Axo Metals – The Pathway Towards Production At The San Antonio Gold Project, Major Permit Secured
Summary
SEMARNAT (Mexico's federal environmental agency) has approved the San Antonio project's impact permit, the primary authorization needed to build and operate the mine.
Existing heap leach infrastructure (recovering metal by dripping solution through stacked ore) cuts remaining capex to roughly US$50 million.
An updated resource estimate and PEA (Preliminary Economic Assessment — early-stage economics) land in November; higher prices mean a lower cut-off grade and potentially more ounces.
Two-thirds of drilling capacity now targets resource expansion rather than infill, with results due late summer and first ore stacking targeted by end-2027.
The treasury holds about C$28 million after February's C$40 million financing, with the remaining capex planned to be funded through debt.
Key points on Gogold Resources
- The CEO cites GoGold as a Halifax-group sister company sharing founding shareholders, key personnel and in-country expertise with Axo, within a team he credits with building five mines in Mexico.
- The hosts count GoGold, with Silver Tiger and Axo, as one of three recent Mexican permitting wins for the Halifax group, with each company now advancing a mine build.
Key points on Silver Tiger Metals
- The CEO says Silver Tiger is midway through the El Tigre build and, in shifting from explorer to developer, hired COO Francisco Ablai, who brings open-pit heap leach build experience.
- He counts Silver Tiger, alongside GoGold and Axo, as part of the Halifax group that is now three-for-three on Mexican permitting and shares founding shareholders and key personnel.
Jonathan Egilo's takeaways
- Top takeaway Egilo's central pitch is that San Antonio is a fully permitted brownfield restart needing only about $50M US of additional capex, with existing infrastructure allowing ounces stacked by end-2027 and full production in 2028.
- He argues the market is wrong to view the project as 'a million ounces and change' and is directing two-thirds of drilling at expansion to prove resource upside before first production, with results due from late summer into fall.
- He leans on the Halifax group's track record — three-for-three on Mexican permitting, shared personnel with GoGold and Silver Tiger, and mine-building experience dating to Ocampo over 20 years ago — as evidence Axo can execute the build.
- He frames the November 2026 PEA, backed by detailed oxide engineering and column testing, as the route to a bankable capex number and debt financing, on top of a C$28M cash position.