UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM SD

Specialized Disclosure Report

FIRST MAJESTIC SILVER CORP.

(Exact name of registrant as specified in its charter)

British Columbia, Canada

001-34984

Not applicable

(State or other jurisdiction of
incorporation or organization)

(Commission File Number)

(IRS Employer
Identification No.)

Suite 1800 - 925 West Georgia Street
Vancouver, British Columbia, Canada

V6C 3L2

(Address of principal executive offices)

(Zip Code)

David Soares

First Majestic Silver Corp.

(604) 688-3033

(Name and telephone number, including area code, of person to contact in connection with this report)

Check the appropriate box to indicate the rule pursuant to which this form is being filed, and provide the period to which the information in this form applies:

☐  Rule 13p-1 under the Securities Exchange Act (17 CFR 240.13p-1) for the reporting period from January 1 to December 31, ___________.

☒  Rule 13q-1 under the Securities Exchange Act (17 CFR 240.13q-1) for the fiscal year ended December 31, 2023.

SECTION 1 - CONFLICT MINERALS DISCLOSURE

Item 1.01 - Conflict Minerals Disclosure and Report

Not applicable

Item 1.02 - Exhibit

Not applicable

SECTION 2 - RESOURCE EXTRACTION ISSUER DISCLOSURE

Item 2.01 Resource Extraction Issuer Disclosure and Report

First Majestic Silver Corp. ("First Majestic") is subject to Canada's Extractive Sector Transparency Measures Act ("ESTMA"). First Majestic is relying on the alternative reporting provision of Item 2.01 and providing its ESTMA report for the year ended December 31, 2023 to satisfy the requirements of Item 2.01. First Majestic's ESTMA report is available on First Majestic's website at https://firstmajestic.com/investors/reports-filings/ or on the Government of Canada's website at https://natural-resources.canada.ca/our-natural-resources/minerals-mining/services-for-the-mining-industry/extractive-sector-transparency-measures-act/links-estma-reports/18198. The payment disclosure required by Form SD is included as Exhibit 2.01 to this Form SD.

SECTION 3 - EXHIBITS

Item 3.01. Exhibits

The following exhibit is filed as part of this report.

Exhibit Number

 

Description

 

 

 

2.01

 

Extractive Sector Transparency Measures Act - Annual Report for the year ended December 31, 2023

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned.

FIRST MAJESTIC SILVER CORP.

 

 

 

 

By: 

/s/ Samir Patel

 

September 4, 2024

 

Samir Patel

 

(Date)

 

General Counsel & Corporate Secretary

 

 


UNCLASSIFIED - NON CLASSIFIÉ#

Extractive Sector Transparency Measures Act - Annual Report  
Reporting Entity Name First Majestic Silver Corp.  
Reporting Year From  2023-01-01 To:  2023-12-31 Date submitted 2024-05-10  
Reporting Entity ESTMA Identification Number E313966  Original Submission
 Amended Report		    
Other Subsidiaries Included
(optional field)		    
   
Not Consolidated    
   
Not Substituted    
   
Attestation by Reporting Entity    
In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.  
   
   
Full Name of Director or Officer of Reporting Entity David Soares Date 2024-05-10  
Position Title Chief Financial Officer  


Extractive Sector Transparency Measures Act - Annual Report
Reporting Year From:  2023-01-01 To:  2023-12-31    
Reporting Entity Name First Majestic Silver Corp. Currency of the Report CAD
Reporting Entity ESTMA Identification Number E313966    
Subsidiary Reporting Entities (if necessary)      
Payments by Payee
Country  Payee Name1 Departments,
Agency, etc —
within Payee that
Received
Payments2		  Taxes Royalties  Fees Production
Entitlements		 Bonuses  Dividends Infrastructure
Improvement
Payments		 Total
Amount paid
to Payee		 Notes34
Mexico Government of Mexico Tax Administration Service 38,410,000 7,370,000 180,000         45,960,000 Payments related to income taxes, 0.5% extraordinary mining duty (Royalties), and "MAP" (Fees).
Mexico Government of Mexico Economy Secretary     8,650,000         8,650,000 Payments related to mining concessions (Fees).
Mexico Government of Mexico National Water Commission     1,170,000         1,170,000 Payments related to water rights.
United States of America State of Nevada Nevada Division of Taxation 1,120,000             1,120,000 Payments related to mining royalties.
United States of America Government of the United States of America Bureau of Land Management     720,000         720,000 Payments related to land claims.
Switzerland Canton of Zurich Cantonal Tax Office Zurich 690,000             690,000 Payments related to state taxes.
United States of America Elko County Elko County Treasurer 460,000             460,000 Payments related to property taxes.
Mexico Municipality of Chalchihuites       360,000         360,000 Payments related to property taxes.
United States of America State of Nevada Nevada Department of Environmental  Protection     290,000         290,000 Payments related to environmental permits.
Mexico Municipality of Banamichi       280,000         280,000 Payments related to land licenses.
Mexico Government of Mexico Energy Regulatory Commission     110,000         110,000 Payments related to city taxes.
Mexico Municipality of Ocampo       110,000         110,000 Payments related to Mine Safety and Health and Internal Revenue Services fees.
Mexico Government of Mexico Secretary of Finance and Administration     60,000         60,000 Payments related to vehicles and property taxes.
United States of America Elko County Elko County Recorders Office     50,000         50,000 Payments related to mineral claims.
United States of America State of Nevada Nevada Department of Wildlife     40,000         40,000 Payments related to permitting fees.
Mexico Government of Mexico Secretary of Communications and Transport     30,000         30,000 Payments related to state taxes.
Mexico Government of the State of Sonora       30,000         30,000 Payments related to federal income taxes.
Mexico Government of Mexico Secretary of Environment and Natural Resources     20,000         20,000 Payments related to environmental permits.
Mexico Government of Mexico Treasury of the Federation     20,000         20,000 Payments related to property taxes.
Mexico Government of Mexico National Secretary of Defense     10,000         10,000 Payments related to army permissions
Mexico Government of the State of Durango       10,000         10,000

Payments related to land claims.
United States of America State of Nevada Nevada Department of Motor Vehicles     10,000         10,000 Payments related to vehicle registration fees.
Mexico Government of the State of Coahuila de Zaragoza       10,000         10,000 Payments related to operation permission of SEPIMISA.
United States of America State of Nevada State emergency response commission     10,000         10,000 Payments related to Mine Safety and Health and
Internal Revenue Services fees.
Additional Notes: Payments are converted based on an annual average foreign exchange rate of 13.15 MXN to CAD, 0.69 EUR to CAD, 0.67 CHF to CAD and 0.74 USD to CAD

 

Extractive Sector Transparency Measures Act - Annual Report
Reporting Year From:  2023-01-01 To:  2023-12-31    
Reporting Entity Name First Majestic Silver Corp. Currency of the Report CAD
Reporting Entity ESTMA Identification Number E313966    
Subsidiary Reporting Entities (if necessary)      
Payments by Project
Country Project Name1  Taxes Royalties  Fees  Production Entitlements  Bonuses  Dividends Infrastructure
Improvement Payments		 Total Amount paid
by Project 		Notes23
Mexico San Dimas Silver and Gold Mine 23,610,000 2,100,000 2,530,000         28,240,000  
Mexico Santa Elena Silver and Gold Mine 5,330,000 4,740,000 3,860,000         13,930,000  
Mexico La Encantada Silver Mine 1,910,000 530,000 420,000         2,860,000  
Mexico La Parrilla Silver Mine     1,940,000         1,940,000  
United States of America Jerritt Canyon Gold Mine 1,580,000   1,120,000         2,700,000  
Mexico La Guitarra Silver Mine     680,000         680,000  
Mexico Del Toro Silver Mine     870,000         870,000  
Mexico San Martin Silver mine 20,000   430,000         450,000  
Mexico La Luz Silver Project     150,000         150,000  
Mexico La Joya Project     70,000         70,000  
Mexico Corporate 7,540,000   100,000         7,640,000  
Switzerland Corporate 690,000             690,000  
Additional Notes3: (a) Taxes relate to income taxes, property taxes and 7.5% mining royalty paid to Servicio de Administracion Tributar
(b) Royalties relate to 0.5% extraordinary mining duty paid to Secretaria de Administracion Tributar
(c) Fees primarily relate to mining concessions paid to Secretaria de Economia; other fees include water rights, mineral claims, energy rights, environmental permits and aerial permits.
(d) All payments are converted based on an annual average foreign exchange rate of 13.15 MXN to CAD, 0.69 EUR to CAD, 0.67 CHF to CAD and 0.74 USD to CAD.
v3.24.2.u1
Document Information
 12 Months Ended
Dec. 31, 2023
Document Information:  
Document Type 2.01 SD
Amendment false
CIK 0001308648
Registrant Name FIRST MAJESTIC SILVER CORP
Period End Date Dec. 31, 2023
Reporting Currency CAD
v3.24.2.u1
Payments, by Category - CAD ($)
Taxes
Royalties
Fees
Total Payments
Total $ 40,680,000 $ 7,370,000 $ 12,170,000 $ 60,220,000
v3.24.2.u1
Payments, by Project - 12 months ended Dec. 31, 2023 - CAD ($)
Taxes
Royalties
Fees
Total Payments
Total $ 40,680,000 $ 7,370,000 $ 12,170,000 $ 60,220,000
Corporate Mexico        
Total 7,540,000   100,000 7,640,000
Corporate Switzerland        
Total 690,000     690,000
Del Toro Silver Mine        
Total     870,000 870,000
Jerritt Canyon Gold Mine        
Total 1,580,000   1,120,000 2,700,000
La Encantada Silver Mine        
Total 1,910,000 530,000 420,000 2,860,000
La Guitarra Silver Mine        
Total     680,000 680,000
La Joya Project        
Total     70,000 70,000
La Luz Silver Project        
Total     150,000 150,000
La Parrilla Silver Mine        
Total     1,940,000 1,940,000
San Dimas Silver and Gold Mine        
Total 23,610,000 2,100,000 2,530,000 28,240,000
San Martin Silver Mine        
Total 20,000   430,000 450,000
Santa Elena Silver and Gold Mine        
Total $ 5,330,000 $ 4,740,000 $ 3,860,000 $ 13,930,000
v3.24.2.u1
Payments, by Government - 12 months ended Dec. 31, 2023 - CAD ($)
Taxes
Royalties
Fees
Total Payments
Total $ 40,680,000 $ 7,370,000 $ 12,170,000 $ 60,220,000
SWITZERLAND        
Total 690,000     690,000
SWITZERLAND | Canton of Zurich, Cantonal Tax Office Zurich        
Total 690,000     690,000
MEXICO        
Total 38,410,000 7,370,000 11,050,000 56,830,000
MEXICO | Government of Mexico, Economy Secretary        
Total     8,650,000 8,650,000
MEXICO | Government of Mexico, Energy Regulatory Commission        
Total     110,000 110,000
MEXICO | Government of Mexico, National Secretary of Defense        
Total     10,000 10,000
MEXICO | Government of Mexico,National Water Commission        
Total     1,170,000 1,170,000
MEXICO | Government of Mexico, Secretary of Communications and Transport        
Total     30,000 30,000
MEXICO | Government of Mexico, Secretary of Environment and Natural Resources        
Total     20,000 20,000
MEXICO | Government of Mexico, Secretary of Finance and Administration        
Total     60,000 60,000
MEXICO | Government of Mexico, Tax Administration Service        
Total 38,410,000 $ 7,370,000 180,000 45,960,000
MEXICO | Government of Mexico, Treasury of the Federation        
Total     20,000 20,000
MEXICO | Government of the State of Coahuila de Zaragoza        
Total     10,000 10,000
MEXICO | Government of the State of Durango        
Total     10,000 10,000
MEXICO | Government of the State of Sonora        
Total     30,000 30,000
MEXICO | Municipality of Banamichi        
Total     280,000 280,000
MEXICO | Municipality of Chalchihuites        
Total     360,000 360,000
MEXICO | Municipality of Ocampo        
Total     110,000 110,000
UNITED STATES        
Total 1,580,000   1,120,000 2,700,000
UNITED STATES | Elko County, Elko County Recorders Office        
Total     50,000 50,000
UNITED STATES | Elko County, Elko County Treasurer        
Total 460,000     460,000
UNITED STATES | Government of the United States of America, Bureau of Land Management        
Total     720,000 720,000
UNITED STATES | State of Nevada, Nevada Department of Environmental Protection        
Total     290,000 290,000
UNITED STATES | State of Nevada, Nevada Department of Motor Vehicles        
Total     10,000 10,000
UNITED STATES | State of Nevada, Nevada Department of Wildlife        
Total     40,000 40,000
UNITED STATES | State of Nevada, Nevada Division of Taxation        
Total $ 1,120,000     1,120,000
UNITED STATES | State of Nevada, State emergency response commission        
Total     $ 10,000 $ 10,000
v3.24.2.u1
Payments, Details - 12 months ended Dec. 31, 2023 - CAD ($)
Amount
Type
Country
Subnat. Juris.
Govt.
Project
#: 1            
$ 38,410,000 Taxes MEXICO   Government of Mexico, Tax Administration Service  
#: 2            
7,370,000 Royalties MEXICO   Government of Mexico, Tax Administration Service  
#: 3            
180,000 Fees MEXICO   Government of Mexico, Tax Administration Service  
#: 4            
8,650,000 Fees MEXICO   Government of Mexico, Economy Secretary  
#: 5            
1,170,000 Fees MEXICO   Government of Mexico,National Water Commission  
#: 6            
1,120,000 Taxes UNITED STATES NEVADA State of Nevada, Nevada Division of Taxation  
#: 7            
720,000 Fees UNITED STATES   Government of the United States of America, Bureau of Land Management  
#: 8            
690,000 Taxes SWITZERLAND ZÜRICH Canton of Zurich, Cantonal Tax Office Zurich  
#: 9            
460,000 Taxes UNITED STATES NEVADA Elko County, Elko County Treasurer  
#: 10            
360,000 Fees MEXICO ZACATECAS Municipality of Chalchihuites  
#: 11            
290,000 Fees UNITED STATES NEVADA State of Nevada, Nevada Department of Environmental Protection  
#: 12            
280,000 Fees MEXICO SONORA Municipality of Banamichi  
#: 13            
110,000 Fees MEXICO   Government of Mexico, Energy Regulatory Commission  
#: 14            
110,000 Fees MEXICO COAHUILA DE ZARAGOZA Municipality of Ocampo  
#: 15            
60,000 Fees MEXICO   Government of Mexico, Secretary of Finance and Administration  
#: 16            
50,000 Fees UNITED STATES NEVADA Elko County, Elko County Recorders Office  
#: 17            
40,000 Fees UNITED STATES NEVADA State of Nevada, Nevada Department of Wildlife  
#: 18            
30,000 Fees MEXICO   Government of Mexico, Secretary of Communications and Transport  
#: 19            
30,000 Fees MEXICO SONORA Government of the State of Sonora  
#: 20            
20,000 Fees MEXICO   Government of Mexico, Secretary of Environment and Natural Resources  
#: 21            
20,000 Fees MEXICO   Government of Mexico, Treasury of the Federation  
#: 22            
10,000 Fees MEXICO   Government of Mexico, National Secretary of Defense  
#: 23            
10,000 Fees MEXICO DURANGO Government of the State of Durango  
#: 24            
10,000 Fees UNITED STATES NEVADA State of Nevada, Nevada Department of Motor Vehicles  
#: 25            
10,000 Fees MEXICO COAHUILA DE ZARAGOZA Government of the State of Coahuila de Zaragoza  
#: 26            
10,000 Fees UNITED STATES NEVADA State of Nevada, State emergency response commission  
#: 27            
23,610,000 Taxes MEXICO     San Dimas Silver and Gold Mine
#: 28            
2,100,000 Royalties MEXICO     San Dimas Silver and Gold Mine
#: 29            
2,530,000 Fees MEXICO     San Dimas Silver and Gold Mine
#: 30            
5,330,000 Taxes MEXICO     Santa Elena Silver and Gold Mine
#: 31            
4,740,000 Royalties MEXICO     Santa Elena Silver and Gold Mine
#: 32            
3,860,000 Fees MEXICO     Santa Elena Silver and Gold Mine
#: 33            
1,910,000 Taxes MEXICO     La Encantada Silver Mine
#: 34            
530,000 Royalties MEXICO     La Encantada Silver Mine
#: 35            
420,000 Fees MEXICO     La Encantada Silver Mine
#: 36            
1,940,000 Fees MEXICO     La Parrilla Silver Mine
#: 37            
1,580,000 Taxes UNITED STATES     Jerritt Canyon Gold Mine
#: 38            
1,120,000 Fees UNITED STATES     Jerritt Canyon Gold Mine
#: 39            
680,000 Fees MEXICO     La Guitarra Silver Mine
#: 40            
870,000 Fees MEXICO     Del Toro Silver Mine
#: 41            
20,000 Taxes MEXICO     San Martin Silver Mine
#: 42            
430,000 Fees MEXICO     San Martin Silver Mine
#: 43            
150,000 Fees MEXICO     La Luz Silver Project
#: 44            
70,000 Fees MEXICO     La Joya Project
#: 45            
7,540,000 Taxes MEXICO     Corporate Mexico
#: 46            
100,000 Fees MEXICO     Corporate Mexico
#: 47            
$ 690,000 Taxes SWITZERLAND     Corporate Switzerland
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