Welcome to our dedicated page for First Majestic news (Ticker: AG), a resource for investors and traders seeking the latest updates and insights on First Majestic stock.
First Majestic Silver Corp (AG) delivers timely updates on its silver-focused mining operations and strategic initiatives in Mexico. This page consolidates official announcements, financial disclosures, and operational developments from one of North America's most active precious metals producers.
Investors will find essential updates including quarterly earnings reports, mineral resource estimates, and production figures from key assets like the San Dimas and Santa Elena mines. The page also tracks progress at First Majestic's energy-efficient minting facility, which transforms raw silver into investment-grade bullion products.
Our news coverage spans exploration results, leadership updates, and market positioning while maintaining strict compliance with financial disclosure standards. Bookmark this resource for direct access to unfiltered operational data and corporate announcements that drive informed analysis of AG's performance in the metals sector.
First Majestic Silver (NYSE: AG) has received shareholder approval for its acquisition of Gatos Silver (NYSE: GATO). The transaction was approved by approximately 98.44% of First Majestic shareholders, who voted in favor of issuing up to 190,000,000 First Majestic common shares. Additionally, about 71.3% of Gatos Silver stockholders approved the merger agreement.
Under the terms of the transaction, Gatos Silver stockholders will receive 2.55 First Majestic shares for each Gatos Silver share held, with fractional shares to be paid in cash. The transaction is expected to close before market open on January 16, 2025, subject to remaining customary closing conditions.
First Majestic Silver reported Q4 2024 production of 5.7 million silver equivalent (AgEq) ounces, consisting of 2.4 million silver ounces and 39,506 gold ounces. This represents a 4% increase from Q3 2024, driven by a 20% increase in consolidated silver production across all mines. Total 2024 production reached 21.7 million AgEq ounces, aligning with revised guidance.
Key Q4 highlights include La Encantada's highest quarterly production since Q2 2023 at 755,963 silver ounces, and continued exploration with 49,183 metres of drilling across operations. Santa Elena achieved a record annual production of 10.3 million AgEq ounces in 2024, up 7% from 2023. The company also announced the discovery of the high-grade Navidad system at Santa Elena and is proceeding with the acquisition of Gatos Silver, expected to close in early 2025.
Scope Technologies (SCPCF) has secured a $1 million CAD convertible debt financing from First Majestic Silver Corp., complementing its previously announced $1.8 million CAD non-brokered private placement. The convertible debt includes a 4% annual interest rate, one-year maturity, and conversion rights at $1.40 per share.
The investment follows First Majestic's successful completion of a Proof of Concept (POC) process, validating Scope's quantum-resistant encryption and data storage solutions. First Majestic has also signed on as an enterprise client. The funding will support operational growth, business development, and product management initiatives as Scope Technologies aims to expand its market presence in quantum-resistant security solutions.
First Majestic Silver announces updates regarding Gatos Silver's Los Gatos Joint Venture (LGJV) with Dowa Metals & Mining. The amended agreements, effective January 1, 2025, expand Gatos' management rights and enable full consolidation of LGJV's financial statements, while maintaining ownership interests at 70% for Gatos and 30% for Dowa.
The company has updated its unaudited pro forma condensed combined financial information to reflect these changes. A special shareholders' meeting is scheduled for January 14, 2025, at 11:00 a.m. (Pacific Time) in Vancouver, with voting rights for shareholders of record as of November 25, 2024. Kingsdale Advisors has been retained to assist with proxy solicitation.
First Majestic Silver has begun mailing materials for a Special Meeting scheduled for January 14, 2025, where shareholders will vote on issuing up to 190 million common shares for the acquisition of Gatos Silver. The company is using a Notice and Access model to reduce environmental impact, allowing shareholders to access meeting materials electronically at www.AGSpecialMeeting.com.
Due to ongoing Canada Post labour disputes, some Canadian shareholders may experience delays in receiving physical materials. The company has retained Kingsdale Advisors to assist with proxy solicitation and encourages shareholders to vote online or by telephone. The transaction's closing is anticipated in early 2025, subject to shareholder approvals and other conditions.
First Majestic Silver announces two key developments regarding its acquisition of Gatos Silver: First, the Registration Statement on Form F-4 has become effective under the U.S. Securities Act of 1933, marking a important condition for closing the transaction. Second, the company has scheduled a Special Meeting for January 14, 2025, at 11:00 a.m. in Vancouver, where shareholders will vote on the issuance of First Majestic common shares to Gatos stockholders.
The record date is set for November 25, 2024, with meeting materials expected to be distributed around December 9, 2024. Gatos will hold its stockholder meeting virtually on the same day at 10:00 a.m. Subject to both companies' shareholder approvals and other conditions, the transaction is expected to close in early 2025.
First Majestic Silver reported Q3 2024 financial results with revenues of $146.1 million, up 10% year-over-year. The company produced 5.5 million silver equivalent ounces, a 4% increase from Q2 2024. Mine operating earnings reached $28.5 million, up 119% from Q3 2023. Cash position strengthened to $154.7 million, with improved working capital of $238.2 million. The company announced a quarterly dividend of $0.0048 per share. Cash costs improved to $15.17 per AgEq ounce, while AISC decreased to $21.03 per AgEq ounce. The company also announced plans to acquire Gatos Silver, with the merger expected to close in early 2025.
First Majestic Silver Corp. (NYSE: AG) reported Q3 2024 production of 5.5 million silver equivalent ounces, a 4% increase from Q2. This includes 2.0 million silver ounces and 41,761 gold ounces. Year-to-date production reached 15.9 million AgEq ounces, about 72% of the company's revised 2024 guidance midpoint.
Key highlights:
- Discovered high-grade Navidad gold and silver vein system near Santa Elena
- Commenced exploration at Jerritt Canyon Mine in Nevada
- San Dimas hydroelectric plant operating at full capacity
- Inaugurated First Mint facility in Nevada for silver bullion production
Santa Elena and San Dimas mines showed strong performance, while La Encantada is expected to improve in Q4. The company completed 50,020 meters of drilling across its mines during Q3.
First Majestic Silver Corp. (NYSE: AG) has announced a Share Repurchase Program, approved by the Toronto Stock Exchange. The program allows the company to buy back up to 10,000,000 common shares, representing approximately 3.32% of its issued and outstanding shares, over a 12-month period from September 12, 2024, to September 11, 2025. Purchases will be made at prevailing market prices, with a daily maximum of 193,454 shares, subject to TSX rules. First Majestic believes this program will benefit shareholders by increasing their proportionate equity interest in the company when the market price doesn't fully reflect the underlying value of the business.
First Majestic Silver Corp. (AG) has announced a definitive merger agreement to acquire Gatos Silver, Inc. (GATO). The transaction values Gatos at approximately US$970 million, with Gatos shareholders receiving 2.550 First Majestic shares for each Gatos share. This represents a 16% premium based on closing prices and 20-day VWAPs as of September 4, 2024.
Key highlights of the merger include:
- Consolidation of three world-class silver mining districts in Mexico
- Combined annual production of 30-32 million ounces of silver-equivalent
- Expected annual free cash flow contribution of ~US$70 million from Gatos
- Creation of a 350,000-hectare prospective land package
- Pro forma market capitalization approaching US$3 billion
The transaction is expected to close in early 2025, subject to shareholder and regulatory approvals.