Los Gatos 3% Explored | Mani Alkhafaji - First Majestic Silver
The Deep Dive Jun 12, 2026
Summary
First Majestic bought Gatos Silver for what the district could become, not for its current mill and mine life alone.
The Gatos land package spans 13,300 hectares of district-scale ground, yet only about 3% has seen any exploration.
The single discovery hole sits in a small central area, leaving multiple untested targets across the rest of the package.
Key points on First Majestic Silver
- The guest speaks on behalf of First Majestic Silver as its acquirer of Gatos Silver, directing viewers to the company website for a map of the Gatos land package and its exploration targets.
Mani Alkhafaji's takeaways
- Top takeaway Mani Alkhafaji argues the Gatos acquisition was about future optionality rather than the asset's current state — the modern mill and 10-year mine life were a bonus, not the thesis.
- He emphasizes that only about 3% of the 13,300-hectare Gatos land package has been explored, with the discovery hole the only real exploration to date.
- He says First Majestic will chase multiple targets and multiple districts across the land package, positioning the asset to last for decades.