By Jorge Cirett

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

ON MEXICO ISSUES

• No Relevant News.

ON EXPLORATION

• No Relevant News.

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND COPRORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

• No Relevant News.

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