First Majestic Announces 2025 Mineral Reserve and Mineral Resource Estimates
Original announcement by tmx on
- Company
- First Majestic Silver Corp.
- Ticker
- AG
- Exchange
- TSX
- Region
- Mexico
- Primary commodity
- Silver
- Secondary commodities
- Gold, Zinc, Lead, Copper
- Document categories
- Resource update, Production
- Extracted
- 2026-09-13 11:06:21 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
First Majestic announced its 2025 Mineral Reserve and Mineral Resource estimates, showing strong year-over-year growth in silver-equivalent ounces. Key drivers included exploration successes at Santa Elena and higher metal price assumptions which expanded resource tonnages across the portfolio.
Reasoning: The company reported substantial growth in both reserves and resources, driven by exploration success and favorable metal price updates, significantly expanding the AgEq footprint.
Positive factors
- Significant year-over-year growth in AgEq ounces across all categories
- Successful exploration at Santa Elena (Santo Niño and Navidad discoveries)
- Conversion of Inferred to M&I resources
- Higher metal price assumptions driving tonnage and grade expansion
Negative factors
- Mining depletion offsetting some growth
Facts used in scoring: 4
Classification and evidence
QA/QC Disclosedpositive · Story-specific tag
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: The release explicitly mentions routine insertion of certified reference standards, blanks, and duplicate samples.
Evidence · text
“routine insertion of certified reference standards, blanks, and duplicate samples”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Qualified Persons (Andrew Pocock, David Rowe, Gonzalo Mercado) are named and responsible for the estimates.
Evidence · text
“Messrs. Mercado, Rowe and Pocock are each a "Qualified Person" as defined under NI 43-101.”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The estimates are prepared in accordance with NI 43-101 standards.
Evidence · text
“Mineral Reserve estimates have been classified in accordance with... National Instrument 43-101 Standards of Disclosure”
Extracted facts
Stored fact records: 4. Some facts used in scoring do not have a stored record.
Resource Estimates (4)
provensilverTonnes: 27400000Grade: 101.7Grade Unit: million ouncesContained Metal: 101.7Contained Unit: mozView all detailsHide details
Identity
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- AG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Andrew Pocock
- Resource group id
- resource:0182f026df45b58a21e0
- Mining method
- combined
- Resource basis
- attributable
Resource Data
- Category
- proven
- Tonnes
- 27400000
- Grade
- 101.7
- Grade Unit
- million ounces
- Contained Metal
- 101.7
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: Significant reserve base with year-over-year growth.
Positive factors
- 16% increase in silver ounces year-over-year
Evidence · text
“Proven and Probable Mineral Reserves at the Company's four operating mines in Mexico totalled 27.4 million tonnes containing 184.8 million AgEq ounces, comprised of 101.7 million ounces of silver”
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
provengoldTonnes: 27400000Grade: 610000Grade Unit: ouncesContained Metal: 610000Contained Unit: ozView all detailsHide details
Identity
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- AG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Andrew Pocock
- Resource group id
- resource:0182f026df45b58a21e0
- Mining method
- combined
- Resource basis
- attributable
Resource Data
- Category
- proven
- Tonnes
- 27400000
- Grade
- 610000
- Grade Unit
- ounces
- Contained Metal
- 610000
- Contained Unit
- oz
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: Modest growth in gold reserves.
Positive factors
- 2% increase in gold ounces
Evidence · text
“comprised of 101.7 million ounces of silver, 610,000 ounces of gold”
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedsilverTonnes: 86600000Grade: 145.3Grade Unit: million ouncesContained Metal: 145.3Contained Unit: mozView all detailsHide details
Identity
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- AG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- David Rowe
- Resource group id
- resource:cda3bb1bfaef7f519ca2
- Mining method
- combined
- Resource basis
- attributable
Resource Data
- Category
- indicated
- Tonnes
- 86600000
- Grade
- 145.3
- Grade Unit
- million ounces
- Contained Metal
- 145.3
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: Substantial expansion of M&I resource base.
Positive factors
- 7% increase in silver ounces
- 149% increase in tonnes
Evidence · text
“M&I Mineral Resources totalled 86.6 million tonnes containing 652.8 million AgEq ounces, comprised of 145.3 million ounces of silver”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredsilverTonnes: 77900000Grade: 113.5Grade Unit: million ouncesContained Metal: 113.5Contained Unit: mozView all detailsHide details
Identity
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- AG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- David Rowe
- Resource group id
- resource:1775e32f55a6a6b5ba46
- Mining method
- combined
- Resource basis
- attributable
Resource Data
- Category
- inferred
- Tonnes
- 77900000
- Grade
- 113.5
- Grade Unit
- million ounces
- Contained Metal
- 113.5
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: Exploration success significantly expanded the inferred resource base.
Positive factors
- 69% increase in AgEq ounces
- 169% increase in tonnes
Evidence · text
“Inferred Mineral Resources totalled 77.9 million tonnes containing 592.27 million AgEq ounces, comprised of 113.5 million ounces of silver”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.