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.

For nearly a decade, silver miners have lived in the shadows of the very metal they dig from the ground. While silver itself has enjoyed periodic rallies and endured inevitable sell-offs, junior mining equities—the speculative small-cap explorers and producers represented by the SILJ ETF—have consistently lagged.That lag became undeniable between 2016 and 2025. The SILJ/Silver ratio, which tracks the relative performance of silver miners against the spot price of silver, carved out a relentless pattern of l ...

Company Overview - A-Mark is a leading fully integrated precious metals platform[2, 82] - The company operates an integrated platform including wholesale, minting, storage & logistics, and secured lending[12] - Insider ownership accounts for approximately 23% of outstanding shares as of Q3 FY25[13] Financial Performance - For the nine months ended March 31, 2025, gross profit was $129.2 million[24] - EBITDA for the nine months ended March 31, 2025, was $35.3 million[24] - Diluted EPS for the nine months ended March 31, 2025, was $0.29[24] - Secured loan portfolio value was $86.512 million as of Q3 FY25[67] Direct to Consumer (DTC) Segment - The company added 1,020,300 new DTC customers in the nine months ended March 31, 2025[24] - The number of active DTC customers was 410,700 for the nine months ended March 31, 2025[24] - The average order value (AOV) for the DTC segment was $3,080 for the nine months ended March 31, 2025[24] Wholesale Segment - Gold ounces sold in the wholesale segment were 916,000 for the nine months ended March 31, 2025[24] - Silver ounces sold in the wholesale segment were 43,301,000 for the nine months ended March 31, 2025[24]