Silver Viper Minerals’ US$15 million acquisition of the Coneto Silver-Gold Project in Durango, with Fresnillo joining as a shareholder, reflects accelerating mining M&A activity in Mexico, where deal values have surged over 200% since 2021 and recent transactions include Pan American Silver’s US$2.1 billion acquisition of MAG Silver and Coeur Mining’s US$7 billion deal for New Gold. The transaction signals continued investor confidence in Mexico’s silver-gold corridor amid a global critical minerals supply gap that McKinsey estimates will require US$5 trillion in investment by 2035.
Silver Viper Minerals has closed its acquisition of the Coneto Silver-Gold Project in Durango, Mexico, from Fresnillo and Orex Minerals, completing a transaction valued at US$15 million. Silver Viper, listed on the TSX Venture Exchange as VIPR and on the OTCQX as VIPRF, acquired all outstanding shares of the corporate joint venture holding the Coneto Project. The company satisfied the purchase price by issuing 25,531,875 common shares to the vendors at a deemed price of CA$0.80 per share, for a total of CA$20,425,500. The shares are subject to a statutory four-month hold period under Canadian securities law.
As part of the transaction, Fresnillo becomes a shareholder of Silver Viper. The two companies have entered into an investor rights agreement granting Fresnillo customary anti-dilution rights, a copy of which will be filed under the company’s profile on SEDAR+.
“Closing the Coneto acquisition marks an important milestone for Silver Viper, and we are particularly pleased to welcome Fresnillo as a shareholder. Their involvement underscores the strength of the project and aligns with our strategy of advancing high-quality assets alongside credible industry participants.” said Steve Cope, CEO, Silver Viper.
In a separate announcement, Silver Viper appointed Ruben Alvidrez to its board of directors. Alvidrez currently serves as Director of Projects and board member at Luca Mining. Before entering the mining industry, he spent over 26 years at Citigroup, where he held the position of Senior Vice President of Corporate Operations for Mexico and Latin America. His background spans corporate governance, operations management and strategic finance.
The Coneto Project
The Coneto Silver-Gold Project covers 4,995ha of mineral concessions located approximately 100km north of Durango City and within the historic Coneto Mining District, one of Mexico’s oldest silver-gold camps, active for over 400 years. The project hosts more than 40 known epithermal quartz veins with silver-gold mineralization, some exceeding 20m wide and extending over one kilometer along strike.
Despite its long mining history, the project remains underexplored at depth, with historical drilling confirming high-grade zones beneath the water table. Silver Viper intends to launch a comprehensive exploration and drilling program targeting known systems and deeper horizons. The project benefits from paved road access, connection to the national power grid and proximity to skilled local labor. Silver Viper has filed a NI 43-101 compliant technical report dated March 31, 2026, available on SEDAR+.
LATAM Leads Mining M&A
The Future Minerals Barometer Report 2025, produced by McKinsey & Company and the Future Minerals Forum in partnership with S&P Global Market Intelligence, Global AI, and GlobeScan, identifies a growing imbalance between mineral reserves and investment: more than half of the world’s critical mineral deposits are in Africa, West Asia, and Central Asia, yet these regions receive the least exploration funding, raising concerns about long-term supply security.
Global mining M&As reached nearly US$30 billion in the first three quarters of 2025, with Latin America accounting for about 75% of the total. Since 2021, Latin America’s mining deal values have risen over 200%, while Africa has seen an almost 80% decline, reflecting investors’ preference for countries with better permitting processes and predictable policies.
McKinsey’s 2024 Global Materials Perspective also points out that mining productivity has grown only about 1% per year since 2018, underscoring the importance of disciplined capital management and regulatory certainty.
Investment patterns indicate a broader recalibration of risk. GlobeScan’s CEO Chris Coulter noted that Africa, West Asia, and Central Asia face major hurdles but also offer opportunities if policy, infrastructure, and financing constraints are addressed.
The report estimates that roughly US$5 trillion in investment will be required by 2035 to meet critical mineral demand, yet current exploration spending remains 40–50% below necessary levels. With an average 16-year gap from discovery to production, many projects identified today are unlikely to make a significant contribution to 2030 or 2035 climate targets.
Recent Mining Transactions in Mexico
After years of relatively modest investment, Mexico is now seeing a surge in mining M&As. Among the latest transactions are Pan American Silver completed its US$2.1 billion acquisition of MAG Silver, significantly increasing its exposure to high-grade silver through MAG’s 44% stake in the Juanicipio Mine in Zacatecas, one of Mexico’s premier silver-gold operations. Meanwhile, Torex Gold secured full ownership of the Los Reyes gold-silver project in Sinaloa through a US$327 million takeover of Prime Mining. Los Reyes is a development-stage asset with over 1.5Moz of gold in indicated resources, allowing Torex to expand its operational footprint and diversify its resource base.
In September, First Majestic Silver announced its plan to acquire Gatos Silver in an all-stock transaction valued at US$970 million, uniting the assets of both companies across three silver-producing districts. Gatos’ Cerro Los Gatos mine will join First Majestic’s portfolio alongside the San Dimas mine in Durango and the Santa Elena operation in Sonora. The Los Gatos district comprises 14 identified mineralized zones, including three silver-lead-zinc deposits: the Cerro Los Gatos mine, the Esther deposit, and the Amapola deposit.
More recently, Coeur Mining announced its acquisition of New Gold in an all-stock transaction valued at approximately US$7 billion, forming a major North American mining company. Coeur stated that the acquisition will strengthen its balance sheet, enhance cash flow, and provide greater operational flexibility. The addition of New Gold’s assets is expected to lower production costs and improve profit margins.