FIRST MAJESTIC SILVER (AG) Company Report

Analyst Coverage

Research analysts who have asked questions during FIRST MAJESTIC SILVER earnings calls.

Wayne Lam

TD Securities

4 questions for AG

Also covers: BTG, CDE, EQX +4 more

Latest news

Recent press releases and 8-K filings for AG.

First Majestic Announces Proposed Sale of Del Toro Silver Mine

M&A

New Projects/Investments

First Majestic Silver Corp. (AG) has entered into a definitive agreement to sell its Del Toro Silver Mine to Sierra Madre Gold & Silver Ltd. for total consideration of up to US$60 million.
The upfront consideration, payable upon closing, is US$30 million, consisting of US$20 million in cash and US$10 million in common shares of Sierra Madre at a price of $1.30 per share.
An additional US$30 million is structured as delayed and contingent consideration, tied to future milestones such as a technical report demonstrating at least 100Moz AgEq and achieving commercial production targets.
The transaction is conditional upon Sierra Madre completing a concurrent private placement financing of at least CAD$40 million and receiving various approvals, including TSXV acceptance and Sierra Madre shareholder approval.

Dec 17, 2025, 10:29 PM

6-K

First Majestic Reports Santa Elena Exploration Success and Management Update

New Projects/Investments

Management Change

First Majestic Silver Corp. reported significant exploration success at its Santa Elena Silver/Gold Mine, with new drilling expanding gold and silver mineralization at the Santo Niño and Navidad discoveries.
Preliminary mine planning studies have commenced for the Navidad and Santo Niño discoveries, and metallurgical testing for Santo Niño mineralization indicates gold and silver recoveries exceeding 95%.
The company has initiated a plant expansion project at Santa Elena with the goal of increasing throughput from approximately 3,200 tonnes per day to 3,500 tonnes per day by the end of 2026.
Mani Alkhafaji has been promoted to President & Chief Corporate Development Officer, effective January 1, 2026, as part of a senior management update.

Dec 15, 2025, 9:53 PM

6-K

First Majestic Silver Corp. Closes US$350 Million Convertible Senior Notes Offering

Debt Issuance

New Projects/Investments

First Majestic Silver Corp. announced the closing of an offering of US$350 million aggregate principal amount of 0.125% unsecured convertible senior notes due in 2031 on December 8, 2025.
The initial conversion price for the new notes is approximately US$22.36 per Share, based on a conversion rate of 44.7227 common shares per US$1,000 principal amount of Notes.
The company will use approximately US$214.7 million of the proceeds to repurchase US$174.7 million of its outstanding 0.375% convertible senior notes due in 2027.
The remaining net proceeds from the offering will be allocated to general corporate purposes, including strategic opportunities.

Dec 8, 2025, 5:06 PM

6-K

First Majestic Prices Convertible Senior Notes Offering

Debt Issuance

Convertible Preferred Issuance

Share Buyback

First Majestic Silver Corp. announced and priced an offering of US$300 million aggregate principal amount of unsecured convertible senior notes due 2031, with an option for initial purchasers to buy up to an additional US$45 million.
The notes will bear cash interest semi-annually at a rate of 0.125% per annum.
The initial conversion rate is 44.7227 common shares per US$1,000 principal amount, equivalent to an initial conversion price of approximately US$22.36 per share, representing a 42.50% premium relative to yesterday's closing market price.
The company intends to use the net proceeds to repurchase a portion of its outstanding 0.375% convertible senior notes due 2027 and for general corporate purposes.
The offering is expected to close on or about December 8, 2025.

Dec 4, 2025, 2:42 AM

6-K

First Majestic Silver Reports Record Q3 2025 Results and Addresses Tax Dispute

Earnings

Guidance Update

Legal Proceedings

First Majestic Silver reported record Q3 2025 financial results, including 3.9 million oz of silver production, $140 million in cash flow, over $560 million in cash on hand, $98 million in operating cash flow, and $128 million in EBITDA.
The company is on track to meet all 2025 guidance, projecting production of north of 30 million silver equivalent ounces.
Management addressed an ongoing 13-year tax dispute with the Mexican government, stating it is not considered a material issue and that the Canadian government is now involved in discussions.
Operational highlights include the completed integration of Los Gatos with plans to increase throughput to 4,000 tons a day, two major discoveries at Santa Elena, and improved performance at San Dimas.
The company holds $140 million in marketable securities as of September 30 and has recently engaged in share buybacks.

Nov 5, 2025, 4:30 PM

Transcript

First Majestic Silver Reports Record Q3 2025 Results and Addresses Tax Dispute

Earnings

Guidance Update

Legal Proceedings

First Majestic Silver reported record Q3 2025 financial results, including 3.9 million ounces of silver production, $140 million in cash flow, $560 million in cash on hand, $98 million in operating cash flow, and $128 million in EBITDA.
The company is on track to meet its 2025 guidance of over 30 million silver equivalent ounces, driven by operational improvements at Los Gatos, Santa Elena, and San Dimas, and expects a very positive Q4.
Management addressed an ongoing tax dispute with the Mexican government, which has been active for 13 years but is not considered a material issue for the company, with the Canadian government now involved in discussions.
First Majestic Silver held $50 million in embedded revenue from 758,000 ounces of silver and nearly 4,000 ounces of gold in inventory, and holds $140 million in marketable securities as of September 30. The company also confirmed its dividend is intact and has recently engaged in share buybacks.

Nov 5, 2025, 4:30 PM

Transcript

First Majestic Silver Reports Record Q3 2025 Results Amidst Ongoing Tax Dispute

Earnings

Guidance Update

Legal Proceedings

First Majestic Silver announced record Q3 2025 financial results, including 3.9 million ounces of silver production, record revenues, $140 million in cash flow, and a cash position over $560 million. The company remains on track to meet its 2025 guidance of over 30 million silver equivalent ounces.
Management addressed an ongoing 13-year tax dispute with the Mexican government, emphasizing it is not considered material to the business, with negotiations continuing and the Canadian government now involved.
The company reported holding 758,000 ounces of silver and nearly 4,000 ounces of gold in inventory, representing $50 million in potential Q4 revenue, and $140 million in marketable securities as of September 30, enhancing liquidity.
Operational updates highlighted the successful integration of Los Gatos with plans for increased throughput, significant exploration discoveries at Santa Elena, and improved performance at San Dimas, with future guidance on expansion and cost reduction initiatives expected in 2026.

Nov 5, 2025, 4:30 PM

Transcript

First Majestic Silver Corp. Reports Record Q3 2025 Financial and Operational Results

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

First Majestic Silver Corp. reported record quarterly revenue of $285.1 million in Q3 2025, a 95% increase compared to Q3 2024, driven by a 45% increase in AgEq payable ounces sold and a 31% increase in the average realized silver price to $39.03 per AgEq ounce.
The company achieved record quarterly silver production of 3.9 million ounces, a 96% increase year-over-year, and generated record mine operating earnings of $99.1 million and record EBITDA of $128.6 million in Q3 2025.
Net earnings for Q3 2025 were $43.0 million (EPS of $0.06), a significant improvement from a net loss of $26.6 million (EPS of ($0.09)) in Q3 2024, alongside record free cash flow of $98.8 million.
First Majestic ended Q3 2025 with a record cash treasury balance of $568.8 million, including $435.4 million in cash and cash equivalents, while consolidated cash costs decreased 2% year-over-year to $14.83 per AgEq ounce.

Nov 5, 2025, 12:15 PM

6-K

First Majestic Silver Provides Business Update at Nordic Funds & Mines Conference

M&A

Dividends

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

First Majestic Silver expects to exceed $1 billion in revenue in 2025.
The company reported a cash balance of over $510 million as of June 30th.
Production for 2025 is estimated at approximately 32 million silver-equivalent ounces, with 55% from silver and 35% from gold.
The acquisition of the Los Gatos operation in January (news released September 2024) for $970 million increased the business by 30% and production from 20 million to over 30 million ounces.
First Majestic Silver operates an in-house mint, launched in March 2024, which currently processes 7% of its production, with a target to reach 10% by year-end.

Oct 9, 2025, 8:30 AM

Transcript

First Majestic Silver Corp. Reports Record Q3 2025 Silver Production and Renews Share Repurchase Program

Share Buyback

Earnings

Guidance Update

First Majestic Silver Corp. reported record quarterly silver production of 3.9 million ounces in Q3 2025, representing a 96% increase year-over-year, and total 7.7 million attributable silver equivalent ounces, a 39% increase year-over-year.
The company announced the renewal of its Share Repurchase Program, authorizing the purchase of up to 24,500,000 common shares, approximately 5% of its outstanding shares, during the period from October 14, 2025, to October 13, 2026.
First Majestic is scheduled to release its Q3 2025 unaudited financial results and announce its dividend payment on November 5, 2025, followed by a conference call and webcast.