The Silver Breakout Investors Waited Over a Decade For

On behalf of First Majestic Silver Corp.

Silver has officially broken through $48, its highest level in more than 14 years.

This isn’t another short-lived spike. It’s structural.

Governments have declared silver a critical mineral.¹ Tariffs are disrupting global supply. Demand from electric vehicles, solar panels, AI infrastructure, and defense systems is climbing to unprecedented levels.²

Yet while silver itself is running, the producers actually pulling ounces out of the ground have barely budged.

That’s the disconnect.

And at the center of it is First Majestic Silver Corp. (NYSE:AG) (TSX:AG), one of the only true pure-play silver producers with four active mines, over 30 million silver-equivalent ounces of annual production,³ and margins expanding with every tick higher in silver.

Despite reporting $285.1 million in quarterly revenue and $43.0 million in net earnings,⁴ the stock is still trading under $15.

For investors who understand how silver bull markets play out, this is the kind of setup that can lead to extraordinary gains.

Breaking News

First Majestic Reports Positive Exploration Results at Los Gatos

Why Silver Is Suddenly in the Spotlight

The silver market has been quietly tightening for years, but now the squeeze is undeniable:

Global mine supply peaked back in 2016. Exploration budgets have failed to replace reserves.
The Silver Institute reported a 148.9-million-ounce deficit in 2024, the second-largest shortfall ever recorded.
New US tariffs on Chinese metals have disrupted supply chains, forcing buyers to seek regional producers.⁵
Washington formally declared silver a critical mineral, opening the door to subsidies, reserve stockpiling, and fast-track permitting.

Meanwhile, institutional capital is moving aggressively:

Silver-backed ETFs absorbed 95 million ounces in the first half of 2025, pushing assets above $40 billion.⁶
Sprott’s new Silver Miners & Physical ETF hit $100 million AUM at launch with First Majestic as its top holding.⁷
Major banks including JPMorgan, Citi, and HSBC are raising silver price targets as the market realigns.^8,9

Put simply, the demand is here. The supply is constrained. And silver producers like First Majestic Silver Corp. (NYSE:AG) (TSX:AG) are about to be revalued.

First Majestic Silver Corp. (NYSE:AG) (TSX:AG): A Producer Built for This Moment

While thousands of juniors are drilling for the next discovery, First Majestic Silver Corp. (NYSE:AG) (TSX:AG) is already delivering real results.

Here’s why it stands out:

Four operating mines in Mexico: San Dimas, Santa Elena, La Encantada, and Los Gatos
30–32 million silver-equivalent ounces projected for 2025 — production happening now, not years from now
$285.1 million revenue and $43.0 million net earnings in Q2 2025 — one of the strongest quarters in company history
Over 35,000 ounces of gold in Q3 — adding torque and lowering effective silver costs
All-in sustaining costs under$21/oz with silver trading above $48 — a 48% margin and widening
Zero near-term need for dilution — cash flow is funding growth

This isn’t a speculative story. It’s a proven silver machine operating in one of the tightest supply markets we’ve seen in decades.

Press Releases

Technology That Expands Margins

What separates First Majestic Silver Corp. (NYSE:AG) (TSX:AG) isn’t just production scale, it’s efficiency.

At its Santa Elena mine, the company installed the industry’s first-ever High-Intensity Grinding (HIG) mill.

The results:

Recovery rates boosted to as high as 94%
More ounces pulled from every ton of ore
Lower energy usage and stronger margins

In an industry where pennies per ounce make a difference, this proprietary technology is giving First Majestic a structural edge that no competitor has replicated.

The Los Gatos Game-Changer

In early 2025, First Majestic Silver Corp. (NYSE:AG) (TSX:AG) acquired 70% ownership of the Los Gatos mine, one of Mexico’s highest-grade silver operations.

This asset is expected to produce over 13 million silver-equivalent ounces this year alone.¹⁰

But the real upside lies in the surrounding 103,000-hectare land package. Much of it has never been drilled,¹¹ and management believes the resource expansion potential is “significant.”

With Los Gatos, First Majestic has not only boosted current production but also secured a growth runway for years to come.

Leadership With Conviction

Behind the numbers is one of the most respected names in silver: Keith Neumeyer.

Founded First Majestic Silver Corp. (NYSE:AG) (TSX:AG) and built it into one of the largest pure-play silver producers in the world
Founded First Quantum Minerals and helped launch First Mining Gold
Publicly called for triple-digit silver long before the current breakout
Refuses to hedge silver production with every ounce is exposed to rising prices

Neumeyer’s conviction is baked into the company’s DNA. He’s not building for the short term. He’s positioning First Majestic to lead the next silver cycle.

The Valuation Gap That Can’t Last

Compare First Majestic Silver Corp. (NYSE:AG) (TSX:AG) to its closest peers and the disconnect is clear:

Pan American Silver (NYSE:PAAS) has a market cap near $12 billion with flat production guidance.
Hecla Mining (NYSE:HL) has a production profile similar to First Majestic and was once valued in the same range.
First Majestic has a market cap around $4 billion with production growing and margins expanding.

Despite producing more silver-equivalent ounces than many peers, AG trades at a fraction of the valuation.

That’s the kind of asymmetry professional investors look for and it doesn’t stay hidden for long.

Institutions Are Already Quietly Buying

Even if the retail market hasn’t caught on, the smart money has.

Over 350 institutions now hold positions in First Majestic Silver Corp. (NYSE:AG) (TSX:AG), including:¹²

VanEck International Investors — a major player in mining ETFs
Sprott — with a reputation for spotting precious metals opportunities early
Vanguard — showing broader institutional confidence
JPMorgan — recently filed a new position

They’re not waiting for $50 silver. They’re building positions before the next move.

History Says the Biggest Moves Are Still Ahead

In 2011, silver climbed 175% in 18 months. Producers like First Majestic Silver Corp. (NYSE:AG) (TSX:AG) outperformed the metal itself.

In 1979, silver rocketed 700% in under a year. Again, it was the producers that captured the biggest gains.

Today’s setup is eerily similar, but with new catalysts: tariffs, critical mineral designations, and soaring industrial demand.

First Majestic Silver Corp. (NYSE:AG) (TSX:AG) has four producing mines, proprietary technology, high-grade discoveries, and a founder with a history of building billion-dollar companies.

And it’s still trading under $15.

Get the Full Story Before Wall Street Wakes Up

The window for mispricing silver producers doesn’t stay open long.

First Majestic Silver Corp. (NYSE:AG) (TSX:AG) is already generating hundreds of millions in revenue, reporting strong profits, and expanding production, yet the stock is priced like a junior.

That disconnect is the opportunity.

👉 Access the full report and corporate deck here.

Disclaimer

footnotes:
[1] https://www.miningweekly.com/article/us-adds-copper-silver-and-potash-to-draft-list-of-critical-minerals-2025-08-26 [2] https://discoveryalert.com.au/news/silver-driving-14-year-highs-supply-demand-2025/ [3] https://www.firstmajestic.com/investors/news-releases/first-majestic-produces-79-million-ageq-ounces-in-q2-2025-consisting-of-37-million-silver-ounces-and-33865-gold-ounces-announces-improved-2025-production-and-cost-guidance-and-conference-call-details [4] https://www.firstmajestic.com/investors/news-releases/first-majestic-announces-record-financial-results-for-q2-2025-and-quarterly-dividend-payment [5] https://www.bbc.com/news/articles/cn93e12rypgo [6] https://www.cruxinvestor.com/posts/record-inflows-into-silver-etps-driving-investor-returns [7] https://www.globenewswire.com/news-release/2025/07/09/3112518/0/en/Sprott-Silver-Miners-Physical-Silver-ETF-Reaches-100-Million-in-Assets.html [8] https://goldsilver.com/industry-news/article/silver-hits-38-why-banks-are-bearish-amid-bullish-signals/ [9] https://www.reuters.com/business/hsbc-raises-silver-price-outlook-gold-strength-geopolitical-risks-2025-08-08/ [10] https://www.firstmajestic.com/_resources/presentation/corporate-presentation.pdf?v=082710 [11] https://www.firstmajestic.com/_resources/presentation/corporate-presentation.pdf?v=082710 [12] https://fintel.io/so/us/ag

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6) This document contains forward-looking information and forward-looking statements within the meaning of applicable Canadian and United States securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding First Majestic Silver Corp.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to First Majestic Silver Corp.’s industry; (b) market opportunity; (c) First Majestic Silver Corp.’s business plans and strategies; (d) services that First Majestic Silver Corp. intends to offer; (e) First Majestic Silver Corp.’s milestone projections and targets; (f) First Majestic Silver Corp.’s expectations regarding receipt of approval for regulatory applications; (g) First Majestic Silver Corp.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) First Majestic Silver Corp.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute First Majestic Silver Corp.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) First Majestic Silver Corp.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) the accuracy of budgeted costs and expenditures; (e) First Majestic Silver Corp.’s ability to attract and retain skilled personnel; (f) political and regulatory stability; (g) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (h) changes in applicable legislation; (i) stability in financial and capital markets; and (j) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of First Majestic Silver Corp. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) First Majestic Silver Corp.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact First Majestic Silver Corp.'s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing First Majestic Silver Corp.’s business operations (e) First Majestic Silver Corp. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, First Majestic Silver Corp. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does First Majestic Silver Corp. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither First Majestic Silver Corp. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

7) Any graphs, tables or other information demonstrating the historical performance or current or historical ƒattributes of First Majestic Silver Corp. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of First Majestic Silver Corp. or such entities and are not necessarily indicative of future performance of First Majestic Silver Corp. or such entities.

8) The technical information contained in articles and videos produced for this campaign has been reviewed and approved by Mr. Gonzalo Mercado, P. Geo. at First Majestic Silver Corp. as the Qualified Person for the Company as defined in National Instrument 43-101.

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SEARCH FOR AN ARTICLE

The Silver Breakout Investors Waited Over a Decade For

Breaking News

Why Silver Is Suddenly in the Spotlight

First Majestic Silver Corp. (NYSE:AG) (TSX:AG): A Producer Built for This Moment

Press Releases

Technology That Expands Margins

The Los Gatos Game-Changer

Leadership With Conviction

The Valuation Gap That Can’t Last

Institutions Are Already Quietly Buying

History Says the Biggest Moves Are Still Ahead

More News From This Company

First Majestic Silver Corp.

Company News

Don't Hesitate! Get The Corporate Presentation Now

PLUS

Don't Hesitate! Get The Corporate Presentation Now

PLUS

Breaking News

Why Silver Is Suddenly in the Spotlight

SUBSCRIBE FOR TRADING INSIGHTS AND ALERTS. STAY AHEAD.

First Majestic Silver Corp. (NYSE:AG) (TSX:AG): A Producer Built for This Moment

Press Releases

Technology That Expands Margins

The Los Gatos Game-Changer

Leadership With Conviction

The Valuation Gap That Can’t Last

Institutions Are Already Quietly Buying

History Says the Biggest Moves Are Still Ahead

SUBSCRIBE FOR TRADING INSIGHTS AND ALERTS. STAY AHEAD.

More News From This Company

First Majestic Silver Corp.

Company News

Don't Hesitate! Get The Corporate Presentation Now

PLUS

Don't Hesitate! Get The Corporate Presentation Now

PLUS