The gold and silver markets are presenting a compelling opportunity for retail investors as central bank purchases and industrial applications drive sustained interest. In this environment, companies that control more of the value chain from mine to finished product are positioned to capture additional margins while offering direct exposure to these trends.
First Majestic Silver Corp. (AG:TSX; AG:NYSE; FMV:FSE) has built a distinctive approach by moving beyond traditional mining into its own minting operations, setting it apart from many peers in the silver sector.
Why First Majestic Silver Stands Out in Today's Market
First Majestic Silver operates four silver mines and has developed an in-house minting capability that allows it to sell a meaningful portion of production directly to shareholders and bullion buyers.
This model reduces reliance on third-party refiners and lets the company capture premiums on branded products.
Unique Business Model and Minting Advantage
The company launched First Mint, LLC in Nevada in 2023, with bullion sales commencing in 2024. Initial limited-edition runs included three products: 1,000 one-kilogram bars, 2,500 ten-ounce bars, and 5,000 five-ounce bars before expanding to regular production of cast bars and one-ounce rounds. Today, the mint offers 1-oz rounds plus 5-oz, 10-oz, and kilo bars and is designed to handle over 10% of current silver output.
First Majestic produced a record 15.4 million ounces of silver in 2025, and the minting business delivered record quarterly sales of US$22.7 million in Q4 2025, up from US$9.1 million in the same quarter of 2024. This vertical integration gives investors exposure to both mining margins and retail bullion premiums.
Key Investor Takeaways
- First Majestic Silver combines mining operations with in-house minting to capture additional value from its silver production.
- Strong institutional ownership and recent insider buying signal confidence in the company's strategy.
- Silver benefits from both investment demand and growing industrial uses in solar, electric vehicles, and data centers.
- Star Gold (mentioned below) offers a smaller, earlier-stage Nevada gold project with potential for its own commemorative coin program.
- Analyst price targets for First Majestic remain above current levels, supporting a constructive view on the stock.
- Retail investors can gain direct precious metals exposure through both operating producers and development-stage companies.
Industry Timing and Analyst Perspectives
Broader market conditions support continued interest in precious metals. J.P. Morgan forecasts gold demand pushing prices toward US$5,000/oz by year-end 2026. The World Gold Council reported that Q1 gold demand rose modestly year-over-year to 1,231t while value surged to a record US$193bn. Yahoo Finance noted gold's strong price performance between May 2025 and May 2026.
On the silver side, The Silver Institute wrote in a recent report that silver prices set new highs in 2026 and breached the US$100 level for the first time. GoldSilver's 2026=2027 outlook highlighted that silver is no longer viewed as an overlooked metal.
Analyst Heiko F. Ihle of H.C. Wainwright maintains a Buy rating on First Majestic with a price target of US$30.75.
Newsletter writer Tavi Costa noted that First Majestic offers one of the highest levels of silver exposure among senior producers with a diversified portfolio of four operating mines.
Streetwise Ownership Overview*
First Majestic Silver Corp. (AG:TSX; AG:NYSE; FMV:FSE)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 05/27/24 | FR | 1 | AG | 1 |
| 01/03/02 | VPR | 10 | FR | 1 |
Share Structure and Ownership Details
First Majestic Silver Corp. carries a market capitalization of more than US$10 billion as of early June 2026.
As of June 23, 2026, recent insider buying includes Keith Neumeyer, with 0.9% of the outstanding shares.
11.18% of First Majestic is owned by management and insiders, 54.58% is held by institutional investors, and the rest is held by retail.
Star Gold Development Opportunity
A smaller exploration story that has drawn attention from industry figures is Star Gold Corp. (SRGZ:OTCQB), which is advancing the Longstreet gold project in Nevada.
Streetwise Ownership Overview*
Star Gold Corp. (SRGZ:OTCQB)
| Strike Price | Number | Expiry Date |
|---|---|---|
| $0.08 | 45,973,125 | 02/25/27 |
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 03/01/12 | SRGZD | 1 | SRGZ | 1 |
| 02/02/12 | SRGZ | 6 | SRGZD | 1 |
| 09/25/09 | SRGO | 1 | SRGZ | 2 |
| 08/20/08 | SRGOE | 1 | SRGO | 1 |
| 08/04/08 | SRGO | 1 | SRGOE | 1 |
| 06/25/08 | EDVL | 1 | SRGO | 1 |
| 03/05/08 | ELNV | 1 | EDVL | 3 |
The company recently received exploration approval from the BLM and plans additional drilling, along with leach pad design work in 2026.
Star Gold has a market cap of CA$25.69 million, with 191.7 million shares outstanding.
1Insiders and Management own 20.94% of shares, while Strategic Investors own 27.03%. The remaining 52.03% of shares are held by Retail.
Common Investor Questions
Q: How does First Majestic's minting operation affect its revenue? A: The mint allows the company to sell a larger share of production directly to end buyers and capture retail premiums on branded bars and rounds.
Q: What is the main driver behind current silver demand? A: Industrial uses in solar panels, electric vehicles, data centers, and electronics are growing rapidly, while byproduct supply remains constrained.
Q: Does Star Gold plan to produce its own coins? A: The company has discussed minting a commemorative gold or silver coin for certain investors as part of its development plans.
Q: What is the investment thesis for both companies? A: First Majestic offers scale and vertical integration in silver, while Star Gold provides earlier-stage exposure to a Nevada gold project with potential catalysts through 2027.
The distinction between gold as a psychological store of value and silver as an industrially essential metal remains relevant for investors evaluating these opportunities. Companies that bridge mining and finished products may continue to attract attention as market conditions evolve.
Important Disclosures:
- Star Gold Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Star Gold Corp. and First Majestic Silver Corp.
- Jordan Nova wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
