FULL DISCLOSURE: This is sponsored content for First Majestic Silver Corp.
First Majestic Silver (TSX: AG) (NYSE: AG) has hit a record high in its reserves and resources following a successful 2024 in terms of both exploration and M&A activity. The report, released this morning, has seen the company substantially improve all categories across both reserves and resources.
“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. 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,” commented First Majestic CEO Keith Neumeyer.
Highlights from the report include:
- Proven reserves of 67.6 million ounces of silver equivalent (33.2 million silver ounces, 252,000 gold ounces, 4.0 million pounds of copper, 99 million pounds of lead and 204 million pounds of zinc)
- Probable reserves of 110.1 million ounces of silver equivalent (53.7 million silver ounces, 342,000 gold ounces, 28 million pounds of copper, 216 million pounds of lead and 383 million pounds of zinc)
- Total proven and probable reserves of 177.7 million ounces of silver equivalent, a 45% improvement year over year
- Measured resources of 188.5 million ounces of silver equivalent (48.8 million silver ounces, 1.4 million gold ounces, 5.0 million pounds of copper, 112 million pounds of lead, and 231 million pounds of zinc)
- Indicated resources of 245.7 million ounces of silver equivalent (86.4 million silver ounces, 1.5 million gold ounces, 30 million pounds of copper, 248 million pounds of lead and 441 million pounds of zinc)
- Total measured and indicated resources of 434.2 million ounces of silver equivalent, a 25% increase year over year
- Inferred resources of 350.3 million ounces of silver equivalent (81.2 million silver ounces, 2.8 million gold ounces, 7.0 million pounds of copper, 77 million pounds of lead and 171 million pounds of zinc)
- Total inferred resources increased 23% year over year
The substantial increase in reserves and resources follows First Majestic’s acquisition of a 70% interest in the Cerro Los Gatos Silver Mine, as well as a substantial exploration program in 2024 that saw 182,909 metres of drilling. The increases notably come despite the company in 2024 producing 21.7 million silver equivalent ounces, including 8.4 million ounces of silver.
Navidad Discovery
The update also reflects the first resource estimate for the Navidad discovery made in 2024 at Santa Elena. The inaugural resource has outlined an inferred resource of 2.3 million tonnes containing 29.7 million silver equivalent ounces. Broken out, Navidad is estimated to contain 5.9 million ounces of silver and 249,000 ounces of gold, at grades of 81 g/t silver and 3.42 g/t gold on an inferred basis.
More upside is expected at Navidad yet as well, with only a portion of the newly discovered vein system having been delineated. First Majestic currently believes that significant upside potential exists here to be realized through further drilling.
Looking to 2025, First Majestic has allocated $49 million for the purpose of exploration, with plans to drill a record 270,00 metres this year. The program has earmarked 112,000 metres for San Dimas, 57,000 metres for Santa Elena, 76,000 metres for Cerro Los Gatos, and 18,000 metres for Jerritt Canyon.
First Majestic Silver last traded at $9.55 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.
