First Majestic Silver
Corporate brand
UnclaimedA Canadian mining company focused on silver and silver-gold production in Mexico and the United States.
Last updated August 25, 2026
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Overview
First Majestic Silver Corp. is a Canadian precious-metals mining company whose principal operating activities have been concentrated in Mexico, with additional operations in the United States. The company was founded in 2002 by Keith Neumeyer and developed through the acquisition and consolidation of silver properties, processing facilities, and mining companies. Its business has historically centered on producing silver, often reported as silver-equivalent output when gold and other payable metals are included, while also operating mines that produce gold alongside silver. The company’s early expansion included the acquisition of First Silver Reserve and control of the San Martin property in Mexico in 2006. In the same year, it took control of Desmin, the owner and operator of La Encantada in Coahuila. These transactions established a portfolio of producing and development-stage Mexican assets. First Majestic later acquired Normabec Mining Resources in 2009, adding further Mexican interests while non-Mexican assets associated with the transaction were separated into another company. The company expanded its market presence by graduating to the Toronto Stock Exchange in March 2009 and joining the New York Stock Exchange in December 2010. Further growth came through acquisitions and project development. First Majestic acquired Silvermex Resources in 2012, bringing La Guitarra into its producing portfolio. It acquired Santa Elena in late 2015, adding a mine, processing plant, open-pit and underground resources, and the adjacent Ermitaño project. In January 2018, it acquired Primero Mining, including the San Dimas silver-gold mine in Durango. San Dimas became a cornerstone asset, with a large land package and substantial processing infrastructure. The company subsequently sold La Guitarra to Sierra Madre Gold and Silver in May 2022, illustrating the continuing reshaping of its asset base. First Majestic’s operating model combines underground and open-pit mining with conventional processing methods such as cyanidation, flotation, leaching, milling, and the production of silver doré or concentrates. Its mines have included San Dimas, Santa Elena, La Encantada, La Parrilla, Del Toro, San Martin, and La Guitarra at different points in the company’s history. The company has also produced and sold branded bullion rounds and bars, extending its activities beyond the extraction and sale of mined metal. The company has faced scrutiny over the potential environmental, cultural, and social effects of mining in Wirikuta, a sacred landscape associated with the Wixarika, also known as Huichol, people in San Luis Potosi, Mexico. Critics and representatives of the Wixarika community questioned the compatibility of mining concessions with the area’s cultural and ecological protections. First Majestic stated that its proposed methods, environmental controls, and use of underground mining were intended to limit impacts, while opponents sought stronger protection for the site. First Majestic remains an active precious-metals producer. Its identity is defined by a relatively focused silver-mining strategy, a portfolio of Mexican operations, selective exposure to gold production, mine acquisitions, and the marketing of physical silver products. Production levels, operating mines, and project ownership have changed over time, so historical portfolio descriptions should not be treated as a complete statement of its current assets.
History
First Majestic Silver was founded in 2002 by Keith Neumeyer as a company focused on silver exploration, development, and production. Although the operating company’s modern history begins in 2002, historical corporate records referenced in connection with the group trace an earlier part of its corporate lineage to Brandy Resources Inc. The company expanded by acquiring interests in Mexican silver properties and by combining mining assets with processing infrastructure. In June 2006, First Majestic acquired First Silver Reserve, initially obtaining a controlling interest and then purchasing the remaining interest within several months. First Silver Reserve owned the San Martin silver property in central Mexico. In September of the same year, First Majestic took control of Desmin, the owner and operator of La Encantada in Coahuila. The transaction involved the acquisition of the mine from Industrias Penoles through Desmin. La Encantada became an important part of First Majestic’s Mexican operating base and later received processing and energy-efficiency upgrades. The company’s public-market profile developed during this expansion period. It graduated to the Toronto Stock Exchange on March 5, 2009, through an offering reported at C$25 million. On December 23, 2010, it joined the New York Stock Exchange. First Majestic also expanded its project portfolio in 2009 through the acquisition of Normabec Mining Resources. The transaction was initially associated with properties in Mexico and Quebec, but the non-Mexican assets, including the Pitt Gold Property, were separated into a new company. The Mexican interests remained relevant to First Majestic’s silver strategy. In July 2012, First Majestic acquired Silvermex Resources, adding La Guitarra in the State of Mexico. Around this period, the company also advanced Del Toro in Zacatecas. The Del Toro project comprised the San Juan and Perseverancia mine areas, with an initial processing phase inaugurated in January 2013. La Parrilla, another Mexican property, had a long operating history and had produced more than 25 million ounces of silver by 2010 according to the referenced material. San Martin operated primarily as a silver doré producer. First Majestic acquired Santa Elena in late 2015. The Sonora property included an underground mine, an open pit, a cyanidation plant, and leach infrastructure. The company later added the adjacent Ermitaño project, increasing its concession position and identifying additional silver-equivalent resources. Santa Elena consequently became part of the company’s broader effort to combine existing production with brownfield and nearby development opportunities. A major turning point came in January 2018, when First Majestic acquired Primero Mining. The transaction brought San Dimas in Durango into the company. San Dimas had a long mining history, a large land package, a substantial cyanidation mill, and a significant workforce drawn largely from the nearby community of Tayoltita. Its silver and gold output made it a cornerstone asset and broadened First Majestic’s exposure beyond predominantly silver-only operations. The company reported substantial silver-equivalent production in 2018 and forecast higher silver-equivalent and pure-silver production for 2019 across a larger mine portfolio. First Majestic’s asset base has not remained static. La Guitarra was sold to Sierra Madre Gold and Silver in May 2022. Other properties, including La Parrilla, Del Toro, San Martin, and earlier project interests, have occupied different positions in the company’s portfolio over time. As a result, historical descriptions of seven projects and four producing mines reflect particular periods rather than a permanent asset list. The company has also pursued activities outside conventional mine production by selling its own branded silver rounds and bars. This gives First Majestic a direct physical-bullion presence in addition to its role as a producer of mine output. First Majestic has faced controversy concerning Wirikuta, a sacred area associated with the Wixarika people and recognized for cultural, ecological, and ceremonial importance. The company acquired mineral rights in the area in 2009. Critics argued that mining concessions conflicted with the protection of sacred sites and the conservation of endemic ecosystems. First Majestic said its proposed underground mining plan, flotation process, biodegradable reagents, waterproof waste-storage measures, and compliance with environmental and health standards would reduce risks. The dispute remains an important part of the company’s public history because it illustrates the social-license, indigenous-rights, and environmental issues that can accompany precious-metals mining.
- 2022
La Guitarra divestment
[1]First Majestic sold La Guitarra to Sierra Madre Gold and Silver.
- 2018
Primero Mining acquisition adds San Dimas
[1]The acquisition of Primero Mining brought the San Dimas silver-gold mine into First Majestic’s portfolio.
- 2015
Santa Elena acquisition
[1]First Majestic acquired the Santa Elena property in Sonora, adding mine and processing capacity.
- 2013
Del Toro begins initial processing
[1]The first phase of the Del Toro project was inaugurated and its mill began processing at an initial rate of 1,000 tonnes per day.
- 2012
La Guitarra enters the portfolio
[1]The acquisition of Silvermex Resources added the La Guitarra operation in Mexico.
- 2010
New York Stock Exchange listing
[1]First Majestic began trading on the New York Stock Exchange in December.
- 2009
Toronto Stock Exchange listing
[1]The company graduated to the Toronto Stock Exchange following an offering reported at C$25 million.
- 2006
Acquisition of First Silver Reserve and La Encantada control
[1]First Majestic acquired First Silver Reserve and took control of Desmin, owner and operator of the La Encantada mine in Mexico.
- 2002
First Majestic is founded
[1]Keith Neumeyer founded First Majestic as a company focused on silver mining and related mineral properties.
Products and positioning
A focused Canadian precious-metals producer with a strong historical concentration in Mexican silver mining, complemented by gold production and direct-to-customer physical bullion products.
Mined precious metal · 2002
Silver
Silver is First Majestic’s core mined commodity. The company has historically operated Mexican mines that produce silver through underground and, where applicable, open-pit extraction followed by milling, flotation, leaching, or cyanidation. Output may be sold as concentrates, silver doré, or refined metal, and company reporting often combines silver with payable gold and other metals in silver-equivalent figures.
Mined precious metal · 2018
Gold
Gold is a secondary but strategically important product from several silver-gold operations, particularly San Dimas and Santa Elena. Gold production broadens the company’s revenue exposure and is incorporated into silver-equivalent reporting when appropriate. The company is primarily identified with silver rather than with standalone gold mining.
Mine output
Silver-gold doré and concentrates
First Majestic’s processing facilities produce intermediate precious-metal products including silver doré and concentrates. San Martin has been described as primarily a silver doré producer, while other operations use cyanidation, flotation, leaching, and milling circuits to recover payable metals from ore.
Bullion products
First Majestic branded bullion
In addition to selling mined output, First Majestic produces and sells branded physical silver products, including bullion rounds and bars. These products give the company a consumer-facing channel and distinguish it from mining companies that sell only concentrates, doré, or refined metal through wholesale markets.
Controversies
2012
Wirikuta mining controversy
First Majestic’s mineral interests in Wirikuta, a sacred landscape of the Wixarika people in San Luis Potosi, drew opposition from indigenous representatives and environmental advocates. Critics disputed the adequacy of the company’s response after it announced that some concessions had been returned to the national mining reserve. The company maintained that its planned underground mining and processing methods, together with waste-storage and environmental controls, could comply with applicable standards. The controversy concerned cultural heritage, indigenous rights, ecological conservation, and the social license for mining.
Brand decisions
2022
Divest La GuitarraM&ABackground
First Majestic periodically reshaped its asset base to concentrate on selected operating and development properties.
Action taken
The company sold La Guitarra to Sierra Madre Gold and Silver.
Aftermath
The divestment removed La Guitarra from First Majestic’s portfolio and reflected ongoing portfolio optimization.
2018
Acquire Primero MiningM&ABackground
First Majestic pursued a larger production base and sought to add a major silver-gold operation to its portfolio.
Action taken
The company acquired Primero Mining, including the San Dimas silver-gold mine in Durango.
Aftermath
San Dimas became a cornerstone property and increased First Majestic’s exposure to gold-bearing silver production.
2015
Acquire Santa ElenaM&ABackground
First Majestic was seeking operating mines and nearby development opportunities that could increase silver-equivalent production.
Action taken
It acquired Santa Elena in Sonora, including underground and open-pit resources, a cyanidation plant, and related infrastructure.
Aftermath
The company later expanded its nearby land position through the Ermitaño project.
2012
Acquire Silvermex Resources and La GuitarraM&ABackground
The company continued to expand its producing silver portfolio in Mexico.
Action taken
First Majestic acquired Silvermex Resources, adding La Guitarra in the State of Mexico.
Aftermath
La Guitarra became a producing asset before later being divested in 2022.
2009
Expand the project portfolio through Normabec Mining ResourcesStrategyBackground
First Majestic sought additional mineral properties while maintaining a focus on Mexican silver assets.
Action taken
The company acquired Normabec Mining Resources and subsequently separated non-Mexican assets, including the Pitt Gold Property, into a new company.
Aftermath
The transaction left First Majestic with a more focused Mexican asset position.
2006
Acquire First Silver Reserve and take control of La EncantadaM&ABackground
First Majestic was building a Mexican silver portfolio and sought producing or advanced properties with existing infrastructure.
Action taken
It acquired First Silver Reserve and obtained control of Desmin, owner and operator of La Encantada.
Aftermath
The transactions established San Martin and La Encantada as important early assets in the company’s operating platform.
Recent events
Reported
First Majestic appoints Gonzalo Mercado as Vice-President of Exploration[2]
First Majestic announced the appointment of Gonzalo Mercado as Vice-President of Exploration.
Reported
Blackrock Silver completes C$7 million private placement[3]
Blackrock Silver Corp. completed a non-brokered private placement raising gross proceeds of C$7.0 million; First Majestic Silver Corp. purchased C$2.0 million of the placement.
Reported
First Majestic completes acquisition of Jerritt Canyon[4]
First Majestic completed its acquisition of Jerritt Canyon Canada Ltd. from Sprott Mining. The acquisition took effect at 9:00 AM PT on April 30, 2021.
Reported
First Majestic completes $30 million private placement[4]
First Majestic completed a $30 million private placement investment by Eric Sprott, who acquired 1,705,514 common shares at $17.59 per share.
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