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FIRST MAJESTIC SILVER CORP - AG STOCK NEWS

Welcome to our dedicated page for FIRST MAJESTIC SILVER news (Ticker: AG), a resource for investors and traders seeking the latest updates and insights on FIRST MAJESTIC SILVER stock.

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.

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First Majestic Silver Corp. has received regulatory approval for a 12-month extension of its share repurchase program, allowing the company to buy back up to 10 million common shares, representing about 4.5% of its outstanding shares. The program aims to enhance shareholder value by increasing equity interests, especially when shares may not reflect the company's underlying value. The repurchase will occur through the Toronto Stock Exchange, with a daily limit on purchases. The previous repurchase program did not result in any share buybacks.

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First Majestic Silver Corp. is acquiring Jerritt Canyon Canada Ltd. from Sprott Mining Inc. for $470 million in shares and 5 million share purchase warrants. This acquisition enhances First Majestic's operational platform in Nevada, an attractive mining jurisdiction, and strengthens its portfolio with expected pro forma production of 30-33 million silver equivalent ounces. The transaction includes a $30 million private placement from Eric Sprott, post-acquisition, owning approximately 13.1% of First Majestic's common shares.

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First Majestic Silver Corp. (AG) has issued a detailed response to recent misleading Mexican media reports about its ongoing tax dispute with the Mexican government. The company asserts that it is compliant with tax regulations in both Canada and Mexico. Notably, First Majestic filed a NAFTA Request for Arbitration to resolve differences regarding the tax assessments, which total approximately US$260 million. The dispute arose from tax assessments on PEM based on market prices instead of actual revenue, contradicting the previously agreed Advance Pricing Agreement with Mexican tax authorities.

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First Majestic Silver Corp. (AG) announced its three operating mines in Mexico have received the 2021 Socially Responsible Business Distinction Award. This award recognizes the company’s commitment to sustainability, corporate ethics, and good governance practices. The San Dimas mine has received the award for the tenth consecutive year, while the Santa Elena mine for the seventh. The La Encantada mine achieved this recognition for the first time. The company aims to produce between 12.5 to 13.9 million silver ounces in 2021, reinforcing its position as a leader in Corporate Social Responsibility.

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First Majestic Silver Corp. (AG) has filed for arbitration with the International Centre for Settlement of Investment Disputes (ICSID) against the Government of Mexico, citing breaches of the Advance Pricing Agreement affecting its subsidiary, Primero Empresa Minera S.A. de C.V. (PEM). Despite efforts for negotiation, the government refused engagement. The company is seeking a neutral tribunal to resolve the dispute under NAFTA's provisions. First Majestic operates multiple silver and gold mines in Mexico, targeting production of 12.5 to 13.9 million silver ounces in 2021.

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First Majestic Silver Corp. (AG) announced its consolidated financial results for Q4 and the year ended December 31, 2020. The company generated revenues of $363.9 million, boosted by robust silver production and higher metal prices, particularly in the second half of the year. Q4 revenues reached $117.1 million, an increase of 21% from Q4 2019, with a net earnings of $34.5 million (EPS of $0.16). Cash costs per ounce rose to $6.53, while AISC increased to $15.92. End-of-year cash and equivalents were $238.6 million, marking a significant 41% increase from 2019.

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First Majestic Silver Corp. reported a total production of 5.2 million silver equivalent ounces in Q3 2020, comprising 3.2 million ounces of silver and 25,771 ounces of gold, reflecting increases of 72% and 63% respectively from the previous quarter. The company aims to fully recover lost production due to COVID-19 by year-end. The balance of cash and cash equivalents stood at $232.4 million. Significant production growth was noted at La Encantada and San Dimas, while exploration efforts are set to expand with a targeted total of 163,000 metres for the year.

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FAQ

What is the current stock price of FIRST MAJESTIC SILVER (AG)?

The current stock price of FIRST MAJESTIC SILVER (AG) is $5.51 as of December 23, 2024.

What is the market cap of FIRST MAJESTIC SILVER (AG)?

The market cap of FIRST MAJESTIC SILVER (AG) is approximately 1.7B.

What are the core operations of First Majestic Silver Corp.?

First Majestic Silver Corp. focuses on the production, development, exploration, and acquisition of mineral properties, emphasizing silver and gold production. It operates three primary mines in Mexico and the Jerritt Canyon Gold Project in Nevada.

What were the key achievements of First Majestic Silver Corp in 2023?

In 2023, First Majestic reported a total production of 26.9 million AgEq ounces. Significant achievements include a 6% production increase in Q4, improvements in ESG scores, a strong safety record, and the commissioning of the First Mint, LLC.

How does First Majestic Silver Corp. ensure sustainability in its operations?

First Majestic emphasizes sustainable practices, evident from its improved ESG score. The company also focuses on reducing environmental impact with state-of-the-art equipment at its minting facility that requires less electricity and produces no gas emissions.

What are the financial highlights of First Majestic Silver Corp.?

As of Q1 2024, First Majestic held a cash and restricted cash balance of $229.3 million. The company generated $573.8 million in annual revenues for 2023 and has set a capital investment budget of $125.0 million for 2024.

What are the future exploration plans of First Majestic Silver Corp.?

For 2024, First Majestic plans to undertake 188,500 meters of exploration drilling, focusing on expanding resources at existing mines and identifying new mineralized zones.

What is the objective of the newly launched First Mint, LLC?

First Mint, LLC aims to produce investment-grade fine silver bullion, allowing First Majestic to sell a larger portion of its silver production directly to customers, thereby enhancing its market presence and vertical integration.

What safety measures does First Majestic Silver Corp. implement?

First Majestic maintains stringent safety protocols, reflected in its improved Total Reportable Incident Frequency Rate (TRIFR) of 1.02 and Lost Time Incident Frequency Rate (LTIFR) of 0.34 in 2023, showcasing a 16% and 33% improvement, respectively.

How did First Majestic Silver Corp. perform in Q1 2024?

In Q1 2024, First Majestic produced 5.2 million AgEq ounces, including 2.0 million ounces of silver and 35,936 ounces of gold. The company also identified a significant new water source at La Encantada, anticipating improved ore throughput rates by Q3 2024.

What is the significance of First Majestic Silver Corp.'s ESG score improvement?

First Majestic's ESG score improvement from 50.56 in 2022 to 31.0 in 2023 places the company in the top 38% of its industry peers, highlighting its commitment to environmental, social, and governance best practices.

How does First Majestic Silver Corp. engage with its shareholders?

First Majestic actively engages with shareholders through regular updates, detailed financial reports, and annual meetings. The company also offers a Shareholder Benefits program, providing savings on silver purchases for shareholders with at least 100 shares.

FIRST MAJESTIC SILVER CORP

NYSE:AG

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1.66B
296.63M
1.46%
43.18%
12.09%
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