First Majestic Silver Corp. (NYSE:AG) (TSX:AG) (FSE:FMV) ("First Majestic") and Gatos Silver, Inc. ("Gatos") (NYSE:GATO) (TSX:GATO) are pleased to announce they have entered into a definitive merger agreement (the "Definitive Agreement") pursuant to which First Majestic will acquire all of the issued and outstanding common shares of Gatos (the "Transaction"). Gatos is a silver dominant producer with a 70% interest in the Los Gatos Joint Venture, which owns the producing Cerro Los Gatos underground silver mine in Chihuahua, Mexico.

Under the terms of the Definitive Agreement, Gatos shareholders will receive 2.550 common shares of First Majestic for each common share of Gatos held. The consideration implies a total offer value of US$13.49 per common share of Gatos based on the closing price of First Majestic's common shares on the New York Stock Exchange (the "NYSE") on September 4, 2024, and represents a 16% premium based on each company's closing prices and 20-day volume weighted average prices ("VWAP") on the NYSE ending September 4, 2024. The proposed Transaction implies a total equity value for Gatos of approximately US$970 million. Following completion of the Transaction, existing Gatos shareholders will own approximately 38% of First Majestic shares on a fully-diluted basis.

TRANSACTION HIGHLIGHTS

Consolidates three world-class, producing silver mining districts in Mexico under one banner: Cerro Los Gatos, San Dimas and Santa Elena collectively provide the foundation of a diversified, intermediate primary silver producer
Enhances production profile with strong margins: Combined annual production of 30-32 million ounces of silver-equivalent, including 15-16 million ounces of silver at all-in sustaining costs of US$18.00-US$20.00 per silver-equivalent ounce ¹
Bolsters free cash flow generation: Gatos expected to immediately contribute annual free cash flow of approximately US$70 million to the combined entity ²
Leverages a highly experienced combined team with a strong track record of value creation in Mexico: Over 20 years of experience operating in Mexico, with an emphasis on socially responsible mining, community engagement and value creation
Maintains peer-leading exposure to silver: Over 50% of pro forma revenue derived from silver compared to an average of ~30% for intermediate silver producing peers
Creates a 350,000 hectare highly prospective land package which has yielded a history of exploration success and economic discoveries: Cerro Los Gatos contributes approximately 103,000 hectares of unencumbered land with significant new discovery potential to an existing package of approximately 245,000 hectares across San Dimas, Santa Elena, and other First Majestic properties, which has yielded a history of exploration success and economic discoveries
Results in a larger company with a strengthened balance sheet, leading trading liquidity and improved capital markets profile: Pro forma market capitalization approaching US$3 billion, average daily trading liquidity of approximately US$49 million ³ , and well-positioned to deliver increased shareholder value
Realizes meaningful synergies: Corporate cost savings, supply chain and procurement efficiencies, cross-pollination of expertise, and acceleration and optimization of internal projects and exploration programs all expected to deliver meaningful value creation for all shareholders

Keith Neumeyer, President & Chief Executive Officer of First Majestic, commented, "The acquisition of Gatos Silver is a highly compelling and transformative transaction that meaningfully enhances First Majestic's operating platform through the addition of 70% of Cerro Los Gatos - a high quality, long-life, unencumbered, free cash flow generating asset in the mining-friendly state of Chihuahua, Mexico. Mexico is a country that First Majestic has operated in for over 20 years, and we are extremely excited to deploy our operating expertise within these mining districts to deliver operational synergies and exploration success for our shareholders. We look forward to working with the operating team at Cerro Los Gatos and with our new joint venture partner Dowa Metals & Mining Co., Ltd. ("Dowa"), and we are pleased to welcome all Gatos shareholders as they transition into being shareholders of First Majestic going forward."

Dale Andres, Chief Executive Officer of Gatos, commented, "We are pleased to enter into this transaction with First Majestic, as it provides our shareholders an attractive immediate premium and the opportunity to retain exposure to the high quality, long-life Cerro Los Gatos asset, now within a well-established intermediate primary silver producer. This transaction also provides our shareholders with the benefits of First Majestic's enhanced capital markets presence, liquidity and balance sheet, while combining its local Mexican expertise and history of operations with our history of successful performance. I want to thank the Cerro Los Gatos operating team for its dedication. I am confident that the combination of our strong operating teams will create an opportunity to generate significant value for all shareholders ."

BENEFITS TO FIRST MAJESTIC SHAREHOLDERS

Adds a third cornerstone, long-life, low-cost, producing underground mine with exploration potential to the First Majestic portfolio
Bolsters anticipated annual attributable production by approximately 6 million ounces of silver and 9 million ounces of silver-equivalent based on Gatos' 2024 production guidance
Cerro Los Gatos generates significant free cash flow and enhances portfolio diversification
Accretive on all key metrics including NAV, cash flow, production, and Mineral Reserves to First Majestic shareholders
Adds concessions covering approximately 103,000 hectares of unencumbered (no material royalties or streams) land at Cerro Los Gatos, with significant exploration potential and supported by a large base of Mineral Reserves and Resources
Builds upon First Majestic's strengths in Mexico and underground mining expertise
Enhances scale and capital markets presence, and solidifies position as an intermediate primary silver producer

BENEFITS TO GATOS SHAREHOLDERS

Attractive immediate premium of 16% on a spot and 20-day VWAP basis
Meaningful equity participation in an intermediate primary silver producer with a highly diversified portfolio, including three world-class mining districts
Unique opportunity to gain production diversification while combining Cerro Los Gatos with complementary, high-quality assets
Combination provides enhanced capital markets presence and trading liquidity
Superior financial strength and flexibility to support advancement of continued margin improvement, growth projects and exploration programs
Combined land package of approximately 350,000 hectares with significant exploration potential
Ability to leverage First Majestic's long-term good standing with local governments, unions and community

TRANSACTION SUMMARY

The Transaction will be effected by way of a reverse triangular merger under Delaware law, whereby a wholly-owned Delaware subsidiary of First Majestic will merge with and into Gatos, with Gatos surviving the merger as a direct, wholly-owned subsidiary of First Majestic. Under the terms of the Definitive Agreement, Gatos' shareholders will receive 2.550 common shares of First Majestic for each common share of Gatos held as of the effective date of the Transaction. At closing, First Majestic will issue an aggregate of approximately 177 million common shares to Gatos shareholders, and following completion of the Transaction, existing Gatos shareholders will own approximately 38% of the issued and outstanding common shares of First Majestic on a fully-diluted basis.

The Transaction is expected to close in early 2025, subject to the satisfaction of customary closing conditions, including approvals of the shareholders of First Majestic and Gatos, clearance under Mexican anti-trust laws, and approval of the listing of the First Majestic common shares to be issued under the Transaction on both the Toronto Stock Exchange and the NYSE. The Definitive Agreement and the Transaction have been unanimously approved by the board of directors of each of First Majestic and Gatos, and in the case of Gatos, on the unanimous recommendation of a special committee of independent directors of Gatos.

All directors and certain executive officers of Gatos, as well as the Electrum Group, which owns approximately 32% of the issued and outstanding common shares of Gatos, have entered into voting support agreements with First Majestic pursuant to which they have agreed, subject to the terms of such agreements, to vote their Gatos shares in favour of the Transaction.

ADVISORS AND COUNSEL

National Bank Financial acted as exclusive financial advisor to First Majestic. TD Securities provided a fairness opinion to the board of directors of First Majestic. Bennett Jones LLP and Dorsey & Whitney LLP acted as legal advisors to First Majestic.

BofA Securities acted as exclusive financial advisor to Gatos. GenCap Mining Advisory Ltd. provided a fairness opinion to the Special Committee of the Gatos board of directors. White & Case LLP and McCarthy Tetrault LLP acted as legal advisors to Gatos.

CONFERENCE CALL DETAILS

First Majestic and Gatos will host a joint conference call and webcast on Thursday, September 5, 2024, at 8:00 a.m. (PT) / 11:00 a.m. (ET) to discuss the Transaction.

To participate in the conference call, please use the following dial-in numbers:

Canada & USA Toll-Free:	+1-844-763-8274
Outside of Canada & USA:	+1-647-484-8814
Toll-Free Germany:	+49-69-1741-5718
Toll-Free UK:	+44-20-3795-9972

Participants should dial-in at least 10 minutes prior to the start of the call to ensure placement into the conference on time.

A live webcast of the call will be accessible through the "September 5, 2024 Webcast Link" on the First Majestic home page at www.firstmajestic.com and on Gatos' website at www.gatossilver.com . A webcast archive will be available approximately one hour after the end of the event and will be accessible for three months through the same link as the live event.

A recording of the conference call will be available for telephone replay approximately one hour after the end of the event by calling:

USA Toll-Free:	+1-877-344-7529
Canada Toll-Free:	+1-855-669-9658
Outside of Canada & USA:	+1-412-317-0088
Access Code:	4670537#

The telephone audio replay will be available for seven days following the end of the event.

ABOUT FIRST MAJESTIC

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

Investors and Media Contact:
Darrell Rae
Investor Relations
info@firstmajestic.com
(604) 688 3033

ABOUT GATOS

Gatos is a silver dominant exploration, development and production company that discovered a new silver and zinc-rich mineral district in southern Chihuahua State, Mexico. As a 70% owner of the Los Gatos Joint Venture (the "LGJV"), the Company is primarily focused on operating the Cerro Los Gatos mine and on growth and development of the Los Gatos district. The LGJV consists of approximately 103,000 hectares of mineral rights, representing a highly prospective and under-explored district with numerous silver-zinc-lead epithermal mineralized zones identified as priority targets.

Investors and Media Contact:
André van Niekerk
Chief Financial Officer
investors@gatossilver.com
(604) 424 0984

Important Information for Investors and Shareholders about the Transaction and Where to Find It

This news release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities of First Majestic or Gatos or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities of First Majestic or Gatos in any jurisdiction in contravention of applicable law. This news release may be deemed to be soliciting material relating to the Transaction.

In connection with the proposed transaction between First Majestic and Gatos pursuant to the Definitive Agreement and subject to future developments, First Majestic will file with the U.S. Securities and Exchange Commission (the "SEC") a registration statement on Form F-4 that is expected to include a Proxy Statement of Gatos that will also constitute a Prospectus of First Majestic (the "Proxy Statement/Prospectus") and other documents. First Majestic will also file a management proxy circular in connection with the transaction with applicable Canadian securities regulatory authorities. This news release is not a substitute for any registration statement, proxy statement, prospectus or other document First Majestic or Gatos may file with the SEC or Canadian securities regulatory authorities in connection with the pending Transaction. Gatos plans to mail to the Gatos stockholders the definitive Proxy Statement/Prospectus in connection with the transaction and First Majestic will deliver its proxy circular to First Majestic shareholders. INVESTORS AND SECURITY HOLDERS OF GATOS AND FIRST MAJESTIC ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND MANAGEMENT PROXY CIRCULAR, RESPECTIVELY, AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC OR CANADIAN SECURITIES REGULATORY AUTHORITIES CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE TRANSACTION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FIRST MAJESTIC, GATOS, THE TRANSACTION AND RELATED MATTERS. Investors and security holders will be able to obtain free copies of the Proxy Statement/Prospectus (when available), the filings with the SEC that will be incorporated by reference into the Proxy Statement/Prospectus and other documents filed with the SEC by First Majestic and Gatos containing important information about First Majestic or Gatos and the Transaction through the website maintained by the SEC at www.sec.gov. Investors will also be able to obtain free copies of the management proxy circular and other documents filed with Canadian securities regulatory authorities by First Majestic, through the website maintained by the Canadian Securities Administrators at www.sedarplus.com. In addition, investors and security holders will be able to obtain free copies of the documents filed by First Majestic with the SEC and Canadian securities regulatory authorities on First Majestic's website at www.firstmajestic.com or by contacting First Majestic's investor relations team. Copies of the documents filed with the SEC by Gatos will be available free of charge on Gatos's website or by contacting Gatos' investor relations team.

Participants in the Merger Solicitation

First Majestic, Gatos and certain of their respective directors, executive officers and employees may be considered participants in the solicitation of proxies in connection with the proposed Transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders of First Majestic and the stockholders of Gatos in connection with the Transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise, will be included in the Proxy Statement/Prospectus described above and other relevant documents when it is filed with the SEC and Canadian securities regulatory authorities in connection with the Transaction. Additional information regarding First Majestic's directors and executive officers is also included in First Majestic's Notice of Annual Meeting of Shareholders and 2024 Proxy Statement, which was filed with the SEC and Canadian securities regulatory authorities on April 15, 2024, and information regarding Gatos's directors and executive officers is also included in Gatos's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 20, 2024, as amended by Amendment No. 1 to such annual report filed with the SEC on May 6, 2024 and Gatos' 2024 Proxy Statement for its 2024 Annual Meeting of Stockholders, which was filed with the SEC on April 25, 2024. These documents are available free of charge as described above.

Non-GAAP Financial Measures

This news release includes reference to certain financial measures which are not standardized measures under the parties' respective financial reporting frameworks. These measures include all-in sustaining costs (or "AISC") per payable silver equivalent ounce and free cash flow. The parties believe that these measures, together with measures determined in accordance with GAAP or IFRS, provide investors with an improved ability to evaluate the underlying performance of First Majestic. These measures are widely used in the mining industry as a benchmark for performance but do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures disclosed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how First Majestic calculates such measures and a reconciliation of certain measures to GAAP terms please see "Non-GAAP Measures" in First Majestic's most recent management discussion and analysis filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar .

For a complete description of how Gatos calculates such measures and a reconciliation of certain measures to GAAP terms, please see "Non-GAAP Measures" in Gatos's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 20, 2024, as amended by Amendment No. 1 to such annual report filed with the SEC on May 6, 2024 at www.sec.gov/edgar.

Cautionary Note Regarding Forward Looking Statements

This news release contains "forward‐looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws and "forward-looking information" under applicable Canadian securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the future performance, business prospects or opportunities of First Majestic and/or Gatos that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management of First Majestic and/or Gatos made in good faith 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: closing of the Transaction and the terms and timing related thereto; the anticipated benefits of the Transaction to First Majestic, Gatos and their respective shareholders including increased shareholder value; the timing and receipt of required shareholder, stock exchange and regulatory approvals; satisfaction of the conditions to completion of the Transaction; the anticipated timing of mailing proxy statements and circulars regarding the Transaction; liquidity, enhanced value and capital markets profile of First Majestic; cash flow and revenue estimates; future growth potential for First Majestic, Gatos and their respective businesses; life of mine estimates; estimates regarding the future price of silver and other metals, asset quality and geographic spread, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, and the timing and amount of estimated future production, recovery rates, costs of production and all-in sustaining costs, capital expenditures, the costs and timing of the development of new deposits and exploration programs and expected listing of shares on the New York Stock Exchange and the Toronto Stock Exchange. 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: satisfaction or waiver of all applicable closing conditions for the Transaction on a timely basis or at all including, without limitation, receipt of all necessary shareholder, stock exchange and regulatory approvals or consents and lack of material changes with respect to First Majestic and Gatos and their respective businesses, all as more particularly set forth in the Definitive Agreement and the timing of the closing of the Transaction and the failure of the Transaction to close for any reason; the outcome of any legal proceedings that may be instituted against First Majestic or Gatos and others related to the Transaction; unanticipated difficulties or expenditures relating to the Transaction; risks relating to the value of the consideration to be issued in connection with the Transaction; the diversion of management time on pending Transaction-related issues; the synergies expected from the Transaction not being realized; business integration risks; fluctuations in security markets; the duration and effects of the COVID‐19, and any other pandemics on 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; availability of sufficient water for operating purposes; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; 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; risks related to international operations; risks related to joint venture operations; outcomes of pending litigation; changes in taxation, controls and political or economic developments; operating or technical difficulties in connection with mining or development activities; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom First Majestic or Gatos does business; limitations on insurance coverage; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on mining, including those currently enacted or pending in Mexico, whether or not currently in force; employee relations; relationships with and claims by local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses, permits and approvals from government authorities; diminishing quantities or grades of mineral reserves as properties are mined; First Majestic's and Gatos' title to properties, changes in climate conditions and extreme weather events, as well as those factors discussed in (a) the section entitled " Description of the Business ‐ Risk Factors " in First Majestic's most recently filed AIF, available under its profile on SEDAR+ at www.sedarplus.ca , and as an exhibit to its most recently filed Form 40‐F available on EDGAR at www.sec.gov/edgar or on First Majestic's website and (b) the Gatos' Annual Report on Form 10-K for the year ended December 31, 2023, available on EDGAR at www.sec.gov/edgar or on Gatos's website. First Majestic is not affirming or adopting any statements or reports attributed to Gatos (including prior mineral reserve and resource declaration) in this news release or made by Gatos outside of this news release. Gatos is not affirming or adopting any statements or reports attributed to First Majestic (including prior mineral reserve and resource declaration) in this news release or made by First Majestic outside of this news release. In addition, the failure of a party to comply with the terms of the Definitive Agreement may result in that party being required to pay a fee to the other party, the result of which could have a material adverse effect on the paying party's financial position and results of operations and its ability to fund growth prospects and current operations. Although First Majestic and Gatos have 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.

First Majestic and Gatos believe 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. First Majestic and Gatos do not intend, and do not assume any obligation, to update these forward-looking statements or forward-looking information, except as required by applicable laws.

______________________

_{¹ Based on First Majestic and Gatos 2024 production guidance, adjusted for First Majestic metal price assumptions and shown on an attributable basis}
_{² Based on analyst consensus estimates for 2024}
_{³ Based on each company's average daily value traded over the last twelve months}

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First Majestic Silver FR:CA AG Silver Investing

FR:CA,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".

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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:

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Pan American Silver Reports Mineral Reserves and Mineral Resources as at June 30, 2024

Significant increase in estimated mineral resources for the La Colorada Skarn project
Mineral reserve replacement and 1.2 million ounce increase in gold inferred mineral resources at Jacobina demonstrates exploration potential

Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") reports its estimated mineral reserves and mineral resources as at June 30, 2024. Proven and probable mineral reserves are estimated to contain approximately 468.0 million ounces of silver and 6.9 million ounces of gold. Measured and indicated ("M&I") mineral resources (excluding proven and probable ("P&P") reserves) are estimated to total approximately 1,148.0 million ounces of silver and 15.5 million ounces of gold. Inferred mineral resources are estimated to total approximately 366.0 million ounces of silver and 9.4 million ounces of gold. The updated mineral reserves and mineral resources estimates are reported net of the sales of the MARA, Agua de la Falda and Morococha properties, as announced in the Company's news release dated July 31, 2023. The divestment of these non-core, non-producing assets is largely responsible for a decrease in mineral reserves and mineral resources compared to 2023.

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Andean Boosts Cerro Bayo's Silver Equivalent Ounces by 80 Percent in New Resource Estimate

Andean Silver (ASX:ASL) published an updated resource estimate for its Chile-based Cerro Bayo silver-gold project on Tuesday (September 10), saying silver equivalent ounces have increased by 80 percent.

The resource now stands at 8.3 million tonnes at 342 grams per tonne silver equivalent, which equates to 91 million silver equivalent ounces. In addition to the 80 percent boost in silver equivalent ounces, that's a 64 percent increase in tonnes compared to the previous estimate, which was published in March of this year.

“The updated Resource establishes Cerro Bayo as an outstanding silver asset with genuine scale and high grades,” said CEO Tim Laneyrie, noting that Andean has nearly quadrupled the asset's resource since acquiring it.

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

2024 Silver Outlook Report

After a steady year, could silver break out alongside the other precious metals in 2024?

The Investing News Network spoke with analysts, market watchers and insiders to get you the most important trends, forecasts and stocks that you need to in the months ahead.

A Sneak Peek At What The Insiders Are Saying

	“From a pricing standpoint, silver is historically undervalued relative to gold right now, and offers an attractive investment opportunity. We see a picture of silver fundamentals where supply trends cannot keep up with longer-term demand.” — Maria Smirnova, Sprott
	"On a broad brush perspective, I wouldn't want to be in stocks, I wouldn't want to be in bonds, I wouldn't want to be in real estate. I wouldn't want to be in crypto. So where do we go? Precious metals." — David Morgan, the Morgan Report
	"I still think gold is your answer for wealth insurance. But if you're looking for profit, I actually skew it toward silver, and now might be a very good time" — Rich Checkan, Asset Strategies International

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.

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Silver Price Update: Q1 2024 in Review

2023 was a relatively lackluster year for silver, which largely traded between US$22 and US$25 per ounce.

The white metal started 2024 on a similar note, with its price remaining fairly rangebound for the first eight weeks of the year. It dropped to US$22.08 on January 21, marking its quarterly low.

Silver started seeing gains in March on expectations that the US Federal Reserve was getting closer to lowering interest rates. Improving sentiment gave precious metals momentum, causing silver to reach its quarterly high of US$25.62 on March 20; it then continued on to an 11 year high of US$29.26 on April 12.

How did the silver price perform in Q1?

As mentioned, rate cut expectations added fuel to the silver price in early March.

These gains were reinforced by positive language following the Fed's March meeting, when the central bank said inflation was continuing to progress toward its target of 2 percent. Even though it was unwilling to commit to dates, the Fed suggested it was done with hikes and was expecting to make three cuts to its benchmark rate in 2024.

Silver price, Q1 2024.

Silver price, Q1 2024.

Chart via Trading Economics.

While gold captured attention as it set price records in March and April, silver has produced better returns for investors. In an April 9 email to the Investing News Network (INN), Peter Krauth, editor of Silver Stock Investor and author of "The Great Silver Bull," commented on the white metal's performance during the quarter.

“Silver also typically lags gold, then catches up and surpasses it. We’re starting to see that happen in spades right now. Since the end of February, gold is up about 15 percent, while silver is up about 22 percent," he said.

Krauth emphasized, "Those are breathtaking gains in just a matter of weeks."

According to Krauth, this rise came alongside decreasing inventories at the COMEX, London Bullion Market Association and the Shanghai Gold Exchange, where stockpiles have dropped 40 percent over the past three years.

“The same has happened to silver exchange-traded funds (ETFs) globally. My view is that large silver consumers are buying long contracts and silver ETFs, then taking delivery," he noted.

"That helps explain why the silver price didn’t rise in the face of ongoing deficits. But these inventories are being drained, and I think there may be 12 to 24 months left before they run out."

Industrial demand for silver increasing

Also helping to draw down inventories is industrial demand for silver. The biggest contributing sectors are related to the energy transition, particularly the production of photovoltaics and electric vehicles.

Krauth pointed to the Silver Institute, a top industry association, which is calling for silver to record a structural deficit for the fourth consecutive year in 2024, with shortfalls to continue for several more years.

In its latest World Silver Survey, the Silver Institute states that in 2024, demand for the white metal is forecast to reach the second highest level on record at 1.22 billion ounces, with industrial demand set to see a 9 percent increase to 710.9 million ounces; that would beat out the record set in 2023 at 654.4. million ounces.

India has been a critical driver of demand, importing 94 million ounces of silver in the first two months of 2024, including 71 million ounces in February alone — that represents nearly an entire month of global mine production.

While the Silver Institute notes that demand for silverware and jewelry in India remains strong, it also says there is growing industrial demand as India sees an increasing focus on infrastructure development.

To support local manufacturing, the Indian Ministry of New and Renewable Energy reimposed its Approved List of Models & Manufacturers for solar modules, effective April 1. With the list in place, certain solar projects in the country will be required to use domestically produced photovoltaics.

This comes as new N-type solar cells, which require greater amounts of silver, enter mass production in 2024.

Silver supply unable to keep up with demand

On the supply side, the Silver Institute is predicting a decline of 1 percent in 2024, with 1 billion ounces being made available. Recycled quantities of silver are expected to remain flat at 178.9 million ounces, while the biggest drop is seen coming from mine production, with an estimated total of 823.5 million ounces in 2024.

This differential suggests a widening deficit of 215.3 million ounces, a year-on-year increase of 17 percent.

Silver is primarily produced as a by-product of gold, lead, zinc and copper, with these mines accounting for 595.2 million ounces in 2023. Meanwhile, primary silver mines produced just 235.2 million ounces.

With a contraction in mine output forecast for 2024 and increasing industrial demand over the next several years, the Silver Institute is projecting more tightness over the next few years.

Krauth sees two standout projects set to add millions of ounces over the next year.

“There are two major primary silver projects that stand out. Endeavour Silver (TSX:EDR,NYSE:EXK) is building its Terronera project in Mexico, which will bring about 7 million silver equivalent ounces per year, starting at the end of this year. Then there’s Aya Gold & Silver (TSX:AYA,OTCQX:AYASF), whose Zgounder mine in Morocco is expanding production from about 1.9 million ounces of silver to 8 million ounces, starting with its commissioning in Q2 this year,” he said.

The Silver Institute also sees supply contributions coming from Newmont’s (TSX:NGT,NYSE:NEM) Penasquito mine, which will return to full production in 2024 following strike action in 2023. Meanwhile, Coeur Mining (NYSE:CDE) is expanding its Rochester mine, and Kinross Gold's (TSX:K,NYSE:KGC) Manh Choh project is coming online.

Even with these additions, the Silver Institute sees steep offsets in silver production, including the loss of 17.9 million ounces out of Peru as Hochschild Mining (LSE:HOC,OTCQX:HCHDF) has placed its Pallancata operation into care and maintenance as it waits for permits for its Royropata deposit.

Investor takeaway

Krauth sees strong upside in silver's industrial applications, although he believes many market participants still see it largely as a precious metal. However, attitudes may be starting to change.

This past January, silver producers penned an open letter to the Canadian government, urging it to include the metal on the country's list of critical minerals. While the government won't make a decision until May, silver companies could see new funding options open up if the metal is added, while permitting could be streamlined.

Krauth thinks such a move would boost silver’s status among investors, and is a point to watch in Q2.

“I, along with the entire sector, will be watching closely to see whether silver makes the list or not. If it does, I think that would be a shot in the arm for silver. The broader investment community would pay more attention to silver’s significant structural supply shortages,” he explained to INN.

Krauth wouldn't be surprised to see a pullback in silver this year, but thinks it is in a sustained bull market. He expects the price to continue to hold at US$28, and probably grow to US$30 in the second half of the year.

As silver sees upward momentum going into the next quarter, it may present opportunities for investors who want an alternative to gold, or are keen to take advantage of the white metal’s increasing role as an industrial metal.

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.

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Silver Price Update: Q2 2024 in Review

The silver price saw significant gains through the first half of 2024, hitting levels not seen in over a decade.

After starting the year trading in the US$22 per ounce range, the price of silver saw little change until March, when the white metal began to gain momentum following a US Federal Reserve meeting.

While the Fed left interest rates steady at that time, dovish language provided critical support for silver as investors pushed the price above US$25. Silver continued its upward trend through April and into May, when it climbed above US$32 for the first time since November 2012 and set a year-to-date high of US$32.07 on May 27.

Silver price breaks important US$30 level

A number of factors have been driving the price of silver upward in 2024.

Even though rate cuts from the Fed have yet to materialize, softening interest rates and slowing economic growth have led to greater speculation that at least one reduction will come in the second half of the year.

Silver was initially followed gold higher in the March to May period. However, the gains in silver have outpaced gold nearly two to one in 2024. To date, silver has risen nearly 30 percent, while gold has only gained 15 percent.

Silver price, January 1, 2024, to July 16, 2024.

Silver price, January 1, 2024, to July 16, 2024.

Chart via Trading Economics.

The pace of these gains has led to improving sentiment among investors. As of April, managed money positions in silver had climbed to their highest level since May 2022, and exchange-traded product holdings rose to their highest since July 2023, as outlined in the Silver Institute’s 2024 World Silver Survey presentation and report.

In an email to the Investing News Network (INN), Silver Institute President and CEO Michael DiRienzo said that the close link between silver and gold has led some investors to use it as a leverage play to gain exposure to gold.

“In addition, silver’s low unit cost and lower entry level have also made it more attractive to retail investors with a limited investment budget,” DiRienzo explained.

This was a point echoed by IndependentSpeculator.com CEO Lobo Tiggre in an interview with INN that took place on July 9. He suggested that even though silver has acted more like an industrial metal over the last several years, 2024 has seen investors once again looking at it for its value as a precious metal.

“That market dynamic has changed, and it’s moving more strongly with gold again as a monetary metal should … I think it's fantastic news for silver — and long-suffering silver bulls out there,” he said.

Industrial silver demand continues climbing in India, China

Improved sentiment has coincided with heightened industrial demand, particularly in the Indian market. Overall, silver demand is projected to grow by 2 percent in 2024, with the Silver Institute forecasting that industrial demand will increase by 9 percent — photovoltaics alone are expected to see a 20 percent gain.

As mentioned, India in particular has upped its silver purchases in 2024. Its imports came to a record 2,295 metric tons of silver in February, nearly outstripping an entire month of global mine supply. Though purchases have waned as prices have risen, the first four months of the year saw India import more silver than it did for all of 2023.

DiRienzo said that while the primary silver demand in India continues to be from the production of jewelry, the precious metal has also benefited from “firmer electrical & electronics demand, thanks to the continued strength in India’s real estate market and rising investment in local infrastructure construction.”

Additionally, he noted that Indian manufacturing of solar cells received additional support as companies reduced their reliance on Chinese manufacturing and diversified their supply lines for solar panels.

India has been the biggest driver in the photovoltaics category as the country continues building up its domestic solar supply chain through efforts such as its Approved List of Models and Manufacturers, which consists wholly of domestic companies. After a pause due to supply concerns last year, the nation's government reinstated the mandate as of April 1 of this year — as a result, government-funded and subsidized solar projects in India must source their solar photovoltaic modules from one of the companies included on the list.

Even so, China remains the global leader in photovoltaics production. And with new N-Type TopCon panels — which require 50 percent more silver — set to become the industry standard, industrial demand is set to rise even further.

Last year, a flagging Chinese economy not only put base metals under pressure, but dragged on silver as well. According to DiRienzo, fiscal stimulus measures implemented by the Chinese government have provided crucial support.

“Expectations on further fiscal stimulus for the Chinese economy led to a sharp rebound in base metal prices during 2024-to-date, which has benefited silver,” he said.

New silver mine supply won't outweigh deficit

While both retail and industrial demand is growing, it’s not just demand driving prices.

Silver is also facing a severe supply crisis as a deficit that began to emerge in 2021 continues to widen, with the Silver Institute forecasting that the deficit will reach 215 million ounces by the end of 2024.

According to the Silver Institute, Mexico and Argentina had steep output declines in 2023, with production falling by 10.9 million ounces and 4.9 million ounces, respectively. The Silver Institute predicts that global production will fall further in 2024 to 823.5 million ounces due to the closure of several mines in Peru.

While it isn’t expected to eclipse these declines, new silver supply is coming online from various sources this year.

The Silver Institute forecasts an increase from Mexico this year now that Newmont’s (TSX:NGT,NYSE:NEM) Peñasquito mine is back at full operating capacity following a strike in 2023. Additionally, Endeavour Silver (TSX:EDR,NYSE:EXK) announced in April that its Terronera project was more than 50 percent complete and on schedule to begin production at the end of 2024. The mine will add 4 million ounces of silver supply to global markets annually.

The US is also increasing its silver output this year. Hecla Mining Company's (NYSE:HL) Lucky Friday mine in Idaho returned to full production in March, while the expansion at Coeur Mining’s (NYSE:CDE) Rochester silver-gold mine in Nevada entered commercial operation at the end of the first quarter. Once fully ramped up, it will be the largest domestic source of silver in the US, processing 32 million metric tons of ore per year.

Aya Gold and Silver (TSX:AYA,OTCQX:AYASF) provided an update on progress at its Zgounder mine expansion in Morocco on July 9, announcing it had made the first silver pour. The company said it remains on schedule for commercial production to begin in Q4. Once fully ramped up, the expanded mine is expected to produce 6.8 million ounces of silver per year, a significant increase from its 2023 output of 1.97 million ounces.

Despite these new and expanded mining operations bringing significant new silver supply to the market, it’s still a far cry from meeting the more than 200 million ounce deficit.

How high can the silver price rise in 2024?

While gold tends to garner more of the media attention, silver has already been a stronger performer in 2024. Since its move began this year, a variety of experts have suggested the white metal has further to go.

In an interview with INN on July 3, Chris Vermeulen, chief market strategist at TheTechnicalTraders.com, suggested that silver is at a multi-year consolidation. He thinks a run over the next few months to US$36 per ounce is a possibility.

Peter Krauth, editor of Silver Stock Investor, told INN on May 24 that silver might experience a slight pullback over the next couple of months, but would likely establish a new floor at US$30. This came to pass as silver traded in the US$29 range in June before stabilizing above US$30 through the first half of July.

“We still have the gold-to-silver ratio somewhere around 75; it's averaged about 55 or 60 over the last few decades, so just on that basis if gold were to stay put, silver has a lot higher to go,” Krauth said.

“Typically when you get the ratio running down, both metals do well, but silver continues to do even better … so look for this to be a really tremendous run over the next months and years," he added.

While this might not be good news for manufacturers that require silver and consumers who buy their products, it's positive news for existing silver investors and new market participants who are looking for opportunities for a safe-haven investment that doesn’t come with the high entry point of gold.

There are also opportunities in silver stocks, which have been undervalued in recent years — in fact, many silver stocks have already seen significant gains this year. For example, silver producer Endeavour Silver and advanced development-stage companies GR Silver Mining (TSXV:GRSL,OTCQB:GRSLF) and Defiance Silver (TSXV:DEF,OTCQX:DNCVF) have all gained more than 100 percent from the start of the year through July 9.

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.

Affiliate Disclosure: The Investing News Network may earn commission from qualifying purchases or actions made through the links or advertisements on this page.

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Chen Lin: Silver's Move to US$50 Will be Quick, How I'm Investing Now

Speaking to the Investing News Network, Chen Lin of Lin Asset Management shared his outlook for silver, explaining that the white metal could move quickly to the US$50 per ounce level once market participants realize how large the divide between supply and demand really is.

When asked about the most important drivers for silver right now, he pointed to the solar industry, noting that two to three years ago it was consuming 100 million ounces of silver; that amount rose to 200 million ounces last year.

This year, the Silver Institute is projecting a further 40 million ounces of solar demand, but Lin thinks the sector may end up requiring an extra 100 million ounces, bringing its total usage to 300 million ounces for 2024.

"From all the data I get, it's 100 million ... so from 200 million to 300 million," he said. A new report out of Germany has an even higher projection, forecasting that the solar market could consume 400 million ounces of silver this year.

"My point is that once investors see the huge deficit, they truly see the huge deficit in silver, silver will go to US$50 just like that — just in a heartbeat," Lin said, adding that so far most market participants haven't gotten there.

When asked how he's getting exposure to silver, Lin said he's heavily exposed in the future market. However, he doesn't recommend that path for everyone as the leverage involved can be highly risky.

He's also looking at silver miners, which he believes are cheap. "Silver miners are going to have a huge Q2 — gold miners too, but silver in particular," he said, noting that the average silver price will be much higher than it was in Q1.

"If they are not making money at US$20 (silver), at US$30 suddenly there's a huge profit," he said.

Watch the interview above for more from Lin on his outlook for silver and ways to invest.

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

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

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Lobo Tiggre: Shopping for Silver Stocks, Watching "Powerful" Gold Mover

Lobo Tiggre, CEO of IndependentSpeculator.com, shared his updated thoughts on gold, silver and uranium.

When it comes to gold, he pointed to a "powerful mover" that he thinks could be in play — a change in global portfolio allocations to the yellow metal. Historically the allocation has been 2 percent, but more recently it's been 0.5 percent.

"I think that what we're seeing is that changing. And maybe it doesn't go back to 2 percent, but if it just goes back to 1 percent, that doubles the investment demand for gold from where we are now," he said.

Looking at silver, he said lately it's correlated more closely to copper than to gold; however, that dynamic now seems to be changing. "I think it's fantastic — not just good — I think it's fantastic news for silver ... that it's acting as a monetary metal should," he said at the Rule Symposium, held last week in Boca Raton, Florida.

With that in mind, Tiggre and his team are on the lookout for stocks that meet his criteria. One of those is jurisdiction — while he's seen strong discoveries in places like Mexico, the political risk is too high for him to be interested.

Watch the interview above for more from Tiggre on gold and silver, as well uranium.

You can also click here to view the Investing News Network's Rule Symposium playlist on YouTube. Recorded presentations from the Rule Symposium are available here.

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

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

Affiliate Disclosure: The Investing News Network may earn commission from qualifying purchases or actions made through the links or advertisements on this page.

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5 Best-performing Canadian Silver Stocks of 2024

2024 has been positive for silver stocks. A variety of factors pushed the white metal's price higher during the second quarter, allowing it to break the US$30 per ounce mark for the first time since 2012.

According to the Silver Institute, demand for silver is set to outstrip mine supply for the third year in a row, due in part to rising consumption from sectors dependent on the energy transition, including photovoltaics and electric vehicles.

India in particular has seen demand soar after introducing regulations for domestic production for new solar projects; that led the country to import more silver in the first four months of the year than all of 2023.

How has silver's price movement benefited Canadian silver stocks on the TSX and TSXV? 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 August 26, 2024, and all companies listed had market caps over C$10 million at that time.

1. Defiance Silver (TSXV:DEF)

Press Releases

Company Profile

Year-to-date gain: 120.83 percent; market cap: C$71.35 million; share price: C$0.265

Explorer Defiance Silver is working to advance its district-scale Zacatecas silver project in Zacatecas, Mexico.

The project consists of a 4,300 hectare land package and includes four project areas: San Acacio, Lucito, Panuco and Lagartos. Both San Acacio and Lagartos have seen previous exploration and mining activity.

On January 15, the company announced results from its 2023 drill program at the San Acacio target, reporting well-developed silver and zinc values with elevated gold and copper. This includes a highlighted assay of 223.53 g/t silver over 12.82 meters with an interval of 306.86 g/t silver over 7.79 meters.

Defiance provided an update on April 15 on a surface-sampling campaign at the Lucita target. The results show widespread high-grade polymetallic mineralization, with Defiance highlighting grades of up to 795 g/t silver from Lucita North and 2,350 g/t silver from Lucita South. The company said the results reinforce the district-scale potential at Zacatecas.

Shares of Defiance reached a year-to-date high of C$0.425 on May 15.

2. GR Silver Mining (TSXV:GRSL)

Press Releases

Company Profile

Year-to-date gain: 118.75 percent; market cap: C$55.02 million; share price: C$0.175

GR Silver Mining is a small-cap explorer and developer that is working to advance its Rosario Mining District in Sinaloa, Mexico, to production. The district consists of three core mining areas: Plomosas, San Marcial and La Trinidad.

The company’s primary focus has been the development of Plomosas and neighboring San Marcial, a 9,764 hectare land package that hosts a past-producing silver, gold, lead and zinc underground mine.

In March 2023, the company released an updated resource estimate for Plomosas showing total indicated quantities of 97 million silver equivalent ounces, with additional inferred quantities of 53 million silver equivalent ounces.

Shares of GR Silver saw significant gains in the first quarter alongside a rising silver price and a March 4 news release. In the announcement, GR Silver reported that it had started small bulk sampling and test mining at Plomosas.

In an update on June 27, the company provided results from the sampling program. In the report, GR Silver said it had completed 280 meters of underground development and processed 15,170 metric tons of material. Silver recovery rates from the samples were between 84 and 92 percent. Assays from channel sampling produced high grades, with one sample grading 1,625 grams per metric ton (g/t) silver and 14.1 g/t gold over 2.5 meters.

GR Silver's share price reached a year-to-date high of C$0.23 on June 2.

3. Gatos Silver (TSX:GATO)

Company Profile

Year-to-date gain: 99.07 percent; market cap: C$1.22 billion; share price: C$17.06

Gatos Silver is a silver-focused production and exploration company. Its flagship asset is the Cerro Los Gatos mine and district, located south of Chihuahua City, Mexico.

The site consists of 14 predominantly silver, lead and zinc mineralization zones, and is a joint venture with Dowa Metals and Mining, which holds a 30 percent stake in the operation; Gatos owns the remaining 70 percent.

On February 21, the company released its full-year results for 2023, indicating it had produced 9.2 million ounces of silver, marking a decline from the 10.3 million ounces produced in 2022. However, the company said it improved operational efficiencies to offset inflationary pressure, lowering all-in-sustaining costs (AISC) to the lower end of 2023 guidance.

In the release, Gatos also notes that it expects similar production totals for 2024, with guidance of 8.4 million to 9.2 million ounces of silver at an AISC of US$9.50 to US$11.50 per payable ounce. The company said it anticipates that exploration efforts at the South-East Deeps target will further extend the life of the mine.

The most recent news from the project came on July 23, when Gatos reported continued results from the South East Deeps zone extension drilling alongside an update on regional exploration programs. In the announcement, the company provided a highlighted assay of 214 g/t silver over 3.5 meters.

Results from its ongoing drilling at the Portigueño target included a highlight of 49 g/t silver over 1.6 meters, while results from two holes testing the depth of the San Luis target produced a highlighted intercept more than 150 meters below surface of 66 g/t silver over 8.9 meters, which included 111 g/t silver over 2.5 meters.

In an update on August 6, Gatos reported that silver production through the first six months of 2024 was 4.67 million ounces, up from 4.43 million ounces from the same period in 2023. The company also said it remained on track to achieve 2024 production and cost guidance.

Shares of Gatos reached a year-to-date high of C$19.29 on July 15.

4. Avino Silver and Gold Mines (TSX:ASM)

Company Profile

Year-to-date gain: 95.77 percent; market cap: C$185.09 million; share price: C$1.39

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 MT of ore per day ore, and in 2023 produced 928,643 ounces of silver, 7,335 ounces of gold and 5.3 million pounds of copper. While within the company's guidance, there was a 6 percent decrease in silver production over 2022, when it produced 985,195 ounces in the same time period.

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, holds measured and indicated quantities of 98.59 million ounces of silver and 189,190 ounces of gold.

On February 28, the company provided an update for La Preciosa, saying it was preparing for the first phase of production at the Gloria and Abundancia veins. Avino also said it has the equipment needed to commence operations at the site once it receives the necessary environmental permits, which it expects later in 2024.

In its Q2 2024 results released on August 13, Avino reported that it had generated record quarterly revenues of C$14.8 million during the second quarter, an increase of 60 percent over the same quarter in 2023. Additionally, the company said it had produced 543,589 ounces of silver through the first half of the year, a 16 percent increase from the 466,755 ounces of silver in the six months of 2023.

Avino's share price marked a year-to-date high of C$1.51 on May 26.

5. Endeavour Silver (TSX:EDR)

Company Profile

Year-to-date gain: 67.68 percent; market cap: C$1.09 billion; share price: C$4.41

Endeavour Silver is a silver company with two operating silver-gold mines in Mexico — Guanaceví and Bolañitos — plus an advanced-stage development project and several exploration properties.

Its primary focus for 2024 has been the development of its Terronera project in Jalisco, Mexico, which is under construction. Once complete, the new mine will become the company’s flagship operation. According to a 2023 update to its 2021 feasibility report, Terronera will produce an estimated 4 million ounces of silver per year over a 10 year mine life.

The most recent update from Terronera came on July 24, when the company announced that construction at the site had progressed, with surface construction achieving 77 percent completion. The company said the upper platform was progressing and should be ready for dry commissioning during Q3 2024 and that it was concentrating on the lower platform with final earthworks and concrete pouring also during the third quarter.

In an update on August 19, Endeavour reported that processing at its Guanacevi mine site had resumed following a failure that occurred at the primary ball mill trunnion on August 12. However, the company noted that processing would be less than half of its 1,200 metric ton per day capacity during a ramp up with temporary modifications. Permanent repairs to return to regular capacity are expected to take 16 weeks for fabrication and installation.

The company said that silver production for the year is estimated to decrease by 900,000 to 1.1 million ounces and has recalculated its 2024 guidance to 4.4 to 4.6 million ounces.

Shares of Endeavour reached a year-to-date high of C$6.80 on July 15.

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.

Additional information on silver stock investing — FREE

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First Majestic Announces Share Repurchase Program

First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") announces that the Toronto Stock Exchange ("TSX") has accepted for filing First Majestic's Notice of Intention to Make a Normal Course Issuer Bid (the "Share Repurchase Program") to be transacted through the facilities of the TSX andor through Canadian alternative trading systems.

Pursuant to the NCIB, First Majestic may, during the 12-month period commencing September 12, 2024, and ending on or before September 11, 2025, purchase up to 10,000,000 of its common shares ("Shares"), being approximately 3.32% of the 301,616,350 issued and outstanding Shares as of September 4, 2024. All purchases under the Share Repurchase Program will be made at prevailing market prices.

News Provided by Newsfile via QuoteMedia

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Resolution	Votes For	% For	Votes Against	% Against
Set the number of directors of the Company at five *	117,766,659	97.63%	2,859,429	2.37%

Director Nominee	Votes For	% For	Votes Withheld	% Withheld
Keith Neumeyer	74,127,341	96.96%	2,325,884	3.04%
Marjorie Co	71,625,946	93.69%	4,827,280	6.31%
Thomas F. Fudge, Jr.	43,842,992	57.35%	32,610,233	42.65%
Raymond L. Polman	71,946,577	94.11%	4,506,648	5.89%
Colette Rustad	70,376,389	92.05%	6,076,836	7.95%

Resolution	Votes For	% For	Votes Withheld	% Withheld
Appoint Deloitte LLP, Independent Registered Public Accounting Firm, as auditor for the Company to hold office until the next Annual General	107,917,707	89.46%	12,708,379	10.54%

Resolution	Votes For	% For	Votes Against	% Against
Advisory resolution to approve the Company's approach to executive compensation	37,591,162	49.17%	38,862,057	50.83%

Segment	Category	Tonnes (millions)	Ag (g/t)	Contained Ag (Moz)	Au (g/t)	Contained Au (koz)
Silver Segment ⁽⁴⁾	Proven Reserves	13.3	278	119.1	0.68	135.1
	Probable Reserves	32.5	293	306.2	0.49	444.6
	Proven and Probable Reserves	45.8	289	425.2	0.52	579.7
Gold Segment ⁽⁵⁾	Proven Reserves	80.3	13	17.6	1.14	2,952.9
	Probable Reserves	99.8	16	25.2	1.05	3,360.3
	Proven and Probable Reserves	180.1	14	42.7	1.09	6,313.1
Total Segments ⁽⁶⁾	Proven Reserves	93.7	75	136.6	1.11	3,088.0
	Probable Reserves	132.3	124	331.4	0.92	3,804.8
	Proven and Probable Reserves	225.9	105	468.0	1.00	6,892.8

Property	Location	Classification	Tonnes (millions)	Ag (g/t)	Contained Ag (koz)	Au (g/t)	Contained Au (koz)
Silver Segment
Escobal	Guatemala	Proven	2.5	486	39.5	0.42	34.2
Escobal	Guatemala	Probable	22.1	316	225.0	0.34	243.8
La Colorada	Mexico	Proven	3.2	305	31.4	0.20	20.5
La Colorada	Mexico	Probable	5.8	296	55.2	0.19	35.3
Huaron	Peru	Proven	6.2	173	34.4	--	--
Huaron	Peru	Probable	3.5	163	18.2	--	--
San Vicente (95%) ⁽²⁾	Bolivia	Proven	0.9	329	9.8	--	--
San Vicente (95%) ⁽²⁾	Bolivia	Probable	0.5	250	4.3	--	--
Cerro Moro	Argentina	Proven	0.4	272	3.9	5.58	80.4
Cerro Moro	Argentina	Probable	0.6	200	3.6	9.31	165.5
Total Silver Segment ⁽³⁾			45.8	289	425.2	0.52	579.7
Gold Segment
Jacobina	Brazil	Proven	24.0	--	--	1.84	1,420.0
Jacobina	Brazil	Probable	30.3	--	--	1.79	1,742.3
Shahuindo	Peru	Proven	39.8	8	10.5	0.52	660.4
Shahuindo	Peru	Probable	44.7	5	7.2	0.28	398.6
El Peñon	Chile	Proven	0.8	208	5.5	5.46	145.4
El Peñon	Chile	Probable	4.0	131	16.7	3.99	507.4
Timmins	Canada	Proven	5.4	--	--	2.79	481.4
Timmins	Canada	Probable	4.4	--	--	2.74	386.2
Minera Florida	Chile	Proven	1.2	23	0.9	3.25	128.7
Minera Florida	Chile	Probable	1.8	22	1.3	3.18	188.0
La Arena ⁽⁴⁾	Peru	Proven	8.0	--	--	0.41	103.7
La Arena ⁽⁴⁾	Peru	Probable	14.7	--	--	0.29	137.8
Dolores	Mexico	Proven	1.2	16	0.6	0.35	13.3
Dolores	Mexico	Probable	--	--	--	--	--
Total Gold Segment ⁽³⁾			180.1	14	42.7	1.09	6,313.1
Total Gold and Silver Segments ⁽³⁾		Proven + Probable	225.9	105	468.0	1.00	6,892.8

Mine	Category	Ag US$/oz	Au US$/oz	Cu US$/t	Pb US$/t	Zn US$/t
Escobal	All categories	20.00	1,300		2,204	2,424
La Colorada	Reserves	20.00	1,700	8,000	2,100	2,600
La Colorada	Resources	22.00	1,850	9,000	2,200	2,800
La Colorada Skarn	Resources	22.00			2,200	2,800
Huaron	Reserves	20.00	1,700	8,000	2,100	2,600
Huaron	Resources	22.00	1,850	9,000	2,200	2,800
San Vicente	All categories	20.00	1,700	8,000	2,100	2,600
Cerro Moro	Reserves	21.00	1,850
Cerro Moro	Resources	23.00	1,950
Navidad	All categories	12.52			1,100
Manantial Espejo	Resources	22.00	1,700
Joaquin	Resources	22.00	1,700
Jacobina	Reserves		1,700
Jacobina	Resources		1,850
Shahuindo	Reserves	20.00	1,700
Shahuindo	Resources	22.00	1,850
El Peñon	Reserves	20.00	1,700
El Peñon	Resources	22.00	1,850
Timmins West	Reserves	21.00	1,850
Timmins West	Resources	23.00	1,950
Bell Creek	Reserves	21.00	1,850
Bell Creek	Resources	23.00	1,950
Whitney	Resources		1,950
Minera Florida	Reserves	21.00	1,850		2,100	2,600
Minera Florida	Resources	23.00	1,950		2,200	2,800
La Arena	Reserves	21.00	1,850
La Arena	Resources	23.00	1,950
La Arena II	All categories		1,500	8,816
Dolores	Reserves	21.00	1,850
Dolores	Resources	23.00	1,950
La Pepa	Resources		1,650
La Bolsa	All categories	14.00	825
Lavra Velha	Resources		1,650
Pico Machay	All categories		700
Vogel	Inside pit		1,150
Vogel	Below pit		1,150
Gold River	Resources		1,200
Marlhill	Resources		1,125
Arco Sul	Resources		1,250

Segment	Category	Tonnes (millions)	Ag (g/t)	Contained Ag (Moz)	Au (g/t)	Contained Au (koz)
Silver Segment ⁽⁵⁾	Measured Resources	20.7	159	105.6	0.63	65.2
	Indicated Resources	425.4	73	1,002.7	0.47	276.9
	M&I Resources	446.1	77	1,108.4	0.50	342.2
Gold Segment ⁽⁶⁾	Measured Resources	271.8	21	17.8	0.62	5,431.2
	Indicated Resources	704.7	26	21.8	0.43	9,751.0
	M&I Resources	976.5	24	39.6	0.48	15,182.2
Total Segments ⁽⁷⁾	Measured Resources	292.4	82	123.5	0.62	5,496.4
	Indicated Resources	1,130.1	71	1,024.5	0.43	10,027.9
	M&I Resources	1,422.6	72	1,148.0	0.48	15,524.3

First Majestic Announces Agreement to Acquire Gatos Silver

Silver price ETFs

1. iShares Silver Trust (ARCA:SLV)

2. Aberdeen Standard Physical Silver Shares ETF (ARCA:SIVR)

3. ProShares Ultra Silver ETF (ARCA:AGQ)

4. ProShares UltraShort Silver ETF (ARCA:ZSL)

Silver-mining ETFs

1. Global X Silver Miners ETF (ARCA:SIL)

2. Amplify Junior Silver ETF (ARCA:SILJ)

3. iShares MSCI Global Silver Miners ETF (BATS:SLVP)

2024 Silver Outlook Report

Table of Contents:

A Sneak Peek At What The Insiders Are Saying

Who We Are

Silver Outlook 2024

Table of Contents

Silver Price Update: Q1 2024 in Review

How did the silver price perform in Q1?

Industrial demand for silver increasing

Silver supply unable to keep up with demand

Investor takeaway

Silver Price Update: Q2 2024 in Review

Silver price breaks important US$30 level

Industrial silver demand continues climbing in India, China

New silver mine supply won't outweigh deficit

How high can the silver price rise in 2024?

Chen Lin: Silver's Move to US$50 Will be Quick, How I'm Investing Now

Lobo Tiggre: Shopping for Silver Stocks, Watching "Powerful" Gold Mover

5 Best-performing Canadian Silver Stocks of 2024

1. Defiance Silver (TSXV:DEF)

2. GR Silver Mining (TSXV:GRSL)

3. Gatos Silver (TSX:GATO)

4. Avino Silver and Gold Mines (TSX:ASM)

5. Endeavour Silver (TSX:EDR)

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