• Producing gold-silver mine in Sonora
• Entered into production in Q4-2021
• 2024 royalty revenue of $7.9M
• 2024 annual production record at Santa Elena/Ermitaño of
• 103,540 Oz gold and 1.5M Oz silver
• Initial Inferred resources for the Navidad vein system of 2.3 million tonnes consisting of 5.9M Oz of silver and 249K Oz of gold at grades of 81 g/t and 3.42 g/t, respectively
• 2025 guidance for the Santa Elena complex of 1.6-1.8M Oz silver and 71 – 79K Oz gold

Note: Source: March 31, 2025 First Majestic Announces 2024 Mineral Reserve and Mineral Resource Estimates.
See: https://www.firstmajestic.com/investors/news-releases/first-majestic-announces-2024-mineral-reserve-and-mineral-resource-estimates

 

 

1. https://www.firstmajestic.com/investors/news-releases/first-majestic-announces-2024-mineral-reserve-and-mineral-resource-estimates
2. https://www.firstmajestic.com/investors/presentation/

A copy of the Ermitaño NI 43‐101 Technical Report can be found here.

Source of Measured and Indicated resource table: https://www.firstmajestic.com/projects/exploration-development/ermitano/

First Majestic Silver Corp. (“First Majestic”) completed its earn‐in in and paid US$1.5 million to acquire 100% interest in both the Ermitaño and Cumobabi projects in September 2018. Orogen retains a 2.0% net smelter return (“NSR”) royalty for Ermitaño and 1.5% NSR royalty on Cumobabi.  To complete its earn‐in, First Majestic paid US$75,000 on agreement date and US$50,000 each anniversary thereafter in addition to completing over US$500,000 in exploration expenditures in the first year. 

The Ermitaño Property consists of 167 square kilometres of contiguous mineral tenure located approximately 145 kilometres from Hermosillo and only 3.5 kilometres southeast of First Majestic’s Santa Elena gold‐silver mine in Sonora, Mexico.

• Ermitaño was acquired by Orogen in 2011 
• Partnered to Inmet/FQM 2011‐2014 
• Partnered to Silvercrest Mines Inc. (“Silvercrest”) in 2014
• First Majestic acquired Silvercrest in 2015 
• Orogen invested a total estimate of $100,000 into Ermitaño from acquisition to completion of earn‐in with First Majestic 
• Silvercrest and First Majestic together have spent an estimated $80M on the project
• NI 43‐101 Pre‐Feasibility Study Technical Report, June 30, 2021 was filed by First Majestic on November 24, 2021 
• Initial production commenced in November 2021 and commercial production ramp up in Q1 2022