First Majestic Silver Corp.
First Majestic Silver Corp. is a mid-tier precious metals producer with a portfolio of four operating underground mines in Mexico and a strategy focused on maximizing margins, extending mine life, and delivering strong leverage to silver. The Company generates a majority of revenue from silver and maintains a strong operating and capital position to fund growth, exploration, and shareholder returns.
Stock Information
Why Invest
A compelling investment opportunity backed by a high-quality asset base, disciplined capital structure, and multiple near-term catalysts that support long-term value creation.
High leverage to silver
First Majestic is built for investors who want meaningful upside exposure to silver. The Company generates a large portion of its revenue from silver (often cited around ~58% in 2025), which typically provides stronger “torque” when silver prices rise compared with more diversified precious-metal producers.
Scaled, mid-tier production base across four operating mines
First Majestic operates four producing underground mines in Mexico—Los Gatos, San Dimas, Santa Elena, and La Encantada—providing diversification, scale, and the ability to allocate capital to the highest-return opportunities. Los Gatos, added through the 2025 Gatos transaction, is a major driver of the Company’s step-change in silver exposure and production. San Dimas is a high-grade, long-life underground operation with ongoing exploration upside, while Santa Elena offers a proven operating base with optimization and growth potential through throughput and plant initiatives. La Encantada adds additional silver-weighted production and optionality as efficiencies and performance improvements are advanced across the portfolio.
Unique downstream margin advantage through First Mint
First Majestic stands out as the only publicly-traded mining company that also owns and operates its own minting facility, First Mint. This vertical integration allows the Company to sell certain silver products directly to consumers, potentially capturing incremental downstream margin and strengthening brand visibility during periods of high retail demand for physical silver.
Strong balance sheet to invest through the cycle
The Company emphasizes a strong and expanding treasury, giving it flexibility to fund exploration, development, and operational improvements without relying on near-term financing. That financial runway matters in a volatile commodity sector—particularly when the best opportunities often come from investing through the cycle rather than waiting for perfect conditions.
Shareholder returns tied directly to revenue upside
First Majestic has increased its dividend framework to 2% of net revenues beginning in 2026, directly linking shareholder returns to top-line performance. In a stronger silver price environment—paired with a larger production base coming out of a transformational 2025—this structure is designed to let investors participate more directly in improving fundamentals while the Company continues to invest for growth.
Timeline and Milestones
First Majestic highlights 2025 as a transformational year, driven by the Gatos acquisition, which materially increased silver production and scale:
RECENTLY ACCOMPLISHED
- 2025 silver production of ~15.45M oz, up ~84%
- record quarterly and annual production achievements
- meeting and raising production guidance (including ~31.1M AgEq oz of production in 2025 cited in the narrative)
- continued exploration success including discovery upside at Santa Elena (Navidad and Santo Niño)
- industry-leading safety performance, including Santa Elena receiving the Silver Helmet Award
These milestones reinforce the Company’s ability to execute acquisitions, integrate assets, and deliver operational performance.
UPCOMING
2026 Focus: Maximize margins + extend mine life
Key priorities include:
- major exploration investment across district-scale properties, including ~266,000 m exploration program planned for 2026 (following ~255,000 m in 2025)
- continued drilling across the portfolio, particularly at Santa Elena, San Dimas, and Los Gatos
- throughput expansions at Santa Elena (mill) and Los Gatos (mine) targeting higher production by H2 2026
- continued cost and margin focus with 2026 AISC guidance referenced at $26.15–$27.91
- Additionally: Jerritt Canyon restart assessment update expected in H1 2026
Projects
Los Gatos Silver Mine — Chihuahua, Mexico
A cornerstone, silver-led underground mine added through the Gatos transaction, Los Gatos gives First Majestic a step-change in scale and meaningful by-product credits. The operation is located in Chihuahua State and is held through a joint venture (First Majestic 70%, partner 30%). For 2026 guidance, First Majestic expects 4.8–5.4 Moz silver, 2.9–3.1 koz gold, plus 34–38 Mlb lead, 52–58 Mlb zinc, and 1.1–1.3 Mlb copper, with cash costs of $14.88–$15.62/AgEq oz and AISC of $18.01–$19.04/AgEq oz.
San Dimas Silver/Gold Mine — Durango, Mexico
San Dimas is one of the company’s long-life, high-grade silver-gold underground operations and a consistent contributor to cash flow, located in Durango State. For 2026 guidance, the company expects 4.0–4.4 Moz silver and 49–55 koz gold, with cash costs of $18.55–$19.56/AgEq oz and AISC of $24.63–$26.30/AgEq oz.
Santa Elena Silver/Gold Mine — Sonora, Mexico
Santa Elena is a proven silver-gold underground mine in Sonora, supported by established infrastructure and ongoing district-level optimization and growth initiatives. For 2026 guidance, First Majestic expects 1.3–1.5 Moz silver and 64–71 koz gold, with cash costs of $20.04–$21.06/AgEq oz and AISC of $24.90–$26.40/AgEq oz.
La Encantada Silver Mine — Coahuila, Mexico
La Encantada is a silver-focused underground operation that adds diversification and pure-silver exposure within the portfolio, and it includes a 4,000 tpd cyanidation mill. For 2026 guidance, the company expects 2.8–3.1 Moz silver, with cash costs of $24.20–$25.52/AgEq oz and AISC of $30.54–$32.50/AgEq oz.
Growth / optionality: Jerritt Canyon Gold Project (Nevada, USA)
First Majestic also holds the Jerritt Canyon gold project in Nevada, currently in care & maintenance, with a new mine plan under evaluation to assess restart potential. The Company expects to provide a market update in H1 2026 following completion of its analysis.
Ownership
First Majestic is positioned as a widely held institutional-quality issuer with broad ownership across precious metals ETFs and funds. The Company notes its shareholder mix as roughly:
- ~60% institutional
- ~39% retail (U.S., Canada, Europe)
- ~1% insiders (including CEO and senior leadership)
This profile supports unparalleled trading liquidity and peer visibility.
How Does It Compare to Peers
High silver leverage + producing scale
Many “silver” peers are either developers or diversified precious/base metals producers. First Majestic offers a combination of:
- meaningful silver revenue weighting (~58%)
- mid-tier producing scale (4 operating mines)
- large exploration footprint to extend mine life
Differentiated downstream margin model
First Mint is a true peer differentiator, allowing First Majestic to capture premium pricing and direct-to-consumer margin on their silver sales that most miners cannot.
Balance sheet strength supports growth + returns
With a strong treasury and reinvestment into development, exploration, and throughput expansions, the Company positions itself for free cash flow growth in the current silver price environment—while also returning capital via its dividend framework.