First Majestic to buy back shares
First Majestic Silver Corp., owner of the Jerritt Canyon property roughly 50 miles north of Elko, a silver minting facility in Las Vegas and mines in Mexico, announced Toronto Stock Exchange approval to repurchase company shares.
The Vancouver-based First Majestic can potentially buy back up to 10 million common shares between Sept. 12 and Sept. 11, 2025, with all purchases to be made at prevailing market prices, according to the company’s Sept. 10 announcement.
The 10 million shares represent roughly 3.32% of First Majestic’s nearly 301.62 million outstanding shares, and the Toronto Stock Exchange’s approval is for up to a daily maximum of 193,454 shares of buy-back.
The company stated it 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, and at such times share buybacks are in the best interest of the company.
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The repurchases should benefit all shareholders by increasing their proportionate equity interest in First Majestic, the company said.
First Majestic operates the San Dimas and Santa Elena gold and silver mines and the La Encantada silver mine and is exploring at Jerritt Canyon, where the company shut down mining operations in March 2023.
In addition, the company and Gatos Silver Inc. announced on Sept. 5 they have entered into a definitive merger agreement in which First Majestic will acquire all the issued and outstanding common shares of Gatos.