ontario under the Business Corporations Act (Ontario) into the provincial jurisdiction of British Columbia under the Business Corporations Act (British Columbia). Shareholders approved the continuance at the Company’s annual general and special meeting of shareholders held on October 15, 2025 (Riqueza Marina project, Oaxaca).
Minera Alamos Inc., informed that it will consolidate its common shares at a ratio of ten pre-consolidation shares to one post-consolidation share. Upon completion of the consolidation, the company will have approximately 108,044,073 common shares issued and outstanding (Santana project, Sonora).
Golden Minerals Company reported that it has substantially reduced its liabilities in Mexico. It has completed the sale of its wholly owned Mexican subsidiaries Servicios Velardeña S.A. de C.V., and Golden Minerals Company Equipos S.A. de C.V., to a privately held Mexican group. The transaction was completed on December 30, 2025, for total consideration of approximately USD $65K. Upon consummation of the transaction, Servicios Velardeña S.A. de C.V. and GMC Equipos S.A. de C.V. held net operating losses, inflation-adjusted capital contributions, several liabilities including approximately USD $60K in past-due accounts payable, the remaining labor claim in Mexico of approximately USD $56K, and the Rodeo mining concession, a mined-out project that includes an associated asset retirement obligation with a book liability value of approximately USD $450K. Under Mexican law, the balance of the subsidiaries’ capital contribution accounts may be bought and sold. All funds related to the sale have been received.
Goldgroup Mining Inc., entered into an agreement to sell all of its shares in Minera Apolo S.A. de C.V., which owns all the issued and outstanding shares of the Minera Catanava S.A.de C.V., to a private British company. Apolo and Minera Catanava collectively hold a 100% interest in the Pinos gold/silver project in Zacatecas The sale is structured for a total consideration of USD $5M, paid in stages: an initial deposit of USD $2.45M, USD $550K on closing, and USD $2M to be paid within six months via a promissory note. The purchaser will assume all liabilities associated with Apolo, Minera Catanava and the Pinos project including the assumption of USD $400K remaining payable on the original purchase agreement in addition to debt in the amount of USD $1.5M payable to the previous owners of Apolo that will be triggered by the sale of Apolo. The transaction is subject to approval by the TSX Venture Exchange.
Silver Viper Minerals Corp., provided a clarification and additional details regarding its existing agreements with Nordcore Media and Red Cloud Securities about marketing and trading support. The company has entered into a six-month digital marketing contract with Nordcore for USD $300K to enhance investor awareness through online advertising and digital strategies. Simultaneously, it has a month-to-month agreement with Red Cloud Securities for CAD $7K monthly to support market stabilization and liquidity for its shares on the TSX Venture Exchange. Both agreements stick to the original terms like arm’s-length status and no security-based payments. Silver Viper also announced the resignation of Taj Singh from the Board of Directors, effective December 18, 2025 (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, subhorizontal quartz veins cut by high-angle structures in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.
During the 54th week of the year (December 22th to December 28th, 2025), companies working in Mexico presented 15 press releases. There was no relevant news either on early-stage properties or mining. Two companies presented news on financing rounds, one on consolidation of shares, two on increased market activity and one on the granting of stock options. Three companies presented updates on advanced properties. Five companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, no relevant news. ON MINING, no relevant news. ON FINANCING, two companies informed on financing rounds: Apollo Silver (C$25 M) and Captain Silver (C$6 M). Chesapeake Gold and Silverco Mining informed on increased market activity. Centenario Gold consolidated its shares on a 10:1 basis. Impact Silver granted stock options. ON RESOURCES AND DEVELOPMENT, Heliostar Metals filed a PEA on Ana Paula, in Guerrero. Tocvan Ventures informed on advances on its planned pilot mine for Gran Pilar in Sonora. Mithril Silver and Gold presents an exploration update for Coplaquin, in Durango. ON DEALS AND CORPORATE ISSUES, the TSX approved the acquisition of the Bolañitos mine in Guanajuato by Guanajuato Silver Company. Royalties Inc. informed on the latest development on the Cozmin royalties legal saga. J2 Metals is optioning the Sierra Plata property in Guerrero from Impact Silver. Goldgroup Mining acquired all the shares of the company controlling the San Francisco mine in Sonora. ON SOCIAL RESPONSIBILITY, no relevant news.
ON MEXICO ISSUES
Editor’s Commentary: Mexico The Mexican mining industry is enduring challenging times, battling an in-house restrictive regulatory environment while precious metal prices break all records in the World scene. Unfortunately for Mexico, the present government has in its DNA dogmatic ideologic chains that prevent really positive changes, immersed as it is in its quest to centralize power. Good examples on this endeavour are the recently approved law on water rights, which heavily restricts the granting and exchange of extraction permits, and the intention to change the electoral law in order to make it more difficult for the opposition to challenge the MORENA party rule. The current administration regulatory environment in mining is not good, or even clear, but it has to be said that it is better than under the past administration and that the president seems to have the will to improve it. While the rule book for applying the 2023 law in mining is still being drawn, long awaited permits that allow for open pit expansions and tailings dam construction have begun to flow. Reflecting the overall global economy uncertainties and higher commodity prices, 2025 ends with an optimistic mood for the worldwide mining industry with some of that optimism spilling over into the Mexican side by means of a steady inflow of funds during the last few months to the coffers of junior companies with properties in Mexico. Expect more drilling in 2026, and the development of some properties that have been on the shelves for some time now.
ON EXPLORATION
No Relevant News.
ON MINING
No Relevant News.
ON FINANCING
Apollo Silver Corp. announced a non-brokered private placement for aggregate gross proceeds of C$25 M. Only Eric Sprott and a fund managed by Jupiter Asset Management are participating in the Offering, with each subscribing half the offering, after which the Jupiter Fund is to own 12.1% of the shares on Apollo Silver, and Eric Sprott 9.6% (Cinco de Mayo, Chihuahua).
Chesapeake Gold Corp. announces that at the request of CIRO, the company’s management is unaware of any material change that would account for the recent increase in market activity (Metates, Durango).
Captain Silver Corp. entered into a subscription agreement with Schroder Investment Management Ltd. on which Schroder has agreed to purchase on a non-brokered private placement basis 2.96 M shares of the company, for gross proceeds of C$6 M. (Cruz de Plata, Durango).
Centenario Gold Corp. announced the approval by the TSX Venture Exchange of the consolidation of its issued and outstanding common shares on a 10:1 (ten to one) basis. The consolidation will become effective at the opening of the market on December 30, 2025 (Edén, Sinaloa).
Silverco Mining Ltd. announced that at the request of CIRO, Silverco confirms that the company’s management “is unaware of any material change in the Company’s operations that would account for the recent increase in market activity” (Cinco de Mayo, Chihuahua).
Impact Silver Corp. granted to directors, officers, consultants and employees of the company, stock options to purchase a total of 4.8 M common shares at a price of $0.42 per common share (Zacualpan, Estado de México).
ON RESOURCES AND DEVELOPMENT
Heliostar Metals Ltd. filed a preliminary economic assessment (PEA) technical report for its Ana Paula project, in Guerrero.
Tocvan Ventures Corp. has started sampling for pilot mine feed at the South Block of its Gran Pilar project in Sonora. The company also received local community council approval for the pilot mine development. Clearing and leveling for the heap leach pile and containment ponds has started.
Mithril Silver and Gold Ltd. presented an update on exploration. At Copalquin, in Durango, the company focused during 2025 on two of six main targets: Target 1 and Target 5. In 2026 Target 3 is also to be a priority, and a third drill rig is to be added. Currently there is a laboratory back log on assays for 20 holes, and samples from12 more have been dispatched in the last two weeks. A 25,000 m drill campaign is programmed for 2026. At the recently acquired 2,000 ha La Dura concession, 15 km away, LIDAR surveying has been completed and a district scale aerial magnetic survey is scheduled for January 2026.
ON DEALS AND CORPORATE ISSUES
Guanajuato Silver Company Ltd. received conditional approval from the TSX Venture Exchange to proceed with the acquisition of the Bolañitos mine, in Guanajuato, from Endeavour Silver Corp.
Royalties Inc. reported that Capstone Copper Corp. filed a direct Amparo with the Federal Collegiate Tribunal, granting a suspension of the sentence on the Court decision that Capstone had improperly transferred to themselves royalties without consent, authorization or payment on the production from certain mining concessions at the Cozamin mine in Zacatecas. The company believes Capstone actions are intended to delay the outcome.
Impact Silver Corp. executed a letter of intent to option to J2 Metals Inc. 22 Km2 of its 211 Km2 Zacualpan District in Guerrero. J2 renamed the optioned area as Sierra Plata Silver-Antimony project, and may earn 100% interest by making staged payment to Impact by issuing C$250 K in shares within 3 days of the TSX approval, C$1.35 M in exploration expenditures over three years and staged annual payments to Impact totalling up to 6.5 M shares of J2, with up to 25% of the share value to be paid in cash or up to C$375 K in cash over three years with J2 being responsible to keep the mining concessions in good standing. Impact is to retain a 1.5% NSR royalty with J2 having the right to buy 0.75% upon payment of C$1.5 M.
J2 Metals Inc. entered into a 3-year option (details above) with Impact Silver Corp. to acquire the 2,200 ha Sierra Plata project in the Zacualpan District in Guerrero. Sierra Plata is located 10 Km from Taxco, hosts five past-producing silver mines, including part of the three-level San Miguel mine, with historic grab samples of up to 414 gpt Ag, 0.45 gpt Au in “quartz-hosted argentite with galena and pyrite displaying classic epithermal textures”. The project is adjacent to, and structurally continuous with, historic antimony mineralization.
Goldgroup Mining Inc. announced it has acquired all of the issued and outstanding A and B shares of Molimentales del Noroeste, S.A. de C.V., the company holding the San Francisco mine in Sonora, through a “Concurso Mercantil” process (restructuring proceeding equivalent to Chapter 11 in the United States). Prior to the filing of the Plan of Arrangement, Goldgroup acquired 60.2% of the debts owed to certain major creditors for US$8.5 M of which US$7.5 M has been paid to date and the balance of US$1 M will be paid to complete the acquisition. Goldgroup has agreed to pay US$2.6 M in three equal installments in December 2026, 2027 and 2028 to the remaining creditors holding 39.8% of the recognized debt in addition to all outstanding mining concession fees, taxes, fees owed to the National Water Commission, supplier debts and other expenses currently estimated at MX$170 M (approximately US$9.3 M).
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: Garnets and chlorite in a volcano sedimentary rock sequence, HQ core. Picture by Jorge Cirett.
During the 46th week of the year (November 10th to November 16th, 2025), companies working in Mexico presented 32 press releases. Five companies informed about exploration advances on early-stage properties. Five companies provided operational figures for the quarter. Eight companies presented news on financing rounds or share matters. Seven companies presented updates on advanced properties/mines. Seven companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Questcorp Mining and Riverside Resources completed drilling at La Union; Tocvan Ventures informed on ongoing drilling at Gran Pilar. In Durango, Pinnacle Silver and Gold released sampling results at El Potrero; Silver Dollar Resources reported surface sampling results from the Nora project. ON MINING, Altius Minerals, Orla Mining, Americas Gold and Silver, Bear Creek Mining and Sierra Madre Gold and Silver presented third quarter 2025 reports. ON FINANCING, six companies informed on financing rounds: Questcorp Mining (C$2.1 M), GoGold Resources (C$125 M), Prismo Metals (C$1.74 M), Silver Tiger Metals (C$40 M), Americas Gold and Silver (US$115 M), Kingsmen Resources (C$4 M). Mithril Silver and Gold informed on the release of shares from escrow. ON RESOURCES AND DEVELOPMENT, Capitan Silver reported RC drilling results from Cruz de Plata, in Durango. Zacatecas Silver signed surface access agreements for its Zacatecas Silver project in Zacatecas. Silverco Mining released drilling results from Cusi, in Chihuahua. Vizsla Silver presented the feasibility report on Panuco, in Sinaloa. Luca Mining announced a three-year exploration program for its Campo Morado and Tahuehueto properties in Guerrero and Durango respectively. Discovery Silver presented an update on the Cordero property, in Chihuahua. ON DEALS AND CORPORATE ISSUES, Teck Resources is to have a special meeting of shareholders to seek the approval of a merger with Anglo American. Osisko Development intends to re-submit permit applications for the San Antonio project in Sonora. Elemental Altus Royalties and Emex Royalty closed the merger of the companies. Elemental Altus is to change name to Elemental Royalty Corp. Fuerte Metals announced additions to the board. Silver Spruce signed an amending agreement with Colibri Resource on the acquisition of Colibri’s 50% interest on the Jackie property in Sonora. Mexican Gold Mining acquired the Tatatila project in Veracruz from Chesapeake Gold. Xali Gold sold the El Oro tailings project to Kappes, Cassiday and Associates. ON SOCIAL RESPONSIBILITY, Alamos Gold informed on community support in the Mulatos District of Sonora.
ON MEXICO ISSUES
No Relevant News.
ON EXPLORATION
Questcorp Mining Inc. and Riverside Resources Inc. completed the first phase of drilling at the La Union project in Sonora. Over 1,600 m of drilling in 12 diamond drill holes across six targets have been completed, including La Union mine, the Famosa mine area, Famosa Mag, Union Norte, Cobre and Luis. Assays Pending.
Tocvan Ventures Corp. informed on the current drilling at the 2,200 ha Gran Pilar project in Sonora. The program is designed to test a 3.2 km by 1.5 km target zone with strong geochemical and geological signatures.
Silver Dollar Resources Inc. reported the latest surface sample assay results and receipt of a drill permit for its Nora property in Durango. Channel sampling 1,500 m on strike of the Candy vein returned up to 12.5 m @ 39 gpt Ag, 0.4% Pb, 2.3% Zn; 4.3 m @ 27 gpt Ag, 0.1% Pb, 0.8% Zn; 2.3 m @ 46 gpt Ag, 0.1% Pb, 0.4% Zn. Mineralization appears to be widely disseminated within an oxidation zone over 100m wide, with strong pervasive iron and manganese oxides with trace galena.
Pinnacle Silver and Gold Corp. provided sampling results from La Dura mine at El Portrero project in Durango. “The identification of another zone of gold-silver extends the mineralized strike length along the Dos de Mayo vein structure to almost 500 metres…. Of those 146 samples, 40 were taken from the two small adits. The mineralized zone identified was sampled by six composite channels along an exposed 12 metre strike length, and has an average width of 1.3 metres and average grades of 1.98 g/t Au and 98 g/t Ag, with individual grades up to 4.51 g/t Au and 269 g/t Ag over 0.5 metres.
ON MINING
Altius Minerals Corp. reported its Q3 2025 revenue at C$17.2 M and attributable royalty revenue of C$21.4 M, with adjusted EBITDA of C$13. 2 M. “During the quarter the Corporation made debt repayments of $11 million including a $9 million voluntary repayment on its revolving facility and $2 million of scheduled repayments on its term facility, paid cash dividends of $4.2 million and issued 12,850 shares under the dividend reinvestment plan” (royalty on Cuale, Jalisco).
Orla Mining Ltd. announced the results for the third quarter 2025, including figures from its operations in Mexico. During the quarter, over 0.7 M tonnes of ore and 2.4 M tonnes of waste (Strip ratio 3.34:1) were moved at Camino Rojo, in Zacatecas. “This higher strip ratio was a result of the pit wall event that occurred during the quarter. As stabilization activities began, a new ramp was established that required the removal of overburden material and waste material which resulted in a higher than normal strip ratio”. A total of 2.8 M tonnes of ore grading 0.40 gpt Au were stacked on the heap leach, producing 22,050 Oz Au.
Americas Gold and Silver Corp. reported consolidated financial and operational results for the quarter ended September 30, 2025, including figures from its Mexican operations. Consolidated production during the quarter of 765 K Oz Ag, or 877 K Oz AgEq. At Cosalá, in Sinaloa, the company produced 325 K Oz Ag, at cash cost $23.87. “The Cosalá Operations increased capital spending on the EC120 Project, incurring $3.8 million during Q3-2025 ($2.9 million during Q2-2025)”. The company had US$39 M in cash at the end of Q3.
Sierra Madre Gold and Silver Ltd. provided financial results for the quarter ended September 30, 2025. During the period the company obtained revenues of US$5.52 M, gross profit of US$1.7 M. The company had an all-in-sustaining costs (AISC) of US$34.42 per Oz AgEq. Current assets, including cash totaled US$19.5 M by the end of the period. “Sierra Madre announced plans for a two-stage plant expansion at La Guitarra. The first phase would grow capacity by more than 50%, to 750 tpd – 800 tpd, by Q2 2026. A subsequent expansion would increase capacity to …. 1,200 tpd – 1,500 tpd, by Q3 2027”.
Bear Creek Mining Corp. reported its interim consolidated financial results for the three months ended September 30, 2025. At the Mercedes mine in Sonora, 76.2 K tonnes were mined averaging 2.84 gpt Au, 79.5 tonnes milled averaging 2.53 gpt Au, recovering 96% Au to produce 6,219 Oz Au, 18.9 K Oz Ag at cash cost $3,161 per Oz Au and an AISC of $3,563 per Oz Au. The company had revenue of US$22.5 M and a comprehensive loss after taxes of US$30.8 M. “Actively continued the strategic review process … to explore and evaluate the strategic and financial options available to the Company with the ultimate view of enhancing value”.
ON FINANCING
Questcorp Mining Inc. completed the first tranche of its non-brokered private placement for gross proceeds of C$2.1 M. A portion of the units issued, representing C$2 M are held pursuant to a sharing agreement entered into with an institutional investor, Sorbie Bornholm LP. (Nueva Union, Sonora).
GoGold Resources Inc. entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, to buy on a bought deal basis units for gross proceeds of C$125 M (Los Ricos South and North, Jalisco).
Questcorp Mining Inc. announced that Sorbie BornholmLP has undertaken an initial investment in the company with a gross investment of C$2 M (Nueva Union, Sonora).
Prismo Metals Inc. upsized and closed its previously announced non-brokered private placement for gross proceeds of C$1.74 M (Palos Verdes, Sinaloa).
Mithril Silver and Gold Ltd. confirmed that 31.94 M shares of the company will be released from escrow on 25 November 2015. (Copalquin, Durango).
Silver Tiger Metals Inc. entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and Stifel Nicolaus Canada as joint bookrunners under which the underwriters have agreed to buy on bought deal basis common shares of the company for gross proceeds of C$40 M (El Tigre, Sonora).
Americas Gold and Silver Corp. increased the size of its “bought deal” private placement to aggregate gross proceeds of US$115 M. The company granted the underwriters an option to purchase additional common shares for additional gross proceeds of up to US$17.3 M (Cosalá, Sinaloa).
Kingsmen Resources Ltd. increased the previously announced non-brokered private placement to raise up to C$4 M (Las Coloradas, Chihuahua).
ON RESOURCES AND DEVELOPMENT
Capitan Silver Corp. reported assay results from the reverse circulation drill program at its Cruz de Plata project in Durango. Highlighted drill length intervals from six holes comprise 6.10 m @ 0.77 gpt Au, 276 gpt Ag (including 1.50 m @ 1.51 gpt Au, 644 gpt Ag); 35.10 m @ 0.05 gpt Au, 57 gpt Ag, 0.2% Pb, 0.4% Zn; 1.50 m @ 0.04 gpt Au, 251 gpt Ag, 1.2% Pb, 2.3% Zn; 6.10 m @ 0.14 gpt Au, 202 gpt Ag, 0.5% Pb, 1.1% Zn (including 1.50 m @ 0.16 gpt Au, 596 gpt Ag, 1.1% Pb, 2.5% Zn); 25.90 m @ 0.21 gpt Au, 232 gpt Ag (including 1.50 m @ 1.57 gpt Au, 1,760 gpt Ag). A total of 57 drill holes have been completed across the Jesus Maria trend, Gully Fault, and new, early-stage targets in the property .
Zacatecas Silver Corp. entered into a new community access agreement with Ejido Panuco at its Zacatecas Silver project in Zacatecas. The company also signed a drill contract with Major Drilling for an initial 4,000 m of angled diamond drilling.
Silverco Mining Ltd. reported initial assay results from its 15,000 m 2025 diamond drill program at the Cusi past producing property, in Chihuahua. The drill program is primarily focused on expanding the potential of its San Miguel target, with holes in 50 m step outs. Highlighted core length intervals comprise: 3.80 m @ 0.08 gpt Au, 351 gpt Ag, 1.5% Pb, 0.5% Zn; 1.10 m @ 0.76 gpt Au, 741 gpt Ag, 0.2% Pb, 0.4% Zn; 1.10 m @ 0.31 gpt Au, 658 gpt Ag, 2.0% Pb, 5.1% Zn; 2.70 m @ 0.57 gpt Au, 245 gpt Ag, 4.4% Pb, 4.7% Zn; 1.40 m @ 1.98 gpt Au, 1,830 gpt Ag, 4.5% Pb, 3.8% Zn; 3.10 m @ 0.43 gpt Au, 817 gpt Ag, 7.4% Pb, 7.4% Zn; 8.60 m @ 0.21 gpt Au, 240 gpt Ag, 0.6% Pb, 0.7% Zn.
Vizsla Silver Corp. announced positive results from its feasibility study (FS) on the Panuco project in Sinaloa. The study encompasses a 3,300 tpd underground operation for the first three years, expanding to 4,000 tpd in year 4, with a life of mine (LOM) average of 17.4 M Oz AgEq (10.1 M Oz Ag, 83 K Oz Au), with years 1-5 averaging 20.1 M Oz AgEq (12.1 M Oz Ag, 92 K Oz Au) at cash cost US$8.56 per Oz AgEq and AISC of US$10.61 per Oz AgEq. The pre-production capital expenditure is US$238.7 M with an after-tax NPV(5%) of US$$1,802 M and 111% IRR at precious metals prices of US$3,100 per Oz Au, US$35.50 per Oz Ag. Mineral reserves stand at 12.8 M tonnes @ 249 gpt Ag, 2.01 gpt Au (416 gpt AgEq), containing 102.7 M Oz Ag, 829 K Oz Au (171.2 M Oz AgEq). At the Copala area, measured and indicated resources stand at 7.26 M tonnes @ 2.70 gpt Au, 420 gpt Ag, 0.1% Pb, 0.2% Zn (635 gpt AgEq), containing 630 K Oz Au, 98 M Oz Ag, 16 M Lb Pb, 30 M Lb Zn (148.1 M Oz AgEq), and inferred resources of 3.55 M tonnes @ 1.96 gpt Au, 341 gpt Ag, 0.2% Pb, 0.3% Zn (507 gpt AgEq), containing 224 K Oz Au, 38.9 M Oz Ag, 15 M Lb Pb, 25 M Lb Zn (57.7 M Oz AgEq). At the Napoleon area measured and indicated resources stand at 5.70 M tonnes @ 2.22 gpt Au, 162 gpt Ag, 0.5% Pb, 1.7% Zn (405 gpt AgEq), containing 406 K Oz Au, 29.8 M Oz Ag, 61 M Lb Pb, 213 M Lb Zn (74.3 M Oz AgEq), and inferred resources of 6.25 M tonnes @ 2.00 gpt Au, 152 gpt Ag, 0.4% Pb, 1.5% Zn (368 gpt AgEq), containing 403 K Oz Au, 30.6 M Oz Ag, 52 M Lb Pb, 204 M Lb Zn (73.9 M Oz AgEq). Total measured plus inferred resources add up to 1.66 M Oz Au, 197.3 M Oz Ag (354 M Oz AgEq).
Luca Mining Corp. announced a three-year US$25 M exploration program across its Campo Morado and Tahuehueto mines, in Guerrero and Durango respectively. The program includes 80,000 m of surface and underground diamond drilling to expand and define gold resources and the use of AI based systems on >30 years of drilling, geologic and geophysical exploration data. At Campo Morado 38 priority targets have been identified, including Reforma Deeps. At Tahuehueto, near-mine and brownfields drilling to extend the Crestón, Perdido, and Santiago structures along strike and depth.
Discovery Silver Corp. presented an overview on the Cordero property in Chihuahua. The property was acquired in 2019, with over US$100 M invested since then. The last FS report was released on March 2024, comprising average annual production of 37 M Oz AgEq over the first 12 years of the 19 years mine life., at an AISC of $12.50 per Oz AgEq in years 1 to 8, a base case NPV of $1.2 B at metal prices of $1,600 per Oz Au, $22 per Oz Ag, $1.0 per Lb Pb, $1.2 per Lb Zn, with an initial capital expenditure of US$606 M. The mineral reserve contains 302 M Oz Ag, 840 k Oz Au, 3.0 B Lb Pb, 5.2 B Lb Zn. The company is assessing the use of natural gas as power source and evaluating the potential to establish solar farms, as well ongoing discussions with the various governmental bodies involved in issuing the permits for the project.
Zacatecas Silver Corp. finalized the land-access agreements from private owners for the upcoming drill program at its Zacatecas Silver project in Zacatecas. “the Company will move forward with its SEMARNAT permit applications to initiate drilling”.
ON DEALS AND CORPORATE ISSUES
Teck Resources Ltd. announced the filing of meeting materials for the special meeting of shareholders, to be held on December 9, 2025, seeking the approval of merger between equals with Anglo American (San Nicolas, Zacatecas).
Osisko Development Corp. informed on its third quarter 2025 review that the San Antonio project in Sonora remains in care and maintenance. “The approval process for mining permits appears to be gaining traction, specifically for open-pit mining in the country, and the Company intends to re-submit its two permit applications in the foreseeable future”.
Elemental Altus Royalties Corp. and EMEX Royalty Corp. announced the closing of the merger of the companies. Elemental Altus is to change name to Elemental Royalty Corp. (royalty on Mercedes, Sonora).
Fuerte Metals Corp. announced the addition of Chris Beer, Dawson Proudfoot and Sandip Rana to the board of directors. The company granted 6.98 M incentive stock options and 2.6 M bonus shares to certain officers, employees and directors of the company (Cristina, Chihuahua).
Silver Spruce Resources Inc. signed an amending agreement with Colibri Resource Corp. on November 12, 2025 in respect of the proposed acquisition of Colibri’s 50% interest in the Jackie project, in Sonora. “In consideration for Colibri’s 50% interest in the Project, Silver Spruce will issue 166,667 common shares to Colibri at a price of $0.15 per share based on the closing price per share on November 10, 2025 and grant a 1% Net Smelter Return royalty on any future production from the Project”.
Mexican Gold Mining Corp. has acquired 100% of the title and interest of the 3,824 ha Tatatila project in Veracruz. “The Tatatila concessions surround or are adjacent to Mexican Gold’s Las Minas Project”. The company issued Chesapeake Gold Corp. 4.45 M common shares of the company and 1.5% NSR royalty.
Xali Gold Corp. announced that Xali Gold and Kappes, Cassiday and Associates (KCA) agreed to finalize a definitive agreement whereby Xali Gold will transfer all of their rights related to the mine tailings from El Oro, Estado de México. Mine Tailings in El Oro, Mexico. The Agreement gives KCA the right to process and sell precious metals recovered from the tailings in return for a 4% NSR gross royalty, less any royalties due, but not less than 3% gross royalty. “KCA maintains the right to purchase 1% of the royalty from Xali Gold for US$1,000,000 at any time … continuing until production commences, a minimum royalty payment of US$50,000 is to be paid every 6 months”.
ON SOCIAL RESPONSIBILITY
No Relevant News.
On the image below: Specularite stockwork in volcanosedimentary rock, HQ core. Picture by Jorge Cirett.
