First Majestic Stock Price, News & Analysis
Company Description
First Majestic Silver Corp. (AG) is a publicly traded mining company focused on silver and gold production. According to company disclosures, First Majestic concentrates its operations in Mexico and the United States, with a portfolio centered on underground silver and silver‑gold mines and related exploration and development projects.
The company’s primary producing assets are located in Mexico. First Majestic states that it owns and operates four producing underground mines: the Los Gatos Silver Mine (held through a 70% interest in the Los Gatos Joint Venture), the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine. These operations form the core of its silver and gold production profile and underpin the company’s identity as a primary silver producer.
Beyond its operating mines, First Majestic reports that it holds a portfolio of development and exploration assets. A notable asset is the Jerritt Canyon Gold project in northeastern Nevada, U.S.A., which the company identifies as part of its growth platform. The company also references an active exploration program across its mines in Mexico and the United States, including drilling campaigns at Santa Elena, San Dimas, Los Gatos, La Encantada, and Jerritt Canyon.
First Majestic’s strategy, as reflected in its news releases, includes both organic growth through exploration and mine planning, and inorganic growth through acquisitions. The company completed the acquisition of Gatos Silver, Inc. on January 16, 2025, adding a 70% joint venture interest in the Los Gatos underground silver mine in Chihuahua, Mexico to its portfolio. This mine has since been integrated into the company’s operating base and contributes silver, gold, zinc, lead and copper production on an attributable basis.
Exploration is a key focus. At the Santa Elena Silver/Gold Mine in Sonora, Mexico, First Majestic has reported continued exploration success at targets such as Santo Niño, Navidad and the Luna Zone (part of the Ermitaño system). The company has disclosed that drilling at Santo Niño and Navidad has significantly expanded the footprint of gold and silver mineralization beyond previously declared Inferred Mineral Resources, and that it is conducting preliminary, internal scoping‑level studies to assess potential underground mining scenarios and material handling options for these discoveries.
At San Dimas and Los Gatos, the company highlights ongoing drilling programs targeting near‑mine extensions and deeper zones. At San Dimas, exploration has focused on veins such as Coronado, Elia and Regina, while at Los Gatos drilling has continued in the South‑East Deeps, Central Deeps and North‑West Deeps zones. At La Encantada, exploration work includes testing new targets such as La Esquina. At Jerritt Canyon in Nevada, First Majestic has described a drilling program focused on greenfield exploration and Mineral Resource addition.
First Majestic also manages its asset base through acquisitions and divestitures. In December 2025, the company announced a definitive agreement to sell its 100%-owned, past‑producing Del Toro Silver Mine in Zacatecas, Mexico, to Sierra Madre Gold & Silver Ltd. for a mix of cash and Sierra Madre shares, with total potential consideration up to US$60 million. The company notes that Del Toro had been placed on care and maintenance in January 2020. In addition, First Majestic has disclosed transactions involving equity holdings in other mining companies, such as sales of shares in Sierra Madre Gold & Silver Ltd. and Silver Dollar Resources Inc., which it characterizes as investment positions.
In addition to mining, First Majestic emphasizes its downstream presence through First Mint, LLC, its wholly owned minting facility. The company states that it offers a portion of its silver production for sale to the public as bars, ingots, coins and medallions, marketed as being available at relatively low premiums. This minting operation provides a direct channel from mine production to finished silver products.
From a capital markets perspective, First Majestic is listed on multiple exchanges, including the New York Stock Exchange (NYSE: AG), the Toronto Stock Exchange (TSX: AG), and the Frankfurt Stock Exchange (FSE: FMV). The company has used convertible senior notes as part of its financing structure, as reflected in its offering and pricing of unsecured convertible senior notes due 2031 and the repurchase of a portion of its existing convertible notes due 2027.
Regulatory filings indicate that First Majestic files reports as a foreign private issuer under the Securities Exchange Act of 1934, using Form 40‑F and furnishing Form 6‑K reports for material news, technical reports, financial statements, and other significant information. Technical reports for key assets such as San Dimas and La Encantada are filed under National Instrument 43‑101 standards and incorporated into its U.S. registration statements.
Operational updates from the company highlight themes such as production performance at its four Mexican mines, integration of new assets like Los Gatos, active exploration programs across its portfolio, and safety metrics. First Majestic has reported safety indicators including Total Reportable Incident Frequency Rate (TRIFR) and Lost Time Incident Frequency Rate (LTIFR), and notes external recognition for safety at Santa Elena by the Mexican Mining Chamber. The company has also disclosed an ESG risk rating from Sustainalytics, describing its placement within a defined risk category and peer group.
First Majestic’s disclosures also reference a shareholder capital return framework through a cash dividend and a normal course issuer bid on the Toronto Stock Exchange, under which it may repurchase a portion of its outstanding common shares over a defined period, subject to regulatory limits and market conditions.
Business model and operations
Based on its public statements, First Majestic’s business model centers on the production, development, exploration and acquisition of mineral properties with a focus on silver and gold. Its revenue‑generating operations are its producing underground mines in Mexico, while its development and exploration projects, including Jerritt Canyon and district‑scale targets around existing mines, are intended to support future production and mine life extension.
The company’s role as a primary silver producer is reflected in its emphasis on silver ounces and silver‑equivalent ounces in production and guidance metrics, while also reporting by‑product metals such as gold, zinc, lead and copper, particularly at Los Gatos. Exploration and technical work, including NI 43‑101 technical reports and extensive drilling programs, support resource and reserve estimates and mine planning.
Risk, regulation and reporting
First Majestic operates in a regulated mining environment and is subject to securities regulation in Canada and the United States. Its filings on Form 6‑K and Form 40‑F, together with NI 43‑101 technical reports and management’s discussion and analysis, provide detail on operational performance, mineral resources and reserves, financial results, and risk factors. The company also issues cautionary notes regarding forward‑looking information in its news releases.