The Company now plans to enforce its rights under the Loan Facility, in respect of the outstanding amounts under the Loan Facility, to acquire all shares of Minera Apolo, S.A. de C.V. as full or partial settlement of the Loan Facility.
President and CEO Frederick Davidson commented, “We are encouraged with the great results from the Juarez Mine area which represents a second mineralized horizon open in all directions for mining and exploration. This is located close to the Tres Amigos Zone where we are currently mining and our mining team has already begun underground development work from the historic Juarez Mine adit at surface to begin mining there. On the production side, we continue to ramp up operations with the aim to reach mill design capacity in H1/2025.”
“With the closing of this transaction, First Majestic is integrating a high-quality, long-life and positive free cash flow operation into our portfolio of producing mines in Mexico. Cerro Los Gatos is truly a world-class district with robust production and cost profile combined with meaningful exploration potential,” said Keith Neumeyer, President & CEO.
Kootenay’s President & CEO, James McDonald states, “These holes tested 3 areas; an undrilled area in the historically worked F vein, the B vein and D vein. The project continues to deliver excellent results.”
“This FS has a very high level of detail, exceeding the normal feasibility study level of detail in the process plant design. Our expectation is that we will receive a positive outcome on our permit application for our underground mine by the end of March 2025. The Company has a strong balance sheet and we are in advanced discussions with prospective lenders for the remaining financing required for construction.”
“Michael’s impact on MAG Silver cannot be overstated. His strategic insight, tireless advocacy for the Company, and dedication have left a lasting legacy. We wish Michael continued strength in his health journey and wish him all the very best in his retirement,” said George Paspalas, President and CEO of MAG Silver.
The Company produced 26,531 ounces of gold in the fourth quarter, bringing total annual gold production for 2024 to 136,748 ounces. As a result, the Company achieved its improved full-year 2024 production guidance range of 130,000 to 140,000 ounces, representing a 19% beat to the mid-point of its initial production 2024 guidance of 110,000 to 120,000 ounces.
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