First Majestic’s Jerritt Canyon 2027 restart: mine plan and capex lens for engineers
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
First Majestic Silver plans to restart the fully permitted Jerritt Canyon gold mine in Nevada by late 2027, backed by a 2026 spend of US$75 million on technical work, underground development, exploration and plant upgrades and a PFS due in Q4 2026. Updated resources stand at 54.3 million measured and indicated tonnes at 2.35 g/t Au (4.1 Moz) plus 46.6 million inferred tonnes at 2.44 g/t Au (3.66 Moz), following an 18,000-metre 2025 drill campaign and 42,000 metres planned for 2026. The revamped plan combines existing underground workings with new open‑pit potential around the SSX and Smith deposits, seeking to optimise long-term throughput through the roaster-based processing plant.
Technical Brief
- Jerritt Canyon has produced 9.85 Moz Au at an average 6.6 g/t between 1981 and 2023.
- Operation historically focused on underground mining, with most post‑2010 output from SSX and Smith deposits.
- Site was placed on care and maintenance in March 2023 due to high contractor costs and extreme weather.
- Land package covers 308 km² about 640 km north of Las Vegas, giving substantial step‑out exploration potential.
- TD Cowen currently values Jerritt Canyon at about US$582 million, framing restart economics against capex and gold price.
Our Take
With Jerritt Canyon in Nevada, First Majestic Silver is leaning further into US gold exposure at a time when our recent coverage shows many of its silver peers still heavily concentrated in higher-risk Mexican jurisdictions affected by cartel violence.
The sizeable remaining gold inventory at Jerritt Canyon, combined with its long production history from 1981 to 2023, suggests the late‑2027 restart case will likely hinge more on cost structure and processing strategy than on resource size or geological uncertainty.
TD Cowen’s US$582 million valuation for Jerritt Canyon, alongside First Majestic’s multi‑billion‑dollar market capitalisation, indicates the asset is material enough that restart timing and capex execution are likely to be key drivers in how generalist investors price the company versus other gold–silver names in our database.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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