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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 ~$2968.71M which is a rise of roughly 10% over the last three 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
Change
Item Value Value Updated Value
MCap (FD): $2,692.90M $2,968.71M 02/28/2025 $275.81M
Total Assets: $1,019.00M $1,019.00M 02/28/2025 $0.00M
Total Liabilities: $374.00M $374.00M 02/28/2025 $0.00M
Current Assets: $300.00M $462.00M 05/08/2025 $162.00M
Current Liabilities: $78.00M $78.00M 02/28/2025 $0.00M
Total Debt: $265.00M $265.00M 02/28/2025 $0.00M
Cash: $202.00M $462.00M 05/08/2025 $260.00M
Enterprise Value: $2,755.90M $2,771.71M 10/30/2057 $15.81M
Cash Flow: $208.02M $274.71M never $66.69M
Cash Flow Multiple: 12.95 10.81 never -2.14
Net Debt to
Cash Flow Ratio:		 0.30 n/a never 0.00
Finance within 1 year: 02/28/2025 n/a
Misc 02/28/2025
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 482,505,780 482,505,780 02/28/2025 0
Shares (FD): 501,471,370 501,471,370 02/28/2025 0
Insider Ownership: n/a n/a 01/14/2018 n/a
Dividend (Annual): n/a 0.36% 05/08/2025 0.36%
Company Type: Mostly Silver Mostly Silver never n/a
Production ETA: n/a n/a 02/28/2025 n/a
Production (Gold Eq Oz.): (guess) 
287,538		 (guess) 
275,816		 02/28/2025 -11,722
Production (Silver Eq Oz.): (guess) 
26,390,328		 (guess) 
27,421,739		 02/28/2025 1,031,411
Initial CapEx (Outstanding): n/a n/a 02/28/2025 n/a
Funding Option: n/a n/a 02/28/2025 n/a
Documentation: none PRODUCER 05/08/2025 n/a
Future MCap Modifier: 0.3
Producer: Elite Quality
 0.3
Producer: Elite Quality
 04/24/2023 0
Cash Flow Multiplier: 20 20 02/28/2025 0.00

Resource Data

GOLD 02/28/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 0.70M 0.70M 02/28/2025 0.00M
Measured & Indicated: 3.00M 3.00M 02/28/2025 0.00M
Inferred: 2.00M 2.00M 02/28/2025 0.00M
Reserves & Resources: 5.00M 5.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 0.56M 0.56M 02/28/2025 0.00M
Measured & Indicated: 2.03M 2.03M 02/28/2025 0.00M
Inferred: 0.80M 0.80M 02/28/2025 0.00M
Reserves & Resources: 2.83M 2.83M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
135,000oz.		 (guess) 
135,000oz.		 02/28/2025 0oz.
Cash Cost: $1,250 $1,350 05/08/2025 $100.00
Extra Operating Cost: $700 $750 05/08/2025 $50.00
Total: $1,950 $2,100 05/08/2025 $150.00
Margin (Free Cash Flow): $906 (32%) $1,193 (36%) $286.60
G
R
A
D
E		 Underground (Avg): 5.00 g/t 5.00 g/t 02/28/2025 n/a
Open Pit (Avg): n/a 1.00 g/t 10/17/2024 1.00 g/t
Recovery Rate: (CG)  80.00% (CG)  80.00% 05/08/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: 4.00M 4.00M 02/28/2025 0.00M
Annual Production: 275,000oz. 250,000oz. 05/05/2025 -25,000oz.
Cash Cost: $1,400 $1,450 05/05/2025 $50
Extra Operating Cost: $700 $750 05/08/2025 $50
SILVER 02/28/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 95.00M 87.00M 04/01/2025 -8.00M
Measured & Indicated: 135.00M 135.00M 02/28/2025 0.00M
Inferred: 75.00M 81.00M 02/28/2025 6.00M
Reserves & Resources: 210.00M 216.00M never 6.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 85.50M 78.30M 04/01/2025 -7.20M
Measured & Indicated: 114.30M 112.86M 02/28/2025 -1.44M
Inferred: 33.75M 36.45M 02/28/2025 2.70M
Reserves & Resources: 148.05M 149.31M never 1.26M
C
U
R
R
E
N
T		 Annual Production: (guess) 
14,000,000oz.		 (guess) 
14,000,000oz.		 02/28/2025 0oz.
Cash Cost: $14.00 $14.00 05/08/2025 $0.00
Extra Operating Cost: $11.00 $11.00 02/28/2025 $0.00
Total: $25.00 $25.00 05/08/2025 $0.00
Margin (Free Cash Flow): $6.12 (19.67%) $8.12 (24.52%) $2.00
G
R
A
D
E		 Underground (Avg): 180.00 g/t 180.00 g/t 02/28/2025 n/a
Open Pit (Avg): n/a n/a 07/09/2023 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 05/08/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: 200.00M 185.00M 04/01/2025 -15.00M
Annual Production: 15,000,000oz. 15,000,000oz. 02/28/2025 0oz.
Cash Cost: $16.00 $17.00 05/08/2025 $1.00
Extra Operating Cost: $12.00 $13.00 05/05/2025 $1.00

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
Change
Item Value Value Updated Value
Percentage Gold: 40.34% 44.44% n/a 4.10%
Percentage Silver: 59.66% 55.56% n/a -4.10%
Total (Gold Eq. Oz.): 1.74M 1.58M n/a -0.16M
Total (Silver Eq. Oz.): 159.25M 156.59M n/a -2.65M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.49M 1.35M n/a -0.14M
Silver Eq. Oz.: 136.90M 133.98M n/a -2.92M
Maximum Profit (Gold): $507.47M $667.97M n/a $160.50M
Maximum Profit (Silver): $523.26M $635.80M n/a $112.54M
Total Maximum Profit: $1,030.73M $1,303.76M n/a $273.03M
Max Profit / Current MCap: 0.383 0.439 n/a 0.056
Max Profit Per Share (Gold): $1.01 $1.33 n/a $0.32
Max Profit Per Share (Silver): $1.04 $1.27 n/a $0.22
Total Max Profit Per Share: $2.06 $2.60 n/a $0.54
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $1,805.41 $2,203.02 n/a $397.61
FD MCap / Silver Eq.: $19.67 $22.16 n/a $2.49
FD MCap / Per Metal
as % Spot Price:		 63.21% 66.90% n/a 3.69%
Measured &
Indicated		 02/28/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 67.10% 68.84% n/a 1.74%
Percentage Silver: 32.90% 31.16% n/a -1.74%
Total (Gold Eq. Oz.): 4.47M 4.36M n/a -0.11M
Total (Silver Eq. Oz.): 410.34M 433.26M n/a 22.92M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.28M 3.17M n/a -0.11M
Silver Eq. Oz.: 300.80M 314.88M n/a 14.08M
Maximum Profit (Gold): $1,841.40M $2,423.77M n/a $582.37M
Maximum Profit (Silver): $699.52M $916.42M n/a $216.91M
Total Maximum Profit: $2,540.91M $3,340.19M n/a $799.28M
Max Profit / Current MCap: 0.944 1.125 n/a 0.182
Max Profit Per Share (Gold): $3.67 $4.83 n/a $1.16
Max Profit Per Share (Silver): $1.39 $1.83 n/a $0.43
Total Max Profit Per Share: $5.07 $6.66 n/a $1.59
Total Free Profit Per Share: $0.00 $0.74 n/a $0.74
FD MCap / Gold Eq.: $821.67 $937.34 n/a $115.67
FD MCap / Silver Eq.: $8.95 $9.43 n/a $0.48
FD MCap / Per Metal
as % Spot Price:		 28.77% 28.47% n/a -0.30%

Reserves &
Resources		 02/28/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 68.61% 69.71% n/a 1.10%
Percentage Silver: 31.39% 30.29% n/a -1.10%
Total (Gold Eq. Oz.): 7.29M 7.17M n/a -0.12M
Total (Silver Eq. Oz.): 668.90M 713.10M n/a 44.20M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.45M 4.33M n/a -0.11M
Silver Eq. Oz.: 407.97M 430.87M n/a 22.90M
Maximum Profit (Gold): $2,566.36M $3,378.01M n/a $811.65M
Maximum Profit (Silver): $906.07M $1,212.40M n/a $306.33M
Total Maximum Profit: $3,472.42M $4,590.41M n/a $1,117.98M
Max Profit / Current MCap: 1.289 1.546 n/a 0.257
Max Profit Per Share (Gold): $5.12 $6.74 n/a $1.62
Max Profit Per Share (Silver): $1.81 $2.42 n/a $0.61
Total Max Profit Per Share: $6.92 $9.15 n/a $2.23
Total Free Profit Per Share: $1.55 $3.23 n/a $1.68
FD MCap / Gold Eq.: $605.81 $685.01 n/a $79.20
FD MCap / Silver Eq.: $6.60 $6.89 n/a $0.29
FD MCap / Per Metal
as % Spot Price:		 21.21% 20.80% n/a -0.41%

Future Valuation (Cash Flow & Totals)

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