Each one in plain English, with the numbers worked through for a shareholder.
19 Dec 2025debt financing● NeutralMajor
First Majestic closed a US$350 million private placement of 0.125% unsecured convertible senior notes due 2031 on December 8, 2025, convertible at 44.7227 shares per US$1,000 (about US$22.36 per share). It used part of the proceeds to buy back about US$174.7 million of its 0.375% convertible notes (the December 2021 notes due 2027) for about US$214.7 million, and said the rest may go to general corporate purposes including strategic opportunities. This refinances part of the older debt at a lower interest rate and a higher conversion price; the filing attaches the indenture with Computershare as trustee. Inference: at the stated rate, the new notes could convert into roughly 15.7 million shares, and about US$55 million of the old notes would remain outstanding (the 2021 issue was US$230 million); neither figure is stated in the filing.
First Majestic filed updated NI 43-101 technical reports for its San Dimas mine (Durango and Sinaloa) and its La Encantada mine (Coahuila), both with an effective date of August 31, 2025. The excerpt is mostly the table of contents and cover pages; it does not show the resource, reserve, production or cost figures, so what changed from earlier estimates cannot be told from this text. The tables listed reference a December 31, 2024 effective date for the resource and reserve statements. San Dimas remains the mine tied to the Wheaton stream.
First Majestic filed its formal report on the Gatos Silver acquisition, confirming the merger closed on January 16, 2025, resolving the deal announced in September 2024. It issued 177,433,006 First Majestic shares for all Gatos shares (at 2.55 per Gatos share), plus 8,242,244 replacement options and 2,207,762 shares to settle Gatos restricted and deferred share units. The deal gives First Majestic Gatos's 70% interest in the Los Gatos Joint Venture, which owns the Cerro Los Gatos silver mine in Chihuahua, Mexico, and takes its mineral rights package to about 350,000 hectares. For shareholders, the share issuance is the dilution the merger terms implied. The filing attaches Gatos's 2024 and 2023 audited statements and pro forma financials, and says it has no plans for other material changes.
On September 5, 2024, First Majestic agreed to acquire Gatos Silver in an all-share merger: each Gatos share converts into 2.55 First Majestic shares, leaving Gatos holders with about 38% of First Majestic after closing. Closing is expected in early 2025 (not before January 15, 2025) and needs approval votes by both companies' shareholders, Mexican antitrust approval, an effective Form F-4 and NYSE/TSX listing approval. For existing First Majestic shareholders, this means significant dilution to roughly 62% of the enlarged company; it is a new direction after the 2022-23 sales of smaller mines. Termination fees are US$46M payable by First Majestic and US$28M by Gatos in certain cases. The excerpt does not describe Gatos's assets (the later April 2025 report identifies its 70% interest in the Los Gatos Joint Venture).
15 Aug 2023asset acquisition disposition● NeutralMajor
First Majestic closed the sale of the past-producing La Parrilla mine to Golden Tag Resources on August 14, 2023, after approval from Mexico's competition regulator (COFECE) and the TSX Venture Exchange. This completes the deal announced December 7, 2022. It received 143,673,684 Golden Tag shares (deemed C$0.19, about US$20.0M) and is still due up to US$13.5M in three milestone payments (US$2.7M cash repayment, then US$5.75M and US$5.05M in cash or shares tied to resource estimates). It also bought 18,009,000 Golden Tag subscription receipts at C$0.20, which converted into the same number of shares plus 9,004,500 warrants exercisable at C$0.34 until August 14, 2026. It now holds 161,682,684 shares, about 40.8% of Golden Tag (about 42.2% if the warrants were exercised). The consideration shares are released 25% on each of Feb 14 2024, Aug 14 2024, Feb 14 2025 and Aug 14 2025, and holdings above 19.9% may be distributed to First Majestic shareholders. It keeps a right to maintain its stake in future Golden Tag share issues, up to a 19.9% maximum.
First Majestic reported new drill results from San Dimas, Santa Elena (Ermitaño) and Jerritt Canyon, after completing 78,973 metres of exploration drilling in the first half of 2023 with up to 19 rigs. Highlights include 8.38 g/t gold and 763 g/t silver over 3.88 m at San Dimas and 5.61 g/t gold over 61.2 m at the new Javelin target at Jerritt Canyon, a mine whose production was suspended in March 2023 and which is being drilled for resources. The Ermitaño holes are aimed at replacing reserves depleted by mining, which the March 2023 update showed had fallen 14%. These are exploration results only; the excerpt does not give tonnage or grade estimates.
First Majestic reported its December 31, 2022 reserves and resources after record 2022 production of 31.3 million silver-equivalent ounces. Reserves at its three producing mines are 136.8M silver-equivalent oz (61.5M oz silver, 781,000 oz gold); silver is down 2% and gold down 41%, mainly because Jerritt Canyon is now reported as resources only after production there was temporarily suspended. Santa Elena reserves fell 14% to 47.0M oz after depletion at Ermitaño. Jerritt Canyon added 67,000 oz gold to measured and indicated resources and 307,000 oz to inferred resources. The Jerritt Canyon suspension is new and changes the earlier plan to ramp up ore production there.
30 Mar 2023asset acquisition disposition● NeutralMajor
First Majestic closed the sale of La Guitarra to Sierra Madre Gold & Silver on March 29, 2023, receiving 69,063,076 Sierra Madre shares at C$0.65 (about C$44.9M or US$35.0M). It now holds about 48.4% of Sierra Madre, slightly above the roughly 47% expected in May 2022. The shares are released 25% each on Sept 29, 2023, March 29, 2024, Sept 29, 2024 and March 29, 2025, and it may hand out holdings above 19.9% to its own shareholders. This resolves the pending sale, paid in shares not cash.
First Majestic renewed its share buyback for March 22, 2023 to March 21, 2024: up to 5,000,000 shares (about 1.83% of 274,479,942 outstanding at March 10, 2023), with any shares bought cancelled. Under the prior program it bought 100,000 shares at a volume-weighted average of C$8.52, so it did start buying after buying none by March 2022. The new limit is half the prior 10M, and the filing gives permission only. Shares outstanding are up from 260,181,674 a year earlier.
First Majestic closed the royalty portfolio sale to Metalla announced November 28, after TSX Venture Exchange approval, receiving 4,168,056 Metalla shares at a deemed US$4.7984, worth about US$20.0 million. This completes that deal, a little ahead of the Q1 2023 timing first expected. The payment is in shares, not cash.
First Majestic agreed on December 7, 2022 to sell its past-producing La Parrilla silver mine in Durango to Golden Tag Resources for up to US$33.5 million. At closing it gets 143,673,684 Golden Tag shares (deemed C$0.19 each, about US$20.0M, roughly 40% of Golden Tag), plus up to US$13.5M in three milestone payments (US$2.7M cash repayment; US$5.75M and US$5.05M in cash or shares, tied to resource estimates). The shares are released 25% every six months over 24 months after closing. First Majestic also agreed to join a future Golden Tag equity financing of up to C$9M, with US$2.7M from First Majestic. Closing needs TSX Venture approval. This follows the La Guitarra sale in selling care-and-maintenance mines for shares of the buyer.
First Majestic agreed on November 25, 2022 to sell a portfolio of royalty interests (on La Encantada, La Parrilla, Del Toro, San Martin, La Guitarra, Plomasas, La Luz and La Joya) to Metalla Royalty & Streaming for US$20.0 million, paid in 4,168,056 Metalla shares at a deemed US$4.7984. It would hold about 8.5% of Metalla after closing, with a four-month-and-one-day statutory hold plus contractual resale limits. Closing needs TSX Venture Exchange approval and was expected in Q1 2023. Payment is in shares, not cash.
First Majestic reported more Jerritt Canyon drill results, including 19.35 g/t gold over 23.2 metres in what it calls a potential new high-grade zone, and follow-up drilling confirming the high-grade pod at Smith Zone 10 first reported in May 2022. The company says initial ore extraction from that pod is planned for early October, and ore from the West Gen mine in October, which it expects to lift fresh ore production above 3,000 tonnes per day by the end of 2022. The 2022 drilling plan is now about 120,000 metres, down from about 135,000 in May. These are exploration results and the company says they cannot be used to estimate tonnage or grade.
First Majestic published its 2021 Sustainability Report, which reports record 2021 production of 26.9 million silver-equivalent ounces, up 32% on the prior year. It also says the board created an environmental, social, health and safety committee in May 2022, chaired by director Jean des Rivières with Marjorie Co and Raymond Polman. The release also states total community investment of US$3.0 million and that Jerritt Canyon's roughly 290 direct and 270 indirect employees were integrated after the April 30, 2021 acquisition. It is a reporting update, not a financial or deal event.
21 July 2022capital raising announcement▼ BadMajor
First Majestic set up a new at-the-market share sales program of up to US$100 million with BMO Capital Markets and TD Securities, running until June 18, 2023, sold on the NYSE at market prices. It replaces the May 28, 2021 agreement, under which all sales have been completed. The company may sell shares at its discretion, so any sales would dilute existing shareholders; proceeds are intended for developing or improving existing mines and working capital, and the filing does not say any shares have yet been sold under it.
First Majestic reported drill results at Jerritt Canyon, the Nevada gold mine it acquired on April 30, 2021, including 8.39 g/t gold over 29.7 metres near active underground workings at Smith/SSX. The US Forest Service approved an exploration permit covering 42,976 acres, with drilling expected to start July 1, 2022, and the company plans about 135,000 metres of drilling in 2022. These are exploration results only and the company says they cannot be used to estimate tonnage or grade; it confirms the Jerritt Canyon purchase closed on April 30, 2021.
25 May 2022asset acquisition disposition● NeutralMajor
First Majestic agreed on May 24, 2022 to sell its 100%-owned, past-producing La Guitarra silver mine in Mexico State to Sierra Madre Gold & Silver for US$35 million, paid in 69,063,076 Sierra Madre shares at a deemed C$0.65 each. It would keep a 2% net smelter royalty (with a 1% buy-back option for US$2 million) and hold about 47% of Sierra Madre after closing. Closing is expected in the second half of 2022 and requires TSX Venture Exchange approval and Sierra Madre raising at least C$10 million; the filing says La Guitarra has been on care and maintenance since August 2018. The payment is shares, not cash, and is subject to resale restrictions.
First Majestic renewed its share buyback: it may buy up to 10,000,000 shares (about 3.8% of 260,181,674 shares outstanding as of March 9, 2022) on the open market through the TSX between March 22, 2022 and March 21, 2023, with any purchased shares cancelled. It bought no shares under the prior program that ran from March 2021 to March 2022, so this repeats the earlier renewal. The filing gives permission only and does not say any shares will be bought. The share count is up from 221,681,131 in March 2021, which fits the Jerritt Canyon share issuance (inference).
First Majestic filed the legal contract (indenture) for the US$230 million 0.375% convertible senior notes due 2027, dated December 2, 2021, with Computershare Trust Company, N.A. as trustee. It documents the notes issued on December 2 and sets out their conversion rate of 60.3865 shares per US$1,000. This is a documentation filing with no new financing news, signed by CFO Raymond L. Polman.
First Majestic closed the convertible notes offering at the full US$230 million, including the US$30 million over-allotment, as 0.375% notes due 2027 convertible at about US$16.56 per share. It paid about US$164.9 million to repurchase about US$125.2 million of its 1.875% convertible notes, and will redeem all remaining existing notes effective December 30, 2021. This completes the offering announced November 29. If the notes are converted, shareholders would be diluted.
First Majestic priced the convertible notes offering: US$200 million (US$230 million if the over-allotment option is fully used) at par, due 2027, with 0.375% annual interest. They convert at about US$16.56 per share (60.3865 shares per US$1,000), a premium of roughly 35% to the prior close. About US$164.9 million of proceeds will repurchase about US$125.2 million of the existing 1.875% notes, with the rest for general corporate purposes. Any remaining existing notes are to be redeemed by December 31, 2021. Closing was expected around December 2.
First Majestic announced it is offering US$200 million of unsecured convertible senior notes due 2027, with an option for initial purchasers to buy US$30 million more. The money is meant to buy back part of its existing 1.875% convertible notes and for general corporate purposes, including strategic opportunities. It also intends to redeem any existing notes left after the buyback, following a 30-day notice period. Holders could convert into company shares, so this could add shares later; the interest rate and conversion terms were not yet set.
First Majestic filed the full Santa Elena technical report and the consents and certificates of its qualified persons. This is an exhibit list only; the figures are in the November 24 news release.
First Majestic filed an updated technical report for Santa Elena that, for the first time, includes mineral reserves for its 100%-owned Ermitaño project, with a positive pre-feasibility study (the Q4 2021 study expected earlier). Santa Elena reserves rose 59% to 51.0M silver-equivalent oz. The study shows an after-tax NPV (5%) of $64.8M, after-tax IRR of 34% and a seven-year mine life to 2027, using $22.50 silver and $1,700 gold. The CEO says Ermitaño poured its first doré from stockpiles in early November, with ore production to ramp up through 2022 and into 2023. Gonzalo Mercado was also appointed Vice-President of Exploration.
First Majestic filed an independent technical report on the Jerritt Canyon gold mine in Nevada, prepared by SLR Consulting with an effective date of December 31, 2020 and signed April 30, 2021. It supports the pending Jerritt Canyon acquisition announced March 12; the excerpt shows only the table of contents, so no resource, reserve or economic figures can be stated here.
First Majestic's proven and probable reserves at its three mines fell 16% to 121.5 million silver-equivalent ounces (62.2M oz silver, 606,000 oz gold), mainly because 14.6M silver ounces in old La Encantada tailings were moved from reserves to resources and San Dimas counted only first-half 2020 drilling (35% of metres drilled) against a full year of mining. Measured and indicated resources rose 3% to 233.2M silver-equivalent oz, and Ermitaño near Santa Elena grew; a pre-feasibility study is expected in Q4 2021 and initial production in early 2022. The release also announces a new director appointment, but the name is not in the excerpt provided.
First Majestic filed updated technical reports for its three mines (San Dimas, Santa Elena and La Encantada), along with the qualified-person consents and certificates. This is an exhibit list only; the figures are in the separate news release filed the same day.
First Majestic renewed its share buyback: it may buy up to 10,000,000 shares (about 4.5% of 221,681,131 shares outstanding) on the open market through the TSX between March 22, 2021 and March 21, 2022, with purchased shares cancelled. It bought no shares under the prior program that ran from March 2020 to March 2021. This is only permission to buy; the filing does not say any will be bought.
First Majestic agreed to buy all of Jerritt Canyon Canada Ltd., owner of the Jerritt Canyon gold mine in Nevada, from Sprott Mining for US$470 million in First Majestic shares (26,719,727 shares at US$17.59) plus 5 million three-year warrants at US$20.00. Eric Sprott will also invest US$30 million privately (1,705,514 shares at US$17.59), taking his holdings to about 13.1% of the company. This adds a gold mine in the US to the three Mexican silver mines; closing is expected by April 30, 2021 subject to TSX and NYSE approval and other conditions. For existing shareholders, the share issuance dilutes their percentage ownership.
First Majestic put numbers on the SAT tax dispute: reassessments for PEM's 2010-2012 tax years total about US$260 million (about US$75 million of it additional tax), and a new 2013 reassessment is MXP1,866,655,000 (about US$132.1 million), versus reported pre-tax income of US$4.2 million for 2013. The company, citing its Mexican counsel, says no tax is payable while its appeals are ongoing and that it will keep challenging all reassessments. This continues the dispute opened by the March 2 NAFTA filing; the outcome is unresolved.
