DESCRIPTION: First Majestic Silver Corp. is committed to building a senior silver-producing company based on an aggressive development and acquisition plan that focuses on Mexico. The company presently owns and operates three producing silver mines in Mexico—the La Encantada, La Parrilla and San Martin.
First Majestic awarded Socially Responsible Business Distinction Award for 2010
The information provided below is based on the most recent information we have received from analysts, newsletters and other contributors to Streetwise Reports' The Gold Report or The Energy Report. We encourage you to visit the company's web site and call the company for more specifics on this company before you decide to invest.
"DL: I just visited First Majestic's silver mines in Mexico. One of the great things about a producer, especially one like First Majestic, is that they're in the manufacturing business. They're producing silver, and it has more and more uses so it's easy to sell it. . .And First Majestic keeps finding more silver. If you look at the company's plans for the future, they're constrained by their production capacity—not how much silver they've got. They'll produce more and find more. It keeps going around like that.
They're very well run. One of the things you have to pay attention to is the people on the ground. That's why we go see them. You get really great managers that show up in New York, but you've got to go see the guys working on the ground at the site. They have great depth of management there."
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Sean Rakhimov, Silver Strategies (08/31/10)
"Perhaps the fastest growing mining company, it certainly is in the silver space, particularly on profits basis. First Majestic just posted a blockbuster $0.10 EPS in Q2. Short of any serious mishap FR is looking capable of achieving earnings of $0.40/share or better in the next 12 months. Combine that with its share price of around $4.0 as of this writing and you can come up with a P/E ratio that compares very advantageously to that of Eldorado Gold (50) and most other companies in its peer group. Better yet, First Majestic has all the ingredients to double its production again from projects it already owns in the next few years without further dilution."
The Gold Report Interview with Roger Wiegand (08/30/10)
"First Majestic is kind of like a senior/junior. The stock price in Canadian dollars was $4.81 yesterday, and has been steadily increasing. The bottom was $1 right after the Lehman event in 2008. The trading channel is also steadily up. We see a bullish cup and handle on the chart. We also see an inverted head and shoulders, which is bullish. . .If silver goes to that top I mentioned, we see some prices on First Majestic going to probably $4.95, $5.52, $6.00, $6.47. They're making a lot of money. They've got three silver mines.
I think there are [prospects for growth] because they're increasing production. They're putting out more ounces. Their total silver production in the second quarter of 2009 went up 86%. They milled 404,000 tons, which was a 20% increase over a previous quarter. It's a new record based on tonnage from all three mines. They have good management and the property is in a location we like."
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Charles Wyatt, Minesite (08/26/10)
"Keith Neumeyer, chief executive of First Majestic Silver, keeps coming up with the goodies. And the company's share price is reflecting these achievements. Back in April, when the shares were just over C$2, his company announced that it had achieved commercial production from a new 3,500-tpd cyanidation plant at La Encantada—the third of its producing mines. It had taken only five months to complete, and Keith looks on it as a major milestone in the growth of the company, and one that ensures that production will reach at least 6 Moz. of silver this year. The new plant at Encantada has plenty going for it, not least the tailings-filter presses, which mean that 84% of water used can be recirculated; in that respect they are at the cutting edge of technology."
The Gold Report Interview with Ron Struthers (07/23/10)
"I follow First Majestic. . .It has a good production growth profile and the cash flow and earnings are [good], as well. In the second quarter ending June 30th, production hit a new record of 1,651,411 silver equivalent ounces, up 72% over the same quarter."
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