Orex, Fresnillo signs term sheet to sell Coneto

On October 28, 2025, Orex Minerals Inc. announced it has signed a term sheet with its joint venture partner, Fresnillo PLC, to sell their respective interests in the Coneto silver-gold project in Durango, Mexico, to Silver Viper Minerals Corp.

The total consideration for the project is a USD $15 million payment in the form of 26,250,000 common shares of Silver Viper, at a deemed price of CAD $0.80 per share. Orex holds a 38.79% interest in the project. The transaction is subject to several conditions, including due diligence, board approvals, and regulatory acceptance, with an expected closing in January 2026. The company also noted the deal is a non-arm's-length transaction due to a shared director. A trading halt was put in place pending this news.

This news is transformative for Orex Minerals and represents a strategic pivot from a cash-strapped exploration company to a holding company with a significant equity position in another explorer.

Orex Minerals Inc. is a Canadian junior mineral exploration company. Its flagship asset was the Coneto Gold-Silver Project in Durango, Mexico, which it was advancing in a joint venture with Fresnillo plc, the world's largest primary silver producer. Orex held a 38.79% interest in the project. Following the announced sale of Coneto, the company's principal asset will be a large equity holding in Silver Viper Minerals Corp. Orex also holds the Jumping Josephine gold property in British Columbia, Canada, which is considered a non-core asset.