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Overview of First Majestic Silver Corp
First Majestic Silver Corp is a publicly traded mining company specializing in the extraction and production of silver and gold, with a strong operational focus in Mexico and strategic exploration assets in the United States. As a significant participant in the precious metals mining sector, the company leverages both traditional and innovative mining techniques to extract high-quality mineral resources. Incorporating advanced mineral exploration methodologies, efficient mining operations, and a state-of-the-art minting process, First Majestic stands out for its comprehensive approach to bullion production and value creation.
Core Operations and Mining Expertise
The company’s primary business revolves around the development, exploration, and production of mineral properties. First Majestic owns and operates multiple underground mines in Mexico, notably the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, and the La Encantada Silver Mine. At its core, the company focuses on the extraction of silver as its principal metal, supported by significant quantities of gold produced as a secondary metal. These operations are underpinned by rigorous exploration programs designed to expand resource bases and convert inferred mineral resources to indicated and proven reserves. With robust drilling operations and continuous resource evaluation, First Majestic demonstrates its commitment to maximizing resource recovery while sustaining operational excellence.
Vertical Integration and Bullion Production
In an effort to capture enhanced value from its mined silver, First Majestic has achieved vertical integration through the establishment of its minting facility, First Mint, LLC. This facility is an exemplar of modern bullion manufacturing, incorporating innovative production lines that reduce energy consumption and lower gas emissions relative to traditional processes. The mint has successfully commissioned its operations and, through the production of high-quality silver bullion products such as bars, ingots, coins, and medallions, offers an additional revenue stream that bridges the gap between mining and direct consumer sales. The incorporation of quality control measures like ISO certification underscores the company’s commitment to maintaining strict standards in the manufacturing of investment-grade bullion.
Exploration and Resource Development
Exploration forms a cornerstone of First Majestic’s strategy. The company pursues an aggressive drilling campaign at both brownfield and greenfield targets to identify new mineralized zones and extend existing resource models. Detailed exploration programs have been carried out at properties such as San Dimas, where drilling campaigns have successfully intercepted significant silver and gold mineralization in multiple vein systems. These programs are executed under stringent QA/QC standards and are aimed at converting inferred resources into higher confidence categories, thereby de‐risking future mining operations. The company’s commitment to exploration and development not only enhances its mineral reserve portfolio but also positions it strategically in terms of future development potential without relying on speculative assessments of its output.
First Majestic Silver (NYSE: AG) has appointed Daniel Muñiz Quintanilla to its Board of Directors, effective March 13, 2025. Muñiz brings over 28 years of experience in international law, M&A, capital markets, and finance across mining, logistics, and infrastructure sectors.
Currently serving on the boards of Novagold Resources and Brookfield Infrastructure Partners, Muñiz is also a Founding Partner of Axkan Capital Partners and holds director positions at Tharsis Mining and companies within The Electrum Group's portfolio. His notable past experience includes a 12-year tenure with Grupo Mexico and its subsidiaries, where he served as CEO and CFO.
Muñiz previously served as a director of Gatos Silver until First Majestic's acquisition in January 2025, and as a director of HudBay Minerals from July 2019 to May 2024. He holds advanced degrees in Law from Georgetown University and Business Administration from Instituto de Empresa.
First Majestic Silver reported strong Q4 2024 financial results, with record free cash flow of $68.4M, up 119% quarter-over-quarter. Revenue increased 18% to $172.3M, while mine operating earnings grew 69% to $48.2M. The company's cash position strengthened by 19% to $308.3M.
Key operational improvements include a 9% reduction in cash costs to $13.82 per AgEq ounce and a 3% decrease in AISC to $20.34 per AgEq ounce. First Mint achieved record quarterly sales of $9.1M, up 237%. For full-year 2024, the company produced 21.7M AgEq ounces, meeting guidance, and generated revenues of $560.6M.
The company completed the acquisition of Gatos Silver for $1.07B in January 2025, gaining a 70% interest in the Cerro Los Gatos Silver Mine. A quarterly dividend of $0.0057 per share was declared, payable March 14, 2025.
First Majestic Silver has announced its 2025 production and cost guidance for its four producing underground mines in Mexico. The company expects total attributable production of 27.8 to 31.2 million silver equivalent ounces, including 13.6 to 15.3 million ounces of silver.
The increased forecast compared to 2024 is attributed to the addition of the Cerro Los Gatos Silver Mine following the acquisition of Gatos Silver, Inc. on January 16, 2025, along with production increases at Santa Elena and La Encantada mines. The company projects consolidated 2025 AISC between $19.89 to $21.27 per attributable payable AgEq ounce.
For 2025, First Majestic plans to invest $182 million in capital expenditures, with $80 million for sustaining activities and $102 million for expansionary projects. The exploration program includes approximately 270,000 metres of drilling across its operations, focusing on resource expansion and conversion.
First Majestic Silver reports significant expansion of gold and silver mineralization at its Navidad discovery near the Santa Elena Mine in Sonora, Mexico. The exploration program completed 20,809 meters of drilling across 17 holes, identifying two epithermal quartz veins with high-grade mineralization: the Navidad and Winter veins.
Key findings include mineralization extending over 1,000m by 300m in strike and dip, with average thickness between 2.8m and 4.4m. Metallurgical testing showed exceptional recovery rates exceeding 90% for gold and 85% for silver, confirming compatibility with existing processing infrastructure.
The Navidad discovery is located approximately 100m southwest and 350m below the Ermitaño mine infrastructure. Five drill rigs are currently active at Navidad, with a maiden Inferred Mineral Resource estimate anticipated in late March. The company plans additional surface drilling in 2025 to test potential expansion, as mineralization remains open in multiple directions.
First Majestic Silver has announced positive drilling results from its 2024 exploration program at the San Dimas Silver and Gold Mine in Durango, Mexico. The company completed approximately 113,000 metres of drilling, successfully expanding Mineral Resources and converting Inferred to Indicated Mineral Resources.
Significant silver and gold mineralization was intersected in multiple veins, notably in the Perez, Sinaloa-Elia, Santa Teresa, and Jessica East veins. Key highlights include:
- Perez Vein: 10.03 g/t Au and 1,996 g/t Ag over 3.65 metres
- Sinaloa-Elia: 23.33 g/t Au and 1,045 g/t Ag over 1.31 metres
- Santa Teresa: 10.02 g/t Au and 359 g/t Ag over 3.41 metres
- Jessica East: 2.22 g/t Au and 422 g/t Ag over 0.75 metres
The drilling program has derisked mineralization for mining in 2025 and 2026, with several veins showing potential for further expansion.
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.
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