First Majestic Silver Corp. - There's no substitute for silver

Overview

The Santa Elena Silver / Gold Mine is 100% owned by First Majestic Silver Corp. and is comprised of mining concessions that totals 102,244 hectares.

The Santa Elena mine operation consists of the Santa Elena underground mine and the Ermitaño underground mine. The Santa Elena processing plant is currently using a campaign method of ore processing for treating the Santa Elena and Ermitaño ores separately. To achieve optimum recoveries and maximum metal production, the operating throughput targets are set at 3,200 tpd and 2,500 tpd for Santa Elena and Ermitaño campaign, respectively. A dual-circuit concept with an additional leach tank, CCD thickener and filter press has been implemented at the processing plant to further improve the metallurgical performance and unlock the full potential of the processing facility.

Stage

Production

Resource

Silver / Gold

Ownership

100%

Hectares

102,244

2024E Production

9.2M – 9.6M AGEQ OZ
(1.3M – 1.4M Ag oz + 94K - 99K Au Oz)

2024E All-In Sustaining Costs

$15.25 – $15.64

Proven & Probable Reserves

10.1M Ag + 320K Au oz

Measured & Indicated

15.6M Ag + 467K Au oz

Inferred

12.4M Ag + 313K Au oz

Location

The Santa Elena mine site is approximately 150 km northeast of the state capital city of Hermosillo, Sonora, Mexico near the intersection of 30º 01' north latitude, and 110º 09' west longitude.

Ermitaño is approximately 145 kilometres northeast of Hermosillo and contiguous with Santa Elena Mine near the intersection of 29° 59´ 29.25” north latitude and 110° 05´24.95” west longitude and 12km west of Banamichi

Mining & Milling Operations

The Santa Elena mine operation consists of the Santa Elena underground mine and the Ermitaño underground mine.

The mill processes Santa Elena's material in campaigns alternating with mineralized material from Ermitaño. There are significant differences between these two ores in hardness and metallurgical performance at different grinding sizes. To achieve optimum levels of metal recoveries and the corresponding maximum metal production, the Santa Elena ore is processed at higher throughput rates than the Ermitaño ore during production campaigns.

Operating Highlights

Santa Elena Production Results	2023	2022	2021	2020	2019	2018	2017
Ore Processed/Tonnes Milled and Leached	882,592	851,973	879,059	640,276	875,435	899,371	927,737
Average Silver Grade (g/tonne)	64	61	77	88	96	87	86
Silver Recovery (%)	64%	73%	90%	93%	91%	88%	89%
Total Silver Ounces Produced	1,176,591	1,229,612	1,954,491	1,692,761	2,435,604	2,223,246	2,282,182
Gold Ounces Produced	100,535	94,684	42,088	28,242	45,119	46,856	49,211
Average Gold Grade (g/tonne)	3.77	3.75	1.58	1.43	1.7	1.7	1.7
Gold Recovery (%)	94%	92%	94%	96%	95%	95%	95%
Total Production - Ounces Silver Equivalent	12,789,920	9,147,216	5,041,937	4,181,708	6,316,277	6,014,687	5,927,132
Underground Development (m)	6,913	12,925	18,710	5,559	8,241	10,866	10,892
Diamond Drilling (m)	48,058	42,990	63,977	28,375	56,141	36,661	21,207

Local Geology, Mineralization & Ore Types

Santa Elena is located in the Basin and Range Province, which is part of the Sonora Desert subprovince. The region is near the Proterozoic rifted continental margin of the North American plate, which was the site of deposition of a thick sequence of shallow marine shelf carbonate and siliclastic rocks. Subduction of the Farallon Plate beneath the North American Plate during Jurassic time resulted in continental volcanism. In late Jurassic time, a northwest-trending rift basin formed which was the site of sedimentation and felsic and intermediate volcanism.

Locally, the primary rock types are early Tertiary andesite and rhyolite flows which exhibit propylitic to silicic alteration. The main mineralized zone is a cross-cutting structure trending approximately east-west and dipping about 45° to the south. Alteration is widespread and pervasive with significant silicification, kaolinization and chloritization. Gangue minerals consist of quartz, calcite, chlorite and fluorite.

The Santa Elena deposit is considered to be high calcium, low-sulfidation type with replacements, stockworks and hydrothermal breccias similar to other high level low-sulfidation deposits found in Mexico, Chile and Nevada and Arizona in the United States.

For more detailed geological information readers are encouraged to review the Company's most recent NI 43-101Technical Report (PDF).

The Reserves/Resources inventories are reported in NI 43-101 Technical Reports published periodically by the Company. The complete report can be viewed in the Reserves/Resources section or on SEDAR

Infilling & Upgrading Resources at Ermitaño

In 2023 the Company is planning to drill ~ 20,000 metres to infill and upgrade Resources. The system remains open to the east and at depth, with the potential for a look-like deposit at Ermitaño Luna.

Drillhole	Drill type	Intercept
Drillhole	Drill type	From (m)	To (m)	Length (m)	True length (m)	Au (g/t)	Ag (g/t)	AgEq (g/t)
EW-23-325	DDH	381.10	394.15	13.05	4.46	2.80	88	312
EW-23-327	DDH	353.15	358.35	5.20	3.34	8.09	349	996
EW-23-330	DDH	284.85	288.10	3.25	1.86	2.67	55	268
EW-23-336	DDH	240.30	242.60	2.30	1.88	2.46	46	243

Gold intercepts at Ermitaño are calculated using weighted averages, uncapped sample assays, a 140 g/t AgEq cut-off grade and a minimum length of 1.5m. True width of incepts is unknown at this time. A maximum one meter below the cut-off grade is allowed as dilution.
First Majestic's drill programs follow established QA/QC insertion protocols with standards, blanks and duplicate checks introduced in the sample stream.
All drill hole assay information has been completed by site geologist, reviewed and approved by FMS management. Sample preparation and analysis conducted by SGS (ISO/IEC17025:2017) or First Majestic Central Laboratory (ISO 9001:2015).