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First Majestic Silver Corp

www: www.firstmajestic.com   email: info@firstmajestic.com
Category: Mid-tier Producer
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NYSE:AG USD
TSE:FR CAD

Description

First Majestic Silver Corp are a silver focused mid-tier producer with seven producing mines in Canada and Mexico, three mines in development in Canada and Mexico and exploration properties. Currently they produce roughly 25.0Moz. of silver per year. They have approximately 450Moz. of silver in the reserves and resources category of which 250Moz. are in the measured and indicated category. They have a market capitalisation of ~$2484.39M which is a rise of roughly 20% over the last ten months. As of 10/10/2019 they have ~$151M debt and ~$94M cash. They have 205M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 10/10/2019
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $2,072.10M $2,484.39M 10/10/2019 $412.29M
Total Assets: $972.00M $972.00M 10/10/2019 $0.00M
Total Liabilities: $331.00M $331.00M 10/10/2019 $0.00M
Current Assets: $190.00M $190.00M 10/10/2019 $0.00M
Current Liabilities: $58.00M $58.00M 10/10/2019 $0.00M
Total Debt: $151.00M $151.00M 10/10/2019 $0.00M
Cash: $94.00M $94.00M 10/10/2019 $0.00M
Enterprise Value: $2,129.10M $2,541.39M 07/14/2050 $412.29M
Cash Flow: $8.93M $165.03M never $156.10M
Cash Flow Multiple: 232.17 15.05 never -217.11
Net Debt to
Cash Flow Ratio:		 6.39 0.35 never -6.04
Finance within 1 year: 10/10/2019 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 10/10/2019 0.00%
Misc 10/10/2019
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 204,741,000 204,741,000 10/10/2019 0
Shares (FD): 212,523,000 212,523,000 10/10/2019 0
Insider Ownership: n/a n/a 01/14/2018 n/a
Company Type: Mostly Silver Mostly Silver never n/a
Production ETA: n/a n/a 10/10/2019 n/a
Production (Gold Eq Oz.): (guess) 
292,809		 (guess) 
339,630		 10/10/2019 46,821
Production (Silver Eq Oz.): (guess) 
25,000,000		 (guess) 
25,000,000		 10/10/2019 0
Initial CapEx (Outstanding): n/a n/a 10/10/2019 n/a
Funding Option: n/a n/a 10/10/2019 n/a
Documentation: none PRODUCER 04/16/2020 n/a
Value Adjustment: 100% 100% never 0%

Resource Data

GOLD 10/10/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 10/10/2019 0.00M
Measured & Indicated: n/a n/a 10/10/2019 0.00M
Inferred: n/a n/a 10/10/2019 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 10/10/2019 0.00M
Measured & Indicated: n/a n/a 10/10/2019 0.00M
Inferred: n/a n/a 10/10/2019 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 10/10/2019 $0.00
Extra Operating Cost: n/a n/a 10/10/2019 $0.00
Average Grade: n/a n/a 10/10/2019 n/a
Recovery Rate: n/a n/a 10/10/2019 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 10/10/2019 0.00M
Annual Production: n/a n/a 10/10/2019 n/a
Cash Cost: n/a n/a 10/10/2019 n/a
Extra Operating Cost: n/a n/a 10/10/2019 n/a
SILVER 10/10/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 170.00M 170.00M 10/10/2019 0.00M
Measured & Indicated: 250.00M 250.00M 10/10/2019 0.00M
Inferred: 200.00M 200.00M 10/10/2019 0.00M
Reserves & Resources: 450.00M 450.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 153.00M 153.00M 10/10/2019 0.00M
Measured & Indicated: 210.60M 210.60M 10/10/2019 0.00M
Inferred: 90.00M 90.00M 10/10/2019 0.00M
Reserves & Resources: 300.60M 300.60M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
25,000,000oz.		 (guess) 
25,000,000oz.		 10/10/2019 0oz.
Cash Cost: $10 $10 10/10/2019 $0.00
Extra Operating Cost: $7 $7 10/10/2019 $0.00
Average Grade: 150.00 g/t 150.00 g/t 10/10/2019 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 04/16/2020 0.00%
F
U
T
U
R
E		 Proven & Probable: 350.00M 350.00M 10/10/2019 0.00M
Annual Production: 25,000,000oz. 25,000,000oz. 10/10/2019 0oz.
Cash Cost: $11 $11 10/10/2019 $0
Extra Operating Cost: $9 $9 10/10/2019 $0

Property

Last Analysis Data  (10/10/2019)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Ontario, Canada Black Fox 100% n/a n/a show
1 million oz high grade deposit. In production at 100,000 oz per year.
Production Boquillas Del Cármen, Mexico La Encantada 100% n/a n/a n/a
Production San Jose De La Prrilla, Mexico La Parrilla 100% n/a n/a n/a
Production Mexico, Mexico San Dimas 100% (guess) n/a Underground show
134 million oz at 300 gpt

plus gold production sold at cost.
Production Mazatlan, Mexico San Dimas 100% 22,000 n/a show
1.5 million oz deposit. 5 gpt.

Production is scheduled to increase from 135,000 oz in 2014 to 200,000 oz in 2015 or 2016.
Production San Martin De Bolanos, Mexico San Martin 100% n/a n/a n/a
Production Hermosillo, Sonora, Mexico Santa Elena 100% n/a n/a show
Expansion scheduled for 2014.
Development Saskatchewan, Canada Goldfields 100% n/a n/a show
1 million oz deposit. Under development. Their next mine after Grey Fox.
Development Mexico Cerro Del Gallo 100% (guess) 240,000 Open Pit show
3 million oz of low grade gold.

70 million oz of low grade silver.
Development Chalchihuites, Mexico Del Toro 100% 1 n/a show
1 of 5 long life producing mines. Number 6 is under development.
Exploration Australia Kalman 100% n/a n/a n/a
Exploration Mt Isa, Australia Mt Philp 100% n/a n/a n/a
Exploration Ontario, Canada Grey Fox 100% (guess) n/a n/a show
700,000 deposit next to Black Fox. Their next mine.
Exploration Mexico Cruz de Mayo 100% n/a n/a n/a
Exploration Puerto Vallarta, Mexico Espiritu Santo 100% (guess) 5,800 n/a show
Early exploration.
Exploration Villahermosa, Mexico Ixhuatan 100% n/a n/a n/a
Exploration Durango, Mexico La Joya 100% (guess) n/a n/a show
$141 million capex.

2 million oz of annual silver production planned.
Exploration Matehuala, Mexico La Luz 100% n/a n/a n/a
Exploration Chihuahua State, Mexico Namiquipa 100% n/a n/a n/a
Exploration Guanajuato, Mexico San Anton 65% n/a n/a n/a
Exploration Durango, Mexico Ventanas 100% n/a n/a n/a
Exploration El Salvador El Zapote 100% n/a n/a n/a
Total Land Package Size (ha): 267,801  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Exploration Australia Kalman 100% n/a n/a n/a
Exploration Mt Isa, Australia Mt Philp 100% n/a n/a n/a
Production Ontario, Canada Black Fox 100% n/a n/a show
1 million oz high grade deposit. In production at 100,000 oz per year.
Development Saskatchewan, Canada Goldfields 100% n/a n/a show
1 million oz deposit. Under development. Their next mine after Grey Fox.
Exploration Ontario, Canada Grey Fox 100% (guess) n/a n/a show
700,000 deposit next to Black Fox. Their next mine.
Production Boquillas Del Cármen, Mexico La Encantada 100% n/a n/a n/a
Production San Jose De La Prrilla, Mexico La Parrilla 100% n/a n/a n/a
Production Mexico, Mexico San Dimas 100% (guess) n/a Underground show
134 million oz at 300 gpt

plus gold production sold at cost.
Production Mazatlan, Mexico San Dimas 100% 22,000 n/a show
1.5 million oz deposit. 5 gpt.

Production is scheduled to increase from 135,000 oz in 2014 to 200,000 oz in 2015 or 2016.
Production San Martin De Bolanos, Mexico San Martin 100% n/a n/a n/a
Production Hermosillo, Sonora, Mexico Santa Elena 100% n/a n/a show
Expansion scheduled for 2014.
Development Mexico Cerro Del Gallo 100% (guess) 240,000 Open Pit show
3 million oz of low grade gold.

70 million oz of low grade silver.
Development Chalchihuites, Mexico Del Toro 100% 1 n/a show
1 of 5 long life producing mines. Number 6 is under development.
Exploration Mexico Cruz de Mayo 100% n/a n/a n/a
Exploration Puerto Vallarta, Mexico Espiritu Santo 100% (guess) 5,800 n/a show
Early exploration.
Exploration Villahermosa, Mexico Ixhuatan 100% n/a n/a n/a
Exploration Durango, Mexico La Joya 100% (guess) n/a n/a show
$141 million capex.

2 million oz of annual silver production planned.
Exploration Matehuala, Mexico La Luz 100% n/a n/a n/a
Exploration Chihuahua State, Mexico Namiquipa 100% n/a n/a n/a
Exploration Guanajuato, Mexico San Anton 65% n/a n/a n/a
Exploration Durango, Mexico Ventanas 100% n/a n/a n/a
Exploration El Salvador El Zapote 100% n/a n/a n/a
Total Land Package Size (ha): 267,801  

Profitability (by resource)

Proven &
Probable		 10/10/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a 0.32M
Total (Silver Eq. Oz.): 170.00M 170.00M n/a 0.00M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a 0.29M
Silver Eq. Oz.: 153.00M 153.00M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $109.24M $2,019.91M n/a $1,910.66M
Total Maximum Profit: $109.24M $2,019.91M n/a $1,910.66M
Max Profit / Current MCap: 0.053 0.813 n/a 0.760
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $0.51 $9.50 n/a $8.99
Total Max Profit Per Share: $0.51 $9.50 n/a $8.99
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $1,156.31 $1,195.26 n/a $38.95
FD Mkt. Cap / Silver Eq.: $13.54 $16.24 n/a $2.69
FD Mkt. Cap / Per Metal
as % Spot Price:		 77.35% 61.44% n/a -15.91%
Measured &
Indicated		 10/10/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a 0.47M
Total (Silver Eq. Oz.): 250.00M 250.00M n/a 0.00M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a 0.39M
Silver Eq. Oz.: 210.60M 210.60M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $150.37M $2,780.34M n/a $2,629.97M
Total Maximum Profit: $150.37M $2,780.34M n/a $2,629.97M
Max Profit / Current MCap: 0.073 1.119 n/a 1.047
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $0.71 $13.08 n/a $12.38
Total Max Profit Per Share: $0.71 $13.08 n/a $12.38
Total Free Profit Per Share: $0.00 $1.39 n/a $1.39
FD Mkt. Cap / Gold Eq.: $840.05 $868.35 n/a $28.30
FD Mkt. Cap / Silver Eq.: $9.84 $11.80 n/a $1.96
FD Mkt. Cap / Per Metal
as % Spot Price:		 56.19% 44.63% n/a -11.56%

Reserves &
Resources		 10/10/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a 0.84M
Total (Silver Eq. Oz.): 450.00M 450.00M n/a 0.00M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a 0.56M
Silver Eq. Oz.: 300.60M 300.60M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $214.63M $3,968.52M n/a $3,753.89M
Total Maximum Profit: $214.63M $3,968.52M n/a $3,753.89M
Max Profit / Current MCap: 0.104 1.597 n/a 1.494
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $1.01 $18.67 n/a $17.66
Total Max Profit Per Share: $1.01 $18.67 n/a $17.66
Total Free Profit Per Share: $0.00 $6.98 n/a $6.98
FD Mkt. Cap / Gold Eq.: $588.54 $608.37 n/a $19.83
FD Mkt. Cap / Silver Eq.: $6.89 $8.26 n/a $1.37
FD Mkt. Cap / Per Metal
as % Spot Price:		 39.37% 31.27% n/a -8.10%

Future Valuation (Cash Flow & Totals)

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