Co. Produces 31.1 Moz Ag Eq at Mexico Mines in 2025
Research Report

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Disclosures for H.C. Wainwright & Co., First Majestic Silver Corp., January 16, 2026

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First Majestic Silver Corp. (AG:TSX; AG:NYSE; FMV:FSE)  announced "impressive" full-year 2025 (FY25) and record Q4/25 production results, reported H.C. Wainwright & Co. (HCW) Analyst Heiko Ihle in a Jan. 16 research note. HCW raised its target price on the Canadian silver producer by 29% to reflect the investment bank's new long-term gold price assumption, US$3,750 per ounce (US$3,750/oz), previously US$3,000/oz.

"Overall results reflect impressive execution across First Majestic's asset base, which further built on the firm's Jan. 16, 2025, acquisition of a 70% interest in Los Gatos' output," Ihle wrote.

20% Upside Implied

HCW's new target price on First Majestic is US$24.50 per share (US$24.50/share), up from US$17.50/share, noted Ihle. In comparison, the British Columbia-based miner was trading at about US$20.34/share at the time of the analyst's report. From that price, the return to target is 20%.

First Majestic remains a Buy.

Ihle explained that HCW's valuation of First Majestic is consistent with its valuation of other companies under its coverage. Also, it takes into account recent mergers and acquisitions (M&A) involving similar assets in the precious metals space, with comparable geopolitical risk factors.

The silver producer has 491.2 million shares outstanding. Its market cap is US$10 billion. Its 52-week range is US$5.09–21.12/share.

FY25 Production Figures

During FY25, collectively at its mines in Mexico, First Majestic produced "an impressive" 31,100,000 ounces of silver equivalent (31.1 Moz of Ag eq), 43% more than in FY24, reported Ihle. This consisted of 15.4 Moz of silver, up 84% year over year (YOY), and 147,433 ounces of gold. The miner achieved this production level due to improved operations at San Dimas and La Encantada.

Gold production, however, was down 6% YOY because San Dimas operated in a lower-grade ore body at the Ermitaño mine.

Along with silver and gold, Los Gatos contributed 56,700,000 pounds (56.7 Mlb) of zinc, 32.3 Mlb of lead, and 920,509 pounds of copper.

As for First Majestic's FY25 production guidance, revised in July, the miner met it for silver, exceeded it for gold and zinc, and slightly missed it for zinc.

Record Production in Q4/25

First Majestic achieved record production in Q4/25 of 7.8 Moz of Ag eq, reflecting a 37% YOY increase. This total comprised 4.2 Moz of silver, up 77% YOY, and 41,417 ounces of gold, 5% higher YOY.

Los Gatos is responsible for most of the production increase, with help from La Encantada. The latter maintained a solid throughput rate, and production there increased 20% YOY. Ihle also pointed out that production at La Encantada normalized after the resolution of water availability issues that arose in 2024.

"We are very pleased with First Majestic's improved production profile during the quarter," the analyst wrote.

Improved Financial Situation

First Majestic ended 2025 with a stronger balance sheet, having closed a US$350M convertible senior notes offering in early December. Already, the company has used most of the proceeds from this to repay its convertible notes due in 2027, affording further financial flexibility.

"We expect First Majestic's strengthened liquidity to support higher dividend payouts and future M&A activity," Ihle wrote.

Also, First Majestic has an agreement in place to sell its Del Toro silver mine to Sierra Madre Gold and Silver Ltd. (SM:TSX.V; SMDRF:OTCQX) for a total consideration of US$60M in cash, stock, and milestone payments.

Guidance for This Year

First Majestic's combined production guidance for 2026 is 13–14.4 Moz of silver and 116,000–129,000 ounces of gold, reported Ihle.

The analyst noted that consolidated production in this year is projected to be a bit lower than in 2025 because the company has been intentionally mining lower-grade ore that recently became economically viable. By doing so, First Majestic aims to extend the longevity of its core asset base.

The company intends to spend US$213–236M on total capex, US$58–66M of it on sustaining capital and US$154–171M of it on expansionary capital.

First Majestic projects that cash costs this year will fall in the range of US$18.64–19.62 per Ag eq oz, and all-in sustaining costs, in the range of US$23.81–25.31 per Ag eq oz.

More Drilling Expected

This year, First Majestic plans to do about 266,000 meters (266,000m) of exploration drilling at San Dimas, Santa Elena, and Los Gatos to expand and upgrade the existing resources, Ihle noted. HCW expects that continued drilling at and advancement of the high-grade Santo Niño and Navidad discoveries at Santa Elena will boost the mine's future production profile.

"Longer term, this should help to eventually incorporate the veins into the life-of-mine plan," Ihle wrote.

Also, the silver company intends to complete about 50,000m of underground development, targeting key veins and ore bodies throughout its assets.