Wednesday, November 24, 2021

First Majestic Information Up to date Technical Report for the Santa Elena Silver/Gold Mine in Sonora, Mexico Together with a Constructive Pre-Feasibility Research for the Ermitaño Challenge; Appoints Vice-President of Exploration

FIRST MAJESTIC SILVER CORP. (NYSE: AG) (TSX: FR) (the “Firm” or “First Majestic”) is happy to announce it has filed…

By Staff , in Silver , at November 24, 2021

FIRST MAJESTIC SILVER CORP. (NYSE: AG) (TSX: FR) (the “Firm” or “First Majestic”) is happy to announce it has filed an up to date technical report in accordance with Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Tasks for its Santa Elena SilverGold Mine in Sonora, Mexico. The report additionally contains optimistic outcomes of a Pre-Feasibility Research (“PFS”) accomplished for its 100% owned Ermitaño Challenge which is situated solely 4 kilometres east of the Santa Elena processing plant. The Firm has filed the Technical Report on its web site ( underneath the Reserves and Sources part and on SEDAR ( underneath First Majestic’s issuer profile. All quantities are in U.S. {dollars} except said in any other case.

(in comparison with Mineral Reserve and Useful resource estimates on December 31, 2020)

  • Confirmed and Possible Mineral Reserves (“P&P”) elevated 59% to 51.0 million silver equal ounces consisting of 12.6 million ounces of silver and 418.4 thousand ounces of gold. Common P&P grades elevated 30% to 314 AgEq g/t (78 g/t silver and a couple of.58 g/t gold)
  • Measured and Indicated Mineral Sources (“M&I”) elevated 7% to 69.2 million silver equal ounces consisting of 18.9 million ounces of silver and 557 thousand ounces of gold. Common M&I grades elevated 8% to 355 AgEq g/t (97 g/t silver and a couple of.85 g/t gold)
  • Inferred Sources decreased 13% to 62.4 million silver equal ounces consisting of 16.2 million ounces of silver and 490 thousand ounces of gold. Common Inferred grades elevated 6% to 310 AgEq g/t (80 g/t silver and a couple of.43 g/t gold)


  • Pre-tax NPV5% of $133.7 million
  • Pre-tax IRR of 54%
  • After-tax NPV5% of $64.8 million
  • After-tax IRR of 34%
  • Lifetime of mine (“LOM”) of seven years, primarily based solely on P&P Reserves, extending the lifetime of mine at Santa Elena together with the Ermitaño Challenge till 2027 producing an estimated 10.3 million ounces of silver and 396 thousand ounces of gold
  • After-tax payback of 44 months, or 3.7 years, as of June 2021
  • LOM consolidated common money prices on the Santa Elena mining advanced is estimated at $105 per tonne, together with royalties and promoting prices

We’re very excited to ship this up to date Reserves and Useful resource assertion for our Santa Elena operation which incorporates for the primary time, the addition of Mineral Reserves at our Ermitaño challenge situated solely 4 kilometers away from the Santa Elena processing plant,” said Keith Neumeyer, President and CEO. “I’m additionally very happy to report that we celebrated Ermitaño’s first doré pour from growth stockpiles on the Santa Elena mill in early November. Ore manufacturing from this necessary new mine is anticipated to ramp up all through 2022 and into 2023. I want to congratulate our exploration, operation and technical providers groups for his or her laborious work and dedication over the previous six years to arrange Santa Elena for its subsequent section of manufacturing development.”

Mr. Neumeyer continued, “I’m additionally happy to welcome Gonzalo Mercado to the First Majestic workforce as Vice-President of Exploration. Gonzalo’s wealth of exploration data and business experience make him a priceless addition to our workforce and I stay up for working with him as we proceed to develop the Firm.”


The monetary evaluation of Santa Elena considers solely income from Confirmed and Possible Mineral Reserves. The evaluation considers present and projected prices incurred on the Santa Elena mine, processing plant, plus current contractor quotes for estimating prices for growth within the Santa Elena mine and on the Ermitaño challenge.

A common monetary abstract for Santa Elena, which incorporates the Santa Elena mine, the Ermitaño challenge, and reclaiming of the remaining leach pad materials is supplied in Desk 1 Metallic costs assumptions used to calculate the financial parameters under have been $22.50/oz for silver and $1,700/oz for gold.

Desk 1: Santa Elena Monetary Abstract

Merchandise Models Complete
Internet Income $M 884.6
Complete Prices (excluding taxes) $M (719.4)
Internet Revenue Earlier than Tax $M 165.2
Internet Revenue After Tax (37.5%) $M 85.0
NPV Earlier than Tax (DCFBT @ 5%) $M 133.7
NPV After Tax (DCFAT @ 5%) (37.5%) $M 64.8
IRR Earlier than Tax % 54%
IRR After Tax (37.5%) % 34%
Most Money Outlay $M (60.4)
Payback (discounted, after tax from June 2021) months 44


The sensitivity analyses accomplished exhibits the relative energy of the challenge underneath modifications to commodity costs, which together with metallurgical recoveries, affect the monetary efficiency of the mine advanced extra so than modifications to working or capital price estimates.

Desk 2 summarise the sensitivity to the after-tax web current worth attributable to modifications within the utilized low cost charge.

Desk 2: Challenge Sensitivity to Silver and Gold Value – NPV @ 5% $M (After Tax)

NPV ($M)
After Tax
Silver Value ($/oz Ag) and Gold Value ($/oz Au)
Low cost 1,550 Au 1,600 Au 1,650 Au 1,700 Au 1,750 Au 1,800 Au 1,850 Au
Charge 19.50 Ag 20.50 Ag 21.50 Ag 22.50 Ag 23.50 Ag 24.50 Ag 25.50 Ag
Base Case
3% 22.5 39.2 55.9 72.3 88.8 105.3 121.8
5% 17.4 33.3 49.2 64.8 80.5 96.2 111.8
7% 12.7 28.0 43.1 58.0 72.9 87.8 102.7
10% 6.4 20.8 34.9 48.8 62.7 76.7 90.6

The affect to the after-tax IRR for every of the income eventualities are additionally summarised in Desk 3. The sensitivity demonstrates that even on the decrease commodity costs situation, Santa Elena demonstrates optimistic IRR.

Desk 3: IRR Challenge Sensitivity (After Tax)

IRR (%)
After Tax
Silver Value ($/oz Ag) and Gold Value ($/oz Au)
1,550 Au 1,600 Au 1,650 Au 1,700 Au 1,750 Au 1,800 Au 1,850 Au
19.50 Ag 20.50 Ag 21.50 Ag 22.50 Ag 23.50 Ag 24.50 Ag 25.50 Ag
IRR 13% 20% 27% 34% 41% 48% 55%


The Mineral Sources have been categorized into Measured, Indicated, or Inferred classes primarily based on the arrogance within the geological interpretation and fashions, the arrogance within the continuity of steel grades, the pattern help for the estimation and reliability of the pattern knowledge, and on the presence of underground mining growth offering detailed mapping and manufacturing channel pattern help.

The Mineral Useful resource estimates for Santa Elena and Ermitaño are summarized in Desk 4 and Desk 5 utilizing the silver-equivalent (Ag-Eq) cut-off grades acceptable for the mining technique assigned to every area, and an efficient date of June 30, 2021. Measured and Indicated Mineral Sources are reported inclusive of Mineral Reserves. Mineral Sources that aren’t Mineral Reserves don’t have demonstrated financial viability.

Desk 4: Santa Elena Silver/Gold Mine Mineral Useful resource Estimates, Measured and Indicated Class
(Efficient date June 30, 2021)

Challenge Area Class Mineral Kind Tonnage
okay tonnes

Metallic Content material 
Ag (g/t) Au (g/t)  Ag-Eq (g/t)   Ag (okay Oz)  Au (okay Oz) Ag-Eq (okay Oz)
Santa Elena Primary Vein Measured Sulphides           485               102 1.51                 212          1,590 24               3,310
Alejandras Measured Sulphides           225               233 2.55                 420          1,690 19               3,040
America Measured Sulphides           139               244 1.73                 370          1,090 8               1,660
Ermitaño  Ermitaño Measured Sulphides             58                 21 4.00                 408                40 8                   770
ALL Complete Measured   Sulphides           907               151 1.96                 300          4,410 57               8,780
Santa Elena Primary Vein Indicated Sulphides       1,340                 92 1.37                 193          3,980 59               8,310
Alejandra Indicated Sulphides           270               207 2.10                 361          1,800 18               3,130
Americas Indicated Sulphides           252               281 1.22                 371          2,280 10               3,010
Tortuga Indicated Sulphides           110               118 2.52                 303             420 9               1,070
Heap Leach Heap Leach Pad Indicated Oxides Spent Ore           283                 31 0.56                   66             280 5                   600
Ermitaño Ermitaño and N Splay Indicated Sulphides       1,936                 69 5.10                 563          4,310 318             35,060
Ermitaño Stockwork Indicated Sulphides           653                 42 1.86                 222             880 39               4,660
Intermedias Indicated Sulphides           273                 57 4.49                 491             500 39               4,300
Different Minor Veins Indicated Sulphides             39                 17 1.85                 199                20 2                   250
ALL Complete Indicated   All Mineral Sorts       5,157                 87 3.01                 364       14,470 499             60,390
ALL Complete Measured & Indicated All Mineral Sorts       6,064                 97 2.85 355       18,880 557             69,170


Desk 5: Santa Elena Silver/Gold Mine Mineral Useful resource Estimates, Inferred Class (Efficient date June 30, 2021)

Challenge Area  Class Mineral Kind Tonnage
okay tonnes

Metallic Content material 


(okay Oz) 
(okay Oz)
(okay Oz)
Santa Elena Primary Vein Inferred Sulphides           569                 68 1.08                 148          1,250 20               2,700
Alejandras Inferred Sulphides           372               185 1.84                 320          2,210 22               3,820
America Inferred Sulphides           213               304 1.02                 379          2,080 7               2,600
Tortuga Inferred Sulphides             28                 74 0.94                 143                70 1                   130
Ermitaño Ermitaño and N Splay Inferred Sulphides       2,837                 55 2.82                 328          5,060 257             29,950
Ermitaño Stockwork Inferred Sulphides           660                 53 1.77                 224          1,120 38               4,760
Intermedias Inferred Sulphides           465                 74 3.44                 407          1,110 51               6,090
Different Minor Veins Inferred Sulphides           666                 35 1.90                 219             750 41               4,680
Soledad Inferred Sulphides           444               176 3.73                 538          2,520 53               7,670
ALL Complete Inferred   Sulphides       6,254                 80 2.43                 310       16,170 490             62,400


(1) Mineral Useful resource estimates are categorized in accordance with the CIM Definition Requirements on Mineral Sources and Mineral Reserves, whose definitions are included by reference into NI 43-101.

(2) The Mineral Useful resource estimates are primarily based on inside estimates ready as of June 30, 2021. The knowledge supplied was reviewed and ready by Phillip Spurgeon, P.Geo., a First Majestic worker.

(3) Silver-equivalent grade is estimated contemplating steel worth assumptions, metallurgical restoration, and the steel payable phrases.

Ag-Eq = Ag Grade + (Au Grade x Au Restoration x Au Payable x Au Value) / (Ag Restoration x Ag Payable x Ag Value).

(4) Metallic costs used within the Mineral Sources estimates have been $26.00/oz Ag and $1,850/oz Au.

(5) Metallurgical restoration was 92.7% for silver and 95.5% for gold for Santa Elena and the heap leach pad. For Ermitaño, the metallurgical restoration used was 72.0% for silver and 98.0% for gold.

(6) Metallic payable used was 99.85% for silver and 99.80% gold.

(7) The cut-off grade used to constrain the Mineral Useful resource estimate was 95 g/t Ag-Eq for all Santa Elena mine domains and 70 g/t Ag-Eq for the heap leach pad. The cut-off grade used for the Ermitaño zone domains was 135 g/t Ag-Eq. The cut-offs used have been primarily based on precise and budgeted working and sustaining prices.

(8) Tonnage is expressed in hundreds of tonnes; steel content material is expressed in hundreds of ounces.

(9) Totals might not add up attributable to rounding.

(10) Measured and Indicated Mineral Sources are reported inclusive of Mineral Reserves. Mineral Sources that aren’t Mineral Reserves don’t have demonstrated financial viability.

The Mineral Reserves estimation course of consists of changing Mineral Sources into Mineral Reserves by figuring out materials that exceeds the mining cut-off grades whereas conforming to specified geometrical constraints decided by the relevant mining technique and making use of modifying components resembling mining dilution and mining restoration components. If the Mineral Sources adjust to the earlier constraints, Measured Sources could possibly be transformed to Confirmed Reserves and Indicated Sources could possibly be transformed to Possible Reserves, and, in some cases, Measured Sources could possibly be transformed to Possible Reserves if any or extra of the modifying components reduces the arrogance of the estimates.

The Mineral Reserves for the Santa Elena mining advanced are introduced in Desk 6.

Desk 6: Santa Elena Consolidated Mineral Reserves Assertion (Efficient Date June 30, 2021)

Class Mineral Kind


Grade Metallic Content material
(okay Oz)
(okay Oz)
(okay Oz)
Santa Elena Confirmed Oxides + Sulphides           640            120          1.23           210          2,460           25.4
Ermitaño Confirmed Sulphides             59              16          3.11           314               30             5.9             600
Complete Confirmed Oxides + Sulphides           699            111          1.39           219          2,490           31.3          4,930
Santa Elena Possible Oxides + Sulphides        1,289            120          1.24           210          4,960           51.2          8,710
Ermitaño Possible Sulphides        2,775              54          3.71           412          4,850         330.9        36,750
Leach Pad Possible Oxides Spent Ore           283              31          0.56             72             280             5.1             650
Complete Possible Oxides + Sulphides        4,347              72          2.77           330        10,090         387.2        46,110
Santa Elena P&P Oxides + Sulphides        1,929            120          1.24           210          7,420           76.6        13,030
Ermitaño P&P Sulphides        2,835              54          3.69           410          4,880         336.7        37,340
Leach Pad P&P Oxides Spent Ore           283              31          0.56             72             280             5.1             650
Complete Confirmed & Possible Oxides + Sulphides        5,047              78          2.58           314        12,580         418.4        51,020

(1) Mineral Reserves have been categorized in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Requirements on Mineral Sources and Mineral Reserves, whose definitions are included by reference into NI 43-101.

(2) The Mineral Reserves assertion supplied within the desk above relies on inside estimates ready as of June 30, 2021. The knowledge supplied was ready and reviewed underneath the supervision of Ramon Mendoza Reyes, PEng, and a Certified Individual (“QP”) for the needs of NI 43-101.

(3) The cut-offs have been estimated contemplating steel worth assumptions, metallurgical restoration for the corresponding mineral kind/mineral course of and the steel payable of the promoting contract.

a) Silver-equivalent grades have been estimated for Santa Elena underground mine and the Leach Pad materials.

b) Reduce-off worth was estimated for the Ermitaño challenge materials.

c) Metallic costs thought of for Mineral Reserves estimates have been $24.00 /oz Ag and $1,700.00 /oz Au.

d) Different key assumptions and parameters embody: Metallurgical recoveries; steel payable for silver and gold; direct mining and haulage prices, mill feed, course of and therapy prices, sustaining prices and oblique prices together with common and administration prices and are completely different for every deposit as described in tables 15-10, 15-11 and 15-12 of the Technical Report.

(4) A two-step constraining method has been applied to estimate reserves for every mining technique in use: A Basic Reduce-Off Grade (GC) was used to delimit new mining areas that can require growth of entry, infrastructure, and all sustaining prices. A second Incremental Reduce-Off Grade (IC) was thought of to incorporate adjoining mineralized materials which recoverable worth pays for all related prices, together with however not restricted to the variable price of mining and processing, oblique prices, therapy, administration prices and plant sustaining prices however excludes the entry growth assumed to be lined by the block above the GC grade.

(5) Modifying components for conversion of assets to reserves embody consideration for deliberate dilution attributable to geometric elements of the designed stopes and financial zones, and extra dilution consideration attributable to unplanned occasions, supplies dealing with and different working elements. Mineable shapes have been used as geometric constraints.

(6) Tonnage is expressed in hundreds of tonnes; steel content material is expressed in hundreds of ounces. Metallic costs and prices expressed in USD.

(7) Numbers have been rounded as required by reporting pointers. Totals might not sum attributable to rounding.


Thus far, the Santa Elena processing plant processes a blended feed consisting of high-grade underground mineralized materials and spent ore from the prevailing heap leach pad. The processing plant has been efficiently working for a number of years and has repeatedly improved silver and gold metallurgical recoveries. The method relies on cyanide tank leaching and Merrill-Crowe smelting of fine-ground ore to provide silver-gold doré bars. The nominal plant capability is for the processing of three,000 tpd with the chance for greater throughput charges relying on ore hardness, focused ultimate grind and leaching residence time. Typical steel recoveries for the Santa Elena mineralized materials ranged from 91% to 94% for silver and 94% to 97% for gold from the mix of run-of-mine manufacturing from the underground mine and the leach pad materials.

With the introduction of mineralized materials from Ermitaño, beginning with industrial trials in This fall 2021 and business manufacturing in 2022, the plant is anticipated to proceed to course of Santa Elena blended materials in campaigns alternating with mineralized materials from Ermitaño. There are important variations between these two ores in hardness and metallurgical efficiency at completely different grinding sizes. To attain optimum ranges of steel recoveries and the corresponding most steel manufacturing, the Santa Elena ore shall be processed at greater throughput charges than the Ermitaño ore throughout their corresponding manufacturing campaigns. Common working throughput targets are 3,350 and a couple of,350 tpd for Santa Elena and Ermitaño, respectively.

The method plant is usually constructed as a single prepare with the crushing space cut up from the remaining areas and linked by way of a belt conveyor to switch the crushed product to the nice stockpiles. The present leaching plant features a grinding ball mill, one Outotec HIG-Mill, leaching tanks, three counter-current decantation or washing tanks, a beforehand processed leach-pad, a belt-filter facility and a filtered-tailings storage facility. The processing plant is deliberate to be modified with the commissioning of a brand new filter-press, an extra leaching tank and a fourth CCD thickener within the fourth quarter of 2022.

As a result of excessive purity of the Santa Elena doré (>98% silver and gold), no penalties are utilized by the refineries for the presence of heavy metals. This purity is anticipated to be maintained after processing the Ermitaño ore.


The Santa Elena mine has been underneath First Majestic operation since October 2015. The sustaining capital expenditures are budgeted on an as-required foundation, established on precise circumstances on the mine and the processing plant infrastructure. The LOM plan contains estimates for sustaining capital expenditures for the mining and processing actions required. Sustaining capital expenditures will principally be allotted for on-going growth, infill drilling, mine gear rebuilding, main gear overhauls or replacements, plant upkeep and on-going refurbishing, and for tailings administration services enlargement as wanted.

The quantity of exploration performed to seek out new targets, with the target of changing and/or increasing the Mineral Sources shall be depending on the success of exploration and diamond drilling packages. Sustaining capital is targeted on sustaining present operational capacities, plant and gear, whereas expansionary capital is focussed on increasing new sources of mineralization.

The Ermitaño challenge continues growth in direction of the western restrict of the mineralized zone, which is deliberate to be mined in the beginning of 2022. The mining actions are being accomplished by an skilled contractor that additionally operates on the Santa Elena mine. Estimated bills for growth are primarily based on current contracts as it’s proposed that contractors proceed finishing up all mine waste growth.

Included within the capital expense is an allocation for infill exploration drilling to help the LOM plan introduced within the Technical Report. Desk 7 presents the consolidated abstract of the capital expenditures for Santa Elena and Ermitaño.

Desk 7: Santa Elena Consolidated Capital Prices Abstract

Kind Models Complete 2021 2022 2023 2024 2025 2026 2027
Shared Capital (Floor) $ M $23.7 $1.1 $22.4 $0.2
Mining Improvement $ M $70.0 $18.0 $28.4 $19.8 $3.4 $0.4
Property, Plant & Tools $ M $100.8 $20.6 $27.6 $21.4 $8.5 $10.3 $11.1 $1.3
Complete Capital Prices $ M $194.5 $39.7 $78.3 $41.5 $12.0 $10.7 $11.1 $1.3

The consolidated common money prices are estimated at $105/tonne, together with royalties and promoting prices. Working prices exclude the streaming impacts on the Santa Elena income, the place roughly 6.3% of the income from the Santa Elena mine, together with the leach pad, is paid to a 3rd occasion. Income from the Ermitaño mine is topic to a 4% NSR royalty. Estimated royalty funds are included within the working price abstract as introduced in Desk 8 and Desk 9.

Desk 8: Advanced Common Unit Working Prices

Kind $/tonne
Mining Value $57.6
Processing Value $39.0
Oblique Prices $2.8
Complete Manufacturing Value $99.3
Refining, Promoting Prices $0.8
Royalties $4.9
Complete Money Value $105.1


Desk 9: Santa Elena Consolidated Annual Working Prices

Kind Models Complete 2021 2022 2023 2024 2025 2026 2027
Mining Value $ M $287.6 $29.5 $67.5 $55.4 $44.5 $36.6 $35.0 $19.2
Processing Prices $ M $194.7 $15.9 $33.2 $33.1 $33.9 $31.2 $29.3 $18.0
Oblique Prices $ M $14.1 $1.1 $2.3 $2.3 $2.3 $2.3 $2.3 $1.5
Complete Manufacturing Value $ M $496.3 $46.6 $102.9 $90.8 $80.6 $70.1 $66.6 $38.7
Refining, Promoting Prices $ M $4.0 $0.3 $0.8 $0.7 $0.8 $0.7 $0.5 $0.2
Royalties $ M $24.5 $0.6 $3.7 $6.9 $5.9 $3.4 $2.5 $1.5
Complete Money Value $ M $524.9 $47.6 $107.5 $98.3 $87.3 $74.2 $69.6 $40.4


This information launch has been reviewed and authorised by Ramón Mendoza Reyes, P.Eng., Vice President of Technical Providers and a Certified Individual as outlined by Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Tasks (“NI 43-101”). As well as, the technical info on this information launch has additionally been reviewed and authorised by the next Certified Individuals: Phillip J. Spurgeon, P. Geo., Maria Elena Vazquez Jaimes, P. Geo. and Persio Pellegrini Rosario, P. Eng.


Mr. Gonzalo Mercado is a Skilled Geologist, who brings over 20 years of world geological expertise to the First Majestic workforce. Mr. Mercado is a geology graduate from the Nationwide College of Tucuman in Argentina and commenced his mining profession with Barrick Gold in Argentina. Throughout his profession at Barrick, he held the roles of Senior Exploration Geologist, Challenge Geologist, Nation Supervisor of Geology, Senior Challenge Supervisor, in addition to time within the Toronto Company head workplace working with the Enterprise Improvement Group on acquisitions and investor relations. Most just lately Mr. Mercado has been the exploration chief for Nevada Gold Mines, a three way partnership between Barrick Gold and Newmont Mining, the place he was accountable for all exploration actions inside Nevada.


First Majestic is a publicly traded mining firm targeted on silver and gold manufacturing in Mexico and the USA. The Firm presently owns and operates the San Dimas Silver/Gold Mine, the Jerritt Canyon Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine.

FOR FURTHER INFORMATION contact [email protected], go to our web site at or name our toll-free number one.866.529.2807.


Keith Neumeyer, President & CEO

Cautionary Word Concerning Ahead Wanting Statements

This press launch incorporates “ahead‐wanting info” and “forward-looking statements” underneath relevant Canadian and U.S. securities legal guidelines (collectively, “ahead‐wanting statements”). These statements relate to future occasions or the Firm’s future efficiency, enterprise prospects or alternatives which can be primarily based on forecasts of future outcomes, estimates of quantities not but determinable and assumptions of administration made in mild of administration’s expertise and notion of historic developments, present circumstances and anticipated future developments. Ahead-looking statements embody, however usually are not restricted to, statements with respect to: the Firm’s enterprise technique; future planning processes; business mining operations; money circulation; budgets; the timing and quantity of estimated future manufacturing; ore grades; restoration charges; charges of return; mine plans and mine life; integration of operations; future gross sales; the longer term worth of silver and different metals; prices of manufacturing; prices and timing of growth on the Firm’s tasks; estimates of royalty funds; graduation of preliminary batch check processing on the Santa Elena processing plant; capital tasks and exploration actions and the attainable outcomes thereof. Assumptions might show to be incorrect and precise outcomes might differ materially from these anticipated. Consequently, steering can’t be assured. As such, traders are cautioned to not place undue reliance upon steering and forward-looking statements as there may be no assurance that the plans, assumptions or expectations upon which they’re positioned will happen. All statements aside from statements of historic truth could also be ahead‐wanting statements. Statements regarding confirmed and possible mineral reserves and mineral useful resource estimates may additionally be deemed to represent ahead‐wanting statements to the extent that they contain estimates of the mineralization that shall be encountered as and if the property is developed, and within the case of measured and indicated mineral assets or confirmed and possible mineral reserves, such statements replicate the conclusion primarily based on sure assumptions that the mineral deposit may be economically exploited. Any statements that categorical or contain discussions with respect to predictions, expectations, beliefs, plans, projections, targets or future occasions or efficiency (typically, however not at all times, utilizing phrases or phrases resembling “search”, “anticipate”, “plan”, “proceed”, “estimate”, “anticipate”, “might”, “will”, “challenge”, “predict”, “forecast”, “potential”, “goal”, “intend”, “may”, “would possibly”, “ought to”, “imagine” and comparable expressions) usually are not statements of historic truth and could also be “ahead‐wanting statements”.

Precise outcomes might fluctuate from forward-looking statements. Ahead-looking statements are topic to identified and unknown dangers, uncertainties and different components that will trigger precise outcomes to materially differ from these expressed or implied by such forward-looking statements, together with however not restricted to: the period and results of the coronavirus and COVID-19, and every other pandemics on our operations and workforce, and the consequences on international economies and society, dangers associated to the mixing of acquisitions; precise outcomes of exploration actions; conclusions of financial evaluations; modifications in challenge parameters as plans proceed to be refined; commodity costs; variations in ore reserves, grade or restoration charges; precise efficiency of plant, gear or processes relative to specs and expectations; accidents; labour relations; relations with native communities; modifications in nationwide or native governments; modifications in relevant laws or utility thereof; delays in acquiring approvals or financing or within the completion of growth or building actions; trade charge fluctuations; necessities for extra capital; authorities regulation; environmental dangers; reclamation bills; outcomes of pending litigation; limitations on insurance coverage protection in addition to these components mentioned within the part entitled “Description of the Enterprise – Threat Components” within the Firm’s most up-to-date Annual Info Type, out there on, and Type 40-F on file with the USA Securities and Alternate Fee in Washington, D.C. Though First Majestic has tried to establish necessary components that would trigger precise outcomes to vary materially from these contained in forward-looking statements, there could also be different components that trigger outcomes to not be as anticipated, estimated or meant.

The Firm believes that the expectations mirrored in these ahead‐wanting statements are affordable, however no assurance may be provided that these expectations will show to be appropriate and such ahead‐wanting statements included herein shouldn’t be unduly relied upon. These statements converse solely as of the date hereof. The Firm doesn’t intend, and doesn’t assume any obligation, to replace these forward-looking statements, besides as required by relevant legal guidelines.

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