Blog posts

By Miguel A Heredia

During the 13^th week of the year (March 24^th to March 30^th 2025), at least 25 press releases were announced by companies working in Mexico, with seven announcing financial rounds, seven communicating production results, five disclosing deals and corporate issues, five reporting resources and development of theirs properties, and one commenting on Mexican issues.  ON MEXICO ISSUES, Tocvan and its JV partner Colibri reported the best drilling intercepts in Mexico on the fourth week of March, 2025. ON EXPLORATION, No relevant news.  ON MINING, MAG Silver reported 2024 annual financial results (Juanicipio mine, Zacatecas). Torex Gold reported the first copper concentrate production from its Media Luna project in Guerrero. Agnico announced that it will release Q1, 2025 results on April 24, 2025 (Pinos Altos mine, Chihuahua). Americas Gold and Silver reported full year 2024 production results from its Cosala mine complex in Sinaloa. Sierra Metals announced consolidated Q4 and full year 2024 financial and operation results (Bolivar mine, Chihuahua). Discovery reported Q4 and 2024 full year financial results (Cordero project, Chihuahua). Osisko Development reported Q4 and year-end 2024 results (San Antonio Gold project, Sonora).  ON FINANCING, Silver Storm entered into a debt settlement letter agreement with a drilling service provider (La Parrilla mine, Durango). Aura announced the renewal of its normal course issuer bid for buying back its common shares and a concurrent buyback program for its Brazilian depositary receipts (Aranzazu mine, Zacatecas). Silver Tiger announced a bought deal financing for gross proceeds of approximately CAD $15M (El Tigre project, Sonora). Colibri closed a second and final tranche of its non-brokered private placement for gross proceeds of $146,500 (Pilar project, Sonora). Heliostar closed its bough deal equity financing previously announced on March 20, 2025 for gross proceeds of $19.5M (Ana Paula project, Guerrero).  Goldgroup announced a second tranche closing for gross proceeds of CAD $775K (Cerro Prieto mine, Sonora). Silver Dollar granted stock options and awarded restricted share units to directors, officers, and consultants (La Joya project, Durango). ON RESOURCES AND DEVELOPMENT, Silver Storm filed a NI 43-101 technical report for its La Parrilla mine in Durango. Colibri and its JV Partner Tocvan, released drill assays from three holes drilled in its recent ten holes diamond drilling program at Pilar project, Sonora. Oroco reported advancements in its Santo Tomas project in Sinaloa.  Kingsmen announced the successful completion of a 3D induced polarization-resistivity survey at their fully owned Las Coloradas project in Chihuahua. ON DEALS AND CORPORATE ISSUES, MAG Silver announced its new dividend policy, which includes a fixed quarterly dividend of USD $0.02 per share and a cash flow-–linked dividend targeted at approximately 30% of cash flows from Juanicipio during Q4, 2024, at a realized price of USD $20 per Oz Ag. Fortuna announced that it will be present at Mining Forum Europe 2025 (San Jose mine, Oaxaca).  Oroco reported advancements in its Santo Tomas project in Sinaloa. Fortuna Mining filed its fiscal 2024 annual report with the U.S. Securities and Exchange Commission (SEC) (San Jose mine, Oaxaca). GoGold announced results of its annual and special meeting of shareholders (Los Ricos North and Los Ricos South properties, Jalisco). Equinox reported that it will hold its annual and special meeting of shareholders on April 24, 2025 (Los Filos mine, Guerrero).  ON SOCIAL RESPONSIBILITY, No relevant news.

ON MEXICO ISSUES

• Tocvan Ventures Corp., and its JV partner Colibri Resources Corporation reported the best drilling intercepts in Mexico on the fourth week of March, 2025. Details are shown in the table below:

ON EXPLORATION

• No relevant news.

ON MINING

• MAG Silver Corp., reported 2024 annual financial results from its Juanicipio mine, Zacatecas, on a 100% basis (all amounts are expressed in US dollars). The company mined 1,342,786 tonnes and processed 1,328,178 tonnes with grades of 468 g/t Ag, 1.25 g/t Au, 1.5% Pb, and 2.8% Zn (712 g/t AgEq) and sold 16.59M Oz Ag, 33.11K Oz Au, 36.4M Lb Pb, and 55.61M Lb Zn at cash and AISC of $0.88 and $5.54 per Oz Ag sold respectively or $8.67 and $12.03 per Oz AgEq sold respectively. MAG Silver also reported sales of $627.4M; gross profit of $382.65M; net income before taxes of $352.7; net income of $201.5M, MAG´s 44% portion of net income of $88.67M; and MAG´s 44% portion of equity income of $92.87M.
• Torex Gold Resources Inc., reported that after three years after being released a feasibility study for its Media Luna project in Guerrero, the company completed the tie-in period at the processing plant and achieved the first copper concentrate production. Torex Gold successfully completed 83 tie-ins and commissioned 136 systems, with plans to start trucking copper concentrate soon and achieve commercial production in the coming weeks. Current mining operations are ramping up, and Torex is confident in reaching a steady-state mining rate of 7,500 tonnes per day by mid-2026, ahead of their scheduled target.
• Agnico Eagle Mines Limited announced that it will release Q1, 2025 results on April 24, 2025 (Pinos Altos mine, Chihuahua).
• Americas Gold and Silver Corporation reported full year 2024 production results from its Cosala mine complex in Sinaloa (all figures are in IUS dollars). The company produced 825K Oz Ag, 31.5M Lb Zn, and 9.7M Lb Pb or 2.5M Oz AgEq at cash and AISC of $17.41 and $28.13 per Oz AgEq respectively.
• Sierra Metals Inc., announced consolidated Q4 and full year 2024 financial and operation results (all figures are in US dollars). For its Bolivar mine, Chihuahua, the company reported for Q4, 2024, a cost of sales of $24.63M; a total cash cost of $17.58M; and a cash cost per tonne processed of $38.05M. For the full year 2024, Sierra Metals reported a cost of sales of $87.41M; a total cash cost of $70.04M; and a cash cost per tonne processed of $43.07M. Cash and AISC for Q4, 2024 were $2.42 and $3.06 per Lb CuEq respectively; while for the full year 2024 were $2.50 and $3.21 per Lb CuEq respectively. The company also provided a 2025 production and cost guidance and expects to produce between 25.1M-27.4M Lb Cu, 680K-740K Oz Ag, and 7,400-8100 Oz Au at cash and AISC ranging from $2.64-$2.77 per Lb CuEq and $3.45-$3.62 per Lb CuEq respectively.
• Discovery Silver Corp., reported Q4 and 2024 full year financial results (all figures are in Canadian dollars). Highlights for the period Q4, 2024 include a net loss of $7.92M; basic and diluted loss per share of $0.02; and a total comprehensive loss of $7.42M. Highlights for the 2024 full year include a net loss of $20.89M; basic and diluted loss per share of $0.05; and a total comprehensive loss of $23.59M. The company reported as of December 2024 cash and cash equivalent of $29.31M; total assets of $122.88M; total current liabilities of $8.61M; working capital of $24.40; and total shareholders’ equity of $111.99M (Cordero project, Chihuahua).
• Osisko Development Corp., reported Q4 and year-end 2024 results (San Antonio Gold project, Sonora). The company also declared that its San Antonio Gold project in Sonora remains in care and maintenance, waiting for further guidance from the Mexican government regarding the permitting process and the status of open-pit mining in the country. “The Company continues to conduct a strategic review of the project and engaged a financial advisor in connection thereof. The strategic review includes, among others, exploring the potential for a financial or strategic partner in the asset or a full or partial sale of the asset”.

ON FINANCING

• Silver Storm Mining Ltd., entered into a debt settlement letter agreement with a drilling service provider to settle the company’s outstanding debt for past services performed in the amount of $578,200 by issuing 4,818,333 common shares in the capital of the company at a deemed price of $0.12 per common share.  (La Parrilla mine, Durango).
• Aura Minerals Inc., announced the renewal of its normal course issuer bid for buying back its common shares and a concurrent buyback program for its Brazilian depositary receipts. Under the normal course issuer bid, the company may repurchase up to 2,694,168 common shares, representing 10% of the public float, starting March 26, 2025, and continuing until March 25, 2026. The buyback program allows for purchasing up to 8,082,504 Brazilian depositary receipts over 12 months. This initiative is aimed at enhancing shareholder value and reflects the company’s commitment to growth opportunities in the precious metals sector (Aranzazu mine, Zacatecas).
• Silver Tiger Metals Inc., announced a bought deal financing from the sale of 45,455,000 common shares at a price of CAD $0.33 per common share for gross proceeds of approximately CAD $15M. The net proceeds will be used to fund exploration and development expenditures at its El Tigre project in Sonora, as well as for working capital and general corporate purposes.
• Colibri Resource Corporation closed a second and final tranche of 5,816,000 units of its non-brokered private placement for gross proceeds of $146,500. Combined with the proceeds from tranche 1, the company has raised $286,900. Proceeds from the financing are expected to be applied as follows: approximately 20% for upcoming exploration expenses at Colibri's highly prospective precious metals projects in Mexico, including the Pilar Gold Project & the EP Gold Project in Sonora, 65% for arm's length creditors including payment of interest expenses on outstanding loans and up to 15% to non-arm's length parties as reimbursement for expenses paid on behalf of the company by the non-arm's length parties.
• Heliostar Metals Ltd., closed its bough deal equity financing previously announced on March 20, 2025 for gross proceeds of $19.5M by issuing 19,500,000 common shares at a price of $1.0 per common share. The net proceeds of the Offering will be used for the development of the Company’s projects in Mexico, including drilling at Ana Paula project in Guerrero, and for general corporate purposes.
• Goldgroup Mining Inc., announced a second tranche closing of its previously announced non-brokered private placement of 2,583,330 units at a price of CAD $0.30 per unit for gross proceeds of CAD $775K. Net proceeds will be used for improvements at Cerro Prieto mine in Sonora, preliminary economic assessment update of Pinos Altos project in Zacatecas, debt reduction and general working capital.
• Silver Dollar Resources Inc., granted stock options to directors, officers, and consultants to purchase up to 2,050,000 shares of the company at a price of $0.30 per share until March 28, 2030 and awarded restricted share units to directors, officers, and consultants to receive up to 750,000 shares of the company (La Joya project, Durango).

ON RESOURCES AND DEVELOPMENT

• Silver Storm Mining Ltd., filed a NI 43-101 technical report for its La Parrilla mine in Durango. This technical report updates the mineral resource estimate and highlights include a 107% increase in indicated mineral resources, from 5.2 M Oz AgEq in the 2023 mineral resource statement to 10.8 M Oz AgEq; 58% increase of inferred mineral resources, from 10.3 M Oz AgEq in the 2023 mineral resource statement to 16.3 M Oz AgEq; approximately 90% of the indicated and 85% of the inferred mineral resource tonnage is sulphide mineralization; 10% of the Indicated and 15% of the inferred mineral resource tonnage is oxide mineralization; silver dominant: 66% of the indicated and 69% of the inferred updated mineral resource gross metal value is derived from silver; 23 additional mineralized structures have been modelled, including several that were previously mined by the former operator, with significant upside potential; and total all-in exploration cost of USD $0.22/ Oz AgEq discovered.
• Colibri Resource Corporation and its JV Partner Tocvan Ventures Corp., released drill assays from the three holes drilled in its recent ten holes diamond drilling program at Pilar project, Sonora. The most significant intercept was encountered in hole JES-25-108 with 1.23 g/t Au, 14 g/t Ag, 0.02% Cu, 0.3% Pb, and 0.3% Zn over 64.90m, including 21.58 g/t Au, 208 g/t Ag, 0.2% Cu, 6.7% Pb, and 1.6% Zn over 3m, plus 2.84 g/t Au, 38 g/t Ag, 0.05% Cu, 0.2% Pb, and 2.3% Zn over 3.80, including 7.33 g/t Au, 101 g/t Ag, 0.13% Cu, 0.5% Pb, and 6% Zn over 1.4m. Results are still pending for the last three holes of this drilling program, which have tested the outer extents on mineralization.
• Oroco Resources Corp., reported advancements in its Santo Tomas project in Sinaloa, following meetings in Mexico City with senior government officials, including Dr. Luis Rosendo Gutiérrez Romano, Undersecretary of the Mexican Economy, and other senior federal and state government officials. The discussions emphasized the project's potential for responsible development and its contributions to the local economy in Sinaloa. Oroco holds an 85.5% interest in the core concessions of the project, with significant copper mineralization previously defined by extensive exploration. The project, supported by improved dialogue with the government, is positioned to benefit economically from its location near important infrastructure, including ports and railways. Oroco's leadership is pleased with the governmental support and dialogue established during the meetings.
• Kingsmen Resources Ltd., announced the successful completion of a 3D induced polarization-resistivity survey at their fully owned Las Coloradas project in Chihuahua Mexico. The survey identified five new high-priority drill targets associated with high chargeability and resistivity zones, complementing existing targets. A total of 14 drill holes are proposed for the upcoming program, which is based on findings from previous prospecting, mapping, and sampling efforts. The survey covered about one-third of the project area, including historic mining sites, and is expected to enhance confidence in the drilling initiative as it confirms and refines key mineralization targets at depths not previously tested.

ON DEALS AND CORPORATE ISSUES

• MAG Silver Corp., announced its new dividend policy (all amounts expressed in US dollars), which includes a fixed quarterly dividend of $0.02 per share and a cash flow-–linked dividend targeted at approximately 30% of cash flows from Juanicipio during Q4, 2024, at a realized price of $20 per Oz Ag. The inaugural dividend totals $0.18 per share, comprising $0.02 fixed and $0.16 linked to cash received in Q4 2024 (approximately 30% of the $53.85M cash received from Juanicipio during Q4 2024). Future dividends will be subject to the Board's discretion and various financial factors, highlighting the company's commitment to sharing success with shareholders.
• Fortuna Mining Corp., announced that it will be present at Mining Forum Europe 2025, which will be held in Zurich, Switzerland from March 31 to April 2, 2025 (San Jose mine, Oaxaca).
• Oroco Resources Corp., reported advancements in its Santo Tomas project in Sinaloa, following meetings in Mexico City with senior government officials, including Dr. Luis Rosendo Gutiérrez Romano, Undersecretary of the Mexican Economy, and other senior federal and state government officials. The discussions emphasized the project's potential for responsible development and its contributions to the local economy in Sinaloa. Oroco holds an 85.5% interest in the core concessions of the project, with significant copper mineralization previously defined by extensive exploration. The project, supported by improved dialogue with the government, is positioned to benefit economically from its location near important infrastructure, including ports and railways. Oroco's leadership is pleased with the governmental support and dialogue established during the meetings.
• Fortuna Mining Corp., filed its fiscal 2024 annual report on Form 40-F with the U.S. Securities and Exchange Commission (SEC). The Form 40-F, which includes the Company’s fiscal 2024 annual audited financial statements, management’s discussion and analysis, and annual information form (San Jose mine, Oaxaca).
• GoGold Resources Inc., announced results of its annual and special meeting of shareholders (Los Ricos North and Los Ricos South properties, Jalisco).
• Equinox Gold Corp., reported that it will hold its annual and special meeting of shareholders on April 24, 2025 (Los Filos mine, Guerrero).

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, galena + sphalerite in a quartz vein from an intermediate sulphidation epithermal vein system in a project in Sonora, Mexico. Photo taken by Miguel A Heredia.