Reserves/Resources



MEASURED AND INDICATED MINERAL RESOURCES WITH AN EFFECTIVE DATE OF DECEMBER 31, 2014
Mine / Project Category Mineral Type k tonnes Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
Ag-Eq
(g/t)
Ag
(k Oz)
Ag-Eq
(k Oz)
                     
LA ENCANTADA Measured (UG) Oxides 1,086 283 - - - 283 9,878 9,878
Indicated (UG) Oxides 2,289 321 - - - 321 23,623 23,623
Total Measured and Indicated (UG) Oxides 3,375 309 - - - 309 33,501 33,501
                     
LA PARRILLA Measured (UG) Oxides 344 255 - - - 255 2,817 2,817
Indicated (UG) Oxides 953 254 - - - 255 7,774 7,807
Total Measured and Indicated (UG) Oxides 1,298 254 - - - 255 10,591 10,624
Measured (UG) Sulphides 703 240 - 2.2 2.1 347 5,415 7,845
Indicated (UG) Sulphides 1,310 188 0.05 1.8 2.8 302 7,939 12,705
Total Measured and Indicated (UG) Sulphides 2,013 206 0.03 1.9 2.6 318 13,355 20,550
  Total Measured and Indicated (UG) Oxides + Sulphides 3,311 225 0.0 1.2 1.6 293 23,946 31,175
                     
SAN MARTÍN Measured (UG) Oxides 1,240 254 0.26 - - 273 10,128 10,882
Indicated (UG) Sulphides 1,819 220 0.11 - - 228 12,878 13,360
Total Measured and Indicated (UG) Oxides + Sulphides 3,059 234 0.17 - - 246 23,006 24,242
                     
DEL TORO Measured (UG) Transition 538 185 0.04 2.6 2.6 257 3,198 4,450
Indicated (UG) Transition 549 180 0.06 2.9 1.9 258 3,176 4,544
Total Measured and Indicated (UG) Transition 1,087 182 0.05 2.7 2.2 257 6,373 8,994
Measured (UG) Sulphides 1,150 182 0.08 3.3 2.3 272 6,726 10,048
Indicated(UG) Sulphides 1,747 255 0.21 4.6 4.6 394 14,315 22,128
Total Measured and Indicated (UG) Sulphides 2,897 226 0.16 4.1 3.7 345 21,041 32,176
  Total Measured and Indicated (UG) Transition + Sulphides 3,984 214 0.13 3.7 3.3 321 27,414 41,169
                     
LA GUITARRA Measured (UG) Sulphides 121 170 2.37 - - 305 660 1,185
Indicated (UG) Sulphides 1,029 335 1.56 - - 424 11,078 14,029
Total Measured and Indicated (UG) Sulphides 1,150 318 1.65 - - 412 11,738 15,214
                     
LA LUZ Measured (UG) Oxides 2,614 221 - - - 221 18,559 18,559
Measured (Tailings) Oxides (Tailings) 1,403 90 - - - 90 4,075 4,075
Indicated (UG) Sulphides 988 321 - - - 321 10,202 10,202
Total Measured + Indicated All material types 5,005 204 - - - 204 32,836 32,836
                     
  Total Measured and Indicated All mineral types 19,885 238 0.15 0.94 0.92 279 152,442 178,137

INFERRED MINERAL RESOURCES WITH AN EFFECTIVE DATE OF DECEMBER 31, 2014
Mine / Project Category Mineral Type k tonnes Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
Ag-Eq
(g/t)
Ag
(k Oz)
Ag-Eq
(k Oz)
                     
LA ENCANTADA Inferred (UG) Oxides 899 340 - - - 340 9,832 9,832
  Inferred (Tailings) Tailings 6,026 107 - - - 107 20,731 20,731
  Inferred Total Oxides + Tailings 6,926 137 - - - 137 30,562 30,562
                     
LA PARRILLA Inferred (UG) Oxides 3,422 259 - - - 259 28,477 28,477
Inferred (UG) Sulphides 5,848 190 - 2.4 3.1 324 35,676 60,997
Inferred Total (UG) Oxides + Sulphides 9,270 215 - 1.5 2.0 300 64,153 89,475
                     
SAN MARTÍN Inferred Total (UG) Oxides 5,541 216 - - - 216 38,502 38,502
                     
DEL TORO Inferred (UG) Transition 1,457 186 0.04 2.6 2.2 257 8,699 12,031
Inferred (UG) Sulphides 4,211 176 0.13 3.8 5.3 297 23,821 40,156
Inferred Total (UG) Transition + Sulphides 5,669 178 0.11 3.5 4.5 286 32,520 52,187
                     
LA GUITARRA Inferred Total (UG) Sulphides 739 197 1.23 - - 267 4,674 6,343
                     
  Total Inferred All mineral types 28,145 188 0.05 1.2 1.6 240 170,412 217,070
  1. Mineral Resources have been classified in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into NI 43-101.
  2. In all cases, metal prices considered for Mineral Resource estimates were $22 USD/oz Ag, $1350 USD/oz Au, $0.95 USD/lb Pb, and $1.00 USD/lb Zn
  3. The Mineral Resources information provided above for La Encantada, La Parrilla, Del Toro and San Martin is based on internal estimates prepared as of December 31, 2014. The information provided was reviewed and validated by the Company's internal Qualified Person, Mr. Jesus M. Velador Beltran, Ph.D. Geology, who has the appropriate relevant qualifications, and experience in mining and resource geology.
  4. Mineral Resource estimates for La Guitarra Silver Mine are based on the 2015 Technical Report compiled by First Majestic with contribution of Amec Foster Wheeler Americas Ltd.
  5. Silver-equivalent grade is estimated considering: metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the corresponding contract of each mine. Estimation details are listed in each mine section of the 2014 Annual Information Form.
  6. The cut-off grades for Mineral Resources are different for all mines. The cut-off grades are listed in each mine section of the 2014 Annual Information Form.
  7. Measured and Indicated Mineral Resources are reported inclusive of Mineral Reserves
  8. The La Luz resource estimates are taken from the Real de Catorce Property Technical Report dated July 25, 2008 and the Real de Catorce Property Technical Report dated July 30, 2007. The Company's Qualified Persons are working on applying similar economic inputs to the La Luz silver Project to those applied to the other properties.

PROVEN AND PROBABLE MINERAL RESERVES WITH AN EFFECTIVE DATE OF DECEMBER 31, 2014
Mine Category Mineral Type k tonnes Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
Ag-Eq
(g/t)
Ag (k Oz) Ag-Eq
(k Oz)
                     
LA ENCANTADA Proven (UG) Oxides 1,084 248 - - - 248 8,639 8,639
Probable (UG) Oxides 2,115 291 - - - 291 19,754 19,754
Total Proven and Probable (UG) Oxides 3,199 276 - - - 276 28,393 28,393
                     
LA PARRILLA Proven (UG) Oxides 302 219 - - - 219 2,119 2,119
Probable (UG) Oxides 1,025 213 0.02 - - 214 7,032 7,061
Total Proven and Probable (UG) Oxides 1,327 215 0.01 - - 215 9,152 9,181
Proven (UG) Sulphides 585 201 - 1.8 1.9 304 3,784 5,714
Probable (UG) Sulphides 1,473 157 0.04 1.5 2.4 261 7,436 12,369
Total Proven and Probable (UG) Sulphides 2,057 170 0.03 1.6 2.3 273 11,220 18,083
  Total Proven and Probable (UG) Oxides + Sulphides 3,384 187 0.02 1.0 1.4 251 20,371 27,264
                     
SAN MARTÍN Proven (UG) Oxides 1,024 224 0.18 - - 237 7,359 7,790
Probable (UG) Oxides 1,813 188 0.04 - - 191 10,960 11,107
Total Proven and Probable (UG) Oxides 2,837 201 0.09 - - 207 18,319 18,897
                     
DEL TORO Proven (UG) Transition 511 156 0.03 2.0 2.1 231 2,560 3,792
Probable (UG) Transition 589 157 0.06 2.6 1.6 224 2,964 4,248
Total Proven and Probable (UG) Transition 1,100 156 0.05 2.3 1.8 227 5,523 8,040
Proven (UG) Sulphides 1,097 148 0.08 2.7 1.8 229 5,206 8,063
Probable(UG) Sulphides 1,991 218 0.18 4.0 3.9 347 13,931 22,218
Total Proven and Probable (UG) Sulphides 3,088 193 0.15 3.5 3.2 305 19,138 30,281
  Total Proven and Probable (UG) Transition + Sulphides 4,187 183 0.12 3.2 2.8 285 24,661 38,321
                     
LA GUITARRA Proven (UG) Sulphides 91 153 1.84 - - 256 446 745
Probable (UG) Sulphides 1,217 228 1.00 - - 284 8,911 11,098
Total Proven and Probable (UG) Sulphides 1,308 223 1.06 - - 282 9,358 11,843
                     
  Total Proven and Probable (UG) All mineral types 14,915 211 0.15 1.1 1.1 260 101,102 124,718
  1. Mineral Reserves have been classified in accordance with the Canadian Institute of Mining and Petroleum ("CIM") Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")
  2. In all cases, metal prices considered for Mineral Reserves estimates were $20 USD/oz Ag, $1200 USD/oz Au, $0.95 USD/lb Pb, and $1.00 USD/lb Zn
  3. The Mineral Reserves information provided above for La Encantada, La Parrilla, Del Toro and San Martin is based on internal estimates prepared as of December 31, 2014. The information provided was reviewed and validated by the Company's internal Qualified Person, Mr. Ramon Mendoza Reyes, P.Eng., who has the appropriate relevant qualifications, and experience in mining and reserves estimation practices.
  4. Mineral Reserve estimates for La Guitarra are based on the 2015 La Guitarra Silver Mine Technical Report compiled by First Majestic with contribution of Amec Foster Wheeler Americas Ltd.
  5. Silver-equivalent grade is estimated considering: metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the corresponding contract of each mine. Estimation details are listed in each mine section of the 2014 Annual Information Form.
  6. The cut-off grades and modifying factors used to convert Mineral Reserves from Mineral Resources are different for all mines. The cut-off grades and factors are listed in each mine section of the 2014 Annual Information Form.
Cautionary Notes to U.S. Investors Concerning Reserve and Resource Estimates

The definitions of Proven and Probable Reserves used in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") differ from the definitions in the United States Securities and Exchange Commission ("SEC") Industry Guide 7. Under SEC Guide 7 standards, a "Final" or "Bankable" feasibility study is required to report reserves, the three year history average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority.

In addition, the terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource" are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into Reserves. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases.

Accordingly, information contained in this website containing descriptions of First Majestic's mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations there under.


To download the entire La Guitarra Silver Mine NI 43-101 Technical Report - Click here to view (PDF, 7.5MB)
To download the entire La Parrilla Silver Mine NI 43-101 Technical Report - Click here to view (PDF, 8.7MB)
To download the entire San Martin Silver Mine NI 43-101 Technical Report - Click here to view (PDF, 12.27MB)
To download the entire La Encantada Silver Mine NI 43-101 Technical Report - Click here to view (PDF, 21.7MB)
To download the entire La Luz Silver Project NI 43-101 Technical Report - Click here to view (PDF, 8.7MB)
To download the entire Del Toro Silver Mine NI 43-101 Technical Report - Click here to view (PDF, 20.6MB)