First Majestic Silver Stock Pure Leverage to Silver Price

Summary

First Majestic gives investors the purest exposure to the silver price among large producers, with 57% of revenue from silver and no hedges.

The ratio of silver miners to the silver price sits at a level that preceded big silver stock rallies the last two times.

Silver production rose 84% to 15.4 million ounces in 2025 after the Gatos acquisition, while third-quarter production cost hit $20.90 per ounce.

2026 guidance points to slightly lower output and higher AISC (All-In Sustaining Cost — total cost per produced ounce) as low-grade ore becomes profitable.

A clean balance sheet — $435 million cash and $569 million total treasury as of September 30 — sets up the February 19 fourth-quarter report.

Key points on First Majestic Silver

The host argues First Majestic offers the purest leverage to the silver price among larger miners, with the highest share of revenue from silver production (57%, expected higher in Q4) and 90% of revenue from precious metals.

With Q3 production costs of $20.90 per silver ounce against silver trading near $80, the host sees unusually wide margins and expects the Q4 results due February 19 to be extremely strong.

The host highlights 2025 silver production of 15.4 million ounces, up about 84% year over year, with quarterly silver output up 77% and silver-equivalent production up 37%, driven largely by the Gatos acquisition.

As of September 30 the company held $435 million in cash and a $569 million total treasury, plus a $350 million convertible debenture — a balance sheet the host calls unusually clean for the silver miner sector.

For 2026 the host notes guidance implies slightly lower silver output and higher all-in sustaining costs of $26.15-$27.91 per ounce, as higher prices let the company process lower-grade ore at increased throughput.