Blog posts

By Miguel A Heredia

During the 31^st week of the year (July 28^th to August 03^rd 2025), at least 36 press releases were announced by companies working in Mexico, with sixteen disclosing deals and corporate issues, nine reporting resources and developments of their properties, five communicating production results, four announcing financing rounds, and two commenting on Mexican issues.  ON MEXICO ISSUES, Almaden provided an update on its arbitration with Mexico under the Comprehensive Progressive Agreement for Trans-Pacific Partnership (CPTPP) because of actions that led to the loss of their Ixtaca project investment in Puebla. Impact Silver, Guanajuato Silver and Gold Resource reported the best drilling intercepts in Mexico on the fifth week of July, 2025.  ON EXPLORATION, no relevant news.  ON MINING, Americas Gold and Silver reported Q2, 2025 consolidated results (Cosala min, Sinaloa). Santacruz Silver Mining announced Q2, 2025 production results from its Zimapan mine in Hidalgo. Alamos Gold presented Q2, 2025 production and financial results from its Mulatos mine in Sonora. Starcore reported year end 2025 results from its San Martin mine in Queretaro. Agnico presented Q2, 2025 production results from its Pinos Altos mine in Chihuahua). ON FINANCING, GR Silver announced a CAD $12M bought deal LIFE offering of units (Plomosas project, Sinaloa).  Masivo declared that is expects to close a CAD $1.2M funded round by Mid-August, 2025 (Cerro Colorado project, Sonora). Southern Silver closed its previously announced bought deal LIFE private placement for gross proceeds of CAD $15M (Cerro Las Minitas project, Durango). Sierra Madre closed the second and final tranche of its previously announced non-brokered private placement for gross proceeds of USD $1,750,000 (Guitarra mine, Estado de Mexico). ON RESOURCES AND DEVELOPMENT, Impact Silver released underground drill results from the Santo Domingo Zone at its Plomosas mine in Chihuahua. Guanajuato Silver announced high-grade gold intercepts at its Valenciana mine complex in Guanajuato. Agnico advanced in Q2, 2025 its Feasibility Study on San Nicolas project, Zacatecas, which remains in schedule to be completed by year-end. Tocvan received permit for all drilling and extraction to advance pilot mine development at its Gran Pilar project in Sonora. Kootenay finalized its first mineral resource estimate for the Columba Project in Chihuahua. Mithril Silver and Gold reported significant high-grade results from channel sampling at its Copalquin property in Durango. Vizsla Silver and Vizsla Royalties completed a regional HLEM geophysical survey and initial fieldwork across its Panuco district and newly acquired Santa Fe property in Sinaloa to identify new high-grade mineralization targets. Gold Resource released H1, 2025 drill results from its Don David gold mine in Oaxaca and reported operational improvements. ON DEALS AND CORPORATE ISSUES, Goldgroup announced that its common shares will commence trading on OTCQX under the symbol “GGAZF” (Cerro Prieto mine, Sonora). Silver Viper granted incentive stock options to directors, officers, and consultants (La Virginia project, Sonora). Sierra Madre announced that it has granted stock options to employees of La Guitarra Compañia Minera, certain directors, management, and consultants (La Guitarra mine, Estado de Mexico).Xali Gold provided an update on their Mexican projects (Sarape project, Sonora and El Oro, Estado de México).  Guanajuato Silver announced the appointment of Rick Trotman as its Senior Vice President and granted stock options to officers and employees of the company (El Cubo mine, Valenciana mine complex, and San Ignacio mine, all located in Guanajuato). Sierra Metals presented voting results of its annual general and meeting of shareholders (Bolivar mine, Chihuahua). Royalties Inc., entered into an agreement to acquire USD $500K in shares of Music Royalties (Bilbao project, Zacatecas). Sonora Desert announced that TSX Venture Exchange has approved to change its name to Brasnova Energy Material Inc., (Cuatro Hermanos project, Sonora).  Torex entered into a definitive agreement to acquire all the issued and outstanding common shares of Prime Mining (El Limon Guajes Mine Complex, Guerrero).  Discovery Silver appointed its CFO (Cordero project, Chihuahua). Elemental Altus reported voting results from its annual general and special meeting and granted restricted share units stock options to directors (royalty on Mercedes mine, Sonora). Goldgroup retained Venture Liquidity to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the company (Cerro Prieto mine, Sonora). Regency Silver reported voting results of its annual general and special meeting of shareholders (Dios Padre project, Sonora).  Royalties Inc., provided an update on its dispute with Capstone over a 2% Net Smelter Royalty (NSR) on five mining concessions known as the "Portree claims" at the Cozamin mine in Zacatecas. Alpayana completed the privatization of Sierra Metals (Bolivar mine, Chihuahua). ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

• Almaden Minerals Ltd., provided an update on its arbitration with Mexico under the Comprehensive Progressive Agreement for Trans-Pacific Partnership (CPTPP) because of actions that led to the loss of their Ixtaca project investment in Puebla. Mexico's attempt to bifurcate (separate) the proceedings to delay the case was rejected by the arbitration panel. The company emphasized that the procedural delay was motivated by Mexico’s desire to postpone responses and prolong the process. Almaden, which formerly held 100% of the Ixtaca project, aims to resolve the dispute with an update expected in Q4, and remains cautious about risks related to Mexico's rule of law and political environment.
• Impact Silver Corp., Guanajuato Silver Company Ltd., and Gold Resource Corporation reported the best drilling intercepts in Mexico on the fifth week of July, 2025. in Mexico on the third week of July, 2025. Details are shown in the table below:

ON EXPLORATION

• No relevant news.

ON MINING

• Americas Gold and Silver Corporation announced Q2, 2025 consolidated results. It reported consolidated silver production of 689K Oz and unaudited consolidated cash balance as at June 30, 2025 of USD $61.7M without disclosing figures per mine operation (Cosala mine, Sinaloa).
• Santacruz Silver Mining Ltd., announced Q2, 2025 production results from its Zimapan mine in Hidalgo. The company processed 224,162 tonnes of 77 g/t Ag, 2.6% Zn, 0.8% Pb, and 0.22% Cu with metallurgical recoveries of 7!%, 77%, 76%, and 45% respectively, to produce 398.3K Oz Ag, 13M Lb Zn, 2.81M Lb Pb, and 0.51M Lb Cu.
• Alamos Gold Inc., presented Q2, 2025 production and financial results from its Mulatos mine in Sonora. The company produced 34.1K Oz Au and sold 32.85K Oz Au at total cash cost and AISC of USD $1,017 and USD $1,084 per Oz Au sold respectively. Cost of sales per Oz Au sold (included amortization) was USD $1,437. Alamos also reported revenue of USD $110.6M and adjusted EBITDA of USD $260.2M. The company also announced its production guidance for 2025 and expects to produce between 130K-150K Oz Au at total cash and AISC of USD $925-975 and USD $1,025-$1,075 per Oz Au sold respectively.
• Starcore International Mines Ltd., reported year end 2025 results from its San Martin mine in Queretaro. The company milled 197.9K tonnes with averages grades of 1.58 g/t Au and 14 g/t Ag with metallurgical recoveries of 81.7% and 56.7% respectively to produce 8.3K Oz Au and 49.3K Oz Ag (8.9K Oz AuEq) at cash and AISC of USD $ 1,888 and USD $2,662 per Oz AuEq respectively. Starcore reported revenues of CAD $9.4M; income from mining operations of CAD $6.3M; income for the year of CAD $0.2M; and EBITDA of CAD $2.8M.
• Agnico Eagle Mines Limited presented Q2, 2025 production results from its Pinos Altos mine in Chihuahua). The company milled 441K tonnes of 1.58 g/t Au to produce 21,363 Oz Au at a production cost of USD $2,367 per Oz Au; a total cash cost (co-product basis) of USD $2,440 per Oz Au; and a total cash cost (by-product basis) of USD $2,002 per Oz Au.

ON FINANCING

• GR Silver Mining Ltd., announced a bought deal LIFE offering of 60,000,000 units at a price of CAD $0.20 per unit for gross proceeds of CAD $12M. Gross proceeds will be used to advance its Plomosas project in Sinaloa, working capital, and general corporate purposes.
• Masivo Silver Corporation declared that is expects to close a CAD $1.2M funded round by Mid-August, 2025. With a drill credit of CAD $75K and part of the equity raised in the financial round, Masivo plans to start drilling at Cerro Colorado project in Sonora in Q4 2025 after finalizing agreements with Minera Goldzone and partners.
• Southern Silver Exploration Corp., closed its previously announced bought deal LIFE private placement of 55,555,557 units at a price of CAD $0.27 per unit for gross proceeds of CAD $15M. Net proceeds will be used for the advancement of the Cerro Las Minitas project in Durango, as well as for working capital and general corporate purposes.
• Sierra Madre Gold and Silver closed the second and final tranche of its previously announced non-brokered private placement, which consisted of 2,500,000 units at a price of USD $0.70 per unit for gross proceeds of USD $1,750,000. Funds raised in first and second tranches totalled USD $19, 500,600. The company intends to use the gross proceeds to expand the capacity of the Guitarra mine in Estado de Mexico, conduct a detailed exploration program, including drilling, at the East District, and for working capital and general corporate purposes.

ON RESOURCES AND DEVELOPMENT

• Impact Silver Corp., released underground drill results from the Santo Domingo Zone at its Plomosas mine in Chihuahua. Assays results are shown in the table below.

• Guanajuato Silver Company Ltd., announced high-grade gold intercepts at its Valenciana mine complex in Guanajuato. Drilling results are presented in the table below:

• Agnico Eagle Mines Limited advanced in Q2, 2025 its Feasibility Study on San Nicolas project, Zacatecas, which remains in schedule to be completed by year-end. San Nicolas is 50/50 joint venture with Teck Resources Limited. The company also announced that it received an exploration permit authorizing additional drill pads across the property, and reported that Minas San Nicolas approved an USD $8.8M budget to conduct drilling activities focused on geotechnical, hydrological, and geological evaluation in proximity to the projected mine area.
• Tocvan Ventures Corp., received permit for all drilling, trenching and extraction at Gran Pilar project, Sonora. The permits allow for 45 new drill pads enabling over 30,000m to expand resources and enhance the geological model as well as to explore high-grade target zones. It also includes 67 trenches across Gran Pilar for exploring and extraction of material for pilot mine. It pushes the company closer to running a 50,000 tonnes pilot mine development, refining their resource estimates, and to support its goal of advancing towards production.
• Kootenay Silver Inc., finalized its first mineral resource estimate for the Columba Project in Chihuahua. A total of 17 epithermal veins that comprise the Columba vein system were included in the Mineral Resource Estimate (MRE). They’ve identified, at a base-case cut-off grade of 150 g/t Ag, inferred mineral resources of 5.92M tonnes grading 284 g/t Ag, 0.2% Pb, and 0.50% Zn. The MRE includes inferred mineral resources of 54.1M Oz Ag, 25.2 M Lb Pb, and 65.6M Lb Zn. The MRE is exclusive of mined out material (F Vein). Kootenay also mentioned that they´ve started a new phase of drilling to expand these mineralized zones even further.
• Mithril Silver and Gold Limited reported significant high-grade results from channel sampling at its Copalquin property in Durango. Highlights include Target 6 with high-grade assays from channel sampling at the historical Santa Cruz underground mine, with notable results including 0.70m of 57.8 g/t Au and 2,120 g/t Ag; 0.80m of 17.4 g/t Au and 603 g/t Ag; 0.50m of 8.42 g/t Au and 188 g/t Ag; and 0.70m of 23.2 g/t Au and 755 g/t Ag; and Target 5 with surface channel sampling returning 0.5m of 27.9 g/t Au and 14 g/t Ag; 0.30m of 9.6 g/t Au and 608 g/t Ag. The mineralized corridors now cover an area of 2 km x 8 km with an elevation profile of 1,200 m within the 70 km² mining concession area. Mithril is fully funded to complete 45,000 meters of drilling over the next 12 months, with plans to commence drilling at Target 5 in mid-August 2025. 5. The results from both Targets 5 and 6 indicate a significant high-grade potential in the Copalquin District, which is developing into a notable gold-silver district in Mexico's Sierra Madre trend. These highlights reflect the ongoing exploration success and the promising future of the Copalquin property.
• Vizsla Silver Copor., and Vizsla Royalties Corp., announced preliminary results from a regional HLEM geophysical survey and initial fieldwork across its Panuco mining district and newly acquired Santa Fe property in Sinaloa. The HLEM survey at Panuco identified new near-surface anomalies including Santa Fe property, and supports resource expansion on known structures and proximal targets in Panuco West. Resource extension targets include Copala, Napoleon, HW4, La Luisa, and La Cruz Negra, each with potential for expansion through further drilling. Key exploration objectives for 2025 include completing +25,000 meters of drilling by the end of 2025, a TEM survey, district mapping, and generating near-mine drilling targets at Santa Fe. They’re focused on expanding their current Project #1 resource and hunting for a new major target, Project #2, using a range of techniques including drilling, mapping, and electromagnetic surveys. The work aims to better understand the structures controlling mineralization and identify fresh high-grade zones, especially around the Copala and Napoleon vein corridors. Their exploration focuses on structural controls such as NW-trending faults and vein corridors like Copala and Napoleon, which influence mineralization. The Santa Fe property’s infrastructure and prospective geology are expected to complement their ongoing district-wide exploration efforts. The Colorada-Napoleon intersection is a conceptual target supported by AI analysis and HLEM anomalies. 4 de Mayo shows high-grade silver intercepts, with HLEM geophysics identifying anomalies for follow-up drilling. San Jack and San Peter are parallel structures with quartz veining and hydrothermal alteration, with HLEM anomalies defining conductor anomalies over these targets. La Pipa is a high-grade shoot along the Animas vein system, with plans to drill +8,000 meters to follow up on the discovery. Camelia-San Dimas, San Fernando-Nacaral, El Roble, Oregano and La Wicha, and Jesusita-Palos Verdes are notable targets for testing. The San Enrique prospect comprises titled mining claims between Panuco and Santa Fe. LiDAR and airborne magnetic surveys show strong NW-trending lineaments, indicative of regional faults. Multispectral satellite imagery and a LiDAR survey will assist during target generation, with regional mapping and stream-sediment geochemistry planned. The La Garra-Metates District constrains silver-gold-rich epithermal veins. Rock chip samples returned silver equivalent grades greater than 200 g/t. The district holds strong potential for discovering high grade mineralization.
• Gold Resource Corporation released H1, 2025 drill results from its Don David gold mine in Oaxaca, and reported operational improvements. Drilling highlights are shown in the table below:

In addition, Gold Resource has implemented several operational improvements at Don David Gold mine to enhance efficiency and productivity. The Company engaged Cominvi Servicios S.A. de C.V. for accelerated development, completing over 1,350m of underground work. New cut-and-fill mining methods were introduced to enhance grade and returns, alongside the ordering of a third dry stack filter press to boost processing throughput. A comprehensive review of the process plant is underway to optimize reagent use, which is expected to improve recoveries and increase the amount of payable metals. Initial trials have already shown promising results. These improvements are aimed at increasing operational efficiency, reducing costs, and maximizing shareholder value while integrating the newly defined vein systems into the mine's short-term production plans.

ON DEALS AND CORPORATE ISSUES

• Goldgroup Mining Inc., announced that its common shares will commence trading on OTCQX Best Market under the symbol “GGAZF”. The company maintains its primary listing on the TSX Venture Exchange under the symbol “GGA” (Cerro Prieto mine, Sonora).
• Silver Viper Minerals Corp., granted 1,375,000 incentive stock options to directors, officers, and consultants to purchase up to 1,375,000 common shares. The incentive stock options have an exercise price of CAD $0.58 per share, expire five years from the date of grant, and vest immediately (La Virginia project, Sonora).
• Sierra Madre Gold and Silver Ltd., announced that it has granted stock options to employees of La Guitarra Compañia Minera S.A. de C.V., certain directors, management, and consultants to purchase an aggregate of 2,750,000 common shares at a price of $0.73 per share for a period of years from the grant date (La Guitarra mine, Estado de Mexico).
• Xali Gold Corp., declared that is pivoting their exploration efforts in South America, focusing on acquiring advanced-stage gold projects, while it continues moving forward with its Sarape project in Sonora where drilling is planned for Q4, 2025/Q1, 2026. The company also announced that they´ve run into issues at the El Oro project in Estado de Mexico, with nine concessions being declared cancelled. It could significantly impact Xali Gold´s operation by halting exploration and development activities on approximately 35% of the land package within the project area. Xali believes that these cancellations are unlawful because proper legal procedures were not followed; including failure to receive formal notices and the absence of a 60-day cure period as required by Mexican law. Xali Gold is actively reviewing legal options to contest or revoke the cancellations, which could mitigate potential operational disruptions if successful.
• Masivo Silver Corp., provided an update on its Mexican projects. It announced that it is experiencing difficulties in obtaining financial information from its Mexican operations which has delayed the preparation of its annual financial statements and related filings (annual MD&A, CEO and CFO certifications, etc). The company has now completed the necessary financial and is in the process of completing the audit, which is expected to be finalized by August 31, 2025. Masivo has requested a voluntary management cease trade order (MCTO) to restrict trading in the company´s securities by insiders.
• Guanajuato Silver Company Ltd., expanded its senior management team with the appointment of Rick Trotman as its Senior Vice President. The company also granted 2,200,000 stock options to officers and employees of the company at an exercise price of CAD $0.32. The stock options will expire on July 29, 2030 (El Cubo mine, Valenciana mine complex, and San Ignacio mine, all located in Guanajuato).
• Sierra Metals Inc., presented voting results of its annual general and meeting of shareholders At the Meeting, Sierra Shareholders approved the amalgamation of Sierra Metals and a new wholly-owned subsidiary of the company, which will be incorporated shortly. The amalgamation constitutes the “subsequent acquisition transaction” contemplated by the offer of Alpayana Canada Ltd., to acquire all of the issued and outstanding common shares at an offer price of CAD $1.15 per common share that expired at 5:00 p.m. (Toronto time) on May 23, 2025 (Bolivar mine, Chihuahua).
• Royalties Inc., entered into an agreement to acquire 8,333,333 shares of Music Royalties Inc., at a price of USD $0.50 per share for a value of USD $500K, (Bilbao project, Zacatecas).
• Sonora Desert Copper Corporation announced that TSX Venture Exchange has approved to change its name to Brasnova Energy Material Inc., and will commence trading under the symbol “BEM” (Cuatro Hermanos project, Sonora).
• Torex Gold Resources Inc., entered into a definitive agreement to acquire all the issued and outstanding common shares of Prime Mining Corporation. Prime shareholders will receive 0.060 of a Torex share for each Prime Mining share, representing an 18.5% premium. Upon completion, Prime shareholders will own approximately 10.7% of Torex. The deal enhances Torex’s asset portfolio in Mexico, notably adding Prime’s Los Reyes project, which has significant gold and silver resources. The transaction requires approval of at least 66⅔% of the votes cast by Prime Mining shareholders and securityholders, and a simple majority excluding votes from certain shareholders under MI 61-101. The transaction is subject to regulatory approvals, including TSX approval and Mexican antitrust clearance, and is expected to close in the second half of 2025. A termination fee of USD $12.5M is payable to Torex by Prime under certain circumstances if the transaction is not completed (El Limon Guajes Mine Complex, Guerrero).
• Discovery Silver Corp., appointed its CFO effective immediately (Cordero project, Chihuahua).
• Elemental Altus Royalties Corp., reported voting results from its annual general and special meeting and granted 360,000 restricted share units and 782,850 stock options to directors who join the company in 2025 (royalty on Mercedes mine, Sonora).
• Goldgroup Mining Inc., retained Venture Liquidity Providers Inc., (VLP) to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the company. Goldgroup has agreed to pay VLP CAD $5,000 per month for a period of 3 months. Following the initial term of 3 months, the agreement will automatically renew for successive additional 1-month terms and the agreement may be terminated at any time by the Goldgroup or VLP (Cerro Prieto mine, Sonora).
• Regency Silver Corp., reported voting results of its annual general and special meeting of shareholders (Dios Padre project, Sonora).
• Royalties Inc., provided an update on its dispute with Capstone over a 2% Net Smelter Royalty (NSR) on five mining concessions known as the "Portree claims" at the Cozamin mine in Zacatecas. The Third Commercial Court of Zacatecas ruled in favor of Minera Portree, affirming their ownership of a 2% NSR and ordering Capstone to pay royalties. Capstone has filed an appeal against the judgement, but Royalties Inc. believes the court's decision is strong and that its claim to the royalty is legitimate. The judgment and ongoing legal process reinforce Royalties Inc.'s position in the dispute, emphasizing the asset's significance and potential increase in value due to rising copper and silver prices. The 2% NSR on the Portree 1 claim, which represents up to 30% of the 1.5 km strike length of the Mala Noche Footwall Zone, could generate up to USD $2.5M annual cash flow, plus an estimated USD $9M in retroactive payments for production since 2019.
• Alpayana S.A.C., completed the privatization of Sierra Metals Inc., through an amalgamation with its subsidiary, Amalco, resulting in Sierra Metals being a wholly owned private company. Shareholders exchanged their Sierra shares for Amalco shares, and Alpayana acquired all preferred shares, making Amalco fully owned by Alpayana. Consequently, Sierra Madre will be delisted from the Toronto Stock Exchange (Bolivar mine, Chihuahua).

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, sigmoidal en-echelon hydrothermal quartz vein in a shear zone in an intermediate sulphidation epithermal vein system in a project in Chihuahua, Mexico. Photo taken by Miguel A Heredia.