SILVER VIPER MINERALS ANNOUNCES BINDING AGREEMENT TO ACQUIRE THE CONETO SILVER-GOLD PROJECT IN DURANGO, MEXICO
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On October 28, 2025, Silver Viper Minerals announced it has entered into a binding agreement to acquire 100% of the Coneto Silver-Gold Project in Durango, Mexico. The acquisition is an all-share transaction valued at US$15 million, with the consideration paid to the project's current owners, Fresnillo plc and Orex Minerals Inc.
Upon closing, Fresnillo will hold approximately 17% and Orex will hold approximately 11% of Silver Viper's outstanding shares. Fresnillo will also be granted certain investor rights, including anti-dilution rights.
Concurrent with the transaction, the company announced board changes. Taj Singh has resigned as Chairman, and Adam Cegielski has been appointed as the new Director and Chairman. Ruben Alvidrez is expected to be appointed as a director upon the closing of the transaction, which is anticipated by January 31, 2026, subject to regulatory and shareholder approvals. A trading halt was put in place prior to the announcement.
This acquisition is a transformative, game-changing event for Silver Viper, fundamentally altering the company's asset base, shareholder structure, and strategic outlook.
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Strategic Validation: The most significant aspect of this deal is the entry of Fresnillo plc, a world-class precious metals producer, as a major strategic shareholder (~17%). This represents a powerful third-party validation of Silver Viper's management team and technical capabilities. Fresnillo's involvement significantly de-risks the company's profile and enhances its credibility within the capital markets.
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Asset Diversification: The acquisition adds a second district-scale, high-potential asset to the company's portfolio, reducing its reliance on the flagship La Virginia project. Coneto provides a new pipeline for discovery and growth.
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Dilution and Valuation: The transaction is highly dilutive to existing shareholders. Based on a pre-deal market cap of ~$62.4M, issuing shares to give new shareholders ~28% of the company for a US$15M (CAD ~$20M) asset implies a pre-money valuation of ~$52M for Silver Viper. This is a discount to the market price leading up to the deal, which is a negative for current shareholders. However, the premium paid is for the quality of the new shareholders (Fresnillo and Orex), which is a justifiable strategic trade-off.
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Contextual Progress: This news follows a year of significant corporate restructuring. The company executed a 10-for-1 share consolidation in January 2025, acquired the smaller Cimarron project in June, and raised approximately CAD$6.9 million in two separate financings in June and July. These actions stabilized the company and enabled the 5,000-metre drill program at La Virginia, which commenced in early October. The company is effectively using its strengthened balance sheet and improved share price (from a low of $0.17 to a high of $1.31) to make a major strategic acquisition.
Overall, while the dilution is substantial, the strategic benefits of adding the Coneto project and, more importantly, securing Fresnillo as a cornerstone investor, far outweigh the negatives. This deal elevates Silver Viper from a typical single-asset junior explorer to a multi-asset company with a major producer as a partner.
Silver Viper Minerals Corp. is a Canadian-based junior mineral exploration company focused on precious metals in Mexico. - Flagship Project (Historical): The 100%-owned La Virginia Gold-Silver Project, located in the Sierra Madre Occidental of Sonora, Mexico. The project has an existing inferred resource at the El Rubi zone, and the company is actively exploring other targets, as evidenced by the recently commenced 5,000-metre drill program. - New Flagship Project: The Coneto Silver-Gold Project in Durango, Mexico, which is being acquired. This is described as a district-scale project with extensive vein architecture. - Other Assets: The company also acquired the Cimarron gold-copper porphyry project in Sinaloa, Mexico, in June 2025.