First Majestic Silver Corp
First Majestic Silver Corp is a mining company focused on the production of silver and gold in Mexico and the United States. Its business includes underground mine operations, mineral development and exploration, and a branded precious-metals minting arm through First Mint, LLC.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueProduction of silver and gold from operating underground mines and related processing.
Silver/gold production from mines where metals are recovered together or as by-products.
Retail sale of bars, ingots, coins and medallions through First Mint, LLC.
Projects and mines under restart, development, or exploration status.
Customers
The company sells most of its precious metals into the industrial and investment metals markets, where buyers value physical silver and gold supply. It also sells minted retail products directly to the public through its own online channel, which broadens the customer base beyond refinery and institutional metal markets.
Buy dore, concentrates or refined silver and gold for trading, refining or fabrication.
Purchase physical silver products as a store of value or portfolio hedge.
Buy bars, ingots, coins and medallions through the First Mint online store.
Use silver and gold input material for downstream manufacturing and specialty products.
Strategy
The company’s strategy centers on sustaining production from its producing mines while advancing development and restart assets. It also uses First Mint to capture more value from silver output and to create a direct branded channel to end buyers.
Current cash generation depends on reliable output from the core Mexico mine portfolio.
Restarting a U.S. gold mine expands the asset base and diversifies production geography.
Direct-to-consumer bullion sales can monetize a portion of silver production at branded retail margins.
Geography
First Majestic’s operating footprint is centered in Mexico, where it owns and operates multiple underground silver and gold mines. The company also has operations and project exposure in the United States through Jerritt Canyon, making it a North American precious-metals producer with country-level operating and permitting risk.
Risks
The business is exposed to commodity-price volatility because revenues are driven by silver and gold realized prices and mined tonnage. Mine operations also face country-specific risks in Mexico and the United States, including permitting, labor, geology, safety, and restart execution at development assets.
- Commodity price volatilityImpact: HighLikelihood: High
Revenue is tied to market prices for silver and gold, which can move sharply and are outside company control.
Exposure: Silver and gold sales
- Underground mining and operational disruptionImpact: HighLikelihood: High
The portfolio consists mainly of underground mines, which are sensitive to grades, ventilation, dilution, equipment failure and safety incidents.
Exposure: Mexico mines and Jerritt Canyon
- Mexico regulatory and permitting exposureImpact: HighLikelihood: Medium
A large share of assets and production is in Mexico, where permitting, community and rule changes can affect operations.
Exposure - Restart and development execution riskImpact: MediumLikelihood: Medium
Restarting and advancing assets requires capital, scheduling and technical execution before production stabilizes.
Exposure: Jerritt Canyon restart and development portfolio
Accounting
Judgemental itemsMining assets are depreciated and depleted using estimated reserves and mine lives, which can change with drilling results and metal prices.
Impact: Affects earnings, carrying values and future unit costs
Restart and development assets must be tested for recoverability when assumptions about prices, grades or timing change.
Impact: Can create large non-cash write-downs
The company holds a 70% interest in the Los Gatos Joint Venture, so classification and consolidation judgments matter.
Impact: Affects revenue presentation, assets and earnings attribution
Inventory and concentrate valuation depend on grade estimates, payable metals and treatment charges.
Impact: Influences cost of sales and working capital
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Last updated: 28/09/2026