TSXV Approves Guanajuato Silver’s Acquisition of Bolañitos Mine

Guanajuato Silver announced that it has received conditional approval from the TSX Venture Exchange (TSXV) to proceed with the acquisition of the Bolanitos gold-silver mine from Endeavour Silver. The company stated it is currently working to satisfy the conditions associated with the TSXV approval, as well as the remaining closing conditions outlined in the definitive agreement signed on Nov. 24, 2025. 

"The acquisition of the Bolanitos mine will be a genuinely transformative transaction for Guanajuato Silver. Bolañitos is poised to become our most significant mine, and we remain on track for completion of the transaction in January 2026,” said James Anderson, Chair and CEO, Guanajuato Silver. 

Under the agreement, Guanajuato Silver will acquire all issued and outstanding shares of Mina Bolañitos, the entity that owns the Bolañitos Mine in Guanajuato. The US$40 million consideration includes US$30 million in cash and US$10 million in Guanajuato Silver common shares, at a price set at US$0.2709413 per share, based on the 10-day VWAP on the TSX Venture Exchange and the Bank of Canada’s average exchange rate on Nov. 20, 2025.

The agreement also states that Endeavour Silver may receive two contingent payments of US$5 million each once Guanajuato Silver produces 2Moz to 4Moz of AgEq from Bolañitos. Each payment will be split evenly between cash and shares, subject to a maximum ownership cap of 9.9% for Endeavour Silver. Any remaining balance beyond this limit will be paid in cash. If the market price of the shares falls below the calculated issue price, Guanajuato Silver will pay the difference in cash, as reported by MBN. 

The transaction remains subject to standard closing conditions, including regulatory approvals and the execution of an investor rights agreement. At closing, the companies will enter into this agreement, which grants Endeavour Silver participation rights and includes a 12-month voting commitment.

All shares issued as part of the base consideration will be subject to transfer restrictions for one year, after which half will remain restricted for an additional two years. The contract includes a reciprocal termination fee of US$2.5 million, payable in cash or partly through shares issued at the applicable 10-day VWAP. The company confirmed that no finders’ fees were paid in connection with the transaction.

Bolañitos Mine’s Profile

The Bolañitos mine was acquired by Endeavour Silver in 2007. The operation is an underground mine utilizing ramp access and mechanized methods, including long hole and cut-and-fill mining.

The site features a flotation plant with a capacity of 1,600t/d, which produces bulk sulfide concentrates. According to the company, the plant processes approximately 1,200t/d. Geology at the site consists of low-sulfidation epithermal vein deposits. Since acquiring the asset, Endeavour Silver has discovered 10 new orebodies, eight of which have been mined. Current operations focus on the Lucero, La Luz, and San Miguel orebodies.

Infrastructure includes a connection to the power grid and readily available water and labor from nearby communities. The mine employs over 380 people and engages approximately 250 contractors. 

As of Dec. 31, 2024, the mine reports proven reserves of 75,000t grading 79g/t silver and 2.13g/t gold, containing 190,000oz of silver and 5,100oz of gold. Probable reserves stand at 304,000t grading 77g/t silver and 1.72g/t gold, containing 750,000oz of silver and 16,800oz of gold.

Additionally, the mine reports measured resources of 62,000t grading 108g/t silver and 2.63g/t gold, containing 215,000oz of silver and 5,300oz of gold. Indicated resources total 1.09t grading 108g/t silver and 2.27g/t gold, containing 3,779,000oz of silver and 79,700oz of gold.