AGNYSEGold and Silver OresUS GAAP · USD

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.

Revenue1,265m USD
+124.5 %y/y
Operating profit (EBIT)410m USD
+3,819.9 %y/y
EBIT margin32.4%
+34.3 ppy/y
Net income165m USD
+261.9 %y/y
Free cash flow310m USD
+742.2 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-50005001,0001,500m USD2022: 627 m USD2022: EBIT -48 m USD20222023: 576 m USD2023: EBIT -181 m USD20232024: 564 m USD2024: EBIT -11 m USD20242025: 1,265 m USD2025: EBIT 410 m USD20251,265410
RevenueOperating profit (EBIT)

Business

Share of revenue
Primary metal production75 %

Production of silver and gold from operating underground mines and related processing.

By-product and mixed-ore output10 %

Silver/gold production from mines where metals are recovered together or as by-products.

Minted bullion products10 %

Retail sale of bars, ingots, coins and medallions through First Mint, LLC.

Development and exploration assets5 %

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.

Wholesale precious metals buyers

Buy dore, concentrates or refined silver and gold for trading, refining or fabrication.

Investment metals customers

Purchase physical silver products as a store of value or portfolio hedge.

Retail bullion buyers

Buy bars, ingots, coins and medallions through the First Mint online store.

Industrial users and fabricators

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.

Operate and optimize producing minesShort term

Current cash generation depends on reliable output from the core Mexico mine portfolio.

Restart Jerritt CanyonMedium term

Restarting a U.S. gold mine expands the asset base and diversifies production geography.

Add value through minting and retail salesMedium term

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.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Commodity price volatility1Underground mining and operational disruption2Mexico regulatory and permitting exposure3Restart and development execution risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. 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

  2. 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

  3. 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.

    ExposureSanta ElenaLos GatosSan DimasLa Encantada
  4. 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 items
Reserve and depletion estimates

Mining 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

Impairment and recoverability

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

Joint venture accounting

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

Production and inventory valuation

Inventory and concentrate valuation depend on grade estimates, payable metals and treatment charges.

Impact: Influences cost of sales and working capital

Publicly listed companies with a comparable business focus.

Last updated: 28/09/2026