First Majestic Silver Corp. (NYSE: AG) said it has received construction permits for portals at the Santo Niño and Navidad targets at its Santa Elena Silver/Gold Mine in Sonora, Mexico, and plans to invest an additional $12 million in 2026 to advance underground access and development work at the two sites.

The Vancouver-based company said 2026 infill drilling at Santo Niño has totaled 26,904 meters across 69 holes, aimed at converting Inferred Mineral Resources to Indicated Mineral Resources. At Navidad, 7,704 meters across 10 holes have been completed, focusing on the Winter vein. The company said drill results to date are overall better than modeled and confirm higher-grade mineralization in the western portion of the Santo Niño vein.

According to a company statement, the Santo Niño vein system extends approximately 1,100 meters along strike and 425 meters down dip, averaging about 4.0 meters in thickness. The Winter vein at Navidad extends approximately 1,000 meters along strike and 350 meters down dip.

A recently completed scoping-level study identified dedicated underground access as the preferred approach for both targets. Plans include a portal and approximately 450-meter haul road at Santo Niño, and a separate Navidad portal located about 300 meters from the Santa Elena processing facilities. The 2026 funding is intended to cover portal construction, hydrogeological studies, haul road construction, approximately 800 meters of decline development at Santo Niño, and an additional 1,300 meters of development linking Ermitaño to Navidad.

Portal construction is planned to begin in the second half of 2026. The company said preliminary mine schedules indicate that higher-grade material from Santo Niño and Navidad could displace lower-grade mineralization from other deposits in the Santa Elena district production profile. The information is based on a press release issued by First Majestic.