First Majestic Silver Corp.

Notable vs. Peers

• Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7/10.
• All-in sustaining cost of $25.68/AgEq oz is 21% lower than the peer producer average of $32.40/AgEq oz.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · San Dimas unquestionably operates under granted, current Mexican mining concessions -- First Majestic's own NI 43-101 technical report on San Dimas (effective 18 April 2014) states the property 'consists of 119 concessions covering approximately 71,868 hectares, having expiry dates ranging from 2019 to 2055' and that 'all appropriate payments have been made to the relevant authorities and the licences are in good standing.' Mexican exploitation concessions run for fixed terms (Ley Minera caps a concession at 50 years), so a concession expiring 2019 implies an original grant back in the Luismin/Minas de San Luis era of San Dimas's history -- but this pass could not find any reachable secondary source (technical report, AIF, SEC filing, or general web search) that lists individual concession title numbers alongside their original grant dates; every source found gives only the aggregate expiry range, not a per-title grant table. The permit grant DATE is a genuine, recorded gap: closing it requires an interactive Mexican government concession-title lookup (Secretaria de Economia's Sistema Integral de Administracion Minera / Registro Publico de Mineria, searchable by title number), which web sourcing could not substitute for this pass -- the Mexican analogue of the WA DMIRS gap recorded for RND's PERMIT_GRANTED row under the Task #429 precedent. Recorded reached-but-undated; see the matching RESEARCHED_UNKNOWN checked-gap. Replaces a Task #441-flagged placeholder note that gave up on the search entirely ('not confirmed against a primary source this pass') rather than recording what real evidence was found and what specifically remains missing. · Source
2. Construction decision (FID)

   Jan 2018 · First Majestic's board decision to acquire Primero Mining Corp. (San Dimas's prior owner) was announced 12 Jan 2018 (arrangement agreement) and completed 10 May 2018 -- functioning as First Majestic's own decision to take on San Dimas, in place of a from-scratch construction FID for what was already an operating mine. · Source
3. Construction start

   Reached — date not disclosed · Earliest documented construction event at the San Dimas asset, under any historical owner: the first cyanide mill in Mexico was built at Tayoltita in 1904 -- the same processing-plant site San Dimas still operates from today (First Majestic's own project-history page records successive expansions of that plant: 1,600 tpd in 2003, 2,100 tpd in 2006, 2,500 tpd in 2012). Source: First Majestic's own NI 43-101 technical report on San Dimas ('San Dimas Property, San Dimas District, Durango and Sinaloa State, Mexico, Technical Report for Primero Mining Corp.', effective 18 April 2014), historical development section: 'In 1904, the first cyanide mill in Mexico was built at Tayoltita.' This followed the San Luis Mining Company's 1883 acquisition of the Candelaria mine under Colonel Daniel Burns, which introduced modern mining methods (steam-powered hoists, rail haulage) to the district. Only the year is documented, not the day -- recorded reached-but-undated per the RND/Task #429 precedent for imprecisely-dated historical construction milestones. Replaces a Task #441-flagged placeholder note that reasoned 'not built by First Majestic ... does not apply in the usual greenfield sense' -- per the #429 precedent, the gate asks whether the ASSET has a knowable, disclosed construction history under any owner, not whether the current operator built it; San Dimas's does, with a real primary-sourced year. · Source
4. First pour / production

   May 2018 · First Majestic completed its acquisition of Primero Mining Corp. (San Dimas's prior owner) on 10 May 2018, becoming First Majestic's seventh Mexican mine at the time -- used as the closest confidently-dated proxy for 'production under First Majestic' since San Dimas itself has been continuously producing for 250+ years under a succession of owners, not built from scratch by First Majestic. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists: First Majestic operates four producing underground mines in Mexico (Santa Elena, Los Gatos, San Dimas, La Encantada), each of which reached commercial production independently at different historical times (Los Gatos added via the 2024 Gatos Silver acquisition). Its Q2 2026 investor relations release (dated 2026-07-08) confirms ongoing commercial production, reporting 3.8 million ounces of silver plus gold/zinc/lead/copper byproducts for the quarter, up 3% year-over-year. Jerritt Canyon (Nevada, gold) is a separate, non-producing asset in restart phase targeting H2 2027 and is not part of this claim. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.