First Majestic Stock Price, News & Analysis

First Majestic Silver reports significant expansion of gold and silver mineralization at its Navidad discovery near the Santa Elena Mine in Sonora, Mexico. The exploration program completed 20,809 meters of drilling across 17 holes, identifying two epithermal quartz veins with high-grade mineralization: the Navidad and Winter veins.

Key findings include mineralization extending over 1,000m by 300m in strike and dip, with average thickness between 2.8m and 4.4m. Metallurgical testing showed exceptional recovery rates exceeding 90% for gold and 85% for silver, confirming compatibility with existing processing infrastructure.

The Navidad discovery is located approximately 100m southwest and 350m below the Ermitaño mine infrastructure. Five drill rigs are currently active at Navidad, with a maiden Inferred Mineral Resource estimate anticipated in late March. The company plans additional surface drilling in 2025 to test potential expansion, as mineralization remains open in multiple directions.

First Majestic Silver has announced positive drilling results from its 2024 exploration program at the San Dimas Silver and Gold Mine in Durango, Mexico. The company completed approximately 113,000 metres of drilling, successfully expanding Mineral Resources and converting Inferred to Indicated Mineral Resources.

Significant silver and gold mineralization was intersected in multiple veins, notably in the Perez, Sinaloa-Elia, Santa Teresa, and Jessica East veins. Key highlights include:

• Perez Vein: 10.03 g/t Au and 1,996 g/t Ag over 3.65 metres
• Sinaloa-Elia: 23.33 g/t Au and 1,045 g/t Ag over 1.31 metres
• Santa Teresa: 10.02 g/t Au and 359 g/t Ag over 3.41 metres
• Jessica East: 2.22 g/t Au and 422 g/t Ag over 0.75 metres

The drilling program has derisked mineralization for mining in 2025 and 2026, with several veins showing potential for further expansion.

First Majestic Silver (AG) has completed its acquisition of Gatos Silver, receiving overwhelming shareholder approval with 98.44% of First Majestic and 99.23% of Gatos Silver votes in favor. Under the merger agreement, Gatos Silver stockholders will receive 2.55 First Majestic common shares for each Gatos Silver share held.

The transaction integrates Cerro Los Gatos, described as a high-quality, long-life operation with positive free cash flow, into First Majestic's portfolio of producing mines in Mexico. The company aims to realize synergies and integration benefits throughout the business. Following the completion, Gatos Silver shares will be delisted from both the NYSE and TSX.

Beneficial stockholders will automatically receive their merger consideration in their accounts, while record holders will receive instructions by mail for surrendering their shares. First Majestic plans to release its 2024 audited financial results and 2025 production and cost guidance on February 20, 2025.

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.