Record-Setting Mineral Resource Growth Defines First Majestic's 2025 Update
First Majestic Silver Corp. has strengthened its long-term outlook, revealing in its 2025 Mineral Reserve and Mineral Resource report record-high resource levels across its portfolio. The key drivers? Continued exploration success, especially at Mexico’s Santa Elena and the Jerritt Canyon Gold Mine in Nevada, as well as favorable metal price assumptions unlocking new value in lower-grade areas.
Year-over-Year Resource Increases Signal a Major Step Forward
In 2025, First Majestic achieved a 4% increase in Proven and Probable Mineral Reserves and even steeper leaps in overall resource levels:
- Measured & Indicated (M&I) Mineral Resources up 50% year-over-year
- Inferred Mineral Resources up 69% year-over-year
- 16% growth in silver ounces and 79% growth in gold ounces (M&I category)
- Santa Elena and Jerritt Canyon led growth, strengthening First Majestic’s strategic positions in both silver and gold markets
| Category | Tonnes (millions) | Ag Eq Ounces (millions) | Silver (moz) | Gold (moz) | Zinc (mlbs) | Lead (mlbs) | Copper (mlbs) |
|---|---|---|---|---|---|---|---|
| Proven & Probable | 27.4 | 184.8 | 101.7 | 0.61 | 685.90 | 371.40 | 39.10 |
| Measured & Indicated | 86.6 | 652.8 | 145.3 | 5.24 | 842.60 | 450.20 | 44.00 |
| Inferred | 77.9 | 592.3 | 113.5 | 5.20 | 347.30 | 159.20 | 18.80 |
Santa Elena and Jerritt Canyon Accelerate Company-wide Upside
Santa Elena stole the spotlight with the new Santo Niño discovery—adding 27.4 million silver-equivalent ounces as Inferred Resources alone, and helping double Santa Elena’s overall inferred silver-equivalent ounces (+105% year-over-year). The Nadalid vein system also continued to deliver, with Inferred Resources now totaling 63.4 million AgEq ounces.
Meanwhile, Jerritt Canyon saw a dramatic 116% increase in indicated gold resources due to higher long-term gold price assumptions, expanding into bulk-tonnage, lower-grade resources both underground and open pit. This strategic recalculation creates new possibilities for future production and mine life extensions at the Nevada asset.
Exploration Programs Deliver Tangible Results Across Portfolio
First Majestic’s drilling programs—totaling over 264,000 metres in 2025—focused on both replacing mining depletion and unlocking new project life-of-mine opportunities. Noteworthy resource increases were also seen at Los Gatos (59% increase in Inferred AgEq ounces), while San Dimas and La Encantada saw smaller—but still positive—gains.
| Mine | Key 2025 Achievements |
|---|---|
| Santa Elena | Santo Niño adds 27.4M AgEq; Navidad up to 63.4M AgEq |
| Jerritt Canyon | Indicated gold resource up 116%; inferred up 1.7M oz gold |
| Los Gatos | Inferred AgEq up 59%, exploration targets southeast and deep zones |
| San Dimas | Inferred AgEq up 3% |
| La Encantada | Inferred AgEq up 16%; ongoing exploration of Ojuelas |
Portfolio Positioned for Long-Term Value and Production Options
CEO Keith Neumeyer emphasized that 2025’s exploration and resource growth is only the beginning. With major new discoveries, favorable economic modeling, and firm exploration discipline, First Majestic is set up for ambitious resource conversion and development in 2026 and beyond. The company’s multi-mine approach—with assets in Mexico and Nevada—continues to give it flexibility as metal markets evolve.
Key Takeaway: Resource Growth Supports Strategic Upside
First Majestic’s resource updates deliver more than just numbers—they reshape its long-term production and value-creation story. Investors watching the precious metals space may want to follow how aggressive conversion and further discoveries could fuel the company’s next stage of growth. For more comprehensive technical details and data, readers can access the company’s annual information filings through First Majestic’s website or SEDAR+.
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