First Majestic Announces Share Repurchase Program

September 10, 2024 - Vancouver, British Columbia, Canada – First Majestic Silver Corp. (NYSE:AG) (TSX:AG) (FSE:FMV) (the “Company” or “First Majestic”) announces that the Toronto Stock Exchange (“TSX”) has accepted for filing First Majestic’s Notice of Intention to Make a Normal Course Issuer Bid (the “Share Repurchase Program”) to be transacted through the facilities of the TSX and/or through Canadian alternative trading systems. 

 

Pursuant to the NCIB, First Majestic may, during the 12-month period commencing September 12, 2024, and ending on or before September 11, 2025, purchase up to 10,000,000 of its common shares (“Shares”), being approximately 3.32% of the 301,616,350 issued and outstanding Shares as of September 4, 2024.  All purchases under the Share Repurchase Program will be made at prevailing market prices.

 

First Majestic may purchase up to a daily maximum of 193,454 Shares (being 25% of the average daily trading volume of the Shares for the last six calendar months, which was 773,816 Shares), subject to the TSX rules permitting block purchases.  Any purchases under the Share Repurchase Program will depend on future market conditions, and any Shares purchased by the Company will be cancelled.  Purchases under the Share Repurchase Program will be made by First Majestic’s broker based upon the parameters prescribed by the TSX and by applicable law.  First Majestic has not repurchased any of its Shares by way of a normal course issuer bid in the previous 12 months.

 

First Majestic believes that, from time to time, the market price of its Shares may not fully reflect the underlying value of the Company’s business and its future business prospects.  The Company believes that at such times the purchase of Shares would be in the best interests of the Company.  Such purchases are expected to benefit all shareholders by increasing their proportionate equity interest in the Company.

 

About First Majestic

 

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, and the La Encantada Silver Mine as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.