Silver Price: $23.16
NYSE: AG $9.54
TSX: FR $12.85
Frankfurt: FMV €9.11


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. For the achievement of optimum levels of metal recoveries and the corresponding maximum metal production, the operating throughput are targeted at 3,350 tpd and 2,350 tpd for Santa Elena and Ermitaño campaign, respectively. A dual-circuit concept with additional leach tank, CCD thickener and filter press is currently being implemented for the processing plant to further improve the metallurgical performance and unlock the full potential of the processing facility.  




Silver / Gold





2022E Production

1.6M – 1.9M AG OZ
(8.7M TO 9.2M AgEq oz)

2022E All-In Sustaining Costs

$13.50 – $14.05

Proven & Probable Reserves

11.8M Ag + 402K Au oz

Measured & Indicated

18.8M Ag + 544K Au oz


14.1M Ag + 366K Au oz


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 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 2021 2020 2019 2018 2017
Ore Processed/Tonnes Milled and Leached 879,059 640,276 875,435 899,371 927,737
Average Silver Grade (g/tonne) 77 88 96 87 86
Silver Recovery (%) 90% 93% 91% 88% 89%
Total Silver Ounces Produced 1,954,491 1,692,761 2,435,604 2,223,246 2,282,182
Gold Ounces Produced 42,088 28,242 45,119 46,856 49,211
Average Gold Grade (g/tonne) 1.58 1.43 1.7 1.7 1.7
Gold Recovery (%) 94% 96% 95% 95% 95%
Total Production - Ounces Silver Equivalent 5,041,937 4,181,708 6,316,277 6,014,687 5,927,132
Underground Development (m) 18,710 5,559 8,241 10,866 10,892
Diamond Drilling (m) 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

Resource Expansion at Ermitaño

In 2022 the Company is planning to drill ~ 30,000 metres to expand the existing resource. The system remains open to the East and at depth, with the potential for a look-like deposit at Ermitaño Luna.