Core Insights - First Majestic Silver Corp. has announced a second significant gold-silver discovery at the Santa Elena property, specifically the Santo Niño vein, located 900 meters south of the processing plant, alongside positive drilling results from the Navidad discovery [3][4] - The discoveries at Santo Niño and Navidad highlight the growing scale and potential of the Santa Elena district, which now hosts four significant deposits: Santa Elena, Ermitaño, Navidad, and Santo Niño [3][4] Exploration Highlights - The Santo Niño vein has been traced over 1 kilometer along strike and 400 meters down-dip, with significant gold and silver grades returned from thirteen intercepts [5] - Drilling at the Navidad/Winter vein system has expanded the mineralization footprint, with drillhole EWUG-25-050 returning some of the highest grades ever encountered on the property, including 6.81 meters grading 14.77 g/t Au and 642 g/t Ag [6][24] Drilling Results - Significant intercepts from the Santo Niño vein include: - Hole SE-25-15: 1.91 meters at 8.38 g/t Au and 248 g/t Ag, including 0.43 meters at 27.50 g/t Au and 641 g/t Ag [8] - Significant intercepts from the Navidad vein include: - Hole EWUG-25-050: 6.81 meters at 14.77 g/t Au and 642 g/t Ag, including sub-intervals of 1.19 meters at 29.51 g/t Au and 919 g/t Ag [9][24] District-Scale Exploration Strategy - The exploration strategy has successfully delivered two significant discoveries within a year, reinforcing the potential of the Santa Elena district as a multi-deposit system [12][23] - An aggressive drilling program is currently underway, with nine active rigs testing the full strike length and depth potential of the new discoveries [23]

Core Points - First Majestic Silver Corp. held its Annual General Meeting of Shareholders on May 20, 2025, in Vancouver, British Columbia, where all matters were approved except for the non-binding Say on Pay Advisory Vote [1][2]. Voting Results - A total of 281,059,326 common shares were represented at the meeting, accounting for 57.99% of the issued and outstanding shares [2]. - The resolution to set the number of directors at seven received 99.08% approval [2]. - The election results for individual directors were as follows: - Keith Neumeyer: 99.23% approval - Marjorie Co: 99.26% approval - Thomas F. Fudge, Jr.: 50.44% approval - Raymond L. Polman: 99.51% approval - Colette Rustad: 54.82% approval - Daniel Muñiz Quintanilla: 99.36% approval - Ayesha Hira: 99.46% approval [3]. Appointment of Auditor - Deloitte LLP was appointed as the independent auditor for the Company, receiving 95.10% approval [4]. Say-on-Pay Advisory Vote - The advisory resolution regarding the Company's executive compensation approach was not approved, with 41.01% voting in favor and 58.99% against [5]. New Board Member - Ayesha Hira was appointed to the Board of Directors effective May 20, 2025, bringing 30 years of mining industry experience [6][7]. Company Overview - First Majestic is focused on silver and gold production in Mexico and the United States, operating four underground mines in Mexico and holding a portfolio of development and exploration assets [9].

Core Insights - First Majestic Silver Corp. reported record financial results for Q1 2025, highlighting a strong cash position and significant increases in production and revenue [2][3][4] Financial Highlights - The company achieved a record cash and restricted cash balance of $462.6 million, with $351.3 million in cash and cash equivalents and $111.3 million in restricted cash, marking a 50% increase from the previous quarter [10] - Record quarterly revenue of $243.9 million was generated, a 130% increase from $106.0 million in Q1 2024, primarily driven by a 64% increase in payable AgEq ounces sold [9][11] - Mine operating earnings reached a record $63.8 million, a significant increase from a loss of $0.3 million in Q1 2024, attributed to the addition of the Cerro Los Gatos Silver Mine [11][12] - Operating cash flow before changes in working capital and taxes was a record $110.0 million, compared to $12.6 million in Q1 2024 [13][14] - Net earnings for the quarter were $6.2 million (EPS of $0.01), compared to a net loss of $13.6 million (EPS of ($0.05)) in Q1 2024 [16][17] Production and Operational Highlights - The company produced 7.7 million silver equivalent ounces in Q1 2025, an increase of 49% compared to 5.2 million ounces in Q1 2024 [22] - Record silver production of 3.7 million ounces was achieved, representing an 88% increase from 2.0 million ounces produced in Q1 2024 [23] - Consolidated cash costs per AgEq ounce were $13.68, a 9% reduction from $15.00 in Q1 2024, and AISC was $19.24, an 11% improvement from $21.53 [24][26] Dividend Announcement - The company declared a cash dividend of $0.0045 per common share for Q1 2025, payable on or about May 30, 2025 [27][28]

Shares of First Majestic Silver (AG) have gained 5.9% over the past four weeks to close the last trading session at $5.91, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $7.89 indicates a potential upside of 33.5%.The average comprises six short-term price targets ranging from a low of $6 to a high of $11, with a standard deviation of $1.87. While the lowest estimate indicates ...

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Financial Performance - Net income for Gatos Silver in 2024 was $39,460,000, a significant increase from $12,860,000 in 2023, reflecting a growth of 207%[34] - The Company reported total income from operations before income taxes of $39,975 for the year ended December 31, 2024, compared to $12,974 for 2023, representing a year-over-year increase of approximately 208%[104] - Net income for 2024 was $91.32 million, representing a 70.8% increase compared to $53.44 million in 2023[121] - The LGJV's net income and comprehensive income attributable to the Company for 2024 was $63,928, compared to $37,411 in 2023, indicating a significant increase of approximately 71%[114] - The net loss for the year ended December 31, 2024, is reported at $560,781,000[166] Revenue and Expenses - Total revenue for 2024 increased to $352.91 million, up 31.4% from $268.67 million in 2023[121] - Total expenses increased to $35,582,000 in 2024 from $25,793,000 in 2023, marking a rise of 38%[34] - Total expenses for 2024 were $223.34 million, an increase of 7% from $208.68 million in 2023[121] - The company incurred a cost of sales of $122,425,000 and exploration expenses of $7,249,000[161] - The total revenue for the year ended December 31, 2024, is reported at $352,910,000, with total expenses amounting to $479,754,000[161] Assets and Liabilities - The total assets of Gatos Silver rose to $422,571,000 in 2024, up from $400,904,000 in 2023, indicating a growth of approximately 5.3%[32] - Total current assets decreased to $82.79 million in 2024 from $97.38 million in 2023, a decline of 15%[120] - Total liabilities increased to $55.02 million in 2024, up 40% from $39.26 million in 2023[120] - The total assets as of December 31, 2024, amount to $1,817,633,000, with total liabilities of $367,553,000[168] Cash Flow - Gatos Silver's cash and cash equivalents increased to $138,061,000 in 2024 from $55,484,000 in 2023, representing a 148% increase[32] - The company reported net cash provided by operating activities of $80,701,000 in 2024, up from $47,480,000 in 2023, representing a growth of 69.9%[38] - Cash and cash equivalents at the end of 2024 were $35.83 million, a slight increase from $34.30 million in 2023[123] - Cash and cash equivalents are reported at $173,887,000, with receivables at $8,374,000 and inventories at $21,936,000[158] Stockholder Equity - Gatos Silver's stockholders' equity improved to $412,707,000 in 2024 from $367,547,000 in 2023, showing an increase of 12.3%[32] - Total stockholders' equity is reported at $412,707,400, with common stock at $118,000 and paid-in capital at $559,018,000[160] - The total stockholders' equity is reported at $1,450,080,000[168] Stock Options and Compensation - Total stock-based compensation for 2024 was $6,152 million, an increase of 15.3% from $5,336 million in 2023[71] - The company granted 938,822 stock options in 2024 with a weighted-average grant-date fair value of $4.17 per share, compared to 1,266,745 stock options in 2023 at $2.91 per share[73] - The company recognized a cash payout of $1,013 million for Performance Share Units (PSUs) settled on December 20, 2024, representing a 167% payout based on performance metrics[77] - The number of Restricted Stock Units (RSUs) outstanding increased to 1,087,023 by December 31, 2024, with an average price of $6.96 per share[79] Mergers and Acquisitions - The Company has entered into a Merger Agreement with First Majestic Silver Corp., where stockholders will receive 2.55 shares of First Majestic for each share of Gatos Silver[45] - Following the merger, the Company's stockholders will own approximately 38% of the outstanding First Majestic common shares[47] - The acquisition of Gatos by First Majestic was completed on January 16, 2025, with a total of 177,433,006 common shares issued[132] - The total purchase price for the acquisition of Gatos is $1,054,223,000, based on the issuance of 177,433,006 common shares[150] Tax and Deferred Tax - The consolidated income tax expense for the year ended December 31, 2024, was $516, compared to $114 for 2023, reflecting an increase of approximately 354%[104] - The Company recorded a valuation allowance against deferred tax assets of $30,482 and $38,672 for the years ended December 31, 2024 and 2023, respectively[109] - The deferred tax liabilities are recorded at $369,986,000, reflecting significant tax obligations[136] Other Financial Metrics - The Company incurred no interest expense for the year ended December 31, 2024, while it recognized interest expense of $679 and paid $413 in interest for the year ended December 31, 2023[102] - Interest income for the year is $6,360,000, while interest expense totals $939,000[161] - The estimated fee payable to financial advisors in connection with the merger is $19.6 million[93]

Core Viewpoint - First Majestic Silver Corp. reported a significant increase in silver-equivalent production in Q1 2025, driven by a surge in silver production and the acquisition of Gatos Silver, enhancing its position in the silver market [1][2]. Production Summary - Total production reached 7.7 million AgEq ounces, comprising 3.7 million silver ounces and 36,469 gold ounces, marking a 49% year-over-year increase due to an 88% rise in silver production [1]. - The San Dimas mine produced 2.6 million AgEq ounces, with silver production increasing by 17% and gold output rising by 5% year-over-year [3]. - The Santa Elena mine's production remained flat at 2.26 million AgEq ounces, while La Encantada saw a 23% increase in silver production, driven by a 34% growth in ore processed [4]. - Cerro Los Gatos contributed 2.25 million AgEq ounces, including 1.4 million ounces of silver and 794 ounces of gold, along with significant contributions of zinc and lead [5]. Financial Performance - The Zacks Consensus Estimate for Q1 earnings is projected at 13 cents per share, indicating a recovery from a loss of 6 cents in the same quarter last year [6]. - The company's stock has declined by 33.8% over the past year, compared to an 11% decline in the industry [7]. Market Position - First Majestic holds a Zacks Rank of 3 (Hold), while other companies in the basic materials sector, such as Idaho Strategic Resources, Carpenter Technology, and DRDGOLD, have better rankings [9].

NEWS RELEASE New York - AG March 31, 2025 Toronto - AG Frankfurt - FMV First Majestic Announces 2024 Mineral Reserve and Mineral Resource Estimates Record Mineral Resource Levels and Strong Year-Over-Year Mineral Reserves Growth Vancouver, BC, Canada - 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 S ...

Core Viewpoint - First Majestic Silver Corp. has achieved record levels of mineral resources and significant year-over-year growth in mineral reserves, primarily driven by strategic mergers and acquisitions, as well as successful exploration programs [2][3]. Group 1: Mineral Resource and Reserve Estimates - As of December 31, 2024, Proven and Probable Mineral Reserves (P&P) increased by 45% year-over-year, totaling 177.6 million AgEq ounces, which includes 86.8 million ounces of silver and 594,000 ounces of gold [3][6][7]. - Measured and Indicated (M&I) Mineral Resources rose by 25% year-over-year, amounting to 434.2 million AgEq ounces, consisting of 135.2 million ounces of silver and 2.9 million ounces of gold [3][10][11]. - Inferred Mineral Resources increased by 23% year-over-year, totaling 350.3 million AgEq ounces, which includes 81.2 million ounces of silver and 2.9 million ounces of gold [4][12][16]. Group 2: Exploration and Acquisition Highlights - The company completed the acquisition of Gatos Silver, which holds a 70% joint venture interest in the Cerro Los Gatos Silver Mine, contributing to the increase in mineral reserves and resources [3][22]. - A total of 182,909 meters of exploration drilling was conducted in 2024, leading to significant discoveries, particularly at Santa Elena and Navidad [2][3]. Group 3: Production Data - In 2024, the total ore processed across the company's mines was 2,686,742 tonnes, with silver production reaching 8,400,797 ounces and gold production totaling 156,542 ounces [5][6]. - The total silver-equivalent produced was 21,655,427 ounces, reflecting the company's operational efficiency and resource management [5][6].

Core Viewpoint - First Majestic Silver Corp. has appointed Daniel Muñiz Quintanilla to its Board of Directors, effective March 13, 2025, bringing extensive experience in international law, M&A, capital markets, and finance within the mining sector [1][4]. Group 1: Appointment Details - Daniel Muñiz Quintanilla has over 28 years of experience in international law, M&A, capital markets, and finance, particularly in the mining, logistics, and infrastructure industries [2]. - He is currently a board member of Novagold Resources, Inc. and Brookfield Infrastructure Partners L.P., and is a Founding Partner of Axkan Capital Partners S.L. [2]. - His previous roles include directorships at Gatos Silver, Inc. and HudBay Minerals Inc., and he has significant leadership experience with Grupo Mexico, SAB de C.V. and its subsidiaries [3]. Group 2: Company Background - First Majestic Silver Corp. is a publicly traded mining company focused on silver and gold production in Mexico and the United States, operating four producing underground mines in Mexico [5]. - The company also owns a minting facility, First Mint, LLC, offering a portion of its silver production for public sale [6].