First Majestic Silver Corp. during the first quarter, the Company completed a total of approximately 65,970 metres of drilling across its mines in Mexico. During the quarter, up to 27 drill rigs were active consisting of five rigs at Los Gatos, seven rigs at Santa Elena, 13 rigs at San Dimas, and two rigs at La Encantada.
In March, the Company announced the results of a successful 2025 exploration program at its Jerritt Canyon Gold Mine located in Nevada, USA, including drilling at the Mahala, Javelin, and Saval targets within the Smith-SSX-Saval mining area. At the end of March, First Majestic announced updated Mineral Reserve Estimates for its four operating mines in Mexico, and updated Mineral Resource Estimates for its operating mines and for Jerritt Canyon, each with an effective date of December 31, 2025. Santa Elena delivered the largest percentage increase in Inferred Mineral Resources, driven by continued drilling success at the Navidad vein system and the declaration of a maiden Inferred Mineral Resource at the Santo Niño silver-gold discovery.
Together, Navidad and Santo Niño host 10.5 million tonnes of Inferred Mineral Resources containing 90.7 million AgEq ounces, at an average grade of 268 g/t AgEq. On April 2nd, the Company announced that it has commenced a restart plan for Jerritt Canyon as a result of the new expanded Mineral Resource base at Jerritt Canyon combined with strengthened long-term gold price assumptions and successful drilling results over the past two years. The consolidated first quarter 2026 Total Reportable Incident Frequency Rate for the Company was 0.61.
The Lost Time Incident Frequency Rate was 0.06 consistent with the same period last year. The Company continues to focus on increasing throughput at Los Gatos by increasing mine development and long-hole drilling rates and is targeting a sustained ore throughput of 4,000 tpd, based on operating days, in the second half of 2026. The mill processed a total of 227,379 tonnes of ore, up 17% year-over-year, with head grades of 190 g/t silver, 4.20% zinc, 2.00% lead and 0.19 g/t gold.
Silver, zinc, lead and gold recoveries during the quarter averaged 85%, 73%, 87% and 48%, respectively. During the quarter, five surface drill rigs completed 10,598 m of drilling on the property. Drilling continued at the Central and Northwest Deeps zones, as well as several greenfield targets.
Santa Elena produced 355,827 ounces of silver, up 5% year-over-year, and 21,117 ounces of gold, down 1% year-over-year. The mill processed another quarterly record of 284,236 tonnes of ore in the first quarter, 5% higher than the same period last year, with average silver and gold head grades of 61 g/t and 2.43 g/t, respectively. Average silver ore grades increased 5%, while gold ore grades declined 6% compared to the same quarter last year, in line with the mine plan.
Silver and gold recoveries during the quarter averaged 64% and 95%, respectively, compared to 68% and 95% in the same period last year. Lower silver recoveries were realized as a result of higher throughput rates in line with recent quarters. During the quarter, seven drill rigs, consisting of five surface rigs and two underground rigs, completed 20,429 m of drilling on the property.
Drilling activities included infill drilling aimed at converting Inferred Mineral Resources to Indicated Mineral Resources, as well as drilling at select greenfield exploration targets. San Dimas produced 1,177,686 ounces of silver and 12,541 ounces of gold, down 13%, and 12%, respectively, when compared to the same period last year. The quarterly performance was a result of lower silver and gold grades as planned and guided, partially offset by slightly higher throughput.
The mill processed a total of 235,519 tonnes of ore, an increase of 2% compared to the first quarter of 2025, with average silver and gold grades of 175 g/t and 1.76 g/t, respectively, compared with average silver and gold grades of 203 g/t and 2.04 g/t, respectively, in the same period last year. Higher throughput was achieved through improved mining rates driven by increased long-hole stoping that provided a steady supply of fresh ore to the mill. Silver and gold recoveries during the quarter averaged 89% and 94%, respectively, compared to 90% and 94%, respectively, in the same period last year.
Lower silver recoveries resulted from more complex ores encountered in the Perez vein. During the quarter, a total of 13 drill rigs consisting of three surface rigs and 10 underground rigs completed 31,722 m of drilling on the property. Drilling focused on the Coronado, Carmen Escobosa, Elia, Roberta, and Regina vein systems. During the quarter, La Encantada produced 829,081 ounces of silver, representing a 48% increase compared to the first quarter of 2025.
Production at La Encantada improved significantly due to improved ore flow and mine development rates resulting from management initiatives and the engagement of a new mine development contractor. The mill processed a total of 312,199 tonnes of ore, a 25% increase over the same period last year, with an average silver grade of 121 g/t, compared to 104 g/t in the same period last year. Silver recovery for the quarter was 69%, up from 67% in the first quarter of 2025.
During the quarter, two surface drill rigs completed 3,229 m of drilling on the property. The Company is currently testing several new exploration targets. Drilling at Jerritt Canyon is scheduled to commence in the second quarter of 2026.
The program includes approximately 600 m of underground expansionary development and 19,000 m of underground drilling at Smith-SSX, along with an additional 23,000 m of surface drilling focused on defining near-surface, open-pit mineral resources, for a total of 42,000 m of drilling in 2026. The re-opening of the Smith-SSX underground mines, mine plan optimization, and upgrading of the processing plant will commence in the second quarter of 2026 as key components of the Company's recently announced restart program for Jerritt Canyon.
