Northwire Canada EditionThursday, July 16, 2026
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Drill Results Routine +

First Majestic Announces Results of the 2025 Drilling Program at Jerritt Canyon Gold Mine

First Majestic leverages record silver production and strategic acquisitions to pivot toward a high-margin, pure-play silver future.

By The Northwire Desk — AI Analysis Mar 10, 2026 · 17:11 AG · 36.27 First Majestic Silver Corp.
Executive Summary

The most recent news (March 10, 2026) details the results of the 2025 drilling program at the Jerritt Canyon Gold Mine in Nevada. The program, consisting of 57 holes (18,300 meters), successfully identified significant gold intercepts at the Mahala, Javelin, and Saval targets. Notable results include 24.4 meters at 3.44 g/t Au and 7.6 meters at 9.43 g/t Au. These results are intended to support the expansion of Mineral Resources as the company evaluates a potential restart of the mine, which is currently under care and maintenance.

Material Impact
  • Operational Continuity: The drilling results are a positive follow-up to the 2025 exploration strategy. While the grades are respectable for Nevada gold, they are incremental rather than "game-changing" at this stage.
  • Strategic Alignment: The news aligns with management's statements in the Q4 2025 transcript regarding a "stand-alone update" for Jerritt Canyon. It confirms that the asset remains a core part of the growth pipeline despite its current non-producing status.
  • Financial Context: Coming off a record 2025 (Revenue of $1.26B and Free Cash Flow of $470.6M), the company has the "dry powder" to fund these exploration programs without further dilution.
  • Market Sentiment: This is a "Routine - Positive" release. The market was already aware of the drilling program; these results simply validate the geological potential required for a future restart decision.
AG · Price
Company Overview

First Majestic is a primary silver producer with a heavy concentration in Mexico and a growing footprint in the USA. - Flagship Project: San Dimas Silver/Gold Mine (Mexico). It remains a cornerstone asset with high-grade production and significant exploration upside. - Key Growth Asset: Los Gatos (70% interest), acquired in early 2025, which has significantly boosted silver equivalent production and lowered consolidated AISC. - Secondary Assets: Santa Elena (high-performing), La Encantada (pure silver), and Jerritt Canyon (Nevada gold, care and maintenance).

Read the original news release →

More from First Majestic Silver Corp.

Jul 08, 2026 · 16:31

First Majestic raised its silver guidance by 10% following a first-half production beat, despite a 4% increase in all-in sustaining costs driven by Jerritt Canyon capital expenditures.

Production / Operations Jul 07, 2026 · 16:37

First Majestic sells the San Martin project for $90 million to streamline its portfolio and focus on core operations.

M&A / Property Jun 25, 2026 · 16:16

First Majestic’s Santa Elena portal permits advance mine life extension despite cost creep and price pullback tempering near-term upside.

Drill Results Jun 22, 2026 · 07:01

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

Financings May 14, 2026 · 05:30

Year Six of the Silver Deficit Meets a Newly Funded Critical-Metals Drill Program in British Columbia

Financings May 12, 2026 · 07:01

First Majestic’s cash hoard swells past $1.1B as record earnings pile up, but sliding output and rising costs hint that the silver windfall may be masking operational fatigue.

Earnings