11:43 AM EDT, 04/02/2024 (MT Newswires) -- National Bank of Canada noted Tuesday First Majestic Silver's (FR.TO) updated mineral resource and reserve estimate for year-end 2023.

First Majestic's reserves eased to 122 million ounces of silver equivalent grading 332 g/t silver equivalent from 137 million ounces of silver equivalent at 375 g/t silver equivalent outlined in 2022.

The decline was largely driven by depletion at the San Dimas property, the bank said.

The company's total resources stood at 630.4 million ounces of silver equivalent grading 408 g/t silver equivalent, compared to 632.3 million ounces of silver equivalent at 423 g/t silver equivalent in 2022.

National Bank gave First Majestic a sector perform rating with a $7.75 price target.

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