First Majestic tables update on Nevada mine restart plan
First Majestic Silver Corp. [FR-TSX, AG-NYSE, FMV-Frankfurt] has released a progress update on its plan to restart the Jerritt Canyon gold mine in Nevada. The company also said positive drill results from its ongoing 2026 near-surface drilling program has returned significant gold intercepts that further support a potential open-pit operation at the mine.
The historic Saval open-pit area located northwest of the SSX and Smith underground mines is a key target within the program, where 8,753 metres were completed across 85 holes. Drilling is intended to improve geological confidence and to evaluate whether mineral resources at Jerritt Canyon can be expanded or upgraded in class.
On Thursday, First Majestic shares were unchanged at $14.77. The shares trade in a 52-week range of $32.03 and $10.72.
Back in early April, 2026, the company said it had launched a restart plan for the Jerritt Canyon Gold mine as a result of a new expanded mineral resource base combined with strengthened long-term gold price assumptions and successful drilling results over the past two years. As part of the plan, the company said it had engaged Stantec Consulting Services Inc. to complete a pre-feasibility level study on Jerritt Canyon. It said the study was expected to be completed in the fourth quarter of 2026.
The company said it planned to invest $75 million in 2026 to support the restart of Jerritt Canyon, with production expected to commence in the second half of 2027. First Majestic went on to say that a 2025 year-end mineral resource estimate released on March 31 2026 highlight Jerritt Canyon’s strong sensitivity to bulk tonnage, low-cost open-pit mining opportunities “The study will focus on defining the optimal path the sustained, long term, production by leveraging this open pit potential, complemented by the existing underground mining operations,’’ the company said.
“This fully permitted gold mine is located in a premier, tier one mining jurisdiction with all critical infrastructure in place and is underpinned by new expanded mineral resource base of 4.1 million gold ounces in the measured and indicated categories, together with an additional 3.7 million gold ounces classified as inferred resources,’’ said First Majestic CEO Keith Neumeyer.
In its latest update, the company said its decision to replace the existing crushing, grinding and drying circuit at Jerritt Canyon with a VRM (vertical roller mill) is a key component of the restart plan. It said the VRM will prepare ore from the underground and potential open-pit operations for processing through the existing roasting facility. The new circuit is expected to provide a more reliable and efficient feed to the plant, increase throughput, reduce operating costs and improve utilization of Jerritt Canyon’s existing roasting capacity.
The company has also completed the acquisition of an adjacent property, totaling 1,202 hectares. The additional land is expected to support mine dewatering requirements and provide potential employee accommodation very close to the site.