First Majestic Silver Corp. (AG): Analyse du Pestle [Jan-2025 MISE À JOUR]

Dans le monde dynamique de l'extraction d'argent, First Majetic Silver Corp. (AG) navigue dans un paysage complexe de défis et d'opportunités mondiales. Cette analyse complète du pilon dévoile le réseau complexe de facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux qui façonnent la trajectoire stratégique de l'entreprise. Des régions minières accidentées du Mexique aux marchés d'investissement sophistiqués de l'Amérique du Nord, le parcours de First Majestic est un témoignage de la résilience, de l'innovation et de l'adaptabilité dans une industrie en constante évolution qui se trouve à l'intersection des ressources naturelles, des progrès technologiques et de l'économie mondiale tendances.

First Majestic Silver Corp. (AG) - Analyse du pilon: facteurs politiques

Les réglementations minières du Mexique ont un impact sur les régions opérationnelles

First Majestic Silver exploite 5 mines d'argent primaires au Mexique, avec une propriété à 100% dans 4 mines et 92,91% de propriété dans la mine de San Dimas. La loi minière mexicaine de 1992 régit leurs opérations, exigeant des frais de concession minière annuels allant de 3,50 $ à 7,50 $ par hectare.

Lieu des mines	Pourcentage de propriété	Frais de concession annuelles
San Dimas	92.91%	5,50 $ / hectare
La Encantada	100%	4,00 $ / hectare
Del Toro	100%	3,50 $ / hectare

Tensions géopolitiques entre le Canada et le Mexique

En 2024, le commerce bilatéral entre le Canada et le Mexique en vertu de l'USMCA reste stable, les investissements miniers protégés en vertu du chapitre 14 de l'accord.

Politiques fiscales du gouvernement et réglementations d'extraction des minéraux

Le taux d'imposition des sociétés du Mexique pour les sociétés minières est de 30%. Le premier majestueux fait face à des redevances minières supplémentaires d'environ 7,5% sur les revenus d'extraction minérale.

• Taux d'imposition des sociétés: 30%
• Taux de redevance minière: 7,5%
• Taxe sur la valeur ajoutée (TVA): 16%

Stabilité politique dans les principaux emplacements d'exploitation

Le classement de l'indice mondial de la paix du Mexique en 2023 était de 137 sur 163 pays, indiquant une volatilité politique modérée dans les régions minières.

Métrique de stabilité politique	Valeur 2023
Classement mondial de l'indice de la paix	137/163
Évaluation des risques politiques	5.2/10

First Majestic Silver Corp. (AG) - Analyse du pilon: facteurs économiques

Volatilité des prix en argent

Au quatrième trimestre 2023, les prix de l'argent variaient entre 22,50 $ et 25,80 $ l'once. Les revenus de First Majestic Silver Corp. sont directement en corrélation avec ces fluctuations de prix.

Année	Prix ​​d'argent moyen	Impact des revenus de l'entreprise
2023	23,50 $ / oz	638,4 millions de dollars
2022	21,73 $ / oz	579,2 millions de dollars

Incertitudes économiques mondiales

Les indicateurs économiques mondiaux montrent une volatilité du marché importante affectant les investissements précieux en métaux.

Indicateur économique	Valeur 2023	Impact sur le secteur minier
Croissance mondiale du PIB	2.9%	Climat d'investissement modéré
Taux d'inflation (USA)	3.4%	Augmentation de la demande de métaux précieux

Dynamique du taux de change

Les fluctuations des devises ont un impact significatif sur les coûts d'exploitation et les revenus.

Paire de devises	2023 Taux moyen	Variance
CAD / USD	0.7425	±2.3%
MXN / USD	0.0588	±1.9%

Impact des taux d'inflation

Les taux d'inflation dans les régions opérationnels influencent directement les dépenses opérationnelles.

Pays	2023 Taux d'inflation	Augmentation des coûts du secteur minier
Mexique	4.3%	42,6 millions de dollars
Canada	3.8%	35,2 millions de dollars

Climat d'investissement minière nord-américain

Les tendances des investissements dans le secteur minier nord-américain manifestent un intérêt constant.

Métrique d'investissement	Valeur 2023	S'orienter
Investissement du secteur minier	8,3 milliards de dollars	Écurie
Silver Mining Capex	1,2 milliard de dollars	Croissance modérée

First Majetic Silver Corp. (AG) - Analyse du pilon: facteurs sociaux

Conscience environnementale croissante affectant la perception de l'industrie minière

Selon le rapport de la Fondation minière responsable de 2023, 68% des sociétés minières ont mis en œuvre des initiatives de transparence environnementale. First Majestic Silver Corp. a déclaré 12,4 millions de dollars en investissements de conformité environnementale en 2023.

Métrique environnementale	2023 données
Réduction des émissions de carbone	Réduction de 7,2% sur l'autre
Dépenses de conformité environnementale	12,4 millions de dollars
Transparence des rapports de durabilité	Taux de divulgation de 92%

Relations communautaires locales dans les régions minières mexicaines

First Majestic Silver exploite 5 mines primaires au Mexique, employant 3 247 travailleurs locaux. L'investissement communautaire en 2023 a totalisé 4,6 millions de dollars dans les régions de Jalisco, Durango et de Sonora.

Métrique de l'engagement communautaire	2023 statistiques
Pourcentage d'emploi local	87% de la main-d'œuvre des régions locales
Investissement communautaire	4,6 millions de dollars
Projets de développement communautaire	17 initiatives d'infrastructures actives

Dynamique du marché du travail dans les communautés minières

Le salaire annuel moyen pour les premiers employés en argent majestueux au Mexique était de 45 320 $ en 2023, 42% plus élevé que les moyennes du secteur manufacturier régional.

Demande croissante de pratiques minières durables et éthiques

First Majestic Silver a obtenu une conformité à 95% avec l'indice minière responsable en 2023, investissant 8,7 millions de dollars dans les technologies minières durables.

Licence sociale pour fonctionner en fonction de l'engagement communautaire

Les enquêtes de satisfaction communautaire en 2023 ont montré une perception positive de 81%, avec 22 programmes de responsabilité sociale en cours dans les régions minières.

Métrique de licence sociale	2023 données
Taux de satisfaction communautaire	81%
Programmes de responsabilité sociale actifs	22 programmes
Réunions de consultation communautaire	43 séances d'engagement formelles

First Majetic Silver Corp. (AG) - Analyse du pilon: facteurs technologiques

Technologies avancées d'exploration et d'extraction

First Majestic Silver Corp. a investi 24,3 millions de dollars dans les mises à niveau technologiques en 2022. Implémenta les technologies de forage de haute précision avec un taux de précision de 97,5% aux mines de La Encantada et de San José. Utilisé des systèmes de cartographie géologique 3D avancés réduisant les coûts d'exploration de 18,7%.

Technologie	Investissement ($)	Amélioration de l'efficacité (%)
Systèmes de forage avancés	8,6 millions	17.3
Cartographie géologique 3D	5,2 millions	18.7
Scanner des minéraux automatisés	4,1 millions	15.9

Transformation numérique

Implémenta la plate-forme de gestion des mines basée sur le cloud avec des investissements de 12,7 millions de dollars. La transformation numérique a réduit les temps d'arrêt opérationnels de 22,4% entre les opérations minières mexicaines.

Automatisation et robotique

Déployé des plates-formes de forage autonomes à la mine de La Encantada, réduisant la main-d'œuvre humaine par 35 personnes. Les systèmes robotiques ont augmenté la précision d'extraction de 26,8%. L'investissement total d'automatisation a atteint 16,5 millions de dollars en 2022.

Système robotique	Emplacement	Augmentation de la productivité (%)
Plates-formes de forage autonomes	La Encantada	26.8
Tri automatisé du minerai	San José	22.5

Innovations technologiques environnementales

Les technologies de recyclage de l'eau ont mis en œuvre la consommation d'eau douce de 41,6%. A investi 9,3 millions de dollars dans les technologies d'extraction verte. Une réduction des émissions de carbone de 17,2% a été réalisée grâce à des interventions technologiques.

Mesures de cybersécurité

Alloué 6,8 millions de dollars pour les infrastructures de cybersécurité en 2022. Implémenté les protocoles de sécurité multicouches protégeant les infrastructures numériques. Zéro violations de cybersécurité majeures signalées au cours de l'exercice 2022.

Investissement en cybersécurité	Montant ($)	Niveau de protection
Sécurité des infrastructures numériques	6,8 millions	Protection multicouche avancée

First Majestic Silver Corp. (AG) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations minières mexicaines et canadiennes

First Majetic Silver Corp. opère dans le cadre de conformité réglementaire suivant:

Juridiction	Organes de réglementation clés	Exigences de conformité
Mexique	Secrétaría de Economía	Frais de concession minière: 8,4% de la valeur annuelle de production minière
Canada	Ressources naturelles Canada	Dépenses d'exploration minière annuelles: 3,2 milliards de CAD en 2022

Exigences légales de protection de l'environnement

Coûts et réglementations de conformité environnementale:

Règlement	Coût de conformité	Exigence de rapport
Loi mexicaine sur la protection de l'environnement	2,5 millions USD Frais de gestion de l'environnement	Rapports d'impact environnemental trimestriel
Loi sur l'évaluation de l'environnement canadien	1,8 million USD Budget annuel de conformité environnementale	Divulgation annuelle de performance environnementale

Règlement sur le commerce et les exportations internationales pour les ressources minérales

Exporter les détails de la conformité:

• Volume d'exportation d'argent: 11,7 millions d'onces en 2022
• Tarif tarif d'exportation: 0% pour les produits en argent transformé
• Coût de la conformité du commerce international: 450 000 USD par an

Règlements sur les lois du travail et la sécurité des travailleurs dans les secteurs miniers

Statistiques de la conformité du travail:

Juridiction	Total des employés	Budget de conformité en matière de sécurité
Mexique	1 642 employés	3,2 millions USD Investissement de sécurité
Canada	248 employés	Investissement de sécurité de 750 000 USD

Détes juridiques potentiels liés à l'utilisation des terres et aux droits autochtones

Utilisation des terres et droits autochtones Cadre juridique:

• Accords fonciers autochtones actifs: 4 accords actuels
• Compensation annuelle de la communauté autochtone: 1,2 million USD
• Budget de consultation juridique: 680 000 USD par an

First Majestic Silver Corp. (AG) - Analyse du pilon: facteurs environnementaux

Pratiques minières durables et efforts de conservation de l'environnement

First Majestic Silver Corp. a rapporté des émissions totales de gaz à effet de serre de 87 450 tonnes CO2E en 2022. La société a investi 3,2 millions de dollars dans les initiatives de protection de l'environnement et de durabilité au cours du même exercice.

Gestion de l'eau et conservation dans les opérations minières

Métrique de l'eau	2022 données
Retrait total de l'eau	1 184 000 m³
Taux de recyclage de l'eau	62.3%
Investissement d'efficacité de l'eau	1,5 million de dollars

Stratégies de réduction des émissions de carbone

First Majestic vise à réduire l'intensité du carbone par 15% d'ici 2025. L'intensité de carbone actuelle est de 0,58 tonne CO2E par once équivalente en argent produite.

Gestion des déchets et atténuation de l'impact écologique

Catégorie de déchets	Déchets totaux (tonnes)	Taux de recyclage
Déchets non dynamiques	12,450	45.2%
Déchets dangereux	3,750	35.6%

Intégration d'énergie renouvelable dans les processus minières

First Majestic s'approvisionne actuellement 22% de son énergie à partir de sources renouvelables, avec un objectif pour augmenter à 35% d'ici 2026. L'investissement en énergies renouvelables en 2022 était de 4,7 millions de dollars.

• Mise en œuvre de l'énergie solaire à San José Mine: 5,2 MW Capacité
• Contrats d'énergie éolienne: 12,8 MW Capacité totale contractée
• Les projets d'efficacité énergétique ont réduit la consommation d'électricité de 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.