18th August 2025 Newsletter
Money Movements
Barrick to sell Alturas for US$50M
Barrick Mining (NYSE:B) is to sell its Alturas Au-Ag project in the El Indio Belt to Boroo for US$50M in cash and a 0.5% NSR, which will terminate once 2Moz of Au and AuEq have been produced. Boroo may repurchase the royalty within four years from closing for $10M. Alturas hosts an indicated resource of 58Mt @ 1.16gpt containing 2.2Moz Au and 3.6Moz of inferred resources. The sale price is the equivalent of $22.7/oz of indicated resource, or $8.6/oz for each ounce of the global resource. Boroo is a privately-held investment holding company based in Singapore that owns and operates various production-stage and development-stage assets in Central Asia. B said the sale is part of a continuing process to optimise its asset portfolio and focus on long-life, sustainable tier one Au & Cu operations. “This agreement allows B to exit Alturas at an attractive valuation, while giving Boroo the opportunity to pursue the development of the project. This is another good example of an instance where an asset we own might be better suited in the hands of others while we pursue our priority portfolio of Barrick-managed growth projects,” said president & CEO Mark Bristow.
Guanajuato Silver raised C$18M
GSVR closed a non-brokered private placement of 60M units @ 30c for C$18M. Each unit will comprise one share and half a warrant exercisable @ 45c for three years. Proceeds will be used to add to the company’s underground fleet, to expand and modernize processing facilities at the Topia mine and mill complex, and for exploration at San Ignacio and El Cubo
Soma Gold to raise C$15M
Said its non-brokered private placement of 13M units @ C$1.15 for proceeds of C$15M is fully committed. Each unit consists of one share and half a warrant exercisable @ $2 for three years.
Hot Chili to raise A$14M
Announced a A$14M rights issue on a 2 for 13 basis @ 60c to support the completion of a strategic partnering process and maiden La Verde resource estimate. The partnering process may result in possible transaction.
Pacifica Silver to raise C$10M
Announced a non-brokered private placement financing of up to 20M units @ 50c for proceeds of C$10M). Each unit will consist of one share and half a warrant exercisable @ 80c for three years. Vizsla Silver (TSX:VZSL) and First Majestic Silver (TSX:AG) agreed to participate. Proceeds will be used for exploration and drilling at the Claudia project in Durango.
Santacruz Silver raised US$10M
Santacruz Silver Mining (TSXV:SCZ) completed a second offering of promissory notes for proceeds of 70M Bolivianos (US$10M). The unsecured notes bear 7% interest and mature in June 2026. With the first tranche of 70M Bolivianos closed in February, this issuance brings the total raised to 140M Bolivianos.
Aurania Resources upsized to C$1.5M
Announced a non-brokered private placement financing of up to 12.5M units @ 12c for proceeds of C$1.5M, which was upsized to $1.8M. Each unit will consist of one share and a warrant exercisable @ 25c for two years. Proceeds will be used for exploration and mineral concession fees in Ecuador.
Exploration News
Lithium Argentina (NYSE/TSX:LAR)
Agreed to establish a new JV with Ganfeng Lithium that consolidates Ganfeng’s Pozuelos-Pastos Grandes project with its Pastos Grandes and Sal de la Puna projects in Salta. Upon closing, Ganfeng will hold 67% and LAR 33% with ownership based on resources, capital contributions and technology inputs. The deal, structured on the partnership Ganfeng and LAR used to develop the Cauchari-Olaroz stage one project, combines three contiguous Li brine projects to create a unified development platform targeting up to 150kt/y LCE production in three phases using a hybrid of DLE and solar evaporation to enhance scalability and improve efficiency. A FS is expected to be released by year-end. The partners then plan to apply for inclusion under Argentina’s RIGI investment regime in 2026. Ganfeng will provide LAR with a six-year, US$130M debt facility bearing interest at SOFR plus 2.5%, under which LAR will allocate up to 50% of its offtake from the initial development phase, capped at 6kt/y LCE, to Ganfeng at market prices. “With this transformative step forward, we are increasing our ownership into the Pozuelos basin and aligning our interests around a substantially larger-scale operation. The new JV will provide access to advanced technologies, increased financial flexibility and meaningful operating synergies. It represents an important milestone in our strategy to develop a diversified, scalable and sustainable global lithium supply chain,” said president & CEO Sam Pigott.
Aldebaran Resources (TSXV:ALDE)
Reported the remaining 17 holes from infill drilling at the Altar project in San Juan to upgrade inferred resource blocks to the M&I categories. Highlights included 816.15m @ 0.53% CuEq in hole 57EXT. “With all holes now reported, the next major milestones for Altar are the PEA in 3Q25, the mineral resource update in 4Q25/1Q26, and the PFS in 4Q26,” said CEO John Black.
Argenta Silver (TSXV:AGAG)
Reported the second batch of assay results from ongoing drilling at the El Quevar project in Salta that confirm the presence of multiple high-grade Ag intervals within the Yaxtché deposit. Highlights included 40m @ 1,026g/t Ag in hole 412, including 15m @ 2,246g/t. “From a technical standpoint, the extraordinary tenor of the Yaxtché mineralization highlights the strength and scale of the hydrothermal system that formed El Quevar. The success of the up-dip hole 413, along with the project’s highest-ever assay in hole 412, validates and reinforces our dual strategy: expanding the known resource while aggressively exploring the vast, untested areas of this high-grade system,” said president & CEO Joaquin Marias.
Mogotes Metals (TSXV:MOG)
Announced that integrated processing of Mogotes 2025 and 2023 IP/MT geophysical data has delivered a 3D geophysical model that outlines a series of compelling large-scale anomalies within its Filo Sur project in San Juan, on trend S south of the large BHP/Lundin Filo Del Sol resource. Mogotes is a 1600m by 800m <100 Ohm.m resistivity anomaly. “Our technical team is driving towards an exploration campaign planned to be kicked off in October that will advance these exciting new targets,” said CEO Allen Sabe
Eloro Resources (TSX:ELO)
Announced assays from the first five holes of the restart phase definition program in the predominant domain potential Santa Barbara starter pit area in the Iska Iska Ag-Sn polymetallic project in Potosi for 2,871m. Highlights included 79.5m @ 0.40% Sn in step out hole 78. “The new drill results are significantly expanding on the existing mineralization in the predominant tin domain, further adding to the solid foundation for building the initial open pit mineral resource,” said CEO Tom Larsen.
Atlas Lithium (NASDAQ:ATLX)
Completed a FS for the Neves Li project in Minas Gerais to produce 146kt/y of 5.5% spodumene concentrate for 6.8 years following capital expenditure of US$57.6M. “The combination of our low capital intensity and rapid payback period is expected to create exceptional value for our shareholders,” said chair & CEO Marc Fogassa.
Jaguar Mining (TSX:JAG)
Said drilling at the BA zone in Minas Gerais continues to confirm the presence of high-grade Au mineralization extending at depth. Highlights included 25m @ 12.8g/t Au in hole 1174. “The exceptional intersections returned from the BA zone underscore both the geological and structural coherence of the mineralization. These results affirm a pronounced down-plunge continuity, characteristic of prolific mineralized systems within the Iron Quadrangle, which are known to persist for several kilometers along plunge,” said exploration manager Armando Massucatto.
JAG also received authorization from the National Mining Agency of Brazil (ANM) to proceed with preparatory work at its Turmalina mine in Minas Gerais where operations were suspended in December 2024 following an incident at the Satinoco dry-stacked pile. JAG is finalizing an agreement with the Public Prosecutor’s Office, which includes an independent technical audit to confirm safety at Turmalina, as well as a payment to settle the only remaining public civil lawsuit related to the Satinoco incident. The restart of production is expected in 1Q26.
Aclara Resources (TSX:ARA)
Announced a strategic partnership with Virginia Polytechnic Institute and State University for the operation of its REE separation pilot plant to showcase its solvent extraction technology for producing individual high-purity light and heavy HREEs. The facility is expected to produce over 99.5% pure NdPr, Tb & Dy. “By combining our HREE-rich feedstock and proprietary separation technology with Virginia Tech’s academic excellence, we’re delivering a concrete, integrated, independent and resilient solution to address a critical vulnerability for the US and other countries,” said COO Hugh Broadhurst.
Capstone Copper (TSX:CS)
Sanctioned the Mantoverde sulphide concentrator optimized project for construction to increase its throughput from 32ktpd to 45ktpd, which will provide incremental Cu & Au production of 20kt & 6koz/y, while extending the mine life from 19 to 25 years. The expansionary capital cost is estimated at US$176M. “[The project] represents the next phase of our Mantoverde-Santo Domingo district growth strategy, which aims to expand our world-class mining district in Chile with significant Cu production and very attractive unit costs,” said CEO Cashel Meagher.
Mineros (TSX:MSA)
Will acquire an 80% interest in the La Pepa Au project in the Atacama region from Pan American Silver (TSX:PAAS) for US$40M to consolidate its interest at 100%. La Pepa hosts 2.6Moz in all categories implying a purchase price of $16/oz. “While we remain focused on acquiring producing Au assets or late-stage development assets, we are expanding our strategy to include acquiring earlier-stage projects to enable Mineros to develop a pipeline of growth projects as we mature as a mid-tier Au producer,” said president & CEO David Londoño.
Collective Mining (NYSE/TSX:CNL
Rejected what it said were false and misleading allegations made in a short thesis report published by Morpheus Research. CNL said it has conducted exploration activities on the Guayabales and San Antonio projects in Caldas in full compliance with the Colombian legal framework, and all work has been carried out lawfully. CNL said it disclosed in its AIF, small incomplete cells exist between two of its mining titles within the Apollo system that resulted from the conversion of old irregular claim shapes into square cells measuring 1.24 ha. Incomplete cells cannot be staked by any third party and can only belong to a mineral title holder abutting an incomplete cell, which in this instance is CNL, on all sides. The owners of the Guayabales license, for which CNL accelerated its option agreement to own a 100% interest, requested in 2022 that the Colombian authorities integrate the incomplete cells abutting its mining title into the title. The authorities responded in writing, confirming that the incomplete cells will be incorporated once the mining cadaster’s software is updated to support such integration.
To comply with exploration obligations and to understand all of the technical characteristics of a geological system, CNL said it may be required to locate drilling platforms outside mining title, which it said is permissible under Articles 58 and 166 of the Colombian Mining Code, if the intent is to comply with technical requirements in Articles 78, 79 and 80. These include drilling to understand the geometry of the deposit from suitable attack angles, and other reasons. “The exploration work we are conducting is legal, transparent and aligned with all applicable regulations. The allegations made are without legal merit and reflect a misunderstanding, or misrepresentation, of Colombia’s mining framework. Small gaps within mining titles and incomplete cells are a common issue in Colombia’s mining industry. The authorities are actively addressing the issue with diligence, and we expect that the entire mining sector will benefit from a solution in the near future,” said president Omar Ossma.
Eco Oro Minerals (CSE:EOM)
Filed to annul an arbitration ruling in which no monetary compensation was awarded to the junior after it filed for arbitration over the prohibition of exploration and exploitation in the Santurbán Páramo in Santander, seeking US$700M in compensation. EOM argued a mining ban violated the Canada-Colombia FTA. In 2024, ICSID ruled Colombia doesn’t have to pay for banning Au exploitation in the area to protect biodiversity and water resources, and that the prohibition of mining constituted a legitimate exercise of the country’s regulatory powers, although it ruled that aspects of the ban did breach the minimum standard of treatment under the FTA. To fund the arbitration, EOM announced a $4.5M private placement. ICSID previously declined to make arbitration awards to Red Eagle Exploration and Galway Gold (later Montauk Metals) in similar cases. “EOM disagrees with the tribunal majority’s damages award issued on July 15, 2024, which is internally contradictory and disregards the evidentiary record. The company files this annulment application with firm conviction that the ICSID system offers a critical mechanism to correct precisely the type of errors made by the tribunal here,” said executive chair Courtenay Wolfe.
Aris Mining (TSX:ARIS)
Said Mubadala Investment Company sold its 15.75M shareholding in ARIS to a broad base of institutional investors by way of a block trade through the TSX. “Mubadala’s ARIS shares became free trading in late June, following the one-year hold period after the Soto Norte transaction. With the recent expiry of our exchange-traded warrants and the completion of this block trade, two significant overhangs have been removed,” said CEO Neil Woodyer.
Newmont (NYSE:NEM)
Sold its 9.4% position in Orosur Mining (TSXV:OMI). It sold 29.2M shares @ 19c for C$5.6M for investment purposes. Paradigm Capital is understood to have bought the block for resale. Eric Sprott is believed to have taken some of the stock.
Orosur Mining (TSXV/AIM:OMI)
Reported results from three infill drill holes at its Anzá Au project in Antioquia. Highlights included 104m @ 6.61g/t Au from surface in hole 46. Drilling aims to move the Pepas target to a resource estimate by year end. “The latest results at Pepas continue to impress. While size remains to be defined, the picture of Pepas as a highly lucrative mining proposition is rapidly solidifying. We are increasingly confident that there is a commercially viable opportunity at Pepas,” said CEO Brad George.
Atico Mining (TSXV:ATY)
Produced 2.16Mlb Cu & 2koz Au in 2Q25 from its El Roble mine in Choco. “The El Roble mine performed as expected for this period, showing improvements compared to 1Q25. Production results, increased concentrate sales and strong metal prices should lead to improved financial performance and position during this period,” said CEO Fernando Ganoza, CEO.
Outcrop Silver & Gold (TSXV:OCG)
Reported additional assays from step-out drilling at the Los Mangos vein within the Santa Ana Ag project in Tolima from the recently defined northern high-grade mineralized shoot, 150m N of the historical El 20 mine workings. Intercepts continue to demonstrate strong continuity and grade. Highlights included 2.11m @ 445g/t Ag & 2.14g/t Au in hole 476. Drilling has confirmed the continuity of the Los Mangos vein to depths of nearly 150m. “The northern shoot is evolving into an exciting mineralized zone, and the increasing structural complexity, coupled with intrusive-related controls, is opening new geological opportunities for deeper and lateral expansion,” said VP exploration Guillermo Hernandez.
Quimbaya Gold (CSE:QIM)
Began an inaugural 4,000m diamond drill campaign at its Tahami South project in Antioquia to test multiple zones across a structural corridor interpreted to be a continuation of the Segovia vein system. “We’re the first company to deploy modern exploration on this part of the Segovia trend. Our systematic work, including soil geochemistry, channel and rock sampling, stream sediments sampling and structural modelling, has built a robust case for drill testing,” said CEO Alexandre Boivin.
Lundin Gold (TSX:LUG)
Announced results from conversion and near-mine exploration drilling at its Fruta del Norte Au mine. Conversion drilling at FDN South confirmed the deposit’s continuity and identified additional mineralized zones. Highlights included 9.05m @ 139.53g/t Au in hole 238. LUG said mine engineering studies are underway to integrate the FDNS deposit into the FDN long-term mine plan. “Conversion drilling on FDNS continues to yield some of the highest-grade results to date alongside the discovery of a new mineralized vein that lies outside the existing inferred resource. With significant advances in our engineering studies, we remain on track to integrate a portion of the FDNS mineralization in FDN’s long-term mine plan, just a year since its maiden resource announcement,” said president & CEO Ron Hochstein.
LUG also announced results from near-mine exploration at Trancaloma that confirmed the continuity and expanded the at surface Cu-Au porphyry system. Drilling at Sandia, 4km N of Trancaloma uncovered a new Cu-Au porphyry system with mineralization beginning at surface. Highlights included 667.1m @ 0.32% Cu, 0.12g/t Au, 2.61g/t Ag & 17.21ppm Mo for 0.44% CuEq in hole 290 at Trancaloma, and 730.9m @ 0.28% Cu, 0.06g/t Au, 1.39g/t Ag & 27.79ppm Mo for 0.35% CuEq in hole 298 at Sandia. “The discovery of a new Cu-Au porphyry system at Sandia further defines an emerging and highly prospective porphyry corridor currently delineated as 5km long and adjacent to FDN,” said Hochstein.
Silvercorp Metals (TSX/NYSE-A:SVM)
Said the Constitutional Court delivered a unanimous decision rejecting the final legal challenge against the environmental license for the El Domo mining project, thereby definitively upholding its validity. El Domo is under construction and is the first mining project in Ecuador to have conducted an environmental consultation aligned with standards of the Regional Agreement on Access to Information, Public Participation and Justice in Environmental Matters in Latin America and the Caribbean. SVM said that despite anti-mining groups having failed at every level of Ecuador’s judiciary, they continue to engage in unlawful and disruptive activities aimed at obstructing the lawful development of El Domo.
Mako Mining (TSXV:MKO)
Reported additional results from RC and diamond drilling at the El Golfo area within the El Jicaro concession near its Las Conchitas and San Albino Au deposits. The initial 3,000m RC program has since been expanded to 6,500m of combined RC and diamond drilling. Highlights included 4m @ 27.86g/t Au & 2.1g/t Ag in hole 54. “Since May, follow up holes at El Golfo not only confirm the discovery, but it is starting to define a relatively large footprint that can be measured in hundreds of meters in dip potential with strike trends measured over multiple kilometers,” said CEO Akiba Leisman.
Orla Mining (TSX:OLA)
Provided an update in the recent pit wall event at its Camino Rojo oxide mine in Zacatecas on the north wall on July 23rd. A 50–80m pushback of the north wall is planned, with a redesigned slope. About 9Mt of predominantly oxidized north wall material is expected to be removed, crushed and stacked on the heap leach. No material was lost or sterilized in the pit wall event, but 2025 guidance is impacted. Since the event, ORLA has continued to crush and stack stockpiled material at 20,000tpd to mitigate the short-term impact on production. Guidance was reduced from 110-120koz to 95-105koz from the mine. “While the north wall event at Camino Rojo was a temporary setback, it has reinforced the importance of our pit wall monitoring, technical planning, risk management, and operational discipline,” said president & CEO Jason Simpson.
ORLA also said a 15,000m drilling program focusing on the upper 500m of Zone 22 at Camino Rojo was completed and consistently returned high-grade Au-Ag-Zn mineralization enhancing the potential for resource growth and classification upgrades. ORLA has expanded the program by an additional 5,000m. The infill drill results will support an updated underground resource estimate for and will feed into the planned 2026 PEA. Highlights included 1.4m @ 142g/t AuEq in hole 36D and 9.4, @ 9.8g/t in hole 47B. The drill spacing was tightened to 30-80m within the upper 500m. “The zone 22 infill program has delivered consistent high-grade results, strengthening our resource model and reinforcing zone 22 as key to Camino Rojo’s underground potential,” said VP exploration Sylvain Guerard.
Endeavour Silver (NYSE:EXK)
Said its Terronera Ag-Au mine in Jalisco is advancing well and averaging more than 1800tpd in July. Current milling rates are 1,900-2,000tpd. Since July 16, Ag & Au recoveries have averaged 71% and 67% while processing lower-grade material. Higher-grade material is scheduled for processing soon that is expected to enhance recoveries. As higher recoveries are attained, the focus will shift to increasing the milling rate to sustain the designed throughput of 2,000tpd.
Guanajuato Silver (TSXV:GSVR
Received a general use explosives permit from the Ministry of Defense that allows for restart of development work at its Pinguico Au-Ag epithermal vein in Guanajuato. Drifting along the mineralized San Jose vein structure towards the Pinguico underground stockpile is expected to recommence in 4Q25. “The timely granting of this explosives permit allows underground development to restart at what was once the Guanajuato district’s highest-grade mine. This permit was obtained several months earlier than anticipated,” said chair & CEO James Anderson.
Tocvan Ventures (CSE:TOC)
Received permit approval for the development of a 50,000t pilot mine and heap leach facility at its Gran Pilar Au-Ag project in Sonora to test and optimize extraction methods while generating early cash flow. “This approval, alongside our extensive drilling and trenching permits, positions us to aggressively advance exploration and development while leveraging record-high Au prices to maximize shareholder value,” said CEO Brodie Sutherland.
First Andes Silver (TSXV:FAS)
Said drilling at its Santa Gloria project near Lima intersected multiple additional sulphide-bearing epithermal zones at the San Jorge vein system further supporting the presence of a structurally controlled silver-polymetallic system at depth. Some 1,092m has been drilled in eight holes with assays pending. “The sulphide-bearing breccias intersected in holes 23, 20 & 21 exhibit strong structural control and increasing polymetallic mineralization at depth, with pyrite, galena, and sphalerite all present,” said CEO Colin Smith.
C3 Metals (TSXV:CCCM)
Said ground-based geophysical surveys identified large-scale anomalies coincident with high tenor soil geochemistry on its Khaleesi Cu-Au project. Magnetic, IP and MT anomalies coincide with a Cu-Mo in soil anomaly measuring 1,900m by 650m and a Cu-Zn in soil anomaly measuring 470m by 400m. A maiden 14-hole, 6,000m diamond drill program is to begin in 3Q25. “We now have a robust dataset to optimally target both the porphyry and skarn style Cu mineralization. IP and Mag survey data also confirms large anomalies continue beneath and proximal to an area of glacial till cover where there is no outcropping rock at surface,” said president & CEO Dan Symons.
Founders Metals (TSXV:FDR)
Announced assay results from its ongoing 60,000m drilling campaign at the Antino Au project. The first three deep holes at Upper Antino extended the Au system to 500m vertical depth with highlights including 8m @ 2.25g/t in hole 115. “We’re seeing exciting results on multiple fronts at Upper Antino. Ongoing drilling testing continuity and growth of high-grade domains within Froyo, hit an impressive 46m @ 3.59g/t in hole 120, and we are continuing to see success in our eastward steps toward Donut,” said president & CEO Colin Padget.
Paul Harris
Paul has more than twenty years’ experience in the mining sector in investor relations, communications, research and news reporting roles. Paul has 16 years’ experience in the Colombia gold sector including investor relations roles with Continental Gold, Gran Colombia Gold and Mineros.
Paul founded the successful Colombia Gold Symposium in 2016 and has written for industry leading publication Mining Journal since 2015. Previously, Paul spent five years in Chile reporting and researching the copper sector for CRU and Metal Bulletin. Paul received a BA in Business Administration from the University of the West of England, UK; and a MA in International Relations from the University of Chile, Santiago Chile. He is fluent in English and Spanish.
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