Silver Hit $120. Pulled Back to $79. One Producer Is Sitting on $938 Million in Cash and Just Had Its Best Year Ever

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On behalf of First Majestic Silver Corp.

Silver crossed $100 per ounce for the first time in a generation. Then it touched $120. Then it pulled back hard.¹

The fundamentalists called the pullback a healthy reset. The momentum traders called it a sell signal. And a very specific group of investors got very quiet and started doing math.

Here is the math they were doing.

First Majestic Silver Corp. (NYSE:AG) (TSX:AG) set its 2026 production budget at $52 silver.² The metal averaged $41.52 for 2025. And they still generated $1.26 billion in revenue and $471 million in free cash flow.³

Silver is now at $73.

You can do the rest of the math yourself.

Breaking News

First Majestic Reports Q1 2026 Production Results

The Numbers That Wall Street Has Not Fully Caught Up To

Every single metric First Majestic Silver Corp. (NYSE:AG) (TSX:AG) reported in 2025 was a new company record. Not most of them. All of them.

These numbers were generated at an average silver price of $41.52 per equivalent ounce for the full year.⁴ Silver closed recently at $73.

Q4 alone generated $250.4 million in free cash flow when silver averaged $55.⁵ The Q1 2026 numbers are not yet public. They will reflect silver above $70 for the entire quarter.

That report lands May 12, 2026, alongside the Q1 dividend announcement. Investors who wait for it to land will be buying after the information is already priced in.

The treasury of $937.7 million gives First Majestic (NYSE:AG) (TSX:AG) something rare in the mining sector: the ability to weather volatility, fund growth, and return capital to shareholders simultaneously. No hat in hand. No dilution required.

"Our treasury is at record levels. It's an obscene amount of money."

— Keith Neumeyer, CEO, First Majestic Silver

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Why First Majestic Is the Most Direct Silver Play Among All the Major Producers

Here is the single most important number in the peer comparison.

First Majestic Silver Corp. (NYSE:AG) (TSX:AG) generates 58% of its revenue from silver.⁶ That is the highest silver concentration of any major producer. Hecla is at 48%. Pan American is at 24%. Coeur is at 34%.

When silver moves, AG moves harder. The company has historically delivered a 2 to 3x beta to the silver price⁷. That is not speculation. That is the historical record.

And it is the most silver-pure major at exactly the moment the silver supply/demand story is the most compelling it has been in a generation.

Why are investors looking at First Majestic Silver?

The smart money does not show up late. It gets in while the story is still being written. This is one of the hottest stories in the commodity space right now. And most investors have not found it yet. First Majestic Silver sits on $938 million in cash, generated $471 million in free cash flow last year, and did all of it at an average commodity price that is $32 below where the market currently sits.

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Five Years Into a Structural Deficit. The New Demand Drivers Have Not Even Peaked Yet

The global silver market has run a supply deficit for five consecutive years.⁸ In 2024 alone: approximately 150 million ounces short. The 2025 estimate is another 120 million ounce shortfall.

Solar energy demand for silver hit 198 million ounces in 2024, up 140% since 2020.⁹ That one industry now consumes roughly one quarter of all silver mined globally every year.

AI data centers, solid-state batteries, and nuclear energy have added demand categories that were not in any analyst’s model two years ago.

70% of global silver supply is a byproduct of copper, gold, and zinc mines. Those mines respond to their primary metal price, not silver. When silver runs, byproduct supply does not increase.¹⁰ And primary silver mines take 7 to 15 years to build from discovery.

The United States has officially designated silver a critical mineral.¹¹ China is restricting silver exports and hoarding what it acquires from North America.¹²

The supply squeeze is structural. The deficit is not closing.

In the middle of all of this: First Majestic Silver Corp. (NYSE:AG) (TSX:AG). Four producing mines. 31.1 million silver equivalent ounces per year.¹³ A treasury approaching $1 billion.¹⁴ And a cost structure that generates extraordinary margins at $73 silver.

Every prior period of this level of extension has resolved through silver outperformance. At current gold prices, silver would need to be at roughly $53 just to hit the historical average. It is at $73. Which means silver is still lagging gold historically even after its run.

Press Releases

5 Reasons

This Stock Deserves a Close Look Right Now

The Q1 2026 earnings have not landed yet. Q4 2025 generated $250.4 million in free cash flow at $55 silver for First Majestic Silver Corp. (NYSE:AG) (TSX:AG).¹⁵ Q1 2026 will reflect $70+ silver for an entire quarter. That report is coming out on May 12, 2026 along with the dividend announcement.

Two new mine discoveries are not yet in analyst models. The Santo Nino and Navidad vein systems at Santa Elena were both discovered in the past 12 months, both within close proximity to the processing plant. Both resource estimates are now declared. Navidad and Santo Niño together host 90.7 million silver-equivalent ounces Inferred at 268 g/t AgEq.¹⁶ Most analyst models have not caught up. That is the opportunity.

Jerritt Canyon is a funded wildcard that most models ignore. On April 2, 2026, First Majestic Silver Corp. (NYSE:AG) (TSX:AG) committed $75 million to restart its fully permitted Nevada gold mine. The resource base totals 4.1 million ounces M&I plus 3.7 million ounces Inferred, with updated estimates flagging open-pit potential that changes the cost profile. Pre-feasibility due Q4 2026. Production targeted H2 2027. Not in most sell-side models yet. When it is, the math changes.¹⁷

The dividend just doubled and it scales with the silver price. Starting 2026, the quarterly dividend targets 2% of net quarterly revenues per share, up from 1%.¹⁸ As revenue grows with silver prices, the payout grows automatically. Income-oriented investors who historically ignored miners now have a reason to take a second look.

Institutional ownership is 60% and growing. Van Eck holds 8.4%. Vanguard 2.3%. Blackrock 1.6%. Six analyst firms cover the stock.¹⁹ Average daily trading volume exceeds $400 million combined on NYSE and TSX. This is not a retail rumor. The largest resource-focused capital allocators in the world are already positioned. That context matters.

Four Producing Mines. Here Is What Each One Contributes

Los Gatos, Chihuahua, Mexico (70% interest): One of the highest-grade silver mines in the Western Hemisphere. 2025 AISC: $15.15 per ounce.²⁰ At $73 silver, that is nearly a five-to-one margin at the mine level. First full year of contribution after the Gatos Silver acquisition. Already the lowest-cost asset in the portfolio.

San Dimas, Durango, Mexico: 250+ years of documented mining history in the district.²¹ Historical production: 750 million ounces of silver and 11 million ounces of gold. 2025 output: 10.2 million AgEq ounces, up 19% year-over-year.²² 50% of power from clean hydroelectric sources.

Santa Elena, Sonora, Mexico: Runs the first High-Intensity Grinding mill ever deployed in silver mining. Two new discoveries within 900 to 3,000 metres of the plant: Navidad (2024) and Santo Nino (2025). Both have metallurgical recoveries confirmed above 95% for gold and silver.²³ Combined, they extend the mine life beyond any current model. Together they host 90.7 million silver-equivalent ounces Inferred at 268 g/t AgEq.²⁴ Neither is in most analyst models yet.

La Encantada, Coahuila, Mexico: Pure silver. No gold. No base metals. Every recovered ounce is direct silver margin. Q4 2025 production hit 1 million ounces, up 32% year-over-year and 74% over Q3.²⁵ At $73 silver, this is the cleanest single-metal leverage in the portfolio.

The Margin Nobody Else Has: The Only Miner That Mints Its Own Silver

First Majestic Silver Corp. (NYSE:AG) (TSX:AG) is the only publicly traded mining company in the world with its own minting facility.

Instead of selling all output at spot price into the wholesale market, First Mint LLC in Nevada mints bars, coins, and rounds and sells them directly to retail buyers.

In Q4 2025, when COMEX silver averaged $55.20 per ounce, First Mint realized an average selling price of $69.74 per ounce, a 26% premium.²⁶ Full year 2025 First Mint operating earnings: $24.1 million at a gross margin most standalone retail businesses would envy.

No other major competitor does this. It is not a gimmick. It is a structural competitive advantage that adds margin on every ounce that goes through the facility.

Free Cash Flow From $1 Million to $250 Million in Eight Quarters. This Is What Operating Leverage Looks Like

Q1 2024: $1 million in free cash flow. Q4 2025: $250.4 million.²⁷ Same company. Eight quarters.

First Majestic Silver’s (NYSE:AG) (TSX:AG) trajectory was driven by three things: the Los Gatos acquisition, disciplined operations across all mines, and a silver price that finally started moving.

Silver has moved further since. The machine is built. The ounces are flowing.

The Window Between Outstanding Results and a Fully Priced Stock Does Not Stay Open Long

Silver touched $120. The world noticed. The pullback happened. Most investors moved on.

But the structural deficit is still running. The industrial demand curve is still rising. China is still restricting silver exports. The US has declared silver a critical mineral. And First Majestic Silver Corp. (NYSE:AG) (TSX:AG) just posted the best financial year in its entire 22-year history at an average silver price that is $32 lower than where the metal currently sits.

Q1 2026 earnings are coming. A Nevada gold mine restart is funded and timed. The dividend just doubled. And institutional capital is already positioned.

The thesis is intact. The numbers are real. The catalysts are on the calendar.

This is worth paying very close attention to right now.

Subscribers to Trading Whisperer Get the Full Picture

Trading Whisperer subscribers get our complete ongoing coverage of First Majestic Silver Corp. (NYSE:AG) (TSX:AG), including:

✔️ First Majestic’s complete April 2026 corporate presentation and all key financial filings

✔️ Congressional trading data and insider transaction monitoring for AG and the entire silver sector

✔️ Real-time AI risk scores updated as silver prices and market conditions change

✔️ Alerts when the Q1 2026 earnings report and Jerritt Canyon pre-feasibility study are released

The next move in silver can happen fast.

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* All figures are in USD unless otherwise specified.

Why are investors looking at First Majestic Silver?

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Disclaimer

First Majestic Silver Corp.

Sector:

Mining

TSX:AG

NYSE:AG

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footnotes:
[1] https://tradingeconomics.com/commodity/silver [2] https://www.firstmajestic.com/investors/news-releases/first-majestic-reports-q4-2025-and-full-year-2025-financial-results-announces-quarterly-dividend-payment [3] https://www.firstmajestic.com/_resources/news/nr-20260115.pdf [4] https://www.youtube.com/watch?v=FPWN2kqDReM [5] https://www.youtube.com/watch?v=UMRb0b4ESZ4 [6] https://www.firstmajestic.com/_resources/presentation/corporate-presentation.pdf [7] https://www.firstmajestic.com/_resources/presentation/corporate-presentation.pdf [8] https://www.firstmajestic.com/_resources/presentation/corporate-presentation.pdf [9] https://www.firstmajestic.com/_resources/presentation/corporate-presentation.pdf [10] https://www.firstmajestic.com/investors/news-releases/first-majestic-reports-q4-2025-and-full-year-2025-financial-results-announces-quarterly-dividend-payment [11] https://www.firstmajestic.com/investors/news-releases/first-majestic-announces-restart-plan-for-jerritt-canyon-gold-mine [12] https://www.firstmajestic.com/_resources/presentation/corporate-presentation.pdf [13] https://www.firstmajestic.com/_resources/news/nr-20260115.pdf [14] https://www.firstmajestic.com/investors/news-releases/first-majestic-reports-q4-2025-and-full-year-2025-financial-results-announces-quarterly-dividend-payment [15] https://goldsilver.com/price-charts/gold-silver-ratio/ [16] https://www.firstmajestic.com/investors/news-releases/first-majestic-reports-q1-2026-production-results [17] https://discoveryalert.com.au/news/critical-minerals-importance-us-2025-list/ [18] https://www.firstmajestic.com/_resources/presentation/corporate-presentation.pdf [19] https://www.firstmajestic.com/_resources/presentation/corporate-presentation.pdf [20] https://www.firstmajestic.com/investors/news-releases/first-majestic-reports-q4-2025-and-full-year-2025-financial-results-announces-quarterly-dividend-payment [21] https://www.firstmajestic.com/_resources/presentation/corporate-presentation.pdf [22] https://money.tmx.com/quote/AG:CX2/news/8905494781488307 [23] https://www.firstmajestic.com/_resources/presentation/corporate-presentation.pdf?v=040906?v=0.5 [24] https://www.firstmajestic.com/investors/news-releases/first-majestic-reports-q1-2026-production-results [25] https://www.firstmajestic.com/_resources/presentation/corporate-presentation.pdf?v=040906?v=0.5 [26] https://www.firstmajestic.com/investors/news-releases/first-majestic-reports-q4-2025-and-full-year-2025-financial-results-announces-quarterly-dividend-payment [27] https://www.firstmajestic.com/investors/news-releases/first-majestic-reports-q4-2025-and-full-year-2025-financial-results-announces-quarterly-dividend-payment

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2) The Article was issued on behalf of and sponsored by First Majestic Silver Corp. Market Jar Media Inc. has or expects to receive from First Majestic Silver Corp. up to fifty three thousand nine hundred twenty two US dollars for a duration of up to twelve (12) months or until budget exhaustion as dictated by First Majestic Silver Corp.

3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. The author was not paid by Market Jar Media Inc. for this Article. Market Jar Media Inc. was not paid by the author to publish or syndicate this Article. Market Jar has not independently verified or otherwise investigated all such information. None of Market Jar or any of their respective affiliates, guarantee the accuracy or completeness of any such information. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Market Jar Media Inc. requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Market Jar Media Inc. relies upon the authors to accurately provide this information and Market Jar Media Inc. has no means of verifying its accuracy.

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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) First Majestic Silver Corp.’s ability to enter into contractual arrangements with additional parties; (e) the accuracy of budgeted costs and expenditures; (f) First Majestic Silver Corp.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) 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 attributes 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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Silver Hit $120. Pulled Back to $79. One Producer Is Sitting on $938 Million in Cash and Just Had Its Best Year Ever

Breaking News

The Numbers That Wall Street Has Not Fully Caught Up To

Why First Majestic Is the Most Direct Silver Play Among All the Major Producers

Five Years Into a Structural Deficit. The New Demand Drivers Have Not Even Peaked Yet

Press Releases

Four Producing Mines. Here Is What Each One Contributes

The Margin Nobody Else Has: The Only Miner That Mints Its Own Silver

Free Cash Flow From $1 Million to $250 Million in Eight Quarters. This Is What Operating Leverage Looks Like

The Window Between Outstanding Results and a Fully Priced Stock Does Not Stay Open Long

Subscribers to Trading Whisperer Get the Full Picture

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