February 2026
Ecuador to reform mining code
The government of Ecuador presented a bill to strengthen the mining sector and accelerate revenue generation by reducing regulatory burden. A key clause for explorers is to replace the need to obtain an environmental licence with an environmental authorisation, on the grounds that a highly complex environmental assessment for exploration is disproportionate and causes unjustified delays. The initial and advanced exploration phases will be removed and consolidated into a single exploration stage with a 15-year duration. However, extensions for payment of the surface cannon will no longer be given, and it will have a sliding scale, starting at 2.5% in years 1 through four, and 5% thereafter, and 10% in the exploitation phase.
Ecuador miners need their own power
Faced with an energy crisis, Ecuador’s president Daniel Noboa has issued a decree that mining projects need to include the development of their own power sources, rather than taking from the national grid. Executive Decree 273 introduced several reforms to the General Mining Law that change mining investment conditions in Ecuador, including that project developments must include plans to provide 100% of the power they will require, regardless of operation size. “By requiring electrical self-sufficiency, the government reduces pressure on the power grid and shifts infrastructure costs to mining projects,” said analyst Sebastián Angulo reported La Hora. Decree 273 also update the methodology for the calculation of royalty payments to the state to give a more precise definition over what royalties will be levied against, specifically gross revenue or effective net revenue. It also provides specific rules for strategic minerals such as Au & Ag. For Au & Ag, the decree establishes that the royalty will be calculated on the effective net income from the primary mineral, separating it from secondary minerals and preventing income from being diluted through accounting manipulations or broad cost allocation. The goal is to standardise the calculation and close loopholes that affect revenue collection. Within 90 days, the relevant government agencies, including the tax authority, must issue a mandatory technical regulation detailing which expenses are deductible, their limits, and how net income is precisely determined for gold and silver projects. The government said the mining code reform is not retroactive and entered into effect on January 1, 2026. Existing contracts signed before the decree was issued will maintain the scheme in effect at the time they were signed. Decree 273 also sought to tighten exploration time limits. Although the initial exploration period will continue to be a maximum of four years, if the permit holder does not initiate environmental procedures in a timely manner, or incurs delays in them, the deadline will begin to run automatically. The government said that the speculative hoarding of concessions will no longer be tolerated.
Colombia hikes minimum wage
Colombia hiked the monthly minimum wage for 2026 by 22.7% to 1.75M pesos (US$470), well ahead of the 3.6% inflation forecast. It will apply to about 2.5M workers and is expected to be inflationary. The new minimum wage was announced by presidential decree after business associations and trade unions failed to reach an agreement. President Gustavo Petro also increased the transport subsidy for workers earning up to two minimum wages a month. Colombia faces a presidential election in May 2026, and while Petro cannot run, this increase could be interpreted as a populist method to support his successor candidate.
Exploration News
Colombia
Collective Mining (NYSE/TSX:CNL)
Announced assays from 17 diamond drill holes at the San Antonio project’s Pound target near the Guayabales project in Caldas. A greenfield, outcropping, high-grade zone with multiple precious metal-rich veins was discovered over a large area with first pass drilling, intercepting mineralisation over 825m of strike and up to 850m below surface. High-grade Ag-rich veins were intercepted in multiple holes with highlights of 1m @ 4,430g/t Ag & 42.1g/t Au for a 6,138 g/t AgEq in hole 30. “This new grassroots discovery of a shallow, high-grade Ag-rich vein system at Pound is a game-changer for San Antonio. … Combined with the deeper Au-dominant veins and the previously discovered underlying porphyry potential, Pound is shaping up as a major multi-phase mineralised system,” said executive chair Ari Sussman.
CNL also announced assays for two directional diamond drill holes designed to continue expanding the high-grade Ramp Zone to 300m of strike by 100m width by 310m vertically at the base of the Apollo system. Highlights included 58.1m @ 21.33g/t Au within hole 143-D3. “The Apollo system continues to showcase its extraordinary potential with impressive high-grade mineralisation extending over 1.4km from surface. Today’s results represent the highest-grade and deepest intercept drilled to date at Apollo—a compelling indicator of the vast untapped upside yet to be uncovered,” said Sussman.
CNL also announced assays for four diamond drill holes targeting the high-grade, outcropping W-rich zone at the summit of the Apollo system. Highlights included 111.15m @ 4.63g/t Au, 0.17% WO3, 14g/t Ag & 0.11% Cu for a 5.48g/t AuEq from 2m in hole 154. All four holes intercepted higher Au & W grades than those observed within the internal block model, which should positively impact the upcoming maiden resource estimate scheduled for early 2027. “The impressive intercepts, including standout high-grade zones with visible scheelite (W) and Au in some pending assay results, underscore the system’s potential to deliver substantial value in both precious and critical metals,” said Sussman.
CNL also appointed Carlos Andrés Santos as EVP. Santos holds a degree in economics from Universidad Externado de Colombia and has completed postgraduate studies in international economics. He brings more than two decades of senior leadership experience, most recently as CEO of Americas Business Services at Holcim / Amrize.
CNL also announced assays for 10 diamond drill holes at the Guayabales Au project in Caldas, with 6 at Apollo and 4 testing greenfield targets that led to the discovery of outcropping, lower-grade porphyry mineralisation at Plutus. Highlights included 467.35m @ 1.63g/t AuEq in hole D2 at Apollo, expanding the system SE. At Plutus, a reconnaissance hole hit 127.2m @ 0.41g/t AuEq in hole 8. CNL has completed 155,500m of diamond drilling across Guayabales and San Antonio, including 108,500m at Apollo. It intends to drill 80,000-100,000m in 2026. “These latest results underscore the remarkable scale and continuity of the Apollo system, with strong infill drilling enhancing our internal block model and extending mineralisation in key areas. The intersection of the Hanging Wall Vein Zone in a step-out hole and the new porphyry-style discovery at Plutus further highlights the district-scale potential,” said Sussman.
Aris Mining (TSX:ARIS)
Said Ian Telfer retired from the board and stepped down as chair. Founder Neil Woodyer has been appointed chair & CEO. David Garofalo has been appointed as lead independent director. Doug Bowlby was promoted to president, with the COO role eliminated with Richard Thomas leaving the company.
ARIS also updated the mineral reserve and resource estimates with for its Segovia operations in Antioquia, with M&I resources increased by 7% to 3.6Moz @ 15.3g/t Au and inferred resources increased by 12% to 2.9Moz. Proven and probable reserves increased by 12% to 1.5Moz @ 10.7g/t. ARIS used a gold price of US$3,200/oz for resources and $2,800/oz for reserves.
Atico Mining (TSXV:ATY)
Announced results from 21 drill holes completed in 2025 within an area of historical mining, expanding the tonnage at the El Roble Cu mine in Choco. Highlights included 10.2m @ 6.26% Cu & 8.5g/t Au in hole 346. “These assays reinforce our confidence that higher-grade Cu & Au mineralisation extends beyond the historical footprint,” said CEO Fernando Ganoza.
Tiger Gold (TSXV:TIGR)
Said a third diamond drill rig arrived at its Quinchía Au project in Risaralda and began drilling at the Dos Quebradas target as part of the 10,000m Phase 1 program, with an initial 1,000m to strengthen the geological framework and refine the exploration model.
TIGR also reported assays from Tesorito where hole 69 intersected 307.1m @ 0.7g/t Au from 8 m downhole, including 82.7m @ 1.4g/t, increasing the sulphide intensity encountered at depth. “Increasing sulphide intensity and locally elevated chalcopyrite at depth may indicate proximity to a higher-grade feeder structure, providing an additional vector for targeted follow-up drilling,” said president & CEO Robert Vallis.
TIGR also reported assays from the first two holes of a 10,000m drilling programme at Tesorito. Highlights included 139.6m @ 0.9g/t Au in hole 68 from 80cm. The holes targeted the shallow eastern limits of the Tesorito block model. “Hole 68 returned higher-than-modelled grades in a sparsely drilled zone near the end of the hole, supporting our view that the deposit has meaningful growth potential in terms of both grade and scale,” said Vallis.
Andina Copper (TSXV:ANDC)
Said a comprehensive exploration programme is underway at Cobrasco in Choco to delineate a major Cu deposit. Drone LiDAR and aero photogrammetry are underway with an airborne magnetotelluric and ground-based IP geophysical surveys at the Cobrasco Central target area. Diamond drilling is underway.
ANDC also appointed Joseph Salas as VP exploration. Salas was VP exploration at Atico Mining (TSXV:ATY), working on the El Roble VMS mine in Chocó, and the La Plata VMS deposit in Ecuador.
Copper Giant Resources (TSXV:CGNT)
Announced assays from drill hole 53, the first drill completed at the La Estrella target, and hole 54 at the S edge of the current Mocoa porphyry system resource in Putumayo that returned grades above the 2026 resource block model. Highlights included 61m @ 0.41% Cu & 0.04% Mo for a 0.61% CuEq within a broader interval of 253m @ 0.40%. “The 2025 program delivered a major milestone for Mocoa, advancing the project beyond the 1Bt resource mark. … We enter 2026 with a stronger geological model, clear growth vectors, and an aggressive drill strategy focused on conversion and expansion,” said VP exploration Edwin Naranjo.
Quimbaya Gold (CSE:QIM)
Reported assays from ongoing diamond drilling at the Tahami South target at its Tahami Au project in the Segovia-Remedios district of Antioquia. Highlights included 1m @ 9.8g/t in hole 7. Drilling has confirmed Ag & Au mineralisation across two distinct vein systems. “Tahami South has delivered on its promise, with two distinct vein systems with high-grade Ag & Au in our inaugural drill campaign. We now have the geological confidence to advance systematically while our attention turns to the district’s larger targets,” said CEO,” said Alexandre Boivin.
Royal Road Minerals (TSXV:RYR)
Was granted a mining concession title on Chuscalita with an initial term of 30 years, and paid US$150k to the titleholders. Drilling is underway. RYR has an option to acquire an 80% interest in Chuscalita, adjacent to its Güíntar mining concession contract and represents a logical extension of the broader Güíntar porphyry-skarn system.
RUR also said work is advancing on finalising drill locations for a drilling program at the Guintar-Aleman-Margaritas (GAM) project in Antioquia. A drone-borne magnetic survey is nearing completion to refine geological interpretation and focus drill-targeting. Initial drill pads have been positioned on surface-exposed porphyry-style vein stockworks located 100m from previous drilling. The program is expected to expand into new, previously undrilled targets within the contiguous Guintar North porphyry area and into sheeted gold veins at El Aleman. “Drilling at GAM is imminent and represents a pivotal moment for the company,” said president & CEO Tim Coughlin.
Outcrop Silver & Gold (TSX:OCG)
Reported additional results from ongoing delineation and resource definition drilling at the Aguilar vein at its Santa Ana Ag project in Tolima. Highlights included 3.28m @ 214g/t Ag & 0.64g/t Au for a 271g/t AgEq in hole 549. “The results from Aguilar continue to demonstrate the strength and continuity of the vein system and grades along a significant strike length, reinforcing the importance of this corridor in the upcoming resource update,” said VP exploration Guillermo Hernandez.
Soma Gold (TSXV:SOMA)
Signed an agreement to purchase and install a sensor-based sorting facility at its El Bagre Au operation in Antioquia. The project budget is US$2.2M with commissioning targeted for 1H26. A test was intentionally conducted on lower-grade feed material to assess sorting efficacy across the range of grades. The data from the combined feed test indicate 55% mass rejection and 95% metallurgical recovery, with the Au grade of the sorted material upgraded by 62.5%. “Our expectation is that we will experience similar results with material from satellite operations, including formalisation targets and small, contractor-operated projects. Sensor-based sorting has the potential to significantly impact our operations by allowing us to increase Au production without adding plant capacity,” said VP operations Mark Bren.
SOMA also received drill permits for the Cu anomaly in the Psyche 2 target area of the Machuca project in Antioquia. Phase 1 drilling will target a cluster of soil samples at the N end of the anomaly.
Orosur Mining (TSXV:OMI)
Announced an exploration update from its Anzá Au project in Antioquia with assays from the final three infill holes at Pepas, with highlights of 104.45m @ 5.96g/t Au from surface in hole 73. OMI said resource modelling is underway. And it is planning to begin a FS.
Aguia Resources (ASX:AGR)
Streamlined its Santa Barbara Au project in Bolivar by consolidating activities into a single shift and transitioning to batch production, which is anticipated to enhance consistency of output and improve Au recovery rates. Mine staffing has been reduced by over 50%, to a single shift with the team improving recoveries whilst maintaining production.
Cuba
Antilles Gold (ASX:AAU)
Said 50% JV partner, Minera La Victoria (MLV), which is developing the Nueva Sabana Cu-Au mine and the La Demajagua Au-Ag-Sb mine, is setting up to undertake drilling on both projects. The first program will be to complete ~15,000m of infill drilling at La Demajagua to better define the Sb resources and upgrade the resource as part of a FS. Rigs will then relocate to Nueva Sabana on targets with surface exposure of Au mineralisation. Drilling will also be undertaken beneath the shallow pit depth of 100m to increase Cu resources and extend the mine life. AAU will assist MLV in arranging the US$2.5M required for the first program.
Dominican Republic
Precipitate Gold (TSXV:PRG)
Announce results from an IP ground geophysical survey at the Jengibre South zone within its Juan de Herrera Au project, covering four exploration targets: Ginger Ridge East, Southeast, Centro, and Jengibre South, to close a data gap in the Project’s IP survey coverage between the Peak and Jengibre South zones. The survey delineated a NW-SE trending exploration corridor of numerous chargeability high anomalies collectively measuring at least 1.5km long. Most appear to be blind sub-surface anomalies.
PRG also appointed José Acebal to its board. Acebal owns and operates multiple real-asset businesses engaged in aggregate and concrete production in Dominican Republic.
Ecuador
Lundin Gold (TSX:LUG)
Produced 498koz Au in 2025 from its Fruta del Norte mine. In 4Q25, the mill processed a record 485kt of ore, resulting in an average throughput rate of 5,271tpd at an average grade of 8.7g/t with recoveries of 88.3%. “Looking ahead to 2026, we expect to continue ramping up the mill to an average throughput of 5,500tpd and are targeting increasing recoveries to 91%, which will support our production guidance of 475-525koz,” said president & CEO Jamie Beck.
Silvercorp Metals (TSX:SVM)
Reported a PEA for the Condor Au project that it acquired in July 2024, to produce an average of 114koz/y AuEq for 13 years at an AISC of US$1258/oz net of by-product credits. Over the mine life, it will produce an aggregate of 1.4Moz Au, 5.3Moz Ag, 95.7Mlb Zn & 8.4Mlb Pb. The project will yield an after-tax NPV5 of $522M, an IRR of 29%, and a three-year payback, following a $292M initial capital investment, at base-case metal prices of $2,600/oz Au, $31/oz Ag, $1.27/lb Zn & 91c/lb Pb. These improve to $1.6M and 61% at near spot metal prices of $4300/oz Au, $60/oz Ag. The project has an approved environmental impact study, and SVM is engaged in the citizens’ participation process that is expected to take up to four months to complete. An environmental permit for exploitation will be issued after the successful completion of the participation process.
Solaris Resources (NYSE:SLSR)
Said Ecuador’s state-owned mining company, ENAMI granted it an option to acquire up to a 100% interest in a portfolio of exploration adjacent to its Warintza Cu project. This expands its footprint around Warintza by 40,000ha. Early-stage prospecting identified Cu anomalies, with rock samples returning up to 8.38% Cu.
Guatemala
Aura Minerals (NASDAQ:AUGO)
Received a construction license and commenced early works for the development of the Era Dorada Au project, which includes environmental programs, controlled vegetal suppression, main road detour, internal road access opening, mine dewatering and preparation of platforms to accommodate equipment and temporary facilities. “After extensive dialogue with local authorities and community representatives, we obtained the construction license. We have spent so far more than 853 hours establishing ongoing dialogue roundtables with local communities—direct, continuous forums that exemplify our commitment to transparency and inclusion,” said president & CEO Rodrigo Barbosa.
Guyana
G2 Goldfields (TSX:GTWO)
Issued a PEA for an underground and open pit operation at its Oko Au project in Guyana. The project would produce an average of 228koz/y 14 years at an AISC of US$1191/oz. It would yield an after-tax NPV5 of US$2.6B, an IRR of 39% with a 2.6-year payback at a $3,000/oz Au price following a $664M initial capital investment. These improve to $4.2B, 54% and 2.1 years at $4000/oz. The project would exploit an indicated resource estimated at 15.6Mt @ 3.24gpt containing 1.6Moz, with an additional 1.9Moz in inferred resources. “This PEA places Oko firmly within one of the most attractive development projects globally. … We will be aggressively moving Oko to FS and construction as we continue to explore this emerging gold mining district,” said CEO Daniel Noone.
GTWO also reported 16 other diamond drill holes for 5,997m as it continues to expand high-grade resources at OKO S of existing pit shells, with a highlight of 2.7m @ 39.3g/t in hole 258.
Omai Gold Mines (TSXV:OMG)
Announced assays from eight drill holes from the 2025 drilling program at its Omai Au project in which multiple zones of Au mineralization were intersected in each hole. Highlights included 10.2m @ 11.48g/t and 9m @ 10.65g/t in hole 150 at Wenot. 79 diamond drill holes for 35,300m were completed on Omai in 2025, with 31 drilled at Wenot subsequent to the August 2025 resource estimate. An update resource is underway and expected to be completed in 1Q26. Drilling has recommenced at Wenot, initially focusing on areas with potential to further expand the resource. Drilling will also continue to test between depths of -300m to -450m.
Jamaica
C3 Metals (TSXV:CCCM)
Said project infrastructure has been restored following Hurricane Melissa making landfall in October, and full exploration activities have recommenced. Scout drilling at its 50%-owned Super Block Cu project is about 50% complete, with seven of 14 holes drilled in a 2,500m program. CCCM resumed exploration drilling at Bellas Gate where Freeport-McMoRan (NYSE:FCX) is funding exploration.
Nicaragua
Mako Mining (TSXV:MKO)
Produced 13koz Au in 4Q25 from the San Albino mine at an average grade of 6.97g/t and 13koz Ag at 7.02g/t. The mill processed 598tpd with 82.3% Au recovery.
MKO also reported additional results from RC and diamond drilling programs at the El Golfo area, S of the Las Conchitas and San Albino Au deposits and mining operations. In 2025, it completed 137 holes for 17,885m to further define high-grade mineralisation and to test for extensions of mineralisation in areas not previously drill-tested. Drilling confirms the structural continuity of multiple, subparallel Au-bearing quartz veins in an area at least 630m along strike and 305m down-dip. Highlights included 4.4m @ 18.34g/t Au & 22.9g/t Ag in hole 24. MKO also received underground mining permits for Las Conchitas to develop two underground adits, with the ability to mine 150-250tpd for the next six years in addition to our open pit mining operations. “El Golfo is shaping up to be a significant new discovery. High grades over widths similar to or greater than what we have been mining since 2020 are prevalent,” said CEO Akiba Leisman.
Mineros (TSX:MSA)
Resolved a tax dispute with the Government of Nicaragua through the payment of US$49.3M in respect of unpaid ad-valorem taxes and related interest for the years 2019 to 2024.
Surinam
Founders Metals (TSXV:FDR)
Announced results from the Lower Antino Target at the Antino Au project, with a highlight of 90m @ 1.02g/t in hole 41, including 1m @ 28.44g/t, the highest-grade single drill intercept at Lower Antino to date. The results suggest Au mineralisation occurs over multiple 15-90m+ wide, sub-parallel zones along ~1.9km of strike. “We are ramping up 2026 operations with three rigs now turning and expect to release our 2026 exploration plans in the near future,” said president & CEO Colin Padget.
FDR also consolidated a cumulative 102,360 ha contiguous land package in SE Suriname. “We have effectively consolidated an entire Au district covering over 100,000 hectares of Guiana Shield greenstone geology proven to host multi-million-ounce Au deposits. FDR is uniquely positioned to systematically explore this entire land package while advancing our most promising targets toward resource definition,” said Padget.
Sranan Gold (CSE:SRAN)
Appointed Ron Halas, PEng to its board. Halas is a mining engineer with more than 35 years of experience, including roles at IAMGOLD, Kinross Gold, Vale, PT Freeport Indonesia, Placer Dome, and Cominco. He lived and worked in Suriname for over five years as IAMGOLD’s VP Commercial South America.
Venezuela
Gold Reserve (TSXV:GRZ)
Applauded the US actions to bring Venezuelan president Nicholas Maduro to justice. GRZ saw its Brisas development illegally expropriated by the Hugo Chavez government and its Siembra Minera JV illegally expropriated by the Maduro government, which is being illegally mined by the narco-terrorist organisation Cartel de los Soles. “The Maduro regime has perpetrated horrific crimes against the people of Venezuela, including one of our colleagues, Jose Ignacio Moreno Suarez, who is a political prisoner, currently falsely imprisoned, without trial for two and a half years, and enduring continuous torture and deplorable conditions,” it said.
Corporate News
SolGold (LSE:SOLG)
Accepted an all-cash acquisition offer from Jiangxi Copper under Part 26 of the UK Companies Act. SOLG shareholders will receive 28p per share, valuing the transaction at £867M, a 42.9% premium to the closing price on 19 November 2025, the day prior to JCC’s first approach to SOLG. SOLG’s main asset is the Cascabel CuAu development project in Imbabura, Ecuador. SOLG directors, who own 2.8% of the company, unanimously recommended that shareholders vote in favour of the transaction. JCC received support from SOLG shareholders BHP, Newcrest and Maxit Capital who hold 25.7% SOLG. JCC has been a shareholder in SOLG since November 2020 and holds a 12.2% stake. “Following extensive shareholder consultation following the receipt of the proposals from JCC, the board believes all shareholders should have the opportunity to consider the acquisition. Having carefully considered the terms, the SOLG board believes it is in the best interests of shareholders and the company, and unanimously recommended the transaction to shareholders,” said CEO Dan Vujcic.
C3 to raise C$24.3M
C3 Metals (TSXV:CCCM) upsized a bought-deal private placement to 22.1M shares at C$1.10 for proceeds of C$24.3M. Proceeds will be used for exploration and development activities at its Khaleesi Cu-Au project in Peru and development at its 50%-owned Super Block project in Jamaica.
Copper Giant to raise C$10M
Copper Giant Resources (TSXV:CGNT) announced a non-brokered private placement of 25M units @ 40c for proceeds of C$10M with a lead order of $2M from Frank Giustra. Each unit will consist of one share and half a warrant exercisable @ 60c for three years.
GoldQuest raised C$8.7M
GoldQuest Mining (TSXV:GQC) closed a second tranche of a non-brokered private placement of 7.2M units @ C$1.21 for proceeds of $8.7M. Each unit comprises one share and half a warrant exercisable at $1.80 for two years. Combined with the first tranche, GQC issued 32M units for $40M. A third tranche of $3.3M is pending. Proceeds will fund early development activities at the Romero Au project in Dominican Republic.
Precipitate raised C$6.5M
Precipitate Gold (TSXV:PRG) closed a non-brokered private placement of 59M units @ 11c for proceeds of C$6.5M. Participation was led by prominent and strategic Dominican investors, large institutional investor, Guess Investments. Each unit consists of one share and half a warrant exercisable @ 17c for 18 months. Proceeds will advance exploration across the Dominican mineral property portfolio, including drilling at the Juan de Herrera Au project.