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During the 41^st week of the year (October 9^th to October 15^th, 2023), 19 companies working in Mexico posted news releases. One company reported exploration on one of its properties, while six companies released Q3 2023 results. Five companies informed on the opening or closing of private placements, on credit facilities and share-for-debt transactions. One company announced an updated mineral resource estimate on a property. Two companies updated on director’s appointments and AGM’s results. ON MEXICO ISSUES, Pan American Silver re-commenced operations at La Colorada mine in Zacatecas, after suffering the theft of two concentrate trucks on the first week of October. ON EXPLORATION, In Sonora, Colibri Resources completed a drilling campaign on the “EP” project. ON MINING, Aura Minerals, Gatos Silver, SilverCrest Metals, Endeavour Silver, Torex Gold and First Majestic Silver presented Q3 2023 production results. ON FINANCING, Endeavour Silver executed the credit agreement for up to $120 M for the construction of the Terronera mine in Jalisco. Fortuna Silver announced the repayment of $40 M. Bear Creek Mining announced BMO Capital Markets is not to exercise the over-allotment option on the last financing round. Guanajuato Silver Company completed a C$937 K shares-for-debt transaction. Sierra Metals closed a $16.38 M non-brokered private placement.  ON RESOURCES AND DEVELOPMENT, Kootenay Silver announced an updated mineral resource estimate for its Promontorio-La Negra deposit in Sonora. ON DEALS AND CORPORATE ISSUES, Luca Mining and Starcore International Mines announced directors’ appointments and Starcore its annual general meeting results. ON SOCIAL RESPONSIBILITY, no relevant news.

ON MEXICO ISSUES

• Pan American Silver Corp. announced the commencement of operations at La Colorada mine in Zacatecas on October 16, 2023. Activities were suspended on October 5, 2023, due to security concerns following the armed robbery (no injuries, no casualties) of two concentrate trucks from the operation.

ON EXPLORATION

• Colibri Resource Corp. reported the completion of its phase 3 drilling campaign at selected targets on its 4,766 ha “EP project” in Sonora, with 2,000 m in 17 holes. Areas targeted include West El Sahuaro, an area north of the Main Zone and an area south of the Main Zone. Previous drilling on the El Sahuaro zone has returned up to 15 m @ 2.36 gpt Au, 22 m @ 0.17 gpt Au; 6 m @ 0.626 gpt Au, and 87 m @ 0.13 gpt Au; 86 m @ 0.17 gpt Au (including 10 m @ 0.55 gpt Au); 34.7 m @ 0.28 gpt Au (including 5.65 m @ 1.0 gpt Au); 29 m @ 0.47 gpt Au in the Main Zone.

ON MINING

• Aura Minerals Inc. announced Q3 2023 preliminary results, including figures from its Mexican operations. At Aranzazu, in Zacatecas, 27,933 Oz AuEq were produced, an 11% increase on the previous month.
• Gatos Silver Inc. announced production results for the third quarter 2023. At Cerro Los Gatos, in Chihuahua, 268.3 K tonnes were milled at a daily rate (tpd) of 2,916 tonnes, grading 285 gpt Ag, 3.82% Zn, 1.84% Pb, 0.30 gpt Au, recovering 90.3% Ag, 61.1% Zn, 87.4% Pb, 49.2% Au, to produce 2.22 M Oz Ag, 13.8 M Lb Zn, 9.5 M Lb, Pb, 1,280 Oz Au.
• SilverCrest Metals Inc. provided results for the third quarter 2023 from its Las Chispas mine in Sonora. During the period 83.8 K tonnes were mined, and 114.5 K tonnes milled, at a daily rate of 1,245 tonnes (tpd), averaging 4.35 gpt Au, 413 gpt Ag, recovering 98.3% Au, 98.1% Ag, to produce 15,700 Oz Au, 1.49 M Oz Ag (or 2.74 M Oz AgEq).
• Endeavour Silver Corp. reported third quarter 2023 consolidated production of 1.15 M Oz Ag, 9,089 Oz Au (or 1.9 M Oz AgEq). At Guanaceví, in Durango, 103.3 K tonnes were processed at 1,123 tpd, grading 341 gpt Ag, 1.03 gpt Au, with recoveries of 91.9% Ag, 92.4% Au, to recover 1.04 M Oz Ag, 3,161 Oz Au. At Bolañitos, in Guanajuato, 110.9 K tonnes were processed at 1,206 tpd, grading 37 gpt Ag, 1.89 gpt Au, with recoveries of 82.6% Ag, 87.9% Au, to recover 107.5 K Oz Ag, 5,928 Oz Au. At Guanaceví production was below plan due to a reduction in metal grades and a scheduled maintenance shutdown. At Bolañitos performance remained strong.
• Torex Gold Resources Inc. reported Q3 2023 production from its El Limón Guajes operation in Guerrero. Durning the period 11,153 tonnes per day were mined from the open pit, with 110 K tonnes of waste moved, and 2,321 tonnes mined from underground, with a total of 13,107 tpd processed averaging 2.47 gpt Au, recovering 88.7% Au to produce 85,360 Oz Au. Torex remains on track to reach the annual production guidance of 440,000 to 470,000 Oz Au.
• First Majestic Silver Corp. announced production results for the third quarter 2023 from its three operating mines in Mexico. At San Dimas, in Durango, 213.7 K tonnes were processed at a rate of 2,323 tpd, averaging 237 gpt Ag, 2.71 gpt Au, recovering 95% Ag, 96% Au to produce 1.55 M Oz Ag, 17,863 Oz Au. At Santa Elena, in Sonora, 226.3 K tonnes were processed at a rate of 2,460 tpd, averaging 75 gpt Ag, 4.09 gpt Au, recovering 64% Ag, 95% Au to produce 347.9 K Oz Ag, 28,367 Oz Au. At La Encantada, in Coahuila, 230.2 K tonnes were processed at a rate of 2,503 tpd, averaging 109 gpt Ag, 0.01 gpt Au, recovering 70% Ag, 90% Au to produce 565.7 K Oz Ag, 94 Oz Au. Total consolidated production for the quarter in Mexico was 2,461.9 K Oz Ag, 46,324 Oz Au, or 6.25 M Oz AgEq. Throughout the period twelve rigs were active at San Dimas and four at Santa Elena.

ON FINANCING

• Endeavour Silver Corp. executed the credit agreement for a senior secured debt facility for up to $120 M with ING Capital LLC and ING BANK N.V. for the underground mine and mill at Terronera, in Jalisco. The term of the facility is 8.5 years, including a 2-year grace period during the construction phase, an annual rate of US secured overnight financing rate + 4.50% prior to completion and + 3.75% upon completion. Endeavour is required to enter into a hedging program for 68 K Oz Au over the initial two operating years prior to initial drawdown, while no hedging is required on silver production.
• Fortuna Silver Mines Inc. reported the payment of $40 M of its revolving credit facility at the end of Q3 2023, using cash on hand. After the payment the estimated total net debt is $133 M (San José, Oaxaca).
• Bear Creek Mining Corp. announced that BMO Capital Markets, as underwriter to the previously announced C$9.5 M bought deal financing that closed on October 5, 2023, has notified the company that it has elected not to exercise the over-allotment option related to the Offering (Mercedes, Sonora).
• Guanajuato Silver Company Ltd. announced the completion of its previously announced shares-for-debt transaction totaling C$937 K through the issuance of common shares, including shares issued to one non-arms-length party to settle an indebtedness of C$150 K (El Cubo, Guanajuato).
• Sierra Metals closed a non-brokered private placement for aggregate gross proceeds of $16.38 M (Bolivar, Chihuahua).

ON RESOURCES AND DEVELOPMENT

• Kootenay Silver Inc. announced an updated mineral resource estimate at the Promontorio-La Negra project in Sonora. “The resource estimate is an update of the Promontorio deposit and a maiden mineral resource estimate for the La Negra deposit 7km to the north. The two deposits are part of the Promontorio Mineral Belt and are considered a single project”. Using the base-case scenario with a 25 gpt AgEq cutoff Promontorio has 42.1 M tonnes @ 34.54 gpt Ag, 0.43 gpt Au, 0.49% Pb, 0.57% Zn, containing 46.8 M Oz Ag, 575 K Oz Au, 454.7 M Lb Pb, 527.6 M Lb Zn (or 140.8 M Oz AgEq) in measured and indicated resources and 14.6 M tonnes @ 27.89 gpt Ag, 0.35 gpt Au, 0.42% Pb, 0.45% Zn, containing 13.1 M Oz Ag, 163 K Oz Au, 136.2 M Lb Pb, 143.6 M Lb Zn (or 39.8 M Oz AgEq) in inferred resources. At La Negra the base case scenario assumes a grade of 40 gpt AgEq, with 5.3 M tonnes @ 126.3 gpt Ag, 0.067 gpt Au, containing 22.0 M Oz Ag, 21,450 Oz Au in indicated resources and 1.26 M @ 112.2 gpt Ag, 0.060 gpt Au, containing 4.6 M Oz Ag, 4,540 Oz Au.

ON DEALS AND CORPORATE ISSUES

• Luca Mining Corp. announced the appointment of Chris Richings as vice-president technical (Campo Morado, Guerrero).
• Starcore International Mines Ltd. reported the results of its annual general meeting held on October 12, 2023. All directors were re-elected and approved the appointment of an auditor firm (San Martin, Queretaro).

ON SOCIAL RESPONSIBILITY

• No relevant news.

On the image below Silicified vein ridges under the sun and shade in the Sonoran Desert. Picture by Jorge Cirett.