First Majestic Receives Construction Permits for Santo Niño and Navidad; Advances Development Across the Santa Elena District Infill drilling at Santo Niño and Navidad returns multiple significant silver and gold intercepts,
First Majestic Receives Construction Permits
for Santo Niño and Navidad; Advances
Development Across the Santa Elena District
Infill drilling at Santo Niño and Navidad returns multiple significant silver and gold intercepts,
including high-grade results from resource-conversion drilling.
Permits received for construction of the Santo Niño and Navidad portals.
Additional $12 million investment planned in 2026 to advance underground access and position
Santo Niño for near-term mining.
Vancouver, British Columbia--(Newsfile Corp. - June 25, 2026) - First Majestic Silver Corp. (NYSE: AG)
(TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce positive infill drilling
results from the Santo Niño and Navidad targets at its Santa Elena Silver/Gold Mine in Sonora, Mexico.
The Company has also received the permits required to construct the Santo Niño and Navidad portals
and plans to invest an additional $12 million in 2026 to advance underground access, portal
construction, and development work intended to position Santo Niño for near-term mining.
"The continued advancement of Santo Niño and Navidad marks an important step in unlocking the
next phase of growth at Santa Elena,"
stated Keith Neumeyer, CEO of First Majestic.
"Infill drilling
continues to return significant silver and gold intercepts at both targets. With construction permits now
received for the Santo Niño and Navidad portals, and an additional $12 million investment planned in
2026, we are moving Santo Niño from discovery toward near-term mining readiness while continuing
to advance Navidad, one of the most significant discoveries made at Santa Elena to date. Together,
Santo Niño and Navidad are expected to become important contributors to the future mine plan and
have the potential to materially extend Santa Elena's mine life."
2026 EXPLORATION HIGHLIGHTS
Santo Niño Vein System
To date, a total of 26,904 metres ("m") of drilling has been completed across 69 holes in 2026 at Santo
Niño as part of the Company's ongoing resource-conversion and development-focused drilling program.
Drilling at Santo Niño has focused primarily on infilling the current Inferred Mineral Resources to support
potential conversion to Indicated Mineral Resources and to advance near-term mine planning. Results
received to date include significant silver and gold intercepts that are overall better than modeled and
confirm the presence of higher-grade mineralization in the western portion of the vein.
Navidad Vein System
To date, a total of 7,704 m of drilling has been completed across 10 holes at Navidad in 2026. Drilling
has focused primarily on supporting potential conversion of Inferred Mineral Resources to Indicated
Mineral Resources at the Winter vein which, based on its geometric configuration, is expected to play an
important role early in the future mine schedule. Results received to date include high-grade silver and
gold intercepts near the edge of the current Inferred Mineral Resource.
Figure 1: Santa Elena District Map Highlighting Santo Niño and Navidad Target Areas. Plan View.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/302888_5632c92074479b28_002full.jpg
KEY DRILLING HIGHLIGHTS
Table 1 presents a selection of significant silver and gold drill hole intercepts from the 2026 Santa Elena
drilling program at Santo Niño and Navidad. The selected intercepts include results from resource-
conversion drilling at the Santo Niño vein and the Winter vein at Navidad.
Table 1: Selection of Significant Drill Hole Intercepts from the Santa Elena 2026 Drill Program
Drillhole
Target
Significant Intercept
From
(m)
To
(m)
True Width
(m)
Ag
(g/t)
Au
(g/t)
AgEq
(g/t)
Santo Niño Target
SE-26-84
Santo Niño Vein
229.35
234.15
3.68
252
8.46
886
SE-26-76
Santo Niño Vein
203.70
216.90
5.58
90
5.23
482
SE-26-65
Santo Niño Vein
197.35
204.05
5.80
111
4.04
414
SE-26-86
Santo Niño Vein
339.15
341.20
1.57
333
15.21
1474
SE-26-82
Santo Niño Vein
365.35
377.90
10.87
77
1.52
191
Navidad Target
EWUG-
26-089
Winter Vein
562.65
565.30
2.49
359
23.59
2128
EWUG-
26-091
Winter Vein
601.65
617.50
14.89
28
3.5
291
EWUG-
26-088
Winter Vein
600.15
605.00
3.43
358
11.99
1257
Drilling remains ongoing at the Santo Niño and Navidad targets. At Santo Niño, drilling is being
completed as part of a planned program of approximately 45,000 m in 2026. At Navidad, drilling is
being completed as part of a planned program of approximately 17,000 m in 2026. The drilling is
intended to increase data density, improve understanding of the mineralized volume, grade continuity,
and vein geometry, and support potential conversion of Inferred Mineral Resources to Indicated Mineral
Resources. This work is expected to strengthen geological confidence and support the basis for
underground access design, mine planning, production scheduling, and economic evaluation.
Significant silver and gold mineralization intersected within the Santo Niño vein currently extends
approximately 1,100 m along strike and 425 m down dip and the mineralization averages approximately
4.0 m in thickness ranging from 1.0 m to 16.0 m (Figure 2). Mineralized secondary veins and breccias in
the hanging wall and/or footwall of the principal vein have also been identified in several drill holes and
remain under investigation.
Figure 2: Santo Niño Vein Long Section Looking North with Significant Intercepts
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/302888_5632c92074479b28_003full.jpg
Significant silver and gold mineralization intersected within the Winter vein currently extends
approximately 1,000 m along strike and 350 m down dip, with true thickness ranging from 2.8 m to 4.4 m
(Figure 3). The 2026 drilling continues to support evaluation of the Winter vein as a potentially important
early mining area within the Navidad mineralized system.
Figure 3: Winter Vein Long Section Looking Northwest with Significant Intercepts
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/302888_5632c92074479b28_004full.jpg
ADVANCING UNDERGROUND ACCESS TO SANTO NIÑO AND NAVIDAD
The Company is advancing Santo Niño and Navidad from resource definition toward underground
development, supported by recently received portal construction permits and an additional $12 million
investment planned for 2026. This next phase of work is expected to establish dedicated underground
access to both areas, support decline and ramp development, and position higher-grade mineralization
from Santo Niño and Navidad to contribute to the future Santa Elena district production profile.
A recently completed scoping-level study identified dedicated underground access as the preferred
approach to advance the Santo Niño and Navidad mineral resources. At Santo Niño, the preferred
access concept includes a dedicated portal, the Santo Niño portal, and an approximately 450 m haul
road connecting the portal area to the existing Ermitaño haul road.
The study also indicates that development of an additional portal, the Navidad portal, located
approximately 300 m from the Santa Elena processing facilities, together with ramp development from
the lower levels of Ermitaño to provide secondary egress and ventilation, is expected to provide an
efficient route to Navidad mineralization and support future haulage of mineralized material from the
Navidad area (Figure 4).
Preliminary mining and processing schedules for the Santa Elena district resources indicate that higher-
grade mineralization from Santo Niño and Navidad has a positive impact on production profiles,
displacing lower-grade mineralization from other deposits.
The additional 2026 funding is planned to support construction of the Santo Niño and Navidad portals,
advance hydrogeological studies, construct the haul road linking the Santo Niño portal to the Ermitaño
haul road, complete approximately 800 m of decline development at Santo Niño, and complete an
additional 1,300 m of development in the Ermitaño-to-Navidad ramp and from the Navidad portal.
Figure 4: Proposed Santo Niño and Navidad Portals and Access Development. Plan View (Top) and
Orthogonal View Looking North-Northwest (Bottom)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/302888_5632c92074479b28_005full.jpg
Permitting
The Company has received the permits required for construction of the Santo Niño and Navidad portals,
representing a key regulatory milestone in advancing toward underground development activities for the
two mineral resources. With these permits now in hand, the Company plans to commence portal
construction and related infrastructure work in the second half of 2026.
Summary of Significant Assay Results
A summary of significant assay results from exploration drilling completed at Santo Niño and Navidad
during the first half of 2026 are provided in Table 2 and Table 3 below.
Table 2: Summary of Significant Silver and Gold Drill Hole Intercepts at Santo Niño
Drillhole
Target
Target Type
Significant Intercept
From
(m)
To
(m)
True Width
(m)
Au
(g/t)
Ag
(g/t)
AgEq
(g/t)
SE-25-58
Santo Niño
Vein
Resource
addition
935.85
942.20
3.18
0.58
63
107
SE-25-61
Santo Niño
Vein
Resource
conversion
811.00
814.80
3.11
2.34
79
255
SE-26-62
Santo Niño
Vein
Resource
conversion
201.85
205.95
3.14
6.31
131
604
Include
Resource
conversion
203.35
203.85
0.38
27.85
477
2566
SE-26-63
Vein
Resource
addition
467.20
468.75
1.10
3.51
63
326
Santo Niño
Vein
Resource
conversion
478.55
480.10
1.19
3.74
172
452
SE-26-65
Santo Niño
Vein
Resource
conversion
197.35
204.05
5.80
4.04
111
414
Include
Resource
conversion
202.30
202.75
0.39
11.89
93
985
SE-26-66
Santo Niño
Vein
Resource
conversion
198.65
200.75
1.72
6.30
145
617
Include
Resource
conversion
199.45
200.25
0.66
10.83
291
1104
SE-26-67
Santo Niño
Vein 1
Resource
conversion
467.00
469.10
1.61
1.76
60
192
Santo Niño
Vein 2
Resource
conversion
470.50
472.95
1.88
2.23
17
184
SE-26-68
Santo Niño
Vein
Resource
conversion
165.60
171.05
4.17
3.63
89
361
Include
Resource
conversion
167.25
167.80
0.42
10.84
111
924
SE-26-69
Santo Niño
Vein 1
Resource
conversion
127.05
131.85
3.68
2.96
32
254
Include
Resource
conversion
129.45
130.00
0.42
13.46
51
1061
Santo Niño
Vein 2
Resource
conversion
132.80
134.20
1.07
1.01
30
106
Breccia
Resource
addition
192.65
197.45
3.39
4.39
72
401
Include
Resource
addition
193.20
193.55
0.25
19.74
78
1558
SE-26-70
Santo Niño
Vein 1
Resource
conversion
489.15
490.55
1.07
2.99
57
282
Santo Niño
Vein 2
Resource
conversion
496.30
500.85
3.73
2.93
117
337
SE-26-71
Santo Niño
Vein
Resource
conversion
156.15
157.40
1.02
1.54
123
239
SE-26-73
Santo Niño
Vein
Resource
conversion
354.70
360.65
5.39
5.70
120
547
Include
Resource
conversion
356.75
357.75
0.91
14.09
307
1363
SE-26-74
Santo Niño
Vein
Resource
conversion
178.80
184.00
2.98
1.46
24
133
SE-26-76
Vein
Resource
addition
150.30
152.55
1.59
2.73
7
212
Santo Niño
Vein
Resource
conversion
203.70
216.90
5.58
5.23
90
482
Include
Resource
conversion
211.45
212.70
0.53
22.99
391
2116
SE-26-78
Santo Niño
Vein
Resource
conversion
374.00
380.60
5.06
3.92
59
353
SE-26-80
Santo Niño
Vein 1
Resource
conversion
223.90
226.90
2.30
0.75
44
100
Santo Niño
Vein 2
Resource
conversion
232.05
238.00
4.87
3.21
102
342
Santo Niño
Vein 3
Resource
conversion
239.75
241.30
1.27
0.91
112
180
Santo Niño
Vein 4
Resource
conversion
244.05
249.20
4.67
0.86
86
150
SE-26-82
Santo Niño
Vein
Resource
conversion
365.35
377.90
10.87
1.52
77
191
SE-26-84
Santo Niño
Vein 1
Resource
conversion
220.55
227.75
5.52
2.13
48
208
Santo Niño
Vein 2
Resource
conversion
229.35
234.15
3.68
8.46
252
886
Include 1
Resource
conversion
230.15
230.60
0.34
16.60
344
1589
Include 2
Resource
conversion
231.10
231.55
0.34
18.61
407
1803
Include 3
Resource
conversion
231.90
232.80
0.69
17.23
598
1891
SE-26-86
Santo Niño
Vein 1
Resource
conversion
335.10
337.00
1.46
6.07
91
546
Include
Resource
conversion
336.25
336.65
0.31
14.28
219
1290
Santo Niño
Vein 2
Resource
conversion
339.15
341.20
1.57
15.21
333
1474
Include
Resource
conversion
340.80
341.20
0.31
75.63
1590
7262
SE-26-88
Santo Niño
Vein
Resource
conversion
287.50
291.45
2.54
2.18
43
206
SE-26-90
Santo Niño
Vein
Resource
conversion
160.55
162.50
1.25
1.79
79
213
SE-26-91
Santo Niño
Vein
Resource
conversion
316.55
318.35
1.16
11.52
183
1047
Include
Resource
conversion
317.00
317.45
0.29
37.78
453
3287
SE-26-92
Santo Niño
Vein
Resource
conversion
193.55
195.80
1.29
0.93
99
168
SE-26-93
Santo Niño
Vein
Resource
conversion
356.40
366.45
8.23
3.36
81
333
Include
Resource
conversion
357.95
358.65
0.57
22.91
287
2005
SE-26-94
Santo Niño
Vein
Resource
conversion
193.50
199.70
3.99
4.40
70
400
Include
Resource
conversion
197.50
198.20
0.45
16.89
191
1458
SE-26-95
Santo Niño
Vein
Resource
conversion
295.20
297.50
1.88
1.60
78
198
SE-26-97
Santo Niño
Vein
Resource
conversion
386.15
390.70
3.22
1.38
63
167
SE-26-99
Santo Niño
Vein
Resource
conversion
320.30
325.35
3.57
3.90
136
429
Include
Resource
conversion
321.80
322.35
0.39
15.19
148
1288
Include
Resource
conversion
324.15
324.45
0.21
7.12
1125
1660
SE-26-100
Vein
Resource
addition
775.85
777.40
1.00
1.02
58
135
SE-26-102-A
Santo Niño
Vein
Resource
conversion
287.25
296.90
6.20
1.39
100
205
Include
Resource
conversion
290.60
291.10
0.32
10.92
436
1255
SE-26-103
Santo Niño
Vein
Resource
conversion
272.30
275.65
2.74
0.82
74
136
SE-26-104
Santo Niño
Vein 1
Resource
conversion
398.15
402.05
2.04
2.25
137
306
Santo Niño
Vein 2
Resource
conversion
418.85
420.10
1.02
0.65
73
121
SE-26-105
Santo Niño
Vein 1
Resource
conversion
299.60
301.55
1.38
1.89
33
175
Santo Niño
Vein 2
Resource
conversion
310.80
313.30
1.06
1.44
8
116
SE-26-106
Santo Niño
Vein
Resource
conversion
335.45
336.95
1.15
1.91
31
174
SE-26-108
Santo Niño
Vein
Resource
conversion
415.20
416.80
1.13
1.25
109
203
SE-26-113
Santo Niño
Vein 1
Resource
conversion
392.40
394.05
1.06
4.03
112
414
Santo Niño
Vein 2
Resource
conversion
397.50
400.85
2.15
2.27
42
212
SE-26-114
Santo Niño
Vein
Resource
conversion
127.40
130.15
1.94
0.90
125
192
Table 3: Summary of Significant Silver and Gold Drill Hole Intercepts at Navidad
Drillhole
Target
Target Type
Significant Intercept
From
(m)
To
(m)
True Width
(m)
Au
(g/t)
Ag
(g/t)
AgEq
(g/t)
EWUG-26-087
Winter Vein
Resource
conversion
617.50
619.00
1.30
1.48
26
137
EWUG-26-088
Winter Vein
Resource
conversion
600.15
605.00
3.43
11.99
358
1257
Include 1
Resource
conversion
600.15
601.05
0.64
34.28
773
3345
Include 2
Resource
conversion
601.35
602.05
0.49
26.05
584
2538
San Nicolas
Vein
Resource
addition
732.45
736.70
2.73
3.14
73
308
EWUG-26-089
Winter Vein
Resource
conversion
562.65
565.30
2.49
23.59
359
2128
EWUG-26-091
Winter Vein
Resource
conversion
601.65
617.50
14.89
3.50
28
291
Include 1
Resource
conversion
603.00
603.35
0.33
11.70
88
966
Include 2
Resource
conversion
605.35
605.75
0.38
10.20
77
843
Include 3
Resource
conversion
607.50
608.00
0.47
10.32
49
823
Notes:
1
.
All holes are Diamond Drill Core; AgEq grade = Ag grade (g/t) + [Au (g/t) * 75].
2
.
From and To length indicated in metres, true width of the intercept is calculated per drill hole and vein angles.
3
.
See Appendix for details regarding drill hole locations, sample type, azimuth, dip and total depth.
4
.
Significant silver and gold drill hole intercepts were composited using the length weighted averages of uncapped sample assays, a 90 g/t
AgEq minimum grade (Cut-off-Grade, "COG") for Santo Niño, and 110 g/t AgEq minimum grade for Navidad; minimum composite length of 1.0
m (true width). A maximum of 1.0 m below the minimum grade cut-off was allowed as internal dilution. Where necessary to achieve minimum
length, a single sample below the COG but grading >70g/t AgEq was allowed to be composited for short intervals.
5
.
Where present, single samples or intercepts with assay results higher than 1000 g/t Ag and/or 10 g/t Au are highlighted as "Include" in each
intercept.