Latest assays:
“We have generated a wealth of outstanding assays since we started drilling a year ago and these will underpin next month’s resource update.
“To be able to advance from discovery to definition drilling and into a planned maiden resource for both Cristal and Pegaso 7 in such a short period highlights the compelling exploration potential we have at Cerro Bayo.
“Given the amount of drilling we are doing, the open nature of the known mineralisation and the prospective ground we have identified through sampling and mapping, we are very confident about the next 6-12 months at Cerro Bayo”.
Drilling and Exploration Update
The drilling campaign continues to progress at the Laguna Verde Project area with three rigs aimed at expanding and infilling the existing resources at Coyita North (Figure 1) and continuing to define deeper mineralised shoots within the Pegaso 7 discovery.
Figure 1. Coyita North drill platform testing the northern shoot.
Geophysics campaign
As announced on 13 February 2025, the geophysics campaign is currently ~30% complete and has defined extensive new enhanced resistivity corridors within the broader Pampa La Perra and Cerro Bayo trends. The campaign has progressed to the Sinter Hill/Cascada areas (Figure 2) with the aim of defining the mapped veins of Meseta (Figure 3) and Mallines at depth and further along strike as well as the undercover zones below the Sinter Hill.
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First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the release of its 2024 Sustainability Report and the mailing of its meeting materials for the Company's upcoming 2025 Annual General Meeting of Shareholders (the "2025 AGM").
2024 SUSTAINABILITY REPORT
The Company's 2024 Sustainability Report has been prepared primarily in alignment with the Sustainability Accounting Standards Board ("SASB") reporting standards, and summarizes the Company's sustainability-related performance for the 2024 calendar year.
Record Safety Performance: Achieved the Company's best health and safety performance on record, including a 48% annual reduction in TRIFR and 70% annual reduction in LTIFR.
Inclusive Excellence: Invested in our own employees' futures, recording 16 inter-company transfers, 67 promotions to higher roles, and providing 33% of our mine site employees with skills-based training.
Carbon Reduction: Reporting our lowest carbon footprint on record, achieving a 33% annual reduction in carbon footprint per tonne of ore processed, and a total reduction in our carbon footprint of 44% compared to the baseline set out in our first sustainability report in 2019.
Community Involvement: Partnered with our local communities on impactful projects, investing over US$1.2 million in our communities during 2024. Strong community support is reflected in an 89% annual reduction in community complaints and no community-related technical delays in 2024.
ESG Recognition: The Company continued its trend of improvement within sustainability ratings and rankings, and by the end of 2024, we placed in the top 20% of the mining industry as ranked by ISS ESG, the top 34% by S&P Global, the top 41% by Sustainalytics, and the top 42% by the London Stock Exchange Group.
The 2024 Sustainability Report provides shareholders and stakeholders of First Majestic an annual progress report against our public sustainability commitments. The Company is pleased to share that in 2024 we met all of our sustainability targets and commitments and achieved our best carbon footprint and health and safety performance on record.
"Sustainability and Accountability are two of our core values at First Majestic," said Keith Neumeyer, President & CEO of First Majestic. "Last year, we built on our long history of responsible management by further applying these values, publicly sharing with all stakeholders our commitments to excellence in eight sustainability topic areas. I am pleased to share that we have met our targets across all these areas. I applaud everyone at First Majestic for their ability to commit and deliver on these goals and look forward to continuing to report on our progress."
For further performance data and information about how First Majestic manages sustainability-related areas of its business, the 2024 Sustainability Report and accompanying documents are available on the Sustainability Report Hub of the Company's website at www.firstmajestic.com/sustainability/report-hub/.
2025 AGM INFORMATION
The Company's 2025 AGM will be held on Tuesday, May 20, 2025, at 10:00 a.m. (Pacific Time) at the offices of Bennett Jones LLP, located at Suite 2500 - 666 Burrard Street, Vancouver, British Columbia V6C 2X8.
As in prior years, the Company has adopted the notice and access model ("Notice and Access") under National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer for the delivery to shareholders of record as of March 31, 2025 (the "Record Date") of the Notice of Meeting, Management Information Circular, Form of Proxy or Voting Instruction Form (as applicable) and our audited financial statements and management's discussion and analysis for the year ended December 31, 2024 (collectively, the "Meeting Materials") in connection with the 2025 AGM.
Under Notice and Access, instead of receiving printed copies of the Meeting Materials, shareholders receive a Notice and Access notification containing details relating to the 2025 AGM such as the date, location and purpose, as well as information on how they can access the Meeting Materials electronically. Using the Notice and Access method allows us to deliver the Meeting Materials to our shareholders in a more environmentally friendly and sustainable way that helps reduce paper usage and our carbon footprint, and it reduces our printing and mailing costs. However, shareholders with existing instructions on their account to receive printed materials will receive a printed copy of the Meeting Materials, and any other shareholders who wish to receive a printed copy of the Meeting Materials may follow the instructions set out in the Notice and Access notification that they will receive.
The Company has retained Kingsdale Advisors to assist anyone who is a First Majestic shareholder as of the Record Date with voting their shares. Once you have received the Meeting Materials in the mail, if you need assistance with voting your First Majestic shares, please reach out to Kingsdale Advisors by telephone at 1-866-851-3214 (toll-free in North America) or 1-647-577-3635 (text and call enabled outside of North America), or by e-mail at contactus@kingsdaleadvisors.com.
The Meeting Materials for the 2025 AGM may be found at the following website: www.FirstMajesticAGM.com. Please review the Meeting Materials for instructions relating to voting your First Majestic shares. You may also access the Meeting Materials by scanning the QR code below with your smart device:
2025 AGM Materials QR code
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The Company looks forward to the support of its shareholders at the 2025 AGM, and notes that management recommends that shareholders vote "FOR" all resolutions that are set out in the Meeting Materials.
ABOUT FIRST MAJESTIC
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates four producing underground mines in Mexico: the Cerro Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.
For further information, contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.
Keith Neumeyer, President & CEO
Cautionary Note Regarding Forward Looking Statements
This news release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and United States securities laws (collectively, "forward‐looking statements"). Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the time and place of the 2025 AGM. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are discussed in the section entitled "Description of the Business - Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2024 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's Annual Report on Form 40-F for the year ended December 31, 2024 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise.
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First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") announces that total production in the first quarter of 2025 from the Company's four producing underground mines in Mexico, namely the Cerro Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns the mine), the Santa Elena SilverGold Mine, the San Dimas SilverGold Mine, and the La Encantada Silver Mine reached 7.7 million silver equivalent ("AgEq") ounces, consisting of 3.7 million silver ounces, 36,469 gold ounces, 12.5 million pounds of zinc and 7.5 million pounds of lead.
"The first quarter of 2025 is paving the way for a transformational 2025 for First Majestic," said Keith Neumeyer, President & CEO. "Our team continues to focus on safe production across all our operations, and I am pleased to see another record safety performance combined with an all-time record for silver production this quarter. Operations at Cerro Los Gatos were excellent during the quarter, with the district now accounting for nearly 30% of the Company's production portfolio. The results achieved this quarter by the Company, throughout a busy time closing the Gatos acquisition and integrating the Cerro Los Gatos operation into our portfolio, truly demonstrate the quality of the First Majestic team."
Q1 2025 PRODUCTION HIGHLIGHTS
Record Silver Production (+88% Y/Y): The Company produced 3.7 million silver ounces in Q1 2025 representing an 88% increase when compared to 2.0 million silver ounces produced in Q1 2024. Total silver production in the quarter included 1.4 million ounces of attributable silver production from Cerro Los Gatos as well as a notable 17% (0.2 million ounce) increase at San Dimas primarily due to operational improvements.
Strong Silver Equivalent Production (+49% Y/Y): The Company produced 7.7 million AgEq ounces in Q1 2025 representing a 49% increase when compared to 5.2 million AgEq ounces produced in Q1 2024 driven by an 88% increase in attributable consolidated silver production and a 1% increase in gold production. The significant increase resulted from the inclusion of attributable production from Cerro Los Gatos, as well as an 11% increase in production at San Dimas.
Continued Active Exploration Program: During the first quarter, the Company completed a total of 61,219 metres ("m") of drilling across its mines in Mexico. Throughout the quarter, up to 28 drill rigs were active consisting of seven rigs at Cerro Los Gatos, seven rigs at Santa Elena, 13 rigs at San Dimas, and one rig at La Encantada.
Conversion to Liquefied Natural Gas ("LNG") at San Dimas: The replacement of the diesel generators used for on-site back-up power at San Dimas with LNG units is near completion, with four 1 megawatt ("MW") LNG generators on site that will commence operating in Q2 2025. We expect this shift to LNG to generate substantial cost-savings and will result in a reduction in carbon emissions of up to 25%, when back-up power is required.
Record Safety Performance Continues (-65% Y/Y): The consolidated Q1 2025 Total Reportable Incident Frequency Rate ("TRIFR") was 0.17, well below the Company's 2025 target KPI of 0.70 and a 65% improvement compared to Q1 2024. The Lost Time Incident Frequency Rate ("LTIFR") was 0.06 compared to 0.08 from the same period last year. The Cerro Los Gatos operation finished Q1 without a reportable incident, a significant milestone in the operation's history.
Attributable Consolidated Production Details:
| Q1 | Q1 | Y/Y | Q4 | Q/Q | |
| 2025 | 2024 | Change | Attributable Consolidated Production Results | 2024 | Change |
| 944,373 | 588,651 | 60% | Ore processed/tonnes milled | 745,124 | 27% |
| 7,711,709 | 5,162,283 | 49% | Silver equivalent ounces | 5,713,289 | 35% |
| 3,704,503 | 1,975,176 | 88% | Silver ounces produced | 2,353,865 | 57% |
| 36,469 | 35,936 | 1% | Gold ounces produced | 39,506 | (8)% |
| 12,492,869 | N/A | N/A | Zinc pounds produced | N/A | N/A |
| 7,487,065 | N/A | N/A | Lead pounds produced | N/A | N/A |
Q1 2025 Mine-by-Mine Production Details:
| Mine | Ore Processed | Tonnes per Day | Ag Grade (g/t) | Au Grade (g/t) | Ag Recovery | Au Recovery | Ag Oz Produced | Au Oz Produced | AgEq Oz Produced |
| Cerro Los Gatos (100%) | 276,892 | 3,692 | 262 | 0.24 | 89% | 53% | 2,063,884 | 1,134 | 3,217,511 |
| Cerro Los Gatos (70%) | 193,825 | 3,692 | 262 | 0.24 | 89% | 53% | 1,444,719 | 794 | 2,252,258 |
| Santa Elena | 270,203 | 2,969 | 58 | 2.59 | 68% | 95% | 339,784 | 21,408 | 2,259,772 |
| San Dimas | 231,190 | 2,541 | 203 | 2.04 | 90% | 94% | 1,359,378 | 14,241 | 2,636,689 |
| La Encantada | 249,155 | 2,738 | 104 | 0.00 | 67% | 90% | 560,622 | 26 | 562,990 |
Cerro Los Gatos Silver Mine (reported on a 70% attributable basis):
Cerro Los Gatos produced 2,252,258 attributable AgEq ounces, consisting of 1,444,719 ounces of silver, 12,492,869 pounds of zinc, 7,487,065 pounds of lead and 794 ounces of gold.
The mill processed a total of 193,825 tonnes of ore, with silver, zinc, lead and gold head grades of 262 g/t, 4.08%, 1.98% and 0.24 g/t, respectively.
Silver, zinc, lead and gold recoveries during the quarter averaged 89%, 72%, 89% and 53%, respectively.
During the quarter, seven drill rigs completed 14,880 m of drilling on the property.
Santa Elena Silver/Gold Mine:
Santa Elena produced 2,259,772 AgEq ounces, consistent with the same period last year, consisting of 339,784 ounces of silver and 21,408 ounces of gold.
The mill processed 270,203 tonnes of ore, 20% higher than the same period last year, with average silver and gold head grades of 58 g/t and 2.59 g/t, respectively.
Silver and gold recoveries during the quarter averaged 68% and 95%, respectively, consistent with 69% and 95% in the same period last year.
During the quarter, seven drill rigs consisting of five surface rigs and two underground rigs completed 16,809 m of drilling on the property.
San Dimas Silver/Gold Mine:
San Dimas produced 2,636,689 AgEq ounces during the quarter representing an 11% increase compared to Q1 2024, consisting of 1,359,378 ounces of silver and 14,241 ounces of gold. Silver production increased by 17%, while gold production increased by 5%, when compared to the same period last year. The increase in silver and gold production was driven by a 29% increase in ore tonnes processed, partially offset by lower metal grades.
The mill processed 231,190 tonnes of ore, an increase of 29% compared to Q1 2024, with average silver and gold grades of 203 g/t and 2.04 g/t, respectively, compared with 220 g/t and 2.45 g/t in the same period last year.
Silver and gold recoveries during the quarter averaged 90% and 94%, respectively, compared to 92% and 96% in the same period last year.
During the quarter, a total of 13 drill rigs consisting of three surface rigs and 10 underground rigs completed 28,535 m of drilling on the property.
La Encantada Silver Mine:
During the quarter, La Encantada produced 560,622 ounces of silver, representing a 23% increase compared to Q1 2024, driven primarily by a 34% increase in ore processed and a 7% increase in silver recovery, partially offset by lower silver grades.
The mill processed 249,155 tonnes of ore, a 34% increase over the same period last year, with an average silver grade of 104 g/t, compared to 123 g/t in the same period last year.
Silver recovery for the quarter was 67%, compared to 62% in Q1 2024.
During the quarter, one underground drill rig completed 995 m of drilling on the property.
Q1 2025 EARNINGS AND DIVIDEND ANNOUNCEMENT
The Company plans to release its first quarter 2025 unaudited financial results, and announce its dividend payment for the first quarter of 2025, and shareholder record and payable dates for such dividend payment, after market close on May 7, 2025.
ABOUT FIRST MAJESTIC
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates four producing underground mines in Mexico: the Cerro Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at http://www.firstmint.com/, at some of the lowest premiums available.
For further information, contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.
"signed"
Keith Neumeyer, President & CEO
Cautionary Note Regarding Forward Looking Statements
This news release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and U.S. securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the timing for the release of the Company's financial results for the first quarter of 2025; the timing to replace the diesel generators at San Dimas with LNG generators; statements relating to cost-savings and reduction in carbon emissions from using LNG generators at San Dimas; timing for the announcement of the Company's first quarter dividend payment and the shareholder record and payable dates in connection with such dividend payment; and operations at the Company's 100%-owned and operated minting facility and production of bullion from the mint. Assumptions may prove to be incorrect and actual results and future events may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Statements concerning proven and probable mineral reserves and mineral resource estimates may also be deemed to constitute forward‐looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of measured and indicated mineral resources or proven and probable mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".
Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of global health crises, such as pandemics, on our operations and workforce, and the effects on global economies and society; general economic conditions including inflation risks; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; social and labour unrest; relations with local communities; changes in national or local governments; changes in applicable legislation, rules or regulations and the application and enforcement thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2024 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's Annual Report on Form 40-F for the year ended December 31, 2024 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar. Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
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