Estado de Mexico

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

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By Jorge Cirett

During the 40th week of the year (September 28th to October 5th, 2025), companies working in Mexico presented 36 press releases.  No companies presented exploration advances on early-stage properties or production figures. Nine companies presented news on financing rounds and share-related issues. Two companies updated on their advanced properties. Two companies commenced drilling on advanced projectsOne company announced mining developments. Nineteen companies informed on deals and corporate issues. ON MEXICO ISSUES, the government is cancelling a large number of mining concessions that overlap protected areas.  ON EXPLORATION, no relevant news. ON MINING, no relevant news. ON FINANCING, six companies informed on financing rounds: Zacatecas Silver (C$3.75 M), Vortex Metals (C$700 K), Guanajuato Silver (C$30 M), Apollo Silver (C$20.9 M), Silver Tiger (C$25 M) and Sonoro Gold (C$3 M). Guanajuato Silver Company and GR Silver Mining granted stock options. Aura Minerals announced the conversion of receipts into shares. ON RESOURCES AND DEVELOPMENT, Regency Silver is to commence drilling at its Dios Padre project in Sonora. Capitan Silver updated on its Cruz de Plata project in Durango. Sierra Madre Gold and Silver announced that development has started at La Guitarra mine, in Estado de Mexico. Sonoro Gold provided an update on the Cerro Caliche and San Marcial projects in Sonora. Silver Viper Minerals commenced a drilling campaign at La Virginia, in Sonora. ON DEALS AND CORPORATE ISSUES, Royal Gold received government regulatory approvals for the acquisition of Sandstorm Gold. Prime Mining’s security holders approved its acquisition by Torex Gold. Fuerte Metals, GR Silver, Empress Royalty, Almaden Minerals and Altius Minerals announced appointments to the board. Empress Royalty announced senior appointments. Mexican Gold is to acquire the Tatatila project in Veracruz from Chesapeake Gold. Sierra Madre Gold and Silver engaged marketing services. Sonoro Gold is considering to spinout the San Marcial project in Sonora. Silver Bull reported dates for the hearings on its arbitration case against Mexico. Prismo Metals and Vizsla Silver held their AGM’s. Canasil is to review opportunities in its Mexican portfolio. Silver Storm Mining contracted investor relations services. ON SOCIAL RESPONSIBILITY, Vizsla Silver released its third sustainability report.

ON MEXICO ISSUES

  • The Ministry of Economy (Secretaría de Economía) started the procedure to cancel 805 mining concessions that overlap protected natural areas (Áreas Naturales Protegidas, or ANP’s), on the base that these are not complying on certain obligations, like the payment of annual mining duties.

ON EXPLORATION

  • No Relevant News.

ON MINING

  • No Relevant News.

ON FINANCING

  • Zacatecas Silver Corp. announced the closing of its non-brokered private placement financing for total gross proceeds of C$3.75 M (Zacatecas Silver, Zacatecas).
  • Vortex Metals Inc. increased the size of its previously announced non-brokered private placement to C$700 K. “Vortex intends to allocate the gross proceeds raised from the sale of the Units as follows: approximately 40% to pay for mining concession fees, approximately 40% to pay for exploration fees and remaining 20% for general working capital purposes” (Riqueza Marina, Oaxaca).
  • Guanajuato Silver Company Ltd. entered into an agreement with Cannacord Genuity Corp. and Red Cloud Securities Inc. as co-lead underwriters and joint bookrunners to purchase on a “bought deal” basis units of the company for gross proceeds of C$30 M (El Cubo and Valenciana, Guanajuato).
  • GR Silver Mining Ltd. granted incentive stock options to certain eligible persons to purchase up to an aggregate of 600 K common shares (Plomosas, Sinaloa).
  • Apollo Silver Corp. announced a non-brokered private placement for aggregate gross proceeds of up to C$20.88 M (Cinco de Mayo, Chihuahua).
  • Aura Minerals Inc. “Announces to the holders of the Company’s Brazilian Depositary Receipts (“BDRs”) the launch of the Incentive Program for the conversion of BDRs into common shares (“Incentive Program”), under which holders may request the conversion of their BDRs (“AURA33”) into the underlying common shares (“AUGO”) listed on Nasdaq (“common shares”), at a ratio of three to one, without being required to pay the applicable fees charged by Banco Bradesco. The Incentive Program will be available for a fixed period of 32 days, from October 6, 2025, to November 6, 2025” (Aranzazu, Zacatecas).
  • Silver Tiger Metals Inc. filed a short form prospectus with the securities commissions in each of the provinces of Canada, except Quebec, in connection with its bought deal public offering of common shares for aggregate gross proceeds of C$25 M (El Tigre, Sonora).
  • Sonoro Gold Corp. announced a fully subscribed non-brokered private placement offering for gross proceeds of C$3 M (Cerro Caliche, Sonora).
  • Prismo Metals Inc. granted 850 K stock options to certain directors and officers of the company, and 100 K options to a consultant of the company. Also, 725 K restricted share units were issued to certain directors and officers of the company (Palos Verdes, Sinaloa).

ON RESOURCES AND DEVELOPMENT

  • Capitan Silver Corp. provided an update on its Cruz de Plata project in Durango. Since 2020 the company has consolidated its position in the district, more recently with the acquisition of 2,171 ha from Fresnillo plc. Capitan Silver has elaborated a geological model that includes annular structures to an elliptical intrusive body with silver mineralization in sedimentary rocks and gold mineralization in the contact of these rocks with overlying volcanic rocks. Six main targets are comprised by Casco Norte, Jesús María Northwest, Jesús María East, San Rafael, La Providencia, La Purísima, Jesús María North and El Tubo Hill. The 2025 drilling program is being expanded from 10,000 m to 15,000 m. Just over 8,000 m of drilling have been completed to date, with assays pending for 38 holes. A property-wide 385 line-km regional airborne magnetic and magnetotelluric survey has been contracted. The press release includes a table with grab and chip sample results of up to 62 gpt Au, 991 gpt Ag, 0.76% Cu, 6.25% Pb, 7% Zn.
  • Sierra Madre Gold and Silver Ltd. announced that development has started at the Nazareno mine in the La Guitarra complex in Estado de México. Over 700 tonnes of ore have been delivered to the La Guitarra processing plant, material that was not included in the mineral resource estimate. The company also announced the purchase of a new rig capable of drilling up to 150 m of NWL size and 250 m of BWL size core. The rig is capable of underground and surface drilling.
  • Sonoro Gold Corp. provided an update on the Cerro Caliche and San Marcial projects in Sonora. The company intends to commission an updated preliminary economic assessment (PEA) on Cerro Caliche by the first quarter of 2026. The current PEA contemplates a 9-year mining operation at a 12,000 tpd rate based on a gold price of US$1,800 per Oz Au. The updated PEA will include 55,360 m of drilling, trenching and the changes in the environmental report that covers the property. The project counts with a surface agreement access for the property.
  • Regency Silver Corp. commenced drilling at its Dios Padre project in Sonora. The company plans to drill approximately 4,500 m in 6 to 8 holes, focused on targeting along-strike extensions of high-grade Au-Cu-Ag mineralization previously intercepted.
  • Silver Viper Minerals Corp. commenced a 5,000 m diamond drill program at its advanced stage La Virgina project in Sonora, with the program being carried out by Globexplore Drilling Corp. Drilling will begin with 8-9 reconnaissance holes at El Molino area, the first drill testing of this area with high priority geophysical anomalies. The program will continue at El Rubi, aiming to expand mineralization along strike and at shallow depths.  

ON DEALS AND CORPORATE ISSUES

  • Sandstorm Gold Ltd. announced that Royal Gold Inc. has received all government regulatory approvals required for the previously announced acquisition of Sandstorm” (Royalty on Mercedes, Sonora).
  • Prime Mining Corp. announced that the company’s security holders have approved the plan of arrangement with Torex Gold Resources Inc., whereby Torex will acquire all of the issued and outstanding common shares of Prime (Los Reyes, Sinaloa).
  • Fuerte Metals Corp. announced that CFO Martin Rip is retiring at the end of September 2025. “Mr. John Teo, Fuerte’s Vice President of Finance, has been appointed Interim CFO” (Cristina, Chihuahua).
  • Altius Minerals Corp. announced the retirement of Ben Lewis, chief financial officer (CFO) and Chad Wells, vice president corporate development. Stephanie Hussey, current vice president finance, has been appointed chief financial officer (Llano del Nogal royalty, Sonora).
  • Royal Gold Inc. received all governmental regulatory approvals required for the company’s previously announced acquisitions of Sandstorm Gold Ltd. and Horizon Copper Corp. (Sandstorm Gold holds a royalty on Cuale, Jalisco and Llano del Nogal, Sonora).
  • Empress Royalty Corp. announced the appointment of Brad Breetzke as business development advisor, Africa and Christian Agarnaz as busines development analysts (Royalty on Tahuehueto, Durango).
  • GR Silver Mining Ltd. announced the nomination of Daniel Schieber as vice president of corporate development and corporate relations (Plomosas, Sinaloa).
  • Chesapeake Gold Corp. entered into a definitive agreement sell its Tatalila project in Veracruz to Mexican Gold Mining Corp. “in exchange for such number of common shares of Mexican Gold representing 14.99% of the outstanding common shares of Mexican Gold at closing” and a 1.5% net smelter royalty. Mexican Gold may repurchase 0.5% of the royalty  for US$500 K within ten years from the date of the agreement. “Tatatila is a gold-copper skarn district located in Veracruz State that Chesapeake identified in 2007. Tatatila surrounds Mexican Gold’s Las Minas Project, which has a reported NI 43-101 Mineral Resource Estimate and Preliminary Economic Assessment. Several skarn prospects were discovered on Tatatila by Chesapeake, including possible extensions of the Las Minas existing resource.”
  • Sierra Madre Gold and Silver Ltd. engaged “Triomphe Holdings Ltd., doing business as Capital Analytica, an arm’s length service provider, to provide certain marketing and social media services to the company” (La Guitarra, Estado de México).
  • Sonoro Gold Corp. is considering a spinout of its San Marcial project into its subsidiary Oronos Gold Corp. The property is in Santa Ana, Sonora, covering the historic San Marcial and Soledad mines that were subject to drilling programs in the last two decades of the past century.
  • Silver Bull Resources Inc. reported that the hearing for its arbitration case against Mexico  will commence on October 6, 2025, in Washington, D.C., and will conclude no later than October 11, 2025. The international arbitration proceedings under the United States–Mexico–Canada Agreement (USMCA) and the North American Free Trade Agreement (NAFTA) arised from Mexico’s refusal to take action with respect to the illegal blockade of Silver Bull’s Sierra Mojada Project in Coahuila, which commenced in September 2019 and remains ongoing.
  • Starcore International Mines Ltd. acknowledges the current postal strike across Canada, which has created significant challenges in ensuring timely delivery of shareholder communications and proxy materials. The company took a number of measures to overcome these challenges, that can be seen on the press release at the company’s website (San Martin, Querétaro).
  • Mexican Gold Mining Corp. entered into a mining concession assignment agreement with Chesapeake Gold Corp. to acquire 100% interest on the 3,824 hectares Tatatila project in Veracruz. Mexican gold shall issue Chesapeake 4.45 M common shares of the company (a $222.6 K value), representing 14.99% of the total issues and outstanding common shares of the company. As further consideration for the interest, Mexican Gold shall grant to Chesapeake a 1.5% net smelter return (NSR) royalty, of which the company might purchase 0.5% of the royalty for US$500 K within 10 years of the execution of the agreement.
  • Prismo Metals Inc. held its annual general meeting (AGM) on October 2, 2025. A board of directors was elected, comprising Alain Lambert, Louis Doyle, Craig Gibson and Martin Dupuis, with DeVisser Gray LLP re-appointed as auditor. A new long-term incentive plan was approved. Finally, a possible new corporate name as determined by the directors of the company was reviewed (Palos Verde, Sinaloa).
  • Canasil Resources Inc. is to review opportunities in its portfolio in Durango and Zacatecas. “Of Canasil’s seven Mexican silver-gold projects, the Company’s interest in the Sandra and Nora projects have been sold to Pan American Silver and Silver Dollar Resources respectively. The Company retains a 2% NSR on its claims in each project with a 1% buyout for US$ 4 million on the Sandra NSR, and 1% buyout for $1 million on the Nora NSR. Canasil holds 100% interest in all the remaining projects. La Esperanza, Salamandra, and Colibri have had successful past drill programs which have returned high-grade silver-gold intercepts”. The company sees an improved positive environment for advancing mining projects under the current federal administration.
  • Vizsla Silver Corp. announced the results of its annual general and special meeting of shareholders held on October 2, 2025. Shareholders approved all motions put forth including its change of auditor from MNP LLP to Deloitte LLP (Panuco, Sinaloa).
  • Almaden Minerals Ltd. announced the appointment of Douglas McDonald as president and CEO. Morgan Poliquin has been appointed vice chair of the company (Ixtaca, Puebla).
  • Azucar Minerals Ltd. announced the resignation of Douglas McDonald from all his roles in the company, including as director and executive vice president, but will continue in an advisory role to support related succession initiatives and ongoing business activities El Cobre, Veracruz).
  • Silver Storm Mining Inc. retained the services of Renmark to provide investor relations services to the company for an initial term of twelve months, subject to monthly renewal and a consideration of C$9 K per month (La Parrilla, Durango).

ON SOCIAL RESPONSIBILITY

  • Vizsla Silver Corp. released its third annual sustainability report which highlights its key initiatives on environmental, social and governance matters (Panuco, Sinaloa).

On the image below: Late specularite seams on quartz vein, HQ core. Picture by Jorge Cirett.

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

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Phreatic Breccia

By Miguel A Heredia

During the 35th week of the year (August 25th to August 31st2025), at least 28 press releases were announced by companies working in Mexico, with nine announcing financial rounds, seven disclosing deals and corporate issues, five communicating production results, four reporting resources and developments of their properties, two informing on exploration results, an one commenting on Mexican issues. ON MEXICO ISSUES, Heliostar, Mithril, and Luca Mining reported the best drilling intercepts in Mexico on the fourth week of August, 2025. ON EXPLORATION, Minaurum announced that it is ramping up its exploration efforts at its Alamos Silver project in Sonora by adding more drill rigs to speed up their 10,000m infill drilling program. Kingsmen provided an update of the drilling progress on its Las Coloradas project in Chihuahua. ON MINING, Impact Silver reported Q2, 2025 financial results from their Mexican mine operations (Zacualpan, Estado de Mexico and Plomosas, Chihuahua). Orogen presented Q2, 2025 financial results from El Ermitaño mine in Sonora where it holds a 2% net smelter royalty. Luca Mining announced Q2 and H1, 2025 consolidated operating and financial results from their Campo Morado and Tahuehueto mines in Guerrero and Durango respectively. DynaResource reported Q2, 2025 results from its San Jose de Gracia mine in Sinaloa. Guanajuato Silver reported Q2, 2025 consolidated operating and financial results.  ON FINANCING, Regency Silver due to strong investor demand upsized its previously announced brokered private placement offering to gross proceeds of CAD $3.58M (Dios Padre project, Sonora). Starcore announced a non-brokered private placement financing for gross proceeds of up to CAD $5M (Tortilla project, Queretaro). Goldgroup revised twice its previously announced non-brokered private placement offering to raise gross proceeds of up to CAD $4M (Cerro Prieto mine, Sonora).  Sonoro Gold increased, in response to investors demand, its previously announced non-brokered private placement offering to 10,000,000 units for gross proceeds of CAD $1.5M (Cerro Caliche project, Sonora). Pacifica Silver closed the second tranche of its previously announced non-brokered private placement financing for gross proceeds of CAD $450K (Claudia project, Durango).  United States Antimony announced a purchase agreement for a registered direct offering of common shares for gross proceeds of USD $18M (Madero smelter operation, Coahuila). Masivo closed the first tranche for gross proceeds of CAD $845K (Cerro Colorado project, Sonora).  ON RESOURCES AND DEVELOPMENT, Heliostar released its first results from the current 15,000m drill program at its Ana Paula project in Guerrero. Luca Mining announced results from 6 surface drill holes and five underground drill holes from the Reforma Deposit in its Campo Morado project in Guerrero. Mithril provided an update regarding the ongoing activities at its Copalquin project in Durango. ON DEALS AND CORPORATE ISSUES, MAG Silver and Pan American Silver received approval from the Mexican Federal Economic Competition (COFECE) for Pan American to acquire all the shares of MAG Silver. Avino purchased and extinguished all of the outstanding royalties and contingent payment obligations to acquire 100% ownership of its La Preciosa project in Durango. Alamos Gold declared a quarter dividend of USD $0.025 per common share (Mulatos mine, Sonora). MAG Silver announced preliminary results regarding shareholder election for the form of consideration in the Pan American acquisition (Juanicipio mine, Zacatecas). Luca Mining acquired from Fresnillo plc a 100% interest in the Humaya 3 mining concession at its Tahuehueto property in Durango for USD $400K. DynaResource entered into an updated agreement with Ocean Partners UK for a credit line facility expansion and offtake extension (San Jose de Gracia mine, Sinaloa). ON SOCIAL RESPONSIBILITY, Alamos Gold released its 2024 annual ESG report (Mulatos mine, Sonora).

ON MEXICO ISSUES

  • Heliostar Metals Ltd., Mithril Silver and Gold Limited, and Luca Mining Corp., reported the best drilling intercepts in Mexico on the fourth week of August, 2025. Details are shown in the table below:

ON EXPLORATION

  • Minaurum Gold Inc., announced that it is ramping up its exploration efforts at its Alamos Silver project in Sonora by adding more drill rigs to speed up their 10,000m infill drilling program. The company has already drilled over 3,000m testing important veins like Promontorio, Europa-Guadalupe, and Travesia. Minaurum is aiming to deliver their first resource estimate soon.
  • Kingsmen Resources Ltd., provided an update of the drilling campaign progress at its Las Coloradas project in Chihuahua. The company has completed to date a maiden drill program of 3,227.2m in 12 core holes, testing short segments of the historic Soledad and Soledad vein systems and a geophysical target defined by induced polarization and magnetic surveys. Significant untested lengths remain, including the Saddle, Silvia and La Plata targets. Drill results to date have confirmed that mineralization extends along strike and beneath the water table, validating the geological model and suggesting a potential discovery, with assay results still pending.

ON MINING

  • Impact Silver Corp., reported Q2, 2025 financial results from their Mexican mine operations. At Zacualpan, Estado de Mexico, Impact processed 69,185 tonnes with an average grade of 158 g/t Ag to produce 295.1K Oz Ag and 237 Oz Au. At Plomosas mine, Chihuahua, the company processed 27,747 tonnes of 8.4% Zn, 4.6% Pb, and 30 g/t Ag to produce 3.91M Lb Zn, 889.3K Lb Pb, and 17.67K Oz Ag. Impact also presented consolidated financial results (all currency reported in Canadian dollars) reporting revenue of $9.8M; mine operating income before amortization and depletion of $1.6M; loss of $0.5M in deferred taxes; $1.1M in exploration, $0.6M in amortization; and $2M in depletion. The company also reported cash of $10.3M and $13.3M in working capital.
  • Orogen Royalties Inc., presented Q2, 2025 financial results from El Ermitaño mine in Sonora where it holds a 2% net smelter royalty (all amounts are in Canadian dollars unless otherwise stated). 269,830 tonnes of 55 g/t Ag and 2.54 h/t Au with metallurgical recoveries of 64% and 94% respectively were processed to produce 467 Oz AuEq. The company reported $2.1M royalty revenue from the sale of the 467 Oz AuEq produced at an average realized price of USD $3,280 per Oz Au; exploration expenses of $3.9M ; net income before taxes of $0.6M; net comprehensive loss of $0.2M; G&A expenses of $1.7M; cash flow of $1.8M; and working capital of $27.8M as of June 30, 2025.
  • Luca Mining Corp., announced Q2 and H1, 2025 consolidated operating and financial results from their Campo Morado and Tahuehueto mines in Guerrero and Durango respectively All amounts are in US dollars). In Q2, 2025 Luca Mining mined 250,879 tonnes and processed 253,717 tonnes (181,320 tonnes at Campo Morado and 72,397 tonnes at Tahuehueto) to produce 6,622 Oz Au, 279.8K Oz Ag, 2.2M Lb Pb, 11.96M Lb Zn, and 2.6M Lb Cu (17.86K Oz AuEq) and sold 5,445 Oz Au, 209.4K Oz Ag, 825K Lb Pb, 8.97M Lb Zn, and 1.81M Lb Cu at cash and AISC of $2,2775 and $3,310 per Oz AuEq sold respectively. In H1, 2025, the company mined 510,385 tonnes and processed 499,999 to produce 145,298 Oz Au, 630.5K Oz Ag, 4.6M Lb Pb, 23.5M Lb Zn, and 5.1M Lb Cu (39.15K Oz AuEq) and sold 12,165 Oz Au, 482.6K Oz Ag, 1.8M Lb Pb, 17.36M Lb Zn, and 3.64M Lb Cu at cash and AISC of $2,073 and $2,732 per Oz AuEq sold respectively. Luca also announced financial results for the period Q2, 2025 reporting revenues of $36.8M; mine operating cash flow of $9.1M; mine operating cash flow before taxes of $12.05M; negative net earnings of $3.23M; negative net free cash flow before working capital of $4.5M; EBITDA of $1.2M; and adjusted EBITDA of $5.8M. For the period H1, 2025, the company reported revenues of $75.4M; mine operating cash flow of $22.4M; mine operating cash flow before taxes of $27.8M; net earnings of $1.3M; net free cash flow before working capital of $4.9M; EBITDA of $8.7M; and adjusted EBITDA of $18.2M.
  • DynaResource Inc., reported Q2, 2025 results from its San Jose de Gracia mine in Sinaloa (all amounts are in US dollars). The company mined 74,002 tonnes and milled 66,834 tonnes of 3.63 g/t Au with a metallurgical recovery of 74.64% to produce 5,701 Oz Au. DynaResource reported revenue of $15.9M; total operating expenses of $13.14M; net operating income of $2.7M; net income of $0.5M; operating cash flow before change in non-cash working capital items of $2.85M; and cash flow used in operating activities of $1.14M.
  • Guanajuato Silver Company Ltd reported Q2, 2025 consolidated operating and financial results from their min operations in Guanajuato (El Cubo mines complex, Valenciana mines complex and San Ignacio mine), and Durango (Topia mine). Consolidated results are shown in the table below (all currency is expressed in US dollars):

ON FINANCING

  • Regency Silver Corp., due to strong investor demand upsized its previously announced brokered private placement offering to 35,847,250 units at a unit price of CAD $0.10 per unit on a post consolidation basis for gross proceeds of up to CAD $3.584,725M. The consolidation of the company’s common shares on a 1 new for 2 old basis is scheduled to be effective on or about August 26, 2025. Later on, the company announced four upsize of its previously announced brokered private placement financing to 40,000,000 units at a price of CAD $0.10 per unit for gross proceeds of CAD $4M. The purpose of the financing is to use the gross proceeds for drilling the Dios Padre project in Sonora, and for general working capital purposes.
  • Starcore International Mines Ltd., announced a non-brokered private placement financing of 20,000,000 units at a price of CAD $0.25 per unit for gross proceeds of up to CAD $5M. Gross proceeds will be used primarily towards bulk sampling and the development of the recently announced Tortilla project in Queretaro.
  • Goldgroup Mining Inc., revised its previously announced non-brokered private placement offering will still consists of up to 5,000,000 units at a price of CAD $0.80 per unit to raise gross proceeds of up to CAD $4M. Later on, Goldgroup revised the term again and now the offering will consists of up to 4,848,485 units at a price of CAD $0.825 per unit for CADS $4M in opposed to the 5,000,000 units at a price of CAD $0.80 previously disclosed. The proceeds will primarily fund the company’s efforts to optimize its Cerro Prieto mine in Sonora and pursue strategic acquisitions in the mining sector.
  • Sonoro Gold Corp., increased, in response to investors demand, its previously announced non-brokered private placement offering to 10,000,000 units for gross proceeds of CAD $1.5M. The offering price remains at CAD $0.15 per unit. Net proceeds will be used to fund the ongoing development of its Cerro Caliche project in Sonora, as well as for working capital.
  • Pacifica Silver Corp., closed the second tranche of its previously announced non-brokered private placement financing of 900,000 units at a price of CAD $0.50 for gross proceeds of CAD $450K. Together with the first tranche, Pacifica has raised a total of CAD $10M. Pacifica plans to use the gross proceeds for the upcoming exploration and drill work at its Claudia project in Durango, as well as general working capital.
  • United States Antimony Corporation announced a purchase agreement for a registered direct offering of common shares priced at USD $4.5 per share for gross proceeds of USD $18M from a single institutional investor. Nets proceeds will be used to buy more antimony, boosting their smelter´s production at Madero, Coahuila, working capital and potential acquisitions of other critical mineral companies or specific properties currently under review by management. The offering is expected to close around August 28, 2025, subject to customary conditions.
  • Masivo Silver Corp., closed partially the first tranche of a financial round for gross proceeds of CAD $845K but expects to raise up to CAD $1M.  The private placement at CAD $0.06 with a half warrant at CAD $0.10 for a 12-month term will close on August 29, 2025. Masivo still has a CADS $75K drill credit in Mexico and expects to start drilling the Cerro Colorado project in Sonora in Q4, 2025.

ON RESOURCES AND DEVELOPMENT

  • Heliostar Metals Ltd., released its first results from the current 15,000m drill program at its Ana Paula project in Guerrero. Drilling highlights include holes AP-25-325 with 2.1 g/t Au over 13.1m, plus 3.31 g/t Au over 65.2m, including 6.29 g/t Au over 30.2m, plus 12.6 g/t Au over 4.5m, 2.25 g/t Au over 6m, and plus 6.43 g/t Au over 2.3m; hole AP-24-322 with 3.77 g/t Au over 21.2m, plus 6.67 g/t Au over 20.95m, plus 13.6 g/t Au over 14.75m, including 45.81 g/t Au over 3.85m, plus 2.14 g/t Au over 10.55m; and hole AP-24-323 with 7.81 g/t Au over 4m, plus 2.26 g/t Au over 11m, plus 8.72 g/t Au over 12.2m, including 24.4 g/t Au over 3.7m. Heliostar has completed 5,556m in 18 holes to date. “The program has the primary goal of converting inferred ounces to higher confidence classifications as well as supporting the ongoing Feasibility Study and testing the next exploration targets around the Ana Paula deposit”.
  • Luca Mining Corp., announced results from 6 surface drill holes and five underground drill holes from the Reforma Deposit in its Campo Morado project in Guerrero. Drilling highlights are shown in the table below:
  • Mithril Silver and Gold Limited provided an update regarding the ongoing activities at its Copalquin project in Durango. The company is conducting a fully funded 45,000m drilling program targeting multiple areas, including Target 1, Target 5, and target 3, with plans to add a third drill rig in early 2026. At target 1, the company has drilled La Soledad East intercepting in hole MTHLS25-35 high grade including 9.95 g/t Au and 45 g/t Ag (10.59 g/t AuEq) over 1.1m and hole MTH-LS25-36 with 3.21 g/t Au and 14 g/t Ag (3.41 g/t AuEq) over 0.5m, plus 8.63 g/t Au and 41 g/t Ag (9.21 g/t AuEq) over 3.3m, including 48.85 g/t Au and 92 g/t Ag (50.16 g/t AuEq9 over 0.5m; while at Zaragoza South it confirmed high-grade mineralization, in hole MTH-ZG25-037 including 6.4 g/t Au and 4,400 g/t Ag (4,848 g/t AgEq) over 0.57m, plus 3.49 g/t Au and 127 g/t Ag (371 g/t AgEq) over 0.66m; and Refugio West where step out drilling is targeting extensions towards El Gallo.  At Target 3 Mithril is currently carrying out systematic mapping and sampling to define targets for a maiden drill program. At Target 5 (Apomal historic mine) drilling has commenced  with three holes completed in a 5,000m program focused on testing veins along strike and a depth. Mithril aims to expand the resource footprint, conduct additional drilling and complete an aeromagnetic survey in Q4, 2025.

ON DEALS AND CORPORATE ISSUES

  • MAG Silver Corp., and Pan American Silver Corp., received approval from the Mexican Federal Economic Competition (COFECE) for Pan American to acquire all the shares of MAG Silver. The deal is expected to be closed by around September 4, 2025. MAG shareholders need to decide no later than 2:00 PM (Vancouver time) on August 27 whether they want to receive either USD $20.54 in cash for each MAG share held; or the default election of USD $0.0001 in cash and USD $0.755 of a common share of Pan American for each MAG share held.
  • Avino Silver & Gold Mines Ltd., purchased and extinguished all of the outstanding royalties and contingent payment obligations to acquire 100% ownership of its La Preciosa project in Durango. The company acquired the La Preciosa obligations from Deterra Royalties Limited for a total consideration of USD $22M, consisting of USD $13.25M upfront payment and an $8.75M deferred payment due within a year after initial production, and a payment of USD $0.25 per Oz AgEq of new mineral reserves discovered and declared outside of the current mineral resource area, subject to a cap of USD $50M.. It also acquired royalty obligations, which include a 1.25% net smelter returns royalty on the Gloria and Abundancia veins, and a 2% gross value returns royalty on the remainder of the La Preciosa resource. This acquisition allows Avino to eliminate these royalty burdens prior to commencing production.
  • Alamos Gold Inc., declared a quarter dividend of USD $0.025 per common share payable on September 25, 2025 to shareholders of record as of the close of business on September 11, 2025. The company has paid dividends for 16 consecutive years, including returning USD $32 million thus far in 2025 (Mulatos mine, Sonora
  • MAG Silver Corp., announced preliminary results regarding shareholder election for the form of consideration in the Pan American Silver Corp acquisition. Shareholders could elect to receive, either USD $20.54 cash or USD $0.001 cash plus 0.755 of a Pan American share per MAG share, subject to proration. The preliminary results show that approximately 1.71% of MAG shareholders elected to receive cash, about 30.55% chose shares of Pan American, and approximately 67.74% did not make a valid election and are deemed to have opted for shares. The final outcome will be determined after the final election results are certified. The transaction has received all necessary approvals and is expected to close around September 4, 2025. Due to proration, some shareholders may receive a combination of cash and shares regardless of their election choice. Following the arrangement, MAG Silver shares are expected to be delisted from the Toronto Stock Exchange and New York Stock Exchange American LLC, and application has been made to cease being a reporting issuer (Juanicipio mine, Zacatecas).
  • Luca Mining Corp., acquired from Fresnillo plc a 100% interest in the Humaya 3 mining concession for USD $400K. It comprises 2,507 hectares and directly surrounds to the Tahuehueto mine in Durango and is not subject to any underlying NSR royalties. The acquisition expands Luca´s land position by over 25% reaching approximately 10,000 hectares, providing new exploration prospects, especially since mineral veins hosting current mineral resources extend into the acquired mineral concession, supporting their growth strategy.
  • DynaResource Inc., entered into an updated agreement with Ocean Partners UK Limited for a credit line facility expansion and offtake extension (all amounts are expressed in US dollars). The concentrate credit line facility replaces the previous one and increase funding from $12.5M to $15M, includes a 6-months grace period on principal repayments, and features competitive interest rates. The offtake agreement for gold concentrate production from San Jose de Gracia mine in Sinaloa has been extended to December 31, 2030, with improved gold payability terms. These agreements aim to enhance working capital, support mine development, and optimize operations for long-term growth.

ON SOCIAL RESPONSIBILITY

  • Alamos Gold Inc., released its 2024 Environmental, Social, and Governance (ESG) report. Highlights include USD $1.5M invested in local community initiatives; zero significant environmental incidents; over 100,000 hours of employee training; 9% reduction in total scope 3 greenhouse gas emissions; 98% of procurement expense with in-country suppliers; and five consecutive years of compliance with the World Gold Council´s Responsible Gold Mining Principles (Mulatos mine, Sonora).

Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.

On the picture below, phreatic breccia in a low sulphidation epithermal vein system in a project in Guanajuato, Mexico. Photo taken by Miguel A Heredia.

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 Fourth Week of April, 2025

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Low-angle sheeted quartz veins displaced by high-angle faults

By Miguel A Heredia

During the 17th week of the year (April 21st to April 27th 2025), at least 30 press releases were announced by companies working in Mexico, with eleven disclosing deals and corporate issues, six communicating production results, five reporting resources and developments of their properties, five announcing financial rounds, two informing on exploration results, and one commenting on Mexican issues.  ON MEXICO ISSUES, Fuerte Metals and Luca Mining reported the best drilling intercepts in Mexico on the fourth week of April, 2025. ON EXPLORATION, In Sonora, Masivo announced a strategic eight holes, 1,300m drill program to be conducted at its Cerro Colorado project. In Zacatecas, Galore provides an update on its Dos Santos project.  ON MINING, Fortuna Mining reported that it will release its Q1, 2025 financial results on May 7, 2025 (San Jose mine, Oaxaca). Sierra Madre announced Q4 and full year 2024 financial results from its La Guitarra mine, Estado de Mexico. Luca Mining reported Q4 and full year 2024 production and financial results (Tahuehueto mine, Durango and Campo Morado mine, Guerrero).  MAG Silver announced Q1, 2025 production results for its Juanicipio mine in Zacatecas. Agnico Eagle reported Q1, 2025 production results (Pinos Altos mine, Chihuahua). ON FINANCING, Aztec Minerals announced that it intends to complete a non-brokered private placement for gross proceeds of up to CAD $3M (Cervantes project, Sonora). Canuc extended the final closing day of its previously announced non-brokered private placement to May 21, 2025 (San Javier project, Sonora). Vizsla Copper upsized its previously announced non-brokered private placement to CAD $5.6M. Teck announced an eligible dividend of $0.125 per share. Kingsmen announced that it has received conditional approval from the TSX Venture Exchange for its previously announced private placement (Las Coloradas project, Chihuahua). Gold Royalty reported Q1, 2025 preliminary results (Cozamin mine, Zacatecas).  ON RESOURCES AND DEVELOPMENT, Teck reported that the engagement with government authorities and stakeholders is ongoing to support the review of both the Environmental Impact Assessment and Land Use Change permits for its San Nicolas project, Zacatecas. Luca Mining released results from 6 of the first seven underground holes drilled at its Campo Morado mine, Guerrero. Fuerte Metals reported results from the most recent five holes drilled at its Cristina project in Chihuahua. Tocvan announced that five drill holes have been completed at the Gran Pilar project, Sonora. Agnico Eagle announced that In Q1, 2025, Minas de San Nicolás in Zacatecas (50/50 JV with Teck Resources Limited) continued working on a feasibility study, with completion expected in the H2, 2025. ON DEALS AND CORPORATE ISSUES, Sierra Metals and Alpayana reached an agreement for an all-cash takeover bid where Alpayana Canada will offer CAD $1.15 per share for all common shares of Sierra Metals (Bolivar mine, Chihuahua). Silver Bull announced voting results of its annual general meeting of shareholders (Sierra Mojada project, Coahuila). Vizsla Royalties informed that that its common shares have started trading on the OTCQB market place under the trading symbol VROYF (Panuco project, Sinaloa). Triple Flag and Orogen Royalties entered into a definitive agreement in which Triple Flag will acquire all of the issued and outstanding common shares of Orogen for total consideration of approximately CAD $421M, or CAD $2.00 per share (Ermitaño mine, Sonora). Altius Minerals announced that Triple Flag has proposed to acquire Orogen Royalties for approximately CAD $421M, which includes cash, shares, and a stake in a new entity called Orogen Spinco. Heliostar appointed its Vice President of Investor Relations and Development, and its Corporate Secretary (La Colorada mine, Sonora). Equinox Gold and Calibre Mining amended their arrangement agreement regarding a proposed business combination (Los Filos mine, Guerrero). Luca Mining announced the appointment of its new COO (Tahuehueto mine, Durango). Teck reported voting results from its annual meeting of shareholders. Discovery Silver appointed new members to the company management such as its COO, Executive Vice President, Corporate Affairs and Sustainability, Vice President Canadian Operations, and Senior Vice President Exploration & Grow (Cordero project, Chihuahua). Agnico Eagle released voting results of its annual and special meeting of shareholders (Pinos Altos mine, Chihuahua).  ON SOCIAL RESPONSIBILITY, no relevant news.  

ON MEXICO ISSUES

  • Fuerte Metals Corporation and Luca Mining Corp. reported the best drilling intercepts in Mexico on the fourth week of April 2025, 2025. Details are shown in the table below:

ON EXPLORATION

  • Masivo Silver Corp., announced a strategic eight holes, 1,300m drill program to be conducted at its Cerro Colorado project in Sonora.
  • Galore Resources Inc., provides an update on its Dos Santos project in Zacatecas, focusing specifically on the Los Gemelos / Duraznillo property. The company is currently engaged in drilling activities, targeting a total of 5,000 meters, with initial drill core results appearing promising. Geological indicators suggest a significant copper-gold target due to various structural features and mineralization evidence. In addition to drilling, Galore is preparing to process over 25,000 tonnes of mineralized rock at the Duraznillo mine, with favorable laboratory results indicating potential revenue generation. The company is also in discussions for joint ventures to enhance exploration efforts and is considering implementing ore-sorting technology to improve mineral recovery efficiency. Furthermore, Galore is exploring the use of satellite imaging technology to aid in mineral discovery and is looking to expand its drilling capacity by mobilizing additional rigs. The management team is optimistic about the project’s progress and future opportunities, aiming to apply their aggressive exploration strategy across the broader Dos Santos Project area.

ON MINING

  • Fortuna Mining Corp., reported that it will release its Q1, 2025 financial results on May 7, 2025 (San Jose mine, Oaxaca).
  • Sierra Madre Gold and Silver Ltd., announced Q4 and full year 2024 financial results from its La Guitarra mine, Estado de Mexico (all currency is expressed in US dollars). During Q4, 2024 the company reported revenue of $3.9M, gross profit of $1.1M, cost of sales of $2.8M, approximately $20.95 per Oz Ag sold, and a loss of 37,936. Sierra Madre averaged $31.58 per Oz Ag sold and $2,667 per Oz Au sold. For the full year 2024 (in fact were only six month’s period ending December 31, 2024) the company reported revenue of $6.1M, gross profit of $1.36M, cost of sales of $5.1M, approximately $22.40 per Oz Ag Eq sold, and a loss of 0.98M. Sierra Madre averaged $30.37 per Oz Ag sold and $2,594 per Oz Au sold. Current assets, including cash totaled $3.5M at December 31, 2024.
  • Gold Royalty Corp., reported Q1, 2025 preliminary results (all amounts are expressed in US dollars). It announced that total revenue, land agreement proceeds, and interest was $3.6M (revenue of $3.1M) equating to 1,249 Oz AuEq. Gold Royalty maintains its 2025 full-year production guidance 5,700-7,000 Oz AuEq (the company holds cash flowing royalties at Cozamin mine, Zacatecas).
  • Luca Mining Corp., reported Q4 and full year 2024 production and financial results for its Tahuehueto mine, Durango and Campo Morado mine, Guerrero (all amounts are expressed in US dollars). In Q4, 2024 the company mined 213,511 tonnes and milled 208,649 tonnes to produce 7,120 Oz Au, 228.3K Oz Ag, 6.8M Lb Zn, 2.2M Lb Cu, and 1.7M Lb Pb (17.4K Oz AuEq) at cash and AISC of $1,436 and $1,794 per Oz AuEq produced. Realized prices were $2,671/Oz Au, $31.39/Oz Ag, $1.34/Lb Zn, $4.16/Lb Cu, and $0.91/Lb Pb. Luca reported also net revenue of $27.9M; cost of sales of $18.8M; mine operating earnings of $9.1M; mine operating cash flow before taxes of ($2.6M); net loss of ($17.9M); net free cash flow before working capital of $3.8M; EBITDA of ($14.1M); and an adjusted EBITDA of $8.05M. In the fiscal year 2024, the company mined 660,878 tonnes and milled 671,971 tonnes to produce 19.3K Oz Au, 782.9K Oz Ag, 26.3M Lb Zn, 7.3M Lb Cu, and 5.8M Lb Pb (57.5K Oz AuEq) at cash and AISC of $1,503 and $1,827 per Oz AuEq produced. Realized prices were $2,424/Oz Au, $28.21/Oz Ag, $1.25/Lb Zn, $4.02/Lb Cu, and $0.93/Lb Pb. Luca reported also net revenue of $60.6M; cost of sales of $63.4M; mine operating earnings of $17.2M; mine operating cash flow before taxes of 22.3M; net loss of $10.4M; net free cash flow before working capital of $6.6M; EBITDA of ($2.6M); and an adjusted EBITDA of $14.1M.
  • MAG Silver Corp., announced Q1, 2025 production results for its Juanicipio mine in Zacatecas. On 100% basis, Juanicipio milled 337K tonnes at grades of 430 g/t Ag, 1.24 g/t Au, 1.6% Pb, and 2.9% Zn to produce 4.5M Oz Ag, 10.2K Oz Au, 10.6M Lb Pb, and 16.9M Lb Zn. Silver production at Juanicipio for 2025 is forecast to range between 14.M Oz Ag 7-16.7M Oz Ag with payable silver production expected between $13.1M-$14.9M at a silver grade head of 380-430 g/t, and gold head grade range between 1-2-1.4 g/t.
  • Agnico Eagle Mines Limited reported Q1, 2025 production results for its Pinos Altos mine in Chihuahua (all currency expressed in US dollars).  The company milled 381K tonnes of 1.48 g/t Au to produce about 17.3K Oz Au at a total cash cost of $2,170 per Oz Au and a production cost of $2,470 per Oz Au. Agnico reported revenue of $57.3M; capital expenditures of $6.4M; capitalized exploration of 0.4M; and a development expenditures capital of $5M.

ON FINANCING

  • Aztec Minerals Corp., announced that it intends to complete a non-brokered private placement of up to 16,666,667 units at a price of CAD $0.18 per unit for gross proceeds of up to CAD $3M. Part of the gross proceeds will be used to conduct exploration work at its Cervantes project in Sonora, as well as for general working capital purposes.
  • Canuc Resources Corporation extended the final closing day of its previously announced non-brokered private placement to May 21, 2025. Proceeds will be used to complete the acquisition of MacDonald Mines Exploration Ltd., and for the exploration and development of the company’s new and existing exploration and development assets (San Javier project, Sonora).
  • Vizsla Copper Corp., upsized its previously announced non-brokered private placement to CAD $5.6M. The Company intends to use the net proceeds from the sale of Hard Dollar Units for working capital and general corporate purposes.
  • Teck Resources Limited announced today that its Board of Directors has declared an eligible dividend of $0.125 per share on its outstanding Class A common shares and Class B subordinate voting shares, to be paid on June 30, 2025 to shareholders of record at the close of business on June 16, 2025.
  • Kingsmen Resources Ltd., announced that it has received conditional approval from the TSX Venture Exchange for its previously announced private placement. Upon review, it has

decided to raise the exercise price of the associated warrant to $1.05 per share (Las Coloradas project, Chihuahua).

ON RESOURCES AND DEVELOPMENT

  • Tech Resources Limited reported that the engagement with government authorities and stakeholders is ongoing to support the review of both the MIA-R (Environmental Impact Assessment) and ETJ (Land Use Change) permits for its San Nicolas project, Zacatecas.   Additionally, progress on the feasibility study and execution strategy continues, with target completion in the second half of 2025, positioning the project for a potential sanction decision following the receipt of necessary permits.
  • Luca Mining Corp., released results from six of the first seven underground holes of an ongoing 5,000m phase 1 exploration drill program at its Campo Morado mine, Guerrero. Drilling highlights include holes CMUG-25-01 with 0.27 g/t Au, 10 g/t Ag, 0.21% Cu, 0.2% Pb, and 2.3% Zn over 11.2m, plus 2.3 g/t Au, 150 g/t Ag, 0.56% Cu, 0.7% Pb, and 3.7% Zn over 5.6m, plus 0.24 g/t Au, 23 g/t Ag, 0.92% Cu, 0.03% Pb, and 1.0% Zn over 11.1m, including 0.28 g/t Au, 28 g/t Ag, 1.43% Cu, 0.03% Pb, and 1.2% Zn over 5.5m; hole CMUG-25-06 with 0.27 g/t Au, 21 g/t Ag, 0.68% Cu, 0.07% Pb, and 2.2% Zn over 2.3m, plus 0.65 g/t Au, 32 g/t Ag, 0.85% Cu, 0.03% Pb, and 0.1% Zn over 3.2m, plus 0.2 g/t Au, 8 g/t Ag, 0.55% Cu, 0.03% Pb, and 2.9% Zn over  22.5m, including 0.19 g/t Au, 7 g/t Ag, 0.8% Cu, 0.01% Pb, and 5.1% Zn over 6.3m, including 0.1 g/t Au, 11 g/t Ag, 1.5% Cu, 0.01% Pb, and 8.6% Zn over 2.7m, and including 0.1 g/t Au,  8 g/t Ag, 1.0% Cu, 0.1% Pb, and 5.8% Zn over 2.9m, including 0.12 g/t Au, 13 g/t Ag, 1.91% Cu, 0.2% Pb, and 11.0% Zn over 1.4m; and hole CMUG-25-07 with 0.67 g/t Au, 33 g/t Ag, 0.72% Cu, 0.1% Pb, and 3.0% Zn over 6.4m, plus 0.49 g/t Au, 20 g/t Ag, 0.7% Cu, 0.1% Pb, and 3.0% Zn over 9.1m, plus 0.59 g/t Au, 51 g/t Ag, 1.21% Cu, 0.2% Pb, and 4.6% Zn over 4.6m, plus, 0.59 g/t Au, 33 g/t Ag, 0.92% Cu, 0.4% Pb, and 0.6% Zn over 1.3m, plus 0.44 g/t Au, 26 g/t Ag, 0.98% Cu, 0.01% Pb, and 0.03% Zn over 1.3m, plus 0.13 g/t Au, 8 g/t Ag, 0.77% Cu, 0.1% Pb, and 4.8% Zn over 11.9m, including 0.12 g/t Au, 14 g/t Ag, 1.57% Cu, 0.1% Pb, and 12.0% Zn over 2m, and including 0.05 g/t Au, 8 g/t Ag, 1.77% Cu, 0.03% Pb, and 5.7% Zn over 2.3m, plus 0.16 g/t Au, 7 g/t Ag, 0.87% Cu, 0.1% Pb, and 2.2% Zn over 10.3m. Fourteen underground drillholes have been completed to date as part of the 5,000m Phase 1 program targeting near-mine resource expansion.
  • Fuerte Metals Corporation, reported results from the most recent five holes drilled at its Cristina project in Chihuahua. Drilling highlights (true width reported) include holes ACD-25-263 with 0.4 g/t Au, 133 g/t Ag, 0.5% Zn, 0.2% Pb, and 0.01% Cu (2.6 g/t AuEq) over 17m, including 0.9 g/t Au, 504 g/t Ag, 0.6% Zn, 0.1% Pb, and 0.02% Cu (8.5 g/t AuEq) over 4m; hole ACS-25-261 with 1.1 g/t Au, 73 g/t Ag, 0.5% Zn, 0.2% Pb, and 0.02% Cu (2.4 g/t AuEq) over 11m, including 4.8 g/t Au, 60 g/t Ag, 0.7% Zn, 0.2% Pb, and 0.04% Cu (6.1 g/t AuEq) over 1.4m; and hole ACD-25-265 with 0.8 g/t Au, 8 g/t Ag, 0.2% Zn, 0.05% Pb, and 0.02% Cu (1 g/t AuEq) over  13m, plus 0.8 g/t Au, 70 g/t Ag, 4% Zn, 0.9% Pb, and 0.9% Cu over 1.3m, plus 0.2 g/t Au, 15 g/t Ag, 1.4% Zn, 0.4% Pb, and 0.05% Cu (1.3 g/t AuEq) over 15.1m, including 0.5 g/t Au, 64 g/t Ag, 7.9% Zn, 2.2% Pb, and 0.13% Cu (6.1 g/t AuEq) over 1.7m. To date, Fuerte has reported 45 holes totalling 11,995.5m of drilling from the current program. “The goal of targeting the higher-grade zones within the main Guadalupe Vein, as well as other high-grade veins in the area, is to both increase the size and the grade of the resource and demonstrate the underground resource potential at Cristina”.
  • Tocvan Ventures Corp., announced that five drill holes have been completed at the Gran Pilar project, Sonora. To date, a total of 712.2m of RC drilling has been completed across five drill holes. Currently samples for three drillholes have been submitted for analysis, results are pending.
  • Agnico Eagle Mines Limited announced that In Q1, 2025, Minas de San Nicolás in Zacatecas (50/50 JV with Teck Resources Limited) continued working on a feasibility study, with completion expected in the H2, 2025. Project approval is expected to follow, subject to receipt of permits and the results of the feasibility study.

ON DEALS AND CORPORATE ISSUES

  • Sierra Metals Inc., and Alpayana S.A.C. reached an agreement for an all-cash takeover bid where Alpayana Canada will offer CAD $1.15 per share for all common shares of Sierra Metals. The bid has received unanimous support from Sierra Metals’ Board of Directors, who recommends that shareholders tender their shares. The agreement includes a plan to enter into a support agreement by April 30, 2025, and the bid’s expiry has been extended to May 12, 2025, to provide shareholders ample time to respond. Financial advice has affirmed that the offer is fair from a financial perspective for Sierra shareholders (Bolivar mine, Chihuahua).
  • Silver Bull Resources Inc., announced voting results of its annual general meeting of shareholders (Sierra Mojada project, Coahuila).
  • Vizsla Royalties Corp., informed that that its common shares have started trading on the OTCQB market place under the trading symbol VROYF. The Company’s common shares will continue to trade on the TSX Venture Exchange under the symbol VROY (Panuco project, Sinaloa).
  • Triple Flag Precious Metals Corp., and Orogen Royalties Inc., entered into a definitive agreement in which Triple Flag will acquire all of the issued and outstanding common shares of Orogen for total consideration of approximately CAD $421M, or CAD $2.00 per share. The total consideration consists of approximately CAD $171.5M in cash, approximately CAD $171.5M in Triple Flag shares, and shares of a new company (Orogen Spinco) with an implied value of approximately CAD $78M. Orogen Spinco will be led by the CEO of Orogen, and will hold all of Orogen’s mineral interests except for the 1.0% Expanded Silicon NSR royalty. Upon Orogen Spinco going public, Triple Flag has agreed to separately invest CAD $10M to obtain an approximate 11% interest in Orogen Spinco.
  • Altius Minerals Corporation announced that Triple Flag Precious Metals Corp. has proposed to acquire Orogen Royalties Inc., for approximately CAD $421M, which includes cash, shares, and a stake in a new entity called Orogen Spinco. Altius Minerals, a major shareholder of Orogen with 39.5% support from management and directors, has entered a voting support agreement for the transaction. The deal is subject to regulatory approvals and is expected to close in Q3 2025. Shareholders of Orogen will have the option to elect cash or shares as part of the transaction, which offers a 38% premium based on recent share prices.
  • Heliostar Metals Ltd., appointed its Vice President of Investor Relations and Development, and its Corporate Secretary (La Colorada mine, Sonora).
  • Equinox Gold  Corp., and Calibre Mining Corp., amended their arrangement agreement regarding a proposed business combination, originally announced on February 23, 2025. Under the new terms, Calibre shareholders will receive 0.35 Equinox Gold shares for each Calibre share held, representing a 10% premium based on Calibre’s closing price before the announcement. The shareholder meetings for both companies, initially scheduled for April 24, 2025, have been adjourned to May 1, 2025, to allow shareholders more time to consider the amended agreement. Both companies’ boards recommend that shareholders vote in favor of the transaction (Los Filos mine, Guerrero).
  • Luca Mining Corp., announced the retirement of its COO and its replacement (Tahuehueto mine, Durango).
  • Teck Resources Limited reported voting results from its annual meeting of shareholders.
  • Discovery Silver Corp. announced the appointment of new members to the company management such as its COO, Executive Vice President, Corporate Affairs and Sustainability, Vice President Canadian Operations, and Senior Vice President Exploration & Grow. The appointments are all effective immediately (Cordero project, Chihuahua). 
  • Agnico Eagle Mines Limited released voting results of its annual and special meeting of shareholders (Pinos Altos mine, Chihuahua).

ON SOCIAL RESPONSIBILITY

  • No relevant news.

Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.

On the picture above, low-angle sheeted quartz veins displaced by high-angle faults in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.