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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 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.
First Majestic Silver Corp. announces financial results for Q1 2024, with 5.2 million AgEq ounces produced, $106.0 million in revenues, and a cash dividend payment of $0.0037 per share. The Company's cash balance stands at $229.3 million. Operational highlights include improvements in mine operating earnings and a focus on higher ore grades in H2 2024. AISC increased to $21.53 per AgEq ounce. The Company declared an eligible dividend for shareholders.
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