Gold · Silver · Junior / Minor · Producer · Mexico
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Guanajuato Silver Mexico Portfolio
Portfolio · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Consolidated Mexican silver-gold producer with five producing underground mines and three flotation mills. Operating assets at year-end 2025 comprised El Cubo-Villalpando Mine Complex (incl. El Pinguico), San Ignacio, Valenciana Mines Complex, and Topia (Durango); the Bolanitos mine acquired from Endeavour Silver on January 15, 2026 became the Company's fifth producing mine. Headquartered in Vancouver, BC. Consolidated 2025 production from the four legacy mines (Topia, El Cubo, VMC, San Ignacio): 1,238,866 oz Ag, 10,321 oz Au, 2,787,175 lb Pb, 3,380,069 lb Zn. 2025 Bolanitos production (under prior Endeavour ownership): 608,388 oz Ag, 15,270 oz Au. Active brownfield exploration, conversion of historical resources to current resources and reserves estimation.
Portfolio Aggregate
As at 31 December 2025
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Operating · 5 projects
Bolanitos
Asset · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Underground silver-gold mine acquired from Endeavour Silver Corp. on January 15, 2026. Bolanitos consists of 29 mining concessions totaling approximately 3,046 hectares in and around the city of Guanajuato; includes the Lucero, La Luz, San Miguel and Belen mine areas (no reserves declared at Belen). Classic high-grade silver-gold low-sulphidation epithermal veins typical of the Guanajuato district within La Luz Formation host rocks. Mine staff of 549 personnel plus 210 contractors. Mining methods are long-hole stoping and conventional cut-and-fill. Mineralized material is processed at the on-site Bolanitos flotation plant (1,600 tpd nameplate, currently ~1,100 tpd actual). Subject to 1% NSR government royalty. The only GSilver asset with declared mineral reserves at year-end 2025. 2026-budgeted exploration ~US$1.6M; 2027 ~US$2.7M.
Mining metrics
Multiple effective dates · exclusive
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Reserves & resources — detail
As at 31 December 2025
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El Cubo-Villalpando Mine Complex
Asset · Operating
Project information
As at 1 August 2024
Description
As at 1 August 2024
Combined underground silver-gold complex comprising the El Cubo mine (including Villalpando and Santa Cecilia veins) and the adjacent El Pinguico project (surface and underground stockpiles plus underground workings). Located approximately 8 km east of the city of Guanajuato. El Cubo property covers 49 mining concessions totaling 6,994 hectares; El Pinguico adds two concessions for 71.7 hectares. Low-sulphidation epithermal silver-gold mineralization hosted in northwest-trending vein structures within the Guanajuato Mining District. Acquired from Endeavour Silver in April 2021 for $7.5M cash, 21.3M common shares and a $2.5M promissory note plus contingent payments. Commercial production resumed in October 2021. Mineralized material processed at the company-owned El Cubo flotation mill. No mineral reserves have been defined; production decisions were made without a feasibility study on reserves.
Mining metrics
Multiple effective dates · exclusive
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Reserves & resources — detail
As at 1 August 2024
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San Ignacio
Asset · Operating
Project information
As at 21 September 2023
Description
As at 21 September 2023
Underground silver-gold mine located approximately 8 km northwest of the city of Guanajuato in Guanajuato State. Property comprises 7 contiguous and 2 non-contiguous mining concessions totaling 398.18 hectares, held 100% by subsidiary MMR. Acquired from Great Panther in August 2022. Mineralization is low-sulphidation epithermal, hosted in tabular veins, vein stockwork and breccias, including the Melladito, Intermediate, Nombre de Dios, and Purisima vein systems with strike lengths up to 2,200 m. Eighteen veins defined to date. Conventional underground mining (cut-and-fill, resue). Mineralized material historically processed at the Cata plant and currently transported by road for processing at the Bolanitos plant. No mineral reserves have been established. Cost of closure estimated at US$662,521 (December 31, 2022).
Mining metrics
Multiple effective dates · exclusive
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Reserves & resources — detail
As at 21 September 2023
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Valenciana Mines Complex
Asset · Operating
Project information
As at 27 November 2025
Description
As at 27 November 2025
Interconnected underground silver-gold complex (VMC) comprising the previously independent Promontorio, Santa Margarita, Rayas, Los Pozos, Cata, Valenciana and Guanajuatito mines situated within and to the north and northeast of the city of Guanajuato, approximately 380 km northwest of Mexico City. Property comprises 19 contiguous mineral concessions totaling 679.76 hectares, held 100% by MMR; subject to a 2% NSR on four sub-concessions held by Compania Minera Blanca Alicia. Mineralization is low-sulphidation epithermal closely associated with the Veta Madre fault system. Acquired from Great Panther in August 2022; recommissioned the 1,200 tpd Cata flotation plant in December 2022. Hydraulic backfill of historic underground voids used for tailings. No mineral reserves have been established. Estimated closure cost USD$9.92M (December 31, 2022).
Mining metrics
Multiple effective dates · exclusive
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Reserves & resources — detail
As at 27 November 2025
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Topia
Asset · Operating
Project information
As at 31 December 2025
Description
As at 31 December 2025
Underground polymetallic silver-gold-lead-zinc mine located in the town of Topia, Durango State, approximately 235 km northwest of Durango City in the western Sierra Madre Occidental. Property comprises 55 contiguous plus 7 outlier mining concessions covering 6,767 hectares, held 100% by MMR. Mineralization in steeply-dipping NE-trending epithermal polymetallic veins hosted in andesite, with galena-sphalerite-pyrite-arsenopyrite-tetrahedrite in quartz-barite-calcite gangue. Mining since the 1500s; previously operated by Penoles (1951-1989) and Great Panther (2005-2022). Acquired from Great Panther in August 2022 with continuous production. Processed at on-site 260 tpd flotation plant producing zinc concentrate and lead-silver-gold concentrate (sold to MK Metals). No current Mineral Resources or Reserves under NI 43-101; only historical Great Panther MRE (effective March 31, 2021) is disclosed and is not being treated as current.
Mining metrics
Multiple effective dates
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Exploration · 2 projects
El Horcon
Asset · Exploration
Project information
Description
Past-producing precious metals property located approximately 60 km northwest of Guanajuato, in Jalisco State, approximately 470 km northwest of Mexico City. Comprises 15 contiguous and 1 isolated mining concessions totaling 3,520.71 hectares, with concession expiries 2051-2056. Principal metals of interest are gold, silver, lead and zinc; mineralization occurs along structures, the largest being the Veta Madre with a 5 km strike length. Acquired as part of the MMR acquisition (August 2022) from Great Panther. Commenced processing of existing stockpile material in November 2023, blended with VMC production at the Cata mill. The Company does not consider El Horcon to be a material property under NI 43-101 or NI 51-102 and no current resources or reserves have been estimated. Currently in exploration / development stage.
Mining metrics
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Mexican Silver Belt Concessions
District · Exploration
Project information
Description
Portfolio of seven non-material exploration mining concessions totaling approximately 800 hectares within the high-grade Mexican Silver Belt of central Mexico. Comprises the Patito I and II concessions (~1.5-3.0 km from El Pinguico), the Analy I and II concessions (~100 km east of Guanajuato), the El Ruso and Ysabela concessions (~200 km east of Guanajuato), and the Camila concession (near the Guanajuato/Queretaro border). Patito I and II are held by OMPSA; remaining five concessions are held by Canmex (Canmex Silver). Subject to a 2.5% NSR, of which 1.25% may be repurchased by the Company for US$500,000. No current resources or reserves; not considered material by the Company.
Mining metrics
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Precious Metals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Precious metals
- Resources vs Reserves. Resources are geological estimates that could one day be mined; Reserves are the subset with a feasibility study and plausible positive economics. Measured → Indicated → Inferred describe increasing geological uncertainty; Proven → Probable are reserve labels from Measured/Indicated. Inferred resources are not convertible to reserves under most codes.
- Grade (g/t) is the headline number on gold/silver pages. High-grade is often above 5 g/t; >10 g/t is bonanza territory; below 1 g/t is bulk low-grade. Open-pit cut-offs are typically lower than underground.
- AISC (All-In Sustaining Cost) is direct cash costs + sustaining capex + royalties + corporate overhead + reclamation, per ounce produced. C1 strips sustaining capex and corporate overhead. Both are non-GAAP and defined differently across issuers.
- By-product credits. Polymetallic deposits credit by-product value against the main metal cost; negative AISC after credits does not mean the main metal is sold below cash cost.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
- Consolidation method — how the issuer accounts for the asset. Separate from how much the company owns (ownership %) and who operates it, this accounting treatment decides whether an asset's figures sit inside the company's reported group totals or are stripped out to a single net line. It applies to operating assets (mines, oil & gas fields, processing facilities) and is left blank for royalties, streams, and company-level portfolio rollups.
- Consolidated — the company controls the asset and includes 100% of its figures in the group total; the portion it does not own is carried as a non-controlling interest (NCI). Control is not the same as a majority, so a company can consolidate an asset it holds less than half of. Where ownership is below 100%, the Portfolio shows the NCI percentage (100 minus the company's stake).
- Proportionate — a jointly-operated asset the company includes at its own share, line by line; the share is inside the group total.
- Equity method — an associate or joint venture shown on a single net line, with its revenue excluded from the group total. This is the usual reason a company's reported total is smaller than the sum of its individual assets; the Portfolio flags the share of a commodity total that is equity-accounted.
- Cost / other — a passive or fair-value holding, excluded from the group total.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Gold
Silver
Zinc
Lead
Copper uses kt Cu bands; lb-scale copper resources are converted to kt. Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
Commodity guides
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