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San Dimas: First Majestic Silver’s Sleeper Asset

When it comes to First Majestic Silver Corp. (TSX: AG) (NYSE: AG), the narrative among investors as of late has largely been centered around Cerro Los Gatos, which was acquired earlier this year, Jerritt Canyon, which was acquired a few years back, and the top-performing Santa Elena complex, which has now had multiple major discoveries in the last 12 months alone.

And we also did a site visit to Santa Elena, which we like to think has strongly contributed to the discussion.

But there’s another major asset within First Majestic’s portfolio that seemingly gets much less attention from investors: San Dimas.

You can read more on the matter here.

What’s going on?

• Factory Orders Dive 4.8%, Biggest Fall Since Pandemic-Lockdown Era (theDeepDive)

• Trump stokes conspiracies about jobs data, as White House defends firing BLS chief (CNBC)

• Ghislaine Maxwell Transferred to Minimum-Security Prison After Justice Department Interview (theDeepDive)

• Canadian ministers to discuss trade in meetings with Mexican president and government officials (Globe)

• Economic Experts Condemn Trump’s Firing of Labor Statistics Chief (theDeepDive)

• Donald Trump to raise tariffs on India over Russian oil purchases (FT)

• Canadian Provinces Hit With Massive Deficits in 2025 (theDeepDive)

• EU Awaits Trump Actions on Car Tariffs, Exemptions This Week (Bloomberg)

• Trump Order on Homelessness Raises Broader Civil Commitment Concerns (theDeepDive)

What’s the latest?

• Trump: Trump ordered the firing of Bureau of Labor Statistics Commissioner Erika McEntarfer after weak July job data and major downward revisions to previous months. He accused McEntarfer, a Biden appointee, of faking numbers. It's unclear if she has been officially removed. Trump said she would be replaced with someone “more competent and qualified.”

• Musk: Tesla is awarding Elon Musk 96 million restricted shares worth about $29 billion, despite a prior court order voiding his 2018 pay package. Musk must pay $23.34 per share to exercise the award, which mirrors the original terms. The company argues Musk deserves the compensation for delivering massive value, though Tesla shares are down 23% this year. Musk’s leadership remains under scrutiny amid legal battles, falling profits, and concerns over his political ties.

• AI: OpenAI’s ChatGPT now has 700 million weekly active users, up from 500 million in March and over four times higher than last year. Daily messages have surpassed 3 billion, and paying business users rose to 5 million from 3 million in June. OpenAI’s annual recurring revenue reached $13 billion, aiming for $20 billion by year-end. It also secured $8.3 billion in funding as part of a $40 billion round led by SoftBank.

• Commodities : The U.S. will impose a 50% tariff on semi-finished copper products, mainly targeting China, but Canada is exempt. Canada exports mostly raw and refined copper, not the affected semi-finished goods. U.S. copper prices dropped over 17% following the announcement. In 2023, Canada exported $9.3B worth of copper products, with 52% going to the U.S.

• Trade War: Brazil plans to challenge U.S. President Donald Trump’s new tariffs on its exports, which include a 40% levy on coffee and meat, raising total duties to 50%. While key exports like planes and orange juice were exempted, Finance Minister Fernando Haddad called the move unjust and politically motivated. Trump’s order cited Brazil’s alleged persecution of Jair Bolsonaro and claimed harm to U.S. interests. If talks with the U.S. fail, Brazil will appeal through U.S. and international bodies and offer support to affected businesses.

Newmont Q2 Earnings

The stock market and stuff

• Tesla Ordered to Pay $243 Million in Fatal Autopilot Crash (theDeepDive)

• Tesla board awards $30bn of shares to Elon Musk (FT)

• Boeing Defence Workers Strike Hits Fighter Jet Production (theDeepDive)

• Eric and Donald Trump Jr. to Own Millions of Shares in New U.S. Manufacturing SPAC (WSJ)

• Meta Platforms Faces $190B Penalty For Recording Menstrual Data (theDeepDive)

In the juniors

• Element79 Gold To Acquire Gold Mountain In A Highly Dilutive Cash-Stock Deal (theDeepDive)

• STLLR Gold: The Tower Gold PEA (theDeepDive)

• New Gold Q2 Earnings: Record Free Cash Flow (theDeepDive)

FULL DISCLOSURE: Sonoro Gold is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Sonoro Gold. The author has been compensated to cover Sonoro Gold on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.