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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 Corp. (AG) has announced a definitive merger agreement to acquire Gatos Silver, Inc. (GATO). The transaction values Gatos at approximately US$970 million, with Gatos shareholders receiving 2.550 First Majestic shares for each Gatos share. This represents a 16% premium based on closing prices and 20-day VWAPs as of September 4, 2024.
Key highlights of the merger include:
- Consolidation of three world-class silver mining districts in Mexico
- Combined annual production of 30-32 million ounces of silver-equivalent
- Expected annual free cash flow contribution of ~US$70 million from Gatos
- Creation of a 350,000-hectare prospective land package
- Pro forma market capitalization approaching US$3 billion
The transaction is expected to close in early 2025, subject to shareholder and regulatory approvals.
First Majestic Silver Corp. (NYSE: AG) announced Q2 2024 financial results, highlighting production of 5.3 million silver equivalent ounces, a 2% increase from Q1. Quarterly revenues were $136.2 million, down 7% year-over-year due to higher silver inventory and lower production at some mines. The company reported improved mine operating earnings of $15.5 million, up from $1.1 million in Q2 2023. Cash costs were $15.29 per AgEq ounce, a 2% improvement year-over-year. First Majestic held 712,539 silver ounces in inventory valued at $20.9 million. The company declared a quarterly dividend of $0.0046 per share. Management anticipates further improvements in H2 2024 due to planned higher ore grades and throughput rates.
First Majestic Silver Corp. (NYSE: AG) has announced a significant new gold and silver discovery at its Santa Elena property in Sonora, Mexico. The Navidad vein system, located near the producing Ermitaño mine, has shown high-grade mineralization in initial drilling. Highlights include:
- 54.93 g/t Au and 399 g/t Ag over 1.82 m true thickness
- 10.13 g/t Au and 86 g/t Ag over 4.42 m true thickness
- 8.15 g/t Au and 427 g/t Ag over 4.78 m true thickness
The discovery has an apparent strike length of 750 m and a dip continuity of 225 m. Four drill rigs are currently focused on exploring the extent and grade of the Navidad mineralization, which remains open in all directions.
First Majestic Silver Corp. (NYSE: AG) reports Q2 2024 production of 5.3 million silver equivalent ounces, consisting of 2.1 million silver ounces and 39,339 gold ounces. This represents a 7% increase in silver and 9% increase in gold production compared to Q1 2024. Key highlights include:
1. La Encantada's silver production increased 28% due to improved water supply.
2. Santa Elena's production rose 13% to 2.6 million AgEq ounces.
3. San Dimas is converting to LNG for more reliable, lower-emission power.
4. The company maintains strong safety performance with low incident rates.
5. Updated 2024 guidance: 21.4 to 22.6 million AgEq ounces, with increased silver and slightly decreased gold production.
First Majestic also revised its cash cost guidance to $14.25-$14.68 per ounce and AISC to $20.36-$21.12 per AgEq ounce for 2024.
First Majestic Silver Corp. (NYSE: AG) announced positive results from its 2024 exploration program at the San Dimas Silver/Gold Mine in Durango State, Mexico. The drilling program aimed to test new mineral targets, expand resources, and convert resources to reserves. Key highlights include significant mineralization in the Perez, Sinaloa-Elia, Santa Regina, and Santa Teresa veins, with high-grade intercepts like 39.28 g/t Au and 1,905 g/t Ag over 1.76 meters. Specific noteworthy veins include intercepts such as 7.36 g/t Au and 1,129 g/t Ag over 6.72 meters in the Perez vein and 20.41 g/t Au and 1,702 g/t Ag over 2.15 meters in the Sinaloa-Elia vein. These results highlight San Dimas' potential for resource expansion and conversion, confirming the continuity and prospectivity of the veins targeted in the exploration program.
First Majestic Silver Corp. (NYSE: AG) released its 2023 Annual Report, celebrating its 20-year journey as one of the world's largest silver producers.
The report, titled '20 Years. The Silver Evolution,' outlines the company's vision, values, and financial performance. CEO Keith Neumeyer highlighted the company's growth despite challenges, emphasizing adaptability and resilience.
The full report is available on the company's website, and shareholders can request physical copies. The audited financial statements for 2023 are included in the report.
First Majestic Silver Corp., listed on NYSE and TSX under the symbol AG, has released its 2023 Sustainability Report. The report, aligned with SASB standards, highlights significant achievements in Environmental, Social, and Governance (ESG) performance.
Key highlights include a 32% reduction in reportable injuries and a 51% reduction in lost-time injuries. The company also reported a 48% reduction in carbon footprint per tonne of ore processed and significant community investments benefiting nearly 11,000 people.
Other achievements include a 22% hiring rate for women, a 30% increase in community investments to US$1.3 million, and improved ESG scores, with a Sustainalytics score improving from 50.6 in 2022 to 31 in 2023, and an S&P Global CSA score rising from 25 to 31.
The report outlines the company's ongoing commitment to responsible corporate practices, with a forward-looking sustainability strategy and transparent reporting to uphold its values of trust, sustainability, and accountability.
First Majestic Silver announced a ticker symbol change on the Toronto Stock Exchange (TSX) from 'FR' to 'AG', effective May 27, 2024. This change aligns their TSX symbol with their New York Stock Exchange (NYSE) symbol for better brand consistency across North American markets. Their Frankfurt Stock Exchange symbol, 'FMV', remains unchanged. Shareholders are not required to take any action; the CUSIP number and share certificates stay the same.
First Majestic Silver Corp. (NYSE: AG) announced the results of its Annual General Meeting of Shareholders held on May 23, 2024. The meeting saw 120,646,090 common shares represented, constituting 42% of the company's issued and outstanding shares. Shareholders voted in favor of all matters on the agenda. The number of directors was set at five, with the following directors elected: Keith Neumeyer, Marjorie Co, Thomas F. Fudge, Jr., Raymond L. Polman, and Colette Rustad. Deloitte LLP was reappointed as the auditor with 89.46% support. However, the Say-on-Pay advisory resolution did not pass, receiving only 49.17% votes in favor. Despite this, the company noted an increase in support for executive compensation disclosure compared to the previous year's AGM.
First Majestic Silver Corp. (NYSE: AG) is reminding shareholders to vote in the upcoming Annual General Meeting (AGM) on May 23, 2024, at 10:00 a.m. (Pacific Time) at the Sutton Place Hotel, Vancouver, BC. Shareholders of record as of March 28, 2024, can vote. The Board recommends voting FOR all resolutions. Proxy voting is available until May 21, 2024, at 10:00 a.m. (Pacific Time). For voting assistance, shareholders can contact Kingsdale Advisors.
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