Masivo Silver Corp. completed an eight-hole, 1,300-meter drill program design at its Cerro Colorado property in Sonora, Mexico. Led by geologists Jorge Rafael Gallardo, Brian Brewer, and Mark Bailey, the program targets high-chargeability anomalies and high-grade polymetallic sulfides, aiming to unlock significant silver, gold, copper, lead, and zinc mineralization across two structural systems.
Fortune Bay Corp. closed a non-brokered private placement, raising $3,000,000 by issuing 9,375,000 units at $0.32 each. Each unit includes one common share and one-half warrant, exercisable at $0.45 for the first year and $0.55 for the second. Proceeds will fund projects in Canada and Mexico and general corporate purposes. Insiders subscribed for 1,531,250 units, and Numus Capital Corp. received finder’s fees.
Heliostar Metals Ltd. has appointed Stephen Soock as Vice President of Investor Relations and Development and Connie Lillico as Corporate Secretary. Soock brings 20 years of mining industry experience, including roles at Stifel and various mine sites. Lillico has 20 years of experience in mining, previously serving at First Majestic Silver Corp. Heliostar also granted 700,000 stock options and 150,000 restricted share units to employees and consultants.
Kingsmen Resources Ltd. received conditional TSX Venture Exchange approval for its April 15, 2025, private placement. The company increased the warrant exercise price to $1.05 per share. Additionally, Kingsmen is sponsoring the Resource Stock Digest website, paying a quarterly fee of US$10,000.
Equinox Gold Corp. and Calibre Mining Corp. have amended their business combination agreement, adjusting the share exchange ratio to 0.35 Equinox Gold shares per Calibre share, a 10% premium. The combined company will produce over 1.2 million ounces of gold annually. Shareholder meetings are rescheduled to May 1, 2025, to vote on the transaction.
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.
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