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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 23.0Moz. of silver per year. They have approximately 550Moz. of silver in the reserves and resources category of which 250Moz. are in the measured and indicated category. They have a market capitalisation of ~$2133.53M which is a rise of roughly 83% over the last nine months. As of 12/30/2018 they have ~$146M debt and ~$72M cash. They have 193M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 12/30/2018
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $1,167.25M $2,133.53M 12/30/2018 $966.28M
Total Assets: $1,100.00M $1,100.00M 12/30/2018 $0.00M
Total Liabilities: $355.00M $355.00M 12/30/2018 $0.00M
Current Assets: $181.00M $181.00M 12/30/2018 $0.00M
Current Liabilities: $53.00M $53.00M 12/30/2018 $0.00M
Total Debt: $146.00M $146.00M 12/30/2018 $0.00M
Cash: $72.00M $72.00M 12/30/2018 $0.00M
Enterprise Value: $1,241.25M $2,207.53M 12/14/2039 $966.28M
Cash Flow: $-10.47M $39.93M never $50.39M
Cash Flow Multiple: 0.00 53.43 never 53.43
Net Debt to
Cash Flow Ratio:		 n/a 1.85 never 1.85
Finance within 1 year: 12/30/2018 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 12/30/2018 0.00%
Misc 12/30/2018
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 193,000,000 193,000,000 12/30/2018 0
Shares (FD): 203,000,000 203,000,000 12/30/2018 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 12/30/2018 n/a
Production (Gold Eq Oz.): (guess) 
275,734		 (guess) 
279,908		 12/30/2018 4,174
Production (Silver Eq Oz.): (guess) 
23,000,000		 (guess) 
23,000,000		 12/30/2018 0
Initial CapEx (Outstanding): n/a n/a 12/30/2018 n/a
Funding Option: n/a n/a 12/30/2018 n/a
Documentation: none PRODUCER 12/30/2018 n/a
Value Adjustment: 100% 100% never 0%

Resource Data

GOLD 12/30/2018
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 12/30/2018 0.00M
Measured & Indicated: n/a n/a 12/30/2018 0.00M
Inferred: n/a n/a 12/30/2018 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 12/30/2018 0.00M
Measured & Indicated: n/a n/a 12/30/2018 0.00M
Inferred: n/a n/a 12/30/2018 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 12/30/2018 $0.00
Extra Operating Cost: n/a n/a 12/30/2018 $0.00
Average Grade: n/a n/a 12/30/2018 n/a
Recovery Rate: n/a n/a 12/30/2018 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 12/30/2018 0.00M
Annual Production: n/a n/a 12/30/2018 n/a
Cash Cost: n/a n/a 12/30/2018 n/a
Extra Operating Cost: n/a n/a 12/30/2018 n/a
SILVER 12/30/2018
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 196.00M 196.00M 12/30/2018 0.00M
Measured & Indicated: 250.00M 250.00M 12/30/2018 0.00M
Inferred: 300.00M 300.00M 12/30/2018 0.00M
Reserves & Resources: 550.00M 550.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 176.40M 176.40M 12/30/2018 0.00M
Measured & Indicated: 215.28M 215.28M 12/30/2018 0.00M
Inferred: 135.00M 135.00M 12/30/2018 0.00M
Reserves & Resources: 350.28M 350.28M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
23,000,000oz.		 (guess) 
23,000,000oz.		 12/30/2018 0oz.
Cash Cost: $8 $8 12/30/2018 $0.00
Extra Operating Cost: $8 $8 12/30/2018 $0.00
Average Grade: 150.00 g/t 150.00 g/t 12/30/2018 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 12/30/2018 0.00%
F
U
T
U
R
E		 Proven & Probable: 400.00M 400.00M 12/30/2018 0.00M
Annual Production: 27,000,000oz. 27,000,000oz. 12/30/2018 0oz.
Cash Cost: $9 $9 12/30/2018 $0
Extra Operating Cost: $9 $9 12/30/2018 $0

Property

Last Analysis Data  (12/30/2018)
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
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  

Profitability (by resource)

Proven &
Probable		 12/30/2018
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 0.04M
Total (Silver Eq. Oz.): 196.00M 196.00M n/a 0.00M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a 0.03M
Silver Eq. Oz.: 176.40M 176.40M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $0.00M $612.46M n/a $612.46M
Total Maximum Profit: $0.00M $612.46M n/a $612.46M
Max Profit / Current MCap: n/a 0.287 n/a 0.287
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $0.00 $3.02 n/a $3.02
Total Max Profit Per Share: $0.00 $3.02 n/a $3.02
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $551.95 $993.83 n/a $441.88
FD Mkt. Cap / Silver Eq.: $6.62 $12.09 n/a $5.48
FD Mkt. Cap / Per Metal
as % Spot Price:		 43.11% 65.45% n/a 22.34%
Measured &
Indicated		 12/30/2018
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 0.05M
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 0.04M
Silver Eq. Oz.: 215.28M 215.28M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $0.00M $747.45M n/a $747.45M
Total Maximum Profit: $0.00M $747.45M n/a $747.45M
Max Profit / Current MCap: n/a 0.350 n/a 0.350
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $0.00 $3.68 n/a $3.68
Total Max Profit Per Share: $0.00 $3.68 n/a $3.68
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $452.27 $814.34 n/a $362.07
FD Mkt. Cap / Silver Eq.: $5.42 $9.91 n/a $4.49
FD Mkt. Cap / Per Metal
as % Spot Price:		 35.32% 53.63% n/a 18.31%

Reserves &
Resources		 12/30/2018
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 0.10M
Total (Silver Eq. Oz.): 550.00M 550.00M n/a 0.00M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a 0.06M
Silver Eq. Oz.: 350.28M 350.28M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $0.00M $1,216.17M n/a $1,216.17M
Total Maximum Profit: $0.00M $1,216.17M n/a $1,216.17M
Max Profit / Current MCap: n/a 0.570 n/a 0.570
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $0.00 $5.99 n/a $5.99
Total Max Profit Per Share: $0.00 $5.99 n/a $5.99
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $277.96 $500.49 n/a $222.53
FD Mkt. Cap / Silver Eq.: $3.33 $6.09 n/a $2.76
FD Mkt. Cap / Per Metal
as % Spot Price:		 21.71% 32.96% n/a 11.25%

Future Valuation (Cash Flow & Totals)

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