19th December 2025 Latin America Newsletter
19th December 2025 Latin America Newsletter
Featured News
Rio2 buys Condestable Cu-Au mine in Peru
Rio2 (TSX:RIO) is to buy a 99.1% interest in the Condestable mine in Peru from Southern Peaks Mining (private), which is owned by Global Natural Resource Investments, for US$180M, including $80M in cash, $65M in vendor debt financing and $35M in stock. Southern Peaks will also receive total deferred consideration payable in cash or stock of $37M, payable between 2027 and 2030, for total consideration of $217M, implying a transaction enterprise value of $241M, including the assumption of $24M of net debt. Condestable, near Lima, is an underground Cu operation with an 8,400tpd processing plant forecasted to produce 27ktpy CuEq or 80koz/y AuEq in concentrate, with a reserve life of over ten years. RIO arranged a $165M financing package for the transaction, comprising $65M of vendor debt, a $100M (C$120M) bought deal equity financing that was upsized to $120M (C$160M) comprising 74.9M subscription receipts @ C$2.22. RIO also entered into a private placement in Peru, Colombia and Chile with Kallpa Securities for $10M (C$14M) through the sale of up to 6.3M shares
“The acquisition of Condestable marks a major moment in Rio2’s evolution – from gold developer to Latin American diversified producer. With first Au production at Fenix just weeks away, Condestable brings immediate and growing cash flow to support our future growth in Au. Condestable also provides meaningful exposure to Cu at a time when Cu trades at historic lows relative to Au,” said executive chair Alex Black.
Mergers & Acquisitions
Equinox Gold (NYSE-A/TSX:EQX).
China’s CMOC Group is to increase its Latin American gold footprint with a US$1B purchase of the Brazil mines of EQX. CMOC will acquire the Aurizona, RDM and Bahia Complex operations from Equinox, which are its highest cost operations. Equinox had guided production of 250-270koz in 2025 at an all-in sustaining cost of $2,275-2,375/oz. EQX will receive $900M in cash upon closing, and a production-linked contingent cash payment of up to $115M. EQX said it would use the cash to repay a $500M term loan and $300M Sprott loan and reduce its RCF. “The sale of our Brazil operations is a pivotal step to position EQX as a North American-focused Au producer. The proceeds will transform our balance sheet … [with] greatly reduced interest expense and enhance per-share cash flow. The company will have enhanced flexibility to self-fund organic growth and consider capital return initiatives,” said president & CEO Darren Hall.
Fortescue (ASX:FMG)
Is to buy Alta Copper (TSX:ATCU) in a C$138.8M deal in a $1.40 per share cash transaction, at a 50% premium. FMG already owns 35.7% of ATCU. ATCU owns the
Cañariaco Cu project in northern Peru which hosts a M&I resource of 1.1Bt @ 0.39%Cu, 0.06g/t Au & 1.7g/t Ag for a 0.42% CuEq containing 9.3Blb Cu, 2.1Moz Au & 59.4Moz Ag. A 2024 scoping study outlined a 44Mtpy operation costing US$2.2N and producing 134kt/y Cu in concentrate, 61koz/y Au & 1.2Moz/y.
SolGold (LSE:SOLG)
Said Jiangxi Copper made a third and improved offer of £842M to buy it, with a cash bid of 28p per share, up from the 26p bid made earlier in December. The revised bid represents a 42.9% to the 19.6p closing price on 19 November, the last business day prior to Jiangxi’s first approach to SOLG. The SOLG board said it would recommend that shareholders vote in favour of the acquisition should Jiangxi announce its offer in terms that satisfy Rule 2.7 of the UK takeover code. The offer received support from shareholders BHP, Newmont, Maxit Capital and Nicholas Mather. Jiangxi already owns a 12.2% stake.
First Majestic Silver (NYSE/TSX:AG)
Is to sell its past producing Del Toro Ag mine in Zacatecas, Mexico to Sierra Madre Gold & Silver (TSXV:SM) for US$60M in cash and shares, including $30M upfront and $30M in contingent consideration. The transaction is conditional upon SM completing a concurrent private placement financing of at least C$40M.
Bear Creek Mining (TSXV:BCM)
Agreed to sell its non-core Tassa project in southern Peru to private Australian company Colque Holding for US$3.5M over 30 months and a 2% NSR on all minerals produced. Colque may buy back 1% for $2.5M.
Condor Resources (TSXV:CN)
Closed the sale of its Soledad project in Ancash, Peru, to private company Minera Lincuna US$3M.
Aguia Resources (ASX:AGR)
Executed a binding agreement with a consortium of Canadian mining executives and investors for the divestment of the Atocha Ag project in Tolima, Colombia for C$1M and a 25% equity position upon listing or sale of the asset. Atocha was acquired as part of the Andean Mining transaction. AGR will prioritise near-term production at its Tres
Estradas project in Brazil and Santa Barbara Au project in Bolivar, Colombia.
Highlander Silver (TSX:HSLV)
Is to acquire Bear Creek Mining (TSXV:BCM) to add the Corani Ag project in Puno, Peru, one of the largest primary Ag deposits in the world, to its San Luis Au-Ag project. BCM shareholders will receive 0.1175 HSLV shares for each BCM share. HSLV expects to issue 34.5M shares with HSLV to own 82% and BCM 18% of the resulting company. SanLuis hosts indicated resources of 356,000 Au grading 24.4g/t and 8.4Moz silver grading 579g/t. Corani has a 2019 FS to produce 9.6Mozpa Ag from reserves of 229Moz. BCM also owns the Mercedes Au-Ag mine in Sonora, Mexico that produced 40koz Au & 218koz Ag in 2024. HSLV also entered into agreements with Royal Gold (NASFDAQ:RGLD) Equinox Gold (TSX:EQX) to settle BCMs indebtedness. RGLD will receive $6.2M and an incremental 1.75% secured NSR on Corani, and an unsecured 2% NSR on Mercedes. RGLDs existing 1% secured NSR on Corani will remain, such that it will hold a 2.75% secured NSR on Corani. HSLV can buy back a 0.5% NSR for $25M before 2033 or 0.75% for $30M if a final investment decision is made before 2028. EQX will receive $1.6M and a 0.5% unsecured NSR on Corani with HSLV permitted to buy back a 0.167% NSR for $8.3M before 2033. HSLV also has entered into a concurrent subscription agreement with BCM to subscribe for 50M shares @ 36c for proceeds of C$18M to acquire a 14.6% ownership stake. “This transaction … allows us to scale into the emerging structural bull market for silver beyond our bonanza grade San Luis project,” said CEO Daniel Earle.
Finance
First Majestic raised US$350M
First Majestic Silver (NYSE:AG) closed an offering of US$300M aggregate principal amount of 0.125% unsecured convertible senior notes due in 2031 and the concurrent closing of an additional $50M from the full over-allotment option. The initial conversion rate 44.7227 shares per $1,000 principal amount, equivalent to an initial conversion price of $22.36 per share. Proceeds will be used complete the repurchase of $174.7M of its 0.375% convertible senior notes due 2027 for payment of $214.7M.
Rio2 raised C$191M
Closed an upsized bought deal financing of 86.1M subscription receipts @ C$2.22 for $191.1M, which included the full exercise of the over-allotment option. Proceeds will provide cash for the acquisition of the Condestable mine in Peru.
GoldQuest to raise C$30M
GoldQuest Mining (TSXV:GQC) announced a non-brokered private placement of 24.8M units @ C$1.21 for proceeds of $30M, including participation from one of the largest Dominican institutional investors. Each unit comprises one share and half a warrant exercisable @ $1.80 for two years. Proceeds will be used for early development activities at the Romero Au project in Dominican Republic.
Minaurum raised C$25M
Minaurum Gold (TSXV:MGG) completed a best efforts private placement of 69.4M units @ 36c for proceeds of C$25M, including the full agents’ option. Each unit consists of one share and half a warrant exercisable @ 50c for two years. Proceeds will be used for exploration and phase II drilling on the Alamos Ag project in Sonora, Mexico.
Capitan raised C$23M
Capitan Silver (TSXV:CAPT) closed a bought deal private placement of 11.3M shares @ C$2.03 for proceeds of $23M, including full exercise of the underwriters option. Proceeds will fund exploration at the Cruz de Plata Au-Ag project in Mexico.
GR Silver raised C$20M
GR Silver Mining (TSXV:GRSL) closed a private placement of 66.7M units @ 30c for proceeds of C$20M, including full exercise of the over-allotment option. Each unit is comprised of one share and half a warrant exercisable @ 42c for three years. Proceeds will advance the Plomosas Ag project in Mexico.
Aftermath to raise C$15M
Aftermath Silver (TSXV:AAG) entered into a brokered, best-efforts financing if 16.7M shares @ 90c for proceeds of C$15M. Eric Sprott indicated his intention to participate for up to $10M. Proceeds will fund further exploration and development at the Berenguela Ag-Cu-Mn project in southern Peru, and the completion of a PFS.
Silver Viper raised C$14.3M
Silver Viper Minerals (TSXV:VIPR) closed the first tranche of a $17M private placement announced, issuing 17.8M units @ 80c for C$14.3M. Each unit consisted of one share and a warrant exercisable @ $1.20 for two years. Proceeds will fund surface exploration at the La Virginia Au-Ag project in Mexico
Miata raised C$11.5M
Miata Metals (CSE:MMET) closed a best-efforts private placement of 24M shares @ 48c for proceeds of C$11.5M including the full over-allotment option. Proceeds will be used for exploration at its Sela Creek Au project in Suriname.
Norsemont to raise C$10M
Norsemont Mining (CSE:NOM) opened a nonbrokered private placement of unsecured convertible debenture to raise C$10M. Each unit is comprised of one convertible debenture in the principal amount of US$1000 bearing interest at 5.25% per annum and with a conversion price of 86c and 802 warrants exercisable @ $1 for three years. They include a purchase right to buy Au at a fixed price of US$3,000/oz for one year following commercial production. Proceeds will be used for exploration and advancement of the Choquelimpie Au-Ag -Cu project in Chile.
Southern Silver raised C$6M
Southern Silver Exploration (TSXV:SSV) closed a bought deal private placement of 12M shares @ 50c for C$6M, including the full exercise of the over-allotment option. Proceeds will advance the advancement of the Cerro Las Minitas project in Durango.
Sonoro to raise C$4M
Sonoro Gold (TSXV:SGO) announced a non-brokered private placement of 20M @ 20c for proceeds of C$4M. Each unit will be composed of one share and a warrant exercisable @ 28c for three years. Proceeds will be used to advance the Cerro Caliche Au project in Sonora, Mexico.
Exploration News
Lundin Mining (TSX:LUN)
Said its Vicuña JV with BHP applied for the inclusion of the Josemaria and Filo del Sol deposits in San Juan into the RIGI incentive regime for large investments. RIGI offers a competitive investment framework and benefits that enhance project economics for rapid development. It offers regulatory stability, lower taxes, removal of export duties, value added tax offsets and repatriation of revenues. Vicuña project details and economic benefits will be outlined in an integrated technical report expected to be completed in 1Q26.
NGEx Minerals (TSX:NGEX)
Announced results from hole 48, the first of the Phase 4 program at its Lunahuasi Cu-Au-Ag project in San Juan that extended the Saturn Zone by 100m vertically. Highlights included 22.85m @ 4.01% Cu & 11.3g/t Au for a 14.26% CuEq within 126.6m @ 5.09% CuEq. “Intersecting the Saturn Zone about 100m below last season’s hole 46, this new hole confirms our expectations of the size and continuity of the Saturn Zone including its important high-grade Au & Ag component,” said president & CEO Wojtek Wodzicki.
LunR Royalties (TSXV:LUNR)
Received approval to list on the TSXV on December 19 under the ticker LUNR.
LUNR has 70M shares outstanding.
AbraSilver Resource (TSX:ABRA)
Announced assays from three holes from ongoing Phase V exploration at its Diablillos project in Salta. Hole 85 at Oculto East intersected 274m @ 0.6g/t Au including 23m @ 2.83g/t, together with Cu & Mo at depth. “Hole 85 marks an important milestone. The 274m Au interval, coupled with Cu & Mo intercepts at depth, indicates strong potential well beyond the limits of our current oxide resources, and reinforce our view that Oculto forms part of a much larger precious- and base-metal system,” said president & CEO John Miniotis.
Mirasol Resources (TSXV:MRZ)
Completed the sale of its Sascha project in Santa Cruz to Pursuit Minerals (ASX:PUR) for US$1.5M and a 1.5% NSR. Following the commencement of commercial production, PUR may buy back the first 0.75% within two years for $1.5M, and the remaining 0.75% within three years for an additional $4M. MRZ also assigned its purchase option on the Marcelina project to PUR. MRZ will sue the funds to repay a C$2M shareholder loan.
Kobrea Exploration (CSE:KBX)
Said the Senate and the Chamber of Deputies of Mendoza ratified an EIS for an additional 27 exploration projects in the Western Malargüe district and that its projects are now approved for exploration, including drilling. At El Perdido, construction of an access road is ongoing and construction of an exploration camp is underway. “These approvals clearly demonstrate that the provincial government and the people of Mendoza support mining and believe in the economic opportunities that sustainable exploration and development will bring,” said CEO James Hedalen.
KBX also reported airborne magnetometry results at the El Destino porphyry system within Western Malargüe where field are working to bring it to a drill ready status. The system is now to 2.8km by 2km.
Andina Copper (TSXV:ANDC)
Will begin a 3,000m diamond drilling program in January 2026 to test targets generated by surface exploration and geophysics, and extensions of the Piuquenes East Cu-Au porphyry discovery in San Juan. A soil geochemistry program across the full property will be undertaken together with drone magnetics, deep penetrating ground Magnetotellurics and IP geophysical surveys.
Blue Sky Uranium (TSXV:BSK)
Launched a 1,200m diamond drilling program at the Ivana Gateway Ur target in Río Negro to test for mineralisation and/or geochemical vectors related to an N extension to Ivana with a fence of holes spanning 4.3km.
Eloro Resources (TSX:ELO)
Announced assays from the last two drillholes of the second phase definition diamond drilling at its Iska Iska project in Potosi that were in the predominant Sn domain and the predominant Ag-polymetallic domain in the potential Santa Barbara starter pit area. The current phase of phase has concluded with 8,286.4m in 16 holes completed. Highlights included highest Ag interval to date of 72m @ 294.81g/t within a broader interval of 180m @ 164.74g/t hole 93. “The latest drilling demonstrates that there is a much larger endowment of higher-grade Ag-Sn-polymetallic both laterally and at depth, which will likely upgrade and expand the resource estimate for the planned PEA,” said CEO Tom Larsen.
Orvana Minerals (TSX:ORV)
Initiated a phased restart of its Don Mario Au-A-Cu processing plant in Santa Cruz. The restart includes the installation of new circuits for Cu oxide processing, and enhancements to the Au-Ag and detox circuits.
BP Silver (TSXV:BPAG)
Completed Phase 1 diamond drilling at the Cosuño Ag project in Potosí with 11
holes for 906m testing four targets. Initial assays are expected in January 2026.
Meteoric Resources (ASX:MEI)
Produced its first batch of mixed rare earth carbonate (MREC) from the pilot plant at its Caldeira REE project in Minas Gerais. The plant is treating clay ore from Capão Do Mel deposit, with material handling successfully proven throughout the circuit. “It’s great to deliver our first batch of MREC from Caldeira. This places MEI in a small group of global
companies with the ability to independently and consistently produce MREC product,” said MD Stuart Gale.
Jaguar Mining (TSX:JAG)
Submitted technical documentation to the National Mining Agency (ANM) demonstrating compliance with the measures required to resume operations at its MTL Complex. Operations were suspended following a slump at the Satinoco dry-stacked pile (DSP) in December 2024.
Gold Royalty (NYSE-A:GROY)
Agreed to acquire an existing royalty on the Pedra Branca Cu-Au mine from BlackRock World Mining Trust for US$70M in cash. Pedra Branca is owned and operated by BHP (LSE:BHP). The royalty’s terms include a 25% NSR on Au and 2% NSR on Cu. GROY entered into a bought deal of 17.5M shares @ US$4 for proceeds of $70M to pay for it.
Canary Gold (CSE:BRAZ)
Identified a sequence of new Mocururu outcrops, an iron-cemented gravel historically recognized in the area of the Madeira River for hosting Au mineralization in Rondônia. A drilling program is scheduled for early 2026.
Hot Chili (TSXV/ASX:HCH)
Provided a drilling update from its La Verde Cu-Au discovery 30km from its Costa Fuego Cu-Au project in the Atacama region that expanded higher-grade Cu & Au across the eastern flank. Highlights included 47m @ 0.57% Cu & 0.12g/t Au in hole 5D, a 200m tail extension of an earlier RC hole. “The convergence of mineralisation into a single higher-grade core at La Verde, extending from near surface, is a material development,” said MD Christian Easterday.
Tiernan Gold (TSXV:TNGD)
Completed its qualifying transaction for its spinout from Hochschild Mining (LSE:HOC) to advance on the open-pit heap leach Volcan Au project located in the Maricunga district. HOC received C$16.5M following the sale of a part of its holding in TNGD from a concurrent brokered private placement and now has a 69.8% shareholding.
Amerigo Resources (TSX:ARG)
Declared a performance dividend of 5c per share payable on January 15 to bring total 2025 dividends to 18c per share. It has also repurchased 3.97M shares in 2025.
Aclara Resources (TSX:ARA)
Renounced the water rights from its Penco, El Cabrito, Bellavista, and Popen streams located near Concepción in Biobío to reflect its commitment to strengthen its Penco REE project’s sustainability through the use of a 100% recycled water source to be supplied by Concepción water utility Essbio. “Water is a vital resource for both people and our environment, and that is why we have formally renounced all our water appropriation rights. All the technology and innovation efforts implemented by Aclara have gone hand in hand with ongoing dialogue with communities, to whom we have explained in depth our project and the benefits it will bring to the municipality of Penco,” said Chile GM Nelson Donoso.
Norfolk Metals (ASX:NFL)
Released first assays from maiden drilling at its Carmen Cu project in the Atacama region that confirmed the shallow presence of Cu oxide and primary Cu sulphide mineralisation within the Carmen Main area. Highlights included 53m @ 1.1% Cu in hole 30. “We have some very strong results validating the Cu oxide zone within the historical resource area while also showing significant grade tenor and continuity in sulphides, which are starting as shallow as 50m from beneath the oxide surface blanket,” said chair Ben Phillips.
Mineros (TSX:MSA)
Launched a work program to advance the La Pepa Au project in the Maricunga region with the appointment of Rafael Casas Plata as project manager. La Pepa hosts about 2.5Moz in all categories. 2026 work will include environmental baseline studies, geophysical surveys and infill and step-out drilling.
Collective Mining (NYSE/TSX:CNL)
Announced assays for seven diamond drill holes that expanded the Apollo system N by an additional 450m through multiple broad intercepts representing a new hanging wall vein zone at its Guayabales Au-Cu project in Caldas. Directional drilling from outside the breccia-hosted Apollo unexpectedly intersected thick zones of strongly mineralized gold-rich sheeted veinlets. Highlights included 61.3m @ 1.78g/t AuEq in hole 140D. Step-out drilling also expanded the breccia mineralization by 250m vertically and 55m laterally including 91.15m @ 2.31g/t in hole D2. “It’s time to reframe our view of Apollo—not merely as a mineralized breccia system, but as a much larger entity encompassing the breccia body and surrounding sheeted vein zones with the potential to extend strike lengths by hundreds of meters. Most exciting is the serendipitous discovery of mineralization in the Hanging Wall Vein Zone during directional drilling of mother holes,” said executive chair Ari Sussman.
CNL also expanded Ramp zone with its highest grade intercept ever at of 24.8m @ 29.42g/t Au within 63.9 @ 13.46g/t in hole D2, the deepest and most NE hole drilled to date that increased the mineralized envelope to 315m along strike by 300m vertically. “This intercept not only marks the highest-grade Au interval ever drilled at Ramp but also demonstrates remarkable continuity of mineralization across the interval. … We are increasingly confident that Ramp will be a major value driver as we ramp up expansion drilling aggressively into 2026,” said Sussman.
Copper Giant Resources (TSXV:CGNT)
Reported assays from hole 52 that expanded porphyry-related high-grade mineralized zone at depth and S toward the Estrella zone at the Mocoa Cu-Mo project in Putumayo. This intercept provided better constraints on Cu–Mo grade distribution and confirms that this high-grade zone remains open laterally and at depth. It extended the third high-grade zone by 250m along and intercepted 208m @ 0.47% Cu & 0.04% Mo for a 0.68% CuEq. “These results demonstrate strong continuity of mineralization and meaningful potential for future resource growth within this multi-phase system,” said VP exploration Edwin Naranjo.
Soma Gold (TSXV:SOMA)
Announced drill results from the Cordero Viejo Zone 250m S of the Cordero Au deposit in Antioquia. 19 diamond drill holes from surface were completed for 5,587m to infill historical drilling and to determine the dip and strike extent of the Cordero Viejo vein system. Highlights included 1.35m @ 9.4g/t in hole 13. “The 2025 drill plan incorporated what we have learned about vein geometry and orientation patterns in the Cordero deposit and successfully delineated new veins down dip of the historical workings,” said VP exploration Chris Buchanan.
Orosur Mining (TSXV/AIM:OMI)
Reported assays for five holes from the Pepas Au resource drilling program in Antioquia, with a highlight of 83.7m @ 4.29g/t from surface in hole 67. OMI said its external geological and resource consultants recommend extending the resource estimate drill-out program, with several additional holes within and outside the Pepas deposit to better define the boundaries of the deposit envelope.
Antilles Gold (ASX:AAU)
Began construction of the Nueva Sabana Cu-Au mine with site works being undertaken by 50%-owned JV company, Minera La Victoria. Xinhai Mining is undertaking the EPC contract and is progressing the detailed engineering for the Concentrator. Xinhai committed to commission the mine before the end of 2026. The siteworks plus project management and administration costs will be funded by a US$5M loan from AAU to MLV. A $17.1M credit facility will be provided by Xinhai Mining. MLV intends to enter into Au loans for $5M with two Asian funds and Au loan of $3M from an Australian group. “Despite funding hurdles, mine construction is now underway in less than two years from when the concession was acquired and the project can benefit from the record high prevailing Au & Cu prices,” said chair Brian Johnson.
Antilles Gold (ASX:AAU)
Said the voluntary liquidation of its former subsidiary, EnviroGold is nearing completion.
The liquidator said all equipment from the Las Lagunas tailings project has been either sold or scrapped, site rehabilitation has been completed, staff have been paid out in full, and a settlement agreement has been signed with the Minister for Energy and Mines in the Dominican Republic. The liquidator received A$4.2M from EnviroGold’s net entitlement under an Arbitration Award.
Lundin Gold (TSX:LUG)
Announce 2026 guidance and three-year outlook for its owned Fruta del Norte Au mine in Ecuador. LUG is targeting 475-525oz of production at an AISC of $1,110-1,170/oz. It will invest $75-90M in sustaining capital, with an investment decision expected in 1H26 on the development of FDNS, as well as evaluating opportunities to expand the mine and mill capacity beyond 5,500tpd with an investment decision expected in 2H26. It is launching an $85M exploration campaign, with 133,000m of drilling planned. It will pay a 30c per share quarterly dividend and a variable dividend based of at least 50% of FCFC. “With increased throughput to 5,500tpd, sustained free cash flow generation, and the largest exploration program in our history, we are positioning the company for long-term growth,” said president & CEO Jamie Beck.
Aura Minerals (NASDAQ:AUGO)
Announced a FS for the Era Dorada project that was previously known as Cerro Blanco, for an underground Au mine with anticipated production of 111koz GEO for the first four years of a 16.8-year life. AUGO acquired the project with Bluestone Resources in January 2025. The project hosts indicated resources of 2.46Mt @ 6.61g/t AuEq for 523koz, with reserves of 8.75Mt @ 6.23g/t, containing 1.75Moz. initial capex is estimated at US$382M with an after-tax NPV of $1.3B, IRR of 35.6% and a 2.82-year payback using a $ 3,177/oz Au price. “We are working closely with local authorities and government agencies to advance Era Dorada consistent with applicable environmental and social standards,” said president & CEO Rodrigo Barbosa.
G Mining Ventures (TSX:GMIN)
Said the Guyana Geology and Mines Commission granted a Mining License for the Oko West Au project that is valid for 20 years. This is the final major permitting milestone for the project and completes the main regulatory requirements necessary for full construction. Pre-production open-pit mining is due to commence in 1Q26, with assembly of the initial mining equipment fleet already underway. “Securing the Mining License reflects not only the technical robustness of Oko West but also the collaborative relationships we have established with Guyanese authorities, communities, and partners,” said president & CEO Louis-Pierre Gignac.
Omai Gold Mines (TSXV:OMG)
Announced assay results from drilling at its Omai Au project where significant mineralization was intersected in central Wenot, with a highlight of 13.3m @ 13.54g/t Au in hole 145W, and in a new high-grade zone at East Wenot with 14.7m @ 11.07g/t in hole 142. A total of 79 holes for 35,300m have been completed on Omai in 2025. An updated resource is planned for early 2026, in advance of an updated PEA expected in 1H26. “We are excited to see a very significant new zone at the E end of Wenot, where there has been limited drilling in the past. … We greatly accelerated drilling this year at Omai and set a goal of completing an additional 10,000m of drilling on Wenot prior to year end and are pleased to announce that we have already exceeded this goal,” said president & CEO Elaine Ellingham.
OMG also announced assays from the second hole drilled at Gilt Creek where hole 122w reached more than 2km and hit 708m @ 1.06g/t, including multiple higher grade intervals, that showed that the Wenot shear host seven Au zones. “These assay results from the upper part of the 2,014m long hole show the robust and continuous nature of the Au-mineralized regime within the Gilt Creek quartz-diorite intrusive stock,” said Ellingham.
G2 Goldfields (TSX:GTWO)
Issued a PEA for an underground and open pit operation at its Oko Au project in Guyana. The project would produce an average of 228koz/y 14 years at an AISC of US$1191/oz.
It would yield an after-tax NPV5 of US$2.6B, an IRR of 39% with a 2.6-year payback at a $3,000/oz Au price following a $664M initial capital investment. These improve to $4.2B, 54% and 2.1 years at $4000/oz. The project would exploit an indicated resource estimated at 15.6Mt @ 3.24gpt containing 1.6Moz, with an additional 1.9Moz in inferred resources. “This PEA places Oko firmly within one of the most attractive development projects globally. … We will be aggressively moving Oko to FS and construction as we continue to explore this emerging gold mining district,” said CEO Daniel Noone.
Silverco Mining (TSXV:SICO)
Announced an updated resource estimate for its Cusi Ag project in Chihuahua with a M&I resources of 4.89Mt @ 262g/ AgEq containing 41.2Moz, and 31.8Moz in inferred resources. SICO said the San Miguel vein system emerged as a significant growth driver, contributing 10.8Moz indicated and 16.2Moz inferred. The updated model utilizes a tighter search radius for inferred, reduced from 200m to 100m and an increased cut-off grade from 95g/t to 120g/t. Compared with the historical 2020 estimate, there is a
28% increase in M&I resources, net of depletion, 22% increase in M&I grade and 9% increase in M&I tonnes. “Our technical team has focused on quality over quantity, delivering a robust resource model that reduces internal waste and tightens estimation parameters to better reflect the potential of the deposit,” said CEO Mark Ayranto.
Heliostar Metals (TSXV:HSTR)
Announced an updated PFS for its Cerro del Gallo project in Guanajuato for an open pit, heap leach mine and SART plant, to produce 85koz/y AuEq for 15.3 years at a co-product AISC of US$1,390/oz following initial capex of $195.3M. The project would yield a base case after-tax NPV5 of $424M, 33.1% IRR and 2.3-year payback at a $2,300/oz Au price. At $3900/oz, these improve to $972M, 59.3% and 1.4 years. Cerro del Gallo hosts an indicated resource of 240Mt @ 0.38g/t Au, 13.78g/t Ag & 0.1% Cu for a 0.63g/t AuEq containing 4.9Moz GEOs. “This study confirms Cerro del Gallo as an important development project in the HSTR portfolio, and the company plans to continue technical work, permitting and community engagement to advance the project to FS level,” said CEO Charles Funk.
HSTR also restarted mining, crushing and conveying and stacking of ore onto the leach pad at San Agustin in Durango as it aims to produce 45koz/y. “Mining the current reserve … is expected to generate US$40M in cash flow at a $3,000 Au price. A 10,000-15,000m drill program is focused on finding potential extensions of the orebody that may support an increase in mine life,” said Funk.
McEwen (NYSE/TSX:MUX)
Said the extension of the EIA for its El Gallo Au mine was granted which will allow it to begin phase 1 mill construction, with first Au pour mid-2027. MUX has started work on Phase 2 to produce from the project’s in-situ Ag deposits that could extend the life of El Gallo beyond the initial 10 years contemplated under Phase 1. Phase 1 is expected to produce 20koz/y AuEq from reprocessing material from the historical leach pad. Remaining capital costs to complete construction are estimated at US$25M. Historical M&I Ag resources total 53.1Moz and 31Moz in inferred.
First Majestic Silver (NYSE/TSX:AG)
Announced the start of preliminary mine planning studies for the Navidad and Santo Niño discoveries at its Santa Elena Ag-Au mine in Sonora beyond the 2024 inferred resources. Also, drilling in the Luna Zone E of the producing Ermitaño deposit infilled portions of the 2024 inferred Santa Elena resource, and will support the conversion to indicated resources when AG declares reserves and resources at the end of 2025. At Navidad and Santo Niño, AG conducting internal scoping-level studies to assess potential underground mining scenarios.
Coeur Mining (NYSE:CDE)
Provided an update on exploration at its Palmarejo Au-Ag complex in Chihuahua, its largest exploration campaign since 2012 with 68,000m of diamond drilling that identified numerous resource growth opportunities that represent mine life extension possibilities. Near-mine expansion drilling extended multiple vein systems along the Hidalgo Corridor with the Hidalgo, Libertad and San Juan veins extended along strike by 500m, 300m and 150m. Highlights included 2.5m @ 10.6g/t Au & 677g/t Ag in hole 209 at Hidalgo. “Following a 75% increase in Palmarejo’s inferred resources last year, our 2025 program has generated additional discoveries and leaves the operation well positioned for further mine life extensions,” said chair, president & CEO Mitchell Krebs.
Vizsla Silver (NYSE/TSX:VZLA)
Agreed to buy ten claims comprising 2,378Ha along the Panuco–San Dimas corridor, including 1,734Ha adjacent to its Panuco Ag project in Sinaloa from Fresnillo (LSE:FRES) for US$2M in cash and $4M in stock. “The strategic claims host past production along a trend of known mineralized structures, several of which are included in the recently announced Panuco FS,” said president & CEO Michael Konnert.
Pacifica Silver (CSE:PSIL)
Reported assays from the first 10 of 29 holes completed in a Phase I, 8,000m drill program at its Claudia Ag-Au project in Durango. Highlights included 6.35m @ 2.94g/t Au & 313g/t Ag in hole 39D. Drilling extended high-grade mineralization along the main Aguilareña vein system by more than 300m N of historical underground workings. Drilling at the Guadalupana vein down-dip from historical drill holes has intersected wider vein intervals which include hydrothermal breccia facies. “We are thrilled to hit outstanding Ag grades at the outset of our maiden drill campaign at Claudia,” said CEO Todd Anthony.
Capitan Silver (TSXV:CAPT)
Completed an updated resource estimate for the Capitan Hill oxide Au deposit at its Cruz de Plata Ag-Au project in Durango, with an inferred resources of 39.8Mt @ 0.41g/t Au for 525koz, a 115% increase compared to the previous resource. “While Ag remains our primary focus and the strongest driver of value at Cruz de Plata, the updated in-pit constrained Au resource at Capitan Hill adds real strength to the project,” said CEO Alberto Orozco.
Impact Silver (TSXV:IPT)
Announced results from underground drilling in the Santo Domingo Zone at its Plomosas Zn (Pb-Ag) mine in Chihuahua. Highlights included 4.95m @ 18.83% ZnEq including 1.33m @ 25.57% ZnEq in hole 2512. “Drilling on the Santo Domingo Zone continues to return exceptional high-grade results extending the zone NE. The location of these new intersections on extensions of current active mine workings allows for rapid and low-cost access and mine development,” said president & CEO Frederick Davidson.
Minaurum Gold (TSXV:MGG)
Announced plans to expand Phase II resource-expansion drilling at the Alamos Ag project in Sonora from 25,000m to 50,000m that will continue to focus on infill and step-out results from the phase I drilling with 263 drill pads permitted. The program will include step-out holes at the Europa and Travesia Ag shoots.
Mithril Silver and Gold (TSXV:MSG)
Executed a purchase option to acquire the La Dura Au-Ag property near its Copalquin property in Durango. La Dura consists of five contiguous mining concessions for 2,052ha. MSG has an option to purchase a 100% interest over four years by paying US$4M.
Colibri Resource (TSXV:CBI)
Began RC drilling at its EP Au project in Sonora.
Pinnacle Silver and Gold (TSXV:PINN)
Prepared an inaugural underground drilling program for the El Potrero Au-Ag project in Durango of 2,600m in 112 holes.
Metals Exploration (AIM:MTL)
Provided an update on development and construction progress at its La India Au project where development remains ahead of schedule at 24% complete at the end of
November compared to the 20% forecast. The processing plant throughput capacity design has been upgraded to 1.8Mtpy from 1.4Mtpy in anticipation of future growth opportunities. Bulk earthworks for the processing plant and technical services area are
Complete, and pre-stripping of the open pit mining area is on schedule, at 17% complete. The ROM pad is complete and the ore stockpiling has commenced. “We are extremely pleased with the continued momentum at La India, where development and construction activities are progressing on or ahead of schedule. Major earthworks have been completed, key infrastructure is taking shape, and concrete foundations are well advanced in the crushing, grinding and CIL tank areas. These achievements give us increasing confidence in delivering first Au during 4Q26.” Said CEO Darren Bowden.
Aftermath Silver (TSXV:AAG)
Announce a resource estimate for the Berenguela Ag-Cu-Mn deposit in Puno. About 90% of the 2024/2025 drilling took place within the limits of the historical resource and
converted a significant tonnage from inferred to M&I. Combined M&I resources increased by 11.37Mt or 28.3% to 51.55Mt grading 73.9g/t Ag, 5.69% Mn, 0.63% Cu & 0.33% Zn containing 122.5Moz Ag (up 21%), 2.93Mt Mn, 717.1Mlb Cu & 372.4Mlb Zn. “We were very pleased to see that the M&I grades for Ag, Cu & Mn held up well with minimal drop-off as we defined areas of the mineralization near the margins of the resource. … Our team is now focused on expediting the development and engineering work at Berenguela,” said president Ralph Rushton.
AAG also began a 4,000m follow-up diamond drill campaign and 2,000m of RC drilling at Berenguela. Drilling also began at its Challacollo Ag-Au project in Region 1 in Chile, where 1,000-2,000m of core drilling is planned. “At Challocollo, we’re focused on investigating the potential to expand the current resource. At Berenguela, our objective is to follow up on the high Cu grades on the E side of the resource and to infill the most likely location of initial mining operations,” said president & CEO Ralph Rushton.
PPX Mining (TSXV:PPX)
Closed a strategic transaction with Glencore (LSE:GLEN) under which GLEN subscribed for 84.1M PPX units @ 23.7c for proceeds of C$19.9M, with each unit consisting of one share and a warrant exercisable @ 28.9c for three years. This resulted in GLEN owning 9.99% of PPX. A minimum of 75% of the funds will be applied to exploration, permitting, environmental programs, community relations, and ongoing development of the Igor project in La Libertad, Peru. GLEN entered into a life-of-mine offtake agreement that grants it the exclusive right to purchase 100% of the precious-metals concentrate produced from Igor or processed through the Igor plant.
C3 Metals (TSXV:CCCM)
Announced assays from the first hole ever drilled at its Khaleesi Cu project with a Peru intercept of 269m @ 0.30%, including 60.4m @ 0.41%. CCCM is drilling a minimum 6,000m. “Based on size and strength of the alteration, mineralization, geophysical footprints, and the geology we are seeing in drilling, Khaleesi clearly demonstrates the potential for a large Cu system. Cu grades in this first hole are consistent with mine grades in the district,” said president & CEO Dan Symons.
DLP Resources (TSXV:DLP)
Announced assays for two drill holes on the Aurora porphyry Cu-Mo-Ag project in Calca.
Highlights included 260.5m @ 1.02% CuEq in hole 26. “Hole 26 and 27 were successful in infilling and extending mineralization to the SE. With the drill program now complete we will now be able to update the resource estimate,” said president & CEO Ian Gendall.
American Lithium (TSXV:LI)
Is to spin-out its Macusani Ur project in Peru while working on an updated resource estimate and PEA for 1Q26. “By transitioning the project into a stand-alone Ur company, we believe this will provide our shareholders with exceptional leverage to the emerging Ur bull market,” said interim CEO Alex Tsakumis.
Hannan Metals (TSXV:HAN)
Announced prospecting results from the Previsto prospect at its Valiente project where channel sampling confirmed continuous Au mineralization across a 1.2km. Highlights included 10.5m @ 0.5g/t.
Palamina (TSXV:PA)
Acquired mineral rights to the Esperanza concession covering a 60.75ha in the Santa Lucia district, adjacent to Aftermath Silver’s (TSXV:AMM) Berenguela Ag-CuMn project. Prior to acquiring Esperanza, PA concluded a remote sensing study over the Santa Lucia district to better understand regional geology. “PA has increased its land position in the Santa Lucia district by over 1,460ha through staking and acquisition. Roughly half of the surface area at Esperanza exhibits the same geology and Cu-Mn mineralization found at surface at Berenguela,” said president Andrew Thomson.
Miata Metals (CSE:MMET)
Announced further drill results from the Jons Trend Zone at its Sela Creek Au project that confirm Au mineralization across a 750m by 250m corridor to a depth of 200m. A 500m step-out more than doubled the known mineralized footprint. Reprocessing of geophysical data indicates the main structures at Sela Creek continue to a depth of 1.5km. Highlights included 54m @ 1.04g/t Au in hole 43. “With all drill holes at Jons Trend across a 750 by 250m corridor returning mineralized intercepts, Jons Trend is rapidly emerging as the first major zone of mineralization on the project,” said CEO Dr Jacob Verbaas.
MMET also announced the arrival of an additional drill rig at Sela Creek to enable a 25,000m drill program in 2026. In 2025, the company drilled 10,061m in 59 holes. 2026 drilling will be 50% focused on Jons Trend and 50% on discovery targets, including Puma East, Big Berg and Puma West.
Founders Metals (TSXV:FDR)
Announced assays from ongoing drilling at the Antino Au project that included the first phase of drilling at the Parbo target and follow-up drilling at the Da Vinci and Maria Geralda targets. At Parbo, drilling outlined broad, intrusion-hosted Au mineralization with internal high-grade shear zones, highlighted by 72m @ 1.01g/tin hole 3. At Da Vinci, step-outs continue to extend the shear-hosted Au mineralization, including 19.5m @ 2.31g/t in hole 16. At Maria Geralda, drilling expanded mineralization 400m SE of the initial discovery, including 53m @ 0.41g/t Au in hole 6. “Parbo, in particular, is shaping up as a significant intrusion-hosted target with multiple shear zones that remain open in all directions,” 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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