Highlights
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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
- https://www.firstmajestic.com/investors/news-releases/first-majestic-announces-2024-mineral-reserve-and-mineral-resource-estimates
- https://www.firstmajestic.com/investors/presentation/
Latest Project Updates
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Ermitaño Exploration
Substantial inferred resource offers opportunity to extend mine life.
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Navidad Exploration
- Contained gold in the Inferred resource increased 260%
- 55,000 metres of infill and extension drilling planned in 2025 *
- Several areas of mineralization within the Ermitaño mine complex remain open including the Luna vein to the east and the Navidad and Winter veins in multiple directions
* Feb 4, 2025 News Release First Majestic Reports Exploration Success for Navidad at Santa Elena
Technical Report
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/
History
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.
Royalty Generation Timeline
- 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
Gallery
