Each one in plain English, with the numbers worked through for a shareholder.
26 Sept 2025resource reserve update● Neutral
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 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.
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 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.
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 filed an updated technical report on its La Encantada silver mine (Ocampo, Coahuila), effective December 31, 2015, with the company stating it indirectly owns 100% of the mine. The excerpt provided shows the authors and consents but not the reserve or resource figures, so the results are not given here. The report is the company's own team's work plus an independent geologist from Amec Foster Wheeler.
First Majestic published a new technical report on its La Guitarra silver mine in the State of Mexico, which it bought in 2012. It reports proven and probable reserves of 11.8 million silver-equivalent ounces (9.4 million of pure silver) and a 7-year mine life at about 190,000 tonnes a year, based on an effective date of December 31, 2014. Measured and indicated resources are 15.2 million silver-equivalent ounces and inferred resources 6.3 million. This is the first reserve and resource estimate for the mine under the company's own team, per the CEO.
