“Fiscal 2022 marks Orogen’s first year of profitability resulting from strong revenue from our royalty and prospect generation business coupled with tight cost controls,” commented Orogen’s CEO, Paddy Nicol.
James Anderson, Chairman and CEO stated: “Once again OCIM has shown a willingness to work with Guanajuato Silver to extend the timeline of our silver and gold payment obligations under previous agreements with them. This facility enables the Company to focus more capital, more swiftly, toward expanding production at all of our producing mines and continuing the trend of considerable quarter over quarter production growth”.
In consideration of the sale, First Majestic received 69,063,076 shares of Sierra Madre at a deemed price of CDN$0.65 per share for an approximate value of CDN$44.9 million or US$35.0 million.
“This updated resource statement underpins our belief that the combination of Magino and a redevelopment of Florida Canyon can provide the foundation for Argonaut’s transition into a low-cost mid-tier gold producer in North America,” stated Richard Young, President and Chief Executive Officer.
Sierra Madre Gold and Silver Ltd. is pleased to announce that, pursuant to the share purchase agreement dated May 25, 2022, as amended and restated on October 28, 2022, among the Company, First Majestic Silver Corp. and Corporacion First Majestic, S.A. de C.V., the Company has completed its previously announced acquisition of La Guitarra Compania Minera S.A. de C.V., an indirect wholly-owned subsidiary of First Majestic incorporated under the laws of Mexico, that holds a 100% interest in the La Guitarra silver-gold property.
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