en.Wedoany.com Reported - First Majestic Silver Corp. has signed a definitive agreement to sell 100% of its San Martin silver mine in Jalisco, Mexico, to Flextronics Supply and Service, S. de R.L. de C.V., a Mexican private company, for a cash consideration of $90 million.

Located in the San Martin de Bolaños mining district, 250 kilometers north of Guadalajara, the mine has been suspended and under care and maintenance since July 2019. Under the financial terms of the contract signed on July 6, 2026, the transaction includes an initial payment of $2.5 million at closing, of which $500,000 has been deposited into an escrow trust, along with future payments totaling $87.5 million.

The subsequent payment schedule is as follows: a second payment of $2.5 million due 180 days after closing, followed by annual payments of $10 million for five consecutive years, with a final payment of $35 million due on August 31, 2032. The acquisition covers all shares of First Majestic's subsidiary Minera El Pilón, S.A. de C.V., which holds the asset's interests, and includes the Jalisco Real Estate Group, which holds 5,245 hectares of mining concessions in the municipalities of Etzatlán and Tototlán.

The buyer, Flextronics, is affiliated with Meridian Capital, a diversified investment group with operations in oil and gas and mining, with projects in Sonora, Sinaloa, Venezuela, and Uruguay. The final completion of this transaction is subject to regulatory approval from Mexico's Federal Economic Competition Commission, and the mining company expects to complete the formal process in the fourth quarter of 2026.