First Majestic Silver Corp. (AG): Análisis PESTLE [Actualizado en Ene-2025]

En el mundo dinámico de la minería de plata, First Majestic Silver Corp. (AG) navega por un paisaje complejo de desafíos y oportunidades globales. Este análisis integral de mortero revela la intrincada red de factores políticos, económicos, sociológicos, tecnológicos, legales y ambientales que dan forma a la trayectoria estratégica de la compañía. Desde las escarpadas regiones mineras de México hasta los sofisticados mercados de inversión de América del Norte, el viaje de First Majestic es un testimonio de la resiliencia, la innovación y la adaptabilidad en una industria en constante evolución que se encuentra en la intersección de los recursos naturales, el avance tecnológico y tendencias.

First Majestic Silver Corp. (AG) - Análisis de mortero: factores políticos

Las regulaciones mineras de México impactan en las regiones operativas

First Majestic Silver opera 5 minas de plata primarias en México, con 100% de propiedad en 4 minas y 92.91% de propiedad en la mina San Dimas. La ley minera mexicana de 1992 rige sus operaciones, que requiere tarifas anuales de concesión minera que oscilan entre $ 3.50 y $ 7.50 por hectárea.

Ubicación de la mía	Porcentaje de propiedad	Tarifa de concesión anual
San Dimas	92.91%	$ 5.50/hectárea
La encantada	100%	$ 4.00/hectárea
Del Toro	100%	$ 3.50/hectárea

Tensiones geopolíticas entre Canadá y México

A partir de 2024, el comercio bilateral entre Canadá y México bajo USMCA sigue siendo estable, con inversiones mineras protegidas bajo el Capítulo 14 del Acuerdo.

Políticas fiscales gubernamentales y regulaciones de extracción de minerales

La tasa de impuestos corporativos de México para las compañías mineras es del 30%. First Majestic enfrenta regalías mineras adicionales de aproximadamente 7.5% en los ingresos por extracción de minerales.

• Tasa de impuestos corporativos: 30%
• Tasa de regalías mineras: 7.5%
• Impuesto al valor agregado (IVA): 16%

Estabilidad política en lugares mineros clave

La clasificación del índice de paz global de México en 2023 fue de 137 de 163 países, lo que indica una volatilidad política moderada en las regiones mineras.

Métrica de estabilidad política	Valor 2023
Clasificación del índice de paz global	137/163
Calificación de riesgo político	5.2/10

First Majestic Silver Corp. (AG) - Análisis de mortero: factores económicos

Volatilidad del precio de plata

A partir del cuarto trimestre de 2023, los precios de plata oscilaron entre $ 22.50 y $ 25.80 por onza. Los ingresos de First Majestic Silver Corp. se correlacionan directamente con estas fluctuaciones de precios.

Año	Precio promedio de plata	Impacto de ingresos de la empresa
2023	$ 23.50/oz	$ 638.4 millones
2022	$ 21.73/oz	$ 579.2 millones

Incertidumbres económicas globales

Los indicadores económicos globales muestran una volatilidad significativa del mercado que afecta las inversiones de metales preciosos.

Indicador económico	Valor 2023	Impacto en el sector minero
Crecimiento global del PIB	2.9%	Clima de inversión moderado
Tasa de inflación (EE. UU.)	3.4%	Aumento de la demanda de metales preciosos

Dinámica del tipo de cambio

Las fluctuaciones monetarias afectan significativamente los costos operativos e ingresos.

Pareja	Tasa promedio de 2023	Diferencia
CAD/USD	0.7425	±2.3%
Mxn/usd	0.0588	±1.9%

Impacto en las tasas de inflación

Las tasas de inflación en las regiones operativas influyen directamente en los gastos operativos.

País	2023 tasa de inflación	Aumento de costos del sector minero
México	4.3%	$ 42.6 millones
Canadá	3.8%	$ 35.2 millones

Clima de inversión minera de América del Norte

Las tendencias de inversión en el sector minero de América del Norte muestran un interés constante.

Métrico de inversión	Valor 2023	Tendencia
Inversión del sector minero	$ 8.3 mil millones	Estable
Capex de minería de plata	$ 1.2 mil millones	Crecimiento moderado

First Majestic Silver Corp. (AG) - Análisis de mortero: factores sociales

Creciente conciencia ambiental que afecta la percepción de la industria minera

Según el informe de la Fundación Minería Responsable de 2023, el 68% de las compañías mineras han implementado iniciativas de transparencia ambiental. First Majestic Silver Corp. reportó $ 12.4 millones en inversiones de cumplimiento ambiental en 2023.

Métrica ambiental	2023 datos
Reducción de emisiones de carbono	7.2% de reducción año tras año
Gasto de cumplimiento ambiental	$ 12.4 millones
Sostenibilidad Informe de transparencia	Tasa de divulgación del 92%

Relaciones comunitarias locales en regiones mineras mexicanas

First Majestic Silver opera 5 minas principales en México, empleando a 3.247 trabajadores locales. La inversión comunitaria en 2023 totalizó $ 4.6 millones en las regiones de Jalisco, Durango y Sonora.

Métrica de compromiso de la comunidad	2023 estadísticas
Porcentaje de empleo local	87% de la fuerza laboral de regiones locales
Inversión comunitaria	$ 4.6 millones
Proyectos de desarrollo comunitario	17 Iniciativas de infraestructura activa

Dinámica del mercado laboral en comunidades mineras

El salario anual promedio para los primeros empleados de plata majestuosos en México fue de $ 45,320 en 2023, 42% más alto que los promedios regionales del sector manufacturero.

Aumento de la demanda de prácticas mineras sostenibles y éticas

La primera plata majestuosa alcanzó el 95% de cumplimiento del índice de minería responsable en 2023, invirtiendo $ 8,7 millones en tecnologías mineras sostenibles.

Licencia social para operar dependiendo de la participación comunitaria

Las encuestas de satisfacción de la comunidad en 2023 mostraron una percepción positiva del 81%, con 22 programas de responsabilidad social en curso en las regiones mineras.

Métrica de licencia social	2023 datos
Tasa de satisfacción de la comunidad	81%
Programas de responsabilidad social activa	22 programas
Reuniones de consulta comunitaria	43 sesiones formales de compromiso

First Majestic Silver Corp. (AG) - Análisis de mortero: factores tecnológicos

Tecnologías avanzadas de exploración y extracción

First Majestic Silver Corp. invirtió $ 24.3 millones en mejoras tecnológicas en 2022. Implementó tecnologías de perforación de alta precisión con una tasa de precisión del 97.5% en LA Encantada y San José Minas. Utilizó los sistemas de mapeo geológico 3D avanzados que reducen los costos de exploración en un 18,7%.

Tecnología	Inversión ($)	Mejora de la eficiencia (%)
Sistemas de perforación avanzados	8.6 millones	17.3
Mapeo geológico 3D	5.2 millones	18.7
Escaneo mineral automatizado	4.1 millones	15.9

Transformación digital

Implementó la plataforma de gestión minera basada en la nube con una inversión de $ 12.7 millones. La transformación digital redujo el tiempo de inactividad operacional en un 22.4% en las operaciones mineras mexicanas.

Automatización y robótica

Desplegó plataformas de perforación autónomas en la mina La Encantada, reduciendo la fuerza laboral humana por el personal de 35 años. Los sistemas robóticos aumentaron la precisión de la extracción en un 26.8%. La inversión total de automatización alcanzó los $ 16.5 millones en 2022.

Sistema robótico	Ubicación	Aumento de la productividad (%)
Plataformas de perforación autónoma	La encantada	26.8
Clasificación de mineral automatizado	San José	22.5

Innovaciones de tecnología ambiental

Implementó tecnologías de reciclaje de agua que reducen el consumo de agua dulce en un 41,6%. Invirtió $ 9.3 millones en tecnologías de minería verde. Reducción de la emisión de carbono del 17,2% lograda a través de intervenciones tecnológicas.

Medidas de ciberseguridad

Asignó $ 6.8 millones para infraestructura de ciberseguridad en 2022. Implementaron protocolos de seguridad múltiples que protegen la infraestructura digital. Las infracciones de ciberseguridad cero principales reportadas en el año fiscal 2022.

Inversión de ciberseguridad	Monto ($)	Nivel de protección
Seguridad de infraestructura digital	6.8 millones	Protección avanzada de múltiples capas

First Majestic Silver Corp. (AG) - Análisis de mortero: factores legales

Cumplimiento de las regulaciones mineras mexicanas y canadienses

First Majestic Silver Corp. opera bajo el siguiente marco de cumplimiento regulatorio:

Jurisdicción	Cuerpos reguladores clave	Requisitos de cumplimiento
México	Secretaría de economía	Tarifas de concesión minera: 8.4% del valor de producción minera anual
Canadá	Recursos naturales Canadá	Gasto anual de exploración minera: CAD 3.2 mil millones en 2022

Requisitos legales de protección del medio ambiente

Costos y regulaciones de cumplimiento ambiental:

Regulación	Costo de cumplimiento	Requisito de informes
Ley de protección ambiental mexicana	USD 2.5 millones de gastos anuales de gestión ambiental	Informes trimestrales de impacto ambiental
Ley de Evaluación Ambiental Canadiense	Presupuesto anual de cumplimiento ambiental de USD 1.8 millones	Divulgación anual de desempeño ambiental

Regulaciones de comercio internacional y exportación para recursos minerales

Detalles de cumplimiento de la exportación:

• Volumen de exportación de plata: 11.7 millones de onzas en 2022
• Tasa de tarifa de exportación: 0% para productos de plata procesados
• Costo de cumplimiento del comercio internacional: USD 450,000 anualmente

Leyes laborales y regulaciones de seguridad de los trabajadores en sectores mineros

Estadísticas de cumplimiento laboral:

Jurisdicción	Total de empleados	Presupuesto de cumplimiento de seguridad
México	1.642 empleados	USD 3.2 millones de inversiones de seguridad
Canadá	248 empleados	USD 750,000 Inversión de seguridad

Desafíos legales potenciales relacionados con el uso de la tierra y los derechos indígenas

Uso de la tierra y marco legal de derechos indígenas:

• Acuerdos de tierras indígenas activas: 4 acuerdos actuales
• Compensación de la comunidad indígena anual: USD 1.2 millones
• Presupuesto de consulta legal: USD 680,000 anualmente

First Majestic Silver Corp. (AG) - Análisis de mortero: factores ambientales

Prácticas mineras sostenibles y esfuerzos de conservación ambiental

First Majestic Silver Corp. reportó emisiones totales de gases de efecto invernadero de 87,450 toneladas CO2E en 2022. La compañía invirtió $ 3.2 millones en iniciativas de protección ambiental y sostenibilidad durante el mismo año fiscal.

Gestión del agua y conservación en operaciones mineras

Métrico de agua	Datos 2022
Retirada total de agua	1,184,000 m³
Tasa de reciclaje de agua	62.3%
Inversión en eficiencia del agua	$ 1.5 millones

Estrategias de reducción de emisiones de carbono

First Majestic tiene como objetivo reducir la intensidad del carbono por 15% para 2025. La intensidad actual de carbono es de 0.58 toneladas CO2E por onza equivalente de plata producida.

Gestión de residuos y mitigación de impacto ecológico

Categoría de desechos	Residuos totales (toneladas)	Tasa de reciclaje
Desechos no peligrosos	12,450	45.2%
Desechos peligrosos	3,750	35.6%

Integración de energía renovable en procesos mineros

First Majestic actualmente obtiene el 22% de su energía de fuentes renovables, con un objetivo para aumentar al 35% para 2026. La inversión de energía renovable en 2022 fue de $ 4.7 millones.

• Implementación de energía solar en la mina San José: capacidad de 5.2 MW
• Contratos de energía eólica: Capacidad total contratada de 12.8 MW
• Los proyectos de eficiencia energética redujeron el consumo de electricidad en un 8,3%

First Majestic Silver Corp. (AG) - PESTLE Analysis: Social factors

You need to see the tangible results of a company's social performance, not just the rhetoric. For First Majestic Silver Corp., the key takeaway is a significant, measurable improvement in their relationship with local communities and a record-setting safety culture in 2024, which is defintely a tailwind for stable 2025 operations.

The company's focus on its Environmental, Social, and Governance (ESG) metrics has moved the needle, especially in Mexico, where all their operating mines are located. This isn't just a compliance exercise; it's a risk mitigation strategy that directly impacts operational stability and the all-in sustaining cost (AISC) of production.

Significant improvement in community relations

First Majestic Silver Corp. made substantial progress in strengthening its social license to operate in 2024. This effort translated directly into fewer operational disruptions, which is crucial for maintaining a predictable production schedule and keeping costs down. The most telling metric is the 89% annual reduction in community complaints recorded in 2024.

To be fair, mining operations naturally generate community friction, but reducing complaints to nearly zero-with only one recorded in 2024-is a remarkable operational achievement. This stability meant the company experienced zero community-related non-technical delays throughout 2024, eliminating a major source of risk for their Mexican operations.

Here's the quick math on community engagement and stability:

• Community Complaints (2024): 1
• Annual Reduction Rate: 89%
• Community-Related Non-Technical Delays (2024): Zero

Invested over $1.2 million in community projects during 2024

A core part of the improved community relations is the direct financial investment into local projects near their Santa Elena, San Dimas, and La Encantada mines. In 2024, First Majestic Silver Corp. invested over US$1.2 million in community projects. This investment focuses on infrastructure, education, and health, building goodwill that acts as a buffer against social and political headwinds.

This is a concrete example of social capital building. It helps the company maintain its 17-year streak of being recognized as a Socially Responsible Company by the Centro Mexicano para la Filantropía (CEMEFI). You can't put a dollar value on a stable operating environment, but this investment certainly helps buy it.

Record safety performance in 2024 with a 48% reduction in Total Recordable Incident Frequency Rate (TRIFR)

The company achieved its best-ever health and safety performance in 2024, which is a key indicator of a strong internal culture and operational discipline. The consolidated 2024 year-end Total Recordable Incident Frequency Rate (TRIFR) was 0.53, a 48% annual reduction compared to 2023 results.

This TRIFR of 0.53 is significantly better than the company's own target Key Performance Indicator (KPI) of <0.90 for the year. This safety record is peer-leading and shows that the investment in safety culture and training-which more than doubled the annual safety training hours in 2024-is paying off. This focus on employee well-being also drove a 70% annual reduction in the Lost Time Incident Frequency Rate (LTIFR), which hit a record low of 0.10 in 2024.

Safety Metric	2024 Result	Annual Improvement (vs. 2023)	2024 Target KPI
Total Recordable Incident Frequency Rate (TRIFR)	0.53	48% reduction	<0.90
Lost Time Incident Frequency Rate (LTIFR)	0.10	70% reduction	<0.30

Resolved previous labor relations issues at the San Dimas mine, improving 2025 production outlook

The operational stability at the San Dimas Silver/Gold Mine, a cornerstone asset, is critical for the overall 2025 production guidance. While explicit details on 'resolved' labor issues are often kept internal, the operational results confirm a much healthier environment. San Dimas saw a 14% increase in silver production in Q4 2024 compared to the previous quarter.

More importantly, the momentum has carried into 2025. The company's strong Q2 2025 results highlighted a 17% production increase at San Dimas compared to Q2 2024, which was a key factor in the overall positive revision of the 2025 production guidance. This stability allows management to focus on growth, planning for approximately 14,000 meters of underground development and 112,000 meters of exploration drilling at San Dimas in 2025. The operational improvements at this mine are a direct contributor to the consolidated 2025 production guidance of 27.8 to 31.2 million silver equivalent ounces.

First Majestic Silver Corp. (AG) - PESTLE Analysis: Technological factors

$3 million in capital investments allocated for corporate innovation projects in 2025.

You're seeing First Majestic Silver Corp. (AG) make a clear, focused bet on future efficiency. The company has earmarked $3 million in capital investments for corporate innovation projects in the 2025 fiscal year.

This isn't just maintenance spending; it's a strategic allocation aimed at process improvements outside of core mine development. Honestly, this kind of dedicated, ring-fenced budget is essential for a mining company to stay ahead of cost inflation and grade decline. The focus is on finding smarter ways to operate, not just digging deeper. It's a small number, but it signals intent.

Strategic goal to increase sales through the wholly-owned First Mint to 10% of total production in 2025.

The First Mint is a direct-to-consumer channel, and the strategic goal to push its sales to 10% of total silver equivalent production in 2025 is a brilliant move to capture more of the value chain. This is a direct technological and marketing play.

By using an e-commerce platform and blockchain-backed authenticity tracking-a key technological factor-First Majestic bypasses the traditional bullion wholesalers. This move helps the company realize a higher price per ounce than the spot price, effectively creating a premium market for its own metal. Here's the quick math: if total production hits the guided range, capturing 10% of that volume at a premium significantly boosts consolidated revenue and margin. What this estimate hides is the logistical complexity of direct sales, but the technology is the enabler.

Utilizing advanced process automation at flagship mines like San Dimas to offset declining ore grades.

The reality in mature mining operations is that ore grades naturally decline over time. To combat this at flagship assets like the San Dimas mine, First Majestic is leaning heavily into advanced process automation (APA). This includes implementing sophisticated sensor technology and machine learning algorithms in the processing plant.

APA allows for real-time adjustments to the flotation and cyanidation circuits, optimizing the recovery rate of silver and gold even as the quality of the rock feed drops. For instance, the use of automated mill controls ensures maximum throughput with minimal energy waste. This technological edge is defintely a core defense against rising All-in Sustaining Costs (AISC), keeping the San Dimas operation viable for longer. It's about squeezing every bit of metal out efficiently.

The table below shows the operational leverage gained from these technological applications:

Mine Site	Technology Focus	2025 Operational Impact
San Dimas	Advanced Process Automation (APA)	Optimized silver/gold recovery, mitigating grade decline
Santa Elena	Real-Time Sensor Integration	Reduced reagent consumption and improved mill throughput
La Encantada	Tailings Reprocessing Technology	Extraction of residual silver from older tailings, extending mine life

Focus on extensive exploration drilling, planning 270,000 metres for 2025 to add new resources.

Exploration is the lifeblood of any mining company, and the 2025 plan to drill 270,000 metres across its properties is a massive technological undertaking. This extensive program uses advanced geophysical modeling and 3D seismic imaging to pinpoint new high-grade zones.

The sheer scale of the drilling program-one of the largest in the company's history-is a clear commitment to leveraging technology to build future resource inventory. This technology-driven approach helps prioritize targets, reducing the cost per discovery and increasing the probability of finding new economic reserves. This is a critical action because without new discoveries, the company is simply liquidating its assets.

The key technological tools driving this exploration effort include:

• Geophysical Surveys: Using high-resolution magnetic and electromagnetic data to map subsurface geology.
• 3D Modeling Software: Creating detailed visualizations of ore bodies to guide drill placement.
• Automated Core Logging: Speeding up the analysis of drill core samples with machine vision.

First Majestic Silver Corp. (AG) - PESTLE Analysis: Legal factors

You're looking at First Majestic Silver Corp. (AG) and trying to map the regulatory minefield in Mexico, which is defintely the biggest near-term risk. The legal landscape is highly fluid in late 2025, primarily due to the May 2023 Mining Law reforms and the ongoing legal battles challenging them.

The core takeaway is this: regulatory certainty is low, and the cost of compliance-or non-compliance-is rising significantly. Just look at the recent tax ruling. This isn't just about new concessions; it's about the operating environment for every ounce of silver they pull out of the ground.

New law mandates social impact studies and indigenous community consultation for new projects

The 2023 reforms fundamentally changed how new projects get approved, shifting mining from a preferential activity to one heavily conditioned on social and environmental compliance. Any new concession now requires a full social impact assessment and a process of prior, free, and informed consultation with indigenous and Afro-Mexican communities in the affected area. This is a massive shift.

The cost of this social license is now quantifiable and mandatory. Concession holders must pay at least 5% of net profits to adjacent and affected indigenous communities. This is a direct operational cost that hits the bottom line. Plus, the winner of any new public bid must cover the cost of the consultation process, which adds time and expense before a shovel even hits the ground.

Here's a quick summary of the new compliance hurdles:

• Conduct social impact studies before a concession is granted.
• Secure prior, free, and informed consultation with indigenous communities.
• Pay a minimum of 5% of net profits to affected communities.
• Provide a financial guarantee for a mandatory Mine Restoration, Closure, and Post-closure Program.

Pending regulations for the May 2023 Mining Law reforms create regulatory uncertainty

The biggest problem for a seasoned operator like First Majestic Silver is the lack of clarity on the rules of the road. While the new law was published in May 2023, the essential implementing regulations are still pending as of late 2025. This regulatory vacuum creates significant uncertainty, especially around the practical application of social consultation and environmental mandates.

To be fair, the government signaled in March 2025 that the legal framework for mining would be clarified by mid-year, with the new administration showing a greater openness to the sector. But, still, without the final regulations, companies can't fully budget or plan for new projects, which keeps capital expenditures on hold for growth initiatives. The industry and the government are reportedly working together on this, but until the final text is published, the uncertainty remains a constraint on new investment.

Sector-wide amparo lawsuits against the 2023 reforms challenge legal certainty and acquired rights

The industry's response to the reforms was immediate and aggressive, resulting in a wave of amparo lawsuits (constitutional appeals) challenging the law's constitutionality and its impact on acquired rights. Over 500 amparos have been filed by various companies, which shows how widespread the legal challenge is.

First Majestic Silver Corp. was one of the first to act, securing a definitive amparo in mid-2023 against the provision that mandates the automatic rejection of pending new concession applications. This was a win, but the legal battle is far from over. In a major setback for the industry, the Supreme Court of Justice, in September 2025, overturned two amparos that challenged the dismissal of pending new concession applications, essentially upholding the state's power to freeze those projects. The Supreme Court also declared the 2023 reforms constitutional in June 2025, rejecting a challenge from another company. This means the legal ground is shifting against the mining companies, making their existing amparos less certain.

This legal uncertainty is compounded by other legal liabilities. For example, in October 2025, the Supreme Court upheld a tax ruling against Primero Empresa Minera, a First Majestic subsidiary, confirming an obligation to pay 2.87 billion pesos (approximately $155 million USD) related to income tax and the single-rate business tax (IETU) for the 2012 fiscal year, including surcharges and fines. That's a concrete, material liability that shows the legal risk is real and immediate.

Legal/Regulatory Risk Area	Status as of Late 2025	Potential Impact on First Majestic Silver Corp. (AG)
2023 Mining Law Regulations	Pending final publication; expected mid-2025 but delayed.	High regulatory uncertainty; delays in new project planning and capital allocation.
Amparo Lawsuits (Sector-wide)	Over 500 filed; Supreme Court overturning some key amparos in Sept 2025.	Increased legal risk to existing amparos, challenging the legal certainty of past and pending concession applications.
Tax Dispute (2012 Fiscal Year)	SCJN upheld ruling in Oct 2025.	Confirmed liability of approximately $155 million USD.
Social/Environmental Mandates	Fully in force (5% net profit share, mandatory consultation, closure guarantees).	Higher All-in Sustaining Costs (AISC) due to new social/community payments and compliance expenses.

Government retains exclusive rights over exploration, limiting private company involvement to extraction

One of the most restrictive changes is the near-nationalization of exploration activity. The new law dictates that exploration and prospecting activities in new concession zones are now the exclusive domain of the Mexican Geological Survey (SGM). This is a big deal. Historically, exploration was the lifeblood of a mining company's growth pipeline.

Private companies like First Majestic Silver are now limited to extraction on their existing concessions. They can submit data on potential mineral deposits to the Ministry of Economy, but the SGM holds the sole right to explore. This effectively caps the organic growth potential from new discoveries unless the company can secure a collaboration agreement with the SGM, which isn't guaranteed. This forces a greater reliance on mergers and acquisitions (M&A) to replenish reserves, or it means aggressively exploring within their current, already-defined concession boundaries.

The message is clear: the government wants to control the pipeline of future mining projects.

Finance: Track the $155 million liability and its impact on Q4 2025 cash flow projections immediately.

First Majestic Silver Corp. (AG) - PESTLE Analysis: Environmental factors

You need to see the environmental landscape not just as a compliance cost, but as a core operational risk and a competitive advantage. First Majestic Silver Corp. (AG) has made significant strides in carbon reduction, which is a clear positive signal, but the political and regulatory climate in Mexico-where its primary operations are-presents a near-term headwind, especially for any open-pit exposure or expansion plans.

The company's commitment to sustainability is defintely translating into measurable results, which is crucial for attracting capital from Environmental, Social, and Governance (ESG) funds. This is a material factor in a capital-intensive industry like mining.

Carbon Footprint Reduction and Energy Transition

The most compelling data point from the 2024 fiscal year is the dramatic drop in operational emissions. First Majestic Silver Corp. achieved a 33% annual reduction in carbon footprint per tonne of ore processed in 2024, setting a new company record.

Here's the quick math: that 33% annual cut brings the total carbon footprint reduction to 44% compared to the 2019 baseline, which is a substantial move toward decarbonization. This reduction stems from a deliberate shift in the energy mix, specifically moving away from higher-carbon fuels like diesel.

A key action for 2025 is the energy transition at the San Dimas mine. They started a project in 2024 to transition the emergency and backup power generation fuel from diesel to Liquefied Natural Gas (LNG), which is expected to be completed in 2025. LNG has approximately 30% less carbon emissions than diesel when used for power generation, so this project locks in future reductions. La Encantada and Santa Elena already completed their conversions to LNG in 2016 and 2022, respectively.

Environmental Metric (2024 Fiscal Year Data)	Value	Context/Baseline
Annual Carbon Footprint Reduction (per tonne of ore)	33%	Lowest carbon footprint on record.
Total Carbon Footprint Reduction (since 2019)	44%	Reduction compared to the 2019 baseline.
ESG Rating Placement (ISS ESG)	Top 20% of the mining industry	Improved ranking as of late 2024.
Community Investment	Over US$1.2 million	Investment in local community projects during 2024.

Increased Government Environmental Scrutiny and Regulatory Risk

The Mexican regulatory environment, where all of First Majestic Silver Corp.'s producing mines are located, is a critical risk factor in 2025. The new administration, under President Claudia Sheinbaum, announced a policy in June 2025 to halt all new mining concessions and launch a thorough review of existing operations' environmental impacts.

This increased scrutiny is particularly focused on open-pit mining operations due to their significant land disturbance and potential for acid mine drainage. While the company's operating mines are primarily underground (Cerro Los Gatos, Santa Elena, San Dimas, and La Encantada), the Santa Elena mine does have a history of both open-pit and underground operations, and the overall policy shift creates a tougher operating environment.

What this estimate hides is the potential for delays in permitting for any existing or planned expansions, even for underground mines, as the government evaluates water contamination and soil degradation. This is a real-world constraint on growth. You have to anticipate a slower, more rigorous permitting process for the foreseeable future.

ESG Ratings and Stakeholder Confidence

The company's improved Environmental, Social, and Governance (ESG) performance is a clear competitive opportunity. By the end of 2024, First Majestic Silver Corp. was placed in the top 20% of the mining industry as ranked by ISS ESG, a leading sustainability rating agency.

This strong ranking helps mitigate the regulatory risk and boosts investor confidence. Plus, they reported an 89% annual reduction in community complaints in 2024, with no community-related technical delays, which shows effective local engagement.

• Place in top 20% of mining industry by ISS ESG.
• Ranked in the top 34% by S&P Global.
• Achieved an 89% annual reduction in community complaints.
• No community-related technical delays in 2024.

Finance: Track the San Dimas LNG conversion completion date in Q4 2025 and quantify the expected reduction in carbon tax exposure for the 2026 budget.