Core Insights - First Majestic Silver Corp. reported a total production of 7.9 million silver-equivalent ounces in Q2 2025, marking a 48% year-over-year increase driven by a 76% rise in silver production [1][7]. Production Details - The production included 3.7 million ounces of silver and 33,865 ounces of gold [1]. - The San Dimas mine produced 2.46 million AgEq ounces, with 1.24 million ounces of silver and 12,472 ounces of gold, reflecting a 17% year-over-year increase [3]. - The Santa Elena mine produced 2.32 million AgEq ounces, down 10% year-over-year, consisting of 306,224 ounces of silver and 20,637 ounces of gold [3]. - La Encantada produced 628,105 ounces of silver, up 7% from Q2 2024, driven by a 20% increase in ore processed and an 8% rise in silver recovery [4]. - Cerro Los Gatos contributed 2.4 million AgEq ounces, including 1.52 million ounces of silver and key base metals [4][7]. Acquisition Impact - In January 2025, First Majestic completed the acquisition of Gatos Silver, Inc., gaining a 70% interest in the Cerro Los Gatos mine, which solidified its position as an intermediate primary silver producer [2]. Updated Guidance - Following strong Q2 performance, the company raised its full-year consolidated production guidance to 30.6-32.6 million AgEq ounces, up from the previous guidance of 27.8-31.2 million AgEq ounces [5][7]. Stock Performance - First Majestic's shares have increased by 26.9% over the past year, outperforming the industry average growth of 20.1% [6].

Core Viewpoint - First Majestic Silver Corp. reported strong production results for Q2 2025, achieving 7.9 million silver equivalent ounces, a significant increase from the previous year, and has revised its 2025 production and cost guidance positively due to improved operational performance and metal prices [1][2][3]. Production Highlights - Total production in Q2 2025 reached 7.9 million AgEq ounces, consisting of 3.7 million silver ounces and 33,865 gold ounces, along with 16.1 million pounds of zinc and 9.0 million pounds of lead [1][3]. - Silver production increased by 76% year-over-year, from 2.1 million ounces in Q2 2024 to 3.7 million ounces in Q2 2025 [3]. - Silver equivalent production rose by 48% year-over-year, from 5.3 million AgEq ounces in Q2 2024 to 7.9 million AgEq ounces in Q2 2025 [3]. Operational Performance - The integration of the Los Gatos Silver Mine is progressing well, with identified synergies and opportunities [2]. - Operational performance at Santa Elena and San Dimas mines continues to meet or exceed expectations, benefiting from favorable metal prices [2]. - La Encantada is expected to improve in the second half of the year after a slower start [2]. Safety Performance - The consolidated Q2 2025 Total Reportable Incident Frequency Rate (TRIFR) was 0.52, below the target KPI of 0.70, indicating strong safety performance [4]. Mine-by-Mine Production Details - Los Gatos produced 2,436,722 AgEq ounces, including 1,524,949 ounces of silver and 706 ounces of gold, despite a weather-related power outage [6][9]. - Santa Elena produced 2,318,618 AgEq ounces, a decrease of 10% year-over-year, due to lower grade ores [12]. - San Dimas produced 2,464,029 AgEq ounces, a 17% increase year-over-year, with silver production up by 9% and gold production by 4% [12]. - La Encantada produced 628,105 ounces of silver, a 7% increase year-over-year, driven by a 20% increase in ore processed [12]. Updated 2025 Guidance - The company has increased its 2025 production guidance to 30.6 - 32.6 million AgEq ounces, a 7% increase from the original guidance [14]. - Silver production is now estimated to range between 14.8 to 15.8 million ounces, a 6% increase at the mid-point [18]. - Gold production is estimated to range between 135,000 to 144,000 ounces, a 2% increase at the mid-point [21]. - The 2025 capital budget has been increased by 7% to $193 million to support growth initiatives [24][19]. Capital Investments - The company plans to invest approximately $193 million in capital expenditures in 2025, with $76 million for sustaining activities and $117 million for expansionary projects [24]. - Key initiatives include upgrades at Santa Elena and early-stage development at the Navidad discovery [24].

Core Argument - The silver sector is gaining attention as a potentially more explosive investment opportunity compared to gold, driven by unique fundamentals and increasing demand for green technology [1][2]. Industry Overview - Silver serves as an industrial workhorse, with over 50% of annual consumption linked to industrial applications, making it essential for sectors like photovoltaic cells and electric vehicles [3]. - The silver market is facing a structural supply deficit for the fifth consecutive year, where demand consistently exceeds supply from mining and recycling, providing strong price support [4]. - Favorable macroeconomic trends, including potential interest rate cuts by the U.S. Federal Reserve and a downtrend in the U.S. dollar, are expected to boost silver demand [5][6]. Investment Opportunities - The Gold/Silver ratio remains above historical averages, suggesting that silver may be undervalued compared to gold, indicating potential for price appreciation [7]. - Direct exposure to silver can be achieved through investment vehicles like the iShares Silver Trust, which has shown a year-to-date net asset value total return of approximately 33% [11][12]. - Mining companies such as First Majestic Silver and Pan American Silver present opportunities for leveraged returns, with First Majestic benefiting from significant revenue leverage to silver prices and Pan American pursuing strategic acquisitions to enhance its portfolio [14][17].

Core Insights - Pan American Silver (PAAS) and First Majestic Silver (AG) are prominent players in the silver mining sector, both headquartered in Vancouver, Canada, and providing exposure to silver and gold [1][2] - Silver prices have increased by 28% and gold prices by 29% this year, driven by safe-haven demand, geopolitical tensions, and supply deficits [1] - The silver market is projected to face another deficit in 2025, which is expected to positively impact prices [1] Company Overview: Pan American Silver - Pan American Silver is a leading silver and gold producer in the Americas, operating 12 mines across several countries [3] - As of June 30, 2024, Pan American's mineral reserves included 468 million ounces of silver and 6.7 million ounces of gold, with an expected increase of 58 million ounces from the acquisition of MAG Silver Corp. [4][5] - The company reported a 28.6% year-over-year revenue increase to $773 million in Q1, with record mine operating earnings of $250.8 million [6][10] - Silver production was 5 million ounces in Q1, with expectations to meet 2025 guidance of 20-21 million ounces of silver [8][9] Company Overview: First Majestic Silver - First Majestic Silver focuses on silver and gold production primarily in Mexico and the U.S., operating four underground mines [13] - Proven and probable mineral reserves are estimated at 86.8 million ounces of silver and 594,000 ounces of gold as of December 31, 2024 [14] - The company achieved a 130% increase in Q1 revenues to $243.9 million, driven by the Cerro Los Gatos Silver Mine and higher silver prices [16][10] - Total production reached 7.7 million silver-equivalent ounces in Q1, marking a 49% year-over-year increase [15] Financial Performance Comparison - Pan American's adjusted earnings per share for 2025 are estimated at $1.47, reflecting an 86.1% year-over-year growth [21] - First Majestic's earnings estimate for 2025 is 12 cents per share, an improvement from a loss of 14 cents in 2024 [22] - PAAS stock has increased by 40% over the past year, outperforming the industry's growth of 18.5%, while AG has gained 30.7% [23] Valuation and Market Position - Pan American is trading at a forward price-to-sales multiple of 3.39X, below the industry average of 4.06X, while AG trades at 4.48X [25] - Pan American offers a dividend yield of 1.38%, significantly higher than First Majestic's 0.22% [27] - The average price target for Pan American suggests a 9% increase, while First Majestic's average price target implies a 2% decline [28] Investment Outlook - Both companies are positioned to benefit from rising silver and gold prices, with strong production expectations and expansion efforts [29] - Pan American has shown better performance in share price gains and dividend yield, along with positive earnings estimate revisions [30] - With a more attractive valuation and higher growth potential, Pan American Silver is viewed as a more compelling investment choice compared to First Majestic [33]

Group 1: Market Overview - Commodities and safe haven assets are gaining attention on Wall Street amid ongoing tariff issues [1] - The focus is on three mining companies: Newmont Corporation, First Majestic Silver Corp, and Rio Tinto plc [1] Group 2: Newmont Corporation (NEM) - Newmont's stock is currently down 0.4% at $52.63, having stabilized near a $52 floor and its 20-day moving average [2] - Despite a 41% gain projected for 2025, Newmont stock appears vulnerable to downgrades, with 13 out of 20 analysts maintaining a "buy" or better rating [2] Group 3: First Majestic Silver Corp (AG) - First Majestic is down 2.4% at $6.18, struggling to surpass the $6.50 mark, and is facing its first potential loss in four sessions [3] - The stock has a year-to-date gain of 12%, but short interest has increased by 39.3%, representing 5.3% of the stock's float, indicating potential for a short squeeze [3] Group 4: Rio Tinto plc (RIO) - Rio Tinto's shares are attempting a rebound, currently up 0.6% at $60.33, recovering from a two-year low of $51.67 [4] - The stock is now above its year-to-date breakeven point, and options are considered affordable, with a Schaeffer's Volatility Index (SVI) of 24% ranking in the 11th annual percentile [4]

Core Insights - First Majestic Silver Corp. has announced a second significant gold-silver discovery at the Santa Elena property, specifically the Santo Niño vein, located 900 meters south of the processing plant, alongside positive drilling results from the Navidad discovery [3][4] - The discoveries at Santo Niño and Navidad highlight the growing scale and potential of the Santa Elena district, which now hosts four significant deposits: Santa Elena, Ermitaño, Navidad, and Santo Niño [3][4] Exploration Highlights - The Santo Niño vein has been traced over 1 kilometer along strike and 400 meters down-dip, with significant gold and silver grades returned from thirteen intercepts [5] - Drilling at the Navidad/Winter vein system has expanded the mineralization footprint, with drillhole EWUG-25-050 returning some of the highest grades ever encountered on the property, including 6.81 meters grading 14.77 g/t Au and 642 g/t Ag [6][24] Drilling Results - Significant intercepts from the Santo Niño vein include: - Hole SE-25-15: 1.91 meters at 8.38 g/t Au and 248 g/t Ag, including 0.43 meters at 27.50 g/t Au and 641 g/t Ag [8] - Significant intercepts from the Navidad vein include: - Hole EWUG-25-050: 6.81 meters at 14.77 g/t Au and 642 g/t Ag, including sub-intervals of 1.19 meters at 29.51 g/t Au and 919 g/t Ag [9][24] District-Scale Exploration Strategy - The exploration strategy has successfully delivered two significant discoveries within a year, reinforcing the potential of the Santa Elena district as a multi-deposit system [12][23] - An aggressive drilling program is currently underway, with nine active rigs testing the full strike length and depth potential of the new discoveries [23]

Core Points - First Majestic Silver Corp. held its Annual General Meeting of Shareholders on May 20, 2025, in Vancouver, British Columbia, where all matters were approved except for the non-binding Say on Pay Advisory Vote [1][2]. Voting Results - A total of 281,059,326 common shares were represented at the meeting, accounting for 57.99% of the issued and outstanding shares [2]. - The resolution to set the number of directors at seven received 99.08% approval [2]. - The election results for individual directors were as follows: - Keith Neumeyer: 99.23% approval - Marjorie Co: 99.26% approval - Thomas F. Fudge, Jr.: 50.44% approval - Raymond L. Polman: 99.51% approval - Colette Rustad: 54.82% approval - Daniel Muñiz Quintanilla: 99.36% approval - Ayesha Hira: 99.46% approval [3]. Appointment of Auditor - Deloitte LLP was appointed as the independent auditor for the Company, receiving 95.10% approval [4]. Say-on-Pay Advisory Vote - The advisory resolution regarding the Company's executive compensation approach was not approved, with 41.01% voting in favor and 58.99% against [5]. New Board Member - Ayesha Hira was appointed to the Board of Directors effective May 20, 2025, bringing 30 years of mining industry experience [6][7]. Company Overview - First Majestic is focused on silver and gold production in Mexico and the United States, operating four underground mines in Mexico and holding a portfolio of development and exploration assets [9].

Core Points - First Majestic Silver Corp. is holding its Annual General Meeting of Shareholders (2025 AGM) on May 20, 2025, at 10:00 a.m. Pacific Time in Vancouver, British Columbia [1] - The Board of Directors recommends shareholders vote FOR all resolutions presented at the 2025 AGM [2] - The record date for voting eligibility was March 31, 2025, and shareholders are encouraged to vote before the proxy voting deadline on May 15, 2025, at 10:00 a.m. Pacific Time [2] Voting Information - Registered shareholders unable to attend the 2025 AGM can submit a signed proxy form to Computershare by mail, courier, or fax by the specified deadline [3] - Non-registered shareholders can participate in the 2025 AGM through a proxyholder or intermediaries and may have options to vote by telephone or online [4] - Kingsdale Advisors has been retained to assist shareholders with voting, providing contact information for support [5] Company Overview - First Majestic is a publicly traded mining company focused on silver and gold production, operating four underground mines in Mexico and holding development and exploration assets in the U.S. [9] - The company operates its own minting facility, First Mint, LLC, offering silver products for sale to the public [10]

Core Insights - First Majestic Silver Corp. reported record financial results for Q1 2025, highlighting a strong cash position and significant increases in production and revenue [2][3][4] Financial Highlights - The company achieved a record cash and restricted cash balance of $462.6 million, with $351.3 million in cash and cash equivalents and $111.3 million in restricted cash, marking a 50% increase from the previous quarter [10] - Record quarterly revenue of $243.9 million was generated, a 130% increase from $106.0 million in Q1 2024, primarily driven by a 64% increase in payable AgEq ounces sold [9][11] - Mine operating earnings reached a record $63.8 million, a significant increase from a loss of $0.3 million in Q1 2024, attributed to the addition of the Cerro Los Gatos Silver Mine [11][12] - Operating cash flow before changes in working capital and taxes was a record $110.0 million, compared to $12.6 million in Q1 2024 [13][14] - Net earnings for the quarter were $6.2 million (EPS of $0.01), compared to a net loss of $13.6 million (EPS of ($0.05)) in Q1 2024 [16][17] Production and Operational Highlights - The company produced 7.7 million silver equivalent ounces in Q1 2025, an increase of 49% compared to 5.2 million ounces in Q1 2024 [22] - Record silver production of 3.7 million ounces was achieved, representing an 88% increase from 2.0 million ounces produced in Q1 2024 [23] - Consolidated cash costs per AgEq ounce were $13.68, a 9% reduction from $15.00 in Q1 2024, and AISC was $19.24, an 11% improvement from $21.53 [24][26] Dividend Announcement - The company declared a cash dividend of $0.0045 per common share for Q1 2025, payable on or about May 30, 2025 [27][28]

Shares of First Majestic Silver (AG) have gained 5.9% over the past four weeks to close the last trading session at $5.91, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $7.89 indicates a potential upside of 33.5%.The average comprises six short-term price targets ranging from a low of $6 to a high of $11, with a standard deviation of $1.87. While the lowest estimate indicates ...