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Financings Routine +

Sierra Madre and First Majestic Announce Closing of Acquisition of the Del Toro Silver Mine for up to US$60M

First Majestic monetizes Del Toro for up to $60m to streamline its portfolio ahead of the Jerritt Canyon restart and Santa Elena expansion.

By The Northwire Desk — AI Analysis Jun 22, 2026 · 07:01 AG · 25.26 First Majestic Silver Corp.
Executive Summary
  • Sierra Madre Gold and Silver Ltd. has completed the acquisition of First Majestic's 100% owned Del Toro Silver Mine in Mexico.
  • Initial consideration paid at closing: US$20,000,000 cash + 10,870,000 Sierra Madre common shares (deemed price $1.30 CAD/share).
  • Two contingent milestone payments of US$10,000,000 each are triggered if Sierra Madre achieves a 100 Moz AgEq resource within 48 months, or reaches commercial production of ≥4,000 tpd for 30 consecutive days within 60 months.
  • Sierra Madre concurrently closed a brokered private placement raising ~$57.5M CAD to fund the acquisition, Del Toro exploration/development, and working capital.
  • First Majestic's ownership stake in Sierra Madre increases to ~24.77% post-dilution.
  • Transaction received shareholder approval on April 28, 2026, and relied on a MI 61-101 exemption from formal valuation.
Material Impact
  • The closing of the Del Toro sale is a routine execution of a previously announced strategic divestment. It provides immediate US$20M cash and a significant ~24.77% equity stake in Sierra Madre, which is actively ramping La Guitarra and developing Del Toro.
  • The transaction removes a care-and-maintenance asset from First Majestic's balance sheet, eliminating future capital requirements and management distraction.
  • It aligns perfectly with the company's stated strategy to focus on core producing assets (Los Gatos, Santa Elena, San Dimas, La Encantada) and the Jerritt Canyon restart.
  • The market has already priced in the sale; the stock has declined ~24% since the Q1 earnings print, reflecting profit-taking rather than negative sentiment toward the divestment.
AG · Price
Company Overview
  • First Majestic Silver Corp. is a Canadian precious metals producer operating four underground mines in Mexico: Los Gatos (70% JV), Santa Elena, San Dimas, and La Encantada.
  • The company is also executing a $75M restart plan for the Jerritt Canyon Gold Mine in Nevada, targeting production in H2 2027.
  • Portfolio focuses on silver (66% of revenue), gold, and base metals (Zn, Pb, Cu).
  • Strong ESG profile with industry-leading safety metrics and significant community investment.
Read the original news release →

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