FULL DISCLOSURE: First Majestic Silver is a sponsor of theDeepDive.ca.
First Majestic Silver (TSX: AG) (NYSE: AG) on Tuesday reported a significant expansion of its mineral inventory, driven by a combination of successful exploration drilling and higher metal price assumptions. The company’s measured and indicated mineral resources rose 50% year over year to 652.8 million silver equivalent ounces, according to its latest reserve and resource estimate.
The growth was most pronounced in the inferred resource category, which surged 69% to 592.3 million silver equivalent ounces. Much of that momentum came from the Santa Elena mine in Mexico, where the new Santo Niño discovery added 27.4 million silver equivalent ounces as part of the initial mineral resource for the discovery. Broken out, the discovery is estimated to contain 9.0 million silver ounces and 210,000 gold ounces.
The Navidad vein system also saw its inferred resources climb to 63.4 million silver equivalent ounces, representing a 113% increase from the initial estimate of 29.7 million equivalent ounces established last year. Combined, the two discoveries host a total of 90.7 million equivalent ounces, which First Majestic says positions Santa Elena for a life of mine extension.
READ: First Majestic Q4 2025: Record Revenue, Earnings, Annual Silver Output
Chief Executive Officer Keith Neumeyer noted that the company’s exploration programs successfully replaced annual depletion despite record production levels during the year. The 2025 campaign included more than 264,000 metres of drilling across its portfolio in Mexico and the U.S.
The company’s proven and probable mineral reserves, the portion of the resource that is economically mineable, grew 4% to 184.8 million silver equivalent ounces. This includes 101.7 million ounces of silver, a 16% increase over the previous year. The gains were bolstered by higher long-term price assumptions, with the company using $35 per ounce for silver and $3,100 per ounce for gold in its reserve calculations.
At the Jerritt Canyon Gold Mine in Nevada, which remains on temporary suspension, gold resources saw a substantial lift. Measured and indicated gold resources jumped 116% to 4.10 million ounces as the higher gold price environment lowered cut-off grades, making lower-grade, bulk-mining scenarios more viable.
READ: First Majestic Drills 3.43 g/t Gold Over 24.4 Metres At Jerritt Canyon
The report also highlighted growth at the Los Gatos joint venture, where First Majestic holds a 70% interest. Measured and indicated resources total 80.8 million ounces, while inferred silver equivalent ounces at the site increased 59% to 25.6 million ounces, positioning the operation for a potential life of mine extension as exploration moves into deeper targets.
“Supported by a highly effective exploration campaign and the increased metal price environment, we expanded our Mineral Resource base to exceptional, unprecedented levels. Santa Elena continued to deliver strong exploration results at the Navidad and Santo Niño discoveries, Los Gatos contributed meaningful growth, and Jerritt Canyon reported a substantial increase in gold resources as bulk-tonnage mining opportunities have emerged,” commented Neumeyer.
First Majestic last traded at $29.82 on the TSX.
FULL DISCLOSURE: First Majestic Silver Corp. is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of First Majestic Silver Corp. The author has been compensated to cover First Majestic Silver Corp. on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
