Andean Silver Limited (ASX: ASL) is pleased to announce further spectacular drilling results which will form part of the next Resource update at its Cerro Bayo Silver-Gold Project in Chile.
Andean Chief Executive Tim Laneyrie said: “These are spectacular results, not just because of the bonanza grades but also because of the significant extensions they add to the known mineralisation.
“These results also provide more evidence of the compelling exploration upside at Cerro Bayo with the mineralisation still open in so many areas and vast vein systems yet to be tested.
“Our ongoing drilling at both the Pegaso 7 and Cristal targets has yielded impressive results, further refining our geological model of the high-grade mineralisation controls. These findings not only underscore the quality of the mineralisation but also enhance our understanding of the core high-grade zones within the Pegaso 7 veining corridor.
“Similarly, our initial shallow drilling at the Cristal target, being the first in 10 years, has been equally encouraging, highlighting key lithological controls to the high-grade mineralisation currently defined over an approximately 80m vertical interval. This aligns with previous interpretations of super high- grade veins throughout the Cristal project.
“To further capitalise on this momentum, we are mobilising a third drill rig to the site in November. This will target the main lodes within the Laguna Verde Mine Complex through extensional drilling.
“This strategic expansion of our drilling program is aimed at maximising our discovery rate and driving substantial resource growth”.
Figure 1. Hole CBD164 showing mineralised intercept 4.5m @ 584g/t AgEq from 7.1m at the Cristal West structure.
Drilling and Exploration Update
The drilling at Pegaso 7 and Cristal continues to expand and refine the key mineralising controls within the broader systems. The current drill rig at Cristal has a further 1,200m of drilling planned as part of the initial scout drilling program and is targeting 40m above the previous drill fan. Pegaso 7 drilling has a further 3,500m of drilling remaining on the current program.
Cristal Prospect
The main Cristal structures have been intercepted up to 80m below the outcropping veins (Figure 2) within the prospective Temer Formation. The Cristal Prospect is interpreted to represent a highly prospective juncture of a number of major district scale structures (Figure 4) that control the mineralised orientations at the LVMC including the Coyita, Dagny, Yasna deposits and resource areas.
The current drilling at Cristal is ~40m above the previously drilled central structure. This drilling has intercepted a previous unknown part of the Cristal West structure (see Figures 1 and 3) sitting ~5m below the surface and below the historic Cristal west underground workings. This vein extension was unknown as it has been covered by a 1m thick backfill layer for >20 years.
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First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the release of its 2024 Sustainability Report and the mailing of its meeting materials for the Company's upcoming 2025 Annual General Meeting of Shareholders (the "2025 AGM").
2024 SUSTAINABILITY REPORT
The Company's 2024 Sustainability Report has been prepared primarily in alignment with the Sustainability Accounting Standards Board ("SASB") reporting standards, and summarizes the Company's sustainability-related performance for the 2024 calendar year.
Record Safety Performance: Achieved the Company's best health and safety performance on record, including a 48% annual reduction in TRIFR and 70% annual reduction in LTIFR.
Inclusive Excellence: Invested in our own employees' futures, recording 16 inter-company transfers, 67 promotions to higher roles, and providing 33% of our mine site employees with skills-based training.
Carbon Reduction: Reporting our lowest carbon footprint on record, achieving a 33% annual reduction in carbon footprint per tonne of ore processed, and a total reduction in our carbon footprint of 44% compared to the baseline set out in our first sustainability report in 2019.
Community Involvement: Partnered with our local communities on impactful projects, investing over US$1.2 million in our communities during 2024. Strong community support is reflected in an 89% annual reduction in community complaints and no community-related technical delays in 2024.
ESG Recognition: The Company continued its trend of improvement within sustainability ratings and rankings, and by the end of 2024, we placed in the top 20% of the mining industry as ranked by ISS ESG, the top 34% by S&P Global, the top 41% by Sustainalytics, and the top 42% by the London Stock Exchange Group.
The 2024 Sustainability Report provides shareholders and stakeholders of First Majestic an annual progress report against our public sustainability commitments. The Company is pleased to share that in 2024 we met all of our sustainability targets and commitments and achieved our best carbon footprint and health and safety performance on record.
"Sustainability and Accountability are two of our core values at First Majestic," said Keith Neumeyer, President & CEO of First Majestic. "Last year, we built on our long history of responsible management by further applying these values, publicly sharing with all stakeholders our commitments to excellence in eight sustainability topic areas. I am pleased to share that we have met our targets across all these areas. I applaud everyone at First Majestic for their ability to commit and deliver on these goals and look forward to continuing to report on our progress."
For further performance data and information about how First Majestic manages sustainability-related areas of its business, the 2024 Sustainability Report and accompanying documents are available on the Sustainability Report Hub of the Company's website at www.firstmajestic.com/sustainability/report-hub/.
2025 AGM INFORMATION
The Company's 2025 AGM will be held on Tuesday, May 20, 2025, at 10:00 a.m. (Pacific Time) at the offices of Bennett Jones LLP, located at Suite 2500 - 666 Burrard Street, Vancouver, British Columbia V6C 2X8.
As in prior years, the Company has adopted the notice and access model ("Notice and Access") under National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer for the delivery to shareholders of record as of March 31, 2025 (the "Record Date") of the Notice of Meeting, Management Information Circular, Form of Proxy or Voting Instruction Form (as applicable) and our audited financial statements and management's discussion and analysis for the year ended December 31, 2024 (collectively, the "Meeting Materials") in connection with the 2025 AGM.
Under Notice and Access, instead of receiving printed copies of the Meeting Materials, shareholders receive a Notice and Access notification containing details relating to the 2025 AGM such as the date, location and purpose, as well as information on how they can access the Meeting Materials electronically. Using the Notice and Access method allows us to deliver the Meeting Materials to our shareholders in a more environmentally friendly and sustainable way that helps reduce paper usage and our carbon footprint, and it reduces our printing and mailing costs. However, shareholders with existing instructions on their account to receive printed materials will receive a printed copy of the Meeting Materials, and any other shareholders who wish to receive a printed copy of the Meeting Materials may follow the instructions set out in the Notice and Access notification that they will receive.
The Company has retained Kingsdale Advisors to assist anyone who is a First Majestic shareholder as of the Record Date with voting their shares. Once you have received the Meeting Materials in the mail, if you need assistance with voting your First Majestic shares, please reach out to Kingsdale Advisors by telephone at 1-866-851-3214 (toll-free in North America) or 1-647-577-3635 (text and call enabled outside of North America), or by e-mail at contactus@kingsdaleadvisors.com.
The Meeting Materials for the 2025 AGM may be found at the following website: www.FirstMajesticAGM.com. Please review the Meeting Materials for instructions relating to voting your First Majestic shares. You may also access the Meeting Materials by scanning the QR code below with your smart device:
2025 AGM Materials QR code
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The Company looks forward to the support of its shareholders at the 2025 AGM, and notes that management recommends that shareholders vote "FOR" all resolutions that are set out in the Meeting Materials.
ABOUT FIRST MAJESTIC
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates four producing underground mines in Mexico: the Cerro Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.
For further information, contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.
Keith Neumeyer, President & CEO
Cautionary Note Regarding Forward Looking Statements
This news release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and United States securities laws (collectively, "forward‐looking statements"). Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the time and place of the 2025 AGM. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are discussed in the section entitled "Description of the Business - Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2024 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's Annual Report on Form 40-F for the year ended December 31, 2024 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise.
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First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") announces that total production in the first quarter of 2025 from the Company's four producing underground mines in Mexico, namely the Cerro Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns the mine), the Santa Elena SilverGold Mine, the San Dimas SilverGold Mine, and the La Encantada Silver Mine reached 7.7 million silver equivalent ("AgEq") ounces, consisting of 3.7 million silver ounces, 36,469 gold ounces, 12.5 million pounds of zinc and 7.5 million pounds of lead.
"The first quarter of 2025 is paving the way for a transformational 2025 for First Majestic," said Keith Neumeyer, President & CEO. "Our team continues to focus on safe production across all our operations, and I am pleased to see another record safety performance combined with an all-time record for silver production this quarter. Operations at Cerro Los Gatos were excellent during the quarter, with the district now accounting for nearly 30% of the Company's production portfolio. The results achieved this quarter by the Company, throughout a busy time closing the Gatos acquisition and integrating the Cerro Los Gatos operation into our portfolio, truly demonstrate the quality of the First Majestic team."
Q1 2025 PRODUCTION HIGHLIGHTS
Record Silver Production (+88% Y/Y): The Company produced 3.7 million silver ounces in Q1 2025 representing an 88% increase when compared to 2.0 million silver ounces produced in Q1 2024. Total silver production in the quarter included 1.4 million ounces of attributable silver production from Cerro Los Gatos as well as a notable 17% (0.2 million ounce) increase at San Dimas primarily due to operational improvements.
Strong Silver Equivalent Production (+49% Y/Y): The Company produced 7.7 million AgEq ounces in Q1 2025 representing a 49% increase when compared to 5.2 million AgEq ounces produced in Q1 2024 driven by an 88% increase in attributable consolidated silver production and a 1% increase in gold production. The significant increase resulted from the inclusion of attributable production from Cerro Los Gatos, as well as an 11% increase in production at San Dimas.
Continued Active Exploration Program: During the first quarter, the Company completed a total of 61,219 metres ("m") of drilling across its mines in Mexico. Throughout the quarter, up to 28 drill rigs were active consisting of seven rigs at Cerro Los Gatos, seven rigs at Santa Elena, 13 rigs at San Dimas, and one rig at La Encantada.
Conversion to Liquefied Natural Gas ("LNG") at San Dimas: The replacement of the diesel generators used for on-site back-up power at San Dimas with LNG units is near completion, with four 1 megawatt ("MW") LNG generators on site that will commence operating in Q2 2025. We expect this shift to LNG to generate substantial cost-savings and will result in a reduction in carbon emissions of up to 25%, when back-up power is required.
Record Safety Performance Continues (-65% Y/Y): The consolidated Q1 2025 Total Reportable Incident Frequency Rate ("TRIFR") was 0.17, well below the Company's 2025 target KPI of 0.70 and a 65% improvement compared to Q1 2024. The Lost Time Incident Frequency Rate ("LTIFR") was 0.06 compared to 0.08 from the same period last year. The Cerro Los Gatos operation finished Q1 without a reportable incident, a significant milestone in the operation's history.
Attributable Consolidated Production Details:
| Q1 | Q1 | Y/Y | Q4 | Q/Q | |
| 2025 | 2024 | Change | Attributable Consolidated Production Results | 2024 | Change |
| 944,373 | 588,651 | 60% | Ore processed/tonnes milled | 745,124 | 27% |
| 7,711,709 | 5,162,283 | 49% | Silver equivalent ounces | 5,713,289 | 35% |
| 3,704,503 | 1,975,176 | 88% | Silver ounces produced | 2,353,865 | 57% |
| 36,469 | 35,936 | 1% | Gold ounces produced | 39,506 | (8)% |
| 12,492,869 | N/A | N/A | Zinc pounds produced | N/A | N/A |
| 7,487,065 | N/A | N/A | Lead pounds produced | N/A | N/A |
Q1 2025 Mine-by-Mine Production Details:
| Mine | Ore Processed | Tonnes per Day | Ag Grade (g/t) | Au Grade (g/t) | Ag Recovery | Au Recovery | Ag Oz Produced | Au Oz Produced | AgEq Oz Produced |
| Cerro Los Gatos (100%) | 276,892 | 3,692 | 262 | 0.24 | 89% | 53% | 2,063,884 | 1,134 | 3,217,511 |
| Cerro Los Gatos (70%) | 193,825 | 3,692 | 262 | 0.24 | 89% | 53% | 1,444,719 | 794 | 2,252,258 |
| Santa Elena | 270,203 | 2,969 | 58 | 2.59 | 68% | 95% | 339,784 | 21,408 | 2,259,772 |
| San Dimas | 231,190 | 2,541 | 203 | 2.04 | 90% | 94% | 1,359,378 | 14,241 | 2,636,689 |
| La Encantada | 249,155 | 2,738 | 104 | 0.00 | 67% | 90% | 560,622 | 26 | 562,990 |
Cerro Los Gatos Silver Mine (reported on a 70% attributable basis):
Cerro Los Gatos produced 2,252,258 attributable AgEq ounces, consisting of 1,444,719 ounces of silver, 12,492,869 pounds of zinc, 7,487,065 pounds of lead and 794 ounces of gold.
The mill processed a total of 193,825 tonnes of ore, with silver, zinc, lead and gold head grades of 262 g/t, 4.08%, 1.98% and 0.24 g/t, respectively.
Silver, zinc, lead and gold recoveries during the quarter averaged 89%, 72%, 89% and 53%, respectively.
During the quarter, seven drill rigs completed 14,880 m of drilling on the property.
Santa Elena Silver/Gold Mine:
Santa Elena produced 2,259,772 AgEq ounces, consistent with the same period last year, consisting of 339,784 ounces of silver and 21,408 ounces of gold.
The mill processed 270,203 tonnes of ore, 20% higher than the same period last year, with average silver and gold head grades of 58 g/t and 2.59 g/t, respectively.
Silver and gold recoveries during the quarter averaged 68% and 95%, respectively, consistent with 69% and 95% in the same period last year.
During the quarter, seven drill rigs consisting of five surface rigs and two underground rigs completed 16,809 m of drilling on the property.
San Dimas Silver/Gold Mine:
San Dimas produced 2,636,689 AgEq ounces during the quarter representing an 11% increase compared to Q1 2024, consisting of 1,359,378 ounces of silver and 14,241 ounces of gold. Silver production increased by 17%, while gold production increased by 5%, when compared to the same period last year. The increase in silver and gold production was driven by a 29% increase in ore tonnes processed, partially offset by lower metal grades.
The mill processed 231,190 tonnes of ore, an increase of 29% compared to Q1 2024, with average silver and gold grades of 203 g/t and 2.04 g/t, respectively, compared with 220 g/t and 2.45 g/t in the same period last year.
Silver and gold recoveries during the quarter averaged 90% and 94%, respectively, compared to 92% and 96% in the same period last year.
During the quarter, a total of 13 drill rigs consisting of three surface rigs and 10 underground rigs completed 28,535 m of drilling on the property.
La Encantada Silver Mine:
During the quarter, La Encantada produced 560,622 ounces of silver, representing a 23% increase compared to Q1 2024, driven primarily by a 34% increase in ore processed and a 7% increase in silver recovery, partially offset by lower silver grades.
The mill processed 249,155 tonnes of ore, a 34% increase over the same period last year, with an average silver grade of 104 g/t, compared to 123 g/t in the same period last year.
Silver recovery for the quarter was 67%, compared to 62% in Q1 2024.
During the quarter, one underground drill rig completed 995 m of drilling on the property.
Q1 2025 EARNINGS AND DIVIDEND ANNOUNCEMENT
The Company plans to release its first quarter 2025 unaudited financial results, and announce its dividend payment for the first quarter of 2025, and shareholder record and payable dates for such dividend payment, after market close on May 7, 2025.
ABOUT FIRST MAJESTIC
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates four producing underground mines in Mexico: the Cerro Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at http://www.firstmint.com/, at some of the lowest premiums available.
For further information, contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.
"signed"
Keith Neumeyer, President & CEO
Cautionary Note Regarding Forward Looking Statements
This news release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and U.S. securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the timing for the release of the Company's financial results for the first quarter of 2025; the timing to replace the diesel generators at San Dimas with LNG generators; statements relating to cost-savings and reduction in carbon emissions from using LNG generators at San Dimas; timing for the announcement of the Company's first quarter dividend payment and the shareholder record and payable dates in connection with such dividend payment; and operations at the Company's 100%-owned and operated minting facility and production of bullion from the mint. Assumptions may prove to be incorrect and actual results and future events may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Statements concerning proven and probable mineral reserves and mineral resource estimates may also be deemed to constitute forward‐looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of measured and indicated mineral resources or proven and probable mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".
Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of global health crises, such as pandemics, on our operations and workforce, and the effects on global economies and society; general economic conditions including inflation risks; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; social and labour unrest; relations with local communities; changes in national or local governments; changes in applicable legislation, rules or regulations and the application and enforcement thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2024 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's Annual Report on Form 40-F for the year ended December 31, 2024 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar. Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
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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
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.
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.
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.
“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.
“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.
Record Mineral Resource Levels and Strong Year-Over-Year Mineral Reserves Growth
First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the 2024 Mineral Reserve and Mineral Resource
estimates for its four operating mines in Mexico and its Jerritt Canyon Gold Mine in the United States, with an effective date of December 31, 2024. The Company's four operating mines in Mexico are: the Cerro Los Gatos Silver Mine (following the Company's recent acquisition of Gatos Silver, Inc., the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the Santa Elena SilverGold Mine, the San Dimas SilverGold Mine, and the La Encantada Silver Mine. The Jerritt Canyon Gold Mine is currently in temporary suspension with the Company focused on exploration, definition, and anticipated expansion of the Mineral Resources. Although the Company did not complete the acquisition of Gatos Silver until January 16, 2025, the Company has included the Cerro Los Gatos Mineral Reserves and Resources as of December 31, 2024, for the purposes of this news release and the Company's annual information form for the year ended December 31, 2024 (the "2024 AIF").
"2024 marks another record milestone for First Majestic. Due to our strategic M&A activities and widely successful exploration program, we have increased our Mineral Resources to the highest level in the Company's history" stated Keith Neumeyer, President & CEO of First Majestic. "I am proud of what we have achieved in 2024 from an exploration and geology stance. We budgeted for a robust exploration program in 2024 and it has yielded exceptional results, most notably the high-grade gold and silver discovery at Santa Elena, Navidad, and impressive results at San Dimas, which sets us up for an exciting future ahead. We finished the year on a fantastic note and our team hit the ground running executing on our record 2025 exploration program."
In 2024, the Company increased its silver equivalent
("AgEq") ounce Proven and Probable Reserves by 45%, and its Measured & Indicated, and Inferred Mineral Resources by 25% and 23%, respectively. This strong increase in contained AgEq ounces was driven by the success of the Company's 2024 exploration program and the strategic acquisition of Gatos Silver.
2024 HIGHLIGHTS
acquire Gatos Silver, which holds a 70% joint venture interest in the Cerro Los Gatos Silver Mine, and the acquisition was completed subsequent to year-end.
2024 PRODUCTION TABLE
| Concept | Units | SAN DIMAS | SANTA ELENA | LA ENCANTADA | JERRITT CANYON | TOTAL |
| Ore Processed | Tonnes | 776,812 | 1,012,523 | 897,406 | - | 2,686,742 |
| - | ||||||
| Material from Reserves Mined and Processed | Tonnes | 703,356 | 1,012,523 | 220,349 | - | 1,936,228 |
| Material Mined from Areas Not In Reserves | Tonnes | 73,456 | - | 677,057 | - | 750,513 |
| Silver Produced | Ounces | 4,543,931 | 1,514,364 | 2,342,502 | - | 8,400,797 |
| Gold Produced | Ounces | 50,432 | 103,540 | 164 | 2,405 | 156,542 |
| Silver-Equivalent Produced from Gold | Ounces | 4,281,328 | 8,751,949 | 13,891 | 207,463 | 13,254,631 |
| Silver-Equivalent Produced (1) | Ounces | 8,825,259 | 10,266,313 | 2,356,393 | 207,463 | 21,655,427 |
MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES
As of December 31, 2024, P&P Mineral Reserves estimates at the Company's four producing mines totalled 86.8 million ounces of silver, 594,000 ounces of gold, 587 million pounds of zinc, 314 million pounds of lead and 32 million pounds of copper, which represents a total of 177.6 million AgEq ounces.
The significant year-over-year P&P Mineral Reserve Estimate increase on an AgEq basis is driven by the addition of the Mineral Reserves at the Cerro Los Gatos Silver Mine (reported on a 70% attributable basis to the Company).
Proven and Probable Mineral Reserve Estimates with an Effective Date of December 31, 2024
| Mine | Mineral | Tonn-age | Grades | Metal Content | |||||||||||
| Category | Type | k tonnes |
Ag (g/t) |
Au (g/t) |
Cu (%) |
Pb (%) |
Zn (%) |
Ag-Eq (g/t) |
Ag (k Oz) |
Au (k Oz) |
Cu (M lb) |
Pb (M lb) |
Zn (M lb) | Ag-Eq (k Oz) | |
|
CERRO LOS GATOS (70% First Majestic Attributable) | |||||||||||||||
| Proven (UG) | All Mineral Types | 2,187 | 281 | 0.27 | 0.09 | 2.05 | 4.23 | 439 | 19,773 | 19 | 4 | 99 | 204 | 30,892 | |
| Probable (UG) | All Mineral Types | 4,773 | 107 | 0.18 | 0.27 | 2.05 | 3.64 | 274 | 16,421 | 28 | 28 | 216 | 383 | 42,027 | |
| Total Proven and Probable (UG) | Sulphides | 6,960 | 162 | 0.21 | 0.21 | 2.05 | 3.83 | 326 | 36,194 | 48 | 32 | 314 | 587 | 72,919 | |
| SAN DIMAS | |||||||||||||||
| Proven (UG) | Sulphides | 1,257 | 253 | 3.16 | 529 | 10,230 | 128 | 21,390 | |||||||
| Probable (UG) | Sulphides | 1,972 | 241 | 2.63 | 470 | 15,250 | 167 | 29,810 | |||||||
| Total Proven and Probable (UG) | Sulphides | 3,229 | 245 | 2.84 | - | - | - | 493 | 25,480 | 294 | - | - | - | 51,200 | |
| SANTA ELENA | |||||||||||||||
| Proven (UG - Ermitano) | Sulphides | 797 | 85 | 3.65 | 518 | 2,173 | 93 | - | - | - | 13,272 | ||||
| Proven (UG - Santa Elena) | Sulphides | 238 | 138 | 1.47 | 266 | 1,056 | 11 | - | - | - | 2,039 | ||||
| Probable (UG - Ermitano) | Sulphides | 2,043 | 38 | 1.61 | 229 | 2,503 | 105 | - | - | - | 15,025 | ||||
| Probable (UG - Santa Elena) | Sulphides | 930 | 143 | 1.23 | 250 | 4,265 | 37 | - | - | - | 7,461 | ||||
| Probable (Pad) | Oxides | 387 | 27 | 0.42 | 69 | 330 | 5 | - | - | - | 860 | ||||
| Total Proven and Probable (UG+Pad) | All mineral types | 4,395 | 73 | 1.78 | - | - | - | 274 | 10,328 | 252 | - | - | - | 38,657 | |
| LA ENCANTADA | |||||||||||||||
| Probable (UG) | Oxides | 3,388 | 137 | - | 137 | 14,883 | - | 14,883 | |||||||
| Total Probable (UG) | Oxides | 3,388 | 137 | - | - | - | - | 137 | 14,883 | - | - | - | - | 14,883 | |
| Consolidated FMS | |||||||||||||||
| Proven (UG) | All mineral types | 4,480 | 33,232 | 252 | 4 | 99 | 204 | 67,593 | |||||||
| Probable (UG) | All mineral types | 13,493 | 53,653 | 342 | 28 | 216 | 383 | 110,066 | |||||||
| Total Proven and Probable | All mineral types | 17,972 | 86,885 | 594 | 32 | 314 | 587 | 177,659 | |||||||
As of December 31, 2024, the M&I Mineral Resource estimates for the Company's four producing mines and its Jerritt Canyon Gold Mine totalled 434.2 million AgEq ounces consisting of 135.2 million ounces of silver, 2.9 million ounces of gold, 671.9 million pounds of zinc, 359.6 million pounds of lead, and 35.1 million pounds of copper.
The significant increase in M&I Mineral Resources relate to the additional M&I Mineral Resources from the Cerro Los Gatos Silver Mine (reported on a 70% attributable basis to the Company), expansionary drilling results, and new cutoff grades from updated economic parameters including costs, recoveries and metal prices. M&I Mineral Resource estimates are reported inclusive of Mineral Reserve estimates.
As of December 31, 2024, the Inferred Mineral Resource estimates for the Company's four producing mines and its Jerritt Canyon Gold Mine totalled 350.6 million AgEq ounces consisting of 81.4 million ounces of silver, 2.9 million ounces of gold, 173.6 million pounds of zinc, 78.5 million pounds of lead, and 8.0 million pounds of copper. The changes are primarily related to the discovery and declaration of a maiden Inferred Mineral Resource estimate for the Navidad project (at Santa Elena), the additional Inferred Mineral Resources from the Cerro Los Gatos Silver Mine (reported on a 70% attributable basis to the Company), expansionary drilling results, and new cutoff grades from updated economic parameters including costs, recoveries and metal prices.
Measured and Indicated Mineral Resource Estimates with an Effective Date of December 31, 2024
| Mine / Project | Mineral | Tonn-age | Grades | Metal Content | ||||||||||||
| Category / Area | Type | k tonnes |
Ag (g/t) |
Au (g/t) |
Cu (%) |
Pb (%) | Zn (%) |
Ag-Eq (g/t) |
Ag (k Oz) |
Au (k Oz) |
Cu (M lb) |
Pb (M lb) |
Zn (M lb) |
Ag-Eq (k Oz) | ||
|
CERRO LOS GATOS (70% First Majestic Attributable) | ||||||||||||||||
|
Total Measured (UG) | All Mineral Types | 1,948 | 363 | 0.36 | 0.11 | 2.61 | 5.37 | 563 | 22,700 | 23 | 5 | 112 | 231 | 35,230 | ||
|
Total Indicated (UG) | All Mineral Types | 4,339 | 130 | 0.22 | 0.32 | 2.59 | 4.61 | 333 | 18,080 | 31 | 30 | 248 | 441 | 46,400 | ||
|
Total Measured and Indicated (UG) | All Mineral Types | 6,287 | 202 | 0.27 | 0.25 | 2.59 | 4.85 | 404 | 40,780 | 54 | 35 | 360 | 672 | 81,630 | ||
| - | ||||||||||||||||
|
SAN DIMAS | ||||||||||||||||
| Measured (UG) | Sulphides | 1,851 | 361 | 4.69 | - | - | 776 | 21,490 | 279 | - | - | - | 46,210 | |||
| Indicated (UG) | Sulphides | 3,025 | 280 | 2.97 | - | - | 543 | 27,220 | 289 | - | - | - | 52,820 | |||
| Total Measured and Indicated (UG) | Sulphides | 4,876 | 311 | 3.63 | - | - | 632 | 48,710 | 569 | - | - | 99,030 | ||||
| - | ||||||||||||||||
|
SANTA ELENA | ||||||||||||||||
| Total Measured (UG) | All Mineral Types | 1,323 | 108 | 3.34 | 492 | 4,590 | 142 | - | - | - | 20,940 | |||||
| Total Indicated (UG) | All Mineral Types | 4,465 | 81 | 1.80 | 282 | 11,670 | 259 | - | - | - | 40,420 | |||||
|
Total Measured and Indicated (UG & Pad) | All Mineral Types | 5,787 | 87 | 2.16 | - | - | - | 330 | 16,260 | 401 | - | - | 61,360 | |||
|
JERRITT CANYON | - | |||||||||||||||
|
Total Measured (UG + OP) | Sulphides | 6,150 | - | 5.08 | - | - | - | 436 | - | 1,005 | - | - | - | 86,140 | ||
|
Total Indicated (UG + OP) | Sulphides | 5,824 | - | 4.77 | - | - | - | 409 | - | 894 | - | - | - | 76,620 | ||
|
Total Measured and Indicated (UG & OP) | All Mineral Types | 11,975 | - | 4.93 | - | - | - | 423 | - | 1,899 | - | - | 162,760 | |||
| - | - | |||||||||||||||
|
LA ENCANTADA | ||||||||||||||||
|
Total Indicated (UG & Tailings) | All Mineral Types | 5,890 | 155 | - | - | - | - | 155 | 29,440 | - | - | - | - | 29,440 | ||
|
Total Indicated (UG & Tailings) | All Mineral Types | 5,890 | 155 | - | - | - | - | 155 | 29,440 | - | - | - | 29,440 | |||
| - | - | |||||||||||||||
|
TOTAL MATERIAL PROPERTIES | ||||||||||||||||
| Total Measured (UG) | All Mineral Types | 11,272 | 48,780 | 1,449 | 5 | 112 | 231 | 188,520 | ||||||||
|
Total Indicated (UG & OP) | All Mineral Types | 23,542 | 86,410 | 1,473 | 30 | 248 | 441 | 245,700 | ||||||||
|
Total Measured and Indicated (UG & OP) | All Mineral Types | 34,815 | 135,190 | 2,923 | 35 | 360 | 672 | 434,220 | ||||||||
Inferred Mineral Resource Estimates with an Effective Date of December 31, 2024
| Mine / Project | Mineral | Tonn-age | Grades | Metal Content | |||||||||||
| Category / Area | Type | k tonnes |
Ag (g/t) |
Au (g/t) |
Cu (%) |
Pb (%) |
Zn (%) |
Ag-Eq (g/t) |
Ag (k Oz) |
Au (k Oz) |
Cu (M lb) |
Pb (M lb) |
Zn (M lb) |
Ag-Eq (k Oz) | |
|
CERRO LOS GATOS (70% First Majestic Attributable) | |||||||||||||||
| Inferred Total (UG) | All Mineral Types | 1,942 | 103 | 0.16 | 0.16 | 1.81 | 3.99 | 258 | 6,440 | 10 | 7 | 77 | 171 | 16,100 | |
|
SAN DIMAS | |||||||||||||||
| Inferred Total (UG) | Sulphides | 5,329 | 250 | 2.89 | - | - | - | 506 | 42,810 | 495 | - | - | 86,630 | ||
|
SANTA ELENA | |||||||||||||||
|
Inferred Total (UG + Pad) | Sulphides | 6,271 | 85 | 2.41 | - | - | - | 333 | 17,150 | 486 | - | - | 67,070 | ||
|
JERRITT CANYON | |||||||||||||||
|
Inferred Total (UG & OP) | Sulphides | 12,982 | - | 4.63 | - | - | - | 397 | - | 1,933 | - | - | 165,660 | ||
|
LA ENCANTADA | |||||||||||||||
|
Total Inferred (UG + Tailings) | All Mineral Types | 2,438 | 189 | - | - | - | - | 189 | 14,800 | - | - | - | - | 14,800 | |
|
TOTAL MATERIAL PROPERTIES | |||||||||||||||
|
Total Inferred (UG & OP) | All Mineral Types | 28,962 | 81,200 | 2,924 | 7 | 77 | 171 | 350,260 | |||||||
The Company also announces that its 2024 AIF has been filed under the Company's profile on SEDAR+ and is available at www.sedarplus.ca. In addition, an Annual Report on Form 40-F (the "40-F") has been filed with the United States Securities and Exchange Commission, and the 40-F is available on EDGAR and on 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, British Columbia V6C 3L2 or to info@firstmajestic.com.
QUALIFIED PERSON
Scientific and technical disclosure for the material properties is based on technical reports prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") (collectively, the "Technical Reports"). The Technical Reports have been filed on SEDAR+ at www.sedarplus.ca, with the exception of the Technical Report for the Cerro Los Gatos Silver Mine, which is available under Gatos Silver's SEDAR+ profile. The technical information has been updated with more current information where appropriate.
Gonzalo Mercado, P.Geo., the Company's Vice President of Exploration and Technical Services and a "Qualified Person" as defined under NI 43-101, has reviewed and approved the scientific and technical information contained in this news release. Mineral Resource estimates were prepared under the supervision of, or were reviewed by, David Rowe, CPG, our Director of Mineral Development. Mineral Reserve estimates were prepared under the supervision of, or were reviewed by, Andrew Pocock, P.Eng., our Director, Reserves.
ABOUT FIRST MAJESTIC
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates four producing underground mines in Mexico: the Cerro Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.
For further information, contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.
"signed"
Keith Neumeyer, President & CEO
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and U.S. securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements in this news release include, but are not limited to, statements with respect to future exploration activities and the results thereof. Assumptions may prove to be incorrect and actual results and future events may differ materially from those anticipated. 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".
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: material adverse changes, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
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.
Cautionary Note to United States Investors
The Company is a "foreign private issuer" as defined in Rule 3b-4 under the United States Securities Exchange Act of 1934, as amended, and is eligible to rely upon the Canada-U.S. Multi-Jurisdictional Disclosure System, and is therefore permitted to prepare the technical information contained herein in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the securities laws currently in effect in the United States. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.
Technical disclosure contained in this news release has not been prepared in accordance with the requirements of United States securities laws and uses terms that comply with reporting standards in Canada with certain estimates prepared in accordance with NI 43-101.
NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning the issuer's material mineral projects.
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