First Majestic Announces Restart Plan for Jerritt Canyon Gold Mine
Original announcement by tmx on
- Company
- First Majestic Silver Corp.
- Ticker
- AG
- Exchange
- TSX
- Region
- Nevada, USA
- Primary commodity
- Gold
- Secondary commodities
- Silver
- Document categories
- Resource update, Other
- Extracted
- 2026-09-13 11:06:50 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
First Majestic has announced a $75 million restart plan for the Jerritt Canyon Gold Mine in Nevada, targeting production in the second half of 2027. The plan includes a pre-feasibility study to be completed in Q4 2026 and a significant 2026 drilling program. The project is underpinned by a combined Measured, Indicated, and Inferred gold resource of 7.8 million ounces.
Reasoning: The announcement of a $75M restart plan and a large 7.8 Moz gold resource for a permitted mine is highly material for a developer.
Positive factors
- significant capital commitment for restart
- large mineral resource base (7.8 Moz total)
- advanced stage with existing infrastructure
- pre-feasibility study underway
Negative factors
- production restart is not until 2027
- project was previously in care and maintenance
Facts used in scoring: 2
Classification and evidence
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The resource estimate is disclosed in compliance with NI 43-101 standards.
Evidence · text
“disclosed in compliance with National Instrument 43-101”
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: David Rowe, CPG, is named as the Qualified Person responsible for the estimates.
Evidence · text
“supervised by, or was reviewed by, David Rowe, CPG... the "Qualified Person"”
Extracted facts
Stored fact records: 2. Some facts used in scoring do not have a stored record.
Resource Estimates (2)
indicatedJerritt Canyon · goldContained Metal: 4.1Contained Unit: mozView all detailsHide details
Identity
- Project
- Jerritt Canyon
- Commodity
- gold
- Region
- usa_nv
- Reported Region
- Nevada, USA
- 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:dc1ee00e1df84a539b8d
- Deposit or zone
- Jerritt Canyon
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Contained Metal
- 4.1
- Contained Unit
- moz
- Cutoff Grade
- 0.43
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-02T00:00:00.000Z
Reasoning: High confidence M&I resource component of the total endowment.
Positive factors
- large contained metal
Evidence · text
“Measured and Indicated Mineral Resources are estimated to total 4.1 million ounces of gold”
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is 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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredJerritt Canyon · goldContained Metal: 3.7Contained Unit: mozView all detailsHide details
Identity
- Project
- Jerritt Canyon
- Commodity
- gold
- Region
- usa_nv
- Reported Region
- Nevada, USA
- 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:654a8ce3aa4ab4ef4948
- Deposit or zone
- Jerritt Canyon
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Contained Metal
- 3.7
- Contained Unit
- moz
- Cutoff Grade
- 0.43
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-02T00:00:00.000Z
Reasoning: Large inferred component adds to total scale but carries higher geological risk.
Positive factors
- significant additional resource
Negative factors
- speculative category
Evidence · text
“additional 3.7 million gold ounces classified as Inferred Mineral Resources”
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is 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
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
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.