Mr. Triple-Digit Silver: Keith Neumeyer Sold 2 Mexican Silver Mines
While Calling for Triple Digit Silver, Keith Neumeyer & First Majestic dumped 2 Silver Mines in 2022. The Same year when Mexico's Morena Party Nationalized Lithium. What didn't he Disclose?
RE: Keith Neumeyer
The Question on the table
Why Would Someone Championing Triple-Digit Silver Sell Two Silver-Producing Mines Operating in Mexico?
If Keith Neumeyer, a staunch advocate for triple-digit silver prices, truly believed in the imminent surge in silver's value, selling two productive silver mines in 2022 is counterintuitive unless Keith knew something that the general silver investing public didn’t know at the time.
What did Keith Neumeyer know that he didn’t disclose?
Moreover, the timing of these sales—coinciding with Mexico’s nationalization of lithium and escalating resource nationalism under the Morena government—raises questions about his underlying motivations.
The only plausible explanation is that Neumeyer foresaw significant trouble looming in Mexico.
If you really believed in “Triple Digit Silver” you would never sell two silver mines right?
The growing regulatory uncertainty, coupled with Morena’s rhetoric framing mining as “belonging to the people of Mexico” showcased by Morena’s agenda and aggressive moves to reclaim control over natural resources, signaled to Neumeyer an increasingly hostile environment for foreign mining companies.
THUS (goes to motive)
By divesting La Guitarra and La Parrilla mines, Neumeyer was preemptively mitigating risks associated with operating in a jurisdiction where nationalization and expropriation were becoming much more than hypothetical threats.
This strategic pivot suggests that Neumeyer prioritized safeguarding First Majestic’s broader portfolio against his own call for triple digit silver prices, thus admitting by his actions that the political landscape in Mexico was shifting rapidly.
Neumeyer’s public facing optimism about silver prices may have seemed authentic, but his “sell mexico” actions indicated a calculated response to the challenges posed by Morena’s resource nationalism agenda.
This is a classic case as actions speak louder than words
In 2022, First Majestic Silver Corp. sold two of its past-producing silver mines in Mexico—La Guitarra and La Parrilla—for a combined total of $68.5 million. These transactions marked significant divestments from the company’s Mexican portfolio.
La Guitarra Mine Sale
On May 24, 2022, First Majestic entered into an agreement to sell its 100% owned La Guitarra Silver Mine, located in the Temascaltepec mining district of Mexico State, to Sierra Madre Gold & Silver Ltd. for $35 million. The payment was structured as 69,063,076 Sierra Madre shares at a deemed price of $0.65 per share, granting First Majestic approximately 47% ownership in Sierra Madre upon closing. Additionally, First Majestic retained a 2% net smelter return royalty (NSR) on future production from La Guitarra, with a 1% buy-back option for $2 million. The mine had been placed under care and maintenance since August 2018.
La Parrilla Mine Sale
On December 7, 2022, First Majestic announced the sale of its La Parrilla Silver Mine Complex in Durango to Golden Tag Resources Ltd. for up to $33.5 million. The consideration included 143,673,684 Golden Tag shares valued at $20 million and deferred milestone payments tied to production targets. La Parrilla had been on care and maintenance since September 2019 and consisted of five underground mines and a processing plant within a 69,478-hectare land package.
Underlying Facts:
Mexico’s Morena party, under the banner of its "Fourth Transformation," is executing a sweeping agenda to reclaim national control over energy and natural resources, reversing decades of neoliberal policies and foreign corporate influence. This movement, rooted in historical struggles for sovereignty, has intensified under President Claudia Sheinbaum, who continues the legacy of her predecessor Andrés Manuel López Obrador (AMLO). From oil nationalization in the 1930s to lithium, electricity, and mining seizures in the 2020s, Morena’s actions reflect a calculated shift toward economic self-determination—and a direct challenge to global capital.
Historical Foundations: From Oil to the Fourth Transformation
Mexico’s modern resource nationalism began in 1938 when President Lázaro Cárdenas nationalized the oil industry, creating PEMEX as a state monopoly. This move symbolized economic independence from foreign corporations, a theme revived by Morena’s "Fourth Transformation" (4T). Framed as a continuation of Mexico’s War of Independence (1810), Reform War (1857), and Revolution (1910), the 4T seeks to dismantle neoliberalism and prioritize marginalized communities. AMLO’s 2018 election marked its launch, with Sheinbaum now expanding its scope through constitutional reforms and social programs.
The 4T’s intellectual backbone includes figures like Sheinbaum (a climate scientist), Labor Minister Luisa Alcalde (a Berkeley-educated lawyer), and Foreign Minister Alicia Bárcena (Harvard-trained economist). Their vision combines anti-imperialist rhetoric with pragmatic coalitions, partnering with domestic industries and the military to avoid the fate of other Latin American leftist governments destabilized by foreign interference.
The New Nationalization Wave
Lithium (2022):
In April 2022, AMLO nationalized lithium reserves, declaring them a "public utility" under state control. The reform barred private extraction and established LitioMx, a state-owned company, to manage the sector. While framed as protecting sovereignty, analysts warned of hurdles: Mexico lacks lithium extraction technology, and existing projects, like Bacanora Lithium’s Sonora mine (now Chinese-owned), face legal ambiguity. Critics argue the move risks corruption and delays, but Morena views it as essential to securing a resource critical for electric vehicles and energy transition.
Electricity (2023):
In 2023, the government consolidated control over 55% of the power market by acquiring Spanish firm Iberdrola’s assets. The $6 billion deal expanded state utility CFE’s dominance, reversing 2013 reforms that opened the sector to private investment. CFE now prioritizes fossil fuels over renewables, citing grid stability, despite Mexico’s reliance on U.S. natural gas. While AMLO framed this as ending "corporate plunder," critics warn of inefficiencies and rising costs for taxpayers62.
Mining (2024):
In 2024, outgoing AMLO seized a Vulcan Materials limestone quarry in Quintana Roo, declaring it a protected area to block "ecological destruction." Vulcan, which valued the site at $1.9 billion, called the seizure a violation of trade agreements and filed a World Bank arbitration claim. The move aligns with Morena’s broader crackdown on foreign mining firms, particularly in silver—a sector where companies like Endeavour Silver and Discovery Silver have shifted investments to Peru and Canada, fearing expropriation.
The Social Contract: Funding Welfare Through Resource Control
Morena’s resource nationalism funds an expansive welfare state. Key programs include:
IMSS-Bienestar: Free healthcare for 23 states, targeting 11.6 million uninsured Mexicans.
Pensión Mujeres Bienestar: Monthly stipends for women over 60, expanding to younger cohorts in 2025.
Minimum wage hikes: Annual increases, with a 12% raise in January 2025.
These initiatives, enshrined as constitutional rights, aim to reduce inequality and cement Morena’s base among workers, Indigenous groups, and rural communities. Sheinbaum’s "Plan México" further pledges food sovereignty, affordable housing, and renewable energy investments, blending populism with developmental pragmatism.
Global Implications and Resistance
Morena’s policies echo Latin America’s "pink tide," but with distinct tactics. By co-opting domestic elites and the military—instead of confronting them—the party has avoided the destabilization seen in Bolivia or Brazil. However, its resource seizures have spooked foreign investors. Silver miners are fleeing, lithium projects are stalled, and energy firms face regulatory uncertainty. Meanwhile, the U.S. watches warily as Mexico pivots toward China for lithium partnerships.
Business groups and opposition governors decry the moves as "anti-investment," but Morena’s electoral dominance (76% approval for Sheinbaum) suggests public backing. The party’s rhetoric—"defend the territory," "resources belong to the people"—resonates in a nation scarred by centuries of colonial and corporate exploitation.
Mexico’s Sovereign Future—
Mexico’s Fourth Transformation is redefining resource sovereignty in the 21st century. By reclaiming energy and minerals, Morena aims to fund social equity and reduce foreign dependence. Yet challenges loom: bureaucratic inefficiency, technological gaps, and global market retaliation. As Sheinbaum accelerates the 4T, Mexico balances revolutionary ideals with the pragmatic demands of governance—a test of whether resource nationalism can truly deliver "for the good of all, first the poor"
Neumeyer and First Majestic Confirm what Silver Academy has been reporting over the past year …
But are other Silver Mining Companies also Reading the Writing on the Wall?
Mexico’s Morena-led resource nationalism is accelerating a strategic exodus of foreign silver miners, reshaping the country’s mining sector and global investment patterns.
Three recent developments underscore this shift: (But lets remember first that it was Neumeyer and First Majestic that saw the trouble beginning in 2022 confirming what Jon Little and Silver Academy journalists have been busy documenting in over 35 reports throughout the past year)
1. Endeavour Silver’s Defensive Pivot to Peru
After two decades operating exclusively in Mexico, Endeavour Silver acquired Peru’s Kolpa mine in April 2025, diversifying 33% of its production outside Mexico. This abrupt shift—funded through discounted equity and streaming deals—reflects heightened risk calculus under Morena. Analysts note the move signals diminished confidence in Mexico’s stability, particularly after lithium nationalization (2022) and rock mine seizures (2024). Endeavour’s CEO framed it as growth, but the discounted financing reveals urgency to hedge against Morena’s escalating rhetoric framing mining as “resources belong to the people of Mexico not foreigners”.
2. Vizsla Silver’s Security-Driven Suspension
Vizsla paused fieldwork at its Panuco project in April 2025, citing “security concerns”. While officially precautionary, industry observers link this to Morena’s grassroots mobilization against “foreign exploiters.” The party’s “resources belong to the people” rhetoric has emboldened local activists, with some reportedly threatening operations. This mirrors 2024’s Vulcan Materials quarry seizure, where environmental claims masked anti-foreign sentiment.
3. Discovery Silver’s Canadian Safe Haven
Discovery Silver’s January 2025 acquisition of Ontario’s Porcupine Complex (approved by 99.85% of shareholders) shifts focus from Mexico’s Cordero project—one of the world’s largest undeveloped silver deposits—to Canadian gold.
CEO Tony Makuch emphasized creating a “North American-focused” company, tacitly acknowledging Mexico’s regulatory unpredictability. The move follows First Majestic’s 2022 divestments post-lithium nationalization, completing a sector-wide pattern: leftward policy shifts → foreign miner exits.
These pivots validate fears that Morena’s 4T agenda—prioritizing social programs over investor certainty—will cost Mexico its silver dominance.
With 24% of global production at stake, the exodus risks ceding ground to Peru, Morocco, Bolivia, USA and Canada while testing Morena’s balancing act between sovereignty and economic pragmatism
Classic Rug Pull Case (aka Pump & Dump)
Keith Neumeyer’s relentless decade-long promotion of $100-per-ounce silver prices—repeated over 200 times in podcasts, conferences, and media appearances—clashes conspicuously with First Majestic Silver’s decision to sell two Mexican mines in 2022. This dissonance evokes uncomfortable parallels to history’s most infamous market manipulation schemes, where insiders profited from inflated narratives while quietly reducing their exposure. The CEO’s bullish rhetoric, amplified across retail investor forums and silver-focused platforms, bears hallmarks of a calculated strategy: drum up demand for a commodity while strategically offloading assets tied to its production. It’s a modern twist on the classic “pump-and-dump,” albeit dressed in the legitimacy of a publicly traded mining company.
The sales of La Guitarra and La Parrilla mines—divested for a combined $68.5 million in equity and deferred payments—occurred against a backdrop Neumeyer rarely addresses publicly: Mexico’s accelerating resource nationalism under the Morena party. Since 2022, President López Obrador’s administration has nationalized lithium reserves, nationalized electricity, seized a limestone mine owned by North American Vulcan Materials and overhauled mining laws to prioritize “state sovereignty,” while instituting constitutional reforms declaring all minerals “public property.”
These moves created existential risks for foreign miners, yet First Majestic’s CEO continued touting silver’s price potential without proportional discussion of these regulatory landmines. By retaining 40-47% stakes in the buyers of sold mines, Neumeyer preserved upside if exploration succeeded while transferring operational risks to smaller firms—a tactic reminiscent of 1980s corporate raiders who stripped assets while touting growth.
History offers sobering mirrors. In the 1920s, utility magnate Samuel Insull built an empire by promoting electricity stocks to small investors while secretly layering holding companies with debt—a house of cards that collapsed during the Great Depression, wiping out lifetimes of savings. A century later, social media influencers like “Wolf of TikTok” faced SEC charges for pumping stocks they simultaneously dumped, netting $100 million while followers held the bag. Neumeyer’s approach differs in scale but not structure: His $100 silver narrative attracts retail investors and speculators, potentially inflating sector valuations just as First Majestic monetizes non-core assets.
The playbook echoes even in recent memory. During the 2021 GameStop frenzy, hedge funds like Citadel capitalized on Reddit-driven volatility despite publicly criticizing the “meme stock” phenomenon. Similarly, First Majestic’s 2024 pivot to bullion sales through its “First Mint” initiative allows it to profit directly from retail silver demand—demand arguably stoked by Neumeyer’s own predictions—while reducing reliance on the very mines it sold. This vertical integration mirrors how early 20th century oil barons controlled both production and distribution to manipulate markets.
Critics argue this constitutes a legal but ethically fraught “rug pull,” where a trusted figure promotes an asset’s future value while quietly exiting positions. The strategy leverages asymmetric information: As CEO, Neumeyer possesses granular knowledge of Mexico’s political risks and mine economics that retail investors lack. When Tesla’s Elon Musk tweeted about taking the company private in 2018—spiking the stock before backtracking—he paid a $20 million SEC fine for market manipulation. Neumeyer’s actions stop short of illegality but inhabit a gray zone where corporate strategy and hype converge.
The fallout potential mirrors historic resource nationalizations. When Bolivia seized gas fields in 2006 and Zimbabwe grabbed platinum mines in 2013, shareholders in affected companies absorbed catastrophic losses. First Majestic’s mine sales suggest anticipation of similar moves by Mexico, yet Neumeyer’s relentless $100 silver narrative omit these risks. For retail investors drawn to his vision, the disconnect raises haunting questions: Is this visionary leadership—or a CEO using his platform to engineer an exit ramp masked as optimism? The answer may determine whether “triple-digit silver” becomes a self-fulfilling prophecy or a cautionary tale of modern market alchemy.
Closing Metaphor: Jon Forrest Little
As the first reporter in business, finance, and precious metals to comprehensively cover the rise of Mexico’s Morena party (and the related jurisdictional risk in Mexico), I have provided unique insights that are crucial. Warning silver mining investors to brace for the shock if the silver mining operation is located in Mexico. SELL SELL SELL. I counted it up this morning and I’ve said it over 100 times.
I was like John the Baptist, a lone voice crying in the Wilderness. I was alone in the Forrest and all the other so-called silver influencers stopped talking to me and had Little to do with my findings ( THEY CENSORED ME ).
No longer alone, it appears (by their actions, not their words) that many others agree with my research because they feel the pressure hit their pocketbooks in the form of rising and arbitrary taxes, rule changes, difficulty making a profit, and rising antagonism from the citizens and regulatory officials in Mexico, who are increasingly vocal and rising up defending their territory and beginning to take action in alignment with Mexico's Morena party’s rallying cry that "The Resources of Mexico belong to the People of Mexico."
So now my research where I was the only one standing and scorned by my peers has been endorsed and confirmed by:
First Majestic
Vizsla Silver
Endeavour Silver
and Discovery Silver.
This list has expanded significantly since my first report about a year ago and many more names will be added to the scoreboard.
Now, with my work validated by industry leaders, I'm just going to confidently await my Pulitzer, no one had called this Mexico Risk but me (and it looks like Keith Neumeyer too)
end of segment
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