Hermosillo, Sonora – (Mexico MIning Center – November 5, 2025) – On November 5, 2025, First Majestic Silver Corp. issued an update regarding the October 30, 2025 decision by the Supreme Court of Justice of Mexico related to its wholly-owned subsidiary, Primero Empresa Minera, S.A. de C.V. (“PEM”), operator of the San Dimas Silver/Gold Mine in Durango.
According to First Majestic, the Supreme Court granted an appeal filed earlier this year by the Mexican Ministry of Finance and Public Credit concerning the Court’s previous admission of PEM’s appeal relating to a 2012 tax reassessment. As a result of this ruling, the Supreme Court will not hear PEM’s appeal of a Collegiate Court decision that had upheld the reassessment issued by the Servicio de Administración Tributaria (“SAT”) in 2019 regarding the 2012 tax year.
The Company stated that it is currently waiting to be served with the official written decision in order to review the Court’s reasoning and determine its next steps. First Majestic noted that it will consider what further actions, if any, may be taken under Mexican domestic law and international law after reviewing the decision.
First Majestic also emphasized that its NAFTA arbitration proceeding remains ongoing in relation to the SAT’s nullification of an Advance Pricing Agreement (APA) that was previously granted to PEM in October 2012. In addition, the Company’s domestic legal challenge concerning the same nullification is still pending, with a decision expected from a Collegiate Court.
Mexico Mining Center will continue to monitor and report on developments regarding these legal proceedings.
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