First Majestic Announces 2022 Mineral Reserve and Mineral Resource Estimates

FIRST MAJESTIC SILVER CORP. (NYSE: AG) (TSX: FR) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the 2022 Mineral Reserve and Mineral Resource estimates for its four material mineral properties with an effective date of December 31, 2022. Three material properties are currently in production: the San Dimas SilverGold Mine, the Santa Elena SilverGold Mine, and the La Encantada Silver Mine. The fourth material property, the Jerritt Canyon Gold Mine, was recently placed in temporary suspension to focus on exploration, definition, and expansion of the mineral resources and optimization of mine planning and plant operations.

During 2022, the Company completed a total of 249,201 metres of exploration drilling representing a 9% increase in metres drilled compared to the prior year. Approximately 80% of this drilling was focused on near mine or brownfield targets while the remainder was focused on greenfield targets looking for new discoveries. In 2022, the Company's Mineral Resource estimates show an increase in contained silver equivalent ounces more than offsetting mine depletion following a record 31.3 million silver equivalent ounces in annual production.

2022 HIGHLIGHTS (compared to prior Mineral Reserve and Mineral Resource estimates on December 31, 2021)

  • Proven and Probable ("P&P") Mineral Reserves estimates at the Company's three producing material assets totalled 136.8 million silver equivalent ("Ag-Eq") ounces consisting of 61.5 million ounces of silver and 781,000 ounces of gold. Silver ounces remained relatively unchanged, decreasing only 2% after the exploration programs successfully offset depletion due to production during the year. Gold ounces decreased 41%, primarily due to the Company's decision to report only Mineral Resource estimates for the Jerritt Canyon property after temporarily suspending production and the record production at Santa Elena with the Ermitaño mine surpassing its budgeted metal output in 2022.

  • Measured and Indicated ("M&I") Mineral Resource estimates for the four material assets totalled 351.5 million Ag-Eq ounces consisting of 101.7 million ounces of silver and 2.82 million ounces of gold, representing an 8% and 2% decrease in silver and gold, respectively. Jerritt Canyon added 67,000 ounces of gold to its M&I Mineral Resource estimates at the SSX and Smith mines, which were identified by the 2022 drilling program.

  • Inferred Mineral Resource estimates for the Company's four material assets totalled 280.8 million Ag-Eq ounces consisting of 73.6 million ounces of silver and 2.36 million ounces of gold. Expansionary drilling completed during 2022 at Jerritt Canyon significantly increased the Inferred Mineral Resource estimates with the addition of 307,000 ounces of gold at the SSX, Smith, and West Generator mines. Drilling during the past year at San Dimas also increased the Inferred Resource estimates, adding 8.6 million Ag-Eq ounces consisting of 1.3 million ounces of silver and 25,000 ounces of gold.

2022 PRODUCTION TABLE

 UnitsSAN
DIMAS
SANTA
ELENA
LA
ENCANTADA
JERRITT
CANYON
TOTAL
Ore ProcessedTonnes787,636851,9731,025,172804,2063,468,987
       
Material from Reserves Mined and ProcessedTonnes671,888851,72011,377587,1062,122,091
       
Material Mined from Areas Not In ReservesTonnes115,7482531,013,795217,1001,346,896
       
Silver ProducedOunces6,201,0901,229,6123,091,349010,522,051
       
Gold ProducedOunces80,81494,68441372,483248,394
       
Silver-Equivalent Produced from Gold (1)Ounces6,756,7367,917,60334,4126,022,11820,730,869
       
Silver-Equivalent ProducedOunces12,957,8269,147,2153,125,7616,022,11831,252,920
  1. Silver‐equivalent ounces are estimated considering metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the corresponding contract of each mine. Details as to the method of calculation can be found in the applicable tables in each mine section of the Company's 2022 Annual Information Form.

Metal price assumptions used to estimate the December 31, 2022 Mineral Reserves were $21.50/oz for silver and $1,750/oz for gold. This compares to the previous metal price assumptions of $22.50/oz for silver and $1,750/oz for gold used to calculate the Company's 2021 Mineral Reserves.

MINERAL RESERVE AND MINERAL RESOURCE UPDATE

As of December 31, 2022, P&P Mineral Reserve estimates at the Company's three producing material assets totalled 61.5 million ounces of silver and 781,000 ounces of gold, which represents a total of 136.8 million Ag-Eq ounces. At the San Dimas and La Encantada mines, the P&P Mineral Reserve estimates remained relatively unchanged as a result of the exploration programs offsetting the production depletion. At Santa Elena, P&P Mineral Reserve estimates decreased 14% to 47.0 million Ag-Eq ounces consisting of 10.1 million ounces of silver and 320,000 ounces of gold. The decrease at Santa Elena is the result of depletion after record production in the Ermitaño mine during 2022. Consolidated tonnage at the three material assets was 11.3 million tonnes, with estimated grades of 169 g/t silver and 2.14 g/t gold. The decrease of 14% in the consolidated tonnage is primarily due to the depletion in Mineral Reserve estimates at Santa Elena and the exclusion of the Mineral Reserve estimates for Jerritt Canyon following the Company's decision to report only Mineral Resources at that property after temporarily suspending production. This decrease was partially offset by increases in tonnage at the San Dimas and La Encantada mines.

Proven and Probable Mineral Reserve Estimates with an Effective Date of December 31, 2022

Mine MineralTonnageGradesMetal Content
 CategoryTypek tonnesAg (g/t) Au (g/t)  Ag-Eq (g/t) Ag (k Oz) Au (k Oz)  Ag-Eq (k Oz) 
          
SAN DIMAS        
 Proven (UG)Sulphides        2,612         278        3.51571     23,33029547,910
 Probable (UG)Sulphides        1,699         265        3.03   518     14,47016628,270
 Total Proven and Probable (UG)Sulphides   4,311         273        3.32550     37,800 46076,180
          
SANTA ELENA        
 Proven (UG - Ermitano)Sulphides274           36        3.40    453           310    303,990
 Proven (UG - Santa Elena)Sulphides222         134        1.31228           960       91,620
 Probable (UG - Ermitano)Sulphides        2,265           59        3.35 470       4,280  24434,200
 Probable (UG - Santa Elena)Sulphides  890         152        1.17235       4,350346,730
 Probable (Pad)Oxides188           31        0.55    70           1903       420
 Total Proven and Probable (UG+Pad)Oxides + Sulphides        3,839           82        2.59381     10,09032046,960
          
LA ENCANTADA        
 Probable (UG)Oxides        3,192         133            -  133     13,610    -  13,610
 Total Probable  (UG)Oxides        3,192         133            -  133     13,610   -  13,610
          
          
Consolidated FMS        
 Proven (UG)All mineral types        3,107         246        3.35536     24,60033453,520
 Probable (UG)All mineral types        8,235         139        1.69  314     36,900  44683,230
 Total Proven and ProbableAll mineral types      11,342         169        2.14375     61,500781 136,750

 

  1. Mineral Reserves have been classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into NI 43-101.
  2. The Mineral Reserve statement provided in the table above have an effective date of December 31, 2022. The Mineral Reserve estimates were prepared under the supervision of Ramón Mendoza Reyes, PEng, and a Qualified Person ("QP") for the purposes of NI 43-101 who has the appropriate relevant qualifications, and experience in mining and mineral reserves estimation.
  3. The Mineral Reserves were estimated from the Measured and Indicated portions of the Mineral Resource estimate. Inferred Mineral Resources were not considered to be converted into Mineral Reserves.
  4. Silver-equivalent grade (Ag-Eq) is estimated considering metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the selling contract.
    1. The Ag-Eq grade formula used was:
              Ag-Eq Grade = Ag Grade + Au Grade * (Au Recovery * Au Payable * Au Price) / (Ag Recovery * Ag Payable * Ag Price).
    2. Metal prices considered for Mineral Reserves estimates were $21.50/oz Ag and $1,750/oz Au for all sites.
    3. Other key assumptions and parameters include: metallurgical recoveries; metal payable terms; direct mining costs, processing costs, indirect and G&A costs and sustaining costs. These parameters are different for each mine and mining method assumed and are presented in each mine section of the 2022 AIF.
  5. A two-step constraining approach has been implemented to estimate reserves for each mine and mining method in use: A General Cut-Off Grade (GC) was used to delimit new mining areas that will require development of access, infrastructure and sustaining costs. A second Incremental Cut-Off Grade (IC) was considered to include adjacent mineralized material which recoverable value pays for all associated costs, including but not limited to the variable cost of mining and processing, indirect costs, treatment, administration costs and plant sustaining costs but excludes the access development assumed to be covered by the block above the GC grade.
  6. The cut-off grades, metallurgical recoveries, payable terms and modifying factors used to convert Mineral Reserves from Mineral Resources are different for all mines and are presented in each mine section in the 2022 AIF.
  7. Modifying factors for conversion of resources to reserves include consideration for planned dilution which is based on spacial and geotechnical aspects of the designed stopes and economic zones, additional dilution consideration due to unplanned events, materials handling and other operating aspects, and mining recovery factors. Mineable shapes were used as geometric constraints.
  8. Tonnage is expressed in thousands of tonnes; metal content is expressed in thousands of ounces. Metal prices and costs are expressed in USD.
  9. Numbers have been rounded as required by reporting guidelines. Totals may not sum due to rounding.
  10. The technical reports from which the above-mentioned information is derived are cited under the heading "Technical Reports for Material Properties" in the 2022 AIF.

M&I Mineral Resource estimates for the four material assets totalled 351.5 million Ag-Eq ounces consisting of 101.7 million ounces of silver and 2.82 million ounces of gold. The consolidated tonnage was 25.3 million tonnes with estimated grades of 125 g/t silver and 3.47 g/t gold. The M&I tonnes were relatively unchanged with a 1% decrease over 2021. M&I Mineral Resources at Jerritt Canyon increased by 67,000 ounces of gold primarily due to a successful near-mine drilling program at the SSX and Smith mines that outlined new mineral deposits. M&I Mineral Resources estimates are reported inclusive of Mineral Reserves.

Inferred Mineral Resource estimates for the four material assets totalled 280.8 million Ag-Eq ounces consisting of 73.6 million ounces of silver and 2.36 million ounces of gold. The consolidated tonnage was 21.2 million tonnes with estimated grades of 108 g/t silver and 3.47 g/t gold. Successful near mine exploration drilling at Jerritt Canyon outlined new Inferred Resources at the SSX, Smith, and West Generator mines totalling 307,000 ounces of gold. Most of these ounces were discovered along the newly opened mine corridor connecting the SSX and Smith mines and extend north of the Mahala gold mineralization (Zones 1-9 of the SSX mine to Zone 10 of the Smith Mine). The mineralization remains open in several directions and the Company plans to conduct further exploration in 2023.

Measured and Indicated Mineral Resource Estimates with an Effective Date of December 31, 2022

Mine / ProjectMineral TypeTonnageGradesMetal Content
 Category / Area k tonnesAg (g/t) Au (g/t)  Ag-Eq (g/t) Ag (k Oz) Au (k Oz) Ag-Eq (k Oz)
          
 MATERIAL PROPERTIES         
          
 SAN DIMAS         
 Measured (UG)Sulphides     2,391          444        5.85  94034,16045072,220
 Indicated (UG)Sulphides     1,895          334        3.7965420,320   23139,840
 Total Measured and Indicated (UG)Sulphides     4,285          395        4.9481354,480681112,060
          
 SANTA ELENA         
 Measured Ermitano (UG)Sulphides         354            40        4.11 552460 476,280
 Measured Santa Elena (UG)Sulphides         483          135        1.52  2632,090   244,080
 Indicated Ermitano (UG)Sulphides     2,501            67        4.01 5665,370 32245,510
 Indicated Santa Elena (UG)Sulphides     1,490          157        1.472807,510  7013,440
 Indicated (Leach Pad)Oxides Spent Ore         190            34        0.61  85210   4  520
 Total Measured and Indicated (UG+Pad)All Mineral Types     5,018            97        2.89  43315,640 46769,830
       -  -   
 LA ENCANTADA         
 Indicated (UG)Oxides     4,176          165             -  16522,200   -  22,200
 Indicated Tailings Deposit No. 4Oxides     2,459          119             -     1199,410-  9,410
 Total Measured and Indicated (UG+Tailings)All Mineral Types     6,635          148             -      148 31,610   -   31,610
       -  -   
 JERRITT CANYON       -   
 Measured (UG)Sulphides     4,988             -          5.61463  -  900   74,320
 Indicated (UG)Sulphides     4,171             -          5.58  461  -  74861,790
 Indicated (OP)Sulphides         180             -          4.00  330 -  231,910
 Total Measured and Indicated (UG+OP)All Mineral Types     9,339             -          5.57460 -          1,671138,020
           -   
 SUBTOTAL MATERIAL PROPERTIES         
 Total Measured All mineral types     8,215          139        5.38  59436,710        1,420156,900
 Total IndicatedAll mineral types   17,061          119        2.55 35565,020        1,398194,620
 Total Measured and IndicatedAll mineral types   25,277          125        3.47  433101,730        2,818351,520

 

  1. Mineral Resource estimates have been classified in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into National Instrument NI 43-101.
  2. The Mineral Resource estimates provided above have an effective date of December 31, 2022. The estimates were prepared by the Company's Internal QPs, who have the appropriate relevant qualifications, and experience in geology and resource estimation. The information provided was compiled by David Rowe, CPG, Internal QP for First Majestic, and reviewed by Ramon Mendoza Reyes, P.Eng., Internal QP for First Majestic.
  3. Sample data was collected through a cut-off date of December 31, 2022, for the Material Properties. All properties account for relevant technical information and mining depletion through December 31, 2022.
  4. Metal prices considered for Mineral Resources estimates were $23.00/oz Ag and $1,900/oz Au.
  5. Silver-equivalent grade is estimated considering: metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the corresponding contract of each mine. Estimation details are listed in each mine section of the 2022 Annual Information Form (AIF).
  6. The cut-off grades and cut-off values used to report Mineral Resources are different for all mines. The cut-off grades, values and economic parameters are listed in the applicable section describing each mine section of the AIF.
  7. Measured and Indicated Mineral Resource estimates are inclusive of the Mineral Reserve estimates. Mineral Resources that are not Mineral Reserves do not have a demonstrated economic viability.
  8. Tonnage is expressed in thousands of tonnes, metal content is expressed in thousands of ounces. Totals may not add up due to rounding.
  9. The technical reports from which the above-mentioned information for the material properties is derived are cited under the heading "Technical Reports for Material Properties" in the 2022 AIF.

Inferred Mineral Resource Estimates with an Effective Date of December 31, 2022

Mine / ProjectMineral TypeTonnageGradesMetal Content

Category / Area  k tonnesAg (g/t) Au (g/t)  Ag-Eq (g/t) Ag (k Oz) Au (k Oz) Ag-Eq (k Oz)
          
 MATERIAL PROPERTIES         
          
 SAN DIMAS         

Inferred Total (UG)   Sulphides      4,256          306        3.57     609  41,930    489   83,300
          
 SANTA ELENA         
 Inferred Ermitaño (UG)   Sulphides      2,851            84        2.93      449    7,720  269   41,190
  Inferred Santa Elena (UG)  Sulphides      1,005          146        1.36     261   4,710    44  8,420
 Inferred Total (UG)   Sulphides      3,856          100        2.52     400  12,430   313  49,610
          
 LA ENCANTADA         
 Inferred Total (UG)   Oxides      3,071          179             -      179    17,660   -    17,660
 Inferred Inferred Tailings Deposit No. 4   Oxides          428          118      -     1181,620      -  1,620
 Inferred Total (UG + Tailings)   All Mineral Types      3,499          171             -  17119,280-     19,280
          
 JERRITT CANYON         
 Inferred Total (UG)   Sulphides      9,398             -          5.09 421      -          1,538   127,080
 Inferred Total (OP)   Sulphides          150             -          3.89    322-     191,550
 Inferred Total (UG & OP)   Sulphides      9,547             -          5.07    419    -          1,557128,630
          

Total Inferred Material Properties  All mineral types    21,159          108        3.47  41373,640        2,359280,820

 

  1. Mineral Resource estimates have been classified in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into National Instrument NI 43-101.
  2. The Mineral Resource estimates provided above have an effective date of December 31, 2022, for the Material Properties. The estimates were prepared by the Company's Internal QPs, who have the appropriate relevant qualifications, and experience in geology and resource estimation. The information provided was compiled by David Rowe, CPG, Internal QP for First Majestic, and reviewed by Ramon Mendoza Reyes, P.Eng., Internal QP for First Majestic.
  3. Sample data was collected through a cut-off date of December 31, 2022, for the material properties. All properties account for relevant technical information and mining depletion through December 31, 2022.
  4. Metal prices considered for Mineral Resources estimates were $23.00/oz Ag and $1,900/oz Au.
  5. Silver-equivalent grade is estimated considering metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the corresponding contract of each mine. Estimation details are listed in each mine section of the 2022 Annual Information Form (AIF).
  6. The cut-off grades and cut-off values used to report Mineral Resources are different for all mines. The cut-off grades, values and economic parameters are listed in the applicable section describing each mine section of the 2022 AIF.
  7. Tonnage is expressed in thousands of tonnes; metal content is expressed in thousands of ounces. Totals may not add up due to rounding.
  8. The technical reports from which the above-mentioned information for the material properties is derived are cited under the heading "Technical Reports for Material Properties" in the 2022 AIF.

The Company also announces that its 2022 Annual Information Form has been filed on SEDAR. In addition, a Form 40-F report has been filed with the United States Securities and Exchange Commission and is available on EDGAR and the Company's website at www.firstmajestic.com.

Shareholders may also receive a copy of First Majestic's Annual Report which includes the audited financial statements, without charge, upon request to First Majestic, Suite 1800 - 925 West Georgia Street Vancouver, B.C., Canada, V6C 3L2 or to info@firstmajestic.com.

Mr. Ramon Mendoza Reyes, P.Eng., Vice President Technical Services for First Majestic, is a "Qualified Person" as such term is defined under National Instrument 43-101 and has reviewed and approved the technical information disclosed in this news release.

ABOUT THE COMPANY

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company owns and operates the San Dimas Silver/Gold Mine, the La Encantada Silver Mine, the Santa Elena Silver/Gold Mine and the Jerritt Canyon Gold Mine.

First Majestic is proud to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at its Bullion Store 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.

FIRST MAJESTIC SILVER CORP.
"signed"
Keith Neumeyer, President & CEO

Cautionary Note Regarding Forward-Looking Statements
This press 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 include, but are not limited to, statements with respect to: the Company's business strategy; commercial mining operations; exploration programs; cash flow; budgets; the timing and amount of estimated future production; ore grades; recovery rates; and costs; Assumptions may prove to be incorrect and actual results 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 the coronavirus and COVID-19, and any other pandemics or public health crises on our operations and workforce, and the effects on global economies and society, 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; fluctuations in costs; labour relations; availability and performance of contractors; relations with local communities; changes in national or local governments; changes in applicable legislation or application 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 including appeals of judgments; resolutions of claims and arbitration proceedings; negotiations and regulatory proceedings; 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, available on www.sedar.com, and Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/160834

News Provided by Newsfile via QuoteMedia

FR:CA,AG
The Conversation (0)
First Majestic Announces Ticker Symbol Change on the Toronto Stock Exchange to "AG"

First Majestic Announces Ticker Symbol Change on the Toronto Stock Exchange to "AG"

First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce that effective as of market open Monday, May 27, 2024, First Majestic's stock ticker symbol on the Toronto Stock Exchange (the "TSX") will change from "FR" to "AG".

As a result of this change, "AG" will now be the ticker symbol for First Majestic's common shares listed in Canada on the TSX, and in the United States on the New York Stock Exchange (the "NYSE"), allowing for enhanced, harmonized brand alignment within the Canadian and United States capital markets. The Company's ticker symbol on the Frankfurt Stock Exchange remains "FMV".

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
First Majestic Announces Voting Results from Annual General Meeting

First Majestic Announces Voting Results from Annual General Meeting

First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the voting results for its Annual General Meeting of Shareholders held on Thursday, May 23, 2024 in Vancouver, British Columbia (the "2024 AGM"). Each of the matters that were voted upon at the 2024 AGM are described in detail in the Company's Management Information Circular dated April 11, 2024 (the "Circular"), which is available at www.firstmajesticagm.com.

A total of 120,646,090 common shares of First Majestic were represented at the 2024 AGM, being 42% of the Company's issued and outstanding common shares as at the record date. Shareholders voted in favour of all matters brought before the 2024 AGM, and the specific voting results were as follows:

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Silver bars on pile of $100 bills and green chart going up.

Could the Silver Price Really Hit $100 per Ounce?

Will the First Majestic Silver CEO’s silver price prediction of more than US$100 per ounce come true?

The silver spot price has surged nearly 30 percent in the first half of 2025 to reach a 13 year high as it broke through the US$36 mark in early June. Silver has rallied on growing economic uncertainty amidst ongoing geopolitical tensions and Trump’s escalating trade war.

Well-known figure Keith Neumeyer, CEO of First Majestic Silver (TSX:FR,NYSE:AG), has frequently said he believes the white metal could climb even further, hitting the US$100 mark or even reaching as high as US$130 per ounce.

Neumeyer has voiced this opinion often in recent years. He put up a US$130 price target in a November 2017 interview with Palisade Radio, and he also discussed it in an August 2022 interview with Wall Street Silver. He has reiterated his triple-digit silver price forecast in multiple interviews with Kitco over the years, including one in March 2023.

Keep reading...Show less
Peter Krauth, silver bars.

Peter Krauth: Silver Price Running, Stocks Exploding — What's Next?

Peter Krauth, editor of Silver Stock Investor and Silver Advisor, outlines the factors driving silver's recent price run, which has pushed the white metal to levels not seen in over a decade.

In his view, the current macroeconomic environment is combining with short supply and strong demand dynamics to create a "perfect storm."

Keep reading...Show less
Boab Metals Limited (ASX:BML)

Boab Metals Investor Presentation

Boab Metals (ASX:BML) is pleased to present its investor presentation for June 2025.

Keep reading...Show less
Rapid Increases Land Holding by 26 X

Rapid Increases Land Holding by 26 X

Rapid Critical Metals Limited ('Rapid' or 'Company') is pleased to announce that is increasing its land holding adjacent to the high-grade Webbs Silver Project 1 ,2 (Webbs Project or Project) with Exploration Licence Application 6911, an exciting land package to complement its new silver acquisitions.

Keep reading...Show less
Silver Outlook

Silver Price Forecast - What Happened And Where Do We Go From Here?

Silver Outlook

Thank you for requesting our exclusive Investor Report!

This forward-thinking document will arm you with the insights needed to make well-informed decisions for 2025 and beyond.

A Sneak Peek At What The Insiders Are Saying

"I'm looking for US$40 (per ounce) or so in 2025. It's really hard to predict because technically there's no resistance above US$35 or so”
— David Morgan, the Morgan Report

Who We Are

The Investing News Network is a growing network of authoritative publications delivering independent, unbiased news and education for investors. We deliver knowledgeable, carefully curated coverage of a variety of markets including gold, cannabis, biotech and many others. This means you read nothing but the best from the entire world of investing advice, and never have to waste your valuable time doing hours, days or weeks of research yourself.

At the same time, not a single word of the content we choose for you is paid for by any company or investment advisor: We choose our content based solely on its informational and educational value to you, the investor.

So if you are looking for a way to diversify your portfolio amidst political and financial instability, this is the place to start. Right now.

Silver Price Forecast: Top Trends for Silver in 2025

The silver price reached highs not seen since 2012 this past year, supported by an ongoing deficit and increasing interest from investors as geopolitical concerns prompted safe-haven buying.

The white metal reached its highest point for the year in October, breaking through US$34 per ounce on the back of a shifting post-pandemic landscape and geopolitical tensions. However, Donald Trump's victory in the US presidential election just a few weeks later buoyed bond yields and the US dollar while weighing on silver and gold.

What will 2025 hold for silver? As the new year approaches, investors are closely watching how Trump's policies and actions could impact the precious metal, along with supply and demand trends in the space.

Here's what experts see coming for silver in 2025.

How will Trump's presidency impact silver?

As Trump's inauguration approaches, speculation is rife about how he could affect the resource industry.

The president-elect ran on a policy of “drill, baby, drill," and while his focus was largely on oil and gas companies, mining sector participants have taken it as a positive sign for exploration and development.

Trump's promise to reduce permitting timelines for anyone making an investment of US$1 billion or more in the US has excited sector members, and could end up being a boon to silver companies in the country.

However, part of the help Trump has promised to mining companies comes from reneging on environmental commitments, including the Paris Agreement. This could end up weighing on silver.

Current President Joe Biden's Inflation Reduction Act includes tax credits and deductions for solar projects, and there's some concern that the incoming administration and the new Elon Musk-led Department of Government Efficiency (DOGE) could impose reversals or have the entire act gutted, hurting the solar market.

However, Peter Krauth, author of "The Great Silver Bull" and editor of the Silver Stock Investor, told the Investing News Network (INN) that Tesla (NASDAQ:TSLA) CEO Musk could end up keeping solar safe.

“Tesla bought SolarCity, which became Tesla Energy. They are an important provider of solar panels. Again, Musk’s new role heading DOGE and obvious close connection to Trump just might help mitigate risks to Tesla and its solar panel/power storage business. If that happens, in whatever form it may take, it could shelter solar panel production and sales in the US to a considerable degree,” Krauth explained via email.

He also noted that Trump's presidency isn't without risks and that much uncertainty still remains.

Mind Money CEO Julia Khandoshko also isn't worried about solar demand in the US.

“Rolling back ESG policies and returning to carbon-based technologies could slow the green energy transition in the US. However, Europe and China, the main drivers of the green transition, remain committed to clean energy, which increases silver demand. Thus, global trends will continue to support silver use in renewable energy technologies,” she told INN.

Silver deficit expected to continue

Industrial segments have been critical for silver demand in recent years.

As of November, the Silver Institute was forecasting total industrial demand of 702 million ounces of silver for 2024, an increase of 7 percent over the 655 million ounces recorded in 2023.

The institute attributes much of this increase to energy transition sectors, highlighting photovoltaics in particular.

However, these gains are coming alongside flat mine production, which is expected to grow only 1 percent to 837 million ounces during 2024. Once factored in, secondary supply from recycling pushes total supply of silver to 1.03 billion ounces for the year, a considerable gap from the 1.21 billion ounces of total demand.

Both Krauth and Khandoshko think the gap between silver supply and demand will continue.

Krauth suggested that companies have been dipping into aboveground inventories to narrow the gap, which has helped to keep the price of silver from exploding over the past year. "That supply is quickly drying up, so I expect to see renewed upward price pressure since silver miners are unable to grow output," he told INN.

Khandoshko expressed a similar sentiment, saying demand is likely to keep outpacing supply.

However, she also sees geopolitics and a global macroeconomic situation that could constrain both demand and supply growth in 2025. For example, economic difficulties in Europe and China could slow energy transition demand.

"The problem is that silver production is mainly concentrated in geopolitically challenging areas, such as Russia and Kazakhstan, where securing funding for supply expansion is quite difficult" — Julia Khandoshko, Mind Money

When it comes to supply, Khandoshko told INN that she sees a different scenario.

“The problem is that silver production is mainly concentrated in geopolitically challenging areas, such as Russia and Kazakhstan, where securing funding for supply expansion is quite difficult," she explained.

"These factors limit silver’s growth potential compared to gold, which in turn benefits from its role as a safe-haven asset during times of economic uncertainty."

Silver M&A set to heat up in 2025

As silver supply becomes increasingly stressed, experts are eyeing projects that are ramping up.

Krauth highlighted Aya Gold and Silver’s (TSX:AYA:OTCQX:AYASF) Zgounder mine expansion. Its first pour was at the end of November, and it is expected to ramp up to full annual output of 8 million ounces in 2025.

Endeavour Silver’s (TSX:EDR,NYSE:EXK) Terronera mine is also nearing completion. Once complete, the operation is expected to produce 15.5 million silver equivalent ounces per year.

For its part, Skeena Resources (TSX:SKE,NYSE:SKE) is working to develop its Eskay Creek project. It is set to come online in 2027, and is expected to bring 9.5 million ounces of silver per year to market in its first five years.

Krauth said a rising silver price is likely good news for mergers and acquisitions in 2025.

“Higher prices, since they translate into higher share prices, meaning acquirers can use their more valuable shares as a currency to acquire others … I think 2024 will bring deals between mid-tiers and between juniors," he said.

Krauth added, "The truth is that many mid-tier producers have not been spending on exploration. Something has to give, so I think we’ll see this space heat up."

Investor takeaway

Khandoshko and Krauth have similar silver outlooks for 2025, suggesting a possible pullback.

“Due to supply shortages and increasing demand in the coming months, silver is expected to reach US$35. After this, a slight pullback to US$30 would be possible,” Khandoshko said.

However, after that happens she projects another rise, with silver potentially passing US$50.

Krauth was looking for silver to reach US$35 in 2024, which happened in Q4. Looking forward to 2025, he thinks the white metal will revisit that level in the first quarter, with US$40 or more possible later in the year.

However, he suggested that investors should be cautious of wider economic trends affecting silver.

“There is a serious risk of significant correction in the broader markets and of a recession. A broad market selloff could bleed into silver stocks, even if only temporarily,” Krauth said.

In the case of a recession, a lack of industrial demand could create headwinds for silver. Still, Krauth thinks that could be tempered by government stimulus efforts for green energy and infrastructure.

Overall, 2025 could be a significant year for silver investors. However, geopolitical and economic instability may provide headwinds across the resource sector and could stymie silver's upward momentum.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Prismo Metals is a client of the Investing News Network. This article is not paid-for content.

The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Silver Price Update: Q1 2025 in Review

Gold may be grabbing headlines with record-breaking highs in 2025, but silver is quietly making its own impressive climb, rising 17 percent since the start of the year.

Long supported by industrial demand, the silver market is also benefiting from its reputation as a safe-haven asset. However, mounting economic uncertainty has rattled investors in recent months.

While there are many driving forces behind this uncertainty, the ongoing tariff threats from US President Donald Trump and his administration have spooked equity markets worldwide.

What happened to the silver price in Q1?

After reaching a year-to-date high of US$34.72 per ounce in October 2024, the price of silver spent the rest of the year in decline, bottoming out at US$28.94 on December 30.

A momentum shift at the start of the year caused it to rise. Opening at US$29.53 on January 2, silver quickly broke through the US$30 barrier on January 7, eventually reaching US$31.28 by January 31.

Silver price, January 2 to April 4, 2025

Silver price, January 2 to April 4, 2025

Chart via Trading Economics.

Silver's gains continued through much of February, with the white metal climbing to US$32.94 on February 20 before retreating to US$31.13 on February 28. Silver rose again in March, surpassing the US$32 mark on March 5 and closing above US$32 on March 12. It peaked at its quarterly high of US$34.43 on March 27.

Heading into April, silver slumped back to US$33.67 on the first day of the month; it then declined sharply to below US$30 following Trump's tariff announcements on April 2.

Tariff fears lift silver, but industrial demand uncertainty looms

Precious metals, including silver, have benefited from the volatility created by the Trump administration’s constant tariff threats since the beginning of the year. These threats have caused chaos throughout global equity and financial markets, prompting more investors to seek safe-haven assets to stabilize their portfolios.

However, there are concerns that the threat of tariffs could weaken industrial demand, which could cool price gains in the silver market. In an email to the Investing News Network (INN), Peter Krauth, editor of the Silver Stock Investor and author of "The Great Silver Bull," said it's too soon to tell how tariffs may affect silver.

“We don’t really have any indication yet that industrial demand has weakened. There is, of course, a lot of concern regarding industrial demand, as tariffs could cause demand destruction as costs go up,” he said.

Krauth noted that for solar panels there is an argument that tariffs could positively affect industrial demand if countries have a greater desire for self-sufficiency and reduced reliance on energy imports.

He referenced research by Heraeus Precious Metals about a possible slowdown in demand from China, which accounts for 80 percent of solar panel capacity. However, any slowdown would coincide with a transition from older PERC technology to newer TOPCon cells, which require significantly more silver inputs.

“This, along with the gradual replacement of older PERC solar panels with TOPCon panels, should support silver demand at or near recent levels,” Krauth said.

Recession could provide headwinds

Another potential headwind for silver is the looming prospect of a recession in the US.

At the beginning of 2024, analysts had largely reached a consensus that some form of recession was inevitable.

While real GDP in the US rose 2.8 percent year-on-year for 2024, data from the Federal Reserve Bank of Atlanta’s GDPNow tool shows a projected -2.8 percent growth rate for the first quarter.

The Bureau of Economic Analysis won't release official real GDP figures until April 30, but the Atlanta Fed’s numbers suggest a troubling fall in GDP that could signal an impending recession.

In comments to INN, Mind Money CEO Julia Khandoshko indicated that a recession may negatively impact the silver market due to the growing demand for silver from energy transition markets.

“When the economy slows down, demand for manufactured goods, including silver, decreases, which means that buying in the next six months is unlikely to be a wise decision,” she said.

Solar panels account for significant demand, with considerable amounts also used in electric vehicles. Tariffs on US vehicle imports and a possible recession could create added pressure for silver.

"In my view, there’s a strong possibility of witnessing a shock from a severe supply shortage in the silver market within the next six months or so" — Peter Krauth, Silver Stock Investor

“Another important factor is silver’s connection to the electric vehicle market. Previously, this sector supported demand for the metal, but now its growth has slowed down. In Europe and China, interest in electric cars is no longer so active, and against the background of economic problems, sales may even decline,” Khandoshko said.

Silver demand from solar panel production stands at 232 million ounces annually, with an additional 80 million ounces used by the electric vehicle sector. A recession could lead consumers to postpone major purchases, such as home improvements or new vehicles, particularly if coupled with the extra costs of tariffs.

Although the impact of tariffs on the economy — and ultimately demand for silver — remains uncertain, the Silver Institute’s latest news release on March 3 indicates a fifth consecutive annual supply deficit.

Silver price forecast for 2025

“I think silver will hold up well and rise on balance over the rest of this year,” Krauth said.

He also noted that, like gold, there have been shipments of physical silver out of vaults in the UK to New York as market participants try to avoid any direct tariffs that may be coming.

“In my view, there’s a strong possibility of witnessing a shock from a severe supply shortage in the silver market within the next six months or so,” Krauth explained to INN.

Khandoshko suggested silver's outlook is more closely tied to consumer sentiment. “The situation may also change when the news stops discussing the high probability of a recession in the US,” she remarked.

With Trump announcing a sweeping 10 percent global tariff along with dozens of specific reciprocal tariffs on April 2, there appears to be more instability and uncertainty ahead for the world’s financial systems.

This uncertainty has spread to precious metals, with silver trading lower on April 3 and retreating back toward the US$31 mark. Investors might be taking profits, but it could also be a broader pullback as they determine how to respond in a more aggressively tariffed world. In either scenario, the market may be nearing opportunities.

“There is some risk that we could see a near-term correction in the silver price. I don’t see silver as currently overbought, but gold does appear to be. I think we could get a correction in the gold price, which would likely pull silver lower. I could see silver retreating to the US$29 to US$30 level. That would be an excellent entry point. In that scenario, I’d be a buyer of both the physical metal and the silver miners,” Krauth said.

With increased industrial demand and its traditional safe-haven status, silver may present a more ideological challenge for investors in 2025 as competing forces exert their influence. Ultimately, supply and demand will likely be what drives investors to pursue opportunities more than its safe-haven appeal.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Top 5 Canadian Silver Stocks of 2025

Silver-mining companies and juniors have seen support from a strong silver price in 2025. Since the start of the year, the price of silver has increased by over 11 percent as of April 11, and it reached a year-to-date high of US$34.38 per ounce on March 27.

Silver’s dual function as a monetary and industrial metal offers great upside. Demand from energy transition sectors, especially for use in the production of solar panels, has created tight supply and demand forces.

Demand is already outpacing mine supply, making for a positive situation for silver-producing companies.

So far, aboveground stockpiles have been keeping the price in check, but the expectation is those stocks will be depleted in 2025 or 2026, further restricting the supply side of the market.

How has silver's price movement benefited Canadian silver stocks on the TSX, TSXV and CSE? The five companies listed below have seen the best performances since the start of the year. Data was gathered using TradingView's stock screener on February 12, 2025, and all companies listed had market caps over C$10 million at that time.

1. Discovery Silver (TSX:DSV)

Year-to-date gain: 185.92 percent
Market cap: C$848.98 million
Share price: C$2.03

Discovery Silver is a precious metals development company focused on advancing its Cordero silver project in Mexico. Additionally, it is looking to become a gold producer with its recently announced acquisition of the producing Porcupine Complex in Ontario, Canada.

Cordero is located in Mexico’s Chihuahua State and is composed of 26 titled mining concessions covering approximately 35,000 hectares in a prolific silver and gold mining district.

A 2024 feasibility study for the project outlines proven and probable reserves of 327 million metric tons of ore containing 302 million ounces of silver at an average grade of 29 grams per metric ton (g/t) silver, and 840,000 ounces of gold at an average grade of 0.08 g/t gold. The site also hosts significant zinc and lead reserves.

The report also indicated favorable economics for development. At a base case scenario of US$22 per ounce of silver and US$1,600 per ounce of gold, the project has an after-tax net present value of US$1.18 billion, an internal rate of return of 22 percent and a payback period of 5.2 years.

Discovery's shares gained significantly on January 27, after the company announced it had entered into a deal to acquire the Porcupine Complex in Canada from Newmont (TSX:NGT,NYSE:NEM).

The Porcupine Complex is made up of four mines including two that are already in production: Hoyle Pond and Borden. Additionally, a significant portion of the complex is located in the Timmins Gold Camp, a region known for historic gold production.

Discovery anticipates production of 285,000 ounces of gold annually over the next 10 years and has a mine life of 22 years. Inferred resources at the site point to significant expansion, with 12.49 million ounces of gold, from 254.5 million metric tons of ore with an average grade of 1.53 g/t.

Upon the closing of the transaction, Discovery will pay Newmont US$200 million in cash and US$75 million in common shares, and US$150 million of deferred consideration will be paid in four payments beginning on December 31, 2027.

According to Discovery in its full-year 2024 financial results, the Porcupine acquisition will help support the financing, development and operation of Cordero. Discovery’s share price reached a year-to-date high of C$2.12 on March 31.

2. Almaden Minerals (TSX:AMM)

Year-to-date gain: 136.36 percent
Market cap: C$16.47 million
Share price: C$0.13

Almaden Minerals is a precious metals exploration company working to advance the Ixtaca gold and silver deposit in Puebla, Mexico. According to the company website, the deposit was discovered by Almaden’s team in 2010 and has seen more than 200,000 meters of drilling across 500 holes.

A July 2018 resource estimate shows measured resources of 862,000 ounces of gold and 50.59 million ounces of silver from 43.38 million metric tons of ore, and indicated resources of 1.15 million ounces of gold and 58.87 million ounces of silver from 80.76 million metric tons of ore with a 0.3 g/t cutoff.

In April 2022, Mexico’s Supreme Court of Justice (SCJN) ruled that the initial licenses issued in 2002 and 2003 would be reverted back to application status after the court found there had been insufficient consultation when the licenses were originally assigned.

Ultimately, the applications were denied in February 2023, effectively halting progress on the Ixtaca project. While subsequent court cases have preserved Almaden’s mineral rights, it has yet to restore the licenses to continue work on the project.

In June 2024, Almaden announced it had confirmed up to US$9.5 million in litigation financing that will be used to fund international arbitrations proceedings against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

In a December update, the company announced that several milestones had been achieved, including the first session with the tribunal, at which the company was asked to submit memorial documents outlining its legal arguments by March 20, 2025. At that time, the company stated it would vigorously pursue the claim but preferred a constructive resolution with Mexico.

In its most recent update on March 21, the company indicated that it had submitted the requested documents, claiming US$1.06 billion in damages. The memorial document outlines how Mexico breached its obligations and unlawfully expropriated Almaden’s investments without compensation.

Shares in Almaden reached a year-to-date high of C$0.135 on February 24.

3. Avino Silver & Gold Mines (TSX:ASM)

Year-to-date gain: 98.43 percent
Market cap: C$373.48 million
Share price: C$2.52

Avino Silver and Gold Mines is a precious metals miner with two primary silver assets: the producing Avino silver mine and the neighboring La Preciosa project in Durango, Mexico.

The Avino mine is capable of processing 2,500 metric tons of ore per day ore, and according to its FY24 report released on January 21 the mine produced 1.1 million ounces of silver, 7,477 ounces of gold and 6.2 million pounds of copper last year. Overall, the company saw broad production increases with silver rising 19 percent, gold rising 2 percent and copper increasing 17 percent year over year.

In addition to its Avino mining operation, Avino is working to advance its La Preciosa project toward the production stage. The site covers 1,134 hectares, and according to a February 2023 resource estimate, hosts a measured and indicated resource of 98.59 million ounces of silver and 189,190 ounces of gold.

In a January 15 update, Avino announced it had received all necessary permits for mining at La Preciosa and begun underground development at La Preciosa. It is now developing a 350-meter mine access and haulage decline. The company said the first phase at the site is expected to be under C$5 million and will be funded from cash reserves.

The latest update from Avino occurred on March 11, when it announced its 2024 financial results. The company reported record revenue of $24.4 million, up 95 percent compared to 2023. Avino also reduced its costs per silver ounce sold.

Additionally, Avino reported a 19 percent increase in production in 2024, producing 1.11 million ounces of silver compared to 928,643 ounces in 2023. The company’s sales also increased, up by 23 percent to 2.56 million ounces of silver compared to 2.09 million ounces the previous year.

Avino's share price marked a year-to-date high of C$2.80 on March 27.

4. Highlander Silver (CSE:HSLV)

Year-to-date gain: 90 percent
Market cap: C$160.17 million
Share price: C$1.90

Highlander Silver is an exploration and development company advancing projects in South America.

Its primary focus has been the San Luis silver-gold project, which it acquired in a May 2024 deal from SSR Mining (TSX:SSRM,NASDAQ:SSRM) for US$5 million in upfront cash consideration and up to an additional US$37.5 million if Highlander meets certain production milestones.

The 23,098 hectare property, located in the Ancash department of Peru, hosts a historic measured and indicated mineral resource of 9 million ounces of silver, with an average grade of 578.1 g/t, and 348,000 ounces of gold at an average grade of 22.4 g/t from 484,000 metric tons of ore.

In July 2024, the company said it was commencing field activities at the project; it has not provided results from the program. In its December 2024 management discussion and analysis, the company stated it was undertaking a review of prior exploration plans and targets, adding that it believes there is exceptional growth potential.

Highlander's most recent news came on March 11, when it announced it had closed an upsized bought deal private placement for gross proceeds of C$32 million. The company said it will use the funding to further exploration activities at San Luis and for general working capital.

Shares in Highlander reached a year-to-date high of C$1.96 on March 31.

5. Santacruz Silver Mining (TSXV:SCZ)

Year-to-date gain: 85.45 percent
Market cap: C$192.16 million
Share price: C$0.51

Santacruz Silver is an Americas-focused silver producer with operations in Bolivia and Mexico. Its producing assets include the Bolivar, Porco and Caballo Blanco Group mines in Bolivia, along with the Zimapan mine in Mexico.

In a production report released on January 30, the company disclosed consolidated silver production of 6.72 million ounces, marking a 4 percent decrease from the 7 million ounces produced in 2023. This decline was primarily attributed to a reduction in average grades across all its mining properties.

In addition to its producing assets, Santacruz also owns the greenfield Soracaya project. This 8,325-hectare land package is located in Potosi, Bolivia. According to an August 2024 technical report, the site hosts an inferred resource of 34.5 million ounces of silver derived from 4.14 million metric tons of ore with an average grade of 260 g/t.

Shares in Santacruz reached a year-to-date high of C$0.59 on March 18.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Keep reading...Show less

Latest Press Releases

Related News

×