Springpole Project

On June 11, 2020, First Majestic announced that it has agreed to acquire from First Mining, a stream on 50% of payable silver produced from the Springpole Gold Project located in Ontario, Canada. First Majestic will make ongoing cash payments of 33% of the silver spot price per ounce, to a maximum of $7.50 per ounce, for all payable silver delivered by Springpole. First Majestic has agreed to pay First Mining total consideration of $22.5 million in cash and shares, over three milestone payments, for the silver stream which covers the life of the Project. During the mine's life, it is anticipated that it will produce approximately 22 million ounces. The transaction adds significant upside potential to higher silver prices, as well as substantial exploration upside over the large land holdings of over 70,000 hectares.