# First Majestic Announces 2025 Mineral Reserve and Mineral Resource Estimates Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/first-majestic-announces-2025-mineral-reserve-and-mineral-resource-estimates--9887c572-32d4-4e9c-a053-320b100da065 Original source: https://money.tmx.com/en/quote/AG/news/8790583465979035/first-majestic-announces-2025-mineral-reserve-and-mineral-resource-estimates Publisher: tmx Original announcement: 2026-03-31T21:15:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas 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 factor: Significant year-over-year growth in AgEq ounces across all categories - Positive factor: Successful exploration at Santa Elena \(Santo Niño and Navidad discoveries\) - Positive factor: Conversion of Inferred to M&I resources - Positive factor: Higher metal price assumptions driving tonnage and grade expansion - Negative factor: Mining depletion offsetting some growth Facts used in scoring: 4 ## Classification and evidence **QA/QC Disclosed** Polarity: positive Story-specific tag Definition: 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 Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: 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) ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/first-majestic-announces-2025-mineral-reserve-and-mineral-resource-estimates--9887c572-32d4-4e9c-a053-320b100da065#fact-resource-facts-0) silver #### 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 factor: 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 Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/first-majestic-announces-2025-mineral-reserve-and-mineral-resource-estimates--9887c572-32d4-4e9c-a053-320b100da065#fact-resource-facts-1) gold #### 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 factor: 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 Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/first-majestic-announces-2025-mineral-reserve-and-mineral-resource-estimates--9887c572-32d4-4e9c-a053-320b100da065#fact-resource-facts-2) silver #### 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 factor: 7% increase in silver ounces - Positive factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/first-majestic-announces-2025-mineral-reserve-and-mineral-resource-estimates--9887c572-32d4-4e9c-a053-320b100da065#fact-resource-facts-3) silver #### 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 factor: 69% increase in AgEq ounces - Positive factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: 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.