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First Majestic Silver Corp

www: www.firstmajestic.com   email: info@firstmajestic.com
Category: 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 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 14.5Moz. 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 ~$4791.56M which is a rise of roughly 78% over the last six 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 $4,791.56M 02/28/2025
MCap (OS): $2,591.06M $4,610.34M 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
Debt (Net): $63.00M $-197.00M
Enterprise Value: $2,755.90M $4,594.56M 08/06/2115
Cash Flow: $208.02M $384.33M never
Cash Flow Multiple: 12.95 12.47 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 0.21% 09/01/2025
Company Type: Mostly Silver Mostly Silver never
Group: Producer Producer never
Production ETA: n/a n/a 02/28/2025
Production (Gold Eq Oz.): (guess) 
287,538		 (guess) 
302,677		 07/09/2025
Production (Silver Eq Oz.): (guess) 
26,390,328		 (guess) 
26,174,235		 07/09/2025
Development Phase: none Producer (Multiple Mines) 07/09/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 30
Producer: Elite Quality
 30
Producer: Elite Quality
 04/24/2023
Cash Flow Multiple: 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 $1,400 07/09/2025
Extra Operating Cost: $700 $750 05/08/2025
Total: $1,950 $2,150 07/09/2025
Margin (Free Cash Flow): $906 (32%) $1,372 (39%)
MCap / Production (AuEq): $9,365.36 $15,830.60
EV / Production (AuEq): $9,584.47 $15,179.75
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% 07/09/2025
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 $1,500 07/09/2025
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) 
14,500,000oz.		 07/09/2025
Cash Cost: $14.00 $15.00 07/09/2025
Extra Operating Cost: $11.00 $12.00 07/09/2025
Total: $25.00 $27.00 07/09/2025
Margin (Free Cash Flow): $6.12 (19.67%) $13.73 (33.71%)
MCap / Production (AgEq): $102.04 $183.06
EV / Production (AgEq): $104.43 $175.54
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% 07/09/2025
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 $18.00 07/09/2025
Extra Operating Cost: $12.00 $14.00 07/09/2025

Property

Last Analysis Data  (02/28/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 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)

Size: 1 ha
Exp Cerros Los Gatos
70 show
70% ownership (currently 51%, option for 70%.

Size: 100,000 ha
Exp Jalisco
100 show
Size: 5,245 ha
Exp La Luz
100 show
Size: 4,974 ha
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

Size: 30,000 ha
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 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)

Size: 1 ha
Exp Cerros Los Gatos
70 show
70% ownership (currently 51%, option for 70%.

Size: 100,000 ha
Exp Jalisco
100 show
Size: 5,245 ha
Exp La Luz
100 show
Size: 4,974 ha
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

Size: 30,000 ha

Profitability (by resource)

Proven &
Probable		 02/28/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 40.34% 41.03% n/a
Percentage Silver: 59.66% 58.97% n/a
Total (Gold Eq. Oz.): 1.74M 1.71M n/a
Total (Silver Eq. Oz.): 159.25M 147.53M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.49M 1.47M n/a
Silver Eq. Oz.: 136.90M 126.73M n/a
Maximum Profit (Gold): $507.47M $768.41M n/a
Maximum Profit (Silver): $523.26M $1,075.06M n/a
Total Maximum Profit: $1,030.73M $1,843.47M n/a
Max Profit / Current MCap: 0.383 0.385 n/a
Max Profit Per Share (Gold): $1.01 $1.53 n/a
Max Profit Per Share (Silver): $1.04 $2.14 n/a
Total Max Profit Per Share: $2.06 $3.68 n/a
Total Free Profit Per Share: $0.00 $0.00 n/a
FD MCap / Gold Eq.: $1,805.41 $3,269.67 n/a
FD MCap / Silver Eq.: $19.67 $37.81 n/a
FD MCap / Per Metal
as % Spot Price:		 63.21% 92.83% n/a
EV / Gold Eq.: $1,847.65 $3,135.24 n/a
EV / Silver Eq.: $20.13 $36.26 n/a
EV / Per Metal
as % Spot Price:		 64.69% 89.01% n/a
Measured &
Indicated		 02/28/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 67.10% 65.77% n/a
Percentage Silver: 32.90% 34.23% n/a
Total (Gold Eq. Oz.): 4.47M 4.56M n/a
Total (Silver Eq. Oz.): 410.34M 394.43M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.28M 3.34M n/a
Silver Eq. Oz.: 300.80M 288.58M n/a
Maximum Profit (Gold): $1,841.40M $2,788.23M n/a
Maximum Profit (Silver): $699.52M $1,549.57M n/a
Total Maximum Profit: $2,540.91M $4,337.80M n/a
Max Profit / Current MCap: 0.944 0.905 n/a
Max Profit Per Share (Gold): $3.67 $5.56 n/a
Max Profit Per Share (Silver): $1.39 $3.09 n/a
Total Max Profit Per Share: $5.07 $8.65 n/a
Total Free Profit Per Share: $0.00 $0.00 n/a
FD MCap / Gold Eq.: $821.67 $1,435.84 n/a
FD MCap / Silver Eq.: $8.95 $16.60 n/a
FD MCap / Per Metal
as % Spot Price:		 28.77% 40.77% n/a
EV / Gold Eq.: $840.89 $1,376.81 n/a
EV / Silver Eq.: $9.16 $15.92 n/a
EV / Per Metal
as % Spot Price:		 29.44% 39.09% n/a

Reserves &
Resources		 02/28/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 68.61% 66.69% n/a
Percentage Silver: 31.39% 33.31% n/a
Total (Gold Eq. Oz.): 7.29M 7.50M n/a
Total (Silver Eq. Oz.): 668.90M 648.38M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.45M 4.56M n/a
Silver Eq. Oz.: 407.97M 394.21M n/a
Maximum Profit (Gold): $2,566.36M $3,885.96M n/a
Maximum Profit (Silver): $906.07M $2,050.03M n/a
Total Maximum Profit: $3,472.42M $5,935.98M n/a
Max Profit / Current MCap: 1.289 1.239 n/a
Max Profit Per Share (Gold): $5.12 $7.75 n/a
Max Profit Per Share (Silver): $1.81 $4.09 n/a
Total Max Profit Per Share: $6.92 $11.84 n/a
Total Free Profit Per Share: $1.55 $2.28 n/a
FD MCap / Gold Eq.: $605.81 $1,051.10 n/a
FD MCap / Silver Eq.: $6.60 $12.15 n/a
FD MCap / Per Metal
as % Spot Price:		 21.21% 29.84% n/a
EV / Gold Eq.: $619.99 $1,007.89 n/a
EV / Silver Eq.: $6.76 $11.66 n/a
EV / Per Metal
as % Spot Price:		 21.71% 28.62% n/a

Future Valuation (Cash Flow & Totals)

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