Aztec Minerals Corp.
Aztec Minerals is advancing the brownfield Tombstone gold-silver project in Arizona's historic Tombstone Mining District -- past production of roughly 250,000 ounces of gold and 32 million ounces of silver -- with 2026 drilling extending the oxide zone over 85 metres deeper ahead of a maiden resource estimate now targeted for Q4 2026 (slipped from an earlier Q3 2026 target as drilling and land consolidation continued), alongside the Cervantes gold-copper porphyry project in Sonora, Mexico.
Notable vs. Peers
- Financials score of 3.2/10 is weaker than the peer average of 5.3/10.
Lifecycle Milestones
Not yet determined: mill, tailings facility.
Jurisdiction (40%, counts 50% here)9/10
Arizona: Fraser PPI 2025 is 90.73 of 100 (rank 10 of 68), which maps to 9 on this site's scale. Arizona, United States — top-tier, low political-risk mining jurisdiction.
Infrastructure (40%, counts 50% here)7.9/10
Confirmed road access and confirmed grid power at Tombstone Project, Arizona; existing mill and tailings facility not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not counted: would not raise the score
Johnson Camp (Gunnison Copper Corp.) is 44 km away and would score 8.4/10 on its own, but that is below what this company's other researched inputs already give it. A nearby producing mine can only raise this score, never lower it, so it isn't counted here.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:5.6/10
Nearest producing mine: Johnson Camp (Gunnison Copper Corp.), 44 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:1/10
Stage: Grassroots Exploration
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
United States: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
President, Chief Executive Officer and Director of both Aztec Minerals Corp. (since 2022) and GSP Resource Corp. (since 2018), and a director of IDEX Metals Corp. (since 2025). Also an independent director of Essex Resources Corp. (since 2024) and Apogee Minerals Ltd. (since 2018). Over twelve years of corporate development and capital markets experience, formerly with Bank of Tokyo-Mitsubishi UFJ, Royal Bank of Canada, Salman Partners and Leede Financial. Holds an MBA from UBC, is a CFA charterholder, and holds an undergraduate finance degree from the University of Western Ontario.
Chief Financial Officer of Aztec Minerals Corp.; also Chief Financial Officer of VR Resources Ltd. (CPA, CGA) 20 years' experience working with public and private companies on the TSX, TSXV, and NYSE; Bachelor of Commerce, University of Manitoba (1977); CPA, CGA designation (1983).
Vice President, Exploration at Aztec Minerals Corp. (B.Sc., CPG) 38+ years of mining-industry experience across major and junior companies, primarily in South America and North America; played key roles discovering and evaluating over 30 million oz gold and 25 million tonnes copper in reserves and resources; most recently VP Operations for Duran Ventures.
Controller at Aztec Minerals Corp. (B.Com) 10+ years of experience in financial administration and management for private and public mining companies; BCom, UBC Sauder School of Business, Finance specialization.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Crescat Capital, a resource-specialist manager, is on the register — it led the C$3.6 million placement Aztec closed in May 2025 — but the size of its position is not disclosed anywhere we could source, so it counts only as a specialist being present rather than as a measured stake. The other positive is management's own money: CEO Simon Dyakowski has bought on the open market three times, twice inside the last twelve months (25,000 shares at C$0.19 in June 2026 and 20,000 at C$0.23 in May 2026), with no sales on record. No producer or strategic corporate holds a stake, and institutional ownership is 11.3%.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Aztec Minerals is exploring the Tombstone gold-silver project in Arizona's historic Tombstone Mining District, which produced roughly 250,000 oz of gold and 32 million oz of silver in the past, and also holds the Cervantes gold-copper porphyry project in Sonora, Mexico. Drilling in 2026 has extended the continuous strike of the Contention mineralised system at Tombstone to over 1,250m, with a 9 September 2026 result of 83.8m at 1.31 g/t gold equivalent, including 7.6m at 8.34 g/t gold equivalent. No resource has yet been estimated; a maiden resource estimate, prepared by APEX Geoscience, is now targeted for the fourth quarter of 2026, later than the earlier third-quarter target, supported by 90 completed reverse-circulation holes with 11 more pending.