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First Majestic Silver Corp. (NYSE: AG, TSX: AG, FSE: FMV) is a distinguished mining company focused on silver and gold production in North America, particularly in Mexico. The company boasts ownership of three prolific mines: the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, and the La Encantada Silver Mine. First Majestic's operations extend to Northern Nevada with the Jerritt Canyon Gold Project, aligning with its aggressive development and acquisition strategy.
First Majestic's commitment to sustainable mining is reflected in its recent achievements. In Q4 2023, the company produced 6.6 million silver equivalent ounces, a 6% increase from the previous quarter, driven by remarkable production at Santa Elena. Their total 2023 production of 26.9 million AgEq ounces underscored resilience amidst challenges, notably at La Encantada due to water scarcity.
Environmentally and socially conscious, First Majestic improved its ESG score from 50.56 in 2022 to 31.0 in 2023, placing it in the top 38% of its industry peers. This was complemented by a robust safety record, with a Total Reportable Incident Frequency Rate (TRIFR) of 1.02 and Lost Time Incident Frequency Rate (LTIFR) of 0.34, marking significant improvements.
The company has also made strides in its operational infrastructure. The commissioning of its 100%-owned minting facility, First Mint, LLC, enables the production of investment-grade fine silver bullion. This initiative aims to integrate vertically into the bullion market, enhancing direct customer sales.
First Majestic's financial performance remains strong, with a cash and restricted cash balance of $229.3 million as of Q1 2024. The company continuously seeks to optimize its operations, reflected in its projected capital investments of $125.0 million for 2024, focusing on underground development, exploration, and property enhancements.
Looking ahead, First Majestic continues to prioritize exploration, with 188,500 meters of drilling planned for 2024. The company's vision of becoming a senior silver producer is supported by a solid foundation of development and the strategic expansion of its existing and new projects.
First Majestic Silver (AG) has completed its acquisition of Gatos Silver, receiving overwhelming shareholder approval with 98.44% of First Majestic and 99.23% of Gatos Silver votes in favor. Under the merger agreement, Gatos Silver stockholders will receive 2.55 First Majestic common shares for each Gatos Silver share held.
The transaction integrates Cerro Los Gatos, described as a high-quality, long-life operation with positive free cash flow, into First Majestic's portfolio of producing mines in Mexico. The company aims to realize synergies and integration benefits throughout the business. Following the completion, Gatos Silver shares will be delisted from both the NYSE and TSX.
Beneficial stockholders will automatically receive their merger consideration in their accounts, while record holders will receive instructions by mail for surrendering their shares. First Majestic plans to release its 2024 audited financial results and 2025 production and cost guidance on February 20, 2025.
First Majestic Silver (NYSE: AG) has received shareholder approval for its acquisition of Gatos Silver (NYSE: GATO). The transaction was approved by approximately 98.44% of First Majestic shareholders, who voted in favor of issuing up to 190,000,000 First Majestic common shares. Additionally, about 71.3% of Gatos Silver stockholders approved the merger agreement.
Under the terms of the transaction, Gatos Silver stockholders will receive 2.55 First Majestic shares for each Gatos Silver share held, with fractional shares to be paid in cash. The transaction is expected to close before market open on January 16, 2025, subject to remaining customary closing conditions.
First Majestic Silver reported Q4 2024 production of 5.7 million silver equivalent (AgEq) ounces, consisting of 2.4 million silver ounces and 39,506 gold ounces. This represents a 4% increase from Q3 2024, driven by a 20% increase in consolidated silver production across all mines. Total 2024 production reached 21.7 million AgEq ounces, aligning with revised guidance.
Key Q4 highlights include La Encantada's highest quarterly production since Q2 2023 at 755,963 silver ounces, and continued exploration with 49,183 metres of drilling across operations. Santa Elena achieved a record annual production of 10.3 million AgEq ounces in 2024, up 7% from 2023. The company also announced the discovery of the high-grade Navidad system at Santa Elena and is proceeding with the acquisition of Gatos Silver, expected to close in early 2025.
Scope Technologies (SCPCF) has secured a $1 million CAD convertible debt financing from First Majestic Silver Corp., complementing its previously announced $1.8 million CAD non-brokered private placement. The convertible debt includes a 4% annual interest rate, one-year maturity, and conversion rights at $1.40 per share.
The investment follows First Majestic's successful completion of a Proof of Concept (POC) process, validating Scope's quantum-resistant encryption and data storage solutions. First Majestic has also signed on as an enterprise client. The funding will support operational growth, business development, and product management initiatives as Scope Technologies aims to expand its market presence in quantum-resistant security solutions.
First Majestic Silver announces updates regarding Gatos Silver's Los Gatos Joint Venture (LGJV) with Dowa Metals & Mining. The amended agreements, effective January 1, 2025, expand Gatos' management rights and enable full consolidation of LGJV's financial statements, while maintaining ownership interests at 70% for Gatos and 30% for Dowa.
The company has updated its unaudited pro forma condensed combined financial information to reflect these changes. A special shareholders' meeting is scheduled for January 14, 2025, at 11:00 a.m. (Pacific Time) in Vancouver, with voting rights for shareholders of record as of November 25, 2024. Kingsdale Advisors has been retained to assist with proxy solicitation.
First Majestic Silver has begun mailing materials for a Special Meeting scheduled for January 14, 2025, where shareholders will vote on issuing up to 190 million common shares for the acquisition of Gatos Silver. The company is using a Notice and Access model to reduce environmental impact, allowing shareholders to access meeting materials electronically at www.AGSpecialMeeting.com.
Due to ongoing Canada Post labour disputes, some Canadian shareholders may experience delays in receiving physical materials. The company has retained Kingsdale Advisors to assist with proxy solicitation and encourages shareholders to vote online or by telephone. The transaction's closing is anticipated in early 2025, subject to shareholder approvals and other conditions.
First Majestic Silver announces two key developments regarding its acquisition of Gatos Silver: First, the Registration Statement on Form F-4 has become effective under the U.S. Securities Act of 1933, marking a important condition for closing the transaction. Second, the company has scheduled a Special Meeting for January 14, 2025, at 11:00 a.m. in Vancouver, where shareholders will vote on the issuance of First Majestic common shares to Gatos stockholders.
The record date is set for November 25, 2024, with meeting materials expected to be distributed around December 9, 2024. Gatos will hold its stockholder meeting virtually on the same day at 10:00 a.m. Subject to both companies' shareholder approvals and other conditions, the transaction is expected to close in early 2025.
First Majestic Silver reported Q3 2024 financial results with revenues of $146.1 million, up 10% year-over-year. The company produced 5.5 million silver equivalent ounces, a 4% increase from Q2 2024. Mine operating earnings reached $28.5 million, up 119% from Q3 2023. Cash position strengthened to $154.7 million, with improved working capital of $238.2 million. The company announced a quarterly dividend of $0.0048 per share. Cash costs improved to $15.17 per AgEq ounce, while AISC decreased to $21.03 per AgEq ounce. The company also announced plans to acquire Gatos Silver, with the merger expected to close in early 2025.
First Majestic Silver Corp. (NYSE: AG) reported Q3 2024 production of 5.5 million silver equivalent ounces, a 4% increase from Q2. This includes 2.0 million silver ounces and 41,761 gold ounces. Year-to-date production reached 15.9 million AgEq ounces, about 72% of the company's revised 2024 guidance midpoint.
Key highlights:
- Discovered high-grade Navidad gold and silver vein system near Santa Elena
- Commenced exploration at Jerritt Canyon Mine in Nevada
- San Dimas hydroelectric plant operating at full capacity
- Inaugurated First Mint facility in Nevada for silver bullion production
Santa Elena and San Dimas mines showed strong performance, while La Encantada is expected to improve in Q4. The company completed 50,020 meters of drilling across its mines during Q3.
First Majestic Silver Corp. (NYSE: AG) has announced a Share Repurchase Program, approved by the Toronto Stock Exchange. The program allows the company to buy back up to 10,000,000 common shares, representing approximately 3.32% of its issued and outstanding shares, over a 12-month period from September 12, 2024, to September 11, 2025. Purchases will be made at prevailing market prices, with a daily maximum of 193,454 shares, subject to TSX rules. First Majestic believes this program will benefit shareholders by increasing their proportionate equity interest in the company when the market price doesn't fully reflect the underlying value of the business.
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