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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.

Mexico’s Best Drilling Intercepts, Second Week of June 2025

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Advance Metals and Impact Silver presented results during the week from drilling campaigns in Mexico.

Advance Metals provided results for the first drill program by the company at the Yoquivo project in Chihuahua. The current 3,000 m confirmatory and extensional program focused on the existing historic resource estimate of 17.2 M Oz AgEq. The core intervals in the press release are from the first hole in the Pertenencia vein system. The next paragraph is from the 2023 technical report on the property: “The mineralization on the Yoquivo Project consists of several epithermal quartz veins in four principal vein systems. Individual vein systems have been mapped and sampled over >3,000 m strike lengths and range from 0.2 m to >5 m in width…..The Pertenencia vein system consists of at least seven parallel quartz veins, vein breccias and stockwork zones with minor calcite veining and sulphides (pyrite with very minor sphalerite and galena). The vein system has been traced on surface and by drilling for at least 1,800 m along strike and for about 300 m down-dip”.

Impact Silver presented results from the underground drilling at the Guadalupe mine, on the Royal Mines of Zacaulpan mining district, in Estado de Mexico. Significant mineralization was encountered on the recently discovered Kena Vein South, extending the zone to the north and discovering nearby parallel and splay veins. The intermediate sulfidation epithermal mineralization on the Kenia Vein South has been traced now for more than 300 m and remains open in several directions.

#Mexico #Mining #Exploration #Drilling #Gold #Silver #Copper #Lead #Zinc

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 First Week of May 2025

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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.

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