First Majestic Silver (AG) Agrees to Sell San Martin Mine for $90 Million
First Majestic Silver Corp. (NYSE:AG) is one of the best stocks to invest in under $100. On July 7, First Majestic Silver announced a definitive agreement to sell its San Martin Silver Mine in Jalisco, Mexico, to Flextronics Supply and Service for total proceeds of $90 million. The transaction includes the transfer of all shares of the subsidiary holding the mine and the associated Jalisco Group of Properties.
The payment structure consists of an upfront cash payment of $2.5 million, with the remaining $87.5 million to be paid through a series of scheduled installments over the next several years. Final payments include annual milestones leading to a concluding $35 million payment due on August 31, 2032.
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The sale remains subject to customary closing conditions and Mexican Antitrust approval, with the company expecting the deal to close in the fourth quarter of 2026. The San Martin operation, a past producer of silver and gold, has been held by First Majestic Silver Corp. (NYSE:AG) under care and maintenance since July 2019.
First Majestic Silver Corp. (NYSE:AG) acquires, explores, develops, and produces mineral properties in North America. The company explores for silver and gold deposits.
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