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First Majestic Silver Corp. is in the business of production, development, exploration, and acquisition of mineral properties with a focus on silver in Mexico. [Source: June 2010 Interim Consolidated Financial Statements]
The First Majestic Silver Corp. website is at www.firstmajestic.com.
Information Links: Yahoo News and Quotes | StockCharts
More Information Links: Canadian Insider Trading
This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2011-09-22.
The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.
| General Metric | Value on 2012-02-03 |
|---|---|
| In Situ Metal Value per Share (MVpSh) | US$128.09 |
| Average Ore Value per Tonne | US$272.70 |
| Metal Value Leverage (MVL) | 6.40 |
| Market Capitalization as a Percentage of Metal Value | 15.6% |
| Recent Closing Stock Price | C$19.89 [note 1] |
| Fully Diluted Share Count | 109.10 M [note 2] |
| Percentage In Situ Proven + Probable Reserve | 26% |
| Percentage In Situ Measured + Indicated Resource | 27% |
| Percentage In Situ Inferred Resource | 47% |
| Metric | Value on 2012-02-03 |
|---|---|
| Silver Reserves + Resources | 318.03 M oz |
| Average Silver Ore Grade | 193.0 g/t |
| Market Capitalization per oz of Silver In Situ | US$6.87 ( C$6.82 ) |
| Silver Equivalent Ounces Estimate | 415.55 M oz |
| Market Capitalization per oz of Silver Equivalent | US$5.26 ( C$5.22 ) |
Note 1: Conversion rate used: 1 Cnd$ = 1.00682 US$
Note 2: Fully diluted share count based on the June 30, 2011 financial statements.
All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.
| Metric / Metal | Gold | Silver | Lead | Zinc | ||
|---|---|---|---|---|---|---|
| Total Counts (reserves + resources) | 7.02 K oz | 318.03 M oz | 718.58 K t | 786.50 K t | ||
| Metal Prices in US$ (from 2012-02-03) | $1,725.90 / oz | $33.63 / oz | $1.00640 / lb | $0.96490 / lb | ||
| Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count | $0.11 | $98.03 | $14.61 | $15.34 | ||
| Percentage of Total Metal Value | 0.09% | 76.53% | 11.41% | 11.97% | ||
| Metal Value Percentage Proven + Probable | 48% | 26% | 26% | 25% | ||
| Metal Value Percentage Measured + Indicated | 15% | 28% | 26% | 26% | ||
| Metal Value Percentage Inferred | 37% | 47% | 48% | 50% | ||
The above metal value totals derive from the following projects.
| Project | Location | Metal Value per share (% total) | Average Ore Value US$/t | Gold | Silver | Lead | Zinc | PP% | MI% | I% |
|---|---|---|---|---|---|---|---|---|---|---|
| La Parrilla | Durango State, Mexico | $37.75 ( 29.5% ) | US$235.76 | 7.02 K oz | 95.03 M oz | 175.32 K t | 245.03 K t | 40% | 8% | 52% |
| La Encantada | Coahuila State, Mexico | $34.02 ( 26.6% ) | US$282.70 | 83.26 M oz | 226.58 K t | 192.33 K t | 46% | 35% | 19% | |
| San Martin | State of Jalisco, Mexico | $25.12 ( 19.6% ) | US$261.66 | 63.00 M oz | 128.48 K t | 158.26 K t | 8% | 12% | 79% | |
| Del Toro | Zacatecas, Mexico | $16.10 ( 12.6% ) | US$547.36 | 29.94 M oz | 170.32 K t | 174.95 K t | 0 | 39% | 61% | |
| La Luz | San Luis Potosí, Mexico | $15.10 ( 11.8% ) | US$236.53 | 46.80 M oz | 17.88 K t | 15.93 K t | 0 | 72% | 28% |
PP%: percentage of metal value from Proven + Probable reserves
MI%: percentage of metal value from Measured + Indicated resources
I%: percentage of metal value from Inferred resources
Note: percentages may no add to 100% due to rounding errors
Latest NI43-101 Report: Technical Report for the Del Toro Silver Mine, Zacatecas State, México
2008-10-08 (113 pages).
Updates: Reserves & Resources webpage (viewed online September, 2011).
Project Location: Zacatecas, Mexico in the Mexican Silver Belt mining region.
Average Ore Value (all estimate types): US$547.36
Measured + Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Silver | $3.67 | 11.92 M oz | 269.000 g/t | 1.38 M t |
| Lead | $1.31 | 64.63 K t | 46,900.000 g/t | 1.38 M t |
| Zinc | $1.29 | 66.14 K t | 48,000.000 g/t | 1.38 M t |
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Silver | $5.55 | 18.02 M oz | 306.000 g/t | 1.83 M t |
| Lead | $2.15 | 105.69 K t | 57,700.000 g/t | 1.83 M t |
| Zinc | $2.12 | 108.81 K t | 59,400.000 g/t | 1.83 M t |
Latest NI43-101 Report: Technical Report for the La Encantada Silver Mine Coahuila State, México, AMENDED and RESTATED
2009-02-26 (134 pages).
Updates: Reserves & Resources webpage (viewed online September, 2011).
Project Location: Coahuila State, Mexico in the Sierra Madre Oriental mining region. View project on a Google Map.
Average Ore Value (all estimate types): US$282.70
Proven + Probable
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Silver | $10.71 | 34.75 M oz | 208.000 g/t | 5.20 M t |
| Lead | $2.56 | 125.74 K t | 24,200.000 g/t | 5.20 M t |
| Zinc | $2.36 | 121.06 K t | 23,300.000 g/t | 5.20 M t |
Estimate notes: See TABLE 3-1 First Majestic Silver Corp.Minera La Encantada, S.A. de C.V.La Encantada Mine
on p. 11 of 134 of the (NI) 43-101 report dated January 2009.
Cut Off Grade (COG) estimated as 250 g/tonne Ag only; and 228g/tonne Ag eqv net of Pb credit.
Measured + Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Silver | $9.38 | 30.42 M oz | 176.000 g/t | 5.38 M t |
| Lead | $1.53 | 75.27 K t | 14,000.000 g/t | 5.38 M t |
| Zinc | $0.89 | 45.70 K t | 8,500.000 g/t | 5.38 M t |
Estimate notes:
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Silver | $5.58 | 18.09 M oz | 220.000 g/t | 2.56 M t |
| Lead | $0.52 | 25.57 K t | 10,000.000 g/t | 2.56 M t |
| Zinc | $0.50 | 25.57 K t | 10,000.000 g/t | 2.56 M t |
Estimate notes:
Updates: Reserves & Resources webpage (viewed online September, 2011).
Project Location: San Luis Potosí, Mexico in the Mexican Silver Belt mining region.
Average Ore Value (all estimate types): US$236.53
Measured + Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Silver | $10.39 | 33.69 M oz | 205.000 g/t | 5.11 M t |
| Lead | $0.28 | 13.80 K t | 2,700.000 g/t | 5.11 M t |
| Zinc | $0.25 | 12.78 K t | 2,500.000 g/t | 5.11 M t |
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Silver | $4.04 | 13.11 M oz | 220.000 g/t | 1.85 M t |
| Lead | $0.08 | 4.08 K t | 2,200.000 g/t | 1.85 M t |
| Zinc | $0.06 | 3.15 K t | 1,700.000 g/t | 1.85 M t |
Latest NI43-101 Report: Technical Report for the La Parrilla Silver Mine, Durango State, Mexico
2009-02-26 (128 pages).
Updates: Reserves & Resources webpage (viewed online September, 2011).
Project Location: Durango State, Mexico. View project on a Google Map.
Average Ore Value (all estimate types): US$235.76
Proven + Probable
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.05 | 3.38 K oz | 0.020 g/t | 5.26 M t |
| Silver | $10.53 | 34.17 M oz | 202.000 g/t | 5.26 M t |
| Lead | $1.21 | 59.45 K t | 11,300.000 g/t | 5.26 M t |
| Zinc | $1.45 | 74.18 K t | 14,100.000 g/t | 5.26 M t |
Estimate notes: Underground, Oxides and Sulfides
Proven + Probable
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Silver | $1.79 | 5.82 M oz | 102.000 g/t | 1.77 M t |
Estimate notes:
Measured + Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.02 | 1.05 K oz | 0.030 g/t | 1.09 M t |
| Silver | $1.57 | 5.10 M oz | 146.000 g/t | 1.09 M t |
| Lead | $0.42 | 20.54 K t | 18,900.000 g/t | 1.09 M t |
| Zinc | $0.96 | 49.35 K t | 45,400.000 g/t | 1.09 M t |
Estimate notes: Underground, oxides + sulfides
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.04 | 2.59 K oz | 0.010 g/t | 8.05 M t |
| Silver | $14.13 | 45.83 M oz | 177.000 g/t | 8.05 M t |
| Lead | $1.67 | 82.14 K t | 10,200.000 g/t | 8.05 M t |
| Zinc | $2.04 | 104.69 K t | 13,000.000 g/t | 8.05 M t |
Estimate notes: Undeground, oxides + sulfides
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Silver | $1.27 | 4.12 M oz | 99.000 g/t | 1.29 M t |
| Lead | $0.27 | 13.19 K t | 10,200.000 g/t | 1.29 M t |
| Zinc | $0.33 | 16.81 K t | 13,000.000 g/t | 1.29 M t |
Estimate notes: Open Pit
Latest NI43-101 Report: Technical Report for the San Martín de Bolaños Silver Mine, State of Jalisco, México
2009-02-26 (113 pages).
Updates: Reserves & Resources webpage (viewed online September, 2011).
Project Location: State of Jalisco, Mexico in the Sierra Madre Occidental mining region. View project on a Google Map.
Average Ore Value (all estimate types): US$261.66
Proven + Probable
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Silver | $2.09 | 6.79 M oz | 274.000 g/t | 770.46 K t |
Estimate notes:
Measured + Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Silver | $2.29 | 7.44 M oz | 154.000 g/t | 1.50 M t |
| Lead | $0.28 | 13.68 K t | 9,100.000 g/t | 1.50 M t |
| Zinc | $0.53 | 27.06 K t | 18,000.000 g/t | 1.50 M t |
Estimate notes:
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Silver | $15.03 | 48.77 M oz | 185.000 g/t | 8.20 M t |
| Lead | $2.33 | 114.80 K t | 14,000.000 g/t | 8.20 M t |
| Zinc | $2.56 | 131.20 K t | 16,000.000 g/t | 8.20 M t |
Estimate notes:
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