AG
First Majestic Silver Corp. is a publicly traded mining company focused on silver and gold production. The Q1 2026 comparison shows higher realized metal prices driving profit expansion despite lower output. The key review question is whether First Majestic can translate this operating and financial setup into durable cash generation while managing Mexico, Nevada and project-execution risks.
The earnings outlook is constructive but volatile. Local inputs show exceptionally strong revenue growth and decent profitability, yet the business remains inherently tied to silver and gold prices, mine grades, recoveries, and underground execution. Near-term earnings should be supported if Los Gatos integration continues smoothly, exploration converts into mine-life extension, and silver prices stay favorable, but any operational setbacks or weaker metals pricing could swing results quickly.
First Majestic is a high-beta silver producer whose appeal comes from concentrated leverage to silver prices combined with an operating portfolio that has recently gained scale and optionality. The local inputs show a business centered on underground precious-metals mining in Mexico, supported by direct bullion monetization through First Mint and a newly expanded asset base that includes Los Gatos plus restart optionality at Jerritt Canyon. The core thesis is that if silver prices remain favorable and management executes well on mine sequencing, exploration, and integration, the company can convert strong metal markets into disproportionately strong cash flow and equity upside.
A major catalyst is the April 2, 2026 restart plan for the Jerritt Canyon Gold Mine. Management committed capital to position the asset for targeted production in the second half of 2027, supported by an expanded mineral resource base and new technical work. If the restart advances on schedule and shows credible economics, it could add meaningful value beyond the company's current silver-heavy operating profile.
Current Price
$23.70
Expected Value
$26.50
Implied Move
+11.8%
Current vs low/median/mean/high target prices
Top: Street estimate level by period (low to high with mean). Bottom: source-provided estimate change metric (%).
Sources: yfinance_parsed_snapshots, valuation.street_targets
At $20.56, the stock still sits roughly 28.9% below both the mean and median street target, so the market is clearly not capitalizing a full continuation of the recent recovery and is still demanding proof that the operational rebound can persist. That leaves the priced-in expectation more favorable than distressed, but still short of a true blue-sky silver bull case. The judgment is that this is modestly too pessimistic if silver prices stay constructive, because local inputs show revenue up sharply, cash flow turning decisively positive, and the business operating from a much healthier liquidity position than it had during the 2023 to 2024 trough. The April 9, 2026 production update also matters because management said first-quarter output was tracking in line with guidance and highlighted throughput, recovery, and exploration initiatives across the portfolio, which supports the idea that momentum did not immediately fade into 2026. Even so, with only a small analyst set and a business model tightly levered to metal prices, the market is understandably unwilling to underwrite sustained growth as if this were self-driven secular expansion. For a PM, the implication is that the upside case comes from delivery against a still-manageable bar rather than from needing investors to swallow an already overcapitalized recovery narrative.
Driver contributions from revenue to net income
The current quote assumes that recent margins are real enough to justify a higher base of earnings than the trough years, but not durable enough to command a premium multiple across the cycle. That is a sensible but slightly conservative stance because the latest period showed a sharp improvement in gross profit, operating income, and net income, while cash generation was strong enough to validate that the earnings recovery was not just accounting noise. Local financial analysis suggests current earnings quality is materially better than in 2023 because special-item distortion has faded and operating cash flow is now supporting reported profit rather than contradicting it. The market still applies a skepticism discount because miners can lose margin quickly if grades, recoveries, or realized prices move the wrong way, and First Majestic remains more commodity-exposed than diversified operators with downstream or royalty buffers. That caution is warranted, but the balance of evidence says the current profitability profile is better than the stock's partial recovery treatment implies. For portfolio positioning, this means the name does not need further margin expansion to work, but it does need investors to accept that the recent earnings step-up is durable enough to deserve more than a halfway rerating.
First Majestic's operating risk reflects a silver and gold mining business concentrated in North America, with producing Mexican mines, a 70% interest in Los Gatos, the suspended Jerritt Canyon mine in Nevada, suspended San Martin and Del Toro assets, exploration properties, and the First Mint bullion facility. The Form 40-F describes the company as focused on silver and gold production and lists material properties including San Dimas, Santa Elena, Los Gatos, La Encantada and Jerritt Canyon. Operating results depend on reserve and resource estimates, ore grade, dilution, metallurgy, equipment availability, labor, contractors, power, water and the cost of mining and processing. The risk-factor section states that mine development and operation can be affected by major equipment failures, mine, embankment or slope failures, environmental hazards, tailings storage failures or leaks, industrial accidents, unexpected geological formations, power shortages, labor shortages, water availability, theft, civil disobedience, organized crime, ground falls, underground cave-ins, floods, droughts, rockslides and earthquakes. Site-specific examples reinforce the risk. La Encantada has previously faced drought-related water constraints, Jerritt Canyon remains on temporary suspension with holding costs and restart studies, and San Martin is occupied by an organized criminal group, limiting care and maintenance visibility. These conditions can reduce production, increase costs, require asset write-downs, create remediation obligations or delay development and restart plans.
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First Majestic's financial results are highly sensitive to silver and gold prices, with additional exposure to zinc, lead and copper by-products, exchange rates, inflation, royalties, power, labor, contractor costs and capital spending. The Form 40-F states that mineral reserve estimates are based on economic factors such as commodity prices and operating costs, and that variations in those factors can reduce estimated reserves or the ability to extract them economically. The 2025 filing also describes total available liquidity of $873.2 million at year-end, including cash, working capital and undrawn revolver capacity, but it qualifies that liquidity outlook by the company's ability to keep generating operating cash flow and keep capital project costs within projections. If commodity prices or demand decline, or if expansions and acquisitions require significant additional cash, financial-market uncertainty could make additional funding harder or more expensive. Debt adds another constraint: the filing reports consolidated indebtedness of $292.2 million at December 31, 2025, and notes that debt service can reduce cash available for business opportunities, while refinancing depends on future performance, capital markets and credit-market conditions. The company may also face impairment risk if carrying values exceed recoverable amounts, and reclamation provisions can change with inflation, foreign exchange, discount rates and estimates of future closure cash flows.
First Majestic Silver Corp.'s business model is to acquire, develop, explore and operate mineral properties focused on silver and gold production, primarily in Mexico and the United States. The company converts mined ore into payable metals through underground mine and mill operations, sells silver and gold dore and concentrates through metal-market channels, and vertically integrates part of its silver output through First Mint. Its cash generation depends on metal prices, payable production, tonnes processed, ore grades, recoveries, mine development, sustaining capital, operating costs, royalties, streaming obligations and working-capital timing.
First Majestic Silver Corp. is a publicly traded mining company focused on silver and gold production. The company owns and operates four producing underground mines in Mexico: San Dimas, Santa Elena, Los Gatos through a 70% joint venture interest, and La Encantada. It also owns the Jerritt Canyon Gold Mine in Nevada, United States, which was temporarily suspended to focus on exploration, resource definition, mine planning and plant optimization, plus non-material Mexican properties and the First Mint minting facility in Nevada.
First Majestic's cost structure is built around mine operating costs, cost of sales, depletion, depreciation and amortization, general and administrative expenses, mine holding costs, finance costs, sustaining development and capital expenditures. The first-quarter 2026 financial statements identify labour, consumables and materials, energy, maintenance, assays and lab work, insurance, transportation and other selling costs, workers' participation costs, environmental duties and royalties, finished-goods inventory movements and other site costs as components of cost of sales. Costs also reflect mining and milling rates, contractor costs, Mexican peso exposure, royalty payments, smelting and refining charges, care-and-maintenance spending and reclamation obligations.
Barriers to entry in First Majestic's sector are high because a new producer needs mineable mineral rights, resource definition, technical mining and processing capability, capital, infrastructure, permits, surface access, environmental management and community support. The Form 40-F says the company's mining, exploration and development projects are subject to extensive laws and regulations covering exploration, development, production, taxes, mining royalties, land use, local land claims, water use, waste disposal, power generation, environmental remediation, reclamation, mine safety, occupational health and hazardous substances. It also states that mines have limited lives based on mineral reserves, requiring continual reserve replacement through acquisition, exploration and development. The source does not identify a direct industrial substitute for mined silver and gold, but it describes silver and gold as global commodities whose prices are affected by supply, demand, investor activity and industrial or investment uses.
First Majestic's supported advantages are an operating portfolio, silver focus, integrated bullion channel and specialized operating capability. The Form 40-F says the company operates four producing mines in Mexico, owns a temporarily suspended gold mine in Nevada, has two care-and-maintenance silver mines, an advanced-stage silver development project and several exploration projects. It also describes First Mint as a wholly owned minting facility that vertically integrates investment-grade fine silver bullion production and lets the company sell a larger portion of silver output directly to shareholders and bullion customers. Those advantages are operational rather than protected by patents: the source states the business is not materially affected by intangibles such as licences, patents or trademarks.
The Form 40-F describes the mining industry as highly competitive in all phases. First Majestic competes with companies that may be more mature or later-stage producers and may be better positioned to attract talent, equipment and materials. Competitors may also have greater financial resources, larger capital-equipment bases and more mining infrastructure for development, exploration, acquisition of mineral interests and recruitment of qualified employees and mining contractors. Competition therefore centers on mineral rights, operating assets, capital access, skilled people, contractors, equipment, materials and the ability to convert resources into economic production.
Capital structure composition and liquidity ratios
At March 31, 2026, First Majestic had total assets of $4.8196 billion, up from $4.6949 billion at December 31, 2025. Current assets were $1.3311 billion, led by $984.8 million of cash and cash equivalents, $156.0 million of other financial assets, $90.0 million of inventories and $45.3 million of trade and other receivables. Current liabilities were $488.0 million, including $200.2 million of trade and other payables, $224.4 million of income taxes payable and $53.8 million of current debt facilities. Total liabilities declined to $1.5021 billion from $1.5219 billion, while total equity increased to $3.3175 billion from $3.1730 billion.
The balance sheet and cash flow statement show a liquid financial position after the quarter. Working capital was $843.1 million, up from $733.6 million at December 31, 2025, and total available liquidity was $982.7 million, including $139.6 million of undrawn revolving credit facility and excluding $143.8 million of restricted cash. Cash and cash equivalents increased by $192.4 million during the quarter to $984.8 million. Debt facilities were $297.4 million in total, and the company stated it was in compliance with debt covenants. Contractual cash flows totaled $671.1 million, with $308.9 million due within one year.
Operating, investing, and financing cash flow by period
Q1 2026 cash generation improved materially from the prior year. Cash generated by operating activities was $236.5 million compared with $55.5 million in Q1 2025, supported by $310.6 million of operating cash flow before working capital and taxes. The company paid $95.5 million of income taxes and had a $21.4 million favorable working-capital movement. Investing activities used $41.1 million, primarily for $34.6 million of mining-interest expenditures and $12.8 million for property, plant and equipment, partly offset by marketable-security proceeds and a loan repayment. Financing activities used $3.1 million after dividends, lease payments and finance costs, partly offset by option exercise proceeds.
| Peer Set | EPS Growth | Company Name | Revenue Growth |
|---|---|---|---|
| Subject (AG) | 169.2% |
| ROA | ROE | Peer Set |
|---|
| All numbers in thousands (USD) | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
•Total Revenue | 1,265,157 | 1,265,157 | 563,631 | 576,385 | 626,850 |
| All numbers in thousands (USD) | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
•Total Assets | 4,694,915 | 1,979,788 | 1,976,355 | 2,110,009 |
•Current Assets |
| All numbers in thousands (USD) | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
•Operating Cash Flow | 526,010 | 526,010 | 151,970 | 55,614 | 18,988 |
| Value | Shares | Holder Type | Shareholder | Date Reported | Percentage Out |
|---|---|---|---|---|---|
| 760,666,087 | 40,140,689 | institutional | Van Eck Associates Corporation | Dec 2025 | 8.14% |
| 461,181,980 | 24,336,779 | institutional | Tidal Investments LLC | Dec 2025 | 4.94% |
| 459,003,109 | 24,221,799 | mutual_fund | Amplify ETF Trust-Amplify Junior Silver Miners ETF |
First Majestic's environmental factors are highly material because underground silver and gold mining exposes the company to significant risks and costs related to water use, tailings management, energy consumption, emissions, waste rock, land disturbance and mine closure obligations. Its sustainability materials emphasize reductions in carbon intensity, water use and environmental impacts, which matter because mining operations in Mexico and the United States depend on maintaining permits, community trust and operational continuity in environmentally sensitive settings. Environmental performance also affects cost competitiveness, since efficient resource use and sound waste and tailings practices can reduce operating risk and improve the economics of lower-grade ore processing. For First Majestic, environmental stewardship is financially material because it influences regulatory resilience, license to operate and the long-term value of a geographically concentrated mining portfolio.
First Majestic's ESG opportunity is that better environmental performance, strong safety execution and credible governance can support higher-value reserve development, smoother permitting and stronger differentiation as a responsible precious-metals producer. Its ESG risks include workplace accidents, tailings or water-management failures, community conflict, regulatory setbacks, environmental liabilities and governance errors in acquisitions, mine planning or capital returns. Because precious-metals mining is operationally exposed and socially visible, ESG performance can directly affect production continuity, cost of capital and the market's confidence in long-term reserve value. The central ESG question for First Majestic is whether it can use stronger cash flow and production momentum to grow responsibly while keeping environmental, social and governance risks tightly controlled across its mining portfolio.
Governance is highly material for First Majestic because management must balance metal-price-driven growth opportunities, acquisitions, capital allocation, reserve replacement and shareholder returns in a volatile commodity environment. Strong governance matters because investors depend on the board and management to oversee operational risk, transparent disclosure, mine investment decisions, dividend policy and ethical conduct across multiple jurisdictions. The company's corporate governance framework includes a sustainability committee, whistleblower channels and a formal code of ethical conduct, which are important because mining companies face corruption, permitting and community-relations risks that can rapidly destroy value if oversight is weak. For First Majestic, governance quality directly affects whether recent growth and stronger cash generation convert into durable shareholder value without undue operational, compliance or strategic risk.
1Y cumulative return vs XIC
The market often treats First Majestic mostly as a trading vehicle for silver rather than as an operating business whose quality can improve through scale, portfolio optimization, and reserve growth. Local inputs suggest investors may underappreciate how Los Gatos broadens the production base, how exploration success can extend mine life near existing infrastructure, and how direct bullion distribution reinforces the silver brand. That means the stock can remain priced primarily on spot silver sentiment even when operational improvements and asset optionality are becoming more durable contributors to value.
The main risks are lower silver prices, mine-level execution problems, lower grades or recoveries, cost inflation, and integration missteps at newer assets such as Los Gatos. Geographic concentration in Mexico also creates jurisdictional and operating risk, while Jerritt Canyon adds restart and capital-allocation risk. Because investors often own the stock for silver leverage, any evidence that operational issues are offsetting commodity upside could pressure the shares sharply.
On April 7, 2026, First Majestic reported first-quarter 2026 production results. The company said production was tracking in line with guidance, highlighted continued drilling activity across the portfolio, and pointed to progress in throughput and recovery initiatives at key mines. The update matters because it supports the view that operating momentum carried into 2026 and that the enlarged portfolio is executing adequately in a stronger metals environment.
Hold or accumulate only for investors explicitly seeking high-conviction silver exposure with operating leverage. The setup can work well in a supportive silver tape, but the name is less suitable for conservative investors because mine-level execution and commodity-price swings can dominate outcomes.
Valuation is not cheap on headline trailing metrics, which is consistent with the stock already capturing some silver optimism and recent operating momentum. Still, the local inputs also show that forward earnings expectations improve materially relative to trailing earnings, implying the market expects better operating leverage ahead. The stock therefore looks more like a leveraged upside vehicle on continued execution and silver strength than a traditional value miner.
Street
bullMarket-Implied
baseMost Likely
baseConfidence
MediumStreet targets imply a bull-leaning setup because the current price of $20.56 is about 28.9% below both the mean and median target of $26.50, with the high target at $30.00 and the low target still above the current quote at $23.00. The analyst base is small, so the signal is not broad, but the loader-provided recommendation key is buy and the target range still points to meaningful upside. That suggests the street is underwriting continued execution, positive free cash flow, and supportive precious-metals pricing rather than treating the latest recovery as fully priced.
The market-implied case looks closer to base than bull because the stock has already capitalized part of the recovery while still refusing to pay full credit for sustained execution. Current valuation is no longer distressed on trailing metrics, and investors appear to recognize the improved liquidity, stronger cash flow, and enlarged operating base. At the same time, the discount to consensus targets and the continued skepticism around commodity, mine-level, and jurisdictional volatility imply that the market is waiting for more proof before underwriting a durable step-up in normalized earnings.
The overall most likely case is base because local inputs support a genuine operating and financial recovery, but the company remains a high-beta silver miner whose results can move sharply with metals prices, grades, recoveries, and capital needs. Cash now exceeds debt, free cash flow has turned decisively positive, and first-quarter 2026 production was described as tracking in line with guidance. Those facts argue against a bear case as the central outcome, while the small analyst sample, rich trailing multiples, and commodity dependence keep the bull case from being the default.
Confidence is medium because the loader-provided local evidence is internally consistent around stronger liquidity, positive free cash flow, and meaningful upside to street targets, but First Majestic remains tightly exposed to silver prices and mine execution. The analyst count is only two, peer valuation support is partial, and the earnings rebound is too commodity-sensitive to treat as cycle-proof.
Bear Case
In the bear case, First Majestic remains mostly a spot-silver proxy and the recent recovery proves less durable than investors hoped. Weaker precious-metals prices, lower grades or recoveries, cost inflation, or integration problems at newer assets pressure production, margins, and free cash flow. Jerritt Canyon restart spending and other capital needs could also consume liquidity faster than expected, reducing the balance-sheet support that currently underpins the recovery narrative.
What Must Go Right: For the bear case to be avoided, silver prices need to remain constructive enough to support realized pricing, while mine-level execution must stay disciplined across throughput, recoveries, underground development, and sustaining capital. The company also needs to preserve the current liquidity advantage by keeping operating cash flow comfortably above reinvestment needs and avoiding capital-allocation mistakes around Los Gatos optimization and Jerritt Canyon restart work.
What Must Go Wrong: The bear case takes hold if silver prices normalize lower at the same time that operating costs, grades, recoveries, or development schedules disappoint. It would be reinforced by evidence that acquisitions and portfolio initiatives fail to improve underlying asset quality, that Jerritt Canyon requires more capital than expected, or that regulatory, legal, environmental, or community issues slow operations and damage confidence in management's growth plans.
Base Case
In the base case, First Majestic sustains a healthier operating profile but does not fully escape the volatility discount attached to silver mining. Revenue, margins, cash flow, and liquidity remain much better than the 2023 to 2024 trough, and the company stays self-funded enough to support development, exploration, and portfolio work. The stock can grind toward better recognition of the recovery, but valuation remains constrained by commodity cyclicality, mine execution risk, and the need to prove that the latest earnings step-up is not just a favorable metal-price moment.
What is embedded in the stock is a recognition that First Majestic must keep spending meaningfully on development, sustaining capital, and portfolio initiatives to preserve the improved operating base, but the market is not fully punishing the company for that burden because the balance sheet has become much stronger. That read looks right: this is a capital-intensive miner, not a royalty stream, and the business still needs ongoing spending to support grades, recoveries, mine life, and portfolio optionality such as Jerritt Canyon. The evidence, however, suggests the reinvestment load is currently supportive rather than debilitating, since capital expenditures of roughly $216 million still left about $310 million of free cash flow in the latest period and cash rose to nearly $793 million. The company therefore looks self-funded again, which sharply changes the underwriting versus the weaker 2023 to 2024 period. The risk is that mining reinvestment can expand quickly if metals prices soften, operating plans slip, or restart ambitions demand more capital than expected. For a buy-side PM, the implication is that reinvestment is a real source of volatility, but at today's operating level it supports an investable recovery case rather than invalidating it.
Implied Discount Rate
14.61%
This data is not included in the public sample.
First Majestic deserves a high discount rate because it is a high-beta precious-metals miner with concentrated exposure to silver prices, mine execution, and jurisdictional risk, and none of those risks have disappeared simply because the latest year was strong. Even so, the market appears to be layering on a sizable risk premium already, because the stock remains well below loader-provided consensus target levels despite a major improvement in cash generation, net cash positioning, and earnings quality. That elevated risk treatment is appropriate in kind but may be somewhat too punitive in degree, since total debt is modest, cash materially exceeds debt, and current liabilities are comfortably covered by current assets. This is not a fortress business in the way a diversified major would be, but neither is it a liquidity-stressed turnaround story anymore. The right judgment is that AG should still carry an elevated cost of capital for commodity, operational, and jurisdictional volatility, though not one consistent with a company lacking financial flexibility altogether. For a PM, that means rerating upside exists if the market becomes willing to discount the name as a healthier operating miner rather than as a fragile silver trade with binary downside.
The long-run question for AG is whether the market should value it as a temporary silver-price beneficiary or as a more durable operating platform with mine-life extension and restart optionality that can create value beyond the current metal tape. At the current quote, investors are giving the company some credit for durability but still not paying as if the recent improvement has fully reshaped the franchise. That caution makes sense because miners rarely earn premium terminal value without repeated proof on reserve replacement, execution consistency, and capital discipline, and First Majestic still has more volatility than a diversified long-life producer. The counterargument is improving: the asset base is broader after Los Gatos, exploration can extend mine lives near existing infrastructure, and Jerritt Canyon offers optionality if management can bring it back on attractive terms. The best judgment is that the terminal franchise is stronger than the market's partial-credit approach implies, but not yet strong enough to justify full-cycle premium assumptions. For long-duration capital, that means AG is interesting because the company now has enough financial flexibility to pursue durability, yet it still must prove that optionality converts into resilient long-run economics rather than just headline excitement.
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Peer pricing support is only partial here because the loader-provided comparable set does not include usable peer medians or means, which limits how confidently relative valuation can anchor the case. Even with that limitation, the available evidence does not suggest the current quote is obviously overextended, because the stock's rich trailing EV and earnings multiples are offset by materially better forward earnings expectations, strong revenue growth, and the fact that the shares still trade well below loader-provided street targets. In practical terms, peer pricing does not undermine the current quote, but it also does not offer the same clean valuation cushion available in some cheaper commodity names. That means the stock should be thought of more as a levered quality-of-recovery trade than as a simple multiple-arbitrage idea. For a PM, the portfolio implication is that relative valuation is neutral-to-supportive, with the more important determinant still being whether operating delivery keeps validating the market's willingness to capitalize a higher earnings base.
At the current price, AG offers meaningful upside to the loader-provided street anchor and sits on a much stronger financial base than it had during the recent trough, but the stock also carries the full operating and commodity volatility that comes with being a high-beta silver miner. The stock requires continued mine execution, supportive silver prices, and evidence that 2026 delivery and portfolio optionality can sustain the earnings reset rather than give back the latest gains. The local evidence is good enough to argue that the market remains more cautious than the current operating profile alone would warrant, especially given the restored liquidity and positive free cash flow. At the same time, valuation is no longer distressed on trailing metrics, so the case is not one of buying a broken asset at a giveaway price. For new capital, the setup is attractive for investors explicitly seeking precious-metals torque and willing to absorb volatility tied to metals prices and mine execution. Attractive now.
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Convergence here means AG's share price moving closer to a valuation that reflects its improved liquidity, restored free-cash-flow profile, and continued operating delivery rather than remaining discounted as if the rebound were fragile or short-lived. The path to upside realization is clear: the company needs to keep first-half and full-year 2026 production on track, preserve positive free cash flow after capital spending, and demonstrate that portfolio initiatives such as Los Gatos optimization and Jerritt Canyon positioning add value without eroding the balance-sheet gains. The market is reasonably likely to re-rate from current levels because the loader street anchor still shows meaningful upside, the stock trades below both mean and median targets, and the April 9, 2026 operational update suggested execution remains in line with plan. The reason this is not a very-high-confidence score is that the name is still heavily exposed to silver prices and mine-level volatility, so even strong company execution can be overwhelmed by a weaker metal tape. The single most important datapoint that would change this score would be another quarter showing that free cash flow and production guidance remain intact despite normal mining variability, because that would prove the recovery is durable enough for the market to capitalize more aggressively.
First Majestic operates in a highly competitive and cyclical precious-metals mining industry. The Form 40-F states that the mining industry is highly competitive in all phases and that the company competes with more mature or later-stage producers that may have greater financial resources, larger investments in equipment and infrastructure, and stronger ability to recruit and retain qualified employees and mining contractors. Competition matters because the company's strategy involves exploration, mine development, acquisitions, dispositions and restarts, and because technical personnel, contractors, consumables, power, water access and attractive silver and gold properties can be scarce. The industry backdrop is also volatile: silver and gold trade globally in U.S. dollars, silver has both industrial and investment demand, and gold demand is influenced by bullion investment, official-sector holdings, jewelry and other fabrication uses. Reserve replacement adds another competitive risk. The Form 40-F says mineral resources that are not reserves do not have demonstrated economic viability, and reserve/resource estimates depend on metal prices, exchange rates, geotechnical conditions, underground access, geology, mining methods and operating-cost assumptions. If competitors bid more aggressively for people, contractors or properties, if service or equipment availability tightens, or if silver and gold markets weaken, First Majestic's growth, cost base and reserve replacement could deteriorate.
First Majestic's mines and projects depend on mining concessions, surface access, environmental approvals, water rights, tailings rules, tax compliance, labor rules, royalties, permits, health and safety rules and court or regulatory outcomes in Mexico, the United States and Canada. The Form 40-F states that mining, exploration and development projects are subject to extensive laws and regulations that govern exploration, development, production, exports, taxes, mining royalties, environmental levies, labor standards, expropriation, mining claims, land use, land claims, water use, waste disposal, power generation, environmental remediation, reclamation and closure. Compliance costs can be significant, and stricter laws, new taxes or enforcement policies could make one or more projects uneconomic or delayed. Mexico-specific risk is material because the filing discusses amendments to Mexican mining and water laws, social and environmental requirements, concession-transfer approval, penalties and potential cancellation of concessions, as well as a 40-hour workweek reform. It also discloses Mexican tax disputes involving Primero, La Parrilla, Del Toro and CFM, VAT refund matters, litigation and regulatory proceedings. Environmental and health-and-safety risks include permit suspension, penalties, strict liability, tailings storage facility liability, reclamation and decommissioning costs, and inability to inspect San Martin's tailings storage facility since October 2022 due to security conditions. Any adverse tax, litigation, permitting, labor, environmental, surface-access or concession outcome could raise costs, restrict operations or reduce recoverable value.
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A source-backed investment case for First Majestic depends on the company translating a silver-focused asset base into sustained production, margin, reserve replacement and balance-sheet flexibility while controlling Mexico, Nevada and project-execution risks. The key risk is that the same assets supporting the case also carry material operational and regulatory uncertainty. San Dimas, Santa Elena, Los Gatos and La Encantada need reliable grades, recoveries, water, power, labor, contractors and tailings controls. Jerritt Canyon requires holding-cost discipline, technical studies, exploration success and a credible future restart path. San Martin remains exposed to security conditions and limited care-and-maintenance access, while Del Toro's proposed sale remains tied to closing conditions and contingent value. The First Mint strategy also depends on physical silver demand, manufacturing execution and the ability to route mined silver into higher-margin products. The company's liquidity was strong at December 31, 2025, but that cushion could narrow if silver or gold prices fall, Mexican tax or VAT disputes require cash, debt service consumes more cash flow, capital projects cost more than expected, Jerritt Canyon or other suspended assets require more spending, or environmental, water, tailings, surface-access, labor or security problems interrupt operations. Exploration and acquisition spending may not replace reserves, and the recent Gatos acquisition adds integration and joint-venture risks.
First Majestic sells mined metals through commodity and customer channels rather than a consumer-only distribution model. The AIF states that silver and gold are global commodities traded on the London Bullion Market and COMEX, and that the company assigns silver and gold from dore sales to several major metal brokers. The company also sells concentrate to independent smelters, has streaming obligations for Santa Elena and San Dimas, and sells a portion of silver output directly to retail bullion customers through First Mint as fine silver rounds, cast bars and custom medallion products.
First Majestic's production base is concentrated in Mexico, with San Dimas in Durango and Sinaloa, Santa Elena in Sonora, Los Gatos in Chihuahua, and La Encantada in Coahuila. Its U.S. exposure includes the Jerritt Canyon Gold Mine in Nevada and the First Mint facility in Nevada. This footprint exposes the business to Mexican and U.S. mining, environmental, tax, water, labour, community, security, permitting and reclamation regimes, as well as foreign-exchange and cross-border trade conditions.
The main operating levers are silver and gold prices, payable metal sales, ore processed, tonnes milled, mine development rates, grade, recovery, silver-equivalent conversion ratios, throughput, equipment reliability, water availability, mine sequencing, reserve and resource conversion, and the timing of bullion inventory sales. Site-level results are also affected by mining and milling costs, royalties and workers' participation costs that rise with metal prices, sustaining development, smelting and refining charges, contractor performance, energy costs, Mexican peso movements, and care-and-maintenance or restart work at suspended assets such as Jerritt Canyon.
First Majestic's primary products are precious metals, silver and gold, produced in dore and concentrate form. The company also realizes by-product revenue from lead, zinc and copper, including base-metal production at Los Gatos. Through First Mint, it turns a portion of mined silver into 0.999+ fine silver cast bars, rounds, coins, ingots and custom medallion products for direct sale to bullion customers and for third-party manufacturing demand.
First Majestic operates in a heavily regulated mining environment. Its mines and development projects are subject to laws and regulations covering exploration, development, production, exports, taxes, mining royalties, environmental levies, labour standards, mining claims, land use, local land claims, water use, waste disposal, power generation, environmental protection and remediation, reclamation, mine safety, occupational health, and hazardous substances. The sources also describe Mexican mining-law amendments affecting concession duration, concession transfers, water availability, social and environmental requirements and financial assurances, as well as site-level permits such as Mexican environmental licenses, water rights, federal land occupation concessions and Nevada environmental oversight at Jerritt Canyon.
Revenue is driven primarily by realized silver and gold prices, payable metal volumes, metal mix, customer shipments, smelting and refining deductions, streaming arrangements and inventory timing. In the first quarter of 2026, gross revenue from payable metals was 66% silver, 28% gold, 5% zinc and 1% lead, with reported revenue of $476.7 million after smelting and refining costs. The first-quarter release attributed the year-over-year revenue increase mainly to higher realized silver and gold prices, changes in silver ounces sold at La Encantada and Santa Elena, base-metal pounds sold at Los Gatos, and silver and gold bullion held in inventory at quarter-end.
First Majestic operates in precious-metals mining, with a focus on silver and gold production, development, exploration and acquisition of mineral properties, primarily in Mexico and the United States. The Form 40-F says the company owned and operated four producing mines in Mexico at year-end 2025: San Dimas, Santa Elena, Los Gatos through a 70% joint venture interest, and La Encantada. It also owns Jerritt Canyon in Nevada, which was temporarily suspended in 2023, and owns First Mint in Nevada. The source describes silver and gold as global commodities traded mainly through the London Bullion Market and COMEX, with silver used in industrial, technology, jewellery, silverware and investment applications and gold used in investment and fabrication demand.
Growth depends on exploration, mine development, acquisitions, reserve replacement and the economics of metal prices. The Form 40-F says mines have limited lives based primarily on proven and probable reserves, so the company must continually replace and expand reserves to maintain or increase annual metal production. It also reports 2025 output of 31.1 million silver-equivalent ounces, including 15.4 million silver ounces and 147,433 gold ounces, and 2026 guidance of 13.0 million to 14.4 million silver ounces and 116,000 to 129,000 gold ounces. Cyclicality is high because sales are directly dependent on commodity prices, and the source lists price drivers including economic and political trends, inflation expectations, currency rates, interest rates, global and regional supply and demand, consumption patterns, speculative market activity, production and inventory levels, and central-bank sales programs.
The sector is structurally exposed to permitting, tax, environmental, labour, community, safety, infrastructure, country and metal-price risks. The Form 40-F says mining laws and regulations vary by jurisdiction and cover matters including exploration, development, production, exports, taxes, royalties, environmental levies, labour standards, expropriation, mining claims, land use, water use, waste disposal, power generation, remediation, reclamation, safety and hazardous substances. It also notes that Mexican operations are subject to corporate income tax, special mining duty, environmental duty, value-added taxes, profit-sharing taxes and mining-rights taxes. Other risks described in the source include social licence, community relations, political and country risk in Mexico and the United States, environmental contamination, closure and reclamation obligations, labour strikes, work stoppages and volatile metal prices.
First Majestic has limited direct pricing power over its primary metals because the Form 40-F describes silver and gold as global commodities quoted in U.S. dollars per troy ounce and traded mainly through the London Bullion Market and COMEX. The source says company revenue is primarily dependent on silver and gold sales and that spot-price movements can have a direct and immediate impact on income. Cost position depends on ore grades, recoveries, labour, equipment availability, mining and processing costs, royalties, taxes, exchange rates, production levels and sustaining capital. The Form 40-F reports 2025 cash costs of $15.07 per silver-equivalent ounce and all-in sustaining costs of $21.17 per silver-equivalent ounce, while noting that these non-GAAP measures may not be comparable with other companies' measures.
First Majestic sells silver and gold through a small number of international metal brokers that act as intermediaries with the London Bullion Market or end customers, and it delivers production to refineries before refined metal moves to the physical market. The Form 40-F says the company normally receives 95% to 98% of the value of dore sales on delivery to a refinery, with final settlement after refined-metal outturn less processing fees. The source says it is not economically dependent on any one broker or refinery, although approximately 72% of 2025 revenue came through two metal brokers. Supply-side dependencies include qualified employees and contractors, energy, materials, equipment, consumables, transportation, refineries and infrastructure; the source also notes that public-health disruptions can affect suppliers, refineries, consumable availability and refining timelines.
Normalized cash conversion and accrual quality metrics
Cash Conversion
3.22x
Good
Accrual Intensity
-39.5%
Good
Earnings Margin
17.8%
Good
OCF Margin
57.3%
Good
Cash Conversion
3.22x
Accrual Intensity
-39.5%
Earnings Margin
17.8%
OCF Margin
57.3%
Revenue
$468K
Net Income
$83.1K
Operating CF
$268K
Reported earnings were supported by higher realized prices, but several accounting and presentation items affect comparability. Net earnings attributable to owners were $128.1 million, while adjusted net earnings were $151.7 million after normalizing for items described by management, including unrealized losses on marketable securities, share-based payments, restructuring costs, abnormal maintenance costs at Los Gatos and deferred income tax. Results also include a 30% non-controlling interest in the Los Gatos joint venture. The company uses non-GAAP measures including adjusted EBITDA, free cash flow, working capital, cash costs and AISC, so these measures should be read with IFRS statement amounts and reconciliations.
Insufficient structured data
Earnings history visual unavailable for this report.
Management indicated that Q1 production was tracking toward 2026 guidance. Q1 silver production represented 26% of the 2026 silver production guidance midpoint, Q1 gold production represented 28% of the 2026 gold production guidance midpoint, and attributable capital expenditures represented 20% of the 2026 capital expenditure guidance midpoint. Management also said Los Gatos was focused on increasing throughput through mine development and long-hole drilling, with a sustained ore throughput rate of 4,000 tonnes per day expected in the second half of 2026. The company also reported that it had commenced a Jerritt Canyon restart plan, with production expected in the second half of 2027.
The Q1 2026 comparison shows higher realized metal prices driving profit expansion despite lower output. Silver production was 3.5 million ounces, down 4% from Q1 2025, and gold production was 34,341 ounces, down 6%. Revenue increased 95%, mine operating earnings increased 318%, and net earnings increased to $147.5 million from $6.2 million. The eight-quarter summary also shows Q1 2026 revenue above Q4 2025 revenue of $463.9 million and mine operating earnings above Q4 2025 mine operating earnings of $237.8 million. Unit costs rose, with cash costs per AgEq ounce increasing to $20.28 and AISC per AgEq ounce to $29.76.
Revenue (USD) and profitability margins (% of revenue)
First Majestic reported a sharp year-over-year improvement in Q1 2026 earnings. Revenue rose to $476.7 million from $243.9 million, while cost of sales increased to $154.0 million from $117.7 million and depletion, depreciation and amortization declined to $56.1 million from $62.4 million. Mine operating earnings increased to $266.6 million from $63.8 million. Net earnings were $147.5 million, with $128.1 million attributable to owners of the company, or $0.26 per basic and diluted share. Management attributed the revenue increase mainly to higher realized silver and gold prices, partly offset by lower payable ounces sold at San Dimas and Los Gatos and higher smelting and refining costs.
Key Q1 2026 metrics point to higher profitability and liquidity. Mine operating earnings of $266.6 million represented 55.9% of revenue, while cost of sales of $154.0 million represented 32.3% of revenue. Current assets of $1.3311 billion compared with current liabilities of $488.0 million, a current ratio of about 2.7x. Total liabilities of $1.5021 billion represented about 31% of total assets. Working capital was $843.1 million, cash and cash equivalents were $984.8 million, EBITDA was $306.8 million, adjusted EBITDA was $320.8 million, and free cash flow was $223.5 million.
Several Q1 items should be separated from operating trend extrapolation. Revenue excluded 676,637 silver ounces and 2,732 gold ounces held in inventory at quarter-end, with a stated fair value of $63.6 million. Operating cash flow included $95.5 million of income taxes paid, primarily related to prior-year true-up payments and current-year performance. The earnings bridge included $13.4 million of investment and other income, $1.1 million of restructuring costs and $93.5 million of income tax expense. Management also noted that reported per-ounce costs were affected by the lower AgEq conversion ratio from silver price outperformance, while abnormal maintenance costs at Los Gatos were identified in adjusted earnings.
| Net Margin |
|---|
| Company Name |
|---|
| Gross Margin |
|---|
| Operating Margin |
|---|
| 6.9% | 9.3% | 13.1% | Subject (AG) | 55.2% | 49.0% |
| P/B | P/E | P/S | Peer Set | EV/EBITDA | EV/Revenue | Market Cap | Forward P/E | Company Name | Enterprise Value |
|---|---|---|---|---|---|---|---|---|---|
| 3.82 | 63.21 | 8.43 | 16.96x | 8.24x | $10.6bn | 19.32 | Subject (AG) | $10.4bn |
| 1,265,157 |
| 1,265,157 |
| 563,631 |
| 576,385 |
| 626,850 |
Cost of Revenue | 815,112 | 815,112 | 471,731 | 550,743 | 610,098 |
Gross Profit | 450,045 | 450,045 | 91,900 | 25,642 | 16,752 |
•Operating Expense | 100,114 | 100,114 | 86,363 | 82,299 | 68,362 |
•Selling General and Administrative | 67,546 | 67,546 | 51,596 | 50,380 | 48,701 |
•General & Administrative Expense | 67,546 | 67,546 | 51,596 | 50,380 | 48,701 |
Salaries and Wages | 41,055 | 41,055 | 31,290 | 31,490 | 31,212 |
Other G and A | 26,491 | 26,491 | 20,306 | 18,890 | 17,489 |
•Depreciation Amortization Depletion | 1,358 | 1,358 | 1,491 | 1,506 | 1,629 |
Depreciation & amortization | 1,358 | 1,358 | 1,491 | 1,506 | 1,629 |
Other Operating Expenses | 31,210 | 31,210 | 33,276 | 30,413 | 18,032 |
Operating Income | 349,931 | 349,931 | 5,537 | -56,657 | -51,610 |
•Net Non Operating Interest Income Expense | -3,801 | -3,801 | -13,208 | -11,445 | -11,868 |
Interest Income Non Operating | 14,695 | 14,695 | 5,242 | 6,510 | 2,353 |
Interest Expense Non Operating | 14,800 | 14,800 | 15,437 | 15,249 | 12,941 |
Total Other Finance Cost | 3,696 | 3,696 | 3,013 | 2,706 | 1,280 |
•Other Income Expense | 48,896 | 48,896 | -18,783 | -127,813 | 2,074 |
Gain on Sale of Security | 34,740 | 34,740 | -18,783 | 14,523 | -4,878 |
•Special Income Charges | 14,156 | 14,156 | 0 | -142,336 | 6,952 |
Restructuring & Mergers Acquisition | 9,543 | 9,543 | 0 | 6,883 | 0 |
Impairment of Capital Assets | -20,336 | -20,336 | 0 | 125,200 | -2,651 |
Write Off | -- | -- | 0 | 7,229 | 0 |
Other Special Charges | -3,363 | -3,363 | -- | -- | -- |
Gain on Sale of PPE | -- | -- | 0 | -3,024 | 4,301 |
Pretax Income | 395,026 | 395,026 | -26,454 | -195,915 | -61,404 |
Tax Provision | 184,051 | 184,051 | 75,431 | -60,803 | 52,872 |
•Net Income Common Stockholders | 164,923 | 164,923 | -101,885 | -135,112 | -114,276 |
•Net Income | 164,923 | 164,923 | -101,885 | -135,112 | -114,276 |
•Net Income Including Non-Controlling Interests | 210,975 | 210,975 | -101,885 | -135,112 | -114,276 |
Net Income Continuous Operations | 210,975 | 210,975 | -101,885 | -135,112 | -114,276 |
Minority Interests | -46,052 | -46,052 | 0 | -- | -- |
Diluted NI Available to Com Stockholders | 164,923 | 164,923 | -101,885 | -135,112 | -114,276 |
Basic EPS | 0.34 | -- | -0.34 | -0.48 | -0.43 |
Diluted EPS | 0.34 | -- | -0.34 | -0.48 | -0.43 |
Basic Average Shares | 479,581.20 | -- | 295,544.68 | 282,331.11 | 263,122.25 |
Diluted Average Shares | 484,563.68 | -- | 295,544.68 | 282,331.11 | 263,122.25 |
Total Operating Income as Reported | 397,067 | 397,067 | -3,755 | -178,784 | -39,193 |
Total Expenses | 915,226 | 915,226 | 558,094 | 633,042 | 678,460 |
Interest Income | 14,695 | 14,695 | 5,242 | 6,510 | 2,353 |
Interest Expense | 14,800 | 14,800 | 15,437 | 15,249 | 12,941 |
Net Interest Income | -3,801 | -3,801 | -13,208 | -11,445 | -11,868 |
Net Income from Continuing & Discontinued Operation | 164,923 | 164,923 | -101,885 | -135,112 | -114,276 |
Normalized Income | 123,361.40 | 123,361.40 | -85,919.45 | -46,921.03 | -115,806.40 |
EBIT | 409,826 | 409,826 | -11,017 | -180,666 | -48,463 |
EBITDA | 674,624 | 674,624 | 114,475 | -54,496 | 88,948 |
Reconciled Cost of Revenue | 551,672 | 551,672 | 347,730 | 426,079 | 474,316 |
Reconciled Depreciation | 264,798 | 264,798 | 125,492 | 126,170 | 137,411 |
Net Income from Continuing Operation Net Minority Interest | 164,923 | 164,923 | -101,885 | -135,112 | -114,276 |
Total Unusual Items Excluding Goodwill | 48,896 | 48,896 | -18,783 | -127,813 | 2,074 |
Total Unusual Items | 48,896 | 48,896 | -18,783 | -127,813 | 2,074 |
Normalized EBITDA | 625,728 | 625,728 | 133,258 | 73,317 | 86,874 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | 7,334.40 | 7,334.40 | -2,817.45 | -39,622.03 | 543.60 |
| All numbers in thousands (USD) | TTM | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|
•Total Revenue | 1,265,157 | 467,716 | 286,723 | 264,726 | 245,992 | 173,340 |
Operating Revenue | 1,265,157 | 467,716 | 286,723 | 264,726 | 245,992 | 173,340 |
Cost of Revenue | 815,112 | 229,908 | 187,642 | 215,375 | 182,187 | 125,103 |
Gross Profit | 450,045 | 237,808 | 99,081 | 49,351 | 63,805 | 48,237 |
•Operating Expense | 100,114 | 27,548 | 22,210 | 24,421 | 25,935 | 21,901 |
•Selling General and Administrative | 67,546 | 18,993 | 14,692 | 15,995 | 17,866 | 13,634 |
•General & Administrative Expense | 67,546 | 18,993 | 14,692 | 15,995 | 17,866 | 13,634 |
Salaries and Wages | 41,055 | 11,646 | 8,594 | 9,256 | 11,559 | 7,022 |
Other G and A | 26,491 | -- | 6,098 | 6,739 | 6,307 | 6,612 |
•Depreciation Amortization Depletion | 1,358 | 350 | 335 | 319 | 354 | 372 |
Depreciation & amortization | 1,358 | 350 | 335 | 319 | 354 | 372 |
Other Operating Expenses | 31,210 | 8,205 | 7,183 | 8,107 | 7,715 | 7,895 |
Operating Income | 349,931 | 210,260 | 76,871 | 24,930 | 37,870 | 26,336 |
•Net Non Operating Interest Income Expense | -3,801 | -433 | -1,420 | -1,398 | -550 | -4,056 |
Interest Income Non Operating | 14,695 | 4,504 | 2,908 | 3,616 | 3,667 | 325 |
Interest Expense Non Operating | 14,800 | 1,241 | 4,328 | 5,014 | 4,217 | 1,368 |
Total Other Finance Cost | 3,696 | -- | -- | -- | -- | -- |
•Other Income Expense | 48,896 | 51,813 | -9,133 | 14,486 | -8,270 | -2,128 |
Gain on Sale of Security | 34,740 | 28,517 | -5,577 | 14,486 | -2,686 | -2,128 |
•Special Income Charges | 14,156 | 23,296 | -3,556 | 0 | -5,584 | 0 |
Restructuring & Mergers Acquisition | 9,543 | 403 | 3,556 | 0 | 5,584 | 0 |
Impairment of Capital Assets | -20,336 | -- | -- | -- | -- | 0 |
Write Off | -- | -- | -- | -- | -- | 0 |
Other Special Charges | -3,363 | -- | -- | -- | -- | -- |
Gain on Sale of PPE | -- | -- | -- | -- | -- | 0 |
Pretax Income | 395,026 | 261,640 | 66,318 | 38,018 | 29,050 | 20,152 |
Tax Provision | 184,051 | 156,446 | 23,356 | -18,561 | 22,810 | 33,630 |
•Net Income Common Stockholders | 164,923 | 83,133 | 26,978 | 56,579 | 6,240 | -13,478 |
•Net Income | 164,923 | 83,133 | 26,978 | 56,579 | 6,240 | -13,478 |
•Net Income Including Non-Controlling Interests | 210,975 | 105,194 | 42,962 | 56,579 | 6,240 | -13,478 |
Net Income Continuous Operations | 210,975 | 105,194 | 42,962 | 56,579 | 6,240 | -13,478 |
Minority Interests | -46,052 | -22,061 | -15,984 | -- | -- | -- |
Diluted NI Available to Com Stockholders | 164,923 | 83,133 | 26,978 | 56,579 | 6,240 | -13,478 |
Basic EPS | 0.34 | -- | 0.06 | 0.11 | 0.01 | -- |
Diluted EPS | 0.34 | -- | 0.06 | 0.11 | 0.01 | -- |
Basic Average Shares | 479,581.20 | -- | 488,722.64 | 485,086.25 | 453,063.48 | -- |
Diluted Average Shares | 484,563.68 | -- | 492,697.44 | 488,580.39 | 456,411.60 | -- |
Total Operating Income as Reported | 397,067 | 243,230 | 78,847 | 39,482 | 35,508 | 25,660 |
Total Expenses | 915,226 | 257,456 | 209,852 | 239,796 | 208,122 | 147,004 |
Interest Income | 14,695 | 4,504 | 2,908 | 3,616 | 3,667 | 325 |
Interest Expense | 14,800 | 1,241 | 4,328 | 5,014 | 4,217 | 1,368 |
Net Interest Income | -3,801 | -433 | -1,420 | -1,398 | -550 | -4,056 |
Net Income from Continuing & Discontinued Operation | 164,923 | 83,133 | 26,978 | 56,579 | 6,240 | -13,478 |
Normalized Income | 123,361.40 | 39,091.95 | 32,894.52 | 44,265.90 | 13,269.50 | -11,669.20 |
EBIT | 409,826 | 262,881 | 70,646 | 43,032 | 33,267 | 21,520 |
EBITDA | 674,624 | 335,652 | 125,841 | 117,090 | 96,041 | 56,568 |
Reconciled Cost of Revenue | 551,672 | -- | 132,782 | 141,636 | 119,767 | 90,427 |
Reconciled Depreciation | 264,798 | 72,771 | 55,195 | 74,058 | 62,774 | 35,048 |
Net Income from Continuing Operation Net Minority Interest | 164,923 | 83,133 | 26,978 | 56,579 | 6,240 | -13,478 |
Total Unusual Items Excluding Goodwill | 48,896 | 51,813 | -9,133 | 14,486 | -8,270 | -2,128 |
Total Unusual Items | 48,896 | 51,813 | -9,133 | 14,486 | -8,270 | -2,128 |
Normalized EBITDA | 625,728 | 283,839 | 134,974 | 102,604 | 104,311 | 58,696 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | 7,334.40 | 7,771.95 | -3,216.48 | 2,172.90 | -1,240.50 | -319.20 |
| 1,192,701 |
| 368,821 |
| 309,057 |
| 370,289 |
•Cash, Cash Equivalents & Short Term Investments | 973,821 | 251,961 | 187,961 | 185,966 |
Cash And Cash Equivalents | 793,435 | 202,180 | 125,581 | 151,438 |
Other Short Term Investments | 180,386 | 49,781 | 62,380 | 34,528 |
•Receivables | 122,163 | 46,167 | 48,686 | 41,216 |
Accounts receivable | 86,362 | 12,303 | 10,099 | 8,598 |
Taxes Receivable | 35,801 | 33,864 | 38,587 | 32,618 |
•Inventory | 84,753 | 62,524 | 63,690 | 64,761 |
Raw Materials | 18,836 | 15,193 | 13,415 | 12,826 |
Work in Process | 3,675 | 4,162 | 7,542 | 9,176 |
Finished Goods | 62,242 | 43,169 | 42,733 | 42,759 |
Restricted Cash | -- | -- | -- | 0 |
Assets Held for Sale Current | -- | -- | 0 | 72,729 |
Other Current Assets | 11,964 | 8,169 | 8,720 | 5,617 |
•Total non-current assets | 3,502,216 | 1,610,969 | 1,667,298 | 1,739,720 |
•Net PPE | 3,254,977 | 1,437,052 | 1,432,413 | 1,539,108 |
•Gross PPE | 3,928,393 | 2,048,121 | 1,999,591 | 2,030,705 |
Mineral Properties | 2,680,048 | 1,034,522 | 998,835 | 1,061,124 |
Land And Improvements | 366,906 | 257,814 | 245,260 | 237,246 |
Machinery Furniture Equipment | 740,729 | 648,441 | 641,029 | 595,008 |
Other Properties | 50,610 | 56,976 | 57,206 | 54,976 |
Construction in Progress | 85,078 | 43,322 | 48,738 | 73,927 |
Leases | 5,022 | 7,046 | 8,523 | 8,424 |
Accumulated Depreciation | -673,416 | -611,069 | -567,178 | -491,597 |
Non Current Accounts Receivable | 11,130 | 10,750 | 14,150 | 12,354 |
Non Current Note Receivables | 5,000 | 5,000 | -- | -- |
•Non Current Deferred Assets | 80,386 | 46,375 | 88,732 | 57,062 |
Non Current Deferred Taxes Assets | 80,386 | 46,375 | 88,732 | 57,062 |
Non Current Prepaid Assets | 6,456 | 5,720 | 6,430 | 6,003 |
Other Non Current Assets | 144,267 | 106,072 | 125,573 | 125,193 |
•Total Liabilities Net Minority Interest | 1,521,949 | 628,717 | 618,235 | 698,711 |
•Current Liabilities | 459,139 | 144,307 | 120,138 | 167,399 |
•Payables And Accrued Expenses | 446,678 | 125,978 | 98,179 | 133,360 |
•Payables | 365,394 | 84,086 | 56,410 | 92,904 |
Accounts Payable | 115,260 | 58,593 | 48,165 | 71,094 |
•Total Tax Payable | 250,134 | 25,493 | 8,245 | 21,810 |
Income Tax Payable | 239,357 | 22,792 | 5,222 | 18,240 |
Current Accrued Expenses | 81,284 | 41,892 | 41,769 | 40,456 |
Current Provisions | 590 | 709 | 1,456 | 3,570 |
•Current Debt And Capital Lease Obligation | 11,280 | 17,040 | 18,202 | 14,378 |
•Current Debt | 151 | 426 | 426 | 431 |
Other Current Borrowings | 151 | 426 | 426 | 431 |
Bank Indebtedness | 337 | 399 | 406 | 120 |
Current Capital Lease Obligation | 10,792 | 16,215 | 17,370 | 13,827 |
•Current Deferred Liabilities | 592 | 580 | 2,301 | 3,383 |
Current Deferred Revenue | 592 | 580 | 2,301 | 3,383 |
Other Current Liabilities | -1 | -- | -- | 16,278 |
•Total Non Current Liabilities Net Minority Interest | 1,062,810 | 484,410 | 498,097 | 531,312 |
Long Term Provisions | 187,098 | 159,067 | 151,564 | 149,017 |
•Long Term Debt And Capital Lease Obligation | 297,460 | 219,977 | 238,312 | 233,567 |
Long Term Debt | 291,729 | 208,657 | 218,980 | 209,811 |
Long Term Capital Lease Obligation | 5,731 | 11,320 | 19,332 | 23,756 |
•Non Current Deferred Liabilities | 570,958 | 80,094 | 79,017 | 122,468 |
Non Current Deferred Taxes Liabilities | 570,958 | 80,094 | 79,017 | 122,468 |
Tradeand Other Payables Non Current | 0 | 19,685 | 23,612 | 20,605 |
Other Non Current Liabilities | 7,294 | 5,587 | 5,592 | 5,655 |
•Total Equity Gross Minority Interest | 3,172,966 | 1,351,071 | 1,358,120 | 1,411,298 |
•Stockholders' Equity | 2,761,005 | 1,351,071 | 1,358,120 | 1,411,298 |
•Capital Stock | 3,079,179 | 1,978,101 | 1,879,971 | 1,781,280 |
Common Stock | 3,079,179 | 1,978,101 | 1,879,971 | 1,781,280 |
Retained Earnings | -561,975 | -717,058 | -609,876 | -468,896 |
Gains Losses Not Affecting Retained Earnings | 243,801 | 90,028 | 88,025 | 98,914 |
Minority Interest | 411,961 | 0 | -- | -- |
Total Capitalization | 3,052,734 | 1,559,728 | 1,577,100 | 1,621,109 |
Common Stock Equity | 2,761,005 | 1,351,071 | 1,358,120 | 1,411,298 |
Capital Lease Obligations | 16,523 | 27,535 | 36,702 | 37,583 |
Net Tangible Assets | 2,761,005 | 1,351,071 | 1,358,120 | 1,411,298 |
Working Capital | 733,562 | 224,514 | 188,919 | 202,890 |
Invested Capital | 3,052,885 | 1,560,154 | 1,577,526 | 1,621,540 |
Tangible Book Value | 2,761,005 | 1,351,071 | 1,358,120 | 1,411,298 |
Total Debt | 308,740 | 237,017 | 256,514 | 247,945 |
Net Debt | -- | 6,903 | 93,825 | 58,804 |
Share Issued | 491,322.30 | 301,863.24 | 287,146.72 | 274,491.70 |
Ordinary Shares Number | 491,322.30 | 301,863.24 | 287,146.72 | 274,491.70 |
| All numbers in thousands (USD) | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|
•Total Assets | 4,694,915 | 4,235,500 | 4,094,036 | 4,033,658 | 1,979,788 |
•Current Assets | 1,192,701 | 770,332 | 640,189 | 589,487 | 368,821 |
•Cash, Cash Equivalents & Short Term Investments | 973,821 | 575,206 | 466,577 | 417,380 | 251,961 |
Cash And Cash Equivalents | 793,435 | 435,355 | 384,753 | 351,313 | 202,180 |
Other Short Term Investments | 180,386 | 139,851 | 81,824 | 66,067 | 49,781 |
•Receivables | 122,163 | 83,173 | 77,844 | 72,613 | 46,167 |
Accounts receivable | 86,362 | 39,307 | 36,157 | 34,656 | 12,303 |
Taxes Receivable | 35,801 | 43,866 | 41,687 | 37,957 | 33,864 |
•Inventory | 84,753 | 96,232 | 82,992 | 83,404 | 62,524 |
Raw Materials | 18,836 | 69,805 | 18,457 | 16,331 | 15,193 |
Work in Process | 3,675 | 5,350 | 4,073 | 4,534 | 4,162 |
Finished Goods | 62,242 | 21,077 | 60,462 | 62,539 | 43,169 |
Other Current Assets | 11,964 | 15,721 | 12,776 | 16,090 | 8,169 |
•Total non-current assets | 3,502,216 | 3,465,168 | 3,453,847 | 3,444,171 | 1,610,969 |
•Net PPE | 3,254,977 | 3,247,293 | 3,249,916 | 3,266,513 | 1,437,052 |
•Gross PPE | 3,928,393 | 4,696,054 | 4,643,953 | 4,592,726 | 2,048,121 |
Mineral Properties | 2,680,048 | 3,463,512 | 3,426,733 | 3,390,315 | 1,034,522 |
Land And Improvements | 366,906 | 366,123 | 365,311 | 363,342 | 257,814 |
Machinery Furniture Equipment | 740,729 | 736,282 | 730,272 | 724,252 | 648,441 |
Other Properties | 50,610 | 53,697 | 52,051 | 54,586 | 56,976 |
Construction in Progress | 85,078 | 70,703 | 63,608 | 53,750 | 43,322 |
Leases | 5,022 | 5,737 | 5,978 | 6,481 | 7,046 |
Accumulated Depreciation | -673,416 | -1,448,761 | -1,394,037 | -1,326,213 | -611,069 |
Non Current Accounts Receivable | 11,130 | 15,870 | 15,589 | 15,707 | 10,750 |
Non Current Note Receivables | 5,000 | -- | -- | -- | 5,000 |
•Non Current Deferred Assets | 80,386 | 62,025 | 57,213 | 44,910 | 46,375 |
Non Current Deferred Taxes Assets | 80,386 | 62,025 | 57,213 | 44,910 | 46,375 |
Non Current Prepaid Assets | 6,456 | 6,564 | 5,802 | 5,780 | 5,720 |
Other Non Current Assets | 144,267 | 133,416 | 125,327 | 111,261 | 106,072 |
•Total Liabilities Net Minority Interest | 1,521,949 | 1,228,060 | 1,191,616 | 1,199,925 | 628,717 |
•Current Liabilities | 459,139 | 227,950 | 196,042 | 184,649 | 144,307 |
•Payables And Accrued Expenses | 446,678 | 192,738 | 182,511 | 167,704 | 125,978 |
•Payables | 365,394 | 133,850 | 127,872 | 111,213 | 84,086 |
Accounts Payable | 115,260 | 110,520 | 117,947 | 103,445 | 58,593 |
•Total Tax Payable | 250,134 | 22,689 | 9,925 | 7,768 | 25,493 |
Income Tax Payable | 239,357 | 17,313 | 6,527 | 6,112 | 22,792 |
Other Payable | -- | 641 | -- | -- | -- |
Current Accrued Expenses | 81,284 | 58,888 | 54,639 | 56,491 | 41,892 |
Current Provisions | 590 | -- | 641 | 709 | 709 |
•Current Debt And Capital Lease Obligation | 11,280 | 14,391 | 12,748 | 14,871 | 17,040 |
•Current Debt | 151 | 196 | 395 | 180 | 426 |
Other Current Borrowings | 151 | 196 | 395 | 180 | 426 |
Bank Indebtedness | 337 | 337 | 340 | 390 | 399 |
Current Capital Lease Obligation | 10,792 | 13,858 | 12,013 | 14,301 | 16,215 |
•Current Deferred Liabilities | 592 | 7,621 | 142 | 1,365 | 580 |
Current Deferred Revenue | 592 | 7,621 | 142 | 1,365 | 580 |
Other Current Liabilities | -1 | 13,200 | -- | -- | -- |
•Total Non Current Liabilities Net Minority Interest | 1,062,810 | 1,000,110 | 995,574 | 1,015,276 | 484,410 |
Long Term Provisions | 187,098 | 177,075 | 174,959 | 172,309 | 159,067 |
•Long Term Debt And Capital Lease Obligation | 297,460 | 222,782 | 221,786 | 219,888 | 219,977 |
Long Term Debt | 291,729 | 216,220 | 213,658 | 211,142 | 208,657 |
Long Term Capital Lease Obligation | 5,731 | 6,562 | 8,128 | 8,746 | 11,320 |
•Non Current Deferred Liabilities | 570,958 | 571,445 | 571,027 | 597,792 | 80,094 |
Non Current Deferred Taxes Liabilities | 570,958 | 571,445 | 571,027 | 597,792 | 80,094 |
Tradeand Other Payables Non Current | 0 | 21,701 | 21,115 | 19,628 | 19,685 |
Other Non Current Liabilities | 7,294 | 7,107 | 6,687 | 5,659 | 5,587 |
•Total Equity Gross Minority Interest | 3,172,966 | 3,007,440 | 2,902,420 | 2,833,733 | 1,351,071 |
•Stockholders' Equity | 2,761,005 | 2,599,540 | 2,497,005 | 2,422,660 | 1,351,071 |
•Capital Stock | 3,079,179 | 3,065,440 | 3,037,808 | 3,016,394 | 1,978,101 |
Common Stock | -- | 3,065,440 | 3,037,808 | 3,016,394 | 1,978,101 |
Retained Earnings | -561,975 | -642,555 | -667,186 | -717,554 | -717,058 |
Gains Losses Not Affecting Retained Earnings | 243,801 | 176,655 | 126,383 | 123,820 | 90,028 |
Minority Interest | 411,961 | 407,900 | 405,415 | 411,073 | 0 |
Total Capitalization | 3,052,734 | 2,815,760 | 2,710,663 | 2,633,802 | 1,559,728 |
Common Stock Equity | 2,761,005 | 2,599,540 | 2,497,005 | 2,422,660 | 1,351,071 |
Capital Lease Obligations | 16,523 | 20,420 | 20,141 | 23,047 | 27,535 |
Net Tangible Assets | 2,761,005 | 2,599,540 | 2,497,005 | 2,422,660 | 1,351,071 |
Working Capital | 733,562 | 542,382 | 444,147 | 404,838 | 224,514 |
Invested Capital | 3,052,885 | 2,815,956 | 2,711,058 | 2,633,982 | 1,560,154 |
Tangible Book Value | 2,761,005 | 2,599,540 | 2,497,005 | 2,422,660 | 1,351,071 |
Total Debt | 308,740 | 237,173 | 234,534 | 234,759 | 237,017 |
Net Debt | -- | -- | -- | -- | 6,903 |
Share Issued | 491,322.30 | 490,021.34 | 487,254.11 | 484,638.21 | 301,863.24 |
Ordinary Shares Number | 491,322.30 | 490,021.34 | 487,254.11 | 484,638.21 | 301,863.24 |
| 526,010 |
| -- |
| 151,970 |
| 55,614 |
| 18,988 |
Net Income from Continuing Operations | 210,975 | 210,975 | -101,885 | -135,112 | -114,276 |
•Operating Gains Losses | -3,363 | -3,363 | -- | 3,024 | -4,301 |
Gain Loss On Sale of PPE | -- | -- | 0 | 3,024 | -4,301 |
Depreciation Amortization Depletion | 264,798 | 264,798 | 125,492 | 126,170 | 137,411 |
•Deferred Tax | 184,051 | 184,051 | 75,431 | -60,803 | 52,872 |
Deferred Income Tax | 184,051 | 184,051 | 75,431 | -60,803 | 52,872 |
Asset Impairment Charge | -20,336 | -20,336 | 0 | 132,429 | -2,651 |
Unrealized Gain Loss On Investment Securities | -9,493 | -9,493 | -119 | -2,639 | 4,242 |
Stock based compensation | 12,648 | 12,648 | 12,192 | 12,874 | 13,958 |
Other non-cash items | 24,576 | 24,576 | 27,465 | 23,251 | 22,166 |
•Change in working capital | -62,643 | -62,643 | 29,233 | -18,916 | -27,686 |
•Change in Receivables | -55,414 | -55,414 | 6,614 | -9,266 | 862 |
Changes in Account Receivables | -55,122 | -55,122 | -1,509 | -1,501 | -870 |
Change in Inventory | -319 | -319 | 2,268 | -505 | -3,447 |
Change in Prepaid Assets | 2,710 | 2,710 | 552 | -3,103 | -316 |
•Change in Payables And Accrued Expense | 28,575 | 28,575 | 298 | -5,662 | -27,174 |
•Change in Payable | 28,575 | 28,575 | 298 | -5,662 | -27,174 |
•Change in Tax Payable | -10,388 | -10,388 | -2,520 | 531 | -4,426 |
Change in Income Tax Payable | -10,388 | -10,388 | -2,520 | 531 | -4,426 |
Change in Account Payable | 38,963 | 38,963 | 2,818 | -6,193 | -22,748 |
Change in Other Working Capital | -38,195 | -38,195 | 19,501 | -380 | 2,389 |
Taxes Refund Paid | -78,566 | -78,566 | -15,839 | -24,664 | -62,747 |
•Investing Cash Flow | -28,176 | -28,176 | -114,160 | -153,999 | -213,797 |
•Cash Flow from Continuing Investing Activities | -28,176 | -28,176 | -114,160 | -153,999 | -213,797 |
Capital Expenditure Reported | -148,561 | -148,561 | -95,097 | -113,994 | -157,975 |
•Net PPE Purchase And Sale | -67,096 | -67,096 | -20,024 | -31,987 | -59,705 |
Purchase of PPE | -67,096 | -67,096 | -20,024 | -31,987 | -59,705 |
•Net Business Purchase And Sale | 159,560 | 159,560 | 0 | -5,401 | 0 |
Purchase of Business | -- | -- | 0 | -5,401 | 0 |
Sale of Business | 159,560 | 159,560 | 0 | -- | -- |
Net Other Investing Changes | 27,921 | 27,921 | 961 | -2,617 | 3,883 |
•Financing Cash Flow | 88,613 | 88,613 | 42,410 | 64,649 | 113,886 |
•Cash Flow from Continuing Financing Activities | 88,613 | 88,613 | 42,410 | 64,649 | 113,886 |
•Net Issuance Payments of Debt | 66,417 | 66,417 | -37,271 | -15,238 | 6,531 |
•Net Long Term Debt Issuance | 66,417 | 66,417 | -37,271 | -15,238 | 6,531 |
Long Term Debt Issuance | 340,485 | 340,485 | 0 | 0 | 50,000 |
Long Term Debt Payments | -274,068 | -274,068 | -37,271 | -15,238 | -43,469 |
•Net Short Term Debt Issuance | -- | -- | -- | -- | -30,000 |
Short Term Debt Payments | -- | -- | -- | -- | -30,000 |
•Net Common Stock Issuance | -8,695 | -8,695 | 93,628 | 92,092 | 112,730 |
Common Stock Issuance | 0 | 0 | 93,899 | 92,092 | 113,395 |
Common Stock Payments | -8,695 | -8,695 | -271 | 0 | -665 |
•Cash Dividends Paid | -9,840 | -9,840 | -5,297 | -5,868 | -6,867 |
Common Stock Dividend Paid | -9,840 | -9,840 | -5,297 | -5,868 | -6,867 |
Proceeds from Stock Option Exercised | 48,752 | 48,752 | 116 | 2,134 | 4,664 |
Interest Paid CFF | -8,021 | -8,021 | -8,766 | -8,471 | -3,172 |
Net Other Financing Charges | -41,188 | -41,188 | -- | -- | -- |
•End Cash Position | 793,435 | 793,435 | 202,180 | 125,581 | 151,438 |
Changes in Cash | 586,447 | 586,447 | 80,220 | -33,736 | -80,923 |
Effect of Exchange Rate Changes | 4,808 | 4,808 | -3,621 | 2,660 | -346 |
Beginning Cash Position | 202,180 | 202,180 | 125,581 | 151,438 | 237,926 |
Other Cash Adjustment Outside Change in Cash | -- | -- | 0 | 5,219 | -5,219 |
Capital Expenditure | -215,657 | -215,657 | -115,121 | -145,981 | -217,680 |
Issuance of Capital Stock | 0 | 0 | 93,899 | 92,092 | 113,395 |
Issuance of Debt | 340,485 | 340,485 | 0 | 0 | 50,000 |
Repayment of Debt | -274,068 | -274,068 | -37,271 | -15,238 | -43,469 |
Repurchase of Capital Stock | -8,695 | -8,695 | -271 | 0 | -665 |
Free Cash Flow | 310,353 | 310,353 | 36,849 | -90,367 | -198,692 |
| All numbers in thousands (USD) | TTM | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|
•Operating Cash Flow | 526,010 | 267,892 | 112,520 | 90,106 | 55,492 | 81,654 |
•Cash Flow from Continuing Operating Activities | 526,010 | 267,892 | 112,520 | 90,106 | 55,492 | 81,654 |
Net Income from Continuing Operations | 210,975 | 105,194 | 42,962 | 56,579 | 6,240 | -13,478 |
•Operating Gains Losses | -3,363 | -- | -- | -- | -- | -- |
Gain Loss On Sale of PPE | -- | -- | -- | -- | -- | 0 |
Depreciation Amortization Depletion | 264,798 | 72,771 | 55,195 | 74,058 | 62,774 | 35,048 |
•Deferred Tax | 184,051 | 156,446 | 23,356 | -18,561 | 22,810 | 33,630 |
Deferred Income Tax | 184,051 | 156,446 | 23,356 | -18,561 | 22,810 | 33,630 |
Asset Impairment Charge | -20,336 | -- | -- | -- | -- | 0 |
Unrealized Gain Loss On Investment Securities | -9,493 | -18,263 | 8,326 | -2,717 | 3,161 | -950 |
Stock based compensation | 12,648 | 2,580 | 2,554 | 3,000 | 4,514 | 2,419 |
Other non-cash items | 24,576 | 2,560 | 8,921 | 2,562 | 10,533 | 5,767 |
•Change in working capital | -62,643 | -25,174 | -16,774 | 5,805 | -26,500 | 19,406 |
•Change in Receivables | -55,414 | -39,251 | -5,609 | -10,114 | -440 | 9,001 |
Changes in Account Receivables | -55,122 | -47,055 | -3,150 | -6,501 | 1,584 | 1,472 |
Change in Inventory | -319 | 10,150 | -9,790 | -837 | 158 | 5,629 |
Change in Prepaid Assets | 2,710 | 3,757 | -2,945 | 3,314 | -1,416 | 1,309 |
•Change in Payables And Accrued Expense | 28,575 | 11,021 | 9,659 | 27,508 | -19,613 | 5,673 |
•Change in Payable | 28,575 | 11,021 | 9,659 | 27,508 | -19,613 | 5,673 |
•Change in Tax Payable | -10,388 | -736 | -4,589 | 11,437 | -16,500 | -826 |
Change in Income Tax Payable | -10,388 | -736 | -4,589 | 11,437 | -16,500 | -826 |
Change in Account Payable | 38,963 | 11,757 | 14,248 | 16,071 | -3,113 | 6,499 |
Change in Other Working Capital | -38,195 | -10,851 | -8,089 | -14,066 | -5,189 | -2,206 |
Taxes Refund Paid | -78,566 | -7,886 | -12,020 | -30,620 | -28,040 | -188 |
•Investing Cash Flow | -28,176 | -18,381 | -57,953 | -47,841 | 95,999 | -24,363 |
•Cash Flow from Continuing Investing Activities | -28,176 | -18,381 | -57,953 | -47,841 | 95,999 | -24,363 |
Capital Expenditure Reported | -148,561 | -30,974 | -40,196 | -31,551 | -45,840 | -22,477 |
•Net PPE Purchase And Sale | -67,096 | -16,465 | -17,142 | -17,974 | -15,515 | -2,138 |
Purchase of PPE | -67,096 | -16,465 | -17,142 | -17,974 | -15,515 | -2,138 |
•Net Business Purchase And Sale | 159,560 | 0 | 0 | 0 | 159,560 | -- |
Sale of Business | 159,560 | 0 | 0 | 0 | 159,560 | -- |
Net Other Investing Changes | 27,921 | 29,058 | -615 | 1,684 | -2,206 | 252 |
•Financing Cash Flow | 88,613 | 106,529 | -4,545 | -11,060 | -2,311 | -8,055 |
•Cash Flow from Continuing Financing Activities | 88,613 | 106,529 | -4,545 | -11,060 | -2,311 | -8,055 |
•Net Issuance Payments of Debt | 66,417 | 80,273 | -5,348 | -3,940 | -4,568 | -4,726 |
•Net Long Term Debt Issuance | 66,417 | 80,273 | -5,348 | -3,940 | -4,568 | -4,726 |
Long Term Debt Issuance | 340,485 | -- | -- | -- | -- | -- |
Long Term Debt Payments | -274,068 | -260,212 | -5,348 | -3,940 | -4,568 | -4,726 |
•Net Common Stock Issuance | -8,695 | -4,425 | 0 | -2,844 | -1,426 | -271 |
Common Stock Issuance | 0 | 0 | 0 | 0 | -- | 0 |
Common Stock Payments | -8,695 | -4,425 | 0 | -2,844 | -1,426 | -- |
•Cash Dividends Paid | -9,840 | -2,554 | -2,347 | -2,180 | -2,759 | -1,450 |
Common Stock Dividend Paid | -9,840 | -2,554 | -2,347 | -2,180 | -2,759 | -1,450 |
Proceeds from Stock Option Exercised | 48,752 | 11,875 | 18,710 | 9,829 | 8,338 | 80 |
Interest Paid CFF | -8,021 | -1,827 | -2,061 | -2,237 | -1,896 | -1,688 |
Net Other Financing Charges | -41,188 | -18,001 | -13,499 | -9,688 | -- | -- |
•End Cash Position | 793,435 | 793,435 | 435,355 | 384,753 | 351,313 | 202,180 |
Changes in Cash | 586,447 | 356,040 | 50,022 | 31,205 | 149,180 | 49,236 |
Effect of Exchange Rate Changes | 4,808 | 2,040 | 580 | 2,235 | -47 | -1,786 |
Beginning Cash Position | 202,180 | 435,355 | 384,753 | 351,313 | 202,180 | 154,730 |
Capital Expenditure | -215,657 | -47,439 | -57,338 | -49,525 | -61,355 | -24,615 |
Issuance of Capital Stock | 0 | 0 | 0 | 0 | -- | 0 |
Issuance of Debt | 340,485 | -- | -- | -- | -- | -- |
Repayment of Debt | -274,068 | -260,212 | -5,348 | -3,940 | -4,568 | -4,726 |
Repurchase of Capital Stock | -8,695 | -4,425 | 0 | -2,844 | -1,426 | -- |
Free Cash Flow | 310,353 | 220,453 | 55,182 | 40,581 | -5,863 | 57,039 |
| Dec 2025 |
| 4.91% |
| 391,785,675 | 20,674,705 | mutual_fund | VanEck ETF Trust-VanEck Gold Miners ETF | Mar 2026 | 4.19% |
| 363,502,325 | 19,182,180 | institutional | Mirae Asset Global ETFs Holdings Ltd. | Dec 2025 | 3.89% |
| 359,959,471 | 18,995,222 | institutional | Vanguard Group Inc | Dec 2025 | 3.85% |
| 285,044,243 | 15,041,912 | institutional | Arrowstreet Capital, Limited Partnership | Dec 2025 | 3.05% |
| 267,965,650 | 14,140,667 | mutual_fund | GLOBAL X FUNDS-Global X Silver Miners ETF | Mar 2026 | 2.87% |
| 224,525,786 | 11,848,326 | mutual_fund | VanEck ETF Trust-VanEck Junior Gold Miners ETF | Mar 2026 | 2.40% |
| 190,389,103 | 10,046,918 | institutional | Lingotto Investment Management LLP | Dec 2025 | 2.04% |
| 182,331,601 | 9,621,720 | institutional | Alps Advisors Inc. | Dec 2025 | 1.95% |
| 177,998,873 | 9,393,080 | institutional | Jupiter Asset Management Limited | Dec 2025 | 1.90% |
| 171,879,444 | 9,070,155 | mutual_fund | -Sprott Silver Miners & Physical Silver ETF | Dec 2025 | 1.84% |
| 126,527,051 | 6,676,889 | mutual_fund | VANGUARD STAR FUNDS-Vanguard Total International Stock Index Fund | Jan 2026 | 1.35% |
| 101,491,788 | 5,355,767 | institutional | Susquehanna International Group, LLP | Dec 2025 | 1.09% |
| 93,196,103 | 4,918,000 | institutional | TEACHER RETIREMENT SYSTEM OF TEXAS | Dec 2025 | 1.00% |
| 90,389,836 | 4,769,912 | mutual_fund | iShares, Inc.-iShares MSCI Global Silver and Metals Miners ETF | Feb 2026 | 0.97% |
| 81,749,223 | 4,313,943 | mutual_fund | VANGUARD TAX-MANAGED FUNDS-Vanguard Developed Markets Index Fund | Dec 2025 | 0.87% |
| 31,727,379 | 1,674,268 | mutual_fund | VANGUARD Intl Eqy. INDEX Fd.S-Vanguard FTSE All-World ex-US Small-Cap | Jan 2026 | 0.34% |
| 31,153,914 | 1,644,006 | mutual_fund | AIM Sector Fd.s -Invesco Gold & Special Minerals Fd. | Jan 2026 | 0.33% |
What Must Go Right: The base case requires production to remain broadly on plan, free cash flow to stay positive after meaningful capital spending, and the balance sheet to retain its current flexibility. Los Gatos integration, exploration near existing infrastructure, and direct bullion distribution through First Mint need to support the operating story without creating a separate capital burden. Investors also need continued evidence that current earnings quality is supported by cash generation rather than one-time accounting effects.
What Must Go Wrong: The base case would weaken if the company cannot sustain positive free cash flow through normal mining variability or if the market concludes that the latest margin profile is too dependent on unusually favorable metal prices. A drift back toward weak cash generation, rising capital intensity, or inconsistent production updates would make the current partial rerating look too generous and could push the stock back into a lower-confidence trading range.
Bull Case
In the bull case, First Majestic converts strong silver exposure and improved portfolio scale into durable cash generation that earns a higher market multiple. The stock moves closer to the loader-provided consensus target range as investors gain confidence that production guidance, free cash flow, and balance-sheet strength are sustainable. Los Gatos broadens the production base, exploration extends mine life near existing infrastructure, and Jerritt Canyon becomes credible optionality rather than just a capital commitment.
What Must Go Right: The bull case requires continued supportive silver prices, clean execution against 2026 production expectations, and repeated evidence that operating cash flow comfortably funds sustaining and growth capital. Management must show discipline around Jerritt Canyon restart plans and portfolio optimization, while exploration success needs to translate into resource depth and mine-life extension. If those pieces hold together, the market can discount AG as a healthier operating miner rather than a fragile silver trade.
What Must Go Wrong: The bull case fails if the current operating strength cannot survive normal mining volatility or if capital projects absorb the upside from stronger metals prices. It also breaks if investors continue to view the company primarily as a silver trading vehicle with inconsistent mine execution, if peer-relative valuation remains unsupported by operating delivery, or if legal, regulatory, or jurisdictional risk interrupts the path from improved resources to durable shareholder value.