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This Nevada Gold Mine Is Ready for a Comeback | First Majestic - Jerritt Canyon

The Deep Dive
The Deep Dive•May 1, 2026

Why It Matters

The Jerritt Canyon restart provides First Majestic a high‑grade, Nevada gold platform that can significantly boost earnings and diversify exposure amid a strong gold price environment.

Key Takeaways

  • •First Majestic allocates $75 million for Jerritt Canyon restart.
  • •Gold resources rose 116% to nearly 8 million ounces.
  • •Pre‑feasibility study due Q4 2024 guides 2027 production plan.
  • •Permitted roaster and 4,500 t/d plant enable rapid production ramp‑up.
  • •Diversifies portfolio with Nevada gold asset amid $4,800/oz price.

Summary

First Majestic has unveiled a definitive restart plan for its Jerritt Canyon gold mine in Nevada, committing $75 million this year to fund mining fleet purchases, plant upgrades, and a technical study. The move follows three years of care‑and‑maintenance and comes as the company completes its integration of Gato Silver, positioning Jerritt Canyon as the next growth driver.

The restart is underpinned by a dramatically expanded resource base—gold reserves and resources have jumped 116% year‑over‑year to roughly 8 million ounces, aided by higher gold price assumptions and lower cutoff grades. A pre‑feasibility study, slated for release in Q4 2024, will shape a production schedule targeting the second half of 2027. The $75 million budget also covers a new underground mining fleet, processing plant enhancements, and a deep‑well water supply.

CEO Keith Neumeyer highlighted the mine’s unique advantages: a permitted roaster—one of only three in Nevada—allows processing of refractory ore, and the plant can handle 4,000‑4,500 t/d, double its current throughput. Historically, the mine produced 113,000 oz in 2020 at $1,289/oz cash cost and 72,000 oz in 2022, demonstrating low‑cost potential.

If the restart proceeds as planned, First Majestic could see a 59% production increase, translating to roughly $346 million in additional revenue at today’s $4,800/oz gold price. The project diversifies the company’s portfolio beyond its Mexican silver assets and offers a tangible catalyst for shareholder value in a robust gold market.

Original Description

Register here for The 2026 Rule Symposium on Natural Resource Investing:
First Majestic has officially laid out its plan to restart Jerritt Canyon, and for long-time followers of the story, this is the update many have been waiting for. After years in care and maintenance, the Nevada gold mine is now moving toward a planned restart in 2027, backed by a larger resource base, a stronger gold price environment, and a new $75 million capital commitment.
In this video, we break down First Majestic’s restart strategy for Jerritt Canyon, including the project’s history, the importance of its permitted roaster, the updated resource growth, and the key steps now underway to bring the mine back online. We also look at what makes Jerritt Canyon such a unique asset in First Majestic’s portfolio and why the company believes this restart could become a meaningful growth driver.
If you enjoyed the video, make sure to like, subscribe, and share it with someone following the gold sector. And let us know in the comments what you think Jerritt Canyon could mean for First Majestic once production resumes.
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FULL DISCLOSURE: First Majestic is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of First Majestic. The author has been compensated to cover First Majestic 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.
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