23rd January 2026 Latin America Newsletter
23rd January 2026 Latin America Newsletter
Mergers & Acquisitions
Guanajuato Silver (TSXV:GSVR)
Closed the acquisition of the Bolanitos Au-Ag mine in Guanajuato from Endeavour Silver (TSX:EDR), its fifth producing mine, for up to US$50M. The 1,600tpd Bolanitos flotation plant is under-utilized and has capacity for increased throughput and production. “With the prompt closing of the acquisition, GSVR shareholders can now look forward to almost a full calendar year of precious metals production from the Bolanitos mine,” said chair & CEO James Anderson.
Finance
Bravo raised C$86.3M
Bravo Mining (TSXV:BRVO) closed a brokered private placement of 19.6M shares @ C$4.40 for proceeds of $86.3M, including the full exercise of the over-allotment option. Proceeds will be used on the Luanga PGM+Au+Ni project in the Carajás region of Para.
Andean C$83.1M secondary offering
Andean Precious Metals (TSX:APM) agreed a secondary offering bought deal with PMB Partners, an entity owned and controlled by APM founder, executive chair & CEO Alberto Morales, to sell 7.9M shares @ C$10.50 for proceeds of $83.1M to PMB. APM will not receive any proceeds from the secondary offering. Morales will remain APMs largest shareholder.
ATEX could raise C$52.6M with warrant acceleration
ATEX Resources (TSXV:ATX) accelerated expiry of 21.1M warrants issued in November 2024 exercisable @ C$2.50. If all warrants are exercised, ATEX will receive $52.6M.
Kuya raised C$25.5M
Kuya Silver (CSE:KUYA) closed a best-efforts private placement of 25.5M units @ C$1 for proceeds of $25.5M. Each unit consisted of one share half a warrant exercisable @ $1.30 for three years. Proceeds will advance the Bethania project in Peru.
King Copper raised C$15M
King Copper Discovery (TSXV:KCP) closed a non-brokered private placement of 25M units @ 60c for proceeds of C$15M. Each unit consists of one share and a warrant exercisable @ 98c for two years. Proceeds will be used to evaluate Cu exploration and development opportunities and the Colquemayo project in Moquegua, Peru.
Kootenay to raise C$10M
Kootenay Silver (TSXV:KTN) entered a bought deal of 4.4M shares @ C$2.25 for proceeds of $10M. Proceeds will be used to advance the Columba and La Cigarra Ag projects in Mexico.
Pacific to raise C$10M
Pacifica Silver (CSE:PISL) entered a brokered private placement of 6.9M shares @ C$1.45 for proceeds of $10M. Proceeds will advance exploration and drilling at the Claudia project in Durango, Mexico.
Lavras to raise C$10M
Lavras Gold (TSXV:LGC) entered into a bought deal of 2.9M shares @ C$3.40 for proceeds of $10M. Proceeds will be used for project development, exploration, and resource drilling at its LDS Au project in Rio Grande do Sul, Brazil.
Exploration News
Argenta Silver (TSXV:AGAG)
Announced initial assays from its 2025–2026 summer diamond drilling campaign at the El Quevar project in Salta that confirm high-grade Ag intervals within the Yaxtché deposit, highlighted by 20m @ 246g/t. AGAG identified a Au-Cu mineralized zone at the newly discovered Carmen target, with an intercept of 44m @ 0.57g/t Au & 0.58% Cu. “Intersecting 20m @ 246g/t in a previously undrilled gap reinforces the robustness of the existing resource model, while the discovery of a new Au-Cu system at Carmen highlights the scale and multi-commodity upside of the project,” said president & CEO Joaquin Marias.
NOA Lithium Brines (TSXV:NOAL)
Is to start activities for the hydrogeological model of the Rio Grande salar to support the Rio Grande Li PFS that is planned to be completed before year end. This includes the preparation of a basin water balance report, a foundational engineering report that quantifies inflows, outflows, and storage changes of water within the project site.
Orvana Minerals (TSX:ORV)
Provided an update on the oxides stockpile project at its Don Mario operation that involves a plant expansion to treat ore stockpiled from previous mining activity. The expansion consists of a plant expansion, including new circuits for Cu oxides’ acid leaching, filtering, solvent extraction and electro-winning to produce Cu cathodes; and Au-Ag and Detox circuits’ enhancement; an overhaul of existing comminution and thickening circuits; and business-readiness initiatives, including upgrades to power generation, chemical and metallurgical laboratories.
Subject to the completion of detailed works in the Au-Ag circuit, legacy ore from Las Tojas is expected to be processed beginning in February into mid-March 2026, and the Company expects initial doré production to commence in February 2026. The Cu circuit is anticipated to be completed by mid-March.
Santacruz Silver Mining (NASDAQ:SCZM)
Began trading on the Nasdaq under the ticker SCZM. Its shares continue to trade on the TSXV under the ticker SCZ.
Lara Exploration (TSXV:LRA)
Said surface work, core relogging and resampling undertaken show potential to extend the Planalto resource along strike from the Silica Cap deposit for 3km within the enlarged license block at its recently acquired Atlantica exploration license, contiguous to its Planalto project in the Carajás district of Para.
Largo (TSX:LGO)
Signed a definitive agreement for the sale of up to 4.5Mt of iron ore calcine material stockpile at its Maracás Menchen V mine in Bahia with expected cash proceeds of US$56M.
Meridian Mining (TSX:MNO)
Announced separate resource estimates for the Cabaçal and Santa Helena Central deposits in Mato Grosso. The Cabaçal Au-Cu-Ag project is at an advanced permitting stage and advancing to FS in 4Q26. Cabaçal’s M&I resource is now 70.1Mt @ 0.6g/t Au, 0.3% Cu & 1.3g/t Ag for 1.3Moz Au, 500klb Cu & 3Moz Ag. The maiden M&I open-pittable resource for the Santa Helena Central Au-Cu-Ag-Zn-Pb project is 5.3Mt @ 0.6g/t Au, 0.4% Cu, 15.5g/t Ag, 1.9% Zn & 0.4% Pb for 95.8Koz Au, 50.4Mlbs Cu, 2.6Moz Ag, 217.4Mlb Zn & 49.9Mlb Pb. MNO also reported an increase in granted mineral rights that more than doubled its exploration area. “We can now look to further near-term growth from additional resource and exploration drilling knowing that we are already well on our way to developing these two resource hubs,” said CEO Gilbert Clark.
Brazilian Nickel (private)
Signed a non-binding agreement with Westwin Elements to supply 10,000tpy of Ni as high-grade mixed hydroxide precipitate (MHP) and up to 400tpy of cobalt from its Piauí laterite heap leaching project in Brazil. Westwin would then refine the MHP into class 1 Ni powder and briquettes for the US market.
Cabral Gold (TSXV:CBR)
Appointed Jon Gilligan as non-executive chair. Gilligan holds a PhD in economic geology and is currently president & CEO of Liberty Gold (TSXV:LGD).
Los Andes Copper (TSXV:LA)
Said its CEO, Santiago Montt, has been appointed as Minister of Mines for the incoming government of President Jose Antonio Kast. Chief geologist Antony Amberg has been appointed as interim CEO.
Capstone Copper (TSX:CS)
Said mediation with Union #2 at the Mantoverde Cu mine, which represents 22% of the total workforce or 50% of employees, ended without an agreement and the workers commenced strike action effective January 2. Mantoverde continues to operate since the initiation of the strike, with Cu production maintained at about 75% of normal levels. Critical works continue to be executed at Mantoverde to protect onsite personnel, the operation and the environment. CS expects to continue operations at 50-75% of normal production. CS will comply with all applicable legal processes, encourage constructive engagement with the union, and cooperate fully with the relevant authorities.
Hot Chili (TSX/ASX:HCH)
Reported drilling results from its La Verde Cu-Au discovery 30km from its Costa Fuego Cu-Au project in the Atacama region that confirmed the expansion of La Verde’s high‑grade core. Highlights included 495m @ 0.38% Cu & 0.1g/t Au in RC hole 33 from 3m depth, a 102m downhole extension to the hole it twinned. “The reporting of wide, near-surface, Cu-Au intercepts from a new major discovery underscores the strategic significance of La Verde to HCH. … These La Verde drill results further amplify HCHs leverage to rising commodity prices,” said MD Christian Easterday.
Nobel Resources (TSXV:NBLC)
Began diamond drilling at the Cuprita Cu project within the Paleocene porphyry Cu belt.
Tiger Gold (TSXV:TIGR)
Reported assays from the first two holes of a 10,000m drilling programme at the Tesorito deposit of its Quinchía Au project in Risaralda. Highlights included 139.6m @ 0.9g/t Au in hole 68 from 80cm. The holes targeted the shallow eastern limits of the Tesorito block model. “Hole 68 returned higher-than-modelled grades in a sparsely drilled zone near the end of the hole, supporting our view that the deposit has meaningful growth potential in terms of both grade and scale,” said president & CEO Robert Vallis.
Outcrop Silver & Gold (TSX:OCG)
Reported additional results from ongoing delineation and resource definition drilling at the Aguilar vein at its Santa Ana Ag project in Tolima. Highlights included 3.28m @ 214g/t Ag & 0.64g/t Au for a 271g/t AgEq in hole 549. “The results from Aguilar continue to demonstrate the strength and continuity of the vein system and grades along a significant strike length, reinforcing the importance of this corridor in the upcoming resource update,” said VP exploration Guillermo Hernandez.
Collective Mining (NYSE/TSX:CNL)
Announced assays for four diamond drill holes targeting the high-grade, outcropping W-rich zone at the summit of the Apollo system at its Guayabales Au-Cu project in Caldas, Colombia. Highlights included 111.15m @ 4.63g/t Au, 0.17% WO3, 14g/t Ag & 0.11% Cu for a 5.48g/t AuEq from 2m in hole 154. All four holes intercepted higher Au & W grades than those observed within the internal block model, which should positively impact the upcoming maiden resource estimate scheduled for early 2027. “The impressive intercepts, including standout high-grade zones with visible scheelite (W) and Au in some pending assay results, underscore the system’s potential to deliver substantial value in both precious and critical metals,” said executive chair Ari Sussman.
CNL also appointed Carlos Andrés Santos as EVP. Santos holds a degree in economics from Universidad Externado de Colombia and has completed postgraduate studies in international economics. He brings more than two decades of senior leadership experience, most recently as CEO of Americas Business Services at Holcim / Amrize.
Antilles Gold (ASX:AAU)
Said 50% JV partner, Minera La Victoria (MLV), which is developing the Nueva Sabana Cu-Au mine and the La Demajagua Au-Ag-Sb mine, is setting up to undertake drilling on both projects. The first program will be to complete ~15,000m of infill drilling at La Demajagua to better define the Sb resources and upgrade the resource as part of a FS. Rigs will then relocate to Nueva Sabana on targets with surface exposure of Au mineralisation. Drilling will also be undertaken beneath the shallow pit depth of 100m to increase Cu resources and extend the mine life. AAU will assist MLV arrange the US$2.5M required for the first program.
Precipitate Gold (TSXV:PRG)
Appointed José Acebal to its board. Acebal owns and operates multiple real-asset businesses engaged in aggregate and concrete production in Dominican Republic.
Silver Tiger Metals (TSXV:SLVR)
Announced a PEA for an underground mine at its El Tigre Ag-Au deposit and updated the PFS on the Stockwork Zone in Sonora, Mexico. The PEA mine design can be constructed independently of the Stockwork Zone development. The PEA outlines an underground mine with a 15-year life and three-year historical tailings processing to recover 38Moz AgEq at an AISC of US$23.98/oz following an initial capital cost of $83.5M. The project would yield an after-tax NPV5 of $304M, an IRR of 42.8% and 2.6-year payback at base case metal price assumptions of $38/oz Ag & $3200/oz Au.
Highlights of the updated PFS include a 10-year mine life to produce 4.8Mozpa AgEq at an AISC of $14.50/oz following an initial capital cost of $86.8M. “In the backdrop of all-time high Ag & Au prices we are completing detailed engineering and proceeding to build the Stockwork Zone project. The underground at El Tigre is a standalone bolt-on project and we intend to complete development for this low capex underground project and advance towards production as quickly as possible,” said president & CEO Glenn Jessome.
Alamos Gold (NYSE/TSX:AGI)
Reported results from surface drilling within the Mulatos district in Sonora that continues to extend high-grade Au mineralization beyond reserves at Puerto Del Aire (PDA), and resources at Cerro Pelon. Drilling at Halcon intersected wide intervals of sulphide-hosted Au mineralization. The PDA project will include the construction of a mill to process higher-grade sulphide ore from PDA and is on track for initial production mid-2027. At Cerro Pelon, step-out drilling below and N of the previously mined oxide deposit continues to intersect high-grade mineralization, extending and defining new structurally controlled feeder structures.
Highlights included 23.85m @ 5.6g/t Au in hole 107. At PDA highlights included 8.97m @ 13.64g/t in hole 397. At Halcon, highlights included 47.6m @ 3.04g/t in hole 17. “Ongoing success over the past year is expected to drive further resource growth at Cerro Pelon, and resulted in a new discovery at Halcon, highlighting both the significant upside opportunities to PDA,” said president & CEO John McCluskey.
Kootenay Silver (TSXV:KTN)
Began a PEA on its La Cigarra Ag deposit in the Parral district of Chihuahua, which is expected to be delivered in 2Q26. La Cigarra hosts an open pit M&I resource of 51.6Moz in 15.7Mt @ 102g/t Ag, 0.07g/t Au, 0.16% Pb & 0.21% Zn for 60.56Moz AgEq. KTN also has a 50,000m drilling campaign underway to increase the 54Moz Columba resource to 100Moz.
Colibri Resource (TSXV:CBI)
Resumed RC drilling in the Plomo area of its EP Au project in Sonora to systematically evaluate priority structures and targets, while expanding testing to additional targets. CBI plans to complete an additional 6-10 holes.
EV Resources (ASX:EVR)
Mobilised to drill the Los Lirios Sb project in Oaxaca for a 1,500-2,000m diamond drilling program to define a maiden JORC resource in 3Q26 targeting under historical workings along the Lirios Fault Zone (LFZ). Drilling will test ~900m of strike to 70-100m depth.
Masivo Silver (TSXV:MASS)
Said ongoing field operations at its newly optioned Cerro Colorado project in Sonora will ramp up with field crews, drill crews and equipment mobilizing to the project in preparation for a 1,500m Phase I drill program.
Pinnacle Silver and Gold (TSXV: PINN)
Said surface and underground sampling of the Estrella Vein at the El Potrero Au-Ag project in Durango confirmed the presence of strong Au-Ag mineralization. Highlights included 17.7g/t Au over 50cm. The vein has been traced for almost 150m on surface, reaching a width of 6m at the N end of the exposure. Systematic channel sampling will be conducted.
Capitan Silver (TSXV:CAPT)
Began a 60,000m drilling campaign at its Cruz de Plata Ag-Au project in Durango to expand Ag-mineralized zones on the 3.7km Jesus Maria Ag trend, test Ag targets at Casco Norte, La Purisima and Jesus Maria Northwest, and infill drilling at Capitan Hill Au deposit to convert inferred resources to M&I. Results for 53 drillholes from the 2025 drilling program are pending final assays.
C3 Metals (TSXV:CCCM)
Announced results on the second drill hole at its Khaleesi Cu project, which intersected 51.1m @ 0.54% Cu, 0.31g/t Au, 3.21g/t Ag & 6 ppm Mo for a 0.86% CuEq in hole 2. “This could vector us towards the heat engine of the hydrothermal system. We see both hypogene chalcocite – a very high-temperature/high-grade Cu sulphide mineral – and coarse Au. … We are very keen to get additional pierce points into this high-grade zone because with oriented drill core, we should be able to follow the porphyry-style sheeted veinlets down dip,” said president & CEO Dan Symons.
Peruvian Metals (TSX:PER)
Updated metallurgical results on oxide and sulphide Au-Ag material on its Palta Dorada Au-Ag property in Ancash, which show recoveries exceeding 80%. “When PER acquired its initial interest in the property, Au was trading at US$1500/oz. Now that it is trading near $4600/oz, the economic viability has been greatly improved. Our provisional permits allow us to extract large bulk samples of both the oxide and sulphide material. In the short term, oxide material will be sold to local mills. Sulphide material will be transported to our Aguila Norte mill for processing,” said CEO Jeffrey Reeder.
Founders Metals (TSXV:FDR)
Announced results from the Lower Antino Target at the Antino Au project with a highlight of 90m @ 1.02g/t in hole 41, including 1m @ 28.44g/t, the highest-grade single drill intercept at Lower Antino to date. The results suggest Au mineralization occurs over multiple 15-90m+ wide, sub-parallel zones along ~1.9km of strike. “We are ramping up 2026 operations with three rigs now turning and expect to release our 2026 exploration plans in the near future,” 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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