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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, one mine in development in USA and three exploration properties. Currently they produce roughly 120koz. of gold and 13.5Moz. 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 ~$11500.35M which is a fall of roughly 1% over the last four weeks. As of 02/15/2026 they have ~$265M debt and ~$937M cash. They have 491M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 02/15/2026
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $11,671.37M $11,500.35M 02/15/2026
MCap (OS): $11,256.96M $11,092.01M 02/15/2026
Total Assets: $1,019.00M $1,019.00M 02/15/2026
Total Liabilities: $374.00M $374.00M 02/15/2026
Current Assets: $569.00M $937.00M 02/19/2026
Current Liabilities: $78.00M $78.00M 02/15/2026
Total Debt: $265.00M $265.00M 02/15/2026
Cash: $569.00M $937.00M 02/19/2026
Debt (Net): $-304.00M $-672.00M
Enterprise Value: $11,367.37M $10,828.35M
Cash Flow: $852.94M $879.65M never
Cash Flow Multiple: 13.68 13.07 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 02/15/2026
Misc 02/15/2026
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 490,927,041 490,927,041 02/15/2026
Shares (FD): 509,000,000 509,000,000 02/15/2026
Insider Ownership: n/a n/a 02/15/2026
Dividend (Annual): 0.09% 0.09% 03/14/2026
Company Type: Mostly Silver Mostly Silver never
Group: Producer Producer never
Production ETA: n/a n/a 02/15/2026
Production (Gold Eq Oz.): (guess) 
324,151		 (guess) 
336,971		 02/15/2026
Production (Silver Eq Oz.): (guess) 
21,435,294		 (guess) 
20,966,437		 02/15/2026
Development Phase: Producer (Single Mine) Producer (Single Mine) 02/15/2026
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 30
Producer: Elite Quality
 30
Producer: Elite Quality
 02/15/2026
Cash Flow Multiple: 22 25 02/19/2026

Resource Data

GOLD 02/15/2026
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 02/15/2026
Measured & Indicated: 3.00M 3.00M 02/15/2026
Inferred: 2.00M 2.00M 02/15/2026
Reserves & Resources: 5.00M 5.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 0.56M 0.56M 02/15/2026
Measured & Indicated: 2.03M 2.03M 02/15/2026
Inferred: 0.80M 0.80M 02/15/2026
Reserves & Resources: 2.83M 2.83M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
120,000oz.		 (guess) 
120,000oz.		 02/15/2026
Cash Cost: $1,800 $1,800 02/15/2026
Extra Operating Cost: $750 $800 02/19/2026
Total: $2,550 $2,600 02/19/2026
Margin (Free Cash Flow): $2,441 (49%) $2,419 (48%)
MCap / Production (AuEq): $36,005.94 $34,128.60
EV / Production (AuEq): $35,068.11 $32,134.36
G
R
A
D
E		 Underground (Avg): 5.00 g/t 5.00 g/t 02/15/2026
Open Pit (Avg): n/a 1.00 g/t 02/15/2026
Recovery Rate: (CG)  80.00% (CG)  80.00% 03/14/2026
F
U
T
U
R
E		 Proven & Probable: 4.00M 4.00M 02/15/2026
Annual Production: 250,000oz. 250,000oz. 02/15/2026
Cash Cost: $1,900 $1,900 02/15/2026
Extra Operating Cost: $800 $800 02/15/2026
SILVER 02/15/2026
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 87.00M 87.00M 02/15/2026
Measured & Indicated: 135.00M 135.00M 02/15/2026
Inferred: 81.00M 81.00M 02/15/2026
Reserves & Resources: 216.00M 216.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 78.30M 78.30M 02/15/2026
Measured & Indicated: 112.86M 112.86M 02/15/2026
Inferred: 36.45M 36.45M 02/15/2026
Reserves & Resources: 149.31M 149.31M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
13,500,000oz.		 (guess) 
13,500,000oz.		 02/15/2026
Cash Cost: $21.00 $25.00 02/19/2026
Extra Operating Cost: $13.00 $12.00 02/19/2026
Total: $34.00 $37.00 02/19/2026
Margin (Free Cash Flow): $41.48 (54.95%) $43.66 (54.13%)
MCap / Production (AgEq): $544.49 $548.51
EV / Production (AgEq): $530.31 $516.46
G
R
A
D
E		 Underground (Avg): 180.00 g/t 180.00 g/t 02/15/2026
Open Pit (Avg): n/a n/a 02/15/2026
Recovery Rate: (CG)  90.00% (CG)  90.00% 03/14/2026
F
U
T
U
R
E		 Proven & Probable: 185.00M 185.00M 02/15/2026
Annual Production: 14,000,000oz. 14,000,000oz. 02/15/2026
Cash Cost: $22.00 $26.00 02/19/2026
Extra Operating Cost: $14.00 $14.00 02/15/2026

Property

Last Analysis Data  (02/15/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Cerros Los Gatos
70 show
70% ownership (currently 51%, option for 70%.

Size: 100,000 ha
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)
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)
Dev 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 Cerros Los Gatos
70 show
70% ownership (currently 51%, option for 70%.

Size: 100,000 ha
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)
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)
Dev 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		 02/15/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 34.73% 33.36% n/a
Percentage Silver: 65.27% 66.64% n/a
Total (Gold Eq. Oz.): 2.02M 2.10M n/a
Total (Silver Eq. Oz.): 133.29M 130.55M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.74M 1.82M n/a
Silver Eq. Oz.: 115.33M 113.14M n/a
Maximum Profit (Gold): $1,367.13M $1,354.47M n/a
Maximum Profit (Silver): $3,247.88M $3,418.58M n/a
Total Maximum Profit: $4,615.01M $4,773.04M n/a
Max Profit / Current MCap: 0.395 0.415 n/a
Max Profit Per Share (Gold): $2.69 $2.66 n/a
Max Profit Per Share (Silver): $6.38 $6.72 n/a
Total Max Profit Per Share: $9.07 $9.38 n/a
Total Free Profit Per Share: $0.00 $0.00 n/a
FD MCap / Gold Eq.: $6,692.00 $6,324.32 n/a
FD MCap / Silver Eq.: $101.20 $101.64 n/a
FD MCap / Per Metal
as % Spot Price:		 134.07% 126.02% n/a
EV / Gold Eq.: $6,517.70 $5,954.77 n/a
EV / Silver Eq.: $98.56 $95.70 n/a
EV / Per Metal
as % Spot Price:		 130.58% 118.65% n/a
Measured &
Indicated		 02/15/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 59.51% 58.03% n/a
Percentage Silver: 40.49% 41.97% n/a
Total (Gold Eq. Oz.): 5.04M 5.17M n/a
Total (Silver Eq. Oz.): 333.38M 321.66M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.74M 3.85M n/a
Silver Eq. Oz.: 247.23M 239.29M n/a
Maximum Profit (Gold): $4,960.72M $4,914.78M n/a
Maximum Profit (Silver): $4,681.43M $4,927.47M n/a
Total Maximum Profit: $9,642.15M $9,842.25M n/a
Max Profit / Current MCap: 0.826 0.856 n/a
Max Profit Per Share (Gold): $9.75 $9.66 n/a
Max Profit Per Share (Silver): $9.20 $9.68 n/a
Total Max Profit Per Share: $18.94 $19.34 n/a
Total Free Profit Per Share: $0.00 $0.00 n/a
FD MCap / Gold Eq.: $3,121.77 $2,990.31 n/a
FD MCap / Silver Eq.: $47.21 $48.06 n/a
FD MCap / Per Metal
as % Spot Price:		 62.54% 59.58% n/a
EV / Gold Eq.: $3,040.46 $2,815.57 n/a
EV / Silver Eq.: $45.98 $45.25 n/a
EV / Per Metal
as % Spot Price:		 60.92% 56.10% n/a

Reserves &
Resources		 02/15/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 60.49% 59.02% n/a
Percentage Silver: 39.51% 40.98% n/a
Total (Gold Eq. Oz.): 8.27M 8.47M n/a
Total (Silver Eq. Oz.): 546.64M 527.10M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 5.09M 5.23M n/a
Silver Eq. Oz.: 336.58M 325.52M n/a
Maximum Profit (Gold): $6,913.76M $6,849.73M n/a
Maximum Profit (Silver): $6,193.38M $6,518.87M n/a
Total Maximum Profit: $13,107.14M $13,368.60M n/a
Max Profit / Current MCap: 1.123 1.162 n/a
Max Profit Per Share (Gold): $13.58 $13.46 n/a
Max Profit Per Share (Silver): $12.17 $12.81 n/a
Total Max Profit Per Share: $25.75 $26.26 n/a
Total Free Profit Per Share: $2.82 $3.67 n/a
FD MCap / Gold Eq.: $2,293.04 $2,198.20 n/a
FD MCap / Silver Eq.: $34.68 $35.33 n/a
FD MCap / Per Metal
as % Spot Price:		 45.94% 43.80% n/a
EV / Gold Eq.: $2,233.31 $2,069.76 n/a
EV / Silver Eq.: $33.77 $33.26 n/a
EV / Per Metal
as % Spot Price:		 44.74% 41.24% n/a

Future Valuation (Cash Flow & Totals)

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