This investment will result in Sprott holding about 2.3% of First Majestic, which produces silver from operations in Mexico.
"As a fellow silver bull, Eric has been recognized as one of the most influential leaders within the silver investment community and this deal represents his largest treasury investment in a silver producer, let alone the entire silver space," said president and CEO Keith Neumeyer
"We believe there has been a lack of appreciation for First Majestic's equity in 2020 and we are happy to align ourselves with Keith who recognizes the mispricing of silver in the marketplace and has been a stalwart for silver," said Sprott.
Other large silver investments by Sprott include $60 million in MAG Silver and $27 million in SilverCrest Metals in April.
Sprott has also invested in several silver juniors Discovery Metals, Outcrop Gold, AbraPlata Resource, Vizsla Resources, Kootenay Silver, Dolly Varden Silver, Silver One Resources and Aftermath Silver, among others.