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First Majestic Announces 2025 Mineral Reserve and Mineral Resource Estimates

First Majestic Bolsters Resource Base as Santa Elena and Jerritt Canyon Discoveries Offset Annual Depletion

By The Northwire Desk — AI Analysis Mar 31, 2026 · 17:16 AG · 29.82 First Majestic Silver Corp.

Executive Summary

The most recent news release (March 31, 2026) details the 2025 Mineral Reserve and Mineral Resource estimates. Key highlights include a 4% year-over-year (YoY) increase in Proven & Probable (P&P) Mineral Reserves and a significant 50% YoY increase in Measured & Indicated (M&I) Resources. The growth is primarily attributed to exploration success at the Santa Elena mine (Santo Niño and Navidad discoveries) and Jerritt Canyon. Total resources (M&I + Inferred) now stand at 1.245 billion AgEq ounces. Notably, Jerritt Canyon’s Inferred gold resources rose 116% YoY, largely due to lower cut-off grades influenced by higher gold price assumptions ($3,400/oz for resources).

Material Impact

The impact is categorized as Routine - Positive. While the 50% increase in M&I resources and the 116% jump in Jerritt Canyon Inferred resources are numerically impressive, they are heavily influenced by aggressive metal price assumptions ($38.50/oz Ag and $3,400/oz Au). - In Line with Expectations: The news follows a series of positive exploration updates throughout late 2025 and early 2026. The market was already aware of the "extraordinary" exploration year mentioned by CEO Keith Neumeyer in previous transcripts. - Resource Quality: Much of the growth is in the "Inferred" category or driven by "lower cut-off grades," which are sensitive to price fluctuations. However, the 95% metallurgical recovery confirmation for Santo Niño is a material de-risking factor. - Operational Continuity: Replacing annual depletion is a requirement for mining stability; exceeding it is positive but expected for a company investing $200M+ in annual capital expenditures.

AG · Price

Company Overview

First Majestic is a primary silver producer with a portfolio of mines in Mexico and Nevada, USA. - Flagship Project: San Dimas remains a cornerstone, but Santa Elena has emerged as the primary growth engine due to the Ermitaño mine and the new Santo Niño/Navidad discoveries. - Los Gatos JV: The 70% interest in Los Gatos (acquired Jan 2025) has been successfully integrated, contributing significantly to the record 2025 production of 31.1M AgEq oz. - First Mint: A unique vertical integration play where the company mints its own silver, realizing prices significantly above COMEX spot (e.g., $69/oz realized vs $54/oz average).

Read the original news release →

First Majestic Announces 2025 Mineral Reserve and Mineral Resource Estimates

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