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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 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.
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.
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