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

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By Jorge Cirett

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

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND CORPORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

  • No Relevant News. 

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

The Mining and Exploration News in Mexico; Highlights on the Fifth Week of October 2025

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By Jorge Cirett

During the 44th week of the year (October 27th to November 2nd, 2025), companies working in Mexico presented 32 press releases.  Two companies informed about exploration advances on early-stage properties. Four companies provided operational figures for the quarter. Ten companies presented news on financing rounds or share matters. Four companies presented updates on advanced properties/mines. Ten companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, in Sonora, Minaurum Gold released results from definition drilling at Alamos Silver. In Durango, Pinnacle Silver and Gold updated on work at El Potrero. ON MINING, Alamos Gold, Coeur mining, Capstone Copper and Agnico Eagle presented third quarter 2025 reports. ON FINANCING, eight companies informed on financing rounds: Questcorp Mining (C$2.1 M), Silver Wolf (C$5.1 M), Colibri Resources (C$1.5 M), Starcore International Mines (C$5 M), Apollo Silver (C$26.8), Oroco Resource (US$3.6 M), Fortune Bay (C$8 M), Guanajuato Silver Company (C$0.52 M). Silver Spruce is consolidating shares. Santacruz Silver Mining intends to trade on a new stock exchange. Xali Gold granted stock options.  ON RESOURCES AND DEVELOPMENT, Avino Silver and Gold reported drilling results from La Preciosa, in Durango. Mithril Silver and Gold updated on activities at Copalquin in Durango. Silverco Mining presented results from the 2024 drilling campaign at Cusi, in Chihuahua. Minaurum Gold delivered results from resource definition drilling at Alamos Silver, in Sonora. Santacruz Silver Mining and Heliostar Metals  informed on its AGM. Silver Viper is to acquire the Coneto property from Fresnillo plc and Orex Minerals. Quetzal Copper is now Silverco Mining, and updated on the status of the Cusi property in Chihuahua. ON DEALS AND CORPORATE ISSUES, Sonoro Gold made the final payment on the Cerro Caliche property in Sonora. ON SOCIAL RESPONSIBILITY, Alamos Gold informed on community support in the Mulatos District of Sonora. 

ON MEXICO ISSUES

No Relevant News.

ON EXPLORATION

  • Pinnacle Silver and Gold Corp. announce positive results from the preliminary scoping metallurgical tests for the El Potrero project in Durango. Three samples from the Pinos Cuates underground mine were sent to the SGS lab in Durango, for grinding, bottle roll cyanide leach and gravity tests. Bottle roll cyanide leach tests averaged 95.1% Au and 54.7% Ag, while gravity tests returned 29% to 76% Au and 4% to 16% Ag. More studies are warranted to characterize the silver mineralization and increase the recovery rates.
  • Minaurum Gold Inc. announced further results of its 2025 resource-definition drill program at its Alamos Silver project in Sonora. The program is targeting the Promontorio, Travesia and Europa vein zones. Highlighted core length intervals comprise 4.8 m @ 0.17 gpt Au, 154 gpt Ag, 0.28% Cu, 1.1% Pb, 2.4% Zn; 0.55 m @ 0.50 gpt Au, 352 gpt Ag, 0.80% Cu, 3.1% Pb, 7.6% Zn; 1.10 m @ 0.08 gpt au, 606 gpt Ag, 0.64% Cu, 0.8% Pb,1.3% Zn; 4.53 m @ 0.08 gpt Au, 275 gpt Ag, 0.34% Cu, 0.9% Pb 2.1% Zn (including 0.5 m @ 0.15 gpt Au, 983 gpt Ag, 0.85% Cu, 2.0% Pb, 5.3% Zn); 0.7 m @ 0.07 gpt Au, 25 gpt Ag, 1.37% Cu, 1.2% Pb, 1.7% Zn.     .

ON MINING

  • Alamos Gold Inc. reported its financial results for the quarter ended September 30, 2025, including figures from its operations in Mexico. During the period the company produced 141,700 Oz Au, generating US$130.3 M of free cash flow. At the Mulatos District, in Sonora, Alamos mined 997.3 K tonnes of ore, 3.89 M tonnes of waste (3.91 waste-to-ore ratio), stacking 1 M tonnes averaging 1.4 gpt Au, containing 48,037 Oz Au with an average recovery rate of 61%, producing 37,000 Oz Au at cash cost $761 per Oz Au and an AISC of $831. Alamos had cash and cash equivalents of US$463.1 M at the end of the period.
  • Coeur Mining Inc. reported third quarter 2025 financial results, including revenue of US$555 M and cash flow from operating activities of $238 M. During the period the company produced 111,364 Oz Au, 4.8 M Oz Ag at cash cost $1,215 per Oz AuEq or $14.95 per Oz AgEq. At Las Chispas, in Sonora, 139.9 K tonnes were milled averaging 3.42 gpt Au, 321 gpt Ag, recovering 97.9% Au, 97.8% Ag, to produce 16,540 Oz Au, 1.7 M Oz Ag, at cash cost $934 per Oz Au, $10.75 per Oz Ag and free cash flow of US$66.1 M. At Palmarejo, in Chihuahua, 48.3 K tonnes were milled, averaging 1.55 gpt Au, 108 gpt Ag, recovering 95.0% Au, 89.9% Ag, to produce 24,802 Oz Au, 1.51 M Oz Ag at cash cost $887 per Oz Au, $16.44 per Oz Ag and free cash flow of US46.9 M.
  • Capstone Copper Corp. reported results for the quarter ended September 30, 2025, including figures from its Mexico operations. The company produced a total of 55,280 tonnes of copper at cash cost $2.42 per Lb Cu. At Cozamin, in Zacatecas, 6,145 tonnes of copper were produced during the period from ore grading 1.93% Cu and a recovery rate of 94.3%, at cash cost $1.51 per Lb Cu. 
  • Agnico Eagle Mines Ltd. reported financial and operating results for the third quarter of 2025, including information from its operations in Mexico. During the period the company produced 866,936 Oz Au at cash cost of $963 per Oz Au and all-in-sustaining costs (AISC) of 1,363 per Oz Au. The San Nicolas project in Zacatecas continues to advance on the feasibility study (FS), with engineering expected to be completed by year-end. During the quarter 21,380 Oz Au were produced at Pinos Altos-Creston Mascota, in Chihuahua, at cash cost $1,531 per Oz Au, and 4,529 Oz Au produced at La india, in Sonora, at cash cost $2,872 per Oz Au.

ON FINANCING

  • Questcorp Mining Inc. closed the first tranche of its non-brokered private placement for gross proceeds of C$2.1 M (Nueva Union, Sonora).
  • Silver Wolf Exploration Ltd. announced a non-brokered private placement for aggregate gross proceeds of C$1.5 M. The offering will be carried out utilizing the Listed Issuer Financing Exemption (Ana Maria, Durango).
  • Colibri Resource Corp. increased the size of its previously announced offering for gross proceeds of C$1.5 M (EP, Sonora).
  • Silver Spruce Resources Inc. is to implement the 1:15 consolidation of shares on October 31, 2025. (Jackie, Sonora).
  • Starcore International Mines Ltd. closed its non-brokered private placement, raising C$5 M in gross proceeds. Aggregate compensation of C$92 K was paid by the company to various eligible registrants as finders’ fees (San Martin, Queretaro).
  • Apollo Silver Corp. closed the final tranche of its previously announced upsized non-brokered private placement, raising gross proceeds of C$1.6 M and raising total proceeds of C$26.8 M. In connection with the subscription the company will pay aggregate finder’s fees totalling C$901 K  (Cinco de Mayo, Chihuahua).
  • Santacruz Silver Mining Ltd. has applied to list its common shares on the Nasdaq Capital Market (Zimapan, Hidalgo).
  • Oroco Resource Corp. updated on its non-brokered private placement for aggregate gross proceeds of up to US$3.6 M, with an anticipated minimum of US$2 M (Santo Tomás, Sinaloa).
  • Xali Gold Corp. announced the granting of 2.2 M incentive stock options to certain directors, officers, employees and consultants of the company (El Oro, Estado de Mexico).
  • Fortune Bay Corp. announced the closing of its previously announced “bought deal” private placement for aggregate gross proceeds of C$8 M. Pursuant to the offering the company sold “flow-through” shares for gross proceeds of $2 M (US or Can?) and common shares of the company for gross proceeds of $6 M (US or Can?) (Poma Rosa, Chiapas).
  • Guanajuato Silver Company Ltd. announced that following the offering of the company in which it obtained C$43.5 m in gross proceeds, Cannacord Genuity Corp. and Red Cloud Securities Inc. have purchased additional common share purchase warrants for additional C$522 K (El Cubo, Guanajuato).

ON RESOURCES AND DEVELOPMENT

  • Avino Silver and Gold Ltd. reported results from four twin holes drilled at La Preciosa, in Durango. The results exhibit variation in thickness and grade “expected due to the “pinch and swell” geometry of the La Preciosa veins and the high nugget effects”. Highlighted true width intercepts comprise 2.48 m @ 0.66 gpt Au, 425 gpt Ag; 0.78 m @ 1.21 gpt Au, 513 gpt Ag; 5.22 m @ 0.51 gpt Au, 787 gpt Ag (including 0.77 m @1.02 gpt Au, 3,206 gpt Ag). 1.47 m @ 0.86 gpt Au, 635 gpt Ag; 3.98 m @ 1.15 gpt Au, 306 gpt Ag; 4.00 m @ 0.61 gpt Au, 463 gpt Ag.
  • Mithril Silver and Gold Ltd. informed on activities during their September 2025 quarterly report. At the Copalquin project in Durango, drilling progressed at target 1, commenced at target 5, channel sampling defined a new target at the Santa Cruz mine and work continues on resource drilling and 3D modelling for the resource update planned for early 2026. Mithril common shares are now trading on the OTCQB Venture Market. Cash balance at the end of September was A$18.3 M.
  • Silverco Mining Corp. reported results from its 5,500 m 2024 drill program at Cusi, in Chihuahua. Highlighted core length intervals comprise 1.7 m @ 0.13 gpt Au, 2022 gpt Ag, 0.8% Pb, 4.5% Zn; 3.3 m @ 0.15 gpt Au, 450 gpt Ag, 0.3% Pb, 0.4% Zn; 2.6 m @ 0.26 gpt Au, 385 gpt Ag, 0.3% Pb, 0.1% Zn; 7.5 m @ 0.30 gpt Au, 291 gpt Ag, 2.2% Pb, 2.5% Zn; (including 0.7 m @ 0.96 gpt Au, 958 gpt Ag, 2.0% Pb, 5.0% Zn); 5.9 m @ 0.16 gpt Au, 315 gpt Ag, 0.4% Pb, 0.1% Zn; 3.2 m @ 0.23 gpt Au, 498 gpt Ag, 1.3% Pb, 1.8% Zn; 3.7 m 0.26 gpt Au, 304 gpt Ag, 1.3% Pb, 0.7% Zn. Currently the company is advancing a 15,000 m drill program with assays expected in Q4 2025.
  • Minaurum Gold Inc. announced results of its 2025 resource-definition drilling at its Alamos Silver project in Sonora. The program targeted the Promontorio, Travesia and Europa vein zones. Highlighted core length intervals comprise 4.80 m @ 0.17 gpt Au, 154 gpt Ag, 0.28% Cu, 1.1% Pb, 2.4% Zn; 0.50 m @ 0.50 gpt Au, 771 gpt Ag, 0.50% Cu, 2.1% Pb, 4.3% Zn; 0.55 m @ 0.50 gpt Au, 352 gpt Ag, 0.80% Cu, 3.1% Pb, 7.6% Zn; 1.10 m @ 0.08 gpt Au, 606 gpt Ag, 0.64% Cu, 0.8% Pb, 1.3% Zn; 4.53 m @0 .08 gpt Au, 275 gpt Ag, 0.34% Cu, 0.9% Pb, 2.2% Zn; 1.40 m@ 0.18 gpt Au, 300 gpt Ag, 0.44% Cu, 0.7% Pb, 1.3% Zn.    

ON DEALS AND CORPORATE ISSUES

  • Chesapeake Gold Corp. announced the second extension of its exploration agreement on the Metates property with the community of San Juan de Camarones, within the Santiago Papasquiaro Municipality in Durango. The company’s “proprietary sulphide leach testwork remains on schedule and is progressing well alongside environmental and related baseline studies in support of the upcoming PFS”.
  • Inomin Mines Inc. entered into a definitive agreement with Calu royalty S.A.P.I de C.V. for the La Gitana and Peña Blanca properties in Oaxaca. The sale of the 100% interest on the properties involves the payment of C$350 K, payable as follows: C$100 K within five days of the execution date, C$100 K on the closing of the transaction and $150 K when the concessions are registered in the Public Mining Registry, or six months after the signing date.
  • Santacruz Silver Mining Ltd. announced that its annual general and special meeting of shareholders will be held in-person in Vancouver on November 25, 2025 (Zimapán, Hidalgo).
  • Silver Viper Minerals Corp. entered into a binding agreement with Fresnillo plc and Orex Minerals Inc. to acquire 100% ownership of the Coneto project in Durango. Silver Viper will acquire the combined interests in Coneto (61.21% held by Fresnillo and 38.79 % held by Orex) through an all-share transaction. The transaction values the project at US$15 M and common shares are to be issued for the purchase price. After the transaction, Fresnillo is expected to own 17% and Orex 11% of the issued and outstanding shares of Silver Viper. “ The parties will work on closing the Acquisition expeditiously and no later than January 2026”.
  • Quetzal Copper Corp., doing business as Silverco Mining Ltd. provided an update following the completion of its listing  on the TSX Venture Exchange  via its reverse takeover by Silverco Mining Corp. on October 17, 2025. The Cusi property in Chihuahua includes a 1,200 tpd mill. The company has raised C$25 M privately over the previous 18 months. A 15,000 m drill program is currently underway with two rigs on site. The San Miguel and La Bamba claims were acquired. A new resource estimate and a preliminary economic assessment (PEA) are to be completed with a view to support planned production on H2 2026.
  • Masivo Silver Corp. signed a definitive option agreement with a private Mexican person, Minera Goldzone S.A. de C.V., and partners, to acquire the 2,649 ha Cerro Colorado project in Sonora. Masivo’s intends to commence in November 2025 a drill program to test “along-strike and down-dip extensions of mineralized zones identified in prior surface work”.
  • Orex Minerals Inc. entered into a binding term sheet with Silver Viper Minerals Corp. and Fresnillo plc to sell its interest in the Coneto project in Durango. Through an all-share transaction valued at US$15 M, Silver Viper will acquire 38.79% ownership from Orex and 61.21% ownership from Fresnillo. Post-closing, Fresnillo and Orex will hold 17% and 11% respectively of Silver Viper.
  • Silverco Mining Ltd. completed its name change from Quetzal Copper Corp. to Silverco Mining Ltd. “Due to a labour dispute between the British Columbia General Employees’ Union and the government of British Columbia, BC Registries, the government body responsible for registrations of businesses, was temporarily closed. As a result, the Company was unable to legally change its name at the time of completing its reverse takeover of Silverco Mining Corp., which closed on October 17, 2025” (Cusi, Chihuahua).
  • Heliostar Metals Ltd. announced its annual general and special meeting is to be held on November 26, 2025 (Ana Paula, Guerrero).
  • Sonoro Gold Corp. made the final concession payment on its Cerro Caliche property in Sonora. The Rosario mineral concessions were bought to an Arizona resident for total consideration of US1.79 M and a 2% NSR royalty, which can be bought at US$1 M for each 1%. These concessions represent 30% of the total surface area of the project.

ON SOCIAL RESPONSIBILITY

  • Alamos Gold Inc. informed on ongoing support within the Mulatos District in Sonora, including medical services, road maintenance, water distribution, and student scholarships.

On the image below: Specularite stockwork in volcanosedimentary rock, HQ core. Picture by Jorge Cirett.

Mexico’s Best Silver Drilling Intercepts, Third Quarter 2025

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Eighteen companies released silver results from drilling programs in Mexico during the third quarter of 2025. The highest silver intercept was from GoGold Resources at Los Ricos South project in Jalisco, with 21.25 m averaging 2,077 gpt Ag..

Half of the deposits present intermediate sulfidation epithermal mineralization, including Los Ricos South (Jalisco), Plomosas-San Marcial (Sinaloa), La Colorada (Zacatecas), La Preciosa (Durango), Don David (Oaxaca), Cruz de Plata (Durango), Los Gatos (Chihuahua), Tahuehueto (Durango) and Alamos Silver (Sonora). The second most common deposit type with high silver values is the low sulfidation epithermal category, with Las Chispas (Sonora), San Dimas (Durango), San Ignacio (Guanajuato) and Copalquin (Durngo). There is one deposit belonging to the VMS category, Campo Morado in Guerrero, another one to the skarn category, EPO in Guerrero and one IOCG type deposit, La Huerta in Jalisco. The Camino Rojo deposit in Zacatecas displays intermediate sulfidation epithermal, skarn and CRD mineralization styles.

Six of the first seven deposits in the list correspond to intermediate sulfidation epithermal systems, with the third, Campo Morado, belonging to the volcanogenic massive sulfides (VMS) category.

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

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By Jorge Cirett

During the 42nd week of the year (October 13th to October 19th, 2025), companies working in Mexico presented 28 press releases.  Two companies presented exploration advances on early-stage properties. Five companies provided operational figures for the quarter and one announced commercial production on a mine. Three companies presented news on financing rounds. Four companies presented drilling results on advanced properties/mines. Nine companies informed on deals and corporate issues. ON MEXICO ISSUES, no relevant news.  ON EXPLORATION, in Sonora, Minaurum Gold released results from definition drilling at Alamos Silver; Questcorp Mining informed on their drilling program at La Union. ON MINING, Orla Mining, Avino Silver, GoGold Resources, Royal Gold and Altius Minerals presented third quarter 2025 reports; Endeavour Silver achieved commercial production at Terronera, in Jalisco. ON FINANCING, three companies informed on financing rounds: Aztec Minerals (C$10.0 M), Sonoro Gold (C$4 M), Colibri Resources (C$1.25 M + C$0.5 M + US$0.25 M). ON RESOURCES AND DEVELOPMENT, Capitan Silver released RC drilling results from Cruz de Piedra, in Durango. GR Silver Mining reported results from bulk sampling at Plomosas, in Sinaloa. Mithril Silver and Gold reported drilling results from Copalquin, in Durango. Guanajuato Silver Company presented assay results from drilling at El Cubo mine, in Guanajuato. Heliostar Metals presented the results of a technical report at La Colorada, in Sonora. ON DEALS AND CORPORATE ISSUES, Golden Minerals completed the sale of its Velardeña oxide processing plant and water well, in Durango. Starcore International Mines finalized a ten-year agreement on the Tortilla project in Queretaro. Sandstorm Gold announced the granting of the final order for its merger with Royal Gold. Silver Dollar Resources entered into a marketing agreement. GR Silver Mining announced changes to the board. Prime Mining received from COFECE the needed clearance for its acquisition by Torex Gold. Silver Bull Resources updated on its litigation with Mexico. Galore Resources is to have its AGM. Zacatecas Silver entered into an investor relation agreement. ON SOCIAL RESPONSIBILITY, Capstone Copper published its 2024 sustainability report.

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

  • Minaurum Gold Inc. released results from its resource definition drilling program testing the Promontorio, Europa and Travesia zones at its Alamos Silver project in Sonora. Highlighted core length results comprise 5.85 m @ 0.09 gpt Au, 380 gpt Ag, 0.60% Cu, 0.2% Pb, 0.9% Zn (including 1.80 m @ 0.15 gpt Au, 1,093 gpt Ag, 1.69% Cu, 0.4% Pb, 2.0% Zn); 1.20 m @ 26.00 gpt Au, 96 gpt Ag, 0.60% Cu, 0.2% Pb, 1.0% Zn; 21.45 m @ 0.37 gpt Au, 54 gpt Ag, 0.12% Cu, 1.3% Pb, 3.3% Zn (including 1.20 m @ 1.50 gpt Au, 440 gpt Ag, 0.86% Cu, 9.1% Pb, 18.8% Zn); 1.75 m @ 0.02 gpt Au, 495 gpt Ag, 0.47% Cu, 1.0% Pb, 1.5% Zn; 2.40 m @ 0.04 gpt Au, 380 gpt Ag, 0.54% Cu, 0.6% Pb, 1.7% Zn.
  • Questcorp Mining Inc. and Riverside Resources Inc. informed that the maiden drilling program at La Union, in Sonora, is now two-thirds complete with initial and second holes now completed at four of the five main targets. Seven holes have been completed and there are plans for another three to five. The Union mine, Famosa, North Union and El Cobre targets have been tested, and one hole is planned for El Creston target.

ON MINING

  • Orla Mining Ltd. provided an operational update for the third quarter of 2025. During the quarter over 0.7 M tonnes of ore and 2.4 M tonnes of waste were moved at an strip ratio of 3.34, at the Camino Rojo mine in Zacatecas., with 2.8 M tonnes of ore stacked on the heaps averaging 0.40 gpt Au, to produce 22,059 Oz Au. During July Camino Rojo experienced a pit failure with no injuries, equipment damage or environmental impacts. A 50-80 m pushback of the pit is in the making, but due to the changed mining schedule guidance for 2025 was revised to 95-105 K Oz Au, down from 110-120 K Oz Au. The company has one other mining operation outside Mexico.
  • Royal Gold Inc. sold 38,600 Oz Au, 594.5 K Oz Ag and 1,200 tonnes of Cu related to its streaming agreements during the third quarter of 2025 (Royalty on Cosalá, Sinaloa).
  • Altius Minerals Corp. expects to report Q3 2025 attributable royalty revenue of C$21.2 M (Royalty on Cuale, Jalisco).
  • Avino Silver & Gold Mines Ltd. presented third quarter 2025 production results. At Avino, in Durango, the company milled 188.8 K tonnes averaging 0.43 gpt Au, 52 gpt Ag, 0.39% Cu, recovering 74% Au, 84% Ag, 81% Cu, to produce 1,935 Oz Au, 263.2 K Oz Ag, 1.31 M Lb Cu (or 580.8 K Oz AgEq). At the end of the quarter the company had US$55 M in cash. At La Preciosa, the Gloria and Abundancia veins have been intercepted on the San Fernando ramp  while progressing up to level 4. Over, 6.7 K tonnes have been stockpiled and trucking to the Avino mine facilities is now underway. Exploration drilling is underway both at Avino and La Preciosa.
  • GoGold Resources Inc. reported production figures for the year ending on September 30, 2025, at its Parral tailings property in Chihuahua. During the period the company produced 0.85 M Oz Ag, 12,289 Oz Au, 479 tonnes Cu, 609 tonnes Zn. For the third quarter of 2025, the company produced 212.8 K Oz Ag, 2,697 Oz Au, 110 tonnes Cu, 150 tonnes Zn.
  • Endeavour Silver Corp. achieved commercial production at the Terronera mine in Jalisco. “The Company forecasts throughput of approximately 360,000 tonnes over the next six months, with average grades estimated at 122 g/t silver and 2.52 g/t gold. Higher grade zones are scheduled to be accessed by mid-2026, which is expected to further enhance production”.

ON FINANCING

  • Aztec Minerals Corp. closed its previously announced “bought deal” private placement offering, for aggregate gross proceeds of C$10 M. The company paid the underwriter a cash commission of C$700 K (Cervantes, Sonora).
  • Sonoro Gold Corp. is increasing its non-brokered private placement, for gross proceeds of C$4 M (Cerro Caliche, Sonora).
  • Colibri Resource Corp. is increasing the size of the offering that comprises a non-brokered private placement for gross proceeds of up to C$1.25 M, a debt conversion of C$520 K and a non-brokered private placement of convertible debenture units for gross proceeds of up to US$250 K (EP, Sonora).

ON RESOURCES AND DEVELOPMENT

  • Capitan Silver Corp. released assay results from twelve holes on its 15,000 m reverse circulation drilling program at Cruz de Piedra project in Durango. Highlighted drill length results comprise 18.30 m @ 0.17 gpt Au, 200 gpt Ag (including 1.50 m @ 1,599 gpt Ag); 38.10 m @ 0.25 gpt Au, 93 gpt Ag, (including 3.0 m @ 0.57 gpt Au, 372 gpt Ag); 3.00 m @ 0.29 gpt Au, 82 gpt Ag, 1.1% Pb, 2.5% Zn; 10.70 m @ 0.55 gpt Au, 117 gpt Ag, 1.5% Pb, 1.4% Zn; 44.20 m @ 0.52 gpt Au, 65 gpt Ag (including 13.50 m @ 1.12 gpt Au, 142 gpt Ag); 22.90 m @ 0.37 gpt Au, 67 gpt Ag, 0.6% Pb, 0.7% Zn.
  • GR Silver Mining Ltd. reported the results of phase II of the bulk sample test mining program at the Plomosas mine in Sinaloa. Highlighted initial underground channel sampling results comprise 6.7 m @ 0.03 gpt Au, 903 gpt Ag, 1.4% Pb, 1.7% Zn; 1.2 m @ 0.08 gpt Au, 2,264 gpt Ag, 0.5% Pb, 0.9% Zn; 4.2 m @ 5.12 gpt Au, 49 gpt Ag, 6.9% Pb, 5.0% Zn (including 0.5 m @ 35.7 gpt Au, 102 gpt Ag, 4.3% Pb, 14.2% Zn. A detailed laser survey of the historic mine across 7.4 km of underground development has been completed.
  • Mithril Silver and Gold Ltd. provided exploration results for its Copalquin project in Durango. Target 1 resource expansion drilling extended the east-west structure 300 m, for a total strike length of 1,300 m. Highlighted core length intervals comprise 2.85 m @ 1.12 gpt Au, 25 gpt Ag; 1.35 m @ 1.26 gpt Au, 72 gpt Ag; 0.5 m @ 3.21 gpt Au, 1 gpt Ag; 7.20 m @ 2.78 gpt Au, 148 gpt Ag (including 2.05 m @ 7.41 gpt Au, 419 gpt Ag); 2.80 m @ 3.97 gpt Au, 209 gpt Ag; 8.03 m @ 7.19 gpt Au, 260 gpt Ag. Assays are pending for 11 holes on Target 5. The company intends to complete 45,000 m of drilling over the next 12-14 months.
  • Guanajuato Silver Company Ltd. informed on development drilling at its El Cubo mines complex in Guanajuato. The drilling focused on the San Luis, Maria, Dolores, Packman, Villalpando and Raquel veins. Highlihgted true width intervals comprise 0.52 m @ 1.12 gpt Au, 330 gpt Ag: 0.72 m @ 1.27 gpt Au, 248 gpt Ag; 0.18 m @ 13.02 gpt Au, 970 gpt Au; 0.42 m @ 26.70 gpt Au, 321 gpt Ag; 2.77 m @ 3.30 gpt Au, 24 gpt Ag.
  • Luca Mining Corp. reported analytical results from four surface and two underground drillholes at Campo Morado, in Guerrero. Four surface holes tested the Reforma deposit and two underground holes the Campo Morado mine. Highlighted core length intervals comprise 12.70 m @ 0.97 gpt Au, 60 gpt Ag, 0.77% Cu, 0.4% Pb, 2.0% Zn; 21.20 m @ 3.53 gpt Au, 161 gpt Ag, 0.55% Cu, 0.9% Pb, 2.3% Zn (including 13.00 m @ 4.96 gpt Au, 237 gpt Ag, 0.66% Cu, 1.3% Pb, 3.0% Zn); 7.90 m @ 0.56 gpt Au, 189 gpt Ag; 24.60 m @ 2.25 gpt Au, 75 gpt Ag, 0.86% Cu, 0.5% Pb, 2.4% Zn. The drill program focus is to confirm and expand resources at the Reforma and El Rey deposits, and close to the actual mine operation, as well as to test exploration targets. The surface and underground drill programs are set now to complete 5,000 m and 7,500 m respectively in 2025.
  • Heliostar Metals Ltd. presented the results of an updated technical report on La Colorada property in Sonora. The new mineral resource comprises 17.1 M tonnes @ 0.68 gpt Au, 9.2 gpt Ag containing 376.2 K Oz Au, 5.05 M Oz Ag (or 385.4 K Oz AuEq) in probable reserves, 20.2 M tonnes @ 0.79 gpt Au, 10.4 gpt Ag, containing 513 K Oz Au, 6.8 M Oz Ag of measured and indicated resources, and 1.1 M tonnes @ 0.45 gpt Au, 35.1 gpt Ag, containing 17 K Oz Au, 1.3 M Oz Ag. The study encompasses a mine life of 6.1 years at an 8,200 tonnes per day rate with an annual production of 46.1 K Oz AuEq at an average AISC of $1,626 per Oz AuEq. An IRR of 24.4% is expected on a base price of $2,300 per Oz Au, with an NPV of US$66.2 M and a payback of 3.4 years. With a gold price on $3,500 per Oz, the IRR is US$168.4M and the NPV is US$243.3 M with a 2 year payback. A capital cost of US$44.5 M is estimated.

ON DEALS AND CORPORATE ISSUES

  • Golden Minerals Co. completed the previously announced sale of its Velardeña oxide processing plant and water well, in Durango. The total purchase price was US$3.0 M plus VAT. “The Velardeña Buyer had previously acquired the Velardeña and Chicago mines, related mining equipment, and the sulfide processing plant under separate agreements”.
  • Starcore International Mines Ltd. finalized a ten-year lease agreement on six mining concessions at the San Juan Nepomuceno project (or Tortilla project) in Queretaro. The project is 40 km from Starcore’s San Martin mine, and 5 km from La Negra mine. The deal involves the payment of US$107.5 K on signature (paid) and six monthly payments of US$27 K starting on November 2025, and a 2% NSR afterwards. “During the term of the ten-year lease and for two years thereafter, the lessor has the option to sell all of the claims and concessions to Starcore at a purchase price of US$5,000.000. The 2% NSR can also be acquired by Starcore at a purchase price of US$2 million”.
  • Sandstorm Gold Ltd. announced that the Supreme Court of British Columbia has granted the final order on the plan of arrangement Royal Gold Inc., whereby Royal Gold will indirectly acquire all of the issued and outstanding common shares of Sandstorm (Royalty on Cosalá, Sinaloa).
  • Silver Dollar Resources Inc. entered into an advertising and investor awareness marketing agreement with Dig Media Inc., dba Investing News Network, with a six month term commencing on October 15th, 2025, at a cost of C$204 K (La Joya, Durango).
  • GR Silver Mining Ltd. announced the resignation of Mr. Alejandro Cano, vice president, operations. Mr. Robert Payment, current CFO, has assumed the additional role of corporate secretary. Mr. Payment succeeds Mr. Blaine Bailey, who is retiring from the position (Plomosas, Sinaloa).
  • Prime Mining Corp. announced the receipt of the clearance decision from the Comisión Federal de Competencia Económica (COFECE) with respect to the plan of arrangement with Torex Gold Resources Inc., whereby Torex will acquire all of the issued and outstanding shares of Prime Mining (Los Reyes, Sinaloa).
  • Silver Bull Resources Inc. reported that the 5-day hearing for its arbitration case against Mexico was completed on October 10, 2025, in Washington, D.C. “Upon completion of the hearing, the Arbitration Tribunal directed the Company and Mexico (the “Parties”) to provide their Post-Hearing Briefs by November 21, 2025. The Parties are then directed to file their submissions on costs by December 5, 2025. Upon completion of these submissions, the Tribunal will close the proceedings and render its final award as soon as practicable”. Silver Bull is challenging Mexico with respect to the illegal blockade of Silver Bull’s Sierra Mojada Project in Coahuila, which commenced in September 2019 and remains ongoing
  • Galore Resources Inc. is to have its annual general meeting on October 23, 2025 (Dos Santos, Zacatecas).
  • Zacatecas Silver Corp. entered into an investor relation agreement with Capital Gain Media Inc. for content development and digital marketing services for four months commencing on October 16, 2025. As a consideration for the services the company agreed to pay an aggregate upfront cash fee of C$250 K (Zacatecas Silver, Zacatecas).

ON SOCIAL RESPONSIBILITY

  • Capstone Copper Corp. published its 2024 sustainability report which highlights its key initiatives on environmental, social and governance matters (Cozamin, Zacatecas).

On the image below: Specularite-Pyrite-quartz vein, HQ core. Picture by Jorge Cirett. Picture by Jorge Cirett.

Mexico’s Best Drilling Intercepts, Third Week of October 2025

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Five companies presented drilling results on projects in Mexico during the week. Geographically, the drilling encompasses projects from Sonora in the northwest to Guerrero in the south, with projects in Durango and Guanajuato in between.

Luca Mining had the best intercept of 21.20 m @ 3.53 gpt Au, at its Campo Morado mine in Guerrero. The company reported four surface holes at the Reforma deposit and two underground holes at the Campo Morado mine. The bulk of gold and silver production in Mexico comes from epithermal style deposits, but it is not uncommon to see the best weekly intercepts to be topped by properties of different styles of mineralization. In this case the Campo Morado property is host to volcanogenic massive sulfides (VMS) mineralization

Copalquin in Durango and El Cubo in Guanajuato are part of low sulfidation epithermal mineralization, while Alamos Silver in Sonora and Cruz de Plata in Durango belong more likely to the intermediate sulfidation epithermal category.