Primeiro Majestic Silver Corp. (AG): Análise de Pestle [Jan-2025 Atualizada]

No mundo dinâmico da mineração de prata, a First Majestic Silver Corp. (AG) navega em um cenário complexo de desafios e oportunidades globais. Essa análise abrangente de pestles revela a intrincada rede de fatores políticos, econômicos, sociológicos, tecnológicos, legais e ambientais que moldam a trajetória estratégica da empresa. Desde as regiões de mineração acidentadas do México até os sofisticados mercados de investimentos da América do Norte, a jornada do First Majestic é um testemunho da resiliência, inovação e adaptabilidade em uma indústria em constante evolução que está na interseção de recursos naturais, avanço tecnológico e economia global tendências.

Primeiro Majestic Silver Corp. (AG) - Análise de Pestle: Fatores Políticos

Os regulamentos de mineração do México impactam as regiões operacionais

A Primeira Majestic Silver opera 5 minas de prata primárias no México, com 100% de propriedade em 4 minas e 92,91% de propriedade na mina de San Dimas. A lei de mineração mexicana de 1992 rege suas operações, exigindo taxas anuais de concessão de mineração que variam de US $ 3,50 a US $ 7,50 por hectare.

Localização da mina	Porcentagem de propriedade	Taxa de concessão anual
San Dimas	92.91%	US $ 5,50/hectare
La Encantada	100%	US $ 4,00/hectare
Del Toro	100%	US $ 3,50/hectare

Tensões geopolíticas entre o Canadá e o México

A partir de 2024, o comércio bilateral entre o Canadá e o México sob a USMCA permanece estável, com os investimentos em mineração protegidos no capítulo 14 do acordo.

Políticas tributárias do governo e regulamentos de extração mineral

A taxa de imposto corporativo do México para empresas de mineração é de 30%. O primeiro majestoso enfrenta royalties adicionais de mineração de aproximadamente 7,5% nas receitas de extração mineral.

• Taxa de imposto corporativo: 30%
• Taxa de royalties de mineração: 7,5%
• Imposto sobre valor agregado (IVA): 16%

Estabilidade política em locais de mineração importantes

O ranking do Índice de Paz Global do México em 2023 foi de 137 dos 163 países, indicando volatilidade política moderada nas regiões de mineração.

Métrica de estabilidade política	2023 valor
Classificação global do índice de paz	137/163
Classificação de risco político	5.2/10

Primeiro Majestic Silver Corp. (AG) - Análise de Pestle: Fatores Econômicos

Volatilidade do preço da prata

A partir do quarto trimestre de 2023, os preços da prata variaram entre US $ 22,50 e US $ 25,80 por onça. A receita da Primeira Majestic Silver Corp. se correlaciona diretamente com essas flutuações de preços.

Ano	Preço médio de prata	Impacto da receita da empresa
2023	$ 23,50/oz	US $ 638,4 milhões
2022	$ 21,73/oz	US $ 579,2 milhões

Incertezas econômicas globais

Os indicadores econômicos globais mostram uma volatilidade significativa do mercado que afeta os investimentos preciosos de metais.

Indicador econômico	2023 valor	Impacto no setor de mineração
Crescimento global do PIB	2.9%	Clima de investimento moderado
Taxa de inflação (EUA)	3.4%	Aumento da demanda de metais preciosos

Dinâmica da taxa de câmbio

As flutuações da moeda afetam significativamente os custos e a receita operacionais.

Par de moeda	2023 taxa média	Variação
CAD/USD	0.7425	±2.3%
Mxn/USD	0.0588	±1.9%

As taxas de inflação impactam

As taxas de inflação nas regiões operacionais influenciam diretamente as despesas operacionais.

País	2023 Taxa de inflação	Aumento do custo do setor de mineração
México	4.3%	US $ 42,6 milhões
Canadá	3.8%	US $ 35,2 milhões

Clima de investimento de mineração norte -americano

As tendências de investimento no setor de mineração norte -americana mostram interesse consistente.

Métrica de investimento	2023 valor	Tendência
Investimento do setor de mineração	US $ 8,3 bilhões	Estável
Capex de mineração de prata	US $ 1,2 bilhão	Crescimento moderado

Primeiro Majestic Silver Corp. (AG) - Análise de pilão: Fatores sociais

Crescente conscientização ambiental que afeta a percepção da indústria de mineração

De acordo com o Relatório da Fundação de Mineração Responsável de 2023, 68% das empresas de mineração implementaram iniciativas de transparência ambiental. A First Majestic Silver Corp. registrou US $ 12,4 milhões em investimentos em conformidade ambiental em 2023.

Métrica ambiental	2023 dados
Redução de emissões de carbono	7,2% redução de ano a ano
Gastos com conformidade ambiental	US $ 12,4 milhões
Transparência de relatórios de sustentabilidade	Taxa de divulgação de 92%

Relações com a comunidade local em regiões de mineração mexicana

A primeira prata majestosa opera 5 minas primárias no México, empregando 3.247 trabalhadores locais. O investimento comunitário em 2023 totalizou US $ 4,6 milhões em regiões de Jalisco, Durango e Sonora.

Métrica de engajamento da comunidade	2023 Estatísticas
Porcentagem de emprego local	87% da força de trabalho de regiões locais
Investimento comunitário	US $ 4,6 milhões
Projetos de desenvolvimento comunitário	17 iniciativas de infraestrutura ativa

Dinâmica do mercado de trabalho em comunidades de mineração

O salário médio anual para os primeiros funcionários majestosos de prata no México foi de US $ 45.320 em 2023, 42% maior que as médias regionais do setor de manufatura.

Crescente demanda por práticas de mineração sustentável e ética

A primeira prata majestosa alcançou 95% de conformidade com o índice de mineração responsável em 2023, investindo US $ 8,7 milhões em tecnologias de mineração sustentável.

Licença social para operar dependente do envolvimento da comunidade

As pesquisas de satisfação da comunidade em 2023 mostraram 81% de percepção positiva, com 22 programas de responsabilidade social em andamento nas regiões de mineração.

Métrica de licença social	2023 dados
Taxa de satisfação da comunidade	81%
Programas de responsabilidade social ativa	22 programas
Reuniões de consulta da comunidade	43 sessões de noivado formal

Primeiro Majestic Silver Corp. (AG) - Análise de pilão: Fatores tecnológicos

Tecnologias avançadas de exploração e extração

A Primeira Majestic Silver Corp. investiu US $ 24,3 milhões em atualizações tecnológicas em 2022. Implementaram tecnologias de perfuração de alta precisão com taxa de precisão de 97,5% nas minas de La Encantada e San José. Utilizou sistemas avançados de mapeamento geológico 3D, reduzindo os custos de exploração em 18,7%.

Tecnologia	Investimento ($)	Melhoria de eficiência (%)
Sistemas de perfuração avançados	8,6 milhões	17.3
Mapeamento geológico 3D	5,2 milhões	18.7
Varredura mineral automatizada	4,1 milhões	15.9

Transformação digital

Implementou a plataforma de gerenciamento de mineração baseada em nuvem com investimento de US $ 12,7 milhões. A transformação digital reduziu o tempo de inatividade operacional em 22,4% nas operações de mineração mexicana.

Automação e robótica

Platas de perfuração autônomas implantadas na mina de La Encantada, reduzindo a força de trabalho humana em 35 pessoal. Os sistemas robóticos aumentaram a precisão da extração em 26,8%. O investimento total em automação atingiu US $ 16,5 milhões em 2022.

Sistema robótico	Localização	Aumento da produtividade (%)
Platas de perfuração autônomas	La Encantada	26.8
Classificação automatizada de minério	San José	22.5

Inovações em tecnologia ambiental

As tecnologias de reciclagem de água implementadas, reduzindo o consumo de água doce em 41,6%. Investiu US $ 9,3 milhões em tecnologias de mineração verde. Redução de emissão de carbono de 17,2% alcançada através de intervenções tecnológicas.

Medidas de segurança cibernética

Alocou US $ 6,8 milhões para infraestrutura de segurança cibernética em 2022. Protocolos de segurança multi-camadas implementados que protegem a infraestrutura digital. Zero grandes violações de segurança cibernética relatadas no ano fiscal de 2022.

Investimento de segurança cibernética	Valor ($)	Nível de proteção
Segurança de infraestrutura digital	6,8 milhões	Proteção avançada de várias camadas

Primeiro Majestic Silver Corp. (AG) - Análise de Pestle: Fatores Legais

Conformidade com os regulamentos de mineração mexicanos e canadenses

A Primeira Majestic Silver Corp. opera sob a seguinte estrutura de conformidade regulatória:

Jurisdição	Principais órgãos regulatórios	Requisitos de conformidade
México	Secretaría de Economía	Taxas de concessão de mineração: 8,4% do valor anual da produção de mineração
Canadá	RECURSOS NATURAIS CANADÁ	Despesas anuais de exploração de mineração: CAD 3,2 bilhões em 2022

Requisitos legais de proteção ambiental

Custos e regulamentos de conformidade ambiental:

Regulamento	Custo de conformidade	Requisito de relatório
Lei de Proteção Ambiental mexicana	US $ 2,5 milhões de despesas anuais de gestão ambiental	Relatórios trimestrais de impacto ambiental
Lei de Avaliação Ambiental Canadense	US $ 1,8 milhão de orçamento anual de conformidade ambiental	Divisão anual de desempenho ambiental

Regulamentos de comércio e exportação internacionais para recursos minerais

Detalhes de conformidade de exportação:

• Volume de exportação de prata: 11,7 milhões de onças em 2022
• Taxa de tarifa de exportação: 0% para produtos de prata processados
• Custo internacional de conformidade comercial: US $ 450.000 anualmente

Leis trabalhistas e regulamentos de segurança dos trabalhadores em setores de mineração

Estatísticas de conformidade do trabalho:

Jurisdição	Total de funcionários	Orçamento de conformidade de segurança
México	1.642 funcionários	US $ 3,2 milhões de investimentos em segurança
Canadá	248 funcionários	US $ 750.000 investimentos em segurança

Desafios legais potenciais relacionados ao uso da terra e direitos indígenas

Estrutura legal de uso da terra e direitos indígenas:

• Acordos de terra indígenas ativos: 4 acordos atuais
• Compensação anual da comunidade indígena: US $ 1,2 milhão
• Orçamento de consulta legal: US $ 680.000 anualmente

Primeiro Majestic Silver Corp. (AG) - Análise de Pestle: Fatores Ambientais

Práticas de mineração sustentáveis ​​e esforços de conservação ambiental

A First Majestic Silver Corp. relatou emissões totais de gases de efeito estufa de 87.450 toneladas de CO2E em 2022. A Companhia investiu US $ 3,2 milhões em iniciativas de proteção e sustentabilidade ambiental durante o mesmo ano fiscal.

Gerenciamento de água e conservação em operações de mineração

Métrica de água	2022 dados
Retirada total de água	1.184.000 m³
Taxa de reciclagem de água	62.3%
Investimento de eficiência da água	US $ 1,5 milhão

Estratégias de redução de emissão de carbono

O primeiro majestoso visa reduzir a intensidade do carbono por 15% até 2025. A intensidade do carbono atual é de 0,58 toneladas de CO2E por onça equivalente a prata produzida.

Gerenciamento de resíduos e mitigação de impacto ecológico

Categoria de resíduos	Desperdício total (toneladas)	Taxa de reciclagem
Resíduos não perigosos	12,450	45.2%
Resíduos perigosos	3,750	35.6%

Integração de energia renovável em processos de mineração

Atualmente, o First Majestic obtém 22% de sua energia de fontes renováveis, com uma meta para aumentar para 35% até 2026. O investimento em energia renovável em 2022 foi de US $ 4,7 milhões.

• Implementação de energia solar na mina de San José: capacidade de 5,2 MW
• Contratos de energia eólica: 12,8 MW de capacidade contratada total
• Projetos de eficiência energética reduziu o consumo de eletricidade em 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.