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

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Quartz hydrothermal breccia

By Miguel A Heredia

During the 51st week of the year (December 15th to December 21st 2025), at least 43 press releases were announced by companies working in Mexico, with eighteen disclosing deals and corporate issues, ten announcing financial rounds, eight informing on exploration results, four communicating production results, two reporting resources and development of their properties, and one commenting on Mexican issues. ON MEXICO ISSUES, First Majestic and Pacifica Silver reported the best drilling intercepts in Mexico on the third week of December, 2025. ON EXPLORATION, In Sonora, Kenadyr (to be renamed Algo Grande Copper) filed a technical report for its Adelita project and Colibri reported drilling progress at its EP project. In Chihuahua, Kingsmen released high grade gold results from 527 samples collected at its Almoloya project and Advance Metals informed that its drilling program at Yoquivo is progressing well. In Durango, Pinnacle reported that it has prepared an inaugural underground drilling program for its El Potrero project, and Pacifica Silver released assay results from its drilling program at Claudia project. In Oaxaca, EV Resources finalized plans for a maiden drill program at its Los Lirios project and reported preliminary metallurgical recovery results. ON MINING, Starcore presented results for the second quarter ended October 31, 2025 (San Martin mine, Queretaro). Heliostar restarted mining operations in San Agustin, Durango. Silver Storm informed that it plans to restart operations at its la Parrilla mine in Durango by early 2026. ON FINANCING, Regency Silver announced second upsize of its previously announced brokered LIFE offering for gross proceeds of up to CAD $3.5M, and announced a concurrent non-brokered private placement for gross proceeds of CAD $87.5K (Dios Padre project, Sonora). Sonoro Gold notified about a fully-committed non-brokered private placement for gross proceeds of CAD $4M (Cerro Caliche project, Sonora). Kenadyr Metals Corp (to be renamed Algo Grande Copper) closed the third and final tranche for gross proceeds of $868,012.88 (Adelita project, Sonora). Southern Silver announced the closing of its previously announced bought deal LIFE offering for gross proceeds of CAD $6M (Cerro Las Minitas, Durango). Capitan Silver closed its previously announced bought deal offering for gross proceeds of CAD $23,006,497.50 (Cruz de Plata project, Durango). Fuerte Metals completed its previously announced brokered private placement for gross proceeds of CAD $17,249,933 (Cristina project, Chihuahua). GR Silver closed its previously announced bought deal offering for gross proceeds of CAD $20M (Plomosas project, Sinaloa). Sierra Madre announced a private placement for gross proceeds of up to USD $50M (La Guitarra mine, Estado de Mexico). Pinnacle closed a first tranche of a non-brokered private placement for gross proceeds of USD $1,067,532.94 (El Potrero project, Durango). ON RESOURCES AND DEVELOPMENT, First Majestic announced significant exploration success at its Santa Elena mine in Sonora.  ON DEALS AND CORPORATE ISSUES, Orla announced the appointment of Joanna Pearson as Independent Non-Executive Director (Camino Rojo, Zacatecas). Teck and Anglo American announced that they received regulatory approval from the Government of Canada under the Investment Canada Act (ICA) for their merger of equals, which will form a new global critical minerals company named Anglo Teck (San Nicolas project, Zacatecas).  Silver Wolf completed acquisition of Ana Maria and Laberinto projects in Durango. Fortune Bay provided an update regarding recent regulatory developments in the State of Chiapas, Mexico, that may affect the Company’s Rio Negro concession (Poma Rosa Project). Apollo informed on ongoing community engagement activities at its Cinco de Mayo project in Chihuahua. Fuerte Metals reported voting results from its annual general and special meeting of shareholders (Cristina project, Chihuahua). Agnico Eagle announced additional investment in Osisko Metals Incorporated (Pinos Altos, Chihuahua). Vizsla informed that it entered into an agreement to acquire from Minera Fresnillo strategic claims that surround its Panuco property in Sinaloa. Sierra Madre announced agreement to acquire the Del Toro mine in Zacatecas from First Majestic. Minaurum Gold informed that it has changed its name to Minaurum Silver (Alamos Silver project, Sonora).  Bear Creek and Highlander entered into a definitive agreement to combine their respective business (Mercedes mine, Sonora).  Kenadyr completes change of name to Alto Grande Copper (Adelita project, Sonora). Kootenay issued a statement in response to a request of OCT markets regarding recent promotional activities related to its common shares traded on the OTCQX marketplace (Columba project, Chihuahua). First Majestic announced the promotion of Mani Alkhafahi to President & Chief Corporate Development Officer, effective January 1, 2026 (Santa Elena and Ermitaño mines, Sonora). Mercado Minerals signed community agreement with local ejidos in Copalito, Sinaloa. Infinitum Copper reported voting results from its annual general and special meeting of shareholders. Chesapeake granted stock options to officers of the company (Metates project, Durango). ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

  • First Majestic Silver Corp., and Pacifica Silver Corp., reported the best drilling intercepts in Mexico on the third week of December, 2025. Details are shown in the table below:

ON EXPLORATION

  • Kenadyr Metals Corp (to be renamed Algo Grande Copper Corp) filed an independent NI43-101 technical report, dated effective August 15, 2025 for its Adelita project in Sonora.
  • Colibri Resource Corporation reported RC drilling progress at the San Perfecto target within its EP project in Sonora. To date, the company has completed 11 RC holes totalling approximately 906m at the San perfecto and Banco de Oro targets. Samples are currently being prepared to submit them to the lab for assays. First results are expected to be received in January 2026.
  • Kingsmen Resources Ltd., released high grade gold sampling results from its Almoloya project in Chihuahua. A total of 527 samples have been collected from historic underground workings and surface samples on the Juliettas prospect in the South Block. 28 samples out of 527 returned >6.16 g/t Au; 82 samples between 1.14 and 5.9 g/t Au; 168 samples between 0.13 and 1.02 g/t Au; and 249 samples < 0.13 g/t Au. The structures are from 50m to 400m in length, are up to 1.2m wide and are up to 200m deep. The gold mineralization occurs with calcite-dolomite-iron oxide-quartz-magnetite-pyrolusite/ psilomelane and pyrite in veins and stockworks. The host rock is limestone with moderate to strong marbling and recrystallization.
  • Advance Metals Limited informed that its drilling program at Yoquivo, Chihuahua is progressing rapidly. To date five drill holes have been completed with assay results pending.  The new drilling includes down-dip extensional targets at Pertenencia below the existing Foreign Estimate. Drilling will continue in 2026 testing multiple additional targets including newly discovered veining that previously returned surface rock chip samples up to 1,594g/t AgEq. Additionally, a high-resolution airborne LiDAR survey has also recently been completed at the project, with processed data expected to be available shortly.
  • Pinnacle Silver and Gold Corp., reported that it has prepared an inaugural underground drilling program for its El Potrero project in Durango. To date, the plan is to drill approximately 2,600m in 112 holes and is expected to be completed in about six weeks. The underground drill program will commence after certain development work is completed to create enough room for the drill set ups and make sure that the drillers will have a safe working environment. This work will take about a month to complete.
  • Pacifica Silver Corp., released assay results from the first 10 of 29 drilling program at its Claudia project in Durango. Drilling highlights include hole25 CLAU039D with 0.20 g/t Au and 18 g/t Ag (35 g/t AgEq) over 13.35m, including 0.8 g/t Au and 119 g/t Ag (187 g/t AgEq) over 0.80m, plus 0.43 g/t Au and 91 g/t Ag (128 g/t AgEq) over 0.45m, plus 2.94 g/t Au and 313 g/t Ag (566 g/t AgEq) over 6.35m, including 6.4 g/t Au and 1,390 g/t Ag (1,941 g/t AgEq) over 1.30m, including 9.27 g/t Au and 1,905 g/t Ag (2,702 g/t AgEq) over 0.85m; and hole 25CLAU037D with 0.45 g/t Au and 46 g/t Ag (85 g/t AgEq) over 2.45m, including 1.15 g/t Au and 113 g/t Ag (211 g/t AgEq) over 0.35m, plus 2.29 g/t Au and 51 g/t Ag (248 g/t AgEq) over 10.5m, including 3.38 g/t Au and 74 g/t Ag (364 g/t AgEq) over 6.55m, including 20.3 g/t Au and 81 g/t Ag (1,827 g/t AgEq) over 0.60m. Both holes were drilled on Aguilareña-Tres Reyes Vein. To date, a total of 7,992m has been drilled in 29 holes and includes 3,584 m in 15 holes at Aguilareña Vein; 2,285m in 8 holes at the Guadalupe Vein; and 1,457m in 6 holes testing the Justina, West, Central and Pinolera Veins.  The Company expects to conclude its Phase I drill program by the end of December 2025 and commence Phase II drilling in January 2026 with three active drill rigs on site.
  • EV Resources finalized plans for a maiden drill program at its Los Lirios project in Oaxaca and reported preliminary metallurgical recovery results. This Phase 1 drill program will consists of 1,500-2,000m and will test high-grade antimony beneath historical old workings along the Lirios Fault Zone over approximately 900m of strike within a broader 4kmmapped system. The drill program is a critical since step as it moves from surface exploration to subsurface definition, targeting a maiden JORC resource in Q3, 2026. It also reported exceptional preliminary metallurgical recovery results with 90.8% recovery established in preliminary metallurgical test work using a simple reagent-free , two stages gravity process, and 99.2% from a high-grade sulphide flotation test followed by regrinding of rougher concentrate and two-stages cleaning.

ON MINING

  • Starcore International Mines Ltd., presented results for the second quarter ended October 31, 2025 from its San Martin mine in Queretaro (all currency expressed in Canadian dollars). The company mined 52,000 tonnes of 1.33 g/t Au and 15 g/t Ag with metallurgical recoveries of 77.2% and 49.3% respectively, to produce 1.7K Oz Au and 11.9K Oz Ag (1,860 Oz AuEq). Starcore also reported revenues of $10.7M; cash of $9.8M; working capital of $7M; income from mining operations of $2.4M; loss of $0.7M; and EBITDA of $1.7M.
  • Heliostar Metals Ltd., announced that mining, crushing and conveying and stacking of ore onto the leach pad at San Agustin, Durango as recommenced. The restart is expected to produce about 45K Oz Au at an AISC of USD $1,990 per Oz AuEq, generating roughly USD $40M in cash flow at a USD $3,000/Oz Au price. Initial capital expenditures are estimated at USD $4.2M. Heliostar is concurrently advancing a 10,000‑15,000 m drilling program aimed at extending the oxide resource and lengthening the mine’s life. To date, 37 drill holes (≈3,300 m) have been completed, with assays pending. A previous operator reported high-grade oxide intercepts from the priority Corner SW target area, including 3.52 g/t Au over 32m in hole 14-SAGRC-196.
  • Heliostar Metals Ltd., announced that they have received positive media reports indicating that their La Colorada expansion project in Sonora, Mexico, is progressing. They applied for and are awaiting approval of a permit to expand the Veta Madre open pit, with an expectation for completion in early 2026. The permit review by the Mexican environmental agency SEMARNAT was smooth, with no questions raised during the mandatory 20-day period, so approval is expected soon. The company plans to restart open-pit mining at La Colorada in Q1 2026, as part of its broader strategy to grow into a mid-tier gold producer through resource development and expansion of operations in Mexico.
  • Silver Storm Mining Ltd., informed that it plans to restart operations at its la Parrilla mine in Durango for which it placed orders for new equipment and ventilation systems all set for early 2026. This includes underground mining equipment, development and production drills as well as ventilation system fans. This critical equipment is essential to advance toward the potential restart of operations as early as Q2, 2026 and unlocking the full potential of La Parrilla mine.

ON FINANCING

  • Regency Silver Corp., announced second upsize of its previously announced brokered LIFE offering for gross proceeds of up to CAD $3.5M from the issuance of 20,000,000 units at a price of CAD $0.175 per unit, and announced a concurrent non-brokered private placement of 500,000 units at a price of CAD $0.175 per unit for gross proceeds of CAD $87.5K. Later on, it announced that it closed its brokered private placement of units for aggregate gross proceeds of approximately CAD $3,991,000. The company also informed that it closed a concurrent non-brokered private placement of units for additional gross proceeds of CAD $87,500. Gross proceeds will be used for drilling on Dios Padre Project in Sonora and general working capital purposes.
  • Sonoro Gold Corp., notified about a fully-committed non-brokered private placement consisting of 20,000,000 units at a price of CAD $0.2 per unit for gross proceeds of CAD $4M. Funds will be used to advance its Cerro Caliche project in Sonora and for general working capital purposes.
  • Kenadyr Metals Corp (to be renamed) Algo Grande Copper closed the third and final tranche of 2,314,701 subscription receipts at a price of CAD $0.375 per subscription receipt for gross proceeds of CAD $868,012.88. Including the first and second tranche proceeds, the offering has raised CAD $3,824,400 in aggregate gross proceeds. The company plans to use the gross proceeds in exploration and property payment on the Adelita project in Sonora, salaries and consulting fees, marketing and investor relations, payment of existing accounts payable, loan repayments, and other general and administrative expenses, including legal, accounting and audit expenses.
  • Southern Silver Exploration Corp., announced the closing of its previously announced bought deal LIFE offering of 12,000,000 common shares at a price of CAD $0.5 per common share for gross proceeds of CAD $6M. Southern Silver will use the gross proceeds for the advancement of the Cerro Las Minitas project in Durango, as well as for working capital and general corporate purposes.
  • Capitan Silver Corp., closed its previously announced bought deal offering of an aggregate of 11,333,250 common shares at a price of CAD $2.03 for gross proceeds of CAD $23,006,497.50. Gross proceeds will be used to fund exploration activities at Cruz de Plata project in Durango, as well as for working capital and general corporate purposes.
  • Fuerte Metals Corporation completed its previously announced brokered private placement for gross proceeds of CAD $17,249,933.  (Cristina project, Chihuahua).
  • GR Silver Mining Ltd., closed its previously announced bought deal offering issuing 66,666,832 units at a price of CAD $0.30 per unit for gross proceeds of CAD $20M. Net proceeds will be used for advancement of its Plomosas project in Sinaloa, and for working capital and general corporate purposes.
  • Sierra Madre Gold and Silver Ltd., announced a private placement of up to 38,462,000 subscription receipts at a price of USD $1.3 per subscription receipt for gross proceeds of up to USD $50M. “The company intends to use the net proceeds of the offering to fund the completion of the transaction, for exploration and development of Del Toro mine in Zacatecas, following completion of the transaction and for general working capital purposes” (La Guitarra mine, Estado de Mexico).
  • Pinnacle Silver and Gold Corp., closed a first tranche of a non-brokered private placement of 7,268,171 units at a price of USD $0.14 per unit for gross proceeds of USD $1,067,532.94. Gross proceeds will be used to advance El Potrero project in Durango, for project evaluations, and for general working capital.

ON RESOURCES AND DEVELOPMENT

  • First Majestic Silver Corp., and Orogen Royalties Inc., announced significant exploration success at its Santa Elena mine in Sonora, with expanded gold and silver mineralization at the Santo Niño and Navidad discoveries to over 1.1km along strike by 400m down-dip, with true thickness ranging from 2.5 to 5.0m in the case of Santo Niño, and to over 1.2km by 400m, with thickness ranging from 3.0-4.0m at Navidad. Orogen holds 2% net smelter return on the Ermitaño mine which is part of the Santa Elena mine complex. “During 2025, a total of 64,000m of exploration drilling was planned by First Majestic and the Company has completed approximately 66,800m to date, reflecting a decision to increase the targeted metres in a context of exploration success and the Company’s overarching growth strategy”. Key drilling highlights at Navidad target include hole EWUG-25-074 with 5.8 g/t Au and 126 g/t Ag over 8m. The company completed 11,190m of drilling at the Luna Zone to convert Inferred Mineral Resources to Indicated Mineral Resources. Preliminary mine planning studies for Santo Niño and Navidad are underway, exploring potential underground mining strategies. An internal scoping study for the Navidad vein suggests access via a ~3km underground ramp. Metallurgical testing confirmed excellent gold and silver recovery rates exceeding 95%, compatible with the Santa Elena processing plant. The company plans to increase the Santa Elena plant’s throughput from 3,200 to 3,500 tonnes per day by the end of 2026. 

ON DEALS AND CORPORATE ISSUES

  • Orla Mining Ltd., announced the appointment of Joanna Pearson as Independent Non-Executive Director, effective immediately (Camino Rojo, Zacatecas).
  • Teck Resources Limited and Anglo American plc announced that they received regulatory approval from the Government of Canada under the Investment Canada Act (ICA) for their merger of equals, which will form a new global critical minerals company named Anglo Teck. Global headquarters will be located in Vancouver, BC in Canada and will be trading on the London Stock Exchange. Anglo Teck is committed to spend at least CAD $10B over 15 years in Canada. Other commitments include maintaining Canadian employment levels, supporting Canadian junior mining companies, establishing a Global Institute for Critical Minerals Research and Innovation (involving institutions in Canada, South Africa, and the UK), and continuing remediation and reclamation activities . The company also reaffirms its enduring commitment to South Africa (San Nicolas project, Zacatecas).
  • Silver Wolf Exploration Ltd., completed acquisition of Ana Maria and Laberinto projects in Durango. To acquire a 100% interest in the Ana Maria and Laberinto projects, the company issued to Avino Silver & Gold Mines Ltd, 2,000,000 common shares at a deemed price of CAD $0.20 per common share for an aggregate value of CAD 400K. Under the terms of the option agreement, Silver Wolf has issued a total of CAD $600K worth of common shares, satisfied by the issuance of 3,181,718 common shares at deemed price of CAD $0.20 and  incurred over CAD $750K in exploration expenditures on the properties.
  • Fortune Bay Corp., provided an update regarding recent regulatory developments in the State of Chiapas, Mexico, that may affect the Company’s Rio Negro concession (Poma Rosa Project). On 19 Nov 2025, the Chiapas government decreed the “Zona Sujeta a Conservación Ecológica Mina Banderas” protected area, overlapping 11% of the Rio Negro concession, including part of the Campamento gold-silver deposit. Fortune Bay has filed an amparo in federal court contesting the decree on due-process, consultation and federal-vs-state jurisdiction grounds, seeking to preserve its mining rights. The company has also been making good progress working with local landowners for exploration agreements. No immediate impact on operations or finances is expected, but timing might be uncertain.
  • Apollo Silver Corp., informed on ongoing community engagement activities with the Ejido Benito Juarez at its Cinco de Mayo project in Chihuahua. The proposed agreement is to rescind a property access ban from 2012 and establish a long-term agreement for mineral exploration and mining at the Cinco de Mayo property to provide economic benefits, including over a 30-year period approximately USD $50M in annual payments, local employment opportunities, and support for community priorities. Community discussions are ongoing, with a general assembly planned for early 2026 to vote on the agreement.
  • Fuerte Metals Corporation reported voting results from its annual general and special meeting of shareholders. The company also appointed Kerry Sparkes and Scott J Hicks as technical advisors to the Board of Directors (Cristina project, Chihuahua).
  • Agnico Eagle Mines Limited announced additional investment in Osisko Metals Incorporated. It acquired 26,000,000 common shares of Osisko pursuant to a non-brokered private placement at a price of CAD $0.48 per common shares for total consideration of CAD $12,480,000 (Pinos Altos, Chihuahua).
  • Vizsla Silver Corp., informed that it entered into an agreement to acquire from Minera Fresnillo strategic claims that surround its Panuco property in Sinaloa. The agreement involves ten claims comprising 2,378 hectares along the highly prospective Panuco-San Dimas corridor. Seven of these claims comprising 1,734 hectares occur adjacent to the Panuco project, covering potential extensions of veins with known mineralization. Vizsla has agreed to pay USD $2M and issue 854,697 common shares (USD $4M) to Fresnillo as consideration for the claims.
  • Sierra Madre Gold and Silver Ltd., announced agreement to acquire the Del Toro mine in Zacatecas from First Majestic Silver Corp., for total consideration of up to USD $60M. Pursuant to the transaction, Sierra Madre will acquire a 100% interest in the 2,129 hectares Del Toro property that include three fully permitted underground mines, a 3,000 tonnes per day flotation processing circuit and numerous historic mines.
  • Minaurum Gold Inc., informed that it has changed its name to Minaurum Silver Inc. The company´s common shares will commence trading under its new name on the TSX Venture Exchange at market open on December 22, 2025 with the new name, new CUSIP and new ISIN numbers. The company´s stock symbols will remain “MGG” on the TSXV and “MMRGF” on the OTCQX (Alamos Silver project, Sonora).
  • Bear Creek Mining Corporation and Highlander Silver Corp., entered into a definitive agreement to combine their respective business to create leading growth company in the silver sector. “Bear Creek Shareholders will receive 0.1175 common shares in the capital of Highlander Silver in exchange for each Bear Creek Share held immediately prior to the effective time of the Arrangement. Upon completion of the Arrangement, existing holders of Highlander Shares and former Bear Creek Shareholders will own approximately 82% and 18% of the total issued and outstanding Highlander Shares, respectively, on a fully-diluted basis” (Mercedes mine, Sonora).
  • Kenadyr Metals Corp., completes change of name to Alto Grande Copper Corp., effective at market opening on or about December 23, 2025. Common shares of Alto Grande are expected to commence trading under the symbol “ALGR” on Tier 2 of the TSX Venture Exchange, upon satisfaction of all conditions of the company´s reactivation. The company also reported the acquisition of 100% interest in the Adelita project in Sonora, and the appointment of Gordon Neal to the Board of Directors.
  • Kootenay Silver Inc., issued a statement in response to a request of OCT markets regarding recent promotional activities related to its common shares traded on the OTCQX marketplace. The company clarified that it had engaged Sideways Frequency LLC (SFLLC), an independent third-party firm, to provide investor relations and marketing services for two three-month terms, paying a total of $500,000. SFLLC conducted promotional activities such as email campaigns, digital ads, and content creation, using publicly available information from Kootenay’s disclosures. Kootenay stated that it had editorial control over the promotional material for accuracy but was not directly involved in its creation or distribution. The company believes the increase in trading volume of its shares was primarily driven by rising silver prices, positive market conditions, and recent drill results, rather than the promotional activities. Kootenay confirmed that no management, directors, or major shareholders were involved in creating or distributing promotional materials, nor did they trade the company’s securities in the past 90 days (Columba project, Chihuahua).
  • First Majestic Silver Corp., announced the promotion of Mani Alkhafahi to President & Chief Corporate Development Officer, effective January 1, 2026.
  • Mercado Minerals Ltd., signed community agreement with Ejido Llano Grande and Ejido La Lapara in Copalito, Sinaloa. With the agreement signed, Mercado is positioned to advance and complete the drilling permit process. The company will pay an annual fee of MXP $100K effective January 1st, 2026, with a one-year renewal option, and will be committed to repair segments of local roads utilized in its operations, supporting infrastructure improvements for the communities.
  • Infinitum Copper Corp., reported voting results from its annual general and special meeting of shareholders. In this annual meeting, shareholders approved the sale and disposition by the company to Kenadyr Metals Corp., of all the outstanding shares in the capital of Exploraciones Margarita S.A. de C.V.
  • Chesapeake Gold Corp., granted stock options to officers of the company to purchase an aggregate of 69,000 common shares of the company at a price of CAD $2.48 per common share for a five-year term expiring December 19, 2030 (Metates project, Durango).

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 hydrothermal breccia cemented by FeOx-Cu carbonates-sulphides in an IOCG project in Sonora, Mexico. Photo taken by Miguel A Heredia.

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

/ Gambusino Prospector / Leave a comment

By Jorge Cirett

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

ON MEXICO ISSUES

  • No Relevant News.

ON EXPLORATION

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

ON MINING

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

ON FINANCING

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

ON RESOURCES AND DEVELOPMENT

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

ON DEALS AND COPRORATE ISSUES

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

ON SOCIAL RESPONSIBILITY

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

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