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First Majestic Silver Corp

www: www.firstmajestic.com   email: info@firstmajestic.com
Category: Emerging Major
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Symbol Data

Symbol Currency
NYSE:AG USD
TSE:AG CAD

Description

First Majestic Silver Corp are a gold and silver focused emerging major with four producing mines in Mexico and USA, one mine in development in Mexico and four exploration properties. Currently they produce roughly 135koz. of gold and 14.0Moz. of silver per year. They have approximately 5Moz. of gold and 216Moz. of silver in the reserves and resources category of which 3Moz. of gold and 135Moz. of silver are in the measured and indicated category. They have a market capitalisation of ~$4144.66M which is a rise of roughly 54% over the last four months. As of 02/28/2025 they have ~$265M debt and ~$462M cash. They have 483M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 02/28/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $2,692.90M $4,144.66M 02/28/2025
Total Assets: $1,019.00M $1,019.00M 02/28/2025
Total Liabilities: $374.00M $374.00M 02/28/2025
Current Assets: $300.00M $462.00M 05/08/2025
Current Liabilities: $78.00M $78.00M 02/28/2025
Total Debt: $265.00M $265.00M 02/28/2025
Cash: $202.00M $462.00M 05/08/2025
Enterprise Value: $2,755.90M $3,947.66M 02/04/2095
Cash Flow: $208.02M $331.14M never
Cash Flow Multiple: 12.95 12.52 never
Net Debt to
Cash Flow Ratio:		 0.30 n/a never
Finance within 1 year: 02/28/2025
Misc 02/28/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 482,505,780 482,505,780 02/28/2025
Shares (FD): 501,471,370 501,471,370 02/28/2025
Insider Ownership: n/a n/a 01/14/2018
Dividend (Annual): n/a 0.36% 05/08/2025
Company Type: Mostly Silver Mostly Silver never
Production ETA: n/a n/a 02/28/2025
Production (Gold Eq Oz.): (guess) 
287,538		 (guess) 
284,610		 02/28/2025
Production (Silver Eq Oz.): (guess) 
26,390,328		 (guess) 
26,632,862		 02/28/2025
Initial CapEx (Outstanding): n/a n/a 02/28/2025
Funding Option: n/a n/a 02/28/2025
Documentation: none PRODUCER 05/08/2025
Future MCap Modifier: 0.3
Producer: Elite Quality
 0.3
Producer: Elite Quality
 04/24/2023
Cash Flow Multiplier: 20 20 02/28/2025

Resource Data

GOLD 02/28/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 0.70M 0.70M 02/28/2025
Measured & Indicated: 3.00M 3.00M 02/28/2025
Inferred: 2.00M 2.00M 02/28/2025
Reserves & Resources: 5.00M 5.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 0.56M 0.56M 02/28/2025
Measured & Indicated: 2.03M 2.03M 02/28/2025
Inferred: 0.80M 0.80M 02/28/2025
Reserves & Resources: 2.83M 2.83M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
135,000oz.		 (guess) 
135,000oz.		 02/28/2025
Cash Cost: $1,250 $1,350 05/08/2025
Extra Operating Cost: $700 $750 05/08/2025
Total: $1,950 $2,100 05/08/2025
Margin (Free Cash Flow): $906 (32%) $1,289 (38%)
G
R
A
D
E		 Underground (Avg): 5.00 g/t 5.00 g/t 02/28/2025
Open Pit (Avg): n/a 1.00 g/t 10/17/2024
Recovery Rate: (CG)  80.00% (CG)  80.00% 05/08/2025
F
U
T
U
R
E		 Proven & Probable: 4.00M 4.00M 02/28/2025
Annual Production: 275,000oz. 250,000oz. 05/05/2025
Cash Cost: $1,400 $1,450 05/05/2025
Extra Operating Cost: $700 $750 05/08/2025
SILVER 02/28/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 95.00M 87.00M 04/01/2025
Measured & Indicated: 135.00M 135.00M 02/28/2025
Inferred: 75.00M 81.00M 02/28/2025
Reserves & Resources: 210.00M 216.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 85.50M 78.30M 04/01/2025
Measured & Indicated: 114.30M 112.86M 02/28/2025
Inferred: 33.75M 36.45M 02/28/2025
Reserves & Resources: 148.05M 149.31M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
14,000,000oz.		 (guess) 
14,000,000oz.		 02/28/2025
Cash Cost: $14.00 $14.00 05/08/2025
Extra Operating Cost: $11.00 $11.00 02/28/2025
Total: $25.00 $25.00 05/08/2025
Margin (Free Cash Flow): $6.12 (19.67%) $11.22 (30.98%)
G
R
A
D
E		 Underground (Avg): 180.00 g/t 180.00 g/t 02/28/2025
Open Pit (Avg): n/a n/a 07/09/2023
Recovery Rate: (CG)  90.00% (CG)  90.00% 05/08/2025
F
U
T
U
R
E		 Proven & Probable: 200.00M 185.00M 04/01/2025
Annual Production: 15,000,000oz. 15,000,000oz. 02/28/2025
Cash Cost: $16.00 $17.00 05/08/2025
Extra Operating Cost: $12.00 $13.00 05/05/2025

Property

Last Analysis Data  (02/28/2025)
Stage Name Owned Au Ag Cu Notes
Prod La Encantada 100% show
2023

P&P: 13.6M AG OZ
M&I: 31.6M AG OZ
Inf: 19.3M AG OZ

2023E PRODUCTION
3.1M - 3.3M AG OZ
Prod San Dimas 100% show
2023

P&P: 37.8M AG + 460K AU OZ
M&I: 54.5M AG + 681K AU OZ
Inf: 42.0M AG + 489K AU OZ

2023E Production
12.9M - 13.7M AgEq OZ
(6.4M - 6.8M AG OZ + 78K - 83K AU OZ)
Prod Santa Elena 100% show
2023

P&P: 10.1M AG + 320K AU OZ
M&I: 15.6M AG + 467K AU OZ
Inf: 12.4M AG + 313K AU OZ

2023E PRODUCTION
8.5M - 9.1M AgEq OZ
(0.9M - 1.0M AG OZ + 91K - 97K AU OZ)
Dev Del Toro 100% show
1 of 5 long life producing mines. Number 6 is under development.

2023 -

M&I: 7.6M AgEq OZ
Inf: 11.2M AgEq OZ

January 2020 temporarily suspended (improve operations)
Exp Cerros Los Gatos 70% show
70% ownership (currently 51%, option for 70%.
Exp Jalisco 100% n/a
Exp La Luz 100% n/a
Exp San Martin 65% show
Past producing mine


2023

M&I: 9.0M AG + 17K AU OZ
Inf: 18.4M AG + 29K AU OZ

July 2019 temporarily suspended (security & safety issues)
Prod Jerritt Canyon 100% show
75,000 oz a year production.

Plans to increase production to 3000 tpd at 5.5 gpt = 175K oz


2023 -

M&I: 1,691K AU OZ
INF: 1,542K AU OZ

March 2023 temporarily suspended
Total Land Package Size (ha): 140,220  
Current Data
Stage Name Owned Au Ag Cu Notes
Prod La Encantada 100% show
2023

P&P: 13.6M AG OZ
M&I: 31.6M AG OZ
Inf: 19.3M AG OZ

2023E PRODUCTION
3.1M - 3.3M AG OZ
Prod San Dimas 100% show
2023

P&P: 37.8M AG + 460K AU OZ
M&I: 54.5M AG + 681K AU OZ
Inf: 42.0M AG + 489K AU OZ

2023E Production
12.9M - 13.7M AgEq OZ
(6.4M - 6.8M AG OZ + 78K - 83K AU OZ)
Prod Santa Elena 100% show
2023

P&P: 10.1M AG + 320K AU OZ
M&I: 15.6M AG + 467K AU OZ
Inf: 12.4M AG + 313K AU OZ

2023E PRODUCTION
8.5M - 9.1M AgEq OZ
(0.9M - 1.0M AG OZ + 91K - 97K AU OZ)
Dev Del Toro 100% show
1 of 5 long life producing mines. Number 6 is under development.

2023 -

M&I: 7.6M AgEq OZ
Inf: 11.2M AgEq OZ

January 2020 temporarily suspended (improve operations)
Exp Cerros Los Gatos 70% show
70% ownership (currently 51%, option for 70%.
Exp Jalisco 100% n/a
Exp La Luz 100% n/a
Exp San Martin 65% show
Past producing mine


2023

M&I: 9.0M AG + 17K AU OZ
Inf: 18.4M AG + 29K AU OZ

July 2019 temporarily suspended (security & safety issues)
Prod Jerritt Canyon 100% show
75,000 oz a year production.

Plans to increase production to 3000 tpd at 5.5 gpt = 175K oz


2023 -

M&I: 1,691K AU OZ
INF: 1,542K AU OZ

March 2023 temporarily suspended
Total Land Package Size (ha): 140,220  

Profitability (by resource)

Proven &
Probable		 02/28/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 40.34% 42.95% n/a
Percentage Silver: 59.66% 57.05% n/a
Total (Gold Eq. Oz.): 1.74M 1.63M n/a
Total (Silver Eq. Oz.): 159.25M 152.50M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.49M 1.40M n/a
Silver Eq. Oz.: 136.90M 130.70M n/a
Maximum Profit (Gold): $507.47M $722.04M n/a
Maximum Profit (Silver): $523.26M $878.53M n/a
Total Maximum Profit: $1,030.73M $1,600.56M n/a
Max Profit / Current MCap: 0.383 0.386 n/a
Max Profit Per Share (Gold): $1.01 $1.44 n/a
Max Profit Per Share (Silver): $1.04 $1.75 n/a
Total Max Profit Per Share: $2.06 $3.19 n/a
Total Free Profit Per Share: $0.00 $0.00 n/a
FD MCap / Gold Eq.: $1,805.41 $2,967.37 n/a
FD MCap / Silver Eq.: $19.67 $31.71 n/a
FD MCap / Per Metal
as % Spot Price:		 63.21% 87.55% n/a
Measured &
Indicated		 02/28/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 67.10% 67.53% n/a
Percentage Silver: 32.90% 32.47% n/a
Total (Gold Eq. Oz.): 4.47M 4.44M n/a
Total (Silver Eq. Oz.): 410.34M 415.73M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.28M 3.24M n/a
Silver Eq. Oz.: 300.80M 303.01M n/a
Maximum Profit (Gold): $1,841.40M $2,619.96M n/a
Maximum Profit (Silver): $699.52M $1,266.29M n/a
Total Maximum Profit: $2,540.91M $3,886.25M n/a
Max Profit / Current MCap: 0.944 0.938 n/a
Max Profit Per Share (Gold): $3.67 $5.22 n/a
Max Profit Per Share (Silver): $1.39 $2.53 n/a
Total Max Profit Per Share: $5.07 $7.75 n/a
Total Free Profit Per Share: $0.00 $0.00 n/a
FD MCap / Gold Eq.: $821.67 $1,279.98 n/a
FD MCap / Silver Eq.: $8.95 $13.68 n/a
FD MCap / Per Metal
as % Spot Price:		 28.77% 37.76% n/a

Reserves &
Resources		 02/28/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 68.61% 68.42% n/a
Percentage Silver: 31.39% 31.58% n/a
Total (Gold Eq. Oz.): 7.29M 7.31M n/a
Total (Silver Eq. Oz.): 668.90M 683.88M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.45M 4.43M n/a
Silver Eq. Oz.: 407.97M 414.32M n/a
Maximum Profit (Gold): $2,566.36M $3,651.44M n/a
Maximum Profit (Silver): $906.07M $1,675.26M n/a
Total Maximum Profit: $3,472.42M $5,326.70M n/a
Max Profit / Current MCap: 1.289 1.285 n/a
Max Profit Per Share (Gold): $5.12 $7.28 n/a
Max Profit Per Share (Silver): $1.81 $3.34 n/a
Total Max Profit Per Share: $6.92 $10.62 n/a
Total Free Profit Per Share: $1.55 $2.36 n/a
FD MCap / Gold Eq.: $605.81 $936.10 n/a
FD MCap / Silver Eq.: $6.60 $10.00 n/a
FD MCap / Per Metal
as % Spot Price:		 21.21% 27.62% n/a

Future Valuation (Cash Flow & Totals)

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