M&A

First Majestic to invest in Blackrock Silver

Strategic investment as First Majestic expands Nevada presence

 Blackrock Silver's Tonopah West project in Nevada, USA

Blackrock Silver's Tonopah West project in Nevada, USA

First Majestic will buy 2.7 million units at C75c per unit and purchase $1.25 million of an $8 million private placement on the same terms, which Blackrock announced earlier. Each unit is comprised of one share and half a warrant exercisable at $1.15 for two years.

"This strategic investment by First Majestic represents a validation of the potential at our Tonopah West silver-gold project in Nevada," said Blackrock Silver president and CEO Andrew Pollard.

The investment signals continuing diversification from its Mexico production base and into Nevada for First Majestic. In March, the producer agreed to buy the Jerritt Canyon operation from Sprott Mining for $470 million in stock. In 2020, Jerritt Canyon produced 112,749 ounces of gold.

Blackrock said it is working towards delivering a maiden resource estimate on Tonopah West.

Shares in Blackrock Silver are trading at 88c, valuing the company at $108 million.

Shares in First Majestic Silver are trading at $21.01, valuing the company at $5.3 billion.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.