Mexican lender Banorte is reconsidering acquiring Banamex, Citi’s former retail unit in Mexico, after bowing out in 2022. CEO Marcos Ramirez said Banorte will closely monitor developments. Citi, unable to sell Banamex previously, plans a potential dual IPO in Mexico City and New York. Banorte’s board and shareholders will decide on any deal, with a shareholder meeting set for April 23, 2025.
Sierra Metals, Alpayana, and Alpayana Canada agreed on an all-cash take-over bid, with Alpayana Canada offering CDN $1.15 per Sierra Metals share. The bid, unanimously supported by Sierra’s Board, is expected to have a support agreement by April 30, 2025. BMO Capital Markets deemed the offer fair. The bid’s expiry is extended to May 12, 2025.
“We are very pleased with Juanicipio’s blockbuster start to 2025,” said George Paspalas, MAG Silver’s President and CEO.
Excellon Resources Inc. increased its private placement from C$5,000,000 to C$6,500,000 due to strong demand, offering 61,904,762 units at C$0.105 each. Each unit includes one common share and one-half warrant, exercisable at C$0.15 for 36 months. Proceeds will advance the Mallay Mine and support working capital. The offering, led by Red Cloud Securities, is set to close around May 2, 2025.
Fresnillo PLC reports stable Q1 2025 performance, with silver production down 9.7% to 12.4 moz due to San Julián DOB cessation, and gold production up 10.8% to 156.1 koz, driven by Herradura. Full-year guidance remains unchanged, expecting 49-56 moz silver and 525-580 koz gold, with focus on cost discipline and safety.
Sierra Madre Gold and Silver Ltd. reported $6.5 million in 2024 revenues from the Guitarra Mine, with $3.9 million in Q4. The mine reached commercial production on January 1, 2025, processing 500 t/d. Q4 net loss was $38,000, with gross profit of $1.36 million for the year. Current assets totaled $3.5 million.
Americas Gold and Silver Corporation announced significant high-grade silver and copper discoveries at the Galena Complex’s 034 Vein, with potential for near-term mining, alongside the appointment of Tara Hassan to its Board of Directors to support production scaling and cost reduction efforts.
Silver Bull Resources, Inc. announced that at its April 17, 2025, shareholder meeting, 28% of shares were represented. Shareholders re-elected directors Brian Edgar, Timothy Barry, David Underwood, and William Matlack with over 95% approval. Smythe LLP was ratified as the auditor for 2025, and the 2019 Stock Option Plan was approved with 93.1% support.
Mako Mining Corp. appointed Steve Parsons as President, previously an officer at its subsidiary, Goldsource Mines Inc., acquired in July 2024. Mako granted 740,000 stock options to executives and employees, exercisable at C$4.47, vesting over four years until 2029. Additionally, 502,785 restricted share units and 145,000 deferred share units were granted, vesting in 2028 and upon service termination, respectively.
Aztec Minerals Corp.announces that it intends to complete a non-brokered private placement of up to 16,666,667 units at a price of CAD$0.18 per Unit for gross proceeds of up to CAD$3,000,000.
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