Vancouver-based First Majestic Silver Corp. is one of the world's purest
silver producers, deriving roughly 65% of its revenue from silver. The company employs more than 5,000 workers across three operating mines in México and ranks as one of the country's leaders in the mining sector. After 18 years of operation, First Majestic continues to reach new production milestones as it modernizes, expands operations, acquires new mines and explores for new resources. The company has developed a leading reputation for community outreach and support, especially through its comprehensive response to the COVID-19 pandemic.
Our Mines and Projects
SANTA ELENA SILVER/GOLD MINE
LA ENCANTADA SILVER MINE
SAN DIMAS SILVER/GOLD MINE
LA PARILLA SILVER MINE
DEL TORO SILVER MINE
SAN MARTIN SILVER MINE
LA GUITARRA SILVER MINE
About the Cover: Photo taken by Jose Pacheco Ochoa
PHOTO: Hernán Valdez Gutiérrez
A Team Effort:
Employee Photos in This Report
For this year's Annual Report, we are proud to feature photos taken by employees at our operations in México. The photos were part of a company-wide photo contest conducted in 2020.
The contest aligned with First Majestic's Heart-Mindand Well- Being initiative, where we brought employees together through our company intranet to share knowledge on managing pandemic stress and demands. The programs included Wellness Wednesday, a monthly news item sent to all employees with helpful tips for health, safety and well-being.
I'm pleased to report this initiative was received enthusiastically with participation throughout the company. The photos in this report reflect the closeness, community and shared support amongst our First Majestic Family.
Jill Anne Arias
Vice President of Marketing & Corporate Communications
Table of Contents
02 Our Vision, Our Mission, Our Values
04 Milestones in 2020
05 Operating and Financial Highlights
06 Looking Ahead
07 Why Silver is More Essential than Ever
08 Message from the President and CEO
Letter from the Chief Operating Officer
Letter from the Chief Financial Officer
Community, Health and Safety
14 Environmental Review
16 San Dimas Silver/Gold Mine
18 La Encantada Silver Mine
20 Santa Elena Silver/Gold Mine
Ermitaño Project
Exploration: the Key to Organic Growth
25 Reserves & Resources
27 Audited Consolidated Financial Statements
68 Management Discussion & Analysis
Our Vision
FIRST MAJESTIC'S VISION IS TO BECOME THE WORLD'S LARGEST PRIMARY SILVER PRODUCER WHILE IMPROVING LIVES AND COMMUNITIES IN OUR HOST REGIONS AND INCREASING SHAREHOLDER VALUE.
WE WILL ACHIEVE OUR VISION BY:
Continuing to hire the
Maximizing margins
Ongoing investment
industry's best talent
and minimizing risk
in exploration
Aggressively pursuing
through company-wide
Acquiring additional
R&D, optimization and
development of our
mineral assets
modernization
existing property assets
PHOTO: Guadalupe Maria Salazar
02
Our Mission
FIRST MAJESTIC'S MISSION IS TO PRODUCE PROFITABLE SILVER OUNCES AND TO OPTIMIZE AND GROW OUR MINERAL RESOURCES THROUGH AN EMPOWERED WORK FORCE THAT ENCOURAGES CONTINUITY AND PERMANENCE OF THE ORGANIZATION.
Our Values
TRUST Act and firmly believe in commitment and dedication of each other.
ACCOUNTABILITY Take
ownership of our responsibilities and meet our commitments.
HONESTY Always tell the truth, have strong moral principles
CREATIVITY Turn new and
imaginative ideas into better ways of doing things.
ATTITUDE Maintain a strong positive disposition and commit in order to learn and change.
SUSTAINABILITY Work
to improve the quality of life of the communities where we operate, while using the best practices.
LOYALTY Be true to our values, always look after the best interest of our co-workers and families
FIRST MAJESTIC SILVER 2020 ANNUAL REPORT 03
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Disclaimer
First Majestic Silver Corp. published this content on 18 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 May 2021 07:40:02 UTC.
First Majestic Silver Corp. is a Canada-based mining company focused on silver and gold production in Mexico and the United States. The Company 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. The San Dimas Silver/Gold Mine is located approximately 130 kilometers (km) northwest of Durango, Durango State, Mexico and consists of 71,868 hectares (ha) of mining claims located in the states of Durango and Sinaloa, Mexico. The Santa Elena Silver/Gold Mine is located 150 km northeast of the city of Hermosillo, Sonora, Mexico and controls mining concessions totaling 102,244 ha. The La Encantada Silver Mine is an underground mine located in the northern Mexico State of Coahuila, 708 km northeast of Torreon. La Encantada has 4,076 ha of mineral concessions and surface land ownership of 1,343 ha.
FIRST MAJESTIC SILVER CORP. 
