Weekly Highlights

The Mining and Exploration News in Mexico: Highlights on the Third Week of September 2025

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By Jorge Cirett
During the 38th week of the year (September 15th to September 21st, 2025), companies working in Mexico presented 29 press releases. Two companies presented exploration advances on early-stage properties. One company presented financial results. Fifteen companies presented news on financing rounds and share-related issues. One company is to commence drilling at its advanced property. twelve companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, in Sonora, Tocvan Ventures is to commence field work at Gran Pilar; Colibri Resource updated on project work at the EP project. ON MINING, Starcore International Mines filed quarterly results. ON FINANCING, five companies informed on financing rounds: Silver Tiger (C$25 M), Impact Silver (C$16 M), Minera Alamos (C$135 M), Zacatecas Silver (C$3.75 M), Silver Dollar Resources (C$5.9 M). Masivo Silver is working on its MCTO. Discovery Silver can borrow up to US$250-350 M. Sandstorm Gold declared a dividend for the quarter. Elemental Altus Royalties received approbation for consolidation. Pacifica Silver and Luca Mining issued shares to management, employees and consultants. Avino Silver & Gold Mines has been added to the Market Vectors Junior Gold Miners Index (MVGDXJTR). Xali Gold resumed trading and explained how it is addressing its current capital deficiency. ASA Gold and Precious Metals acquired 17.5% of Minera Alamos. ON RESOURCES AND DEVELOPMENT, Regency Silver is to commence drilling at its Dios Padre project in Sonora. ON DEALS AND CORPORATE ISSUES, Masivo Silver updated on the Cerro Colorado project in Sonora. Sandstorm Gold filed its notice of meeting on its Merger with Royal Gold. Almaden Minerals provided an update on its litigation against Mexico. Capitan Silver announced appointments to its management’s team and board of directors.  Plata Latina announced AGM results. Xali Gold terminated its option on the Sarape project, in Sonora. Xali Gold clarified the agreement with Remoedioambiente S.A. de C.V. on El Oro claims. Vizsla Silver announced the appointment of Eduardo Luna as lead director of the board. Southern Silver Exploration is acquiring a key inner claim at its Cerro Las Minitas project in Durango. Prime Mining announced an advisory firm is recommending shareholder vote for the Torex’s takeover. Goldgroup Mining acquired a majority on Molimentales del Noroeste, S.A. de C.V., the company holding the San Francisco mine in Sonora. Newmont divested its holdings on Orla Mining. ON SOCIAL RESPONSIBILITY, Orla Mining released its 2024 sustainability report.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Tocvan Ventures Corp. announced the commencement of field work and an airborne magnetics survey at its Gran Pilar project in Sonora. “the field work encompasses advanced geological mapping, targeted sampling, and sophisticated geophysical surveys…”. Tocvan is also preparing a drilling and trenching campaign to commence before the end of the month. The company has secured full permit approval for a 10-year pilot mine facility at the site.
  • Colibri Resource Corp. provided a corporate update. At the EP project in Sonora the company holds 4,766 ha within 25 km from Fresnillo plc´s La Herradura mine, with more than 2,500 surface samples and 12,000 m of drilling. At Pilar, also in Sonora, Colibri holds 49% interest in the project that has over 24,000 m of drilling, trenching and surface work, as well as a 1,400-tonne bulk sample completed in 2023 with 63% recoveries for gold. The projects is permitted for a 50 K tonnes pilot mine facility. The company is also advancing debt conversion-New debenture, equity financing and market initiatives.

ON MINING

  • Starcore International Mines Ltd. filed the results for its first quarter ended July 31, 2025. During the period the company had revenues of C$8.64 M, earnings of C$1.9 M, net income of C$0.93 M and EBITDA of C$1.35 M. At its San Martin mine in Queretaro, Starcore milled 54.2 K tonnes averaging 1.47 gpt Au, 12.9 gpt Ag, recovering 77.4% Au, 54.8% Ag, to produce 2,000 Oz Au, 12.3 K Oz Ag, or 2.1 K Oz AuEq, at 2,499 per Oz AuEq.

ON FINANCING

  • Masivo Silver Corp. has prepared the financial statements and is undergoing the associated audit to reverse its management cease trade order (MCTO). “Masivo expects the audit to be completed, and the required filings submitted by September 29, 2025” Cerro Colorado, Sonora).
  • Silver Tiger Metals Inc. entered into an agreement with Stifel Canada, to act as sole book underwriter, together with a syndicate of underwriters, to purchase on a bought deal basis 34.75 M common shares for gross proceeds of C$25 M. The company will grant an option to purchase an additional 15% of the offering that will, if exercised in full, raise additional C$3.75 M in gross proceeds (El Tigre, Sonora).
  • Discovery Silver Corp. entered into an agreement with a syndicate of financial institutions for a revolving credit facility that allows the company to borrow up to US$250 M, with an accordion feature for an additional US$100 M. The syndicate includes Bank of Montreal (BMO), BMO Capital Markets and Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada (NBC) (Cordero, Chihuahua).
  • Sandstorm Gold Ltd. declared the third quarterly cash dividend for 2025, in the amount of C$0.02 per common share (Royalty on Cosalá, Sinaloa).
  • Pacifica Silver Corp. issued 2.6 M stock options to directors, officers and consultants (Claudia, Durango).
  • Elemental Altus Royalties Corp. received approval of the TSX Venture Exchange for the share consolidation of the issued and outstanding shares of the company on a one to ten basis (royalty on Mercedes, Sonora).
  • Avino Silver & Gold Mines Ltd. announced that it has been added to the Market Vectors Junior Gold Miners Index (MVGDXJTR) and the VanEck Junior Gold Miners ETF (DXJ) (Avino, Durango).
  • Xali Gold Corp. addressed the current capital working deficiency, US$3.15 M as of June 30, 2025, with the following plans. Mining Fees of US$1.25 M owed in Mexico are to be reduced to nil by payments by Remedioambiente S.A. de C.V. (See note under Deals and Corporate Issues) and/or other third parties. A third party owed US$646.5 K is to be issued shares for debt for up to 50% of the amount owed and the reminder in 2026. Directors and officers who are owed US$594 K have agreed to wait and take shares for debt for up to 50% of the amount owed and the rest when possible. “Trade payables and liabilities totalling $542,393, of which up to 40% are to be paid from proceeds of a financing planned for Fall 2025, up to 25% by shares for debt and the remaining with proceeds from a second financing planned for 2026”, Ridley Rocks Inc., a company controlled by Joanne Freeze, president and CEO, had loaned the Company C$124.3 K which is payable by March 31, 2026, is not interest bearing nor does it have any securities pledged against it. During July-September 2025 Ridley Rocks is to loan additional C$150 K, bearing 3% interest, to be repaid on September 2026 (El Oro, Estado de México).
  • Impact Silver Corp. announced the closing of its previously announced “bought deal” private placement for gross proceeds of C$16 M. The company intends to advance underground development and infrastructure at the Guadalupe mine and increase processing plant throughput at the Guadalupe Production Centre (Royal Mines of Zacualpan) in the states of Mexico and Guerrero and expand mining operations and processing capacity and resource definition drilling at the Plomosas zinc-silver-lead mine in Chihuahua.
  • Minera Alamos Inc. reported the closing of the “bought deal” private placement previously announced, for gross proceeds of C$135 M (Santana, Sonora).
  • Luca Mining Corp. granted an aggregate of 3.2 M incentive stock options and 0.88 M restricted share units to certain officers and directors of the company (Campo Morado, Guerrero).
  • Zacatecas Silver Corp. increased its previously announced private placement for gross proceeds of up to C$3.75 M (Zacatecas Silver, Zacatecas).
  • Xali Gold Corp. resumed trading on September 18, 2025 (El Oro, Estado de Mexico).
  • Silver Dollar Resources Inc. upsized its previously announced brokered private placement from C$4 M to C$5.9 M. The Offering is being led by Research Capital Corp. and Mr. Eric Sprott has indicated his intention to participate in the transaction through 2176423 Ontario Ltd. (La Joya, Durango).
  • ASA Gold and Precious Metals Ltd. acquired from Minera Alamos Inc. through a private placement 55.6 M common shares and 55.6 M common shares purchase warrants for a C$19.72 M consideration in cash for the common shares. Asa Gold holds 9.6% of the issued and outstanding shares of the Issuer, or 17.5% of the issued and outstanding shares on a partially diluted basis (Santana, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Regency Silver Corp. is to commence drilling on the fourth week of September at its Dios Padre project in Sonora. The program is for 4,500 m of drilling in six to eight holes.

ON DEALS AND CORPORATE ISSUES

  • Masivo Silver Corp. is advancing toward the anticipated closing of the Cerro Colorado property acquisition in Sonora, “where the project is already drill-permitted and ready for immediate mobilization of a drill program following financing and close”. The company continues to review properties in Sinaloa.
  • Sandstorm Gold Ltd. filed its notice of meeting, management information circular in connection with the special meeting of shareholders to approve the merger with Royal Gold Inc (Royalty on Cosalá, Sinaloa).
  • Almaden Minerals Ltd. provided an update to the international proceedings under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with the United Mexican States (Mexico’s formal name). Almaden is pursuing the claim together with Almadex Minerals Ltd., which holds a 2% NSR, on illegal acts by Mexico resulting in the complete loss of the Ixtaca project (Puebla) investment. The three-person arbitration panel established the procedural calendar through to the hearing dates as follows: “Mexico is due to file its counter memorial (which responds to the Claimants’ March 20, 2025, memorial), by November 24, 2025. The Claimants will file their reply to Mexico’s counter memorial by April 27, 2026, and Mexico will file its rejoinder to this reply by August 5, 2026. The hearings are scheduled for December 14 – 18, 2026 (with December 19 held in reserve), and will be held in Washington, D.C.”. The claimants are seeking damages of US$1.06 billion.
  • Capitan Silver Corp. announced the addition to the management’s team and board of directors of Graham Scott, director; Marc Idziszek, vice president of exploration; Israel Tolano Chacón, technical services, Xochitl L- Valenzuela Verdugo, project evaluation and Greg DiTomaso, investor relations (Cruz de Plata, Durango).
  • Plata Latina Minerals Corp. announced results of its annual general meeting (AGM) held on September 16, 2025. All matters presented to the meeting were approved (La Joya, Hidalgo).
  • Xali Gold Corp. has chosen not to continue with the option onthe Sarape project, in Sonora, from Advanced Lithium Corp.
  • Xali Gold Corp. under advice by the TSX clarifies its agreement with Remedioambiente S.A. de C.V. on El Oro project, Estado de Mexico. Remedioambiente has the right to recover mineral from veins and backfill left behind in the historic El Oro mine workings on five of the El Oro concessions, paying Xali Gold 3% NSR on the extracted material above the 2,400 m level. Remedioambiente has an obligation to pay the mineral rights past due and payable in the future. Once these fees reach US$50 K, the fees may be converted in Xali shares. Remedioambiente has the right to appoint a Mining Engineer to Xali’s board, and if Remedioambiente acquires greater than 20% of Xali shares within five years, also an additional person to the position of chair of the board. A total of nine mining concessions in El Oro had been declared as cancelled by the Mexican Mines Bureau (AGM.- Agencia de Minería), in a manner that are understood to be unlawful due to the failure to provide a legally required 60-day notice directly to the company.
  • Vizsla Silver Corp. announced that Mr. Eduardo Luna, an independent director of the Company since November 2023, has been appointed as Lead Director of the Board (Panuco, Sinaloa).
  • Southern Silver Exploration Corp. reached an agreement to acquire the Puro Corazon mining claim located contiguous to its 100%-owned Cerro Las Minitas project in Durango, from an arms-length third party. The Puro Corazon mine is currently extracting ore at a 60 tpd rate, producing silver-lead and zinc concentrates. Puro Corazon is to be incorporated into the surrounding Cerro Las Minitas project to immediately commence a 12,000 m infill drilling program. On the first quarter of 2026 the company will commence the preparation of a preliminary economic assessment (PEA). The right to acquire the mining concession “m from an arms-length vendor in consideration for a series of cash payments to be made over a forty-month period following entering into of a definitive assignment agreement with the vendor”.
  • Prime Mining Corp. announced that Glass Lewis, an independent proxy advisory firm has recommended that Prime securityholders vote “FOR” the plan of arrangement with Torex Gold Resources Inc. The proxy voting deadline is September 25, 2025. “The Board of Directors of Prime unanimously recommends that the Securityholders vote FOR the Arrangement” (Los Reyes, Sinaloa).
  • Goldgroup Mining Inc. has acquired 52.7% of the creditors’ rights in Molimentales del Noroeste, S.A. de C.V. Concurso Mercantil (Chapter 11 equivalent in USA). Molimentales main asset is the San Francisco mine concession in Sonora. “Goldgroup paid approximately US$3.74 million for this acquisition, which includes payments made directly to creditors as well as expenses related to the transaction. The Company anticipates incurring additional costs as it continues acquiring further creditors’ rights”.
  • Newmont Corp. completed the sale of 43.24 M common shares of Orla Mining Ltd. at a price of US$10.14 per common share, for aggregate gross proceeds of US$439 M. Prior to the sale Newmont held 13.3% of the issued and outstanding common shares on a non-diluted basis (Peñasquito, Zacatecas).

ON SOCIAL RESPONSIBILITY

  • Orla Mining Ltd. released its 2024 sustainability report describing its responsible mining and transparent disclosure of environmental, social, and governance (“ESG”) performance. At Camino Rojo, in Zacatecas, the company stressed its low GHG emission intensity, low water usage per tonne of ore processed, purchasing from local suppliers, high training of workforce and partnership with local schools.

On the image below: Specularite veinlets in volcanosedimentary rocks, secondary hematite halo, HQ core. Picture by Jorge Cirett.

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

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By Jorge Cirett

During the 36th week of the year (September 1st to September 7th, 2025), companies working in Mexico presented 23 press releases. No companies presented exploration advances on early-stage properties. One company presented financial results. Thirteen companies presented news on financing rounds and share-related issues. Three companies presented drilling results from their advanced properties. Six companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, no relevant news. ON MINING, Heliostar Metals reported financial results to the end of June 2025. ON FINANCING, nine companies informed on financing rounds: Masivo Silver (C$505 K), Impact Silver (C$13 M), Regency Silver (C$4 M), Silver Storm (C$13 M), Gold Resource (C$11.4 M), Elemental Altus (US$100 M), Sonoro Gold (C$2 M), Tocvan Ventures (“significant”), and Vizsla Silver  (US$220 M). Apollo Silver is consolidating its shares. Mithril Silver and Gold issued shares to management, employees and consultants. Pacifica Silver is to commence trading on the OTCQB marketplace. ON RESOURCES AND DEVELOPMENT, Capitan Silver informed on drilling at Cruz de Piedra, in Durango. GR Silver Mining presented drilling results from step-out drilling at the San Marcial deposit, on the Plomosas project in Sinaloa. First Majestic Silver announced results from its 2024/2025 exploration campaign at Los Gatos, in Chihuahua. ON DEALS AND CORPORATE ISSUES, Minaurum Gold is exchanging interest on a property for an NSR. Pacifica Silver made appointments to the board. Elemental Altus Royalties is acquiring EMX Royalty. Pan American Silver completed the acquisition of Mag Silver. Orogen Royalties signed an exploration alliance with South32. Mithril Silver and Gold amended a press release. ON SOCIAL RESPONSIBILITY, no relevant news

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • No relevant news.

ON MINING

  • Heliostar Metals Ltd. reported unaudited financial results to the end of June 2025 (Heliostar’s first quarter of 2025). The company produced 7,396 Oz AuEq from mining the Junkyard Stockpile at La Colorada, and re-leaching previously stacked ore at La Colorada (Sonora) and San Agustin (Durango), at a total cash cost of $1,413 per Oz AuEq and an AISC of $1,541 per Oz AuEq. Mine operating earnings were US14.3 M, with net income of US$1.9 M and cash of US$29.7 M and working capital US$51.7 M. At La Colorada the company will feed new ore from historical stockpiles and after receiving regulatory approvals expand the Veta Madre pit to exploit 43 K Oz Au of gold reserves. The company completed the regulatory requirements to enable the approval to restart mining at San Agustin from the Corner area, with estimated reserves of 44.5 K Oz Au. At Ana Paula in Guerrero, commenced and expanded a US$9.5 M exploration and development program, including a 15,000 m drill campaign to upgrade inferred mineral resources in the upcoming feasibility study. At Cerro del Gallo, in Guanajuato, the process of advancing the additional development and engineering required is ongoing.

ON FINANCING

  • Apollo Silver Corp. intends to proceed with the consolidation of its issues and outstanding common shares on a five to one basis (Cinco de Mayo, Chihuahua).
  • Masivo Silver Corp. closed the first tranche of its previously announced non-brokered private placement, raising C$505 K (Cerro Colorado, Sonora).
  • Mithril Silver and Gold Ltd. issued 4.18 M options to key management, employees and consultants under its employee incentive securities plan (Copalquin, Durango).
  • Impact Silver Corp. entered into an agreement with Red Cloud Securities Inc. pursuant to which Red Cloud and Research Capital Corp. as co-lead underwriters and joint bookrunners, have agreed to purchase for resale 22.2 M units of the company for gross proceeds of C$8 M. The company will grant the underwriters an option, exercisable up to 48 hours prior to the closing date, to purchase up to C$2 M of additional units (Plomosas, Chihuahua).
  • Regency Silver Corp. closed its previously announced private placement for aggregate gross proceeds of C$4 M (Dios Padre, Sonora).
  • Silver Storm Mining Ltd. entered into an agreement with Red Cloud Securities Inc., as sole underwriter and bookrunner, under which Red Cloud agreed to purchase for resale 52 M units for gross proceeds of C$13 M. Silver Storm will grant to Red Cloud an option to purchase for resale up to an additional 8 M units for additional gross proceeds of up to C$2 M (La Parrilla, Durango).
  • Gold Resource Corp. is pursuing a registered direct offering with certain investors to sell shares of the company for up to C$11.4 M in gross proceeds. Gold Resource intends to use C$6.4 M of the net proceeds to prepay in full a loan to Francisco Javier Reyes de la Campa and Jaluca Ltd (Don David, Oaxaca).
  • Pacifica Silver Corp. announced its common shares will commence trading in the United States on the OTCQB marketplace, operated by OTC Markets Group Inc. on September 4, 2025 (Claudia, Durango).
  • Impact Silver Corp. increased the size of its previously announced “bought deal” private placement to gross proceeds of C$13 M. Red Cloud Securites Inc. and Research Capital Corp. have agreed to purchase for resale 36.1 M units of the company at C$0.36 per unit. Impact Silver granted to the underwriters an option to purchase for resale up to an additional 8.33 M units for additional gross proceeds of up to C$3 M. The company intends to use the nets proceeds to advance underground development at Zacualpan, Estado de México, and to expand mining operations at Plomosas, in Chihuahua.
  • Tocvan Ventures Corp. secured “significant new funding through the exercise of over 2.2 million warrants through the past five weeks with more anticipated over the coming weeks by long supportive shareholders” (Gran Pilar, Sonora).
  • Elemental Altus Royalties Corp. announced that Tether Investments S.A. de C.V. and Elemental Altus have entered into a subscription agreement on which Tether has agreed to purchase 75 M Elemental Altus shares for aggregate gross proceeds of US$100 M. The funds are to be used on the merger with EMX Royalty Corp. described below. (Mercedes, Sonora).
  • Sonoro Gold Corp. increased its fully-subscribed non-brokered private placement for gross proceeds of C$2 M (Cerro Caliche, Sonora).
  • Vizsla Silver Corp. executed a mandate letter with Macquire Bank Ltd. for a senior project finance facility of up to US$220 M to fund the construction and development of the Panuco project in Sinaloa. “The Facility will be arranged by a syndicate of banks, with Macquarie retaining a 70% interest and managing syndication of the remaining 30%. Macquarie will act as lead arranger, agent and sole underwriter…., Vizsla Silver may draw an initial US$25 million early-drawdown tranche down from the Facility, providing immediate funding for early development, construction preparation, and working capital ahead of the full project build-out at Panuco… Based on current SOFR levels, the Facility is expected to carry an interest cost of approximately 10% during construction and below 10% post-completion”.

ON RESOURCES AND DEVELOPMENT

  • Capitan Silver Corp. announced results from the first eleven holes of its 10,000 m phase one drill program at Cruz de Plata, Durango. The work has focused primarily on the Jesús María trend, with 6,700 m completed in 41 reverse-circulation (RC) holes. In parallel, the company is also testing new targets to the north, east, and west of the Jesús María zone. Highlighted drill-length intervals comprise 22.90 m @ 0.05 gpt Au, 32 gpt Ag, 0.1% Pb, 0.4% Zn; 16.80 m @ 0.05 gpt Au, 109 gpt Ag, 0.1% Pb, 0.3% Zn (including 1.50 m @ 0.09 gpt Au, 456 gpt Ag, 0.4% Pb, 0.7% Zn); 13.70 m @ 0.10 gpt Au, 79 gpt Ag, 0.2% Pb, 0.6% Zn; 19.80 m @ 0.25 gpt Au, 370 gpt Ag (including 4.60 m @ 0.62 gpt Au, 1,400 gpt Ag), 0.2% Pb, 0.2% Zn, and 1.12 gpt Au, 2,636 gpt Ag, 0.3% Pb, 0.3% Zn); 3.00 m @ 0.19 gpt Au, 316 gpt Ag.
  • GR Silver Mining Ltd. presented intercepts from the step-out drilling campaign on the SE Deep Extension Target of the San Marcial deposit at its Plomosas project in Sinaloa. “Drilling at the SE Extension target ……  has confirmed the continuation of wide, high-grade silver mineralization, extending 100 metres horizontally beyond the current Resource Area”. Highlighted core length intervals comprise 3.8 m @ 0.12 gpt Au, 44 gpt Ag, 0.2% Pb, 0.8% Zn; 75.2 m @ 0.1 gpt Au, 260 gpt Ag; 0.2% Pb, 0.5% Zn (including 6.4 m @ 0.04 gpt Au, 1,853 gpt Ag, 0.3% Pb, 1.0% Zn, and 1.8 m @ 1.10 gpt Au, 1,363 gpt Ag, 2.2% Pb, 5.4% Zn).
  • First Majestic Silver Corp. announced drilling results from its 2024/2025 exploration program at Los Gatos mine in Chihuahua. “The drilling programs were designed to expand silver, zinc, lead, copper and gold mineralization in the South-East Deeps, Central Deeps and North-West Deeps zones”. Highlighted true length intervals comprise 9.0 m @ 0.23 gpt Au, 196 gpt Ag, 1.7% Pb, 5.4% Zn (including 1.20 m @ 0.24 gpt Au, 353 gpt Ag, 3.0% Pb, 6.7% Zn; and 1.0 m @ 0.32 gpt Au, 365 gpt Ag, 5.5% Pb, 9.9% Zn); 2.60 m @ 0.44 gpt Au, 105 gpt Ag, 0.33% Cu, 0.8% Pb, 1.5% Zn; 2.60 m @ 0.59 gpt Au, 97 gpt Ag, 2.9% Pb, 11.6% Zn; 8.0 m @ 0.14 gpt Au, 130 gpt Ag, 0.22% Cu, 6.3% Pb, 18.2% Zn (including 1.60 m @ 0.09 gpt Au, 224 gpt Ag, 0.20% Cu, 12.3% Pb, 23.2% Zn); 3.70 m @ 0.07 gpt Au, 106 gpt Ag, 1.01% Cu, 2.8% Pb, 10.8% Zn; 6.90 m @ 0.33 gpt Au, 167 gpt Ag, 0.42% Cu, 5.0% Pb, 17.1% Zn (including 1.9 m @ 0.62 gpt Au, 154 gpt Ag, 0.27% Cu, 6.7% Pb, 30.1% Zn).

ON DEALS AND CORPORATE ISSUES

  • Minaurum Gold Inc. entered into an agreement with Kenadyr Metals to exchange 20% interest in the Adelita project for a 1% net smelter royalty (NSR) on all minerals extracted from the Adelita project in Sonora. In addition, Kenadyr will be issuing shares worth approximately C$135 K to Minaurum. The company extended its marketing services agreement with Capital Analytica and National Inflation Association to provide marketing and communications services (Alamos, Sonora).
  • Pacifica Silver Corp. announced the appointment of Mr. Daniel Kutzman as chairman of the board of directors, Mr Fernando Berdegué de Cima as president and of Mr. Octavio Lizardi as vice-president of exploration (Claudia, Durango).
  • Elemental Altus Royalties Corp. and EMX Royalty Corp. entered into a definitive agreement whereby Elemental Altus will acquire all of the issued and outstanding common shares of EMX. The Merged company will continue under the new name Elemental Royalty Corp. The merger will create a revenue generating royalty company with a combined revenue guidance of US$70 M in 2025 and US$80 M in 2026 (Mercedes, Sonora; San Agustín, Durango).
  • Pan American Silver Corp. announced the completion of the acquisition of all the issued and outstanding common shares of Mag Silver Corp. The Transaction adds a 44% joint venture interest in the Juanicipio mine in Zacatecas, operated by Fresnillo plc. and 100% interest on projects out from Mexico. “Pursuant to the terms of the Transaction, MAG shareholders received an aggregate of US$500 million in cash and approximately 60.2 million Pan American Shares in consideration for their MAG Shares. Following completion of the Transaction, former MAG shareholders own approximately 14.3% of the issued and outstanding Pan American Shares, on a fully diluted basis”.
  • Orogen Royalties Inc. signed a multi-year generative exploration alliance agreement program with South32 Ltd. The Alliance will focus on generating intrusion-related base metal targets in western North America. An initial US$300 K budget is to be funded by South32, with additional pre-alliance US181 K to be reimbursed to Orogen. “Projects selected within the Alliance area of interest (each a “Designated Project”) will be subject to a five-year option agreement whereby South32 can earn a 100% interest in a Designated Project by funding $5 million in exploration expenditures and making milestone cash payments of $2 million. Orogen will retain up to a 2% net smelter return (“NSR”) royalty, subject to a buydown of up to 0.5% for $5 million”.
  • Mithril Silver and Gold Ltd. provided an amended press release, replacing the one emitted last week with drilling results from the Copalquin project in Durango. The new document includes “additional drill hole collar information in Table 5 on page 10 and a cross reference to Table 5 in JORC Table 2 Drill hole Information”.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

On the image below: Coarse grained felsic rock dike on fine grained intermediate intrusive rock, HQ core. Picture by Jorge Cirett.

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

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By Jorge Cirett

During the 34th week of the year (August 18th to August 24th, 2025), companies working in Mexico presented 33 press releases. One company presented exploration advances on its early-stage property. Five companies presented quarterly reports. Ten companies presented news on financing rounds and share-related issues. Three companies presented drilling results from their advanced properties. One company received a key acceptance of a surface rights agreement. Fifteen companies informed on deals and corporate issues. ON MEXICO ISSUES, The SGM has been given the first orders by the Economy Ministry to perform exploration activities in three projects.  ON EXPLORATION, In Sonora, Questcorp informed on its drill program at La Union. ON MINING, Starcore International Mines, Elemental Altus Royalties, Santacruz Silver Mining, Sailfish Royalty and Sierra Madre Gold and Silver released Q2 2025 results. ON FINANCING, six companies informed on financing rounds: Regency Silver (C$2.5 M, upsized to C$3.1 M), Mammoth Resources (C$980 K), Sonoro Gold (C$525 K), Goldgroup Mining (C$4 M), Pacifica Silver (C$10 M) and Guanajuato Silver Company (C$18 M). Sonoro Gold informed on the terms of a loan. Apollo Silver and Kootenay Silver granted stock options. ON RESOURCES AND DEVELOPMENT, Sonoro Gold received acceptance by the TSX for the surface rights agreement at Cerro Caliche. Avino Silver and Gold reported drilling results from La Preciosa. First Majestic Silver disclosed results from drilling at San Dimas. GR Silver Mining announced drilling results from its Plomosas project. ON DEALS AND CORPORATE ISSUES, Silver Dollar Resources and Canasil Resources informed on their AGMs. Pacifica Silver, United States Antimony, Kootenay Silver, Tocvan Ventures and Colibri Resource announced appointments to the board. Apollo Silver engaged a service provider. Mag Silver informed on its acquisition by Pan American Silver. Reyna Silver and Torex Gold updated on its acquisition by Torex. Xali Gold informed on its status under the TSX and on the cancellation of claims at El Oro. Capitan Silver acquired mining concessions from Fresnillo plc at Cruz de Plata. EV Resources signed an MOU with Wogen Resources and Xcelsior Capital Advisors. Galore Resources updated on its Los Gemelos and Duraznillo projects. ON SOCIAL RESPONSIBILITY, no relevant news

ON MEXICO ISSUES

  • The Economy Ministry (Secretaría de Economía) emitted three exploration orders to the Mexican Geological Survey (Servicio Geológico Mexicano, or SGM). The orders posted In the Official Gazette (Diario Oficial de la Federación) grant the SGM the initial exploration works at Las Granadas (Estado de México), La Soledad (in Durango) and Delia (in Sonora). (Note by the editor.- This is a feeble attempt by the government to try to make function an exploration system depicted in the new mining law that basically is unworkable in any meaningful way, other than that of plain demagogy).   

ON EXPLORATION

  • Questcorp Mining Inc. announced the completion of 25% of the planned 1,200 to 1,500 m drill program at La Union, in Sonora.

ON MINING

  • Starcore International Mines Ltd. announced production results for the first fiscal quarter ended July 2025. At its San Martin mine in Queretaro, the company milled 54.3 K tonnes averaging 1.47 gpt Au, 12.9 gpt Ag, recovering 77.4% Au, 54.8% Ag, to produce 2,130 gpt AuEq. “During the quarter, the CIL (carbon-in-leach) process for carbonaceous ore was fine-tuned and necessary adjustments were made to optimize the process”.
  • Elemental Altus Royalties Corp. announced its operating and financial results for Q2 2025. The company had revenue of US$9.1 M, adjusted revenue of US$105 M, operating cash flow plus Caserones dividend of US$14.4 M, attributable 3,184 Oz Au Eq and adjusted EBITDA of US$8.8 M, with guidance revenue increased to US$35 M to US$40 M (Royalty on Mercedes, Sonora).
  • Santacruz Silver Mining Ltd. reported its financial and operating results for Q2 2025. The company had revenue of US$73.3 M, gross profit of US$25.3 M, net income of US$21.0 M, adjusted EBITDA of US$26.8 M, working capital of US$60.3 M and cash and short and long term investments of US$57.8 M. The company produced 3.55 M Oz AgEq on its mines in Mexico and South America at an AISC of $22.95 per Oz AgEq (Zimapán, Hidalgo).
  • Sailfish Royalty Corp. announced operating and financial results for the second quarter of 2025. During the period Sailfish earned US$626 K in royalties, earning 8 Oz Au, 1,672 Oz Ag from stream interests. Total revenue was US$713.2 K, for a gross profit of US$687 K, net income of US$185.3 K, declaring a quarterly dividend of US$0.0125 per common share (royalty on Gavilanes, Durango).
  • Sierra Madre Gold and Silver Ltd. provided financial results for Q2 2025. During the period the company had net revenue of US$5.36 M, adjusted EBITDA of US$1.46 M and a gross profit of US$1.29 M. At La Guitarra in Estado de México, 41.2 K tonnes were milled, recovering 76.6% Ag, 78% Au, to produce 66 K Oz Ag, 1,001 Oz Au. Sierra Madre closed the first and second tranches of a C$19.5 M brokered private placement during the quarter.

ON FINANCING

  • Sonoro Gold Corp. announced the completion of cash payments of US$3.12 M to a lessor, satisfying the financial obligations in year 1 of the agreement. The company will issue 5 M common shares to the lessor at a deemed issue price of CAD $0.15 Common Share. “Funding for year-1 payment requirements under the Agreement was financed by unsecured shareholder loans aggregating to US $2,900,000 (the “Loans”) by Company directors, bearing annual interest of 10%, plus a 7% lending fee” (Cerro Caliche, Sonora).
  • Apollo Silver Corp. approved the annual grant of 4.41 M stock options, restricted share units and deferred share units to certain employees, officers, directors and consultants (Cinco de Mayo, Chihuahua).
  • Regency Silver Corp. upsized its previously announced best efforts brokered private placement led by Centurion One Capital Corp. for aggregate gross proceeds of up to C$2.5 M (Dios Padre, Sonora).
  • Mammoth Resources Corp. received approval from the TSX Venture Exchange for a final closing for gross proceeds of C$980 K (Tenoriba, Chihuahua).
  • Sonoro Gold Corp. announced a non-brokered private placement offering for gross proceeds of C$525 K (Cerro Caliche, Sonora).
  • Kootenay Silver Inc. announced stock purchase options have been granted to a consultant to purchase up to 250 K shares of Kootenay at a price of $1.19 per common share for a period of two years. (Columba, Chihuahua).
  • Pacifica Silver Corp. closed the first tranche of its previously announced C$10 M non-brokered private placement financing. Participants included Vizsla Silver Corp., First Majestic Silver Corp., Silver Corp. Metals Inc. and 2176423 Ontario Ltd. (Claudia, Durango).
  • Goldgroup Mining Inc. arranged a non-brokered private placement for gross proceeds of up to C$4 M (Cerro Prieto, Sonora).
  • Guanajuato Silver Company Ltd. announced the closing of its previously announced non-brokered listed issuer financing exemption (LIFE) private placement for aggregate gross proceeds of C$18 M. “In connection with the Offering, the Finders received a cash commission of $520,463.92, and 1,727,904 nontransferable finder’s warrants”. Certain directors and officers acquired an aggregate of 2.1 M units for gross proceeds of C$630 K (El Cubo, Guanajuato).
  • Regency Silver Corp. upsized its previously announced best efforts brokered private placement for aggregate gross proceeds of C$3.1 M (Dios padre, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Sonoro Gold Corp. received the final acceptance from the TSX Venture Exchange for the surface rights lease agreement for the Company’s Cerro Caliche Gold Project in Sonora, Mexico.
  • Avino Silver & Gold Mines Ltd. reported results from 1,100 m of drilling in four twin holes at La Preciosa, Durango. The positive results are from La Abundancia and La Gloria veins. Highlighted true width intervals comprise 7.90 m @ 1.92 gpt Au, 1,638 gpt Ag (including 1.84  @ 0.61 gpt Au, 5,006 gpt Ag); 14.80  @ 0.38 gpt Au, 257 gpt Ag (including 5.04 m @ 0.72 gpt Au, 594 gpt Ag); 6.42 m @ 0.46 gpt Au, 544 gpt Ag; 3.45 m @ 0.44 gpt Au, 970 gpt Ag (including 1.17 m @ 0.64 gpt Au, 1,936 gpt Ag); 3.41 m @ 0.36 gpt Au, 398 gpt Ag. “Mineralization at the La Preciosa is hosted within multiple discrete poly-phase quartz veins, often displaying banded, smoky, drusy, and chalcedonic textures. Also, in each stage, there is variably crustiform banded fracture fill/breccia cement mineralogy”.
  • Colibri Resource Corp. congratulated its joint venture partner, Tocvan Ventures Corp., on receiving permit approval for a 50 K tonnes pilot mine facility located in close proximity to the Pilar project, a 49% Colibri – 51% Tocvan joint venture.
  • First Majestic Silver Corp. reported drilling results from its exploration program at the San Dimas mine in Durango. The drilling program is focused in exploring for new veins, expand and upgrade mineral resources, highlighted true width results comprise 0.75 m @ 9.94 gpt Au, 546 gpt Ag; 0.95 m @ 5.35 gpt Au, 302 gpt Ag; 0.89 m @ 7.77 gpt Au, 357 gpt Ag; 5.17 m @ 7.66 gpt Au, 357 gpt Ag; 1.59 m @ 13.07 gpt Au, 762 gpt Ag; 2.12 m @ 8.38 gpt Au, 282 gpt Ag; 3.57 m @ 15.93 gpt Au, 1,112 gpt Ag; 2.35 m @ 4.67 gpt Au, 289 gpt Ag; 1.06 m @ 23.70 gpt Au, 578 gpt Ag; 3.80 m @ 3.27 gpt Au,151 gpt Ag; 2.53 m @ 9.65 gpt Au, 121 gpt Ag.
  • GR Silver Mining Ltd. announced drilling results from its step-out drill program adjacent to the San Marcial deposit mineral resource area within the Plomosas project in Sinaloa. Highlighted core length intervals comprise 11.1 m @ 0.08 gpt Au, 64 gpt Ag; 22.9 m @ 0.06 gpt Au, 11 gpt Ag; 19.9 m @ 0.10 gpt Au, 206 gpt Ag (including 3.7 m @ 0.20 gpt Au, 511 gpt Ag and 4.2 m @ 0.10 gpt Au, 322 gpt Ag). All theses intervals contain between 0.1% to 0.8% Pb and between 0.1% to 0.9% Zn. “Drilling is ongoing with two diamond drill rigs, focusing on the SE Deep Extension target and the Parallel Breccia target.”.

ON DEALS AND CORPORATE ISSUES

  • Silver Dollar Resources Inc. informed that all resolutions put forth at the company’s annual general meeting (AGM), held on August 15, were approved by its shareholders (La Joya, Durango).
  • Pacifica Silver Corp. announced the appointment of Sophie Hsia to the board of directors and released results of its AGM (Claudia, Durango).
  • Apollo Silver Corp. engaged Creative Direct Marketing Group, Inc., an arm’s-length service provider, to provide marketing and advertising services for a total of US$1.62 M, payable in tranches (Cinco de Mayo, Chihuahua).
  • Colibri Resource Corp. announced thatJamie Lavigne has resigned from his position as director of the company. The company appointed Mark Smethurst, P. Geo, MSc, CFA-Level III Candidate, to the Board of Director (EP project, Sonora).
  • Canasil Resources Inc. announced shareholders voted in favor of all matters brought before its annual general meeting (AGM) held on August 7, 2025 (La Esperanza, Durango-Zacatecas).
  • Mag Silver Corp. announced today that, other than Mexican competition approval (COFECE), all required key approvals and authorizations to consummate the acquisition by Pan American Silver Corp. have been obtained. “If the COFECE Approval is obtained and all closing conditions are satisfied or waived, the Arrangement is expected to be completed in the third quarter of 2025. Following completion of the Arrangement, the MAG Shares are expected to be delisted from the Toronto Stock Exchange and NYSE American LLC” (Juanicipio, Zacatecas).
  • United States Antimony Corp. announced the addition of General John M. Keane, as an independent director to USAC’s board of directors (Juarez, Queretaro).
  • Kootenay Silver Inc. appointed Ron Miller as a director of the company (Columba).
  • Reyna Silver Corp. announced the completion of the previously announced plan of arrangement with Torex Gold Resources Inc.. pursuant to which Torex acquired all of the issued and outstanding shares of Reyna Silver (GuiGui, Chihuahua).
  • Torex Gold Resources Inc. announced the completion of the plan of arrangement with Reyna Silver Corp. (Morelos Complex, Guerrero).
  • Tocvan Ventures Corp. appointed Christopher Gordon as head of corporate development (Pilar, Sonora).
  • Xali Gold Corp. filed its audited annual financial statements. “The TSX Venture Exchange (“TSX.V”) is currently conducting a Listing Review of Xali Gold, which is a normal part of the review process after trading has been halted in a Company. The Company is working to resume trading as soon as possible”. The company is trying to overturn the cancellation of several mineral concessions at El Oro, Estado de México.
  • Capitan Silver Corp. executed a definitive agreement to acquire a strategic land package at its Cruz de Plata project in Durango. The property consists of 2,171.4 ha in seven mining concessions adjacent to and surrounding Cruz de Plata. The acquisition from Fresnillo plc involves the payment of an initial US$2 M (paid) and US$2 M payable on or before the second anniversary of the closing, with no royalties or share payments.
  • EV Resources Ltd. executed a try-party memorandum of understanding (MOU) with Wogen Resources Ltd. and Xcelsior Capital Advisors Ltd. Subject to a definitive agreement Wogen and XCLR will engage on a US$2–3 million secured debt facility to advance Los Lirios antimony project in Oaxaca towards production, and Wogen will be granted exclusive rights to offtake antimony products from Los Lirios, and Wogen and XCLR will provide EVR with technical input and market intelligence.
  • Galore Resources Inc. announced that it will host its annual and special general meeting of shareholders on October 23, 2025. The company has received interest in supporting development at Los Gemelos and Duraznillo in Zacatecas; however, recent proposals were not aligned with the long-term interests of shareholders. Discussions with other potential partners remain ongoing. “At Duraznillo, previously announced drilling was suspended due to delays in committed funding, following unforeseen circumstances with an investor group”.

ON SOCIAL RESPONSIBILITY

  • No relevant news.

On the image below: Chlorite-Epidote alteration in quartz monzonite on HQ core. Picture by Jorge Cirett.

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

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By Jorge Cirett
During the 32nd week of the year (August 04th to August 10th, 2025), companies working in Mexico presented 36 press releases. Two companies presented news on two early-stage properties. Nine companies presented quarterly operational updates, one informed on actions to be taken on a pit wall failure and one more reported steady commissioning progress. Six companies reported on financial rounds. One company is drawing funds from a loan facility, another one received a cease trade order, while another company is voluntarily delisting from the TSX, another one is paying a dividend, a further one is changing its stock options plan and finally another is retracting amendments to outstanding debentures. One company received a key operational permit and one more informed on actions to be taken regarding a recent pit failure. Five companies informed on deals and corporate issues. ON MEXICO ISSUES, Mexico advanced several positions in the Fraser Institute Attractiveness Index. ON EXPLORATION, In Sonora, Aztec Minerals informed on surface exploration work at Cervantes; Questcorp Mining and Riverside Resources commenced a drilling program at La Union. ON MINING, Capstone Copper, Aura Minerals, Gold Resource, Torex Gold, Go Gold Resources, Pan American Silver, Gold Royalty, Coeur Mining, and Sandstorm Gold released Q2 2025 results. Orla Mining informed on actions to be taken on its recent pit wall failure. Endeavour Silver reported steady progress at Terronera in Jalisco. ON FINANCING, nine companies informed on financing rounds: Gold Group Mining (C$12 M), Aura Minerals (US$21.75 M), Pinnacle Silver and Gold (C$1.7 M), Minera Alamos (C$110 M), Prismo Metals (C$385 K) and Alamos Gold (US$500 M). Aura Minerals is to pay a dividend and delist from the TSX. Bear Creek Mining has drawn down US$0.6 M from a loan facility and Colibri Resource is not proceeding with debenture amendments. Xali Gold has been notified of a cease trade order. ON RESOURCES AND DEVELOPMENT, Guanajuato Silver received a key explosives permit for its Pinguico project in Guanajuato. Orla Mining provided an update on exploration and definition drilling on the extension of the Sulfide zone at its Camino Rojo mine in Zacatecas. ON DEALS AND CORPORATE ISSUES, Fresnillo plc is acquiring the Los Coyotes project in Sonora from Orogen Royalties. Pan American Silver made an appointment to the board. Angel Wing Metals presented results of its AGM. Minera Alamos is acquiring several properties in Nevada for Equinox Gold. ON SOCIAL RESPONSIBILITY, Oroco Resource signed a cooperation agreement with Mexico’s government program “Sembrando Vida” for supporting local initiatives near its Santo Tomas project in Sinaloa.

ON MEXICO ISSUES

  • México advanced from the 78 to the 49 position (from 82 constituencies evaluated) in the Fraser Institute Attractiveness Index. The Index is 60% based in the geological potential and 40% in the political perception. Mexico climbed almost 18 points supported by its geological potential (from 37.5 to 64.29 points) and a little bit less by its political perception (35 to 40 points). The index is based in a poll that included answers from 2,289 exploration and development companies.   

ON EXPLORATION

  • Aztec Minerals Corp. updated on 2025 exploration work realized at its 3,649 ha Cervantes project in Sonora. Field crews collected 151 outcrop and subcrop samples, extending “the known extent of the California Au-Cu porphyry system another 0.5 kms to the east, finding and confirming new prospects with porphyry related mineralization with results of up to 15.6 gpt Au, 177.3 gpt Ag, and 8,062 ppm Cu in the adjoining target areas of Brasil, Estrella, California East, California North, and Purisima East”. Small outcrops of B-type vein stockworking and disseminated mineralization in quartz feldspar porphyry along with hydrothermal breccias were found on the rugged terrain up to 0.5 km to the east of the California target.
  • Questcorp Mining Inc. commenced drilling on its 25 square Km La Union project in Sonora. The 1,500 m diamond drill program across six holes is being carried out by vendor and operator Riverside Resources Inc. Four areas are to be tested: Union Main mine, North Union mine, Cobre and Central Union. The project is a carbonate replacement deposit (CRD) project “hosted by Neoproterozoic sedimentary rocks (limestones, dolomites, and siliciclastic sediments) overlying crystalline Paleoproterozoic rocks of the Caborca Terrane”

ON MINING

  • Capstone Copper Corp. reported financial results for the second quarter 2025. The company had a consolidated Cu production of 57,416 tonnes at cash cost $2.45 per Lb Cu., with a net income of US$24 M, adjusted net income of US$27.5 M, adjusted EBITDA of US$ 215.6 M, operating cash flow of US212.4 M and the net debt decreasing to US$691.9 M. At Cozamin, in Zacatecas, the company produced 6,509 tonnes Cu at $1.49 per Lb Cu during the period.
  • Endeavour Silver Corp. reported steady progress at its Terronera mine in Jalisco. The company milled 57 K tonnes at the site at an average rate of 1,841 tpd, with recoveries of 71% Ag, 67% Au while processing lower grade ore. “Higher-grade material is scheduled for processing soon, while optimization efforts continue. The introduction of higher-grade material is expected to directly enhance recoveries”.
  • Orla Mining Ltd. updated on the recent pit wall event at its Camino Rojo mine in Zacatecas. The comprehensive assessment determined that “The material movement was bounded by two faults acting as release features from increased pore pressure due to rainfall and the steepness of the interwall angle… The north wall will be re-established at a lower overall slope at single 10 metre benches”.  The pit wall is to be pushed back 50 to 80 m, to remove approximately 9 M tonnes, material that is expected to average 0.74 gpt Au and will be crushed and stacked on the heap.
  • Aura Minerals Inc. filed audited consolidated financial statements for Q2 2025. The company had a consolidated production of 64,033 Oz AuEq at a cash cost of $1,146 per Oz Au, an AISC of $1,149 per Oz Au, with a net revenue of US$190.4 M, gross profit of US$103.9 M, EBITDA of US$106.2 M, net income of US$8.1 M, adjusted net income of US$36.8 M. At Aranzazu, in Zacatecas, 22,290 Oz AuEq were produced at cash cost $1,110 per Oz AuEq, an AISC of $1,514 per Oz AuEq, for a revenue of US$62.5 M and a gross profit of US$31.5 M.
  • Gold Resource Corp. announced its second quarter operational results from its Don David mine in Oaxaca. During the period 63.5 K tonnes were milled, averaging 0.56 gpt Au, 115 gpt Ag, 0.13% Cu, 0.88% Pb, 2.72% Zn, to produce 758 Oz Au, 196.4 K Oz Ag, 50 tonnes Cu, 373 tones Pb, 1,380 tonnes Zn at cash cost $4,017 per Oz AuEq and an AISC of $5,458 per Oz AuEq. Productivity is being hindered by the lack of equipment to work several mining faces simultaneously. The company had US$10.4 M in working capital and US$12.7 M in cash at the end of the period.
  • Torex Gold Resources Inc. reported financial and operational results for Q2 2025. During the period the company produced at its Morelos Complex in Guerrero 82,856 Oz AuEq at an AISC of $2,103 per Oz AuEq, to have US$83.2 M in net income, adjusted net earnings of US$43.8 M, EBITDA of US$114.1 M and adjusted EBITDA of US$117.7 M, generating US$67.8 M in net cash and US$95.3 M before changes in non-cash operating working capital.
  • GoGold Resources Inc. announced financial results for the quarter ending in June 2025. From the operation of the Parral tailings in Chihuahua, the company obtained revenue of US$17.7 M, operating income of US$4.6 M, net income of US8.2 M and cash flow of US7.2 M. At the Parral tailings project in Chihuahua 402.9 K tonnes were stacked, 527.9 K Oz AgEq sold with a cash cost of $17.21 and an AISC of $22.78.
  • Pan American Silver Corp. reported unaudited results for the second quarter. The company produced 5.1 M Oz Ag, 178,700 Oz Au to obtain US$811 M in revenue, net earnings of US$189.6 M, mine operating earnings of US$273.3 M and adjusted earnings of US$155.4 M. Cash flow from operations was US$293.4 M with US$233 M of free cash flow. Consolidated cash cost was $19.69 per Oz Ag and $1,611 per Oz Au. At La Colorada, in Zacatecas, 1.5 M Oz Ag, 1,300 Oz Au were produced at an AISC of $24.18 per Oz Ag, while at Dolores, in Chihuahua, 0.29 Moz Ag, 10,100 Oz Au were produced at an AISC of $811 per Oz Au. The company entered into a definitive agreement to acquire all shares of Mag Silver Corp. (Juanicipio, Zacatecas).
  • Gold Royalty Corp. filed its operating and financial results for Q2, 2025. The company had US$3.8 M in revenue during the period, a net loss of US$829 K, with an adjusted EBITDA of US$2.36 M and an adjusted net loss of US$66 K (Royalty on Cozamin, Zacatecas).
  • Coeur Mining Inc. reported second quarter 2025 financial results. During the period the company had a consolidated production of 108,487 Oz Au, 4.7 M Oz Ag, at a cash cost $1,260 per Oz Au, $13.41 per Oz Ag. for a revenue of US480.7 M, a net income of US$70.7 M, an adjusted net income of US$127.4, EBITDA of US$203.0 M, adjusted EBITDA of US$243 .5 M, free cash flow of US$146.2 M while holding a total debt of US$380.7 M. At Las Chispas, in Sonora, 118.4 tonnes were milled, grading 4.67 gpt Au, 414 gpt Ag, recovering 93.8% Au, 94.4% Ag, to produce 16,271 Oz Au, 1.49 M Oz Ag at cash cost $894 per Oz Au, $8.94 per Oz Ag. At Palmarejo, in Chihuahua, 483.9 K tonnes were milled, averaging 1.93 gpt Au, 134 gpt Ag, recovering 92.9% Au, 88.6% Ag, to produce 27,272 Oz Au, 1.74 M Oz Ag at a cash cost of $888 per Oz Au, $14.39 per Oz Ag.  The 2025 production guidance includes 42,500 to 52,500 Oz Au, 4.25 M to 5.25 M Oz Ag at Las Chispas and 95,000 to 105,000 Oz Au, 5.4 M to 6.5 M Oz Ag at Palmarejo.
  • Sandstorm Gold Ltd. released its financial results for the second quarter 2025. The company obtained revenue of US$51.4 M during the period, with 1,098 Oz AuEq attributable, cash flow of US$37.7 M, a net income of US$16.9 M, with an operating margin of $2,981 per Oz AuEq (Cosala, Sinaloa).

ON FINANCING

  • Aura Minerals Inc. intends to commence an application for a voluntary delisting of the common shares from the Toronto Stock Exchange (TSX), following the completion of listing on the Nasdaq on July 16, 2025 (Aranzazu, Zacatecas).
  • Bear Creek Mining Corp. announced that pursuant to the promissory note issued by a wholly owned subsidiary of Sandstorm Gold Ltd. funds in the amount of US$0.6 M were drawn down by the company on August 1, 2025. “The principal amount of the 2025 Sandstorm Note is a maximum of US$6.5 million, of which the Company may draw down up to US$600,000 per month. An aggregate total of funds drawn to date is US$4.2 million and the remaining amount of up to US$2.3 million may be drawn down subject to prior approval by Sandstorm in its sole discretion” (Mercedes, Sonora).
  • Goldgroup Mining Inc. closed the previously announced C$12 M private placement. Mr. Eric Sprott, through 2176423 Ontario Ltd., acquired approximately $1.5 M of shares. Following completion of the private placement Mr. Eric Sprott owns 29.8 M shares and 15.8 M warrants, representing 10.5% of the outstanding shares on a non-diluted basis and 15.2% on a partially diluted basis, assuming the exercise of warrants (Cerro Prieto, Sonora).
  • Aura Minerals Inc. declared the payment of a dividend “of US$0.33 per share, achieving a 7.4% dividend yield, including share buybacks, over the last twelve months…” (Aranzazu, Zacatecas).
  • Chesapeake Gold Corp. adopted a fixed up to 10%” stock option plan to replace its prior “rolling up to 10%” stock option plan. “Under the terms of the Fixed Plan, the Company may issue up to 7,209,338 common shares of the Company pursuant to the exercise of outstanding options granted to eligible persons under the Fixed Plan” (Metates, Durango).
  • Aura Minerals Inc. closed the sale of “897,134 common shares as a result of the partial exercise of the underwriters’ option to purchase additional shares granted to them in connection with the U.S. initial public offering pursuant to a registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission (“SEC”) at the public offering price of US$24.25 per common share, less underwriting discounts and commissions…. The principal purposes of this offering are to transfer Aura’s principal listing venue to a stock exchange in the United States equity market, which the Company believes will increase the liquidity of its common shares, as well as strengthen and diversify its shareholder base through broader access to global capital markets” (Note of compiler: The not stated gross proceeds of the financing can be calculated as US$21.75 M) (Aranzazu, Zacatecas).
  • Colibri Resource Corp. announced that it will not be proceeding with certain amendments to its outstanding debentures, related common share purchase warrants and finder’s fee options as announced on its July 16, 2025 news release (EP, Sonora).
  • Xali Gold Corp. informed that the British Columbia Securities Commission has notified the company that it has issued a cease trade order (FFCTO). “The FFCTO was issued as a result of the Company’s delay in filing its audited annual financial statements, accompanying management discussion and analysis, and CEO and CFO certifications for the financial year ended March 31, 2025….. The Company expects to be able to file the Annual Filings as required and resume trading within the next 3 or 4 days” (El Oro, Estado de Mexico).
  • Pinnacle Silver and Gold Corp. announced the closing its non-brokered private placement to raise gross proceeds of C$1.7 M. “Finder’s fees consisting of $20,622 in cash commission and 343,700 non-transferable finder’s warrants were paid in connection with the offering” (El Potrero, Durango).
  • Minera Alamos Inc. entered into an agreement with Stifel Canada, as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters in connection with a bought deal private placement offering for gross proceeds of C$110 M which under certain circumstances may be increased to an additional C$25 M (Santana, Sonora).
  • Prismo Metals Inc. proceeded with an upsized closing of its previously announced non-brokered private placement for gross proceeds of C$385 K (Palos Verdes, Sinaloa).
  • Alamos Gold Inc. filed a base shelf prospectus with the Ontario Securities Commission. The base shelf prospectus qualifies the issuance of up to US$500 M of class A common shares, debt securities, warrants and subscription receipts of the company. The Base Shelf Prospectus is effective for a period of 25 months (Mulatos, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Guanajuato Silver Company Ltd. received a key explosives permit for its Pinguico project in Guanajuato. Restarting of drifting along the mineralized San Jose structure towards the Pinguico underground stockpile (historic backfill) is expected in Q4, 2025. The company expects to find economic mineralization during the development work, material that will be sent to the El Cubo processing plant.
  • Orla Mining Ltd. provided an exploration update on Zone 22 extensions of the Sulphides Zone at its Camino Rojo mine in Zacatecas. The 15,000 m infill drill program was launched in early 2025 and completed in mid-July, returning consistently high-grade Au-Ag-Zn results. “This press release provides results from 16 of 21 drill holes and 9,470 metres drilled as part of the 2025 infill drilling program, and 7 drill holes and 5,278 metres from the final portion of the 2024 program”. The company has expanded the program by an additional 5,000 m in 2025. Highlighted core length intervals comprise 2.1 m @ 21.20 gpt Au, 115 gpt Ag, 0.13% Cu, 1.2% Pb, 5.8% Zn; 1.5 m @ 142 gpt Au; 14.7 m @ 3.0 gpt Au, 15 gpt Ag, 0.26% Cu, 0.6% Zn; 1.6 m @ 13.60 gpt Au, 38 gpt Ag, 0.11% Cu, 0.2% Pb, 14.3% Zn; 4.4 m @ 9.06 gpt Au, 62.1 gpt Ag, 0.22% Cu, 0.2% Pb, 8.3% Zn; 10.50 m @ 9.42 gpt Au, 16 gpt Ag, 0.4% Zn (including 1 m @ 72.30 gpt Au, 4 gpt Ag, 0.5% Zn); 9.8 m @ 8.00 gpt Au, 11 gpt Ag, 1.5% Zn; 1.50 m @ 21.00 gpt Au, 44 gpt Ag, 0.2% Cu, 0.1% Pb, 1.7% Zn; 1.50 m @ 14.00 gpt Au, 168 gpt Ag, 0.11% Cu, 2.4% Pb, 6.0% Zn; 11.60 m @ 4.77 gpt Au, 17 gpt Ag, 0.12% Cu, 2.2% Zn.      

ON DEALS AND CORPORATE ISSUES

  • Orogen Royalties Inc. signed a purchase and sale agreement with Fresnillo plc whereby Fresnillo has acquired the Los Coyotes project in Sonora. “To acquire a 100% interest in the Los Coyotes project, Fresnillo will pay Orogen US$118,000 on signing (received) and US$1 million on the commencement of commercial production. Orogen will retain a 1% net smelter return (“NSR”) royalty”. The property comprises six claims covering 600 ha with multiple sub parallel subvertical structures and replacements within a limestone interbedded with Laramide age andesites.
  • Pan American Silver Corp. appointed Mr. Pablo Marcet to its board of directors La Colorada, Zacatecas).
  • Angel Wing Metals Inc. informed shareholders voted in favor of the election of all directors nominees and in favor of all matters present in the Annual General Meeting (AGM) circular (La Reyna, Nayarit).
  • Minera Alamos Inc. entered into a definitive agreement to acquire Calibre USA Holding Ltd. from Equinox Gold Corp. for total consideration of US$115 M. Calibre USA holds a 100% economic interest in the producing Pan Gold Mine, Gold Rock Project and Illipah Project located in Nevada. “Pan is a heap leach gold operation producing approximately 40 koz….. Post-Transaction, the Company’s asset base when fully developed will hold the potential to produce, in aggregate, over 175 koz gold annually based on the current development plans for Copperstone, Cerro de Oro and Gold Rock”. Jason Kosec is joining the leadership team of Minera Alamos as chairman with a mandate to lead the Company’s strategic growth initiatives and capital markets presence (Santana, Sonora; Cerro de Oro, Zacatecas).

ON SOCIAL RESPONSIBILITY

  • Oroco Resource Corp. signed a cooperation agreement with Sembrando Vida, a flagship environmental and social program of the Government of Mexico. “Through this collaboration, Oroco will provide material, logistical, and advisory support for local initiatives, including native tree planting, land recovery, and training for program participants” (Santo Tomás, Sinaloa).

On the image below: Quartz-chlorite lined veinlet with feld-K alteration halo on HQ core. Picture by Jorge Cirett.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

By Jorge Cirett
During the 30th week of the year (July 21fst to July 27th, 2025), companies working in Mexico presented 29 press releases. Three companies presented news on their early-stage properties. Five companies presented quarterly operational updates, one more restarted mining on an idle property and another had a pit wall failure. Seven companies reported on financial rounds. Two companies presented drilling results from their operating mine/advanced property and one more announced the commencement of a drill program.  Three companies reported on acquisition woes, litigation and appointments to the board. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, In Sonora, Questcorp Mining informed on geologic mapping advances at La Unión; Xali Gold updated on exploration at Sarape. In Durango Pinnacle Silver and Gold presented underground channel sample results. ON MINING, Heliostar Metals is restarting mining operations at San Agustin. Avino Silver & Gold Mines, Mag Silver, Teck Resources, Gold Royalty and Newmont presented Q2 2025 results. Orla Mining informed on a pit wall collapse. ON FINANCING, seven companies informed on financing rounds: Goldgroup Mining (C$12 M), Sierra Madre Gold and Silver (C$17.75 M), Mammoth Resources (C$0.55 M), Mithril Silver and Gold (C$11.5 M), Garibaldi Resources (C$1.02 M), Pacifica Silver (C$1.0 M) and Pinnacle Silver and Gold (US$1.65 M). ON RESOURCES AND DEVELOPMENT, Kootenay Silver is to start drilling at Columba in Chihuahua. Guanajuato Silver Company released drilling results from San Ignacio, in Guanajuato. GR Silver Mining announced drilling results from the San Marcial deposit at Plomosas in Sinaloa. ON DEALS AND CORPORATE ISSUES, Sierra Metals complained about comments by Alpayana SAC. Guanajuato Silver has been sued by a service provider. Equinox Gold announced changes to the board. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.  

ON EXPLORATION

  • Pinnacle Silver and GoldCorp. Presented results from underground channel sampling in the historic Pinos Cuates mine at El Potrero project in Durango. Highlighted results of composite samples comprise 1.0 m @ 34.6 gpt Au, 228 gpt Ag; 1.7 m @ 50.3 gpt Au, 269 gpt Ag; 4.2 m @ 9.8 gpt Au, 141 gpt Ag, 1.8 m @ 8.3 gpt Au, 8 gpt Ag. “A total of 42 channel samples were taken in 16 composite channels in the raise. Grades ranged from 0.105 to 85.1 g/t Au and 9 to 520 g/t Ag … The Pinos Cuates mine is the middle of three historic mines along a 500 metre strike length on the Dos de Mayo vein system on the Potrero property. Underground sampling is continuing at the Dos de Mayo mine to the southeast and will be followed by sampling of the La Dura mine to the northwest. The vein system has been traced on surface for 1,600 metres”.
  • Xali Gold Corp. has completed strategic data compilation studies on the Sarape project, under option from Advanced Lithium Corp. in Sonora. The low sulfidation epithermal mineralization presents in two veins: The 3 to 12 m wide Sarape vein recognized for 5,000 m, and the 3 m wide Chiltepin vein traced over 2,500 m on the surface. The classic boiling textures, near-equal proportions of quartz and calcite, and anomalous Sb-Au-Ag values suggest that the veins represent the upper levels of a low sulfidation epithermal system with good potential for stronger mineralization at depth. Highlighted core length intervals from 2019 drilling include 4.26 m @ 0.52 gpt Au, 11 gpt Ag; 1.4 m @ 0.55 gpt Au, 31 gpt Ag; 2.24 m @ 0.57 gpt Au, 24 gpt Ag; 11.57 m @ 0.22 gpt Au, 6 gpt Ag; 6.75 m @ 1.49 gpt Au, 7 gpt Ag.
  • Questcorp Mining Inc. informed of on-going surface exploration in preparation for drilling at La Union project in Sonora, on which the company has an option to earn 100% interest. Multiple stacked thrust faults have been identified in the mineralized area, enhancing the potential. “Rock and soil sampling continues with numerous samples dispatched to the laboratory for analysis”.

ON MINING

  • Heliostar Metals Ltd.  announced the restart of operations at the San Agustin mine, in Durango, from where currently the company produces gold from residual leaching. Heliostar plans to mine the Corner area to produce 45,000 Oz Au, generating US$40 M in cashflow at a US$3,000 gold price. In July 2025 Heliostar complied with all required applications and received the required approval to undertake this open pit expansion and received the authorization to increase the height of the San Agustin leachpad from 77 to 88 m in height. Preliminary work is to be carried out in Q3 and Q4, allowing to first stacking of new ore and new gold production in Q4, 2025. Immediate focus for growth is on near-surface oxide material, of which several targets for exploration have been recognized.  A large low grade sulfide mineralized volume underlies the oxide material, but a few higher grade intervals have been intercepted, like 297 m @ 0.49 gpt Au, 25 gpt Ag, 0.2% Pb, 1.0% Zn and 196 m @ 0.60 gpt Au, 15 gpt Ag, 0.1% Pb, 1.0% Zn. The last model built by Heliostar geologists implies that the bulk of the gold and silver mined to date is from an intermediate sulfidation vein system that sits above intrusive related breccias. This interpretation generated four new porphyry/breccias targets for drill testing.
  • Avino Silver & Gold Mines Ltd. released production figures for the second quarter of 2025. At the Avino mine in Durango, the company processed 191 K tonnes averaging 55 gpt Ag, 0.39 gpt Au, 0.42% Cu, recovering 85% Ag, 74% Au, 83% Cu, to produce 283.6 K Oz Ag, 1,774 Oz Au, 1.46 M Oz Ag (645.6 K Oz AgEq). Construction of the 360 m San Fernando main access at La Preciosa is underway. At the end of the period the company had US$37 M in cash, remaining debt-free.
  • Mag Silver Corp. reported production from Juanicipio (56% Fresnillo plc/44% Mag Silver), in Zacatecas. All results are on a 100% basis: 343 K tonnes were milled, grading 417 gpt Ag, 1.21 gpt Au, 1.71% Pb, 3.34% Zn, to produce 4.34 M Oz Ag, 10,465 Oz Au, 11.55 M Lb Pb, 20.5 K M Lb Zn.
  • Teck Resources Ltd. reported unaudited second quarter results for 2025. The company, that does not have operating mines in Mexico, had C$2,023 M in revenue, for gross profit of C$471 M and a gros profit before depreciation and amortization of C$832 M with an EBITDA of C$722 M (Developing San Nicolas mine in Zacatecas; 50% Teck, 50% Agnico Eagle).
  • Orla Mining Ltd. provided an update on the recent pit wall event at its Camino Rojo mine in Zacatecas. “Camino Rojo experienced an uncontrolled material movement on the temporary north wall within the open pit. There were no injuries, nor was there any damage to equipment or the environment as a result of the event”. Although ramp access to the pit remains unaffected open pit operations were temporarily suspended while the necessary geotechnical assessments are conducted to ensure safe remediation and the eventual resumption of mining. Approximately 390 K tonnes of material moved into the pit, material that will be crushed and staked on the heap leach in the medium term. Crushing and stacking of run-of-mine ore and stockpile material will continue, to mitigate the short-term impact on production with a current stockpile of 2.24 M tonnes averaging 0.32 gpt Au.
  • Gold Royalty Corp. announced preliminary results for the second quarter of 2025. Total revenue, land agreement proceeds and interest amounted to US$4.4 M. Gold Royalty maintains its 2025 full-year production guidance of 5,700 to 7,000 Oz AuEq (Royalty on Cozamin, Zacatecas).
  • Newmont Corp. presented second quarter 2025 results, and an additional US$3 B share repurchase program. The company reported net income of US$2.1 B an adjusted EBITDA of US$3.0 B. The company had a consolidated production of 1,478,000 Oz Au, of which 148,000 Oz Au were produced at Peñasquito, in Zacatecas, at an AISC of $944 per Oz Au. Peñasquito also produced 8 M Oz Ag, 27 K tonnes Pb, 67 K tonnes Zn.

ON FINANCING

  • Goldgroup Mining Inc. has revised the terms of its previously announced non-brokered private placement for aggregate gross proceeds of up to C$12 M (Cerro Prieto, Sonora).
  • Sierra Madre Gold and Silver Ltd. upsized its previously announced “best efforts” private placement to aggregate gross proceeds of up to C$19.5 M (La Guitarra, Estado de México).
  • Mammoth Resources Corp. announced the closing of a first tranche of its upsized private placement of up to C$980 K for gross proceeds of C$546 K (Tenoriba, Chihuahua).
  • Sierra Madre Gold and Silver Ltd. closed the first tranche of its previously announced private placement for aggregate gross proceeds of US$17.75 M. Certain directors and officers of the company participated in the offering subscribing units for US$480 K. “In connection with the closing of the First Tranche, the Company paid the Agents a cash fee of $1,171,933 and issued to the Agents 1,674,190 compensation options” (La Guitarra, Estado de Mexico).
  • Mithril Silver and Gold Ltd. closed its previously announced brokered private placement for aggregate gross proceeds of C$11.5 M. The company paid a cash fee of C$690 K to the agents representing 6% of the gross proceeds of the offering and issued to the agents 1.92 M shares representing 6% of the aggregate number of shares issued by the company under the offering (Copalquin, Durango).
  • Garibaldi Resources Corp. “announces that, further to its News Releases of May 9, 2025, July 4, 2025 and July 18, 2025, the number of units (each, a “Unit”) sold and the dollar amount raised in the non-brokered private placement (the “Offering”) were incorrectly stated. The correct amount of Units sold is 14,537,702 Units at a price of $0.07 per Unit for gross proceeds of $1,017,639.16. The Offering was oversubscribed by $17,639.16” (Rodadero, Sonora).
  • Pacifica Silver Corp. closed its previously announced non brokered private placement for C$1 M in gross proceeds. No finder’s fee was paid under the offering. CEO Mr. Todd Anthony and Mr. Ramon Medoza, a director of the company, subscribed for C$100 K and C$10 respectively, with their participation being considered a related party transaction (Claudia, Durango).
  • Pinnacle Silver and Gold Corp. increased its non-brokered private placement to now raise gross proceeds of up to US$1.65 M (El Potrero, Durango).

ON RESOURCES AND DEVELOPMENT

  • Kootenay Silver Inc.  announced drill crews will arrive at the Columba project in Chihuahua by month’s end. Two drill rigs are to start the 50,000 m drilling program during the month of August. “The first 25,000 to 30,000 meters will focus on expanding the size of existing resource bodies in the D, F, and B/Lupe Veins. The mineralized zones in all veins remain open either down dip, along strike or both directions”. A recently published mineral resource of 5.92 M tonnes grading 284 gpt Ag, 0.19% Pb, 0.50% Zn contains 54.1 M Oz Ag, 25.2 K tonnes Pb, 65.6 K tonnes Zn.
  • Guanajuato Silver Company Ltd. released results from drilling at its San Ignacio property in Guanajuato. Nine underground holes have been completed in 1,000 metres of drilling on the Santo niño and Melladito and Nombre de Dios zones. Highlighted true width intercepts comprise 1.30 m @ 1.5 gpt Au, 24 gpt Ag; 1.30 m @ 1.7 gpt Au, 5 gpt Ag; 2.10 m @ 4.3 gpt Au, 353 gpt Ag; 0.44 m @ 2.4 gpt Au, 14 gpt Ag; 0.99 m @ 1.1 gpt Au, 13 gpt Ag; 0.61 m @ 1.4 gpt Au, 22 gpt Ag; 1.08 m @ 2.5 gpt Au, 3 gpt Ag; 2.34 m @ 4.9 gpt Au, 165 gpt Ag; 8.20 m @ 5.7 gpt Au, 54 gpt Ag (including 0.60 m @ 15.1 gpt Au, 13 gpt Ag; 0.83 m @ 13.7 gpt Au, 158 gpt Ag); 1.06 m @ 28.5 gpt Au, 164 gpt Ag; 4.46 m @ 2.2 gpt Au, 99 gpt Ag. “The mineralization highlighted within the tables above is within proximity to existing infrastructure and the Company expects to expedite development to these zones so that they can be sequenced for extraction in 2025”.
  • GR Silver Mining Ltd. announced drilling results from the on-going step-by drilling program in two areas of the San Marcial deposit within its 43,187 ha Plomosas project in Sinaloa. The company is exploring and validating the extension of mineralization near the resource area. “Comprehensive interpretation and 3D modelling of ground geophysical data have outlined a large, regional intrusive-related anomaly”. A hydrothermal breccia has returned wide intervals of Ag mineralization with higher grades exhibiting intense chloritization, a hallmark in the San Marcial district. Highlighted core length intervals comprise 18.0 m @ 0.02 gpt Au, 32 gpt Ag, 0.1% Pb, 0.1% Zn; 23.3 m @ 0.01 gpt Au, 44 gpt Ag, 0.2% Pb, 0.3% Zn; 26.0 m @ 0.01 gpt Au, 114 gpt Ag, 0.1% Pb, 0.2% Zn (including 11.9 m @ 0.01 gpt Au, 214 gpt Ag, 0.2% Pb, 0.3% Zn); 36.0 m @ 0.28 gpt Au, 121 gpt Ag, 0.1% Pb, 0.1% Zn (including 0.4 m @ 1.14 gpt Au, 641 gpt Ag, 0.1% Pb, 0.1% Zn and 0.3 m @ 0.08 gpt Au, 1,982 gpt Ag, 0.5% Pb, 0.2% Zn); 0.4 m @ 10.30 gpt Au, 726 gpt Ag, 0.1% Pb, 0.1% Zn; 0.2 m @ 34.30 gpt Au, 2,359 gpt Ag, 0.1% Pb, 0.1% Zn.

ON DEALS AND CORPORATE ISSUES

  • Sierra Metals Inc. stated that Alpayana S.A.C. made unfounded allegations in a press release relating to the takeover and demanded in a letter to deprive key senior officers of Sierra Metals of employee entitlements on a change of control by amending contractually agreed terms. To read the lengthy argument, please read the news release: https://gambusinoprospector.com/wp-content/uploads/2025/07/2025-07-21_sierra-metals-responds-to-alpayana.pdf  (Bolívar, Chihuahua).
  • Guanajuato Silver Company Ltd. announced that NucTech Mexico, S.A. de C.V. has commenced litigation in Mexico City against the company. NucTech alleges that Guanajuato Silver has not compensated it for the installation and use of NucTech’s mineral sorting equipment at the San Ignacio mine in Guanajuato and is claiming compensation for future equipment rentals over a 10-year period. The Company believes that the litigation has no merit and will vigorously defend itself.
  • Equinox Gold Corp. announced Greg Smith has stepped down as chief executive officer (CEO) and Director, and Darren Hall, current president and chief operating officer (COO), has been appointed Chief Executive Officer and Director (Los Filos, Guerrero).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Chlorite lined fracture with late calcite center in monzonite porphyry on HQ core. Picture by Jorge Cirett.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

By Jorge Cirett
During the 26th week of the year (June 23rd to June 29th, 2025), companies working in Mexico presented 37 press releases. Four companies presented news on early-stage properties. No company presented operational updates. Eight companies reported on financial rounds; another company amended a significant loan facility; one more set the price on its securities; one closed on a significant loan facility, and two more started trading on another stock exchange, while one more granted options, another executed a loan agreement and another declared a dividend. One company presented drilling results from historical waste dumps and one more disclosed exploration results near its operating mine. A large operating gold company is acquiring an exploration company with silver plays in Mexico and USA, another company announced appointments to the board, two more contracted services, another five informed on their AGM’s and one more clarified on a proposed acquisition. ON MEXICO ISSUES, the Mexican president pointed that no new mining concessions are to be issued, while reassuring the mining industry that some mining permits are to be granted and confirming that the open pit ban proposal has been retired. ON EXPLORATION, In Sonora, Questcorp Mining commenced work at La Union; Tocvan Ventures released RC drilling results from Gran Pilar; Masivo Silver advances on the due diligence at Cerro Colorado. ON MINING, no relevant news. ON FINANCING, eight companies informed on financing rounds: Minaurum Gold (C$8 M), Silver Storm Mining (C$4 M), Vizsla Silver (US$100-$115 M), Reyna Silver (C$1.1 M), Endeavour Silver (US$135 M), Silver Viper (C$3.5 M), Kootenay Silver (C$20 M) and Masivo Silver (C$1 M). Endeavour Silver amended a credit facility, increasing its amount to up to US$115 M. Reyna Silver set the price of its securities related to the deal with Torex Gold. Vizsla Royalties and Santacruz Silver started trading on the Frankfurt Stock Exchange and the OTCQX Best Market respectively. Santacruz Mining granted incentive securities. Gold Resource executed a loan agreement for US$6.3 M. Sandstorm Gold declared a dividend. ON RESOURCES AND DEVELOPMENT, Heliostar Metals informed on its plan to process waste stockpiles while restarting open pit mining at La Colorada. DynaResource has two near-mine exploration plays at San Jose de Gracia. ON DEALS AND CORPORATE ISSUES, Torex Gold Resources is to acquire all shares of Reyna Silver. Chesapeake Gold appointed new members to the board. Vizsla Royalties hired a contractor for a digital marketing campaign. Orla Mining, Americas Gold and Silver, Discovery Silver, Almaden Minerals and Orogen Royalties informed on their AGM´s. Vortex Metals engaged a firm for environmental services for its Oaxaca projects. Roberto Resources clarified the acquisition terms of the Claudia project. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • Claudia Sheinbaum, president of Mexico, spoke on one of its daily conferences about the tight squeeze on mining permits by its government, pointing that some of these will be authorized once its environmental impact has been reviewed and reduced (no time line offered). She also stated that the ban on open pit mining proposal was retired because of its impracticality but reiterated that no new mining concessions are to be granted.  

ON EXPLORATION

  • Questcorp. Mining Inc. commenced the first phase work program at its La Union project in Sonora. Questcorp is earning a 100% interest from Riverside Resources Inc. in the 2,520 ha property. The initial stage includes marking lines for an IP survey, sampling of limestone and dolomite host rocks for fluorescence study for vectoring, geological mapping of selected drill sites and sections on the IP lines and rock and soil sampling to identify additional targets. The project hosts carbonate replacement deposit style (CRD) mineralization hosted by “Neoproterozoic sedimentary rocks (limestones, dolomites, and siliciclastic sediments) overlying crystalline Paleoproterozoic rocks of the Caborca Terrane….. Mineralization occurs as polymetallic veins, replacement zones (mantos, chimneys), and shear zones with high-grade metal content, as shown in highlight grades of 59.4 grams per metric tonne (g/t) gold, 833 g/t silver, 11% zinc, 5.5% lead, 2.2% copper, along with significant hematite and manganese oxides…”
  • Pinnacle Silver and Gold Corp. provided an update on the Potrero project in Durango. The importance of a quartz feldspar porphyry dike is being recognized as it follows the same structure that hosts the mineralized quartz breccia vein system with some underground workings entirely within it. Additional channel sampling is now conducted in areas where access was previously restricted. “A program of combined underground and surface diamond drilling is being devised in order to systematically test the Dos de Mayo vein system”. A plant consultant reviewed the processing installations and will produce a report in the following weeks. “A permit consultant was taken to the project to initiate a site review for the purpose of permitting near term diamond drilling, mid-term mine development and site preparation, and future production”.
  • Tocvan Ventures Corp. announced reverse circulation (RC) drill results from the latest drill program at its Gran Pilar project in Sonora. Highlighted drill length results comprise 22.88 m @ 0.14 gpt Au, 5 gpt Ag (including 7.63 m @ 0.37 gpt Au, 12 gpt Ag); 42.70 m @ 0.14 gpt Au, 45 gpt Ag (including 10.68 m @ 0.11 gpt Au, 137 gpt Ag); 6.10 m @ 0.16 gpt Au; 12.20 m @ 0.14 gpt Au, 10 gpt Ag (including 4.58 m @ 0.34 gpt Au, 5 gpt Ag).
  • Masivo Silver Corp. is advancing on the due diligence to acquire the Cerro Colorado project in Sonora. Reported historic results from two 2015 drill holes by Minera Gold Zone. The two shallow holes targeted the southwestern margin of the Cerro Colorado system. Highlighted core length results comprise 29.65 m 0.062 gpt Au, 51 gpt Ag, 0.1% Pb, 0.6% Zn (including 5.05 m @ 0.262 gpt Au, 254 gpt Ag, 0.27% Cu, 0.4% Pb, 0.8% Zn; 2.95 m @ 0.395 gpt Au, 384 gpt Ag, 0.40% Cu, 0.4% Pb, 0.9% Zn; 2.45 m @ 0.432 gpt Au, 430 gpt Ag, 0.59% Cu, 0.4% Pb, 0.8% Zn); 35.80 m @ 23 gpt Ag, 0.4% Zn (including 3.15 m @ 0.188 gpt Au, 159 gpt Ag, 0.14% Cu, 0.3% Pb, 0.5% Zn and 0.60 m @ 0.705 gpt Au, 577 gpt Ag, 0.52% Cu, 0.8% Pb, 0.9% Zn). According to Masivo, “Cerro Colorado hosts a sub-epithermal polymetallic system, potentially related to breccia structures on the flank of a deeper porphyry system”.

ON MINING

  • No Relevant News.

ON FINANCING

  • Minaurum Gold Inc. entered into an agreement with Comark Securities Inc. pursuant to which Comark is to act as lead agent in connection with a “best efforts” private placement for aggregate gross proceeds of up to C$5 M (Alamos, Sonora).
  • Silver Storm Mining Ltd. intends to complete a non-brokered private placement for gross proceeds of up to C$2.6 M (La Parrilla, Durango).
  • Vizsla Silver Corp. entered into an agreement with Canaccord Genuity on behalf of itself and syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a bought deal basis common shares for gross proceeds of US$100 M. The underwriters were granted an option for 30 days to buy an over-allotment for up to 15% of the offering. If the over allotment option is exercised in full, the total gross proceeds of the offering will be US$115 M (Panuco, Sinaloa).
  • Reyna Silver Corp. announced a financing concurrent with the definitive agreement on its acquisition by Torex Gold Resources Inc., under which Torex Gold has agreed to purchase C$1.1 M units in a non-brokered private placement. The proceeds of the private placement are to be used to make certain payments relating to its option agreements in Nevada (Batopilas, Chihuahua).
  • Minaurum Gold Inc. increased the size of the previously announced “best efforts” private placement for aggregate gross proceeds of up to C$8.0 M (Alamos, Sonora)
  • Endeavour Silver Corp. amended and restated the previously announced senior secured debt facility with ING Capital LLC and Societe Generale acting as joint lead arrangers. The credit facility was amended and restated to increase the principal amount of up to US$120 M by an additional US$15 M, bringing the aggregate principal amount up to US$135 M (Terronera, Jalisco).
  • Reyna Silver Corp. has set the price of the securities offered in connection with the non-brokered private placement previously announced, in connection with the agreement on which Torex Gold Resources Inc. is to acquire all shares of Reyna Silver. “The price of each Unit to be issued under the Private Placement has now been set at $0.095, and, as previously announced, each Unit will be comprised of one Share and one common share purchase warrant …exercisable … price of $0.13 per Purchaser Warrant ….” (GuiGui, Chihuahua).
  • Americas Gold and Silver Corp. closed its previously announced US$100 M senior secured debt facility provided by funds affiliated with SAF Group to fund spending at the Galena project in the US (Cosalá, Sinaloa).
  • Vizsla Royalties Corp. started trading on the Frankfurt Stock Exchange (Royalty on Panuco, Sinaloa).
  • Santacruz Silver Mining Ltd. has qualified to trade on the OTCQX Best Market, upgrading from the OTCQB Venture Market (Zimapán, Hidalgo).
  • Santacruz Silver Mining Ltd. granted 3.45 M stock options, deferred share units, 0.96 M restricted share units and 0.5 M performance share units to certain directors, officers, employees and consultants (Zimapán, Hidalgo).
  • Silver Viper Minerals Corp. closed its C$3.5 M non-brokered private placement (La Virginia, Sonora).
  • Gold Resource Corp. announced the execution of a loan agreement with Francisco Javier Reyes de la Campa and Jaluca Ltd. in the amount of US$6.3 M. In connection with the agreement the company also issued a common stock purchase warrant to an affiliate of Mr. Reyes de la Campa for up to 1.5 M shares at an exercise price of $0.65 (Don David, Oaxaca).
  • Sandstorm Gold Ltd. declared the second quarterly cash dividend for 2025 in the amount of C$0.02 per common share (Royalty on Cozamin, Zacatecas).
  • Kootenay Silver Inc. completed its previously announced and upsized bought deal public offering for gross proceeds of C$20 M (Columba, Chihuahua).
  • Silver Storm Mining Ltd. increased the previously announced non-brokered private placement from C$2.6 M to C$4 M. Proceeds are to be used at La Parrilla in Durango, for the procurement of mine processing flotation cells; to commence rehabilitation work of the processing facility including equipment purchase and refurbishment, labor and supplies; to order long lead items including deposits on mining equipment and ventilation fans; to fund ongoing operations for the next 12 months and for general corporate and working capital purposes (La Parrilla, Durango).
  • Masivo Silver Corp. announced a non-brokered private placement of up to C$1 M to fund exploration at one property in Mexico and another in the USA (Cerro Colorado, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd. released results from drilling the Truckshop stockpile at its La Colorada mine in Sonora. La Colorada was operated by El Dorado Gold Corp. in the 1990s, with the Truckshop stockpile deposited as a waste dump 400 m from the mine’s crushing circuit. Highlighted drill intercepts from 26 holes in the waste dump comprise 10.7 m @ 1.81 gpt Au, 10 gpt Ag; 19.80 m @ 0.30 gpt Au, 14 gpt Ag; 13.7 m @ 0.61 gpt Ag, 10 gpt Ag; 9.1 m @ 0.39 gpt Au, 18 gpt Ag; 7.6 m @ 0.54 gpt Au, 14 gpt Ag; 19.8 m @ 0.62 gpt Au, 32 gpt Ag; 9.1 m @ 0.86 gpt Au, 10 gpt Ag; 10.7 m @ 0.31 gpt Au, 10 gpt Ag; 35.1 m @ 0.19 gpt Au, 5 gpt Ag; 13.7 m @ 0.36 gpt Au, 8 gpt Ag; 10.7 m @ 0.28 gpt Au, 15 gpt Ag; 19.8 m @ 0.42 gpt Au, 5 gpt Ag; 13.7 m @ 0.24 gpt Au, 11 gpt Ag; 19.8 m @ 0.17 gpt Au, 9 gpt Ag. “the Company will now change the focus of drilling to test the larger El Dorado stockpile … If that drilling is successful, it may provide additional resources and cash flow similar to that currently being generated from the producing Junkyard reserve. The intention is to produce from these low-cost stockpiles to maximize cashflow ahead of primary mining from the open pit pushbacks”.
  • DynaResource Inc. updated on exploration activities at its San Jose de Gracia mine in Sinaloa. Two potential high-grade mineralized zones have been identified and are under evaluation for exploration and development potential. The Victoria vein was discovered on the hanging wall of the Tres Amigos vein system, is 1.5 m wide and has been followed along 110 m by drifting, grading between 7 to 8 gpt Au and currently is envisioned to potentially host around 25 K Oz Au in sulfide rich, chalcopyrite-sphalerite-galena bearing material. The Palos Chinos vein system has a conceptual exploration target of 90 K tonnes grading 5 to 6 gpt Au, with a potential to host 15 K Oz Au. Exploration drifts have encountered minor disseminated mineralization within the footwall of the Palos Chinos structure, with results of up to 7.6 m @ 7.4 gpt Au in channel sampling.

ON DEALS AND CORPORATE ISSUES

  • Torex Gold Resources Inc. entered into a definitive agreement to acquire all of the issued and outstanding common shares of Reyna Silver Corp. for an all-cash consideration of US$26 M (C$36 M) (Morelos Complex, Guerrero).
  • Reyna Silver Corp. entered into a definitive agreement with Torex Gold Resources Inc. pursuant to which Torex Gold has agreed to acquire all issued and outstanding common shares of Reyna Silver. Concurrently with the transaction, Torex Gold is participating in non-brokered private placement with Reyna Silver -see above in Financing- (GuiGui, Chihuahua).
  • Chesapeake Gold Corp. announced the election of Mr. Paul West-Sells to the board of directors together with the returning incumbent directors P. Randy Reifel, Randy Buffington, Doug Flegg, Lian Li, and John Perston. Mr. Jeff Stieber was also appointed to the board, while director Chris Falck is retiring and continuing as an advisor (Metates, Durango).
  • Vizsla Royalties Corp. entered into an agreement with Machai Capital Inc. for a digital marketing campaign “… including branding and content creation, data optimization services, search engine optimization, search engine marketing, lead generation, digital marketing, social media marketing, e-mail marketing and brand marketing” (Royalty on Panuco, Sinaloa).
  • Orla Mining Ltd. reported the voting results from its AGM with all nominees elected as directors (Camino Rojo, Zacatecas).
  • Americas Gold and Silver Corp. announced that all nominees listed in the management proxy circular were elected on its AGM, along with the passing of several other ordinary resolutions (Cosalá, Sinaloa).
  • Vortex Metals Inc. engaged “Pontones & Ledesma” based in Mexico City o to lead the company’s efforts in preparing environmental impact studies (EIA) at its projects Zaachila and Riqueza Marina in Oaxaca.
  • Discovery Silver Corp. announced results of its annual general meeting (AGM), electing all director nominees (Cordero, Chihuahua).
  • Roberto Resources Inc. clarified its disclosure on the proposed acquisition from Durango Gold Corp. of the Claudia project in Durango, as requested by the British Columbia Securities Commission. The company entered into an extension agreement for the due diligence period, until June 30, 2025. The company is to pay US$25 K and 10 M common shares at the closing, assume up to US$500 K in current accounts payables which includes mineral concession payments for US$465 K. Bonus payments to previous owner Silverstone Resources S.A. de C.V. as follows: if a measured and indicated resource is disclosed ranging from 1 to 500 K Oz AuEq, payment of US$7.0 M; 500 K to 1 M Oz AuEq, additional US$ 10.0 M; and 1 M to 1.5 M Oz AuEq, an additional US$2.0 M. Those gold discovery payments can be paid 50% in shares and 50% in cash. If no measures or indicated resources are published by the end of 2029, the project must be returned to Silverstone.
  • Almaden Minerals Ltd. informed all matters submitted to the shareholders were approved at their annual general meeting (Ixtaca, Puebla).
  • Orogen Royalties Inc. announced the plan of arrangement between the company and Triple Flag Precious Metals Corp. was approved on its annual general meeting (AGM), along with the election of all nominees to the board (Royalty on Ermitaño, Sonora). 

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Tectonic breccia within a fault zone in HQ core. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Second Week of June 2025

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By Jorge Cirett

During the 24th week of the year (June 09th to June 15th, 2025), companies working in Mexico presented 21 press releases. There was no exploration news on early-stage properties. One company reported Q1 2025 operational and financial results. Three companies reported on financial rounds; another company is consolidating its shares; one more applied for the revocation of a cease trade order; another is now listed on the OTCQB; one provided a bi-weekly status report, and another amended its omnibus incentive compensation plan. Two companies released drilling results of ongoing drilling at their advanced/producing properties; another company informed on developments at a property on which they own an NSR. A company announced a LOI to acquire ground adjacent to its main property and the purchase of an underlying NSR on some mining concessions; another company is recommending shareholders to vote “for” on the acquisition by a third party; one more closed the acquisition of an additional percentage of NSR on a property and one other company announced several changes to the board. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, no relevant news. ON MINING, Santacruz Silver Mining presented operating and financial Q1 2025 results. ON FINANCING, three companies informed on financing rounds: Chesapeake Gold (C$4.4 M), Silver Storm Mining (C$12 M) and  Vizsla Royalties (C$63 M); Colibri Resources is to consolidate shares on a five to one basis; Canasil Resources applied for the revocation of its CTO; Silver Storm Mining is now listed on the OTCQB; Vizsla Royalties amended its equity incentive compensation plan. ON RESOURCES AND DEVELOPMENT, Impact Silver reported underground drilling results from Zacualpan, in Estado de Mexico; Sandstorm Gold informed on exploration success at the Santa Elena property in Sonora; Advance Metals provided results from drilling at Yoquivo, in Chihuahua. ON DEALS AND CORPORATE ISSUES, Capitan Silver signed a LOI with Fresnillo plc to acquire adjacent ground to its Cruz de Plata project in Durango, and completed the purchase of the NSR from Exploraciones del Altiplano. Questcorp Mining formed an advisory board. Vizsla Royalties now holds a 3.5% NSR on certain mining concessions at Panuco, in Sinaloa. Luca Mining announced several changes to the board. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • No Relevant News.

ON MINING

  • Santacruz Silver Mining Ltd. reported production results from its mines in Bolivia and Mexico. The consolidated production was 1.59 M Oz Ag, 20,179 tonnes Zn, 2,718 tonnes Pb, 279 tonnes Cu (or 3.69 M Oz AgEq). At Zimpan, in Hidalgo, 223.6 K tonnes were processed, averaging 80 gpt Ag, 2.56% Zn, 0.72% Pb, 0.26% Cu, recovering 77% Ag, 79% Zn, 86% Pb, 48% Cu, to produce 440.2 K Oz Ag, 4,498 tonnes Zn, 1,389 tonnes Pb, 279 tonnes Cu (or 1.02 M Oz AgEq).
  • Santacruz Silver Mining Ltd. reported its financial and operational results for Q1 2025. Without disclosing results by country of origin, the company had US$70.3 M in revenue, a gross profit of US$27.9 M, net income of US$9.5 M, EBITDA of US$27.5 M, cash and cash equivalents of US$32.5 M and a working capital of US$51.7 M. “Zinc production decreased by 9%, primarily due to lower throughput and head grades at Porco and Caballo Blanco, partially offset by strong results at Zimapán, where zinc output rose 23% year-over-year. Zimapán also led overall growth, increasing material processed by 9% and silver equivalent production by 14%…. Zimapan’s AISC increased from $27.13 to $34.32/oz, as a significant portion of its annual capital budget was deployed during Q1 to accelerate key investments aimed at increasing future production at Carrizal mine level 960” (Zimapán, Hidalgo).

ON FINANCING

  • Chesapeake Gold Corp. announced a non-brokered private placement for gross proceeds of C$4.4 M. “After completion of the Private Placement, Eric Sprott will beneficially own and control 12,883,499 Common Shares, and 1,850,000 Warrants representing approximately 17.9% of the outstanding Common Shares on a non-diluted basis and 19.9% of the outstanding Common Shares on a partially diluted basis assuming exercise of such Warrants” (Metates, Durango).
  • Colibri Resource Corp. informed its has received approval by the TSX Venture Exchange for the five to one consolidation of its issued and outstanding common shares. On June 13, 2025, the shares will commence trading on a consolidated basis. (El Plomo, Sonora).
  • Canasil Resources Inc. has filed its Q1 2025 interim quarterly report on 10 June, 2025, which completes the required regulatory filings. The company is now in full compliance with its regulatory filings and has filed the application to the British Columbia Securities Commission for the revocation of the cease trade order (CTO) issued in December 2023 (Nora and Salamandra, Durango).
  • Silver Storm Mining Ltd. closed the second and final tranche of its previously announced best efforts brokered private placement for total gross proceeds of $1.47 M. In aggregate the company had aggregate gross proceeds of C$12 M. Silver Storm intends to use the net proceeds for the procurement of mine processing flotation cells, to commence rehabilitation work of the processing facility, to order long lead items including deposits on mining equipment and ventilation fans and to fund ongoing operations for the next twelve months (La Parrilla, Durango).
  • Vizsla Royalties Corp. completed its previously announced bought deal offering for aggregate gross proceeds of C$63 M. In connection with the offering the company paid to the underwriters a cash commission equal to 5% of the gross proceeds, a fee of US$500 K to CIBC (Royalty on Panuco, Sinaloa).
  • Silver Storm Mining Ltd. has up listed from the OTC Pink Market to the OTCQB Venture Market (OTCQB), a U.S. marketplace operated by OTC Markets Group Inc. (La Parrilla, Durango).
  • Centenario Gold Corp. provided a default status report related to its management cease trade order (MCTO). “The Company anticipates that the Annual Filings will be filed on or before June 30, 2025. The Company will continue to provide bi-weekly (“every two weeks”) updates, as required by NP 12- 203, until the Annual Filings have been filed (Eden, Sinaloa).
  • Chesapeake Gold Corp. completed its non-brokered private placement with 2176423 Ontario Ltd., a corporation beneficially owned by Eric Sprott, as the sole investor, for gross proceeds of C$4.4 M. “As a result of the Private Placement, Mr. Sprott now beneficially owns or controls 12,883,499 common shares, and 1,850,000 warrants representing approximately 17.9% of the outstanding common shares on a non-diluted basis and 19.9% of the outstanding common shares on a partially diluted basis assuming exercise of such Warrants.” (Metates, Durango).
  • Vizsla Royalties Corp. amended its omnibus equity incentive compensation plan “to increase the fixed amount in additional equity that includes performance share units, deferred share units and restricted share units from a maximum issuable of 2,800,589 to a maximum issuable of 5,322,798” (Royalty on Panuco, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Impact Silver Corp. announced underground drill results from the Kenia Vein South zone in the Guadalupe mine at its Royal Mines of Zacualpan project in Estado de México. Highlighted core-length intervals comprise 0.30 m @ 2,400 gpt Ag, 1.3% Pb, 2.3% Zn; 6.30 m @ 374 gpt Ag, 0.2% Pb, 0.5% Zn (including 1.40 m @ 798 gpt Ag, 0.4% Pb, 0.9% Zn); 3.15 m @ 447 gpt Ag, 0.5% Pb, 1.5% Zn (including 0.80 m @ 1,290 gpt Ag, 1.5% Pb, 2.9% Zn); 0.60 m @ 1,279 gpt Ag, 2.2% Pb, 0.6% Zn; 3.30 m @ 1,002 gpt Ag, 1.2% Pb, 2.6% Zn (including 0.60 m @ 5,300 gpt Ag, 5.9% Pb, 12.9% Zn); 8.50 m @ 535 gpt Ag, 0.3% Pb, 0.8% Zn (including 1.76 m @ 1,596 gpt Ag, 1.0% Pb, 3.6% Zn). “Kena Vein South mineralization has now been traced over 300m strike length and remains open in all directions”.
  • Sandstorm Gold Ltd. (“Sandstorm Gold Royalties”). provided various developments and exploration highlights within its stream and royalty portfolio, including from its businesses in Mexico. Sandstorm informed First Majestic Silver Corp. made a significant discovery at its Santa Elena property in Sonora, where drilling on the newly defined Santo Niño vein has identified low sulfidation epithermal mineralization. “Sandstorm holds a gold stream on the Santa Elena mine, which includes the Santo Niño discovery, whereby the Company has the right to purchase 20% of the gold produced at Santa Elena for ongoing cash payments of $487 per ounce of gold”.
  • Advance Metals Ltd. provided results from the first hole of its current drill program at Yoquivo, in Chihuahua. The results show multiple zones with Au-Ag mineralization in epithermal veins and breccias. Four drill holes have been completed of the 3,000 m program underway. The project hosts a historic resource of 17.2 M Oz AgEq.

ON DEALS AND CORPORATE ISSUES

  • Capitan Silver Corp. entered into a letter of intent (LOI) with Minera Fresnillo S.A. de C.V. (Fresnillo plc) to acquire seven mining concessions located immediately adjacent to and surrounding its Cruz de Plata property in Durango. The price of the transaction is US$4.0 million in two installments: US$2.0 M payable upon execution of the definitive agreement and US$2 M payable on or before the second anniversary, with no royalties or share payments.
  • Mag Silver Corp. announced in a management information circular that the board of directors recommends shareholder vote “FOR” the arrangement resolution regarding Mag Silver’s acquisition by Pan American Silver Corp. on the upcoming special meeting of shareholders (Juanicipio, Zacatecas).
  • Capitan Silver Corp. completed the purchase of the Altiplano (Royalty (NSR) from Exploraciones del Altiplano at the Cruz de Plata project in Durango. The royalty was acquired through a series of cash and share payments which totaled US$1M. Two royalties remain on the project: A 1% royalty on the recently acquired concessions from Peñoles, that can be retired by a cash payment of US$1 M within the next ten years, and a 1% royalty to Riverside Resources that can be retired at any time by the payment of C$250 K.
  • Questcorp Mining Inc. announced the formation of an advisory board with Mr. Paul Larkin as its inaugural advisor (La Unión, Sonora).
  • Vizsla Royalties Corp. closed the acquisition of an additional 3.0% NSR royalty on the “Silverstone concessions” of the Panuco project in Sinaloa. Upon this acquisition the company now holds 3.5% NSR on the Silverstone concessions and a 2.0% NSR on certain other concessions in the Panuco project. Vizsla Royalties exercised its right to repurchase 50% of the 3.0% Royalty for US$1.95 M, and purchased the remaining 50% of the 3.0% Royalty for US$38.05 M for a total cash consideration of US$40 M.
  • Luca Mining Corp. announced several changes to the board. Mr. Ramon Mendoza, currently Luca’s interim chief operating officer (COO) will assume the position of permanent COO effective as of June 01, 2025. Mr. Mendoza will also continue to be the company’s chief technical officer. Mr. David Rhodes will step down as Chairman as of June 10, 2025 but will continue on Luca’s Board of Directors. Mr. Peter Damouni will step into the role of Chairman of the Board (Campo Morado, Guerrero).

ON SOCIAL RESPONSIBILITY

  • GoGold Resources Inc. presented its fourth annual sustainability report (Parral tailings, Chihuahua).
  • Torex Gold Resources Inc. released its 2024 responsible mining report, the company’s tenth annual disclosure of its safety, environmental, social and governance performance. The report can be downloaded at the company’s website (Morelo Complex, Guerrero).

On the image below: Intrusive rock fragments and gouge within a fault zone in HQ core. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Fifth Week of May 2025

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By Jorge Cirett

During the 22nd week of the year (May 26th to June 1st, 2025), companies working in Mexico presented 24 press releases. One company presented exploration plans for its property. Seven companies reported quarterly/yearly operational/financial results. Two companies informed on financing rounds, one on its share repurchase program, one another filed due annual financials and is seeking to reestablish trading, one more company declared a quarterly dividend, another company halted trading and one more provided a bi-weekly status report. One company released drilling results of ongoing drilling at one of its operating properties. One other company is proposing amendments to its restricted share unit plan, two more companies reported AGM’s results, one other is to produce a PEA on its property, two more companies announced appointments to the board and another company informed on its lawsuit regarding royalties from mining concessions, finally, another company announced amendments to the option agreement on its property. ON MEXICO ISSUES, no relevant news. ON EXPLORATION, in Sonora, Aztec Minerals announced drilling at its Cervantes property in 2025. ON MINING, Impact Silver, Bear Creek Mining, Luca Mining, Guanajuato Silver Company, Sailfish Royalty, Santacruz Silver Mining and Royalties Inc. presented operating/financial quarterly/yearly results. ON FINANCING, two companies informed on financing rounds: GR Silver Mining (C$1.84 M) and Silver Storm Mining (C$8 M). Coeur Mining authorized a US$75 M share repurchase program. Canasil Resources filed its 2023 and 2024 annual reports on SEDAR+ and is requesting the revocation of a CTO. Alamos Gold declared a quarterly dividend. Mithril Silver and Gold halted trading on ASX. Centenario Gold provided a bi-weekly default status report. ON RESOURCES AND DEVELOPMENT, First Majestic Silver reported a second significant discovery of vein-hosted mineralization within a year at the Santa Elena property in Sonora. ON DEALS AND CORPORATE ISSUES, Torex Gold Resources is to discuss an amendment to the company’s restricted share unit plan. Avino Silver & Gold Mines and Sandstorm Gold informed on their respective AGM’s. Prime Mining is to produce a PEA for its Los Reyes project in Sinaloa. Guanajuato Silver Company and Alamos Gold made appointments to the board. Royalties Inc. updated on the Capstone royalty’s lawsuit. Sandstorm Gold presented AGM’s results. Silver Spruce Resources amended the option agreement on the Pino de Plata property in Chihuahua. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Aztec Minerals Corp. announced plans for a two-phase 2025 exploration program at its Cervantes project in Sonora. The program is focused on the California East, California North and the Brasil targets of the 3,649 ha Cu-Au porphyry property. “The primary objectives … are to continue to define the open pit, heap leach gold potential of the porphyry oxide cap at California, test the down dip extensions of the phyllic alteration in the Qfp intrusive for deeper copper-gold porphyry sulfide mineralization underlying the oxide cap, and test for extensions of mineralization”.

ON MINING

  • Impact Silver Corp. announced its financial and operating results for Q1 2025. During the period revenue of C$10.7 M was obtained, EBITDA reached C$1.0 M and the net loss for the quarter was C$0.1 M. At the quarter-end the company had C$6.6 M in cash and no structural debt. At the Zacualpan property in Estado de Mexico, 35 K tonnes averaging 157 gpt were milled to produce 149.4 K Oz Ag. At the Plomosas mine in Chihuahua, an average of 159 tpd throughput was achieved, in track to reach the targeted design capacity of 200 tpd later in 2025.
  • Bear Creek Mining Corp. reported interim consolidated financial results for Q1 2025. During the period the company mined 102.9 K tonnes averaging 3.00 gpt Au, processed 105.6 K tonnes averaging 2.56 gpt Au, recovered 95% Au to produce 8,262 Oz Au, 36.5 K Oz Ag at its Mercedes mine in Sonora. Revenue was US$23.7 M, with a loss after taxes of US$13.3 M. Also during the period 2,469 m of mine development were completed. At the end of March the company held cash and cash equivalents totaling US$6.7 M, a net working capital deficiency was US$88.2 M. “material uncertainty remains in relation to the ability of the Company to achieve the operating results and cash flow generation from the Mercedes mine necessary to avoid seeking additional financing, which gives rise to significant doubt about the Company’s ability to continue as a going concern. There can be no assurance that the steps management is taking to improve the Company’s liquidity will be successful”.
  • Luca Mining Corp. reported Q1 2025 production and financial results. Consolidated production from the Campo Morado mine in Guerrero and the Tahuehueto mine in Durango from 259.5 K tonnes and 246.3 K tonnes milled was 7,677 Oz Au, 350.7 K Oz Ag, 2.4 M Lb Pb, 11.6 M Lb Zn, 2.5 M Lb Cu (or 21,293 Oz AuEq), at cash cost $1,896 Oz AuEq and an AISC of US$2,251 per Oz AuEq. Revenue was US$38.6 M, a net free cashflow of US$11.7 M and an EBITDA of US$7.6 M. Luca’s cash and cash equivalents are currently US$24.6 M, with a debt of US$8.5 M.
  • Guanajuato Silver Company Ltd. announced financial and production results for Q1 2025. At its El Cubo mines complex, Valenciana mines complex and the San Ignacio mine in Guanajuato, and from the Topia mine in Durango, a consolidated total of 123.6 K tonnes were mined, 128.1 K tonnes milled to produce 380.4 K Oz Ag, 3,347 Oz Au, 699.3 K Lb Pb, 909 K Lb Zn (0r 738 K Oz AgEq). Consolidated cost per Oz AgEq produced was $19.84, $15.90 at El Cubo, $25.90 at Valenciana, $18.09 at Topia, with a consolidated EBITDA of $24.98, $17.82 at El Cubo, $29.13 at Valenciana, $18.40 at San Ignacio and $23.41 at Topia. Revenue was US$21.3 M, with a mine operating income of US$4.8 M, a mine cashflow of US$ 6.3 M, an EBITDA of US$1.1 M and a net loss of US$2.3 M. The working capital is a negative US$17.8 M.
  • Sailfish Royalty Corp. presented its operating and financial results for the first quarter of 2025. The company had revenues of US$587 K, a gross profit of US$562 K and a net loss of US$75.7 K (Gavilanes, Durango).
  • Santacruz Silver Mining Ltd. reported its financial and operating results for the year 2024, including figures from its operations in Mexico. At Zimapan, in Hidalgo, 849.8 K tonnes were processed, averaging 82 gpt Ag, 2.46% Zn, 0.75% Pb, 0.29% Cu, recovering 75% Ag, 78% Zn, 85% Pb, 43% Cu, to produce 1.68 M Oz Ag, 16.3 K tonnes Zn, 5.5 K tonnes Pb, 1.1 K tonnes Cu (or 4.35 M Oz AgEq, 23% of Santacruz’ total production). The company produced a total of 18.78 M Oz AgEq in the year, at a cash cost of $21.90 per Oz AgEq, and an AISC of $26.01 per Oz AgEq, obtaining US$283 M in revenues, a gross profit of US$57.2 M, net income of US$164.5 M, an adjusted EBITDA of US$52.6 M. By the end of the period the company had US$35.7 M in cash and cash equivalents and US$46. M in working capital.
  • Royalties Inc. reported its results for the first quarter of 2025. The company generated dividend and royalty income of US$26.9 K, with US$58.7 K total expenses. Total assets at the end of the period were US$1.34 M, mostly representing investments in the music industry. “As at March 31, 2025, the Company had cash of $141,375 to settle current liabilities of $99,819, excluding a US$2,000,000 contingent liability of a Mexico subsidiary to a defunct company, which the Company is working on to legally cancel” (Bilbao, Zacatecas).

ON FINANCING

  • Coeur Mining Inc. authorized a US$75 M share repurchase program effective through May 31, 2026 (Palmarejo, Chihuahua).
  • GR Silver Mining Ltd. closed its non-brokered private placement for gross proceeds of C$1.84 M (Plomosas, Sinaloa).
  • Canasil Resources Inc. completed the 2023 and 2024 audited financial statements and has filed its 2023 and 2024 annual reports on SEDAR+ on May 28, 2025. “The Company has initiated the steps required towards revocation of the Cease Trade Order (CTO) in order to return to normal trading” (Nora, Durango).
  • Silver Storm Mining Ltd. increased the size of the previously announced best-efforts private placement from C$6 M to gross proceeds of C$8 M. “The Company intends to use the net proceeds from the Offering to commence rehabilitation work of the La Parrilla processing facility, order long lead items required to restart La Parrilla, fund ongoing operations for the next twelve months, and for general corporate and working capital purposes” (La Parrilla, Durango).
  • Alamos Gold Inc. declared a quarterly dividend of US$0.025 per common share (Mulatos, Sonora).
  • Mithril Silver and Gold Ltd. securities will be placed on trading halt on ASX until June  3, 2025, at the request of Mithril, pending the release of an announcement (Copalquin, Durango).
  • Centenario Gold Corp. provided a bi-Weekly default status report regarding its management cease trade order (MCTO). “The Company anticipates that the Annual Filings will be filed on or before June 30, 2025.” (Eden, Durango).

ON RESOURCES AND DEVELOPMENT

  • First Majestic Silver Corp. reported a second significant discovery of vein-hosted mineralization within a year at the Santa Elena property in Sonora, and shared additional drilling results from the Navidad discovery. Exploration drilling 900 m south of the Santa Elena processing plant discovered the Santo Niño epithermal quartz-adularia vein, tracing the vein for over one km and 400 m down-dip. “Confirmed mineralization spans more than 600 m along strike and approximately 200 m down dip, and the upside potential is open in multiple directions …. By drilling beneath the masking andesitic cover into the prospective rhyolite horizon, geologists intercepted the Santo Niño vein and delineated zones of high-grade mineralization”. Highlighted true-width intercepts comprise 1.91 m @ 8.38 gpt Au, 248 gpt Ag (including 0.43 m @ 27.50 gpt Au, 641 gpt Ag); 12.34 m @ 1.65  gpt Au, 113 gpt Ag; 1.84 m @ 4.81 gpt Au, 94 gpt Ag in the new Santo Niño vein, and 6.81 m @ 14.77 gpt Au, 642 gpt Ag; 5.89 m @ 11.11 gpt Au, 215 gpt Ag; 2.47 m @ 21.22 gpt Au, 1,093 gpt Ag; 1.19 m @ 29.51 gpt Au, 919 gpt Ag; 1.17 m @ 24.99 gpt Au, 435 gpt Ag in the Winter vein and 1.61 m @ 4.74 gpt Au, 209 gpt Ag; 3.75 m @ 6.06 gpt Au, 103 gpt Ag; 9.05 m @ 3.31 gpt Au, 55 gpt Ag in the Navidad vein. Nine drill rigs remain active in the property.

ON DEALS AND COPRORATE ISSUES

  • Torex Gold Resources Inc. announced that an amendment to the company’s restricted share unit plan will be included in the matters to be presented to shareholders at the annual and special meeting of shareholders to be held on June 18, 2025 (Morelos Complex, Guerrero).
  • Avino Silver & Gold Mines Ltd. reported shareholders voted in favor of all matters at its AGM held on May 27, 2025 (Avino and La Preciosa, Durango).
  • Prime Mining Corp. selected Ausenco Engineering Canada ULC to lead the work for a preliminary economic assessment (PEA) on its Los Reyes project in Sinaloa. Currently Los Reyes has an estimate of 49 M tonnes averaging 0.95 gpt Au, 34.2 gpt Ag, containing 1.49 M Oz Au, 54 M Oz Ag as indicated resources and 17.2 M tonnes averaging 0.97 gpt Au, 39 gpt Ag, containing 0.54 M Oz Au, 21.6 M Oz Ag as inferred resources.
  • Guanajuato Silver Company Ltd. appointed Mr. Dan Oliver, current director, as lead independent director of the board of directors (El Cubo, Guanajuato).
  • Royalties Inc. presented an update on the Capstone lawsuit. Since 2020 the company has been in a dispute with Capstone Copper Corp. over the ownership of a 2% NSR on five concessions that are now part of thew Cozamin mine in Zacatecas. In April of 2025 the final arguments were filed with the court in Zacatecas, and a decision is expected to be rendered in June 2025. The company estimates that the claim in dispute represents US$1.5 M in potential cash flow per year plus the amount owed on production from 2019.
  • Sandstorm Gold Royalties/Sandstorm Gold Ltd. presented the voting results of its AGM (Royalties on Cosala, Sinaloa).
  • Alamos Gold Inc. released its AGM’s results, and announced the appointment of Alexander Christopher, Chana Martineau, and Richard McCreary to the board of directors (Mulatos, Sonora).
  • Silver Spruce Resources Inc. amended the option agreement on the Pino de Plata property in Chihuahua. “The revised terms include a USD$10,000 cash payment on signing and a future sales participation right set at 10% (ten percent) for the Option period of three years. The participation right is calculated as a percentage of the gross proceeds from any transaction wherein Silver Spruce Resources sells an interest, either in whole or in part, in the project”. The company intends to complete a 2025 drill program, providing an arrangement for access with the landowner is achieved. 

ON SOCIAL RESPONSIBILITY

  • Pan American Silver Corp. released its 2024 Sustainability report, outlining Pan American’s approach and performance in environmental, social and governance (ESG) matters (La Colorada, Zacatecas).

On the image below: Dike seen through brecciated-silicified dike in Sonora. Picture by Jorge Cirett.

The Mining and Exploration News in Mexico: Highlights on the Third Week of May 2025

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By Jorge Cirett

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

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • No Relevant News.

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND COPRORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

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

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

During the 18th week of the year (April 28th to May 4th, 2025), companies working in Mexico presented 33 press releases. Not a single company informed about exploration work in early-stage projects. Five companies reported quarterly/yearly results, one company started commercial production on a new mine and one more on the commencement of activities at another mine working. Two companies informed on financing rounds, one on amended terms of a credit facility, one more updated on its at-the-market equity program, one other reported the exercise of warrants, two more on the granting of stock options, one on its inclusion on a Miners Index and one more on the issuer bid to purchase part of its stock. One company provided and update on its arbitration case against Mexico, another company halted operations in Sinaloa for security reasons, one more announced an appointment to the board, another one on a windfall payment, two companies requested MCTO actions on their stocks, two companies announced the approval of their merger by shareholders, one company previously focused on Mexico confirmed the acquisition of a mine in Peru and one more company informed on the increase of the offer on its stock. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, no relevant news. ON MINING, Guanajuato Silver, Heliostar Metals, Orogen Royalties, Minera Alamos and Capstone Copper reported their quarterly/yearly results. Sierra Madre Gold and Silver commenced mining at the Coloso mine, within La Guitarra property in Estado de Mexico. Torex Gold announced commercial production at the Media Luna mine, in Guerrero. ON FINANCING, two companies announced the closing of financing rounds:  Canuc Resources Metals (C$0.93 M) and Barksdale Resources (C$3.0 M). Americas Gold and Silver was included in the Solactive Global Silver Miners Index. Guanajuato Silver amended the terms of a credit facility. Vizsla Silver, Guanajuato Silver and Defiance Silver granted stock options or common shares. Vizsla Silver updated its at-the-market equity program to sell up to US$200 M of common shares to the public. Luca Mining informed on the exercise of warrants for US$8.4 M. ON RESOURCES AND DEVELOPMENT, Fortune Bay has been advancing community consultation on the Poma Rosa (Ixhuatán) project in Chiapas. Mithril Silver and Gold updated on work at Copalquín, Durango. ON DEALS AND CORPORATE ISSUES, GR Silver announced the pausing of activities at its Plomosas project in Sinaloa, on security grounds. Silver Bull Resources informed on the arbitration process against Mexico on the Sierra Mojada project, in Coahuila. Defiance Silver and Mithril Silver and Gold announced appointments to the board. Impact Silver and Santa Cruz Silver applied for MTCO’s. Elemental Altus Royalties received a windfall payment from a gold stream royalty. Equinox Gold and Calibre Mining informed their shareholders approved the combination of businesses. Sierra Metals acknowledged the notice of variation increasing the price offered by Alpayana to acquire Sierra’s shares. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

  • The Supreme Court ruled that the Mining Union, led by incumbent party senator Napoleón Gómez Urrutia, must pay former workers of Mexicana de Cananea US$54.84 million plus interest. A trust was created in 2005 following the government’s sale of the Cananea mine to Grupo México. Shortly after, the union received the funds, but under Gómez Urrutia’s leadership, it delivered only a small portion of the money to the workers.  

ON EXPLORATION

  • No Relevant News.

ON MINING

  • Guanajuato Silver Company Ltd. announced financial and operational results for Q4 and full year 2024. During the year the company mined 611.1 K tonnes, milling 606.7 K tonnes to produce 1.63 M Oz Ag, 16,554 Oz Au, 3.2 M Lb Pb, 3.9 M Lb Zn (or 3.3 M Oz AgEq) at cash cost $19.84 per Oz AgEq and an AISC of $24.98 per Oz AgEq at their El Cubo (Guanajuato), VMC (Guanajuato), San Ignacio (Guanajuato) and Topia (Durango) operations. During 2024 revenue was US$75.7 M, mine operating income US$2.5 M, mine operating cash flow of US$12.5 M, a net loss of US$17.4 M and working capital of (US$15.4 M). “27% of the net loss for the year was generated by the derivative stemming from the Gold Credit Facility with Ocean Partners UK Ltd.”
  • Heliostar Metals Ltd. reported preliminary interim results for Q1 2025. Production at its three mines during the quarter as follows: At La Colorada, in Sonora, 4,109 Oz Au, 18.3 K Oz Ag; at San Agustin in Durango, 4,412 Oz Au, 8.6 K Oz Ag; at El Castillo, in Durango, 257 Oz Au, 0.5 K Oz Ag. Consolidated production was 8,777 Oz Au, 27.4 K Oz Ag, or 9,082 Oz AuEq, at cash cost $1,175-$1,275 and an AISC of $1,375-$1,475 per Oz AuEq. Cash and cash equivalents were US$26.9 M by the end of the period.
  • Sierra Madre Gold and Silver Ltd. Announced the commencement of underground mining at the Coloso mine, within its La Guitarra property in Estado de Mexico. “The Coloso silver-gold mine is located 4 kilometers northwest of the Guitarra processing plant. Coloso was developed and mined by First Majestic Silver from 2014 to 2018. The mine has over 12 kilometers of underground workings”. The indicated resource estimate for the Coloso mine is 432 K tonnes averaging 221 gpt Ag, 1.61 gpt Au, while at La Guitarra vein the resource comprises 1.65 M tonnes averaging 123 gpt Ag, 1.25 gpt Au.
  • Orogen Royalties Inc. presented year 2024 performance. The company had C$4.3 M net income, royalty revenue of C$7.9 M with 2,343 attributable Oz AuEq, revenue of prospect generation activities of C$1.4 M, G&A expenses of C$3.7 M, cash flow of C$3.1 M. At the end of the period Orogen had C$26.8 M of working capital (Royalty on Ermitaño, Sonora).
  • Minera Alamos Inc. provided financial and operational highlights from year 2024. At the Santana mine, in Sonora, the company anticipates increased gold production. Total gold sold in 2024 was 2,806 ounces, with inventory on the leach pad of 10,226 recoverable Oz Au. The Suaqui Verde porphyry copper project in Sonora was acquired and combined with Los Verdes and Potreritos copper assets into subsidiary Cobre 4H de Sonora de Mexico. At the Cerro de Oro project in Zacatecas engineering work continues in order to advance pre-development activities while the permitting process finishes. The final US$1 M property option payment on Cerro de Oro was fulfilled, free of royalties. Revenue totaled US$8.9 M, gross mine profit US$1.7 M and US$1.7 M in net income. Cash and cash equivalents of US11.8 M and working capital of US$15.5 M at the end of December 2024.
  • Torex Gold Resources Inc. announced it has achieved commercial production at the Media Luna mine, in Guerrero. “Following the safe, successful tie-in of the flotation circuits to the processing plant, the project team is now focused on ramping up the underground mine to the design level of 7,500 tonnes per day (“tpd”) by mid-2026 …. Significant progress continues to be made on definition drilling, with 51 of the 60 stopes planned to be mined in the 2025 mine plan drilled off, 40 from 2026, and 14 from 2027. Development rates remain above budget with 1,304 metres completed in March compared to a budget of 1,200 metres per month”.
  • Capstone Copper Corp. reported financial results for Q1 2025. The company produced 53,796 tonnes Cu at cash cost $2.59 per Lb Cu in the period, of which 6,524 tonnes were produced at Cozamin, in Zacatecas, at cash cost $1.28 per Lb Cu. Capstone had revenue of US$533.3 M, adjusted net income of US8.1 M, operating cash flow of US$166.1 M, adjusted EBITDA of US$179.9 M and net debt of US$788.1 M. At the end of the period Capstone had US$344.5 M in cash and short-term investments, and US$700 M on the revolving credit facility.

ON FINANCING

  • Americas Gold and Silver Corp. has been included in the Solactive Global Silver Miners Index (Cosala, Sinaloa).
  • Guanajuato Silver Company Ltd. amended terms of the gold credit facility with Ocean Partners UK Ltd., on which “two-thirds of the outstanding balance will be amortized over 36 months starting April 2025, and repayable in equal fixed installments of 131.7 ounces of gold bullion, representing approximately 10% of Guanajuato Silver’s monthly modelled gold production. The remaining one-third of the outstanding balance, 2,366 gold ounces, will be paid on conclusion of the 36-month term”. The company is to grant 7.7 M stock options to directors, officers and employees (El Cubo, Guanajuato; Topia, Durango).
  • Vizsla Silver Corp. updated its previously announced at-the-market equity program to offer and sell up to US$200 M of common shares to the public. “Sales of Common Shares, if any, will be made pursuant to the terms of an equity distribution agreement dated April 28, 2025 … among the Company and Canaccord Genuity and CIBC Capital Markets, as lead agents, and National Bank Financial and BMO Capital Markets ….. on the Toronto Stock Exchange and the NYSE American, and/or any other marketplace for the Common Shares in Canada or the United States or as otherwise agreed between the Agents and the Company. The sales of Common Shares …… at the market price prevailing at the time of each sale”.
  • Luca Mining Corp. announced that Luca investors, including certain insiders, exercised an aggregate 38.8 M share purchase warrants worth US$8.4 M. “The Company has substantially reduced its debt by USD $8.4 million since January 1, 2025, resulting in a current debt balance of USD $8.5 million. Luca’s total cash and cash equivalents balance (including silver bullion on hand) is currently US$20.6 million and growing” (Campo Morado, Guerrero).
  • Fortuna Mining Corp. informed the TSX approved a renewal of Fortuna’s normal course issuer bid to purchase up to five percent of its outstanding common shares (Cecilia, Sonora).
  • Canuc Resources Corp. closed the final tranche of a previously announced private placement financing for gross proceeds of C$930 K (San Javier, Sonora).
  • Vizsla Silver Corp. granted 4 M stock options at an exercise price of $2.90 to directors, officers, employees and consultants of the Company (Panuco, Sinaloa).
  • Defiance Silver Corp. issued 33.4 K common shares to an officer of the company for services rendered between July and December 2024, for a value of C$8 K (Tepal, Michoacan).
  • Barksdale Resources Corp. closed its previously announced private placement offering of secured convertible debentures, for gross proceeds of C$3 M. The company also extended the maturity date of its existing secured convertible debentures for C$1.5 M “and the expiry date of an associated 8,000,000 detachable share purchase warrants previously issued to Delbrook in connection with the Existing Debentures (the “Extension Warrants“) from December 31, 2025 to December 31, 2027” (San Javier, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Fortune Bay Corp. informed the company has been advancing consultation with key project area communities with the goal of establishing exploration agreements on the Ixhuatán project in Chiapas. One of the agreements reached so far is to change the name of the project to Poma Rosa, after a popular fruit cultivated through the area. The Poma Rosa project holds a historical measured and indicated resource of 17.7 M tonnes averaging 1.84 gpt Au, containing 1.04 M Oz Au, and inferred resources of 21.8 M tonnes averaging 1.01 gpt Au, containing 703 K Oz Au. “The presence of a large copper-gold mineralizing system is evident from historical soil sampling results, historical drilling results and historical mining immediately to the north of Poma Rosa at Santa Fe”.
  • Mithril Silver and Gold Ltd. presented its quarterly report for Q1 2025. Several high-grade gold-silver intercepts were reported during the period, with Target 1 resource update drilling and Target 2 exploration drilling as part of the 35,000 m 2025 program. An experienced Canadian Exploration Manager was appointed, and the field team grew to eight geologists and an experienced site manager.  

ON DEALS AND CORPORATE ISSUES

  • GR Silver Mining Ltd. announced the temporary pause of field work on the Plomosas project in Sinaloa. In response to generalized violence in the southern part of Sinaloa “management has decided to temporarily pause field work to allow time for the considerable efforts of the Government of Mexico to increase security and stability in the project region”.
  • Silver Bull Resources Inc. provided an update on its arbitration case against Mexico. Silver Bull filed its Reply to Mexico’s Counter-Memorial under the United States-Mexico-Canada Agreement (USMCA) and the North American Free Trade Agreement (NAFTA) before the International Center for the Settlement of Investment Disputes (ICSID). Under the current schedule, Mexico now has until August 26, 2025 to file its Rejoinder before the case proceeds to a hearing, which will commence on October 6, 2025. The legal case arises from the illegal blockade of Silver Bull’s Sierra Mojada project in Coahuila, and Mexico’s refusal to take action to terminate it. The updated damages claim is for US$374.9 M.
  • Defiance Silver Corp. appointed Mr. Armando Vazquez, M.Sc., C.P.G., as Vice President, Operations (Zacatecas, Zacatecas).
  • Elemental Altus Royalties Corp. received a further US$9.6 M as a result of its secured creditor claim against Rambler Metals and Mining Canada Ltd., in relation to the Company’s former Ming gold stream (Mercedes, Sonora).
  • Impact Silver Corp. requested a temporary Management Cease Trade Order (MCTO) from the British Columbia Securities Commission in connection with the filing of its audited annual financial statements and management discussion and analysis (MDA) for the financial year ended December 31, 2024. “The delay in filing the Annual Filings is a result of unexpected delays experienced by the Company in working with a new auditor for the first times in completing the audit of the Audited Financial Statements… It is the Company’s reasonable expectation that the Annual Filings will be finalized on or about May 7, 2025” (Plomosas, Chihuahua).
  • Equinox Gold Corp. announced its shareholders approved all matters voted on at the annual and special meeting of shareholders, including the share issuance resolution in connection with the proposed business combination with Calibre Mining Corp. (Los Filos, Guerrero).
  • Santacruz Silver Mining Ltd. applied to and received from the British Columbia Securities Commission a temporary management cease trade order (MCTO) on the basis that it was unable to file its annual financial statements for year 2024 (Zimapan, Hidalgo).
  • Endeavour Silver Corp. completed the acquisition of Compañia Minera Kolpa S.A. and thus its main asset, the Huachocolpa Uno Mine, in Peru (Terronera, Jalisco).
  • Calibre Mining Corp. announced its shareholders approved the business combination with Equinox Gold Corp.
  • Sierra Metals Inc. acknowledged the press release and notice of variation dated May 1, 2025, filed by Alpayana S.A.C., announcing an increase to the offer price for its proposed take-over bid to acquire all of the common shares of Sierra Metals from C$1.11 to C$1.15 per common share. The company’s board of directors is reviewing the notice of variation and expects to make a recommendation to shareholders over the coming days (Bolivar, Chihuahua).
  • Mithril Silver and Gold Ltd. announced the appointment of Michael Port from DFK Kidsons as the company’s chief financial officer (Copalquin, Durango).
  • Capstone Copper Corp. announced its annual general meeting results (Cozamin, Zacatecas).

ON SOCIAL RESPONSIBILITY

  • No Relevant News.

On the image below: Derelict wall-resembling silicified dike in Sonora. Picture by Jorge Cirett.

01 IMG_9590 – copiaDownload