During the 31st week of the year (July 27 to August 2, 2026), at least 30 press releases were issued by companies operating in Mexico and 1 news published by the media. Of these, ten reported production results, nine related to deals and corporate matters, four announcing financing activities, three covered resource and development updates, three presented exploration results and two addressed Mexican-related issues. ON MEXICO ISSUES, Vulcan losses multi-million dollar claim against Mexico over Calica mine in Playa del Carmen, Quintana Roo. Mercado Minerals, Tocvan and Pacific Silver reported the best drilling intercepts in Mexico on the fifth week of July, 2026. ON EXPLORATION, In Chihuahua, Radius provided an update on its Amalia project. In Sinaloa, Mercado Minerals reported drill results from el Pilar Vein at its Copalito project. In Durango, Pacifica identified new high grade Aguilareña mineralized shoot at Claudia project, and provided an exploration update. ON MINING, Starcore, reported Year End 2026 results. Silver Storm announced first concentrate shipment from its La Parrilla mine, Durango. Santacruz, Endeavour, First Majestic, Golden Minerals, Agnico Eagle, Alamos Gold, and J2 Metals reported Q2, 2026 production and/or financial results. Mining Americas announced that it will release its financial and operating results for the three and six months ended June 30, 2026 on August 17, 2026. ON FINANCING, Zacatecas Silver closed first tranche of a non-brokered private placement for gross proceeds of CAD $1,475,194.07. Altius closed transaction increasing ownership interest in Great Bay Renewables and announced increased credit facility. Centenario Gold announced the cancellation of an aggregate of 1,720,000 stock options. Discovery Mining increased and extended to USD $400M from USD $250M, a revolving credit facility. ON RESOURCES AND DEVELOPMENT, Axo secured major environmental permit approval for its San Antonio Gold project in Sonora and cleared path for production. Mithril reported its June 2026 quarterly activities for its Copalquin and La Dura projects in Durango. Barksdale released results from the core re-sampling program at its San Javier project in Sonora, and completed the final payment to Tusk to own 100% of the property. ON DEALS AND CORPORATE ISSUES, Goldgroup appointed Javier Reyes as Interim Chief Executive Officer effective immediately, and announced the transition of Allen Palmiere form his role as President and Chief Executive Officer and expect he remains in an advisory capacity to support an orderly leadership transition. Minaurum informed the engagement of Paula Montoya to significantly advance the geological understanding of its flagship Alamo Silver project in Sonora. Orogen Royalties announced updates for its partner funded exploration stage projects and royalties for the first half of 2026 and forecast for the remainder of the year. Tocvan appointed Brodie Sutherland, as Executive Chair, Christopher Gordon as Chief Executive Officer and Rodrigo Calles as President. Orla receives court approval for business combination with Equinox Gold. Equinox and Orla complete business combination, creating North America´s New Senior Gold Producer. Teck and Anglo announced future Anglo Teck Executive Leadership Team. Royalties Inc announced that Chris Lloyd will present Bilbao project at the Discoveries Conference in Hermosillo, Sonora. ON SOCIAL RESPONSIBILITY, no relevant news.
Zacatecas Silver Closes the First Tranche of Non-Brokered Private Placement: Zacatecas Silver Corp
Altius Minerals Corporation Closes Transaction Increasing Ownership Interest in Great Bay Renewables and Announces Increased Credit Facility: Altius Minerals Corporation
Discovery Announces Increase and Extension of Revolving Credit Facility: Discovery Mining Ltd
ON RESOURCES AND DEVELOPMENT
Axo Metals Secures Major Environmental Permit Approval; Clear Path for Production at the San Antonio Gold Project: Axo Metals Corp
Mithril Silver and Gold June 2026 Quarterly Report; Upgraded T1 MRE and District Expansion Drill Program: Mithril Silver and Gold Limited
Royalties Inc. Presenting Bilbao Project at the Discoveries Conference in Hermosillo, Sonora, Mexico: Royalties Inc
Barksdale Resources Reports 9 Metres 3.464g/t Au in SJ07-64 and 12 Metres of 1.084 g/t Au from Resampling Program, Completes Payments to Tusk to Own 100% of San Javier Project: Barksdale Resources Corp
ON DEALS AND CORPORATE ISSUES
Goldgroup Announces Leadership Transition as Company Advances Next Phase of Growth: Goldgroup Mining Inc
Minaurum Engages Dr. Paula Montoya and Launches Down-Hole Imagery Program to Enhance Geological Modeling of the Alamos Silver Project: Minaurum Silver Inc
Normal Fault in the Upper Volcanic Supergroup of the Sierra Madre Occidental
By Miguel A Heredia
During the 47th week of the year (November 17th to November 23th 2025), at least 26 press releases were announced by companies working in Mexico, with eleven disclosing deals and corporate issues, five communicating production results, four announcing financial rounds, four reporting resources and developments of their properties, one informing on exploration results, and one commenting on Mexican issues. ON MEXICO ISSUES, Kootenay, Silverco, IMPACT, and GR Silver reported the best drilling intercepts in Mexico on the second week of November, 2025. ON EXPLORATION, In Zacatecas, Defiance Silver provided an update on the recently completed trench sampling program at its San Acacio project. ON MINING, DynaResource reported Q3, 2025 production and financial results from its San Jose de Gracia mine in Sinaloa. Starcore announced Q2 production results from its San Martin mine in Queretaro. Luca Mining reported Q2, 2025 consolidated production and financial results from campo Morado and Tahuehueto mines located in Guerrero and Durango respectively. Heliostar presented Q3, 2025 production and financial results from their Mexican operations. ON FINANCING, Silver Viper announced a non-brokered private placement for gross proceeds of up to CAD $12M and later on it upsized to up to CAD $15M (La Virginia project, Sonora). Alamos Gold declared a quarterly dividend of USD $0.025 per common share and repurchased 928,729 shares under its Normal Course Issuer Bid (Mulatos mine, Sonora). Torex renewed its Normal Course Issuer Bid (NCIB), allowing the company to repurchase up to approximately 10% of its public float (about 8.13 million shares) (Media Luna project, Guerrero). Vizsla announced that it plans to raise USD $250M through the issuance of convertible senior notes due 2031 (Panuco project, Sinaloa). ON RESOURCESAND DEVELOPMENT, Silverco engaged SGS to validate and update Mineral Resource Estimate at Cusi mine, Chihuahua. GR Silver released results from drill hole SMS25-12 collared below the current San Marcial Resource Area at Plomosas project in Sinaloa. Kootenay published results from the first seven drill holes of the ongoing program at Columba project in Chihuahua. Silverco released drill results from its 15,000m 2025 drill program at Cusi mine in Chihuahua. IMPACT Silver presented results from its underground drilling program in the Juarez Zone at its Plomosas mine in Chihuahua. ON DEALS AND CORPORATE ISSUES, Discovery Silver announced a number of management appointments (Cordero project, Chihuahua). GR Silver appointed Cástulo Molina Sotelo as Country Manager, Mexico (Plomosas project, Sinaloa). Mexican Gold informed that it will host its annual general meeting of shareholders on December 10, 2025 (Las Minas project, Veracruz). Radius Gold appointed Alejandro Ly as Vice President Exploration (Amalia project, Chihuahua). Santacruz Silver announced the appointment of Bruce Wolfson to its Board of Directors and the retirement of Roland Löhner (Zimapan mine, Hidalgo). Vizsla Royalties congratulated Vizsla Silver on the positive results of the Feasibility Study on the Panuco project, Sinaloa. Garibaldi proposed extension of warrant expiry dates (Rodadero project, Sonora). Apollo granted Restricted Share Units to certain officers and directors (Cinco de Mayo project, Chihuahua). VVC Resources announced its strategic decision to exit the Gloria Copper Project in Chihuahua. Masivo Silver secured a 10 year land-use and access agreement for the private property where the Cerro Colorado project in Sonora is located. ON SOCIAL RESPONSIBILITY, No relevant news.
ON MEXICO ISSUES
Kootenay, Silverco, IMPACT, and GR Silver reported the best drilling intercepts in Mexico on the second week of November, 2025. Details are shown in the table below:
ON EXPLORATION
Defiance Silver Corp., provided an update on the recently completed trench sampling program at its San Acacio project in Zacatecas. A total of 76 trenches were dig and sampled in the area known as Almaden-Carolina pits, and 49 in the area known as Esperanza-Guadalupe pits, all of them along the 2.1km of strike length of the Veta Grande vein system, with approximately 1.1km of trenching being completed across the vein system. Highlights at Almaden-Carolina pits include trench CHSA-24-32 with 355 g/t Ag, 4.16 g/t Au, 4.2% Pb, and 0.5% Zn over 3.25m. Highlights at Esperanza-Guadalupe pits include trench CHSA-24-116 with 5,180 g/t Ag, 4.85 g/t Au, 0.7% Pb, and 0.1% Zn over 0.6m, and trench CHSA-24-110 with 1,155 g/t Ag, 4,12 g/t Au, 2.3% Pb, and 0.2% Zn over 0.85m. “The results from this trenching program will enhance the Company’s understanding of the surface geology and mineralization and will contribute valuable data to support the upcoming mineral resource estimate”.
ON MINING
DynaResource Inc., reported Q3, 2025 production and financial results from its San Jose de Gracia mine in Sinaloa (all currency is expressed in US dollars). The company mined 74,680 tonnes and milled 62,741 tonnes of 3.3 g/t Au with metallurgical recoveries of 70.5% to produce 4,830 Oz Au. It sold 4,780 Oz Au. The company also reported revenue of $14.1M; net income of $1.3M; operating cash flows before change in non-cash working capital items of $2.4M; and cash flow used in operating activities of $999.4K.
Starcore International Mines Ltd., announced Q2 production results from its San Martin mine in Queretaro. The company milled 51.960 tonnes of 1.33 g/t Au and 14 g/t Ag with metallurgical recoveries of 77.17% and 49.30% respectively to produce 1,860 Oz AuEq.
Luca Mining Corp., reported Q2, 2025 consolidated production and financial results from campo Morado and Tahuehueto mines located in Guerrero and Durango respectively (all amounts are expressed in US dollars). The company mined 241,153 tonnes and milled 250,807 tonnes to produce 5,457 Oz Au, 312.2K Oz Ag, 2M Lb Pb, 1,048M Lb Zn, and 2.61M Lb Cu. (At Campo Morado, Guerrero, Luca processed 173,260 tonnes to produce 30.2M Lb ZnEq at cash cost and AISC of $1.09 and 1.43 per Lb ZnEq respectively. At Tahuehueto, Durango, Luca processed 77,548 tonnes to produce 5,579 Oz AuEq). The company sold 3,990 Oz Au, 233.9K Oz Ag, 762K Lb Pb, 7.6M Lb Zn, and 1.88M Lb Cu. Luca also reported net revenue of $35.04M; cost of sales of $31.1M; mine operating earnings of $3.9M; mine operating cash flow before taxes of $7.2M; loss earnings of $16.02M; adjusted net loss of $49K; net free cash flow before working capital of ($3.25M); EBITDA of (10.8M),; and adjusted EBITDA of $4.34M.
Heliostar Metals Ltd., presented Q3, 2025 production and financial results from their Mexican operations (currency is expressed in US dollars). At La Colorada, Sonora the company produced 5,311 Oz Au or 5,479 Oz AuEq and sold 4,122 Oz Au or 4,229 Oz AuEq at cash and AISC of USD $1,592 and $1,648 per Oz AuEq. At San Agustin, Durango, Heliostar produced 3,638 Oz Au or 3,686 Oz AuEq and sold 3,430 Oz Au or 3,480 Oz AuEq at cash and AISC of $1,389 and $1,587 per Oz AuEq. At Ana Paula, Guerrero, the company spent $3.9M in development and exploration, and announced that it progressed its ongoing 15,000m drilling program with the goal of delivering mineral reserves to support a 10-year life of mine in the Feasibility Study planned to be released in H1, 2027. At Cerro del Gallo, Guanajuato, it conducted advanced study works towards releasing a Pre Feasibility Study. Results of this study are planned to be released in the coming weeks. Consolidated operational and financial results are shown in the table below:
ON FINANCING
Silver Viper Minerals Corp., announced a non-brokered private placement for gross proceeds of up to CAD $12M from the sale of up to 15,000,000 of units at a price of CAD $0.8 per unit. Later on, the company upsized to up to 18,750,000 of units at a price of CAD $0.8 per unit for gross proceeds of up to $15M. Gross proceeds will be used for working capital requirements and other general corporate purposes (La Virginia project, Sonora).
Alamos Gold Inc., declared a quarterly dividend of USD $0.025 per common share. The dividend is payable on December 18, 2025 to shareholders of record as of the close of business on December 4, 2025. Alamos also informed that it repurchased 928,729 shares at a cost of USD $28.8M, or $30.96 per share, under its Normal Course Issuer Bid (NCIB) thus far in November (Mulatos mine, Sonora).
Torex Gold Resources Inc., renewed its Normal Course Issuer Bid (NCIB), allowing the company to repurchase up to approximately 10% of its public float (about 8.13 million shares) over the period from November 21, 2025, to November 20, 2026. Torex had a total of 96,176,134 Common Shares issued and outstanding and a public float of 81,334,308 Common Shares. The buyback program, which was previously active, is designed to return capital to shareholders and is flexible, enabling Torex management to purchase shares on the open market as market conditions allow, with a daily maximum purchase limit. The company has already executed some share repurchases under the current NCIB at an average price of around CAD $46.78 per share. Beyond the buyback, Torex’s strategic objectives include advancing the Media Luna project in Guerrero to full production, optimizing existing operations, expanding reserves and resources, and pursuing disciplined growth while maintaining responsible mining practices.
Vizsla Silver Corp., announced that it plans to raise USD $250M through the issuance of convertible senior notes due 2031. The proceeds will be used to support exploration and development of its Panuco silver-gold project in Sinaloa, fund potential acquisitions, and cover general corporate expenses. A portion of the funds will also be allocated to purchase capped call transactions, which are designed to offset potential dilution from the conversion of the notes. The company can redeem the notes and holders have repurchase rights under some events. The offering is subject to certain conditions, including regulatory approvals and the notes will be convertible into shares or cash, with specific terms to be determined based on market conditions.
ON RESOURCES AND DEVELOPMENT
Silverco Mining ltd., engaged SGS Canada Inc., to validate and update Mineral Resource Estimate (MRE) at Cusi mine, Chihuahua. The MRE will be prepared in accordance with NI43-101 Standards of Disclosure for Mineral Projects and will incorporate new data and expand the scope of the previous historical estimate. The updated MRE is expected later this quarter.
GR Silver Mining Ltd., released results from drill hole SMS25-12 collared at San Marcial Area in its Plomosas project in Sinaloa. It intersected two silver mineralized zones with multiple intervals of high grade, extending the mineralization approximately 75m below the current San Marcial Resource Area. This hole encountered 124 g/t Ag, 0.1% Pb, and 0.2% Zn over 9.6m, including 284 g/t Ag, 0.1% Pb, and 0.5% Zn over 2m, plus 232 g/t Ag, 0.02g/t Au, and 0.1% Zn over 5m, including 956 g/t Ag, 0.02 g/t Au and 0.1% Zn. Hole SMS25-12 confirms the continuity of the hydrothermal breccia for at least 400m below surface and suggest potential to expand resources. A step-out drilling program is being planned for the first half of 2026.
Kootenay Silver Inc., published results from the first seven drill holes of the ongoing program at Columba project in Chihuahua. This 50,000m drilling program aims to extend and expands known mineralization on the extensive Columba vein system. Drilling highlights (TW reported) include hole CDH-25-218 on I Vein Area with 303 g/t Ag, 0.08 g/t Au, 0.7% Pb, and 2-1% Zn over 2-34m, including 921 g/t Ag, 0.12 g/t Au, 2.6% Pb, and 6% Zn over 0.41m, plus 28 g/t Ag, 0.22 g/t Au, over 15-93m, including 847 g/t Ag, 0.18 g/t Au, 0.4% Pb, and 0.3% Zn over 0.32m, plus 32 g/t Ag and 0.21 g/t Au, over 7.08m, plus 255 g/t Ag, 0.4% Pb, and 1.7% Zn over 0.74m, plus 26 g/t Ag, 0.32 g/t Au, and 0.1% Zn over 9.44m; and hole CDH-25-214 on D Vein with 45 g/t Ag and 0.1% Zn over 2.42m, including 185 g/t Ag, 0.1% Pb, and 0.1% Zn over 0.23m, plus 57 g/t Ag and 0.1% Zn over 1.59m, plus 231 g/t Ag, 0.2% Pb and 0.8% Zn over 0.39m, plus 108 g/t Ag, 0.1% Pb, and 0.2% Zn over 4.83m, including 362 g/t Ag, 0.1% Pb, and 0.2% Zn over 0.69m, plus 90 g/t Ag, 0.1% Pb, and 0.2% Zn over 2.07m, ´plus 102 g/t Ag, 0.2% Pb, and 0.2% Zn over 2.07m, plus 104 g/t Ag, 0.1% Pb, and 0.2% Zn over 0.23m. The company also reported the discovery of porphyry style gold mineralization along I Vein hosted in breccias and feldspar porphyries in holes CDH-25-217 and 218, with the identification of classic B style veins plus or minus molybdenite along with disseminated pyrite and unidirectional solidification textures.
Silverco Mining Ltd., released drill results from its 15,000m 2025 drill program at Cusi mine in Chihuahua. Drilling highlights include hole CU-25-35 (San Miguel Zone) with 0.16 g/t Au, 180 g/t Ag, 0.3% Pb, 1% Zn (194 g/t AgEq) over 1.5m, plus 0.32 g/t Au, 334 g/t Ag, 2.7% Pb, and 3.1% Zn (425 g/t AgEq) over 3.4m, including 1.05 g/t Au, 1,075 g/t Ag, 9.9% Pb, and 10.6% Zn (1,409 g/t AgEq) over 0.8M; hole CU-25-33 (San Miguel Zone) with 0.45 g/t Au, 427 g/t Ag, 1.6% Pb, and 6.5% Zn (554 g/t AgEq) over 1.2m, plus 0.18 g/t Au, 241 g/t Ag, 0.7% Pb, and 1.9% Zn (272 g/t AgEq) over 0.6m; hole CU-25-34 (Eduwiges Zone) with 0.21 g/t Au, 67 g/t Ag, 2.4% Pb, and 7.6% Zn (259 g/t AgEq) over 1.1m; and hole CU-25 36a (Eduwiges Zone) with 3.17 g/t Au, 231 g/t Ag, 11.2% Pb, and 10.7% Zn (764 g/t AgEq) over 1.5m. These are the last drill results to be included in the upcoming Mineral Resource Estimate update, which is expected to publish in December 2025.
IMPACT Silver Corp., presented results from its underground drilling program in the Juarez Zone at its Plomosas mine in Chihuahua. Drill results lie outside of the JORC mineral resource blocks published by the previous operator. Juarez Zone remains open for exploration. The table below shows a summary of the drill results:
ON DEALS AND CORPORATE ISSUES
Discovery Silver Corp., announced a number of management appointments, including Raymond Yip as Chief Information Officer, Kara Byrnes as Vice President Exploration and Geology-Porcupine, Gerry Stinson as Vice President, Environment, Porcupine Operations, and Amanda Kasner as Vice President, Business Optimization (Cordero project, Chihuahua).
GR Silver Mining Ltd., appointed Cástulo Molina Sotelo as Country Manager, Mexico (Plomosas project, Sinaloa).
Mexican Gold Mining Corp., informed that it will host its annual general meeting of shareholders on December 10, 2025 (Las Minas project, Veracruz).
Radius Gold Inc., appointed Alejandro Ly as Vice President Exploration (Amalia project, Chihuahua).
Santacruz Silver Mining Ltd., announced the appointment of Bruce Wolfson to its Board of Directors, effective November 17, 2025. The Company also announces that Mr. Roland Löhner has notified the Company that he intends to step down from the board of directors following the upcoming annual general and special meeting on November 25, 2025 (Zimapan mine, Hidalgo).
Vizsla Royalties Corp., congratulated Vizsla Silver Corp., on the positive results of the Feasibility Study on the Panuco project, Sinaloa.
Garibaldi Resources Corp., proposed extension of warrant expiry dates and announced that it has applied to the TSX Venture Exchange to extend the expiry dates of certain warrants issued in December 2022 from December 2025 to December 2027. The exercise prices of these warrants will remain unchanged at CAD $0.40 and CAD $0.45. The extension is subject to exchange approval. The company aims to give warrant holders additional time to exercise their warrants, potentially supporting continued investor interest and capital raising opportunities (Rodadero project, Sonora).
Apollo Silver Corp., granted Restricted Share Units (RSUs) to certain officers and directors. The Company granted an aggregate of 750,000 RSUs. The RSUs vest in three equal tranches over 36-months. Upon vesting, each RSU entitles the holder to receive one common share of the Company. (Cinco de Mayo project, Chihuahua).
VVC Resources announced its strategic decision to exit the Gloria Copper Project in Chihuahua, due to high maintenance costs, political instability, and safety concerns, despite its geological potential. The company will instead focus its exploration efforts on the Cumeral Gold Project in Sonora, which offers better permitting prospects, strong local support, and significant upside potential.
Alamos Gold Inc., declared a quarterly dividend of USD $0.025 per common share. The dividend is payable on December 18, 2025 to shareholders of record as of the close of business on December 4, 2025. Alamos also informed that it repurchased 928,729 shares at a cost of USD $28.8M, or $30.96 per share, under its Normal Course Issuer Bid (NCIB) thus far in November (Mulatos mine, Sonora).
Masivo Silver Corp., secured a 10 year land-use and access agreement for the private property where the Cerro Colorado project in Sonora is located. The agreement grants the Company full rights to rehabilitate or construct access roads, establish drill pads and core storage facilities, set up temporary camps and offices, and conduct drilling, sampling, and mineral extraction activities—subject to the required environmental permits. The land-use agreement is a prerequisite to obtaining these permits and ensures compliance with local and federal environmental regulations.
ON SOCIAL RESPONSIBILITY
No relevant news.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture below, a normal fault in an outcrop of the Upper Volcanic Supergroup of extensive silicic ignimbrites in Chihuahua, Mexico. Photo taken by Miguel A Heredia.
