First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver and gold production in North America. It holds 100% interests in the San Dimas Silver/Gold Mine covering an area of 71,868 hectares located in Durango and Sinaloa states; the Santa Elena Silver/Gold Mine covering an area of 102,244 hectares located in Sonora; Jerritt Canyon gold mine that covers an area of approximately of 30,821 hectares located in Elko County, Nevada; and the La Encantada Silver Mine covering an area of 4,076 hectares situated in Coahuila, as well as surface land ownership of 1,343 hectares. The company also holds 100% interests in the La Parrilla Silver Mine that covers an area of 69,478 hectares located in Durango; the Del Toro Silver Mine consisting of 3,815 hectares of mining concessions and 219 hectares of surface rights located in Zacatecas; the San Martin Silver Mine includes 33 mining concessions covering an area of 12,795 hectares located in Jalisco; and the La Guitarra Silver Mine that covers an area of 39,714 hectares located in Mexico. In addition, it holds interest in the Springpole project, a gold and silver project covering an area of approximately 41,913 hectares in Ontario, Canada. The company was formerly known as First Majestic Resource Corp. and changed its name to First Majestic Silver Corp. in November 2006. First Majestic Silver Corp. was incorporated in 1979 and is headquartered in Vancouver, Canada.
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First Majestic Silver Corp
Sector
Precious Metal
Founded
November 28, 2006
Employees
4,000
Reporting Currency
USD
Contact Phone
16046883033
Website
www.firstmajestic.comHeadquarters Address
925 West Georgia Street , Vancouver , BC V6C 3L2 , CA
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John Feneck says the backdrop for gold and silver has never looked better, and he is buying gold equities hand over fist for leverage. He runs a hub and spoke portfolio, holding ETFs like GDX as the core and selling satellite juniors after 200 to 300 percent gains. He expects a 25 basis point Fed hike on December 9, sees gold support at 3,900 to 4,000 dollars and prefers equities over bullion. His picks span BlackRock Silver, the Silver 47 Bunker Hill merger, Triumph Gold, Western Star tungsten and First Phosphate. Gold miners are 0.1 percent of the investable universe, and he sees potential sector rotation when the tech led bull market changes.
Kingsmen Resources reported 218 g/t silver-equivalent (gold credits converted into silver terms) over 6.45 metres on a newly identified third structure at Las Coloradas. Drillers targeted blind mineralization — ore not visible at surface — where mapping showed cross-cutting structures, a setting that often traps high-grade ore. Roughly 50-metre step-outs are underway on the new structure, and 11 holes are already at assay labs with results batching out for months. About 5,000 of the planned 10,000 metres are drilled; $13.5 million in cash funds multi-rig drilling through mid-December, restarting around January 20. Nearby Chihuahua mines run 500 metres deep, so the CEO plans to follow mineralization down gradually rather than commit early to deep holes.
Phase 1 expansion lifted La Guitarra throughput over 40% to 720 tonnes per day (tpd — ore milled daily), with 1,500 tpd targeted by next year. Management expects costs to drop about $5 per quarter for the next four to five quarters as development charges roll off and grades rise. A 30,000-metre drill program across the La Guitarra East District targets up to 40 veins in mines untested by modern drilling since the late 1930s. The Del Toro acquisition adds a past-producing, fully permitted complex with a 3,000 tpd plant, plus a parallel 30,000-metre drill program from next year. About $25 million in working capital and positive cash flow fund the expansion and 60,000 metres of planned drilling across the two projects.
Adrian Day argues the 30-year Treasury near 5.5% shows the bond market is close to broken, with too few buyers willing to lend long term. Gold is holding up against a strong dollar, rising oil and higher yields — which he reads as confirmation that the bond market is strained. He expects the Fed to become buyer of last resort for Treasuries, a step he says would be inflationary and justify gold ownership. Beaver Creek mining companies are well cashed up and senior producers are again eyeing early-stage projects, without the reckless 2011-era deal-making. He discloses a long position in Origin Royalties, a junior with cash and a royalty (a revenue share) that avoids dilution.
Silver has run a structural supply deficit for six years, and AI/data-center buildouts are now widening it beyond current forecasts. A 50 MW data center alone consumes about 6.5 tons of silver — a single demand source not yet matched by new mine supply. First Majestic's $75M Jerritt Canyon restart is running ahead of schedule, with a formal study expected by Q1 2027 ahead of H2 2027 production. First Majestic is divesting sub-2 Moz (million ounce) producers so management can refocus on district-scale assets like Santa Elena, San Dimas, and Los Gatos. Retail silver demand softens when prices pull back — historically June through August are the seasonal lows before Q4 and Q1 recover.
Barrick is selling Fourmile at a steep discount, but access to permitted autoclave (pressure oxidation) capacity via Goldrush justifies it. Seabridge's KSM court setback shows Indigenous consultation now extends beyond a project's footprint, raising permitting risk across British Columbia. Major gold producers returned roughly 30% of first-half 2026 revenue to shareholders, with buybacks outpacing dividends and the top five dominating. Judge management on per-share value: grow assets without growing the share count, and favor teams that raise capital at rising prices. Coffee's upfront capital quadrupled in a decade, reinforcing the case for hunting fatal flaws early — cutoff grades, jurisdictions, and site visits.
Daily throughput at La Guitarra climbed 34% to 672 tpd, with a new ball mill set to push capacity to roughly 1,400-1,500 tpd. Q2 AISC (All-In Sustaining Cost — what it really costs to produce an ounce) jumped to $5,473 from $3,254 on FX, development, and lower-grade ore. Sierra Madre plans a year of mapping at Del Toro's three past-producing mines and 3,000 tpd mill before any restart decision. Phase 1 drilling at La Guitarra begins early Q4 with 13 long holes; Del Toro drilling is slated for mid-2027 — roughly 60,000m combined. Repayment of the First Majestic Silver term loan leaves Sierra Madre with $22.2M cash and $25M working capital and no funded debt.
Day reads gold holding up against rising yields as a sign of underlying strength, and expects a stressed US bond market to eventually drag the Fed back in. Day calls Barrick's Fourmile-for-Nevada-Gold-Mines swap with Newmont an "awful deal," estimating Barrick effectively paid roughly $6-7B to clear its IPO path. Day expects Franco-Nevada to keep its $2B cash powder dry until a high-quality royalty deal surfaces, with Metalla Royalty floated as a possible fit. Over the next 1-2 years, Day prefers purer silver producers over gold producers, citing deeper pullbacks and stronger implied upside. Day flags many "silver" producers for actually mining more gold than silver, including Pan American Silver and First Majestic's Ermitaño deposit.
Physical silver is Feneck's largest position (~11.5%) on a sub-$17 cost basis; he adds on dips in the $50-$55 range. Silver developers look compelling: production AISC (All-In Sustaining Cost — what it really costs per ounce) of $25-$30 vs silver near $70. Mining equities are starting to move three-to-one with metals, a leverage regime that returned in late July after years of one-to-one. Tungsten, not rare earths, is the more actionable critical-mineral play — China controls ~81% of supply and there's no futures market. He reads the Fed as more market-friendly than the headlines, noting only ~50bps of cuts are priced in by late next July.
Mario Innecco reads silver's defense of the $70 level by paper markets as a delaying action, expecting the next leg back to $120 to be fast. He flags the persistent Basel III tier-one narrative and a roughly 12% Shanghai silver premium as evidence that physical demand is outrunning paper selling. The guest argues a US Treasury gold revaluation, last done in 1973, would add balance-sheet liquidity but would debase the dollar against real goods. He calls mining equities undervalued versus gold and broad stocks, yet recommends keeping most savings in physical metal and using miners as a smaller speculative sleeve. He warns that tungsten supply is roughly 85% controlled by China and North Korea, a Western vulnerability now drawing UK government investment in domestic projects.
Persistent Shanghai silver premium above $8 for eight-plus months signals a physical supply squeeze the paper arbitrage cannot close. India's import-license delays cascaded into a London shortage, pulling metal from China and COMEX and reinforcing the squeeze. Most silver is mined as a by-product (a secondary credit from mining another metal), so $65 silver still drives strong free cash flow at producers. Mining-stock valuations look disconnected from spot prices because Wall Street models assume $3,000 gold and $40 silver, not current levels. A bond-market crisis or US gold revaluation remains a multi-year tail risk that the guest says could push silver dramatically higher.
Bond bull ended in 2021, debt-driven financial repression is forcing capital toward hard assets — secular commodities bull market underway. Gold and silver are scarce stores of value that cannot be printed, hedging the devaluation of fiat currencies under rising debt. Japan is the most leveraged creditor nation; its repatriation of overseas capital could destabilize global bond markets. Precious metals remain under-owned at under 1% of investable assets in the West, leaving room for institutional re-rating. Silver could outperform gold on industrial demand, persistent supply deficits, and possible Basel III tier-one status.
Oil setup toward 2029 reflects deferred sustaining capex of $1B per day, with Venezuela reopening adding limited supply. Value prospect generators by multiplying third-party drill spend by the carried interest, then subtracting G&A — the synthetic profit measure. Anchor mining NPV discount rates to the host sovereign rate plus a 3-4% risk premium; US, Canada, and Australia use the project WACC instead. Press winners by trimming as price approaches value — Rick cut Paladin at $1.25, $3, and $6, pausing whenever a smart new buyer emerged. Northern exploration stocks typically get crushed each winter without news; March or April entries exploit the seasonal weak-handed selling.
Silver's price surge has not created new mines: new projects need roughly 18 years from discovery to production, so supply cannot respond quickly. First Majestic's unchanged production generated $40 million in quarterly free cash flow at $32 silver and roughly $220-250 million a year later. Two Santa Elena discoveries hold over 90 million silver-equivalent ounces (all metals converted to silver ounces), with permits arriving 12-18 months early. Exploration beats acquisition: Santa Elena discovery ounces cost about $0.32 each, far below what developers charge for ounces in the ground. A $1.2 billion cash position funds 300,000-plus metres of drilling, mill expansions and the Jerritt Canyon restart — growth without acquisitions.
Aya's Zgounder mine is running as a cash machine: Q2 revenue up 151% YoY, operating cash flow up 522%, with payback on $140M capex inside five months. Boumadiene is targeting 37M ounces of silver a year at an AISC (all-in sustaining cost) under $15, lifting Aya to roughly 43M ounces by mid-2029. Q3 and Q4 historically deliver about 60% of annual silver production at the Moroccan operations because winter weather slows Q1 and Q2. A 400,000-ton ore stockpile gives the mill roughly two quarters of feed if mining halts, materially de-risking any short-term pit disruption. At a roughly $4B market cap, even conservative silver prices imply material upside as Boumadiene approaches commissioning.
The author's 10-step checklist turns mining stock analysis into a discipline: size the deposit first, end with a numeric rating. Prefer gold deposits above 1.5 million ounces with grades of at least 1 g/t (open pit) or 5 g/t (underground) and recovery above 80%. AISC (All-In Sustaining Cost — what it really costs to produce an ounce) should run about one-third of gold's spot price, with a 10% annual inflation assumption. Tight share structures (under ~150 million shares), conventional debt, and half-warrant financings protect per-share value; full warrants, heavy dilution, and reverse splits are red flags. Estimate a miner's future market cap using free cash flow times a 5-20x multiple, then divide by today's market cap for a clean growth-rate view.
Athena Gold's new Red Lake hit of 23.85 g/t (grams per tonne) over 5 metres, near surface, is the standout result. The host reads Sirios' 2.4 g/t over 48.5 metres at Cheech as high-grade shoots being tested beneath the open pit. Mackay Gold & Silver adds a core rig to test the historic Sutro tunnel intersection on the Comstock, Nevada, inside a 20,000-metre program. Orogen Royalties adds a 2% net smelter royalty on the Haldane silver project, and the host prefers its geologist-led model. With bond yields at multi-year highs and debt near $40 trillion, the host says all roads lead to gold, now above its 200-day average.
Laboucan argues algorithmic trading keys off the day's headline narrative, not longer-term reality, which creates an opening for investors who look past daily swings. Turning a discovery into a mine takes 20 to 30 years, so gold, silver and copper supply cannot respond quickly to rising prices. Free cash flow - the cash that actually reaches the bank - is Laboucan's preferred measure, ahead of accounting earnings, at producers large and small. Mapping each name on the Lassonde Curve, he finds all four priced earlier than their actual development stage, a gap he frames as the opportunity. His gold case leans on debt stress: the yen carry trade - cheap Japanese borrowing funding US debt - keeps needing intervention that never lasts.
Hunt argues a bond market failure since 2020 puts the dollar on a debt collapse path, with silver potentially surging to $1,000-plus. He expects a near-term disinflationary sell-off in metals before a 'super surge' once bond contagion forces the Fed's hand. Falling wedge breakouts in gold, silver, and mining ETFs (GDX, SILJ, Hecla) all flag the same bullish continuation pattern. Extreme-strike call-option volume reflects call-writing and position management rather than insider conviction of imminent moves. Physical coins and bars held in your hand are the only true hedge when counterparty risk spikes in paper-metal claims.
Power Metallic's maiden MRE for Lion and Nisk slipped to end of August; management argues it implies $1B+ NPV against a ~$200M market cap. Lion's roughly 5% Cu grade is an order of magnitude above the average operating copper mine, framing the project's unusual economics. Management plans to skip PFS and move Lion straight from maiden MRE to feasibility, with a PEA follow-up targeted by mid-November 2026. Muon-based geophysics is being deployed across the 5.5 km gap between Lion and Nisk to vector deeper drilling more cost-effectively.
The video argues today's silver prices have not produced new mines — supply takes about 18 years from discovery to production — so First Majestic plans to grow through drilling, mill expansions, and the Jerritt Canyon restart instead, funded by $1.2 billion in cash.
Silver Prices Exploded. New Supply Never Came. | First Majestic Read article The Gold Bull argues First Majestic Silver (AG) is a leveraged way to hold silver: 57% of revenue comes from silver, production jumped after the Gatos acquisition, and the balance sheet holds $435 million in cash. Rising 2026 cost guidance and slightly lower planned production are the main offsets, with fourth-quarter results due February 19.
First Majestic Silver Stock Pure Leverage to Silver Price Read article A room for resource investors taking shape now — independent, spam-free, no hype.