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First Majestic Silver Corp (NYSE/TSX: AG) is a Vancouver, Canada-domiciled mining company focused on silver and gold production, with all four of its operating mines located in Mexico: San Dimas (Durango/Sinaloa), Santa Elena (Sonora), La Encantada (Coahuila), all 100%-owned, and the 70%-owned Los Gatos mine (Chihuahua).
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 1 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
Gatos Silver release of 20 Dec 2024: on 19 Dec 2024 the Los Gatos operating company and Dowa signed an amended and restated offtake for Dowa's purchase of zinc concentrates from Cerro Los Gatos (Chihuahua, MX), replacing the 15 Jul 2019 Zinc Offtake Agreement; concentrate goes to Dowa's Akita zinc smelter, Japan. Zinc concentrate, hence MX>JP. First Majestic holds 70% of the Los Gatos JV (Q2 2026 release; about-us page names Dowa Metals & Mining as the 30% holder), so related_party true. Contracting entity is Dowa Metals & Mining Co., Ltd., a Dowa Holdings group company. Volumes not disclosed in the release.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
This company sits on the supply side for 3 of its 3 materials — a restriction on those is a tailwind, not a headwind.
As a producer, policy pressure across its produced materials is flat.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
No actions in the register have named or swept this company in the last 24 months.