First Majestic To Repurchase Up To 10 Million Shares Under Buyback Program

FULL DISCLOSURE: This is sponsored content for First Majestic Silver Corp.

First Majestic Silver (TSX: AG) (NYSE: AG) has been approved by the TSX to conduct a normal course issuer bid.

The share buyback program will see the company repurchase up to 10.0 million of its common shares over a twelve month period that begins on September 12, 2024. The figure amounts to 3.32% of its currently outstanding common shares.

The shares are to be repurchased through the TSX and Canadian alternative trading systems, subject to a daily maximum of 193,454 shares.

READ: First Majestic Silver To Acquire Gatos Silver In $970 Million Transaction

First Majestic’s share repurchase program follows the company last week entering into an arrangement to acquire Gatos Silver (TSX: GATO) (NYSE: GATO). The purchase is expected to bolster free cash flow by USS$70 million on an annual basis, while adding 9 million ounces of annual silver equivalent production to First Majestic’s portfolio. On a combined basis, the company is expected to see combined annual production of 30-32 million ounces of silver equivalent at an all-in sustaining cost between US$18-20 per silver equivalent ounce.

First Majestic Silver last traded at $6.29 on the TSX.

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