Core Insights - First Majestic Silver Corp. reported a total production of 7.7 million silver-equivalent ounces in Q3 2025, marking a 39% year-over-year increase, driven by a 96% surge in silver production [1][8] Production Highlights - The company produced a record 3.9 million ounces of silver and 35,681 ounces of gold in Q3 2025 [1] - The San Dimas mine contributed 2.69 million AgEq ounces, with silver production increasing by 40% year-over-year [3] - The Santa Elena mine's production decreased by 16% year-over-year, producing 2.26 million AgEq ounces [3] - La Encantada produced 575,193 ounces of silver, up 6% from Q3 2024, despite lower silver grades [4] - The Los Gatos mine contributed 2.13 million AgEq ounces, including 1.41 million ounces of silver [4] Acquisition Impact - In January 2025, First Majestic acquired a 70% interest in Gatos Silver, enhancing its position as a primary silver producer, with Los Gatos contributing 1.4 million ounces to total production in Q3 [2][8] Drilling Program - The company initiated its 2025 drilling program at the Jerritt Canyon mine, completing 12,522 meters of drilling during Q3 [5] Peer Comparison - Endeavour Silver Corp. produced 3.04 million AgEq ounces in Q3 2025, reflecting an 88% increase year-over-year, with a 102% rise in consolidated silver production [6] Stock Performance - First Majestic's shares increased by 115.5% over the past year, outperforming the industry growth of 77.7% [7]

Summary of First Majestic Silver Conference Call Company Overview - **Company**: First Majestic Silver (NYSE: AG) - **Industry**: Mining, specifically silver and gold production - **Location**: Primarily operates in Mexico, with corporate offices in Vancouver, Canada - **Recent Acquisition**: Acquired Los Gatos operation for $970 million, increasing production capacity significantly [12][46] Key Financial Metrics - **Revenue**: Expected to exceed $1 billion in 2025, marking a significant milestone for the company [10][46] - **Production**: Anticipated production of approximately 32 million silver-equivalent ounces in 2025, with 55% being silver and 35% gold [8][10] - **Cash Position**: Ended Q2 with over $510 million in cash, indicating strong financial health [10][24] - **Dividend Policy**: Currently pays a dividend of 1% of total revenues, with potential for increases in the future [25][26] Market Dynamics - **Silver Prices**: Current silver prices are approaching $50, with expectations for higher prices due to ongoing deficits in silver production [2][5] - **Supply and Demand**: The mining sector has been in a deficit for five consecutive years, necessitating higher silver prices to incentivize new mine development [5][6] - **Production Ratio**: For every ounce of gold mined, only seven ounces of silver are produced, highlighting the scarcity of silver [4] Operational Highlights - **Mines**: Operates four producing mines, with a focus on increasing throughput and production efficiency [7][19] - **Innovations**: The company has developed its own mint to sell silver bullion directly, which has improved profitability and reduced reliance on third-party mints [21][22] - **Exploration**: Actively exploring to replace mined ounces, with 30 drill rigs currently in operation [9] Strategic Initiatives - **Acquisition Strategy**: Continues to seek M&A opportunities to enhance production and resource base [46] - **Cost Management**: Maintains a focus on keeping cash costs around $18 per ounce, with efforts to stabilize input costs [41][42] - **Technological Advancements**: Utilizing AI and augmented reality in geological exploration to improve efficiency [49] ESG and Community Impact - **Community Role**: The company plays a vital role in local communities, providing jobs and infrastructure support [8] - **ESG Commitment**: Emphasizes corporate social responsibility, having historically engaged in community support long before the term ESG became popular [8] Future Outlook - **Production Growth**: Plans to expand production capacity at existing mines, with specific targets for throughput increases [36] - **Market Position**: Positioned as one of the most liquid mining stocks, attracting institutional and ETF investments [25] - **Exploration Results**: Future exploration results are anticipated to drive further interest and investment in the company [26] Conclusion - First Majestic Silver is well-positioned in the silver mining industry, with strong financials, a clear growth strategy, and a commitment to community and environmental responsibility. The company is focused on leveraging its recent acquisitions and technological advancements to enhance production and profitability in a favorable market environment.

Core Viewpoint - TD Cowen upgraded First Majestic Silver (AG.US) from "Hold" to "Buy" based on expected performance improvement and favorable macroeconomic trends, raising the target price from CAD 14 to CAD 22, resulting in a stock price increase of over 11% on the announcement day [1] Group 1: Company Performance - The Gatos mine is highlighted for its low-cost production advantage and strong performance, with expansion expected to start in 2026 [1] - New discoveries at the Santa Elena mine are seen as a key growth driver, likely to sustain strong silver production for the company [1] - The stock has experienced a year-to-date increase of over 147%, compared to a 14.16% rise in the S&P 500 index during the same period [2] Group 2: Market Dynamics - Silver prices are positively correlated with the company's performance, with silver futures rising by 3.31% to USD 49.42, supporting expectations for improved profitability [1] - Despite a general "Buy" rating from Wall Street, there is a divergence with Seeking Alpha analysts and quantitative models giving a "Hold" rating [1] - The stock received an A+ growth rating, but its valuation component scored a D-, impacting the overall score [1]

First Majestic Produces 7.7 Million AgEq Ounces in Q3 2025 Consisting of a Record 3.9 Million Silver Ounces and 35,681 Gold OuncesOctober 08, 2025 4:36 PM EDT | Source: First Majestic Silver Corp.Vancouver, British Columbia--(Newsfile Corp. - October 8, 2025) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") announces that total production in the third quarter of 2025 from the Company's four producing underground mines in Mexico, namely the Los G ...

Core Viewpoint - First Majestic Silver Corp. has disposed of 37,600,000 common shares of Silver Storm Mining Ltd. for gross proceeds of CAD$8,715,680, reducing its ownership stake in Silver Storm [1][2]. Group 1: Share Sale Details - The sale price for each share was CAD$0.2318, resulting in total gross proceeds of CAD$8,715,680 [1]. - Prior to the sale, First Majestic held 178,349,350 shares of Silver Storm, representing approximately 24.16% of the issued shares on a non-diluted basis [2]. - After the sale, First Majestic now holds 140,749,350 shares, which is approximately 19.07% of the issued shares on a non-diluted basis [2]. Group 2: Ownership and Future Intentions - First Majestic also holds 25,671,166 common share purchase warrants of Silver Storm, which remain unchanged post-sale [2]. - The company has stated that all securities of Silver Storm are held for investment purposes and has no current intention to increase or decrease its ownership [3]. - Future adjustments to First Majestic's position in Silver Storm will depend on market conditions and other factors [3]. Group 3: Regulatory Compliance - The news release is issued in accordance with National Instrument 62-103, and an early warning report regarding the sale will be filed on SEDAR+ [5]. - The report will be available under Silver Storm's issuer profile in compliance with applicable securities laws [5].

Core Insights - The discussion focuses on the investment potential in gold and silver mining stocks, emphasizing the importance of free cash flow and the elasticity of mining stocks in relation to gold prices [3][4][5][32]. Group 1: Investment Strategies - In a bull market, investors should seek mining stocks with high elasticity, meaning that when gold prices rise, the stock prices should increase at a higher percentage [5][9]. - Producers are identified as the most beneficial stocks during price increases due to their ability to generate higher free cash flow and improve their balance sheets [6][8]. - Developers also present significant potential, especially those with strong projects that can yield high future cash flows [10][18]. Group 2: Stock Analysis Criteria - A checklist for analyzing mining stocks includes evaluating property quality, location, financing issues, management team, valuation, balance sheet, margins, exploration pipeline, share structure, and overall risk-reward [13][15]. - The focus should be on identifying high-quality potential stocks rather than trying to pick specific winners [16][17]. Group 3: Specific Stock Recommendations - Three undercovered mining stocks mentioned are 1911 Gold, Talisker Resources, and Jaguar Mining, each with unique growth potential and market conditions [38][41][43][48]. - 1911 Gold is expected to restart production in 2027, with a target price of $10, while Talisker is projected to increase production significantly in the coming years [41][45]. - Jaguar Mining is noted for its growth potential, with plans to ramp up production from 40,000 ounces to 175,000-200,000 ounces annually [48]. Group 4: Market Trends and Expectations - The gold market is expected to experience corrections, with historical patterns indicating that corrections of 10% or more are common even in bull markets [76][86]. - The anticipated corrections are viewed as temporary setbacks, with expectations for recovery in the long term [78][81].

Core Viewpoint - The silver mining company First Majestic Silver is positioned to benefit from the growing demand for silver driven by the artificial intelligence (AI) revolution, regardless of which tech company leads the AI race [1][2]. Industry Insights - The AI revolution is projected to significantly increase energy consumption, with AI data centers potentially using as much electricity as Japan by 2030 [3]. - The shift towards clean energy to meet AI's energy demands is expected to boost silver prices, as nuclear reactors require 56,000 ounces of silver each, solar panels need about 0.64 ounces, and electric vehicles require approximately 1.3 ounces of silver [5]. - Silver prices have surged 60% year-to-date, with experts predicting a supply crunch that could drive prices even higher [6]. Company Performance - First Majestic Silver reported its "best quarter ever," with a 76% increase in silver production year-over-year and a 94% increase in revenue [7]. - The company has a record cash flow of $115 million and total cash of $510 million, resulting in a low debt-to-equity ratio of 8.08%, which is favorable compared to competitors [8]. - First Majestic has significant silver and gold reserves, including over 30 million ounces of silver and 364,000 ounces of gold at its San Dimas mine, with low extraction costs of $21.06 per ounce [9]. Strategic Initiatives - The company is increasing its exploration efforts, planning to drill 255,000 meters in 2025, up from 182,909 meters drilled last year [10]. - With 55% of its revenue coming from silver, First Majestic offers a compelling opportunity for investors looking to capitalize on the silver boom [11]. Valuation Considerations - First Majestic shares have increased over 120% year-to-date, raising questions about future growth potential, with a price-to-sales ratio of 5.7 and a forward price-to-earnings ratio of 45.3 [12]. - The company's strong cash position allows for potential strategic acquisitions, which could enhance its mining operations and production capacity [13]. Investment Opportunity - For investors seeking exposure outside of the tech sector to the global AI revolution or looking to benefit from the ongoing silver boom, First Majestic Silver presents a viable investment option [14].

Core Viewpoint - A monetary reset is occurring in the U.S., which could lead to significant wealth loss for those unprepared, but also presents opportunities for extraordinary gains, particularly through investments in gold and silver [2][8]. Group 1: Monetary Reset and Dollar Valuation - The U.S. dollar is perceived as overvalued, similar to the situation before the Plaza Accord in 1985, which coordinated efforts to devalue the dollar to improve U.S. export competitiveness [2][3][4]. - The dollar has already depreciated by approximately 10-11% against major currencies this year, which could lead to inflation and reduced purchasing power [5][6]. - The potential monetization of U.S. federal assets, including revaluing gold reserves, could create significant financial implications [7]. Group 2: Investment Opportunities in Gold - Gold is positioned as a central investment during this monetary reset, with expectations of substantial price increases, potentially yielding gains of 500% to 1,000% [9][10]. - Seabridge Gold is highlighted as a key investment opportunity, with its stock expected to rise significantly as gold prices increase, benefiting from its land holdings without the operational costs of mining [12][13]. - The stock has shown a 60% return since May 2024, tracking closely with gold price movements, which have also increased by about 60% during the same period [14]. Group 3: Silver Investment Potential - Silver is recommended as a complementary investment, historically outperforming gold in bull markets, with current pricing indicating it is undervalued relative to gold [22][24]. - First Majestic Silver is identified as a potential investment, with expectations of significant gains as silver prices rise, drawing parallels to past performance during previous market recoveries [26][27]. - The company operates several silver mines in Mexico and the U.S., with a focus on maximizing production and revenue from silver sales [28][29].

Group 1 - First Majestic Silver Corp. (NYSE:AG) experienced a significant increase of 14.3 percent week-on-week, driven by investor interest in mining companies following favorable US inflation data [1][3] - The personal consumption expenditures index rose by 0.3 percent in August, leading to an annual headline inflation rate of 2.7 percent, slightly up from 2.6 percent in July, but within economists' expectations [2] - The positive inflation figures have bolstered expectations that the US central bank may continue to lower interest rates, which is beneficial for precious metals like silver and gold [3] Group 2 - The decline in interest rates is expected to weaken the US dollar, making precious metals more affordable for foreign investors, thus enhancing the attractiveness of First Majestic Silver Corp. [3] - First Majestic Silver Corp. reached its highest 52-week price of $12.67 during the week, although there was some profit-taking towards the end [3]

Core Insights - Silver prices reached a new high in September, driven by expectations of inflation due to tariffs and rate cuts, benefiting silver stocks and ETFs [2] Silver Market Overview - Mining companies often discover gold, copper, and other industrial metals while extracting silver, which can influence the overall valuation of silver stocks [3] Silver ETFs - The iShares Silver Trust is designed to reflect silver prices, showing an uptrend since August/September 2022, with a significant moving average crossover indicating bullish momentum [6] - The Global X Silver Miners ETF provides a diversified portfolio of silver stocks, with recent trading volumes at their highest and an "overbought" relative strength indicator [9] Company Analysis - **Endeavour Silver**: - Market capitalization of $2.26 billion, with producing mines in Mexico and Peru. Earnings down 120% this year and 18.21% over three years, but recent price movements show upward trends [13] - **First Majestic Silver**: - Market cap of $5.70 billion, with four producing mines in Mexico. Earnings up 235% this year but down 157% over three years. The stock price increased by 14.31% this week, with a potential moving average crossover imminent [16] - **Pan American Silver**: - Market capitalization of $15.53 billion, with operations in Canada, Mexico, and South America. Earnings up 149% this year but down 12.83% over three years. The stock price rose 5.12% this week, reaching a new high [19]