First Majestic signed a definitive agreement to sell its 100%-owned San Martin Silver Mine in Jalisco, Mexico, to Flextronics for US$90 million, including a US$2.5 million upfront payment and US$87.5 million in scheduled future payments. The transaction is expected to close in Q4 2026, pending Mexican antitrust approval.
First Majestic has entered into a definitive agreement to sell its wholly-owned San Martin Silver Mine and related concessions in Jalisco, Mexico, to Flextronics Supply and Service for total cash proceeds of US$90.0 million.
Under the agreement, Flextronics will pay US$2.5 million at closing (including a US$0.5 million escrow deposit), US$2.5 million within 180 days, US$10 million annually over five years, and US$35 million on August 31, 2032.
Closing requires satisfaction of customary conditions and Mexican antitrust clearance, with First Majestic targeting Q4 2026 for completion of the transaction.
San Martin is a past producing silver and gold operation placed under care and maintenance in July 2019, and includes 5,245 hectares of mining concessions in the San Martin de Bolaños district.
