By Jorge Cirett

During the 4^th week of the year (January 19^th to January 25^th, 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.

The Mining and Exploration News in Mexico: Highlights on the Third Week of January, 2026

January 18, 2026 / gambusinoprospectormexico / Leave a comment

Breccia cemented by specularite

By Miguel A Heredia

During the 3^rdweek of the year (January 12^thto January 18^th2026), at least 43 press releases were announced by companies working in Mexico, with eleven informing on exploration results, nine announcing financial rounds, eight communicating production results, seven disclosing deals and corporate issues, seven reporting resources and development of their properties,, and one commenting on Mexican issues. ON MEXICO ISSUES, Luca Mining, Vizsla Silver, Questcorp Mining, and Kingsmen Resources reported the best drilling intercepts in Mexico on the third week of January, 2026. ON EXPLORATION, In Sonora, Regency Silver began its 2026 drill program at Dios Padre project, Colibri resumed its RC drilling program in El Plomo at its EP project, Riverside and Questcorp announced drill results from La Union project, Alto Grande informed that it will use AI-driven data reprocessing and integration across its Adelita project, and Masivo Silver informed that is preparing a 1,500m Phase I drill program at its Cerro Colorado project. In Chihuahua, Kingsmen released results from 3 holes drilled at its Las Coloradas project. In Sinaloa, Mercado Minerals commenced its first field exploration program at its Copalito project. In Durango, Mithril commenced a maiden drill program at Target 3 in its Copalquin project, Pacifica Silver announced the commencement of a 12,000m Phase II diamond drill program at its Claudia project, Pinnacle Silver and Gold provided a progress update for its Potrero project, and Canasil prepared drill plans for a 2,450m diamond drill program in 14 holes at its Vizcaino project, and is completing a comprehensive technical review and exploration plan at its Salamandra project. In Zacatecas-Durango, Canasil announced that it is preparing detailed exploration plans, including diamond drilling to test La Esperanza vein system. ON MINING, Aura reported Q4 and full year 2025 production results from its Aranzazu min in Zacatecas. First Majestic reported Q4 and full year 2025 production results from their Mexican mine operations. Alamos Gold informed on Q4 and full year 2025 production results from its Mulatos mine in Sonora and announced that it will release Q4 and full year 2025 financial results after market close on February 18, 2026. Heliostar provided 2026 production guidance and growth plan for their Mexican mine operations. Endeavour announced 2026 production guidance for Terronera and Guanacevi mines in Jalisco and Durango respectively. Torex Gold provided 2026 production guidance and updated five-year production outlook for its Morelos complex in Guerrero. DynaResource reported preliminary Q4 and full year 2025 production results from its San Jose de Gracia mine in Sinaloa and provided a 2026 production guidance. ON FINANCING, Chesapeake announced a bought deal offering for gross proceeds of CAD $10M and later on it upsized to approximately CAD $15M and informed that intends to complete a non-brokered private placement for gross proceeds of up to $2,877,000. Chesapeake filed a prospectus supplement in connection with the CAD $15M bought deal offering (Metates project, Durango). Oroco filed a prospectus supplement in connection with a bought deal public offering for approximate gross proceeds of CAD $20M and later on reported that it closed the bought deal public offering for gross proceeds of CAD $23M (Santo Tomas project, Sinaloa). Canasil announced a planned private placement for gross proceeds of up to CAD $500K (Vizcaino project, Durango). Sierra Madre closed the first tranche of its previously announced brokered private placement for gross proceeds of USD $39,678,241.20 (Del Toro mine, Zacatecas). Pacifica Silver announced a brokered private placement offering for gross proceeds of up to CAD $10M and later on it upsized to up to CAD $20,010,000 (Claudia project, Durango). ON RESOURCES AND DEVELOPMENT, Sonoro Gold expanded its Cerro Caliche project in Sonora by acquiring 10 additional mining concessions, growing the property to almost 4,000 hectares. Silver Storm commenced a 6,000m drilling campaign at its la Parrilla mine complex in Durango. Luca Mining released surface and underground drill results from its Campo Morado mine in Guerrero. GR Silver provided 2026 guidance including drilling and project advancement plans (Plomosas project, Sinaloa). Royalties Inc., hired SRL Consulting to provide an updated economic analysis on Bilbao project in Zacatecas. Silverco filed a Mineral Resource Estimate for its Cusi mine in Chihuahua. Vizsla reported results from 29 oriented geotechnical drill holes completed at its Copala project in Sinaloa within the Copala, Tajitos and Napoleon resource areas. ON DEALS AND CORPORATE ISSUES, Canasil announced that it had a notably active 2025, successfully completing all regulatory filings and regaining active trading status on the TSX Venture Exchange (Vizcaino project, Durango). Bear Creek´s Board of Directors, Management, and Employees congratulated Catherine McLeod-Seltzer, co-founder and Chair of Bear Creek, on her recent induction to the Canadian Mining Hall of Fame (Mercedes mine, Sonora). Tocvan announced the appointment of Anna Ladd-Kruger as an independent director to its Board of Directors (Gran Pilar project, Sonora). Vortex appointed Michael Williams as interim Chief Executive Officer (Riqueza Marina and Zaachila project, Oaxaca). Silver Storm announced that it has qualified to trade on the OCTQX market (La Parrilla mine, Durango). Regency Silver provided a 2025 year-end corporate recap (Dios Padre project, Sonora). Riverside outlined its corporate outlook and milestones for 2026. ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

Luca Mining Corp., Vizsla Silver Corp., Questcorp Mining Inc., and Kingsmen Resources Ltd., reported the best drilling intercepts in Mexico on the third week of January, 2026. Details are shown in the table below:

ON EXPLORATION

Regency Silver Corp., began its 2026 drill program at Dios Padre project in Sonora. The initial portion of the 2026 drill program will focus on testing the areas around hole REG25-26 with at least four holes between 500-650m in length, which intersected sulphide- specularite supported breccia in multiple zones across a broad, non-continuous ~240m interval. The goal is to systematically establish the dip and strike of the breccia.
Colibri Resource Corporation resumed its RC drilling program in El Plomo at its EP project in Sonora. “The current phase of work is designed to systematically evaluate priority structures and targets identified within the Plomo area, which has seen limited historical drilling, using a disciplined, first-pass exploration approach”.
Riverside Resources Inc., and Questcorp Mining Inc., announced drill results from La Union project in Sonora. They reported a new discovery of potential Carlin-like gold mineralization at the Luis Hill target, with hole UND-25-009 returning 0.29 g/t Au over 42.70m in black shales and carbonate strata. To date, 12 holes totalling 1,600m have been completed across six targets (Union, Union Norte, and Famosa Mine, as well as Cobre, Luis Hill, and Famosa EM). Assays of over 700 half-core samples are pending for Union, Union North and Cobre targets.
Alto Grande Copper Corp., informed that it will use AI-driven data reprocessing and integration across its Adelita project in Sonora. The plan is to analyze geological and geochemical zones to identify skarn zones and areas with Cu-Au and Cu-Mo anomalies; to analyze geophysical datasets to identify potential sulphide mineralization and deep-seated fault systems; reprocess all the historical datasets, ground magnetic surveys, core drilling, trenching, mapping, and geochemical sampling to create a unified 3D geological model to enhance their understanding of mineralization geometry and identifying high-confidence drill targets. The company plans to design a Phase 2 exploration program based on results and logistics, and is expected to commence in Q1, 2026.
Masivo Silver Corp., informed that is preparing a 1,500m Phase I drill program at its Cerro Colorado project in Sonora and finalizing logistic to support continuous drilling. It has secured drilling contractors and water supply infrastructure, and mobilized field crews to commence the rehabilitation of access routes to priority targets and construction of drill pads for the Phase 1 program.
Kingsmen Resources Ltd., released results from 3 holes drilled at its Las Coloradas project in Chihuahua. The most significant drill intersect was encountered in hole LC-25-004 with 0.08 g/t Au, 131 g/t Ag, 3.1% Pb, and 3.15% Zn over 3.15m, including 0.18 g/t Au, 292 g/t Ag, 7.2% Pb, and 6% Zn over 1.15m.
Mercado Minerals Ltd., commenced its first field exploration program at its Copalito project in Sinaloa. It include a detailed mapping and prospecting program across 40% of the project area which remains unexplored; re-sampling of silver, gold, lead, and zinc vein mineralization in selected historical drill core from the six main known veins; re-logging of targeted historic drill core to refine geological understanding; advancing logistics for the upcoming first-phase diamond drill program; and further refinement of drill targets at Copalito.
Mithril Silver and Gold Limited commenced a maiden drill program at Target 3 in its Copalquin project in Durango. The program plans to drill approximately 3,300m as part of a broader 25,000m drilling initiative for the district in the first half of 2026. The goal of the Target 3 program is to test the continuity and scale of mineralization, contributing to the understanding of the district’s epithermal system. Drilling at Target 1 and Target 5 is also ongoing, with Target 1 expected to be completed in Q1 2026, followed by an update to its maiden mineral resource estimate. Additionally, a drone magnetic survey over the Copalquin and La Dura mining concession areas is set to begin this month.
Pacifica Silver Corp., announced the commencement of a 12,000m Phase II diamond drill program at its Claudia project in Durango, scheduled to begin on January 15, 2026.This follow-up program aims to expand known high-grade mineralization zones identified in the initial Phase I drillings, which totaled nearly 8,000 meters. The company is focusing on testing extensions of existing vein systems such as Aguilareña, Guadalupana, and Veta Central, as well as exploring new high-priority targets including the Veta Justina, Mina Vieja, and Mina de Oro areas. In parallel, Pacifica continues extensive geological mapping and surface sampling, complemented by advanced geophysical surveys like LiDAR, orthophotos, and induced polarization, to identify new drill targets and better understand the district-scale potential of the project. The company is optimistic about the project’s growth potential, supported by early drill results of the 8,000m Phase I program indicating high-grade silver and gold mineralization. The company is still waiting on more assay results from 19 holes of the Phase I drill program.
Pinnacle Silver and Gold Corp., provided a progress update for its Potrero project in Durango. The company has mapped a large low-sulphidation epithermal vein system over a strike length of more than 1.6Km, with promising veins confirming a high-grace mineralizing system. It also has collected nearly 1,200 samples and has identified potentially economic grades sowing high grades such as up to 85.1 g/t Au and 2,280 g/t Ag. Metallurgical testing indicates promising gold recoveries averaging around 95%, although silver recoveries require further improvement. The existing processing plant, built in the late 1980s and currently idle, is capable of processing about 100 tonnes per day and will be rebuilt as part of development plans. The company has strengthened its management team with experienced local professionals and is engaging with local communities and government agencies for permitting and social license. Upcoming work in 2026 includes underground delineation drilling, surface drilling to fill exploration gaps, and continued metallurgical and mineralogical testing. Pinnacle has initiated negotiations for permits required for surface and underground operations and is exploring new targets revealed by an airborne LiDAR survey. The company aims to move rapidly toward potential near-term production, build shareholder value, and possibly increase its ownership stake in the project by generating cash flow through initial production.
Canasil Resources Inc., prepared drill plans for a 2,450m diamond drill program in 14 holes to test the potentially high-grade Au-Ag epithermal vein at its Vizcaino project in Durango. The vein system can be traced for over 3km with outcrop widths of 1 to 12 m. Canasil will apply for the drill permit and plan to start with a Phase I program with 1,050m in 6 holes as soon as the drill permit is obtained, which is expected in Q2, 2026. At its Salamandra project in Durango, it is conducting a comprehensive technical review and exploration plans and will be applying for drill permits in Q1, 2026. In Zacatecas-Durango, the company is also preparing detailed exploration plans, including diamond drilling to test La Esperanza vein system, and will be applying for the drill permits in Q1, 2026.

ON MINING

Aura Minerals Inc., reported Q4 and full year 2025 production results from its Aranzazu min in Zacatecas. The company produced 6,158 Oz Au, 126.7K Oz Ag, 8.47M Lb Cu, and 86K lb Mo (18,878 Oz AuEq)in Q4, 2025, and 26,700 Oz Au, 542K Oz Ag, 36.58M Lb Cu, and 249K Lb Mo in the full year 2025.
First Majestic Silver Corp., reported Q4, 2025 production results from their Mexican mine operations, and 2026 full year mine-by-mine guidance. Tables below show figures respectively:

Alamos Gold Inc., informed on Q4 and full year 2025 production results from its Mulatos mine in Sonora. In Q4, 2025, the company mined 1,071,540 tonnes to produce 40K Oz Au. Production for the full year 2025 totaled 141.6K Oz Au. It also announced that it will release Q4 and full year 2025 financial results after market close on February 18, 2026.
Luca Mining Corp., released surface and underground drill results from its ongoing Phase 2 drilling program at its Campo Morado mine in Guerrero. Drilling highlights on surface include hole CMRF-25-13 with 3.19 g/t Au, 150 g/t Ag, 0.61% Cu, 1% Pb, and 3.3% Zn (8.31 g/t AuEq) over 25.1m, including 3.5 g/t Au, 163 g/t Ag, 0.66% Cu, 1.1% Pb, and 3.6% Zn (9.03 g/t AuEq) over 22.4m, including 4.53 g/t Au, 242 g/t Ag, 0.68% Cu, 1.9% Pb, and 4.1% Zn (11.78 g/t AuEq) over 3.57m, plus 4.68 g/t Au, 207 g/t Ag, 0.62% Cu, 1.5% Pb, and 4.4% Zn (11.32 g/t AuEq) over 4.9m; and hole CMRF-25-15 with 1.21 g/t Au, 53 g/t Ag, 1.3% Cu, 0.5% Pb, and 3.6% Zn (5.90 g/t AuEq) over 55.8m, including 0.87 g/t Au, 29 g/t Ag, 2.5% Cu, 0.1% Pb, and 0.6% Zn (5.69 g/t AuEq) over 19.7m, including 1.29 g/t Au, 49 g/t Ag, 4.9% Cu, 0.05% Pb, and 0.6% Zn (10.09 g/t AuEq) over 7.7m, plus 0.19 g/t Au, 9 g/t Ag, 0.7% Cu, 0.02% Pb, and 0.6% Zn (1.73 g/t AuEq) over 10.4m, including 1.88 g/t Au, 89 g/t Ag, 0.59% Cu, 0.9% Pb, and 7% Zn (7.73 g/t AuEq) over 25.8m, plus 2.1 g/t Au, 117 g/t Ag, 0.49% Cu, 1.5% Pb, and 10.1% Zn (9.82 g/t AuEq) over 10.2m. The most significant underground drill intercept was encountered in hole CMUG-25 25 with 0.15 g/t Au, 33 g/t Ag, 1.04% Cu, 0.1% Pb, and 0.02% Zn over 4m, plus 0.15 g/t Au, 10 g/t Ag, 0.17% Cu, 0.02% Pb, and 1% Zn over 4m, and 0.37 g/t Au, 140 g/t Ag, 0.03% Cu, 0.1% Pb, and 0.3% Zn over 0.7m. To date, 7,218m of surface drilling and 8,440m of underground drilling have been completed.
Heliostar Metals Ltd., provided 2026 production guidance and growth plan for their Mexican mine operations. The table below shows figures per mine operation:

The company also provided a growth plan for their mine operations. Highlights include pre-stripping the Veta Madre open pit at La Colorada mine in Sonora to increase production at the mine in 2027, and invest up to USD $5.8M in resource development and exploration activities in 2026; At San Agustin mine in Durango, Heliostar is drilling to expand the oxide reserves at the Corner Area and around the existing open pit , and plans to invest up to USD $9.7M through this year to unlock the full geological potential of the property; At Ana Paula, Guerrero, it is advancing the Feasibility Study, and investing USD $6.6M in resource development and regional exploration in 2026, in addition to the USD $15M required to extend the decline. At Cerro Del Gallo, Guanajuato, Heliostar is advancing permitting discussions alongside active engagement with the local communities and social benchmarking surveys. The Company’s work plan includes an update of the geologic model to allow flotation trade-off testing, further metallurgical test work of the sulphide portion of the deposit and hydrological data collection. San Antonio project in Baja California Sur will see a metallurgical program.

Endeavour Silver Corp., announced 2026 production guidance for Terronera and Guanacevi mines in Jalisco and Durango respectively. The tables below show the 2026 production guide and the operating costs per each mine (currency expressed in US dollars):

Torex Gold Resources Inc., provided 2026 production guidance and updated five-year production outlook for its Morelos complex in Guerrero (Currency expressed in US dollars). The tales below show figures respectively:

DynaResource Inc., reported preliminary Q4 and full year 2025 production results from its San Jose de Gracia mine in Sinaloa and provided 2026 production guidance (currency expressed in US dollars). During Q4, 2025 the company mined 65,275 tonnes of 3.2 g/t Au with a metallurgical recovery of 76% to produce 5,080 Oz Au. In the full year 2025, DynaResource mined 260,694 tonnes of 3.46 g/t Au with metallurgical recovery of 74% to produce 21,393 Oz Au. It also provided 2026 production guidance and estimated to produce between 22K-24K Oz Au at cash and AISC of $1,400-$1,600 and $2,400-$2,600 per Oz Au produced respectively. The company also plans to spend between $1-$2M in exploration expenditures.

ON FINANCING

Chesapeake Gold Corp., announced a bought deal offering of 2,380,953 units at a price of CAD $4.20 per unit for gross proceeds of CAD $10M, and later on it increased to approximately CAD $15M by selling 3,571,500 units at a price of CAD $4.20 per unit. The offering is expected to close on or about January 27, 2026. The company also intends to close a non-brokered private placement with participation by Eric Sprott of up to 685,000 units at a price of CAD $4.20 per unit for gross proceeds of up to CAD $2,877,000. Chesapeake filed a prospectus supplement in connection with the CAD $15M bought deal offering and plans to use the net proceeds to advance the company´s proprietary oxidative leach technology, the Metates project, the Lucy project, and for general working capital.
Oroco Resource Corp., filed a prospectus supplement in connection with a bought deal public offering to qualify the distribution of 52,631,600 units at a price of CAD $0.38 per unit for approximate gross proceeds of CAD $20M. Later on, Oroco reported that it close the bought deal public offering of 60,526,340 units at a price of CAD $0.38 per unit for gross proceeds of CAD $23M (Santo Tomas project, Sinaloa).
Canasil Resources Inc., announced a planned private placement for a total of 10,000,000 of common shares at a price of CAD $0.05 per common share for gross proceeds of up to CAD $500K. Part of the net proceeds will be used to fund the company´s operations and exploration programs on its projects portfolio in Durango and Zacatecas (Vizcaino project, Durango).
Sierra Madre Gold and Silver Ltd., closed the first tranche of its previously announced brokered private placement of 30, 521,724 subscription receipts at a price of USD $1.30 per subscription receipt for gross proceeds of USD $39,678,241.20. The offering is being conducted in conjunction with the Company’s proposed acquisition of the Del Toro Silver Mine in Zacatecas from First Majestic Silver Corp.
Pacifica Silver Corp., announced a brokered private placement offering of up to 6,900,000 common shares at a price of CAD $1.45 per common share for gross proceeds of up to CAD $10M and later on it upsized to up to 13,800,000 common shares at a price of CAD $1.45 per common share for gross proceeds of up to CAD $20,010,000. Net proceeds will be used to advance exploration and drilling activity at its Claudia project in Durango.

ON RESOURCES AND DEVELOPMENT

Sonoro Gold Corp., expanded its Cerro Caliche project in Sonora by acquiring 10 additional mining concessions totalling 2,574 hectares, growing the property to almost 4,000 hectares. Under the agreement, the company is paying USD $4M over four years and taking some outstanding fees. This expansion could extend the known gold zones north and south of the current project. They’re also preparing an updated preliminary economic assessment (PEA) to guide future production and exploration plans. The PEA is scheduled for completion in Q1, 2026.
Silver Storm Mining Ltd., commenced a 6,000m underground drilling campaign at its la Parrilla mine complex in Durango. The underground drilling program will focus on exploration step-out and infill drilling in support of the development anticipated by the Company at the Quebradillas, San Marcos, and the Rosarios mines in the La Parrilla Complex. An additional 4,000m of drilling has been proposed as a follow-up to this initial program, as mine development progresses following the potential restart of operations.
GR Silver Mining Ltd., provided 2026 guidance including drilling and project advancement plans. After raising over CAD $34M in equity in late 2025, the company is fully funded, debt free, and expanding its technical team in Mexico. Its primary focus is accelerating resource expansion at the San Marcial project with a 20,000m drilling program aimed at extending high-grade silver mineralization and testing new parallel breccia targets. Concurrently, GR Silver is integrating the San Marcial and Plomosas sites into a single, staged silver development, advancing permitting, environmental studies, and a bulk- sample test‑mining program at Plomosas, which includes plans for a pilot‑plant. The firm also plans a Preliminary Economic Assessment in the second half of 2026 and will update its mineral resource estimate later in the year.
Royalties Inc., hired SRL Consulting Ltd., to provide an updated economic analysis on Bilbao project in Zacatecas, based on information in the 2024 PEA using current metal pricing for sensitivity analysis. SLR will also carry out a high-level assessment of potential high iron-oxide ore processing technologies to identify suitable methods for extracting value from the oxide portion of the deposit which was excluded from the PEA plan, potentially adding tonnage to the project. A report is expected to be completed within a month.
Silverco Mining Ltd., filed a Mineral Resource Estimate (MRE) for its Cusi mine in Chihuahua. The MRE is dated January 14, 2026, with an effective date of October 20, 2025. The table below shows the MRE:

Vizsla Silver Corp., reported results from 29 oriented geotechnical drill holes completed at its Copala project in Sinaloa within the Copala, Tajitos and Napoleon resource areas. Drilling highlights (true widths reported) include hole DDH-CAP-008B on Copala Vein with 1,284 g/t Ag and 7.51 g/t Au (1,800 g/t AgEq) over 3.80m, including 2,760 g/t Ag and 15.7 g/t Au (3,833 g/t AgEq) over 0.93m; hole DDH-CAP-003A on Copala 3 Vein with 850 g/t Ag and 7.78 g/t Au (1,422 g/t AgEq) over 2m and on Copala Vein with 681 g/t Ag and 2.58 g/t Au (840 g/t AgEq) over 6.50m, including 1,046 g/t Ag and 3.1 g/t Au (1,219 g/t AgEq) over 0.91m, and including 1,428 g/t Ag and 4.77 g/t Au (1,708 g/t AgEq) over 1.83m; and hole DDH-CAP-007B on Copala Vein with 269 g/t Ag and 2.15 g/t Au (424 g/t AgEq) over 8.9m, including 865 g/t Ag and 6.82 g/t Au (1,357 g/t AgEq) over 1.62m, plus 665 g/t Ag and 3.01 g/t Au (861 g/t AgEq) on Vein splay over 0.80m, plus 733 g/t Ag and 3.5 g/t Au (963 g/t AgEq) on Copala 2 over 0.90m.

ON DEALS AND CORPORATE ISSUES

Canasil Resources Inc., announced that it had a notably active 2025, successfully completing all regulatory filings and regaining active trading status on the TSX Venture Exchange. The company also saw leadership changes with new directors and executives, and its shares traded actively. Looking ahead to 2026, Canasil anticipates a dynamic year focused on advancing its projects in Canada and Mexico within a favorable market environment for metals like gold, silver, and copper (Vizcaino project, Durango).
Bear Creek Mining Corporation´s Board of Directors, Management, and Employees congratulated Catherine McLeod-Seltzer, co-founder and Chair of Bear Creek, on her recent induction to the Canadian Mining Hall of Fame (Mercedes mine, Sonora).
Tocvan Ventures Corp., announced the appointment of Anna Ladd-Kruger as an independent director to its Board of Directors, effective immediately (Gran Pilar project, Sonora).
Vortex Metals Inc., appointed Michael Williams as interim Chief Executive Officer effective immediately (Riqueza Marina and Zaachila project, Oaxaca).
Silver Storm Mining Ltd., announced that it has qualified to trade on the OCTQX Best Market, upgrading from the OTCQB Venture Market. The common shares of the Company will commence trading on the OTCQX Market under the symbol “SVRSF”. The Company’s shares will continue to be listed and trade on the TSX Venture Exchange under the symbol “SVRS” and on the Frankfurt Stock Exchange under the symbol “SVR” (La Parrilla mine, Durango).
Regency Silver Corp., provided a 2025 year-end corporate recap. The company had some major moves: new leadership was appointed, they raised over CAD $8M to fund exploration, and made solid progress drilling at its Dios Padre project in Sonora, extending promising mineral zones, supporting the interpretation of a large magmatic-hydrothermal system. These developments set a solid foundation for an active exploration campaign in 2026, with a focus on systematic step-out drilling and refining structural controls to enhance the discovery potential of the project.
Riverside Resources Inc., outlined its corporate outlook and milestones for 2026. Riverside successfully spun out Blue jay Gold Corp., and strengthened their finances with strategic investors. It is also focused on advancing projects through partner funding and smart capital management, as well as to grow their royalty and equity portfolios and continue disciplined transactions and exploration. Riverside Resources’ Mexican portfolio in 2026 includes several key projects and strategic initiatives. The Company is actively advancing the Union Project in Sonora, where it executed an option agreement with Questcorp Mining, funding exploration and drilling activities, with assay results expected in early 2026. Additionally, Riverside is advancing the Cecilia Project in Sonora, following positive drilling results in late 2024, by integrating geophysical and structural data to plan further exploration and marketing efforts for potential partnerships. The broader Mexican portfolio also includes other prospects like Cuarentas, Valle, and Ariel, all located in Sonora, which are being maintained at various stages for future joint ventures, asset sales, or additional royalties. The overall strategy emphasizes de-risking existing projects, exploring new opportunities, and leveraging partner funding and government permitting developments to enhance project value and shareholder returns.

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, breccia cemented with specularite in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.

The Mining and Exploration News in Mexico; Highlights on the Second Week of January 2026

January 11, 2026 / Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 2^nd week of the year (January 05^th to January 11^th, 2026), companies working in Mexico released 31 press releases. Three companies informed on early-stage properties work and three more presented quarterly reports. Four companies presented news on financing rounds, one on consolidation of shares, one on the repurchase of shares and, a sign of the current buoyant times, six on the granting of stock options. Five companies presented updates on advanced properties, while six companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora Aztec Minerals provided an update on Cervantes; Algo Grande generated tens of targets at Adelita. In Durango, Pinnacle Silver and Gold completed a LIDAR survey at El Potrero. ON MINING, Heliostar Metals, Endeavour Silver and Torex Gold presented quarterly reports. ON FINANCING, four companies informed on financing rounds: Capitan Silver (C$6 M), Kootenay Silver (406 K), Bear Creek Mining (C$18 M) and Oroco Resource (C$15 M). Chesapeake Gold, Santacruz Silver Mining, J2 Metals, Barksdale Resources, Canasil Resources, and Elemental Royalties granted incentive stock options. Minera Alamos consolidated its shares on a 10:1 basis. Fortuna Mining repurchased 1.7 M common shares of its stock. ON RESOURCES AND DEVELOPMENT, Silverco Mining provided an update on the restart of mining at Cusi, in Chihuahua. Southern Silver Exploration reported drilling results from Cerro Las Minitas in Durango. Regency Silver informed on breccia characteristics intercepted by drilling at Dios Padre, in Sonora. Kootenay Silver released results from drilling at Columba, in Chihuahua. Kingsmen Resources reported assay results from one hole at Las Coloradas, in Chihuahua. ON DEALS AND CORPORATE ISSUES, Silver Viper Minerals contracted marketing campaigns and announced appointments to the board. Centenario Gold signed a LOI with Vector Factor to option Los Reyes project, in Chihuahua. Zacatecas Silver updated on work at Esperanza and Zacatecas Silver projects in Morelos and Zacatecas, respectively. Algo Grande announced an appointment to the board. Highlander Silver and Bear Creek Mining amended the agreement on which Highlander is acquiring all Bear Creek shares. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

Aztec Minerals Corp. provided an update on work at its Cervantes property in Sonora. During 2025 conducted a surface exploration program that expanded the known extent of the California Au-Cu porphyry system another 0.5 km to the east.. During the first half of 2026 surface exploration is to continue in preparation for potential continued step out and exploration drilling.
Pinnacle Silver and Gold Corp. informed the airborne LIDAR survey recently flown over the 1,100 ha El Potrero project in Durango “has confirmed known structural trends, outlined previously unknown structures, and identified a total of 64 adits, 6 shafts and 51 prospecting pits on the two claim blocks comprising the project”.
Algo Grande Copper Corp. completed reprocessing and reinterpretation of historical geophysical and geochemical datasets at its Adelita project in Sonora, confirming a district-scale structurally controlled porphyry-skarn system. The work identified 32 Cu-Au-Ag targets, including 14 generated by machine-learning techniques. A high-definition ground magnetic survey has commenced over the Cerro Grande skarn zone.

ON MINING

Heliostar Metals Ltd. produced 8,459 Oz AuEq during Q4 2025, for a total of 34,098 Oz AuEq during the year, well within the 2025 guidance. At La Colorada, in Sonora, 17,793 Oz Au, 57.5 K Oz Ag (or 18,467 Oz AuEq) were produced in 2025, whereas at San Agustin, in Durango, 14,883 Oz Au, 22.5 K Oz Ag (or 15,139 Oz AuEq) were produced in the same period while the reminder was produced at the now closed El Castillo operations.
Endeavour Silver Corp. reported a full 2025 year production of 6.5 M Oz Ag, 37,164 Oz Au which, in combination with base metal production, equals 11.2 M AgEq. In Mexico, the company produced 7.85 M Oz AgEq from its operation. At Terronera, in Jalisco, 154.2 K tonnes were processed averaging 86 gpt Ag, 2.27 gpt Au, recovering 82.6% Ag, 72.5% Au, to produce 352 K Oz Ag, 8,148 Oz Au. At Guanaceví, in Durango, 403 K tonnes were processed averaging 334 gpt Ag, 1.16 gpt Au, recovering 90.3% Ag, 91.5% Au, to produce 3.9 M Oz Ag, 13,747 Oz Au. At Bolañitos, in Guanajuato, 393.9 K tonnes were processed averaging 57 gpt Ag, 1.37 gpt Au, recovering 84.0% Ag, 87.9% Au, to produce 608.4 K Oz Ag, 15,270 Oz Au. Terronera was declared commercial production on October 1, 2025, and a definitive agreement to sell the Bolañitos operation was signed in November 2025.
Torex Gold Resources Inc. reported 115,066 Oz AuEq of payable production during the fourth quarter of 2025. The company mined 3,175 tpd at ELG Underground and 7,052 tpd at Media Luna Underground, for a total of 10,705 tpd processed at its Moelos Complex in Guerrero. Ore graded 3.40 gpt, 19.08 gpt Ag, 0.65% Cu, with recoveries of 90.3% Au, 83.1% Ag, 91.9% Cu, to produce 94,878 Oz Au, 498.2 K Oz Ag, 13 M Lb Cu. For the full year 2025, payable production totalled 376,586 Oz AuEq. “During 2025, the Company repurchased 825,769 shares at an average price of C$57 per share and paid an inaugural quarterly dividend of C$0.15 per share”.

ON FINANCING

Minera Alamos Inc. announced its common shares have been consolidated at a ratio of ten to one. The company now has 108 million common shares issued and outstanding (Santana, Sonora).
Chesapeake Gold Corp. granted 100 K stock options to Mr. Rajesh Vyas in relation to his appointment as chief financial officer (Metates, Durango).
Santacruz Silver Mining Ltd. granted 39 K restricted share units to a director of the company. (Zimapán, Hidalgo).
Capitan Silver Corp. announced that the company has completed its investment from Schroder Investment Management Limited acting as agent on behalf of one of its UCITS funds, for gross proceeds of C$6 M (Cruz de Plata, Durango).
J2 Metals Inc. granted 195 K stock options to certain directors and consultants of the company (Sierra Plata, Guerrero).
Barksdale Resources Corp. omnibus share incentive plan has been approved by the TSX Venture Exchange (San Javier, Sonora).
Oroco Resource Corp. entered into an agreement with Canaccord Genuity Corp. as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters pursuant to which the underwriters have agreed to purchase, on a bought deal basis units of the company for C$15 M (Santo Tomás, Sinaloa).
Fortuna Mining Corp. reported the company repurchased 1.7 M common shares on the open market of the New York Stock Exchange for a total gross consideration of US$17 M (undisclosed projects, Mexico).
Canasil Resources Inc. applied to the TSX Venture Exchange for approval to grant 5.15 M incentive stock options to directors, officers, advisors and employees (Nora, Durango).
Kootenay Silver Inc. informed that during the third quarter of 2025 the company issued common shares under the ATM program for C$142.6 K in gross proceeds, paying C$3.6 K in aggregate commissions. During the fourth quarter of 2025 the company issued C$263.3 K in common shares with aggregate commissions of C$6.6 K (Columba, Chihuahua).
Bear Creek Mining Corp. closed its previously announced non-brokered private placement financing to raise gross proceeds of C$18 M (Mercedes, Sonora).
Elemental Royalty Corp. granted 663.3 K incentive stock options and 155.1 K restricted share units to officers, directors, employees and consultants of the company, and 14.9 K cash-settled DSUs to independent directors, redeemable upon the retirement, resignation or replacement of a director (royalty in Mercedes, Sonora).

ON RESOURCES AND DEVELOPMENT

Silverco Mining Ltd. provided an update on the restart of operations at its Cusi project, in Chihuahua. Underground workings at the Promontorio area have been dewatered, a project manager has been hired in-country, rehabilitation has commenced with ramp scaling and ground support installation. JDS Energy & Mining Inc. has been engaged to produce a restart study utilizing the updated mineral resource estimate (MRE). Metallurgical optimization test work by Forte Analytical is nearing completion. The remainder of the 2025 drill program results are expected in early Q1 2026 and the recently flown LIDAR survey data is being integrated.
Southern Silver Exploration Corp. reported assays from four holes testing the recently acquired Puro Corazon claim within its Cerro Las Minitas project in Durango. Highlighted true width intervals comprise 5.3 m @ 73 gpt Ag, 2.8% Pb, 3.4% Zn; 0.8 m @ 405 gpt Ag, 11.1% Pb, 9.1% Zn; 0.7 m @ 566 gpt Ag, 0.1% Cu, 29.2% Pb, 8.0% Zn; 17.9 m @ 63 gpt Ag, 0.1% Cu, 1.6% Pb, 1.4% Zn; 4.0 m @ 120 gpt Ag, 0.2% Cu, 3.5% Pb, 4.5% Zn; 7.3 m @ 102 gpt Ag, 0.5% Cu, 3.6% Pb, 3.7% Zn (including 4.0 m @ 131 gpt Ag, 0.8% Cu, 6.4% Pb, 5.4% Zn); 3.0 m @ 171 gpt Ag, 0.1% Cu, 2.2% Pb, 3.7% Zn (including 0.4 m @ 0.1 gpt Au, 724 gpt Ag, 0.5% Cu, 6.8% Pb, 21.6% Zn). Sixteen of the proposed twenty-one holes have been completed for a total of 6,820 m of the planned 12,000 m of drilling to test the Puro Corazon claim.
Regency Silver Corp. announced the latest hole at its Dios Padre project in Sonora has intercepted sulfide-specularite supported breccia in multiple zones across a non-continuous 240 m interval. The breccias are controlled by a series of quartz-feldspar porphyries 5 to 50 m in width and are similar in nature to the breccia hosting Au-Cu-Ag mineralization in previous holes. “The intersection is ~150m down-dip below the historic Dios Padre silver mine workings and ~225m up dip …. ” from a previous hole that intercepted 38 m @ 7.36 gpt Au. Five holes totaling 3,723m have been completed since drilling resumed in October 2025.
Kootenay Silver Inc. announced assay results from nine drill holes completed as part of its 50,000 m drill program at Columba, in Chihuahua. Drilling is focused on the expansion of the known resource, the same that remains open in all directions. The current mineral resource estimate totals 5.92 M tonnes grading 284 gpt Ag, containing 54.1 M Oz Ag. Highlighted true width intervals comprise 9.78 m @ 11 gpt Ag, 1.0% Pb, 1.0% Zn; 50.7 m @ 49 gpt Ag, 0.1% Zn; 2.85 m @ 315 gpt Ag, 0.3% Pb, 0.5% Zn (including 0.43 m @ 1,295 gpt Ag, 1.3% Pb, 1.1% Zn); 60.3 m @ 56 gpt Ag, 0.1% Pb, 0.1% Zn; 4.56 m @ 299 gpt Ag, 0.5% Pb, 1.0% Zn (including 0.27 m @ 1,830 gpt Ag, 5.0% Pb, 6.2% Zn); 2.72 m @ 390 gpt Ag, 0.2% Pb, 0.7% Zn; 4.97 m @ 186 gpt Ag, 0.1% Pb, 3.8% Zn (including 0.71 m @ 1,040 gpt Ag, 0.3% Pb, 21.0% Zn); 51.52 m @ 35 gpt Ag, 0.2% Pb, 0.5% Zn).
Kingsmen Resources Ltd. reported assay results from three diamond drill holes at its Las Coloradas project in Chihuahua. Highlighted core length results comprise 4.8 m @ 52 gpt Ag, 0.9% Pb, 1.22% Zn (including 1.3 m @ 0.72 gpt Au, 143 gpt Ag, 2.5% Pb, 3.4% Zn); 0.25 m @ 0.14 gpt Au, 157 gpt Ag, 0.6% Pb, 1.9% Zn. Mineralization has now been confirmed on three structures -Soledad, Soledad II and No.8- spanning 1.5 km.

ON DEALS AND CORPORATE ISSUES

Silver Viper Minerals Corp. entered into an agreement to support ongoing digital marketing efforts with Nordcore Media LLC. “The engagement covers the creation and management of advertising campaigns, remarketing, and related digital strategy activities”. The total cost for the six-month term is US$300 K in cash. In a second press release Silver Viper announced the appointment of Jeff Couch to its board of directors (La Virginia, Sonora).
Centenario Gold Corp. entered into a letter of intent (LOI) with Vector Factor S.A. de C.V. to acquire 100% interest in the Los Reyes project in Chihuahua. The 45 ha property is “located along a northwest-trending structure … that hosts numerous high-grade current and past operating mines…”. The option can be entered into by making US$15 K payment before the end of 2025, initiate a greater than 1,000 m drill program within 6 months of signing the LOI, a final purchase option agreement signed not later than 45 days after receiving drilling assays with US$45 K on signing, US$50 K on year 1, US$80 K on year 2, US$100 K on year 3, US$110 K on year 4, US$120 K on year 5, and a 2% NSR. Centenario is to pay the mining rights of the two mining concessions involved during the LOI validity term.
Silver Viper Minerals Corp. announced the appointment of Mr. Andreas L’Abbé as financial advisor and Mr. Gernot Wober as technical advisor (La Virginia, Sonora).
Zacatecas Silver Corp. provided a corporate update outlining key operational progress across its portfolio. At the Zacatecas Silver project in Zacatecas the upcoming 4,000 m drill program has been contracted and surface access agreements signed. At Esperanza, in Morelos, the company is well positioned to benefit from recent improvements in Mexico’s permitting landscape, which includes open pit permits.
Algo Grande Copper Corp. appointed João Rocha as vice president of exploration (Adelita, Sonora).
Highlander Silver Corp. and Bear Creek Mining Corp. entered into an amended and restated arrangement agreement dated January 9, 2026, amending and restating the arrangement agreement dated December 18, 2025 pursuant to which Highlander Silver will acquire all of the issued and outstanding common shares of Bear Creek Mining (Mercedes, Sonora).

ON SOCIAL RESPONSIBILITY

No Relevant News.

On the image below: Quartz veinlets in chloritized porphyritic diorite, HQ core. Picture by Jorge Cirett.

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

December 28, 2025 / Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 54^th week of the year (December 22^th to December 28^th, 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.

J2 Metals Inc. Announces Option to Acquire the District-Scale Sierra Plata Silver-Antimony Project in Taxco, Mexico

December 23, 2025 / gambusinoprospectormexico / Leave a comment

2025-12-22_J2 metals announces option to acquire the district-scale sierra plata silver-antimonio project in taxco_gro Download

The Mining and Exploration News in Mexico; Highlights on the Second Week of December 2025

December 14, 2025December 17, 2025 / Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 50th week of the year (December 8th to December 14th, 2025), companies working in Mexico presented 28 press releases. One company informed about exploration advances on its early-stage property. One company reported results for its fiscal year. Seven companies presented news on financing rounds, and one each on consolidation of shares, dividends and new market listings. Six companies presented updates on advanced properties/mines. Four companies informed on deals and corporate issues. ON MEXICO ISSUES, the backlog in permitting is being reduced, not as fast as the industry requires, but it is a signal by the government that more investment is wanted. ON EXPLORATION, in Sonora, Colibri Resource commenced an RC drilling campaign at the EP project. ON MINING, GoGold Resources announced financial results for its fiscal year. ON FINANCING, six companies informed on financing rounds: Capitan Silver (C$20 M), Gold Royalty (US$103.5 M), First Majestic Silver (US$350 M), Minera Alamos (C$3.5 M), Minaurum Gold (25 M), Regency Silver (C$3 M). Santacruz Silver Mining consolidated its shares on a 4:1 basis. Vizsla Royalties graduated to the OTCQX. Sailfish Royalties declared a quarterly dividend. ON RESOURCES AND DEVELOPMENT, Regency Silver informed on the drilling at Dios Padre, in Sonora. Vizsla Silver filed the FS on the Panuco project, in Sinaloa. Silverco Mining presented an updated MRE for its Cusi project, Chihuahua. Impact Silver released results from underground drilling at its Plomosas mine, in Chihuahua. Heliostar Metals completed a PFS on Cerro del Gallo project , in Guanajuato. Coeur Mining provided an update on 68,000 m of drilling at Palmarejo, in Chihuahua. ON DEALS AND CORPORATE ISSUES, Teck Resources shareholders voted FOR in the merger with Anglo American, same that received the needed government approval on the week. Pinnacle Gold and Silver received conditional approval by the TSX to pay all finders fees associated with the El Potrero option agreement in Durango. Defiance Silver had its AGM. Kingsmen Resources contracted promotional services. ON SOCIAL RESPONSIBILITY, Fortune Bay announced its formal Environmental, Social & Governance (ESG) Policy (Poma Rosa, Chiapas).

ON MEXICO ISSUES

Fernando Aboitiz, head of the Extractive Activities Coordinating Unit from the Economy Secretariat, pointed that nearly 65% of the backlog on permitting for mining activities has been cleared, and that mid 2026 it could be normalized. At the beginning of this presidential term 176 projects were paused, to date 110 have been authorized and 66 are pending. States like Zacatecas, Sonora, Chihuahua and Durango are to be among the most benefited by the issuing of permits.

ON EXPLORATION

Colibri Resource Corp. has commenced a reverse circulation drilling campaign at its 4,766 ha EP project in Sonora.

ON MINING

GoGold Resources Inc. announced financial results for the year ending September 30, 2025. During the period, 416.6 K tonnes were stacked at its Parral operations, selling 2.14 M Oz Ag, produced at cash cost $18.35 per Oz AgEq and an AISC of $23.72 per Oz AgEq. The company had revenue of US$72.5 M, an operating income of US$17.1 M, and net income of US$17.3 M.

ON FINANCING

Capitan Silver Corp. entered into deal with a syndicate of underwriters led by Stifel Canada in connection with a “bought deal” private placement offering for aggregate gross proceeds of C$20 M. A cash commission of 6% of the gross proceeds shall be paid to the underwriters (Cruz de Plata, Durango).
Gold Royalty Corp. entered into an agreement with National Bank Capital Markets, BMO Capital Markets, and RBC Capital Markets as joint bookrunners, on behalf of a syndicate of underwriters that are to purchase on a bought deal basis, common shares of the company for aggregate gross proceeds of US$70 M (royalty on Coazamin, Zacatecas).
Santacruz Silver Mining Ltd. announced the consolidation of its shares on a four to 1 (4:1) basis on December 10, 2025, subject to final approval by the TSX Venture Exchange (Zimapán, Hidalgo).
First Majestic Silver Corp. announced the closing of its previously announced US$300 M offering of unsecured convertible senior notes due in 2031, and the concurrent closing of an additional US$50 M aggregate principal amount of notes pursuant to the exercise in full of the over-allotment option granted to the initial purchasers of the notes (San Dimas, Durango).
Gold Royalty Corp. increased the size of its previously announced bought deal financing for aggregate gross proceeds of US$90 M. The company granted the underwriters an over-allotment option to purchase up to an additional 15% of the common shares issued on the offering, for additional gross proceeds of up to US$103.5 M (royalty on Cozamin, Zacatecas).
Minera Alamos Inc. closed its previously announced private placement offering for gross profits of C$3.5 M (Santana, Sonora).
Minaurum Gold Inc. completed its previously announced “best efforts” private placement, for C$25 M in gross proceeds, which included the exercise in full of the agents’ option. Cormark Securities Inc. acted as lead agent, on behalf of itself and a syndicate of agents including Beacon Securities Ltd. and Canaccord Genuity Corp. The company paid the agents a C$1.4 M cash commission and issued 3.95 M purchase warrants. In addition, a cash fee of C$11.2 K was paid and issued 31.3 K broker warrants to an arm’s length finder (Alamos Silver, Sonora).
Regency Silver Corp. entered into an agreement with Centurion One Capital Corp. as lead agent and sole bookrunner with a brokered private placement to raise up to C$2 M. Later on the week the offering was upsized to C$3 M in gross profits (Dios Padre, Sonora).
Vizsla Royalties Corp. graduated to trade on the OTCQX Best Market (royalty on Panuco, Sinaloa).
Sailfish Royalties Inc. declared a quarterly dividend of US$0.0125 per share, to be payable on July 15, 2026 (royalty on Gavilanes, Durango).

ON RESOURCES AND DEVELOPMENT

Regency Silver Corp. informed a new drill hole intersected 23.7 m of sulfide-specularite breccia similar to the breccia hosting high-grade Au-Cu-Ag mineralization 35 m updip and along strike from a previous hole at its Dios Padre project in Sonora. Four holes totalling 2,476 m have been completed since early October 2025. ”… the mineralized shingle breccia typically hosting mineralization is found on both sides of a new intersection of Quartz-Feldspar porphyry … ”.
Vizsla Silver Corp. filed the feasibility study (FS) on the Panuco project, in Sinaloa, “which highlights 17.4 M Oz AgEq of annual production over an initial 9.4-year mine life, an after-tax NPV(5%) of US$1.8B, 111% IRR and a 7-month payback at US$35.50/oz Ag and US$3,100/oz Au”.
Silverco Mining Ltd. presented an updated mineral resource estimate (MRE) for its Cusi project in Chihuahua. The study notes 4.89 M tonnes grading 206 gpt Ag, 0.15 gpt Au, 0.73% Pb, 0.86% Zn (262 gpt AgEq), containing 32.4 M Oz Ag, 24 K Oz Au, 78.3 M Lb Pb, 92.8 M Lb Zn (41.2 M Oz AgEq) in measured and indicated resources and 4.07 M tonnes grading 172 gpt Ag, 0.17 gpt Au, 0.89% Pb, 1.20% Zn (243 gpt AgEq), containing 22.5 M Oz Ag, 22.2 K Oz Au, 79.5 M Lb Pb, 107.5 M Lb Zn (31.7 M Oz AgEq).
Impact Silver Corp. released further results from its underground drill program in the Santo Domingo zone at its Plomosas mine in Chihuahua. Highlighted true width intercepts comprise 0.84 m @ 35 gpt Ag, 6.5% Pb, 26.3% Zn; 2.07 m @ 24 gpt Ag, 9.4% Pb, 10.6% Zn; 4.95 m @ 23 gpt Ag, 7.4% Pb, 13.8% Zn (including 1.33 m @ 29 gpt Ag, 11.3% Pb, 18.2% Zn); 0.58 m @ 45 gpt Ag, 18.3% Pb; 20.3% Zn; 3.15 m @ 9 gpt Ag, 5.1% Pb, 5.0% Zn. “All these Santo Domingo drill intersections lie outside the JORC mineral resource blocks published by the previous operator”.
Heliostar Metals Ltd. completed an updated prefeasibility study (PFS) for its Cerro del Gallo project in Guanajuato. The current mineral reserve base is 2.27 M Oz AuEq, with the study outlining a 15.3 year mine life producing 85,700 Oz AuEq per year at cash cost $1,252 per Oz AuEq and an AISC of $1,390 per Oz AuEq and a CAPEX of US$195.3 M to bring it into production. “At the base case gold price of $2,300 per ounce, this results in an after-tax NPV of $424M, an IRR of 33.1% and a payback period of 2.3 years”. The study envisages a 6 M tonne per year open pit mining operation with ore crushed and stacked with cyanide leaching. “Copper and silver dissolved in solution will be recovered through a sulphidization, acidification, recycling, and thickening”.
Coeur Mining Inc. provided an update on the 2025 exploration campaign at its Palmarejo complex in Chihuahua. Approximately 68,000 m of drilling have been completed by eleven rigs on the 30,000 ha property. The program identified numerous resource growth opportunities through a balance of near-mine and district-scale exploration. The Hidalgo Libertad, San Juan veins have been extended along strike by 500 m, 300 m and 150 m respectively, continuity confirmed between the Independencia Norte and Independencia South zones and drilling confirmed mineralization along 900 m of strike along the 4 km Camuchin-Escondida trend. Highlighted true width intercepts comprise 10.4 m @ 4.10 gpt Au, 1,517 gpt Ag (including 1.50 m @ 15.40 gpt Au, 4,957 gpt Ag); 17.9 m @ 4.20 gpt Au, 1,870 gpt Ag (including 9.1 m @ 7.10 gpt Au. 3,610 gpt Ag); 10.5 m @ 4.10 gpt Au, 1,928 gpt Ag; 5.2 m @ 14.70 gpt Au, 4,527 gpt Ag; 3.7 m @ 18.60 gpt Au, 778 gpt Ag; 22.2 m @ 6.70 gpt Au, 26 gpt Ag (including 4.80 m @ 14 gpt Au, 33 gpt Ag).

ON DEALS AND CORPORATE ISSUES

Teck Resources Ltd. informed its shareholders overwhelmingly voted to approve the special resolution involving the merger with Anglo American plc. Later on the week Teck obtained a final order from the Supreme Court of British Columbia approving the previously-announced plan of arrangement under section 192 of the Canada Business Corporations Act, authorizing the merger of equals of Anglo American and Teck (50% San Nicolas, Zacatecas).
Pinnacle Silver and Gold Corp. received conditional TSX Venture Exchange approval for all finders fee shares associated with the staged option of the El Potrero project in Durango. “a Finder’s Fee of 4% of the measurable benefit of each installment payment will be paid to Juan Jose Camacho, who is arm’s length to the issuer and the vendor”. Payments include 71.6 K shares on February 2025, 40 K shares and US$8,000 on November 2025, 40 K shares and US$30 K on February 2026, US$40 K when the plant is sufficiently upgraded and all permits received to commence production, or 4 years from signing, US$60 K one year after commencing production, or 5 years from signing, US$120 K two years after commencing production or 7 years from signing. And a contingent payment of US$40 K and 40 K shares upon the establishment of a NI-43-101 350 K Oz AuEq in the inferred category or better.
Defiance Silver Corp. announced shareholders approved all matters presented at its annual general and special meeting (Zacatecas Silver, Zacatecas).
Kingsmen Resources Ltd. entered into a service agreement with Resource Stock Digest of Round Rock, Texas, to provide certain promotional services (Las Coloradas, Chihuahua).

ON SOCIAL RESPONSIBILITY

Fortune Bay Corp. announced the adoption of its formal Environmental, Social & Governance (ESG) Policy, highlighting a community-centered approach, responsible environmental practices, transparency and straight talk, governance and ethical conduct and local economic participation (Poma Rosa, Chiapas).

On the image below: Specularite veining on volcanic sedimentary rocks, HQ core. Picture by Jorge Cirett.

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

November 30, 2025 / Gambusino Prospector / Leave a comment

By Jorge Cirett

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

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

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

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