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During the 44^th week of the year (October 28^th to November 3^rd, 2024), companies working in Mexico posted at least 23 press releases. Not a single company informed on exploration advances on its properties, two companies presented quarterly results and one other actualized its production forecast for 2024. Two companies released drilling results from their advanced properties while one also provided channel sample results and one more informed on the advance of mine construction. Two companies disclosed the status of their merger process, one the acquisition of a company with a past producing mine, one the sale of a project and one other on the optioning of a property. Two companies presented the results of their AGMs, one the appointment of a well-known industry leader, one the optioning of several adjacent mining concessions to their property and one more on the final approval for transferring assets. ON MEXICO ISSUES, a Supreme Court minister commented on the Judiciary Reform. ON EXPLORATION, no relevant news. ON MINING, Agnico Eagle and Capstone Copper released Q3 production results. Torex Gold increased its forecast on production for 2024. ON FINANCING, Mithril Gold and Silver is to raise A$12.5 M. Pinnacle Silver and Gold intends to make a private placement for US$800 K. Americas Gold and Silver completed a bought deal private placement for C$50 M. Guanajuato Silver closed a private placement for C$8.7 M and settled a US$1.8 M debt with shares. Defiance Silver paid a minor debt with shares. ON RESOURCES AND DEVELOPMENT, Heliostar Metals reported drilling results from Ana Paula, in Guerrero. Mithril Gold and Silver presented drilling results and channel sample results from Copalquin, in Durango. Torex Gold informed on the construction status at Media Luna project, in Guerrero. ON DEALS AND CORPORATE ISSUES, Minera Alamos entered into an agreement to acquire Sabre Gold Mines, which owns the past producing Copperstone mine in Arizona. Reyna Silver completed the acquisition of Reyna Gold. Golden Minerals is selling its Yoquivo project in Chihuahua to Advance Metals. Pinnacle Silver and Gold signed a LOI to acquire a mining property in Durango. Florida Canyon Gold received final approval on the sale of its Mexican assets to Heliostar Metals. Defiance Silver acquired six mining concessions adjacent to its Tepal project in Michoacan. Silver Spruce Royalties and Orogen Royalties informed on their AGMs. Capitan Silver informed on the appointment of Fernando Alanís to its board. ON SOCIAL RESPONSIBILITY, Vizsla Silver received the Socially Responsible Company Distinction (ESR) for the third year since 2022.

ON MEXICO ISSUES

• Juan Luis González Alcántar Carrancá, a Supreme Court minister, stated that México is to be left without a Supreme Court if the federal government (the Ejecutive branch) does not abide by the Supreme Court ruling on the invalidation of the recent Judiciary Power Reform, adding that the sudden changes on the appointment of judges and ministers can impact on economic matters.

ON EXPLORATION

• No Relevant News.

ON MINING

• Agnico Eagle Mines Ltd. reported third quarter 2024 results, including information on its Mexican operations. At San Nicolás (50% AEM, 50% Teck), in Zacatecas, “Progress continues on the feasibility study work and execution strategy development, with plans to begin detailed engineering in the first half of 2025. Project approval is expected to follow, subject to receipt of permits and the results of the feasibility study”. At Pinos altos, in Chihuahua, 446 K tonnes were milled at a 4,848 tpd rate, grading 1.58 gpt Au, to produce 21,371 Oz Au at $2,174 per Oz Au production cost and total cash cost of $1,532 per Oz Au. At La India, in Sonora, residual leaching produced 4,259 Oz Au with a production cost of $2,300 per Oz Au and a total cash cost of $2,872 per Oz Au.
• Torex Gold Resources Inc. increased the forecast production for 2024 from 400 K – 450 K to 450 K - 470 K Oz Au at its Morelos Complex in Guerrero. The total cash cost estimate remains at $860 - $910 per Oz Au and the AISC at $1,100 to $1,160 per Oz Au (El Limón-Guajes, Guerrero).
• Capstone Copper Corp. reported financial results for the quarter ended September 30, 2024. The company produced a total of 47,460 tonnes Cu at cash cost $2.83 per Lb Cu. At Cozamin, in Zacatecas, 6 K tonnes were produced, driven by a milling rate of 3,609 tpd and having a cash cost of $1.82 per Lb Cu. The company has a total debt of $750.7 M, presenting $138.6 M in cash and short-term investments by the end of the period, as well as $377 M of undrawn amounts on the corporate revolving credit facility.

ON FINANCING

• Mithril Silver and Gold Ltd. informed firm commitments for an oversubscribed capital raising of A$12.5 M, with Jupiter Gold and Silver Fund confirming Mithril shareholding at 16% and 1832 Fund (Bank of Nova Scotia) maintaining 8% post placement. The proceeds are to be used to complete the current 9,000 m drill program to expand the JORC resource, the upgrade of the access road and prepare targets Las Brujas-El Peru and Constancia-Jabali for drilling in 2025 (Copalquin, Durango).
• Pinnacle Silver and Gold Corp. will be arranging a private placement to raise up to US$800 K in gross proceeds (El Potrero, Durango).
• Americas Gold and Silver Corp. completed its previously announced “bought deal” private placement raising C$50 M in gross proceeds, which included 12.5 M subscription receipts issued pursuant to the exercise, in full, of the underwriter’s option agreement granted to the underwriters in connection with the private placement (Cosala, Sinaloa).
• Guanajuato Silver Company Ltd. closed the previously announced private placement for gross proceeds of C$8.72 M. “The Private Placement includes an anchor order of C$3,000,000 by a corporation beneficially owned and controlled by Mr. Eric Sprott”. Additionally, the company has settled a US$1 M contingent payment upon the production of 3 M Oz AgEq at El Cubo mine, entirely with shares. Also, Guanajuato Silver settled US$1.8 M in outstanding liabilities to Ocean Partners UK Ltd. by issuing shares, and C$77.5 K in outstanding liabilities to three arm’s length third party entities (El Cubo, Guanajuato).
• Defiance Silver Corp. entered into an agreement with a non-arm’s length administrative services agreement for services provided by an officer of the company for $7,980 (Zacatecas Silver, Zacatecas; Tepal, Michoacan).

ON RESOURCES AND DEVELOPMENT

• Heliostar Metals Ltd. reported results from the 2024 drill program at Ana Paula, in Guerrero. The focus of the program is to extend the High Grade and Parallel panels to the west, testing the down-dip extension of the High Grade Panel while infilling the Parallel Panel target. Highlighted core length intercepts comprise 6.05 m @ 8.24 gpt Au; 5.00 m @ 2.10 gpt Au; 16.0 m @ 1.74 gpt Au, 16.0 m @ 16.7 gpt Au; 2.5 m @ 3.57 gpt Au. “Drilling is ongoing, with five holes completed to date for a total of 1994.8 meters”.
• Mithril Silver and Gold Ltd. on October 18, 2024, released further results from resource expansion drilling at El Refugio mine target at its Copalquin project in Durango. Highlighted core length intervals comprise 4.60 m @ 5.51 gpt Au, 182 gpt Ag (including 0.60 m @ 28.0 gpt Au, 997 gpt Ag); 9.00 m @ 2.06 gpt Au, 90 gpt Ag (including 1.00 m @ 2.14 gpt Au, 259 gpt Ag); 1.60 m @ 5.09 gpt Au, 299 gpt Ag (including 0.50 m @ 12.15 gpt Au, 758 gpt Ag). Drilling the second half of the 9,000 m program is to recommence late in October. The 2021 MRE stands at 691 K tonnes @ 5.43 gpt Au, 114 gpt Ag, containing 121 K Oz Au, 2.5 M Oz Ag as indicated resources and 1.7 M tonnes @ 4.55 gpt Au, 152 gpt Ag, containing 252 K Oz Au, 8.4 M Oz Ag.
• Mithril Silver and Gold Ltd. provided results from channel sampling from remnant wall rock of historic workings on the El Refugio area of its Copalquin project in Durango. At La Soledad, reported results comprise 1.75 m @ 9.19 gpt Au, 653 gpt Ag; 1.50 m @ 13.6 gpt Au, 545 gpt Ag at Lumbrera vein, 2.00 m @ 8.99 gpt Au, 736 gpt Ag; 0.90 m @ 9.57 gpt Au, 361 gpt Ag; 0.80 m @ 6.87 gpt Au, 267 gpt Ag; 1.50 m @ 1.72 gpt Au, 22 gpt Ag at Soledad Level 1, 0.94 m @ 8.81 gpt Au, 51 gpt Ag; 0.80 m @ 5.36 gpt Au, 143 gpt Ag; 1.80 m @ 4.58 gpt Au, 193 gpt Ag; 3.40 m @ 1.56 gpt Au, 101 gpt Ag; 2.00 m @ 4.23 gpt Au, 481 gpt Ag; 2.80 m @ 1.62 gpt Au, 106 gpt Ag at Soledad Level 2, 1.90 m @ 0.38 gpt Au, 17 gpt Ag; 1.80 m @ 0.83 gpt Au, 42 gpt Ag; 2.70 m @ 1.21 gpt Au, 56 gpt Ag at Soledad Level 3, 0.70 m @ 6.00 gpt Au, 76 gpt Ag at Leon vein and 2.00 m @ 2.10 gpt Au, 94 gpt Ag; 3.50 m @ 2.89 gpt Au, 180 gpt Ag; 2.00 m @ 0.94 gpt Au, 42 gpt Ag; 4.00 m @ 2.28 gpt Au, 78 gpt Ag at El Cometa underground workings.
• Torex Gold Resources Inc. informed development and construction at Media Luna in Guerrero now stands at 87%. Detailed engineering is now complete “and procurement is nearing completion at 97%. Underground development/construction and surface construction are advancing, with completion levels at 77% and 70%, respectively.” First copper concentrate it scheduled to be produced on Q1 2025.

ON DEALS AND CORPORATE ISSUES

• Minera Alamos Inc. entered into a definitive agreement to acquire all of the issued and outstanding shares of Sabre Gold Mines Corp., which owns the past producing Copperstone gold mine in Arizona. (Santana, Sonora).
• Reyna Gold Corp. and Reyna Silver Corp. announced the completion of the previously announced acquisition of all the issued and outstanding common shares of Reyna Gold by Reyna Silver (La Gloria, Sonora; Guigui, Chihuahua).
• Golden Minerals Co. signed a binding agreement to sell to Advance Metals Ltd. its Yoquivo project in Chihuahua. The agreement involves the payment of US$20 K on October 24, 2024, US$275 K on November 1, 2024 and US$275 K on November 21, 2024, for a total consideration of US$570 K plus VAT.
• Pinnacle Silver and Gold Corp. singed a letter of intent (LOI) on a staged option to acquire the 1,074 ha El Potrero project in Durango. The property lies within 35 km of four operating mines, including Fresnillo plc’s La Cienega, Luca Mining’s Tahuehueto and Guanajuato Silver’s Topia. The property is said to host a low sulfidation epithermal breccia system in andesitic rocks of the Lower Volcanic Group, with an historic resource of 45.6 K tonnes @ 8 gpt Au, 186 gpt Ag. The property has never been explored by modern methods and a 100 tpd plant on site can be rehabilitated. The deal comprises US$50 K on signature, 500 K shares and the payment of US$160 K back taxes on the property; US$200 K and 1 M shares at eight months from signature; US$750 K in cash and 1 M in shares on the first anniversary; US$ 1 M and 1 M shares at 2.5 years from signature, or when a 350 K Oz Au inferred resource is established; US$ 1 M in cash at the fourth anniversary, or when the plant is ready and permitted to start production, with Pinnacle obtaining 50% of the property; US$ 1.5 M in cash on the fifth anniversary, or one year after commencing production, receiving a further 20% of the property; US$3 M after the seventh anniversary or two years after starting production, with Pinncale receiving a further 20% interest, to a total of 90%; The vendor has the option to convert the remaining 10% interest to a 2% NSR royalty. The total is US$7.5 M, US$160 K in back taxes and 3.5 M shares for a 100% interest subject to a 2% NSR royalty.
• Silver Spruce Resources Inc. informed that its annual general meeting has been adjourned to the new date of November 5, 2024, as the 10% requisite quorum was not achieved on the October 29 meeting (Pino de Plata, Chihuahua).
• Orogen Royalties Inc. held its annual general meeting (AGM) on October 29, 2024, with all matters approved (Ermitaño, Sonora).
• Capitan Silver Corp. announced the appointment of Fernando Alanís Ortega to its board of directors. Fernando Alanís is a past CEO of Industrias Peñoles, one of Mexico’s most emblematic mining companies, and is also past president of the Mexican Mining Chamber known as CAMIMEX (Cruz de Plata, Durango).
• Defiance Silver Corp. extended the San Acacio project (in Zacatecas) option agreement and acquired six additional mining concessions at its Tepal project in Michoacan. At San Acacio, the scheduled payment to be made in September 24, 2024, has now been changed to December 31, 2024.
• Florida Canyon Gold Inc. received the final order of the Ontario Superior Court of Justice with respect to the pending arrangement transaction with Integra Resources Corp., the final substantive approval required prior to closing the arrangement, anticipated to occur in November and which includes the sale of Florida Canyon Mexican assets to Heliostar Metals Ltd. (La Colorada, Sonora).

ON SOCIAL RESPONSIBILITY

• Vizsla Silver Corp. received the Socially Responsible Company Distinction (ESR) for the third year since 2022. The distinction is awarded jointly by the Mexican Center for Philanthropy (CEMEFI) and the Foundation for Sustainability and Equity (ALIARSE).

On the image below: Drilling under the scarp in Sonora. Picture by Jorge Cirett.