Blog posts

By Miguel A Heredia

During the 21^st week of the year (May 19^th to May 25^th 2025), at least 25 press releases were announced by companies working in Mexico, with eleven disclosing deals and corporate issues, seven announcing financing rounds, four reporting resources and development of their properties, two communicating production results, one commenting on Mexican issues, and none company informing  on exploration results.  ON MEXICO ISSUES, Torex, Mithril, and Minaurum reported the best drilling intercepts in Mexico on the fourth week of May, 2025. ON EXPLORATION, no relevant news.   ON MINING, Golden Minerals reported Q1, 2025 financial results (Velardeña property, Durango). DynaResource presented Q1, 2025 production ad financial results from its San Jose de Gracia property in Sinaloa. ON FINANCING, Kingsmen closed its non-brokered private placement for gross proceeds of CAD$1,135,000 (Las Coloradas project, Chihuahua).  Silver Storm announced a broker private placement for gross proceeds of up to CAD $6M (La Parrilla mine, Durango). Bear Creek disclosed that it has drawn down USD $1.2M from its secured promissory note with Sandstorm Gold Ltd (Mercedes mine, Sonora). Riverside provided an update on its option agreement with Questcorp regarding the Union project in Sonora. Impact Silver closed a tranche of a non-brokered private placement for gross proceeds of CAD $3,930,711.86 (Plomosas mine, Chihuahua). Inomin announced a non-brokered private placement for gross proceeds of up to CAD $200K (La Gitana project, Oaxaca). ON RESOURCES AND DEVELOPMENT, Mithril reported high-grade maiden drill results for a new drill discovery at the target 2 in Copalquin project, Durango. Torex Gold presented remaining results from the 2024 drilling program and initial results from the 2025 drilling program at El Limon-Guajes (ELG) underground in Guerrero. Minaurum announced that through drilling and modelling it has identified a stacked mineralized veins system at its Promontorio-Alamo project in Sonora. Kootenay announced that it is finalizing its maiden Mineral Resource Estimate (MRE) for the Columba project in Chihuahua, based on 211 diamond drill holes over 53,000m of drilling across four main vein trends.  ON DEALS AND CORPORATE ISSUES, First Majestic announced voting results from its annual general meeting of shareholders (Santa Elena mine, Sonora). Sierra metals reminded shareholders to tender their shares by May 23, 2025, as Alpayana’s all-cash takeover offer has already acquired approximately 86.7% of the shares (Bolivar mine, Chihuahua). Mithril appointed BDO Audit Pty Ltd as their new auditor, effective from 20 May 2025, following the resignation of Nexia Melbourne Audit Pty Ltd (Copalquin project, Durango).  Bear Creek appointed its New Senior Vice President, Business Development (Mercedes mine, Sonora). Canuc announced the appointment of a new member to its Board of Directors (San Javier project, Sonora). Oroco invited shareholders, investors, and members of the public to a live virtual Townhall to be held this coming May 28, 2025 from 8:00-10:00 AM Pacific Daylight Time (Santo Tomas project, Sinaloa). Almaden announced early repayment of gold loan with Almadex (Ixtaca project, Puebla). Riverside completed the spin-out of Blue Jay on May 22, 2025 (La Union project, Sonora). Hecla appointed a new member to its Board of Directors (San Sebastian, Durango). Aztec Minerals granted an aggregate of 2.5M stock options to directors, management, and consultants of the company (Cervantes project, Sonora).  ON SOCIAL RESPONSIBILITY, no relevant news.  

ON MEXICO ISSUES

• Torex Gold Resources Inc., Mithril Silver and Gold Limited, and Minaurum Gold Inc., reported the best drilling intercepts in Mexico on the fourth week of May 2025. Details are shown in the table below:

ON EXPLORATION

• No relevant news.

ON MINING

• Golden Minerals Company reported Q1, 2025 financial results (all amounts are expressed in US dollars). In April 2025, the Company completed the sale of its wholly owned Mexican subsidiary, Minera de Cordilleras S. de R.L. de C.V., for total consideration of $600K. The subsidiary held five non-core mining concessions in Mexico, along with accumulated tax loss carry forwards as part of its restructuring program. The company also reported cash inflow of $1.0M from the sale of Velardeña plant 2 in Durango, and water wells. “At March 31, 2025, Golden Minerals had current assets of approximately $4.0M, including cash and cash equivalents of approximately $3.5M. On the same date, it had accounts payable and other current liabilities of approximately $4.9M, which includes $3.0M in deferred revenue for the sale of the Velardeña oxide plant and water wells recorded within Current liabilities held for sale on the interim Condensed Consolidated Balance Sheets. As previously disclosed, the Company ceased mining at the Velardeña mines in Mexico in the first quarter 2024 and subsequently sold the mines and certain related assets. As of March 31, 2025, the Company was owed $232K plus $37K value-added tax (“VAT”) of the $3.0M purchase price for the Velardeña oxide plant and water wells and other minor remaining Velardeña assets.
• DynaResource Inc., presented Q1, 2025 production ad financial results from its San Jose de Gracia property in Sinaloa (currency expressed in US dollars). The company mined 64,032 tonnes and milled 67.373 tonnes of 3.63 g/t Au with a metallurgical recovery of 73.8% to produce 5,781 Oz Au. DynaResource sold 5,609 Oz Au. The company also reported revenue of $13.7; total operating expenses of $11.57M; income from mining operations of $1.83M; net income of $0.6M; operating cash flow before change in non-cash working capital items of $1.51M; changes in working capital of $0.32M; and cash flow used in operating activities of $1.83.

ON FINANCING

• Kingsmen Resources Ltd., closed its non-brokered private placement by issuing a total of 1,576,389 units at a price of CAD $0.72 per unit for gross proceeds of CAD$1,135,000. Net proceeds will be used to further advance its Las Coloradas project in Chihuahua, and for working capital.
• Silver Storm Mining Ltd., announced a broker private placement for gross proceeds of up to CAD $6M from the sale of up to 46,200,000 units at a price of CAD $0.13 per unit. The company plans to use the net proceeds to commence rehabilitation work of the La Parrilla mine processing facility in Durango, 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.
• Bear Creek Mining Corporation disclosed that it has drawn down USD $1.2M from its secured promissory note with Sandstorm Gold Ltd., which has a maximum principal of USD $6.5M and matures in September 2028. The funds are intended for general working capital, and the company plans to seek TSX Venture Exchange approval for a conversion right related to the note, potentially allowing Sandstorm to convert its debt into shares under specific terms.
• Riverside Resources Inc., provided an update on its option agreement with Questcorp Mining Inc., regarding the Union project in Sonora. As part of the agreement Questcorp issued 6,285,722 common shares (9.9% of its outstanding shares) and made a CAD $25K cash payment to Riverside as per the May 5, 2025 agreement. Riverside is advancing pre-drilling work, including organizing field teams and sourcing water for upcoming drilling activities. The project is located in a mineral-rich area known for gold, silver, lead, zinc, and copper, and Riverside's technical team is preparing for initial fieldwork and geophysical surveys to refine drill targets. The company is optimistic about the progress and is focused on integrating various data to enhance exploration efforts.
• Impact Silver Corp., closed a tranche of a non-brokered private placement for gross proceeds of CAD $1,658,999 from the issuance of 8,290,000 LIFE units at a price of CAD $0.20 per listed issuer financing exemption (LIFE) unit, and CAD $2,272,711.86 from the issuance of 12,626,177 units of the company at a price of CAD $0.18 per unit, for a total of CAD $3,930,711.86. The Company intends to use the net proceeds to follow up recent success in its exploration activity at its Plomosas high-grade zinc(-lead-silver) property in Chihuahua, and its prolific silver assets at its legacy Royal Mines of Zacualpan district in Estado de Mexico, as well as invest in operational improvements to improve productivity and throughput.
• Inomin Mines Inc., announced a non-brokered private placement for gross proceeds of up to CAD $200K. The financing will be comprised of non-flow through units (NFT units) to be sold at a price of CAD $0.035 per NFT unit. Inomin intends to allocate the gross proceeds raised from the sale of the NFT units as follows: 50% for general working capital; 35% to pay non-arm’s length management and geological service fees; 10% for investor relations activities; and 5% for property evaluations (La Gitana project, Oaxaca).

ON RESOURCES AND DEVELOPMENT

• Mithril Silver and Gold Limited reported high-grade maiden drill results for a new drill discovery at the target 2 in Copalquin project, Durango. The most significant drill intercept was encountered in hole T2DH25-006 with 8.61 g/t Au and 58 g/t Ag over 11.5m, including 25.33 g/t Au and 129 g/t Ag over 3.85m, including 109.5 g/t Au and 325 g/t Ag over 0.85m. Follow-up drilling ~80 metres down dip is planned for the next phase.
• Torex Gold Resources Inc., presented remaining results from the 2024 drilling program and initial results from the 2025 drilling program at El Limon-Guajes (ELG) underground in Guerrero. Drilling highlights are shown in the table below:

           “The results support the Company's target of further extending the mine life of ELG Underground by identifying new zones of higher-grade mineralization, expanding resources within known areas, and        replacing mined reserves”.

• Minaurum Gold Inc., announced that through drilling and modelling it has identified a stacked mineralized veins system at its Promontorio-Alamo project in Sonora. Drilling highlights are shown in the table below:

• Kootenay Silver Inc., announced that it is finalizing its maiden Mineral Resource Estimate (MRE) for the Columba project in Chihuahua, based on 211 diamond drill holes over 53,000m of drilling across four main vein trends, and is wrapping out the estimate with experts of SGS Canada Inc. The area is part of a large silver-dominant epithermal system, and remains open along strike and at depth, indicating significant upside potential. The upcoming MRE, expected soon, will quantify the high-grade silver mineralization and mark a key milestone for the project. It will be followed up with the execution of a significant drilling program comprising 20,000 to 30,000m of extension and exploration drilling focused on expanding the resource and is expected to culminate with sufficient data to provide an updated MRE.

ON DEALS AND CORPORATE ISSUES

• First Majestic Silver Corp., announced voting results from its annual general meeting of shareholders (Santa Elena mine, Sonora).
• Sierra Metals Inc., reminded shareholders to tender their shares by May 23, 2025, as Alpayana’s all-cash takeover offer has already acquired approximately 86.7% of the shares. Despite efforts by Sierra’s board to secure a commitment from Alpayana to purchase 100% of the company, no such agreement has been made. Shareholders who do not tender may remain minority owners under Alpayana’s control, facing potential conflicts of interest and limited influence over company decisions (Bolivar mine, Chihuahua).
• Mithril Silver and Gold Limited appointed BDO Audit Pty Ltd as their new auditor, effective from 20 May 2025, following the resignation of Nexia Melbourne Audit Pty Ltd. The change was made to align with their TSXV listing and to engage an international Australian and Canadian registered audit firm. The appointment will be ratified at the 2025 AGM (Copalquin project, Durango).
• Bear Creek Mining Corporation appointed its New Senior Vice President, Business Development, and drawdown of funds under 2025 Sandstorm note (Mercedes mine, Sonora).
• Canuc Resources Corporation announced the appointment of a new member to its Board of Directors (San Javier project, Sonora).
• Oroco Resource Corporation invited shareholders, investors, and members of the public to a live virtual Townhall to be held this coming May 28, 2025 from 8:00-10:00 AM Pacific Daylight Time. In this event, the company will provide a timely update on the Company’s latest developments and strategic vision for the Santo Tomás Copper Project, including permitting progress, community engagement, and next steps in project advancement. (Santo Tomas project, Sinaloa).
• Almaden Minerals Ltd., announced that it will repay its gold loan to Almadex Minerals Ltd., early by delivering physical gold after selling its Rock Creek mill, expected by August 2025. Under the terms of the gold loan, it was fixed as of may 13, 2025 and the outstanding loan balance determined to be USD $5,194,354. This repayment will improve Almaden´s cash position to approximately CAD $6.5M upon completion of the mill sale and loan repayment (Ixtaca project, Puebla).
• Riverside Resources Inc., completed the spin-out of Blue Jay Gold Corp., on May 22, 2025, distributing shares to Riverside shareholders. Shareholders of Riverside received one new common share of Riverside and 1/5 of a common share of Blue Jay for each Riverside share they held. The new Riverside shares will begin trading on the TSX Venture Exchange on May 26, 2025. This spin-out is part of Riverside's strategy to enhance shareholder value and follows a similar successful transaction with Capitan Silver.
• Hecla Mining Company appointed a new member to its Board of Directors effective May 22, 2025 (San Sebastian, Durango).
• Aztec Minerals Corp., granted an aggregate of 2.5M stock options to directors, management, and consultants of the company. The stock options are exercisable to acquire common shares at an exercise price of CAD $0.20 per common share for a term of five years (Cervantes project, Sonora).

ON SOCIAL RESPONSIBILITY

• No relevant news.

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

On the picture above, a low-angle banded epithermal quartz veins system in a project in the Sonoran Desert. Photo taken by Miguel A Heredia.