Fortune Bay closed a non-brokered private placement raising $3.0 million through issuance of 9,375,000 units at $0.32 each. Each unit includes one common share and one-half warrant (exercise $0.45 first year, $0.55 second). Proceeds will fund project advancement in Canada and Mexico and general corporate purposes. Insider participation and finder fees were disclosed.
Gold Resource Corporation announced that Alberto Reyes has left his role as Chief Operating Officer effective April 21, 2025, and Armando Alexandri has been appointed as the new COO. Alexandri brings over 40 years of mining experience, especially in Mexico, to support the company’s operations and strategic goals.
Newmont Corporation reported Q1 2025 net income of $1.9 billion, adjusted net income of $1.25/share, and record free cash flow of $1.2 billion. Attributable gold production was 1.54 million ounces at $2,944/oz. Divestitures generated $2.5 billion in after-tax cash. A $0.25/share dividend was declared, with $4.7 billion cash and 0.3x net debt to adjusted EBITDA.
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.
Galore Resources Inc. updates on its Dos Santos Project in Mexico, with ongoing 5,000-meter drilling at Los Gemelos/Duraznillo. Initial drill core shows promise, with assays pending. The company plans to process 25,000 tonnes of mineralized rock, explores joint ventures, ore-sorting technology, satellite imaging, and drilling expansion, targeting significant copper-gold deposits.
“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 reported FY 2024 and Q4 2024 financial results from its Guitarra Mine test mining and ramp-up in Estado de México. The company generated ~US $6.5 M in net revenue (six-month period), with ~$3.9 M in Q4 revenues, $1.36 M gross profit, and ~$3.5 M in current assets. Operational milestones included strong metal recoveries and commercial production starting Jan 1, 2025.
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