First Majestic Silver Corp. (NYSE: AG) announced plans to restart its Jerritt Canyon Gold Mine in Nevada with production targeted for the second half of 2027, according to a company statement.

The company will invest $75 million in 2026 to support the restart efforts. The investment includes $15 million for exploration, $13 million each for surface support and mining fleet purchases and underground preparation, $12 million for plant upgrading, and $10 million for technical studies.

First Majestic has engaged Stantec Consulting Services Inc. to complete a pre-feasibility study expected to finish in the fourth quarter of 2026. The study will assess open pit and underground mining designs and develop an optimized production schedule.

The Nevada mine was placed on care and maintenance in March 2023 when gold prices ranged between $1,600 and $1,900 per ounce due to high contractor costs and weather events. First Majestic purchased the property in April 2021.

The restart plan follows updated mineral resource estimates showing 4.1 million gold ounces in measured and indicated categories, with an additional 3.7 million ounces classified as inferred mineral resources as of December 31, 2025.

"This fully permitted gold mine is located in a premier, tier-one mining jurisdiction with all critical infrastructure in place," said Keith Neumeyer, CEO of First Majestic.

The mine produced approximately 9.85 million ounces of gold from 1981 to March 2023 at an average grade of 6.6 grams per tonne. The processing plant has a capacity of approximately 4,000 metric tonnes per day.

The company plans to commence underground rehabilitation work in the second quarter of 2026, including 600 meters of underground development and 42,000 meters of drilling activities.