La Encantada

The producing La Encantada Silver Mine in Coahuila, Mexico is 100%-owned by First Majestic and produced 2.76 Moz of silver and 137 ounces of gold in 2025 over its 4,076 ha land package. The underground silver mine has been in production under First Majestic’s tenure since 2006, and through various improvements, the processing plant was upgraded to 4,000 tpd and includes a roasting circuit to enhance recoveries and recover tailings.

In late 2021, First Majestic announced the successful completion of a land surface agreement on the 4,076 ha property package, which it indicated would open up a significant amount of near-mine exploration opportunities. First Majestic indicated that operating improvements at La Encantada have been driven by better ore flow and mine development rates following the engagement of a new mine development contractor. First Majestic expects 2026 production guidance to be in the range of 2.9 to 3.2 Moz of silver. In 2026, the First Majestic has budgeted approximately 8,700 meters of underground development and up to 10,000 meters of exploration drilling at La Encantada, including continued development of the Ojuelas and Milagros ore bodies and testing of the new La Esquina target.

Metalla receives 100% of the gold ounces payable at La Encantada, up to 1,000 ounces per year. Metalla accrued 122 GEOs from La Encantada in 2025.