After a massive 170% rally in 2025, silver prices have lost momentum this year, declining 15.6% year to date. Prices recently touched a year-to-date low of $55 per ounce amid rising oil prices, a stronger U.S. dollar and higher interest rate expectations. This clouds the near-term outlook for the Zacks Mining - Silver industry. Although underlying demand remains resilient, inflation will drive up operating costs, squeezing margins.
We recommend considering companies such as First Majestic Silver (AG - Free Report) , Vizsla Silver (VZLA - Free Report) which will benefit from enhanced operational efficiency, disciplined cost management and solid projects.
About the Industry The Zacks Mining - Silver industry comprises companies that are engaged in the exploration, development and production of silver. These include big and small players operating mines of widely varying types and scales. Silver-bearing ores are mined by open-pit or underground methods and then crushed and ground. Miners continually look for opportunities to expand their reserves and resources through targeted near-mine exploration and business development. They strive to upgrade and improve the quality of their existing assets, internally and through acquisitions. Only 20% of silver comes from mining activities, wherein silver is the primary revenue source. The balance comes from projects wherein silver is a by-product of mining other metals, such as copper, lead and zinc. Thus, several companies in the silver mining industry are engaged in mining other metals.
What's Shaping the Future of the Mining-Silver Industry Silver Prices Pull Back After Record Rally: Silver surged 170% in 2025, even outpacing gold’s 66.5% gain, driven by elevated geopolitical risks, economic uncertainty, resilient demand and tightening inventories. Also, 2025 marked a sharp reversal in ETF trends, with strong inflows after consecutive years of outflows, one of the key catalysts behind silver’s breakout. The bullish outlook was further strengthened after the U.S. Geological Survey added silver to its 2025 List of Critical Minerals, a move expected to support domestic production through favorable policies and faster permitting. The rally extended into early 2026, with silver hitting a record high of $121.64 per ounce in late January. However, prices later retreated, touching a year-to-date low of $55 per ounce on July 17 amid rising oil prices, a stronger U.S. dollar and higher interest rate expectations fueled by escalating Middle East tensions. Silver has since rebounded to around $59.5 per ounce on renewed safe-haven demand and technical buying ahead of next week's Federal Reserve meeting. Despite the recovery, silver remains down 15.6% year to date, though it is still approximately 126% higher than its year-ago level.
Inflationary Costs to Hurt Margins: Industry players are facing escalating production costs, including electricity, wages, water and materials. Mining companies are major consumers of energy, with around 50% of their production costs closely linked to energy prices. Surging oil prices, spurred by the Iranian conflict, remain a headwind. A shortage of skilled workforce spiked wages. With no control over silver prices, the industry must focus on improving its sales volumes while being cost-effective. Players are investing heavily in R&D and resorting to technological innovations required at almost every level of operation to increase efficiency, sustain growth and rein in costs.
Strong Demand Underpins the Industry: Industrial applications account for roughly 59% of the total demand, with the solar energy industry being one of the main drivers. Silver use in photovoltaic (PV) technology has climbed sharply in recent years due to the increasing global adoption of solar technology, advances in solar cell design and the global push for renewable energy. Per the International Energy Agency (IEA), global renewable power capacity is expected to double between 2025 and 2030. Solar PV will account for 80% of the increase, given its low costs, faster permitting and rising social acceptance. Silver has been used by the automotive industry for many years, and there has been a steady increase in the use of electrical and electronic components driven by demand for enhanced safety features and improved functionality. The electrification of the automotive industry has boosted demand further. Battery electric vehicles use significantly more silver than hybrids or internal combustion engine vehicles, while the growing number of electronic control units further boosts consumption. Rapid digitalization and the rise of AI are emerging as powerful new demand drivers for silver. As economies transition toward clean energy, electrification and AI-led digital infrastructure, silver is increasingly cementing its role as a critical “next-generation metal.”
Zacks Industry Rank Indicates Lackluster Prospects The group’s Zacks Industry Rank, basically the average of the Zacks Rank of all the member stocks, indicates gloomy prospects in the near term. The Zacks Mining – Silver industry, a 10-stock group within the broader Zacks Basic Materials sector, currently carries a Zacks Industry Rank #189, which places it in the bottom 23% of 247 Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.
Despite the bleak near-term prospects, we will present a few Mining-Silver stocks that you can add to your portfolio, given their prospects. But it is worth looking at the industry’s shareholder returns and current valuation first.
Industry Versus Broader Market The Mining-Silver Industry has outperformed the sector and the Zacks S&P 500 composite over the past year. The stocks in this industry have collectively gained 71% in the past year compared with the Basic Material sector’s 17.9% rise. Meanwhile, the Zacks S&P 500 composite has risen 20.9%.
One-Year Price Performance
Industry's Current Valuation Based on the trailing 12-month EV/EBITDA ratio, a commonly used multiple for valuing silver-mining companies, we see that the industry is currently trading at 9.15X compared with the S&P 500's 18.54X and the Basic Material sector's trailing 12-month EV/EBITDA of 12.81X. This is shown in the charts below.
Enterprise Value/EBITDA (EV/EBITDA) TTM Ratio
Enterprise Value/EBITDA (EV/EBITDA) TTM Ratio
In the past five years, the industry has traded as high as 21.50X and as low as 7.98X, with the median being 14.32X.
2 Mining-Silver Stocks to Keep an Eye On First Majestic Silver: The company recently reported that it has produced 3.8 million silver ounces in the second quarter, a year-over-year increase of 3%, primarily driven by strong performances at La Encantada and Santa Elena. Gold production rose 2% to 34,660 ounces, driven by strong production at Santa Elena. With strong production results so far in 2026 and the company’s successful progress on throughput expansions across all mine sites as well as continued operating efficiencies, the 2026 attributable consolidated production guidance has increased to 14.6 – 15.5 million silver ounces, a 10% increase from the original guidance of 13.0 – 14.4 million, as well as a 7% increase to 128,000 – 135,000 gold ounces compared with the original guidance of 116,000-129,000 gold ounces. Management has increased the 2026 capital budget to a range of $318-$344 million to support key growth initiatives, including the Jerritt Canyon restart program, development projects at Santa Elena including Navidad and the early advancement of underground access to Santo Niño for near-term mining, further development across San Dimas, Los Gatos and La Encantada, and the acquisition of additional equipment to enhance and sustain higher throughput rates at Los Gatos.
Price & Consensus: AG
Vizsla Silver: The company is advancing its flagship, 100%-owned Panuco silver-gold project in Sinaloa, Mexico, which is one of the highest-grade silver primary discoveries in the world. It is targeting the first silver production in the second half of 2027. The company completed the Feasibility Study for Panuco in November 2025, which highlighted 17.4 million ounces of silver equivalent of annual production over an initial 9.4-year mine life. Vizsla Silver aims to position itself as a leading silver company by implementing a dual-track development approach at Panuco, advancing mine development while continuing district-scale exploration through low-cost means. Last year, the company acquired the Santa Fe Project, including both production and exploration concessions. With an option agreement now in place on the Santa Fe production concessions, Vizsla Silver has the potential to bolster its overall production profile well beyond the 20.2 million silver-equivalent ounces of initial annual production envisioned for Panuco Project #1.
The Zacks Consensus Estimate for this Vancouver, Canada-based player’s 2026 bottom line is currently pegged at a loss of two cents per share. The estimate has moved up from the loss of four cents per share projected 90 days ago. VZLA currently carries a Zacks Rank of 2.
Shares of First Majestic Silver (AG - Free Report) have gained 2.2% over the past four weeks to close the last trading session at $16.87, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $26.03 indicates a potential upside of 54.3%.
The mean estimate comprises six short-term price targets with a standard deviation of $3.75. While the lowest estimate of $22.50 indicates a 33.4% increase from the current price level, the most optimistic analyst expects the stock to surge 95% to reach $32.90. It's very important to note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.
While the consensus price target is a much-coveted metric for investors, solely banking on this metric to make an investment decision may not be wise at all. That's because the ability and unbiasedness of analysts in setting price targets have long been questionable.
However, an impressive consensus price target is not the only factor that indicates a potential upside in AG. This view is strengthened by the agreement among analysts that the company will report better earnings than what they estimated earlier. Though a positive trend in earnings estimate revisions doesn't give any idea as to how much the stock could surge, it has proven effective in predicting an upside.
Price, Consensus and EPS Surprise
Here's What You Should Know About Analysts' Price TargetsAccording to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.
While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?
They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.
However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.
That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.
Why AG Could Witness a Solid UpsideThere has been increasing optimism among analysts lately about the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher. And that could be a legitimate reason to expect an upside in the stock. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
Over the last 30 days, the Zacks Consensus Estimate for the current year has increased 7.6%, as three estimates have moved higher compared to no negative revision.
Moreover, AG currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Therefore, while the consensus price target may not be a reliable indicator of how much AG could gain, the direction of price movement it implies does appear to be a good guide.
First Majestic Silver remains a buy, offering high leverage to silver with improved fundamentals and a cleaner portfolio after two non-core asset sales. Recent sales of San Martin ($90M, NPV ~$77M) and Del Toro (up to $60M) convert idle assets into liquidity, supporting capex for growth projects like Santo Niño. Q1 delivered strong results: revenue up 95% YoY to $476.7M, free cash flow $224M, and record $1.13B treasury, reflecting operational leverage to silver prices.
One stock that might be an intriguing choice for investors right now is First Majestic Silver Corp. (AG - Free Report) . This is because this security in the Mining - Silver space is seeing solid earnings estimate revision activity, and is in great company from a Zacks Industry Rank perspective.
This is important because, often times, a rising tide will lift all boats in an industry, as there can be broad trends taking place in a segment that are boosting securities across the board. This is arguably taking place in the Mining - Silver space as it currently has a Zacks Industry Rank of 73 out of more than 250 industries, suggesting it is well-positioned from this perspective, especially when compared to other segments out there.
Meanwhile, First Majestic Silver is actually looking pretty good on its own too. The firm has seen solid earnings estimate revision activity over the past month, suggesting analysts are becoming a bit more bullish on the firm’s prospects in both the short and long term.
In fact, over the past month, current quarter estimates have risen from 27 cents per share to 32 cents per share, while current year estimates have risen from 74 cents per share to 78 cents per share. This has helped AG to earn a Zacks Rank #2 (Buy), further underscoring the company’s solid position. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
So, if you are looking for a decent pick in a strong industry, consider First Majestic Silver. Not only is its industry currently in the top third, but it is seeing solid estimate revisions as of late, suggesting it could be a very interesting choice for investors seeking a name in this great industry segment.
Silver often plays second fiddle to gold in people's portfolios, but the two work very differently. Like gold, silver acts as a store of value, but it also has many industrial uses, including in solar panels and artificial intelligence (AI) chips. I have a personal interest in silver prices, because when I'm not writing about finance, I'm a hobbyist silversmith, making this precious metal both an investment and a resource for me.
Silver gained almost 150% in 2025, boosted by a mixture of industrial and investor demand. Its price continued to rise in 2026, soaring to a high of $121.64 per troy ounce on Jan. 29 before plummeting by around 27% the following day amid fears that then-Federal Reserve Chair nominee Kevin Warsh would adopt a more hawkish stance.
Image source: Getty Images.
Now that Warsh has taken up his post and silver is trading around $60 a troy ounce, I think the precious metal could be close to bottoming out.
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Two forces are buffeting silver: fears of Fed tightening and a stronger dollar weigh it down, while industrial demand and a multiyear supply deficit pull it up. I predict that prices will rise slightly in the second half of this year and generate further gains in the long term. Spoiler alert? Industrial demand will soon start to outweigh macroeconomic factors.
Inflation, the dollar, and rate increases Investors often turn to silver and gold to protect wealth when their base currency, such as the U.S. dollar, looks weak. That safe-haven demand was one of the drivers behind last year's surge, along with speculation, growing industrial use cases, and expectations that the Fed would cut interest rates in 2026. Today, the picture is very different, which is why silver is struggling.
When interest rates are high, precious metals, which don't generate yields, become less attractive, because investors have a number of relatively safe ways to earn interest on their holdings. That's weighed on silver's price this year as the Fed looks for ways to bring stubborn inflation under control and the hoped-for rate cuts look increasingly unlikely.
Silver's crucial industrial use Silver's high electrical and thermal conductivity make it extremely useful in the production of chips, semiconductors, solar panels, electric vehicles, nuclear reactors, and more. Around 60% of silver is used for industrial purposes, and it plays an essential role in several booming industries. It isn't easy to increase silver production, because the metal is usually produced as a byproduct from mining other metals, particularly copper, rather than being extracted in its own right. As a result, this will be the sixth year of a silver supply deficit -- something that looks likely to continue.
Strong demand and limited supply bode well for silver prices, but if prices get too high, manufacturers will seek alternatives -- which is already happening in the solar panel industry, where producers have cut silver consumption by about 19% this year. Indeed, one solar maker has just said it will switch to copper completely. However, even as solar manufacturers reduce their silver needs, other sectors, such as AI data centers, consume more, creating a greater industrial appetite for silver.
Is it a good time to buy silver? Silver prices are down around 50% from their January high and close to an 11-month low, which could make now a good entry point for investors. If you're considering adding silver to your portfolio, be prepared to hold it for at least five years and know that it could be volatile. Analysts at J.P. Morgan predict that silver will finish 2026 around $80, which feels reasonable -- the frenzy that drove silver upwards has faded, and much of the fears around Fed tightening are now priced in. I don't expect another massive gain, but if industrial demand remains solid, silver could trend upward.
There are a few ways to get exposure to silver, including top silver stocks and silver ETFs. I like the iShares Silver Trust (SLV 2.33%) because it focuses on physical silver, but if you're looking for a mining stock, consider First Majestic Silver (AG 1.22%), as its mines in Mexico mean silver is more than just a byproduct for the company.
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I will be buying both physical silver and silver ETFs in the coming months to diversify with a commodity that also has practical value. I'm not making dramatic moves, and silver will only make up a small percentage of my portfolio, but with U.S. equities close to record highs, I want to rebalance, and silver checks a lot of boxes. And, from a jewelry-making perspective, I want to stock up in case prices spike again.
Key Takeaways First Majestic raised its 2026 silver and gold production guidance after a stronger first half.AG's Q2 silver production rose 3% y/y, led by gains at La Encantada and Santa Elena.First Majestic hiked its 2026 guidance for San Dimas, Los Gatos, La Encantada and Santa Elena. First Majestic Silver Corp. (AG - Free Report) announced that its silver production reached 3.8 million ounces in the second quarter of 2026, marking a year-over-year increase of 3%. The upside was driven by solid performances at the La Encantada and Santa Elena mines. The company’s gold production also increased 2% year over year to 34,660 ounces.
First Majestic also produced 16.5 million pounds of zinc, 9 million pounds of lead and 252,938 pounds of copper.
First Majestic’s Mine Performances in Q2In the second quarter of 2026, the San Dimas mine produced 1.06 million ounces of silver, marking a 15% decrease from the second quarter of 2025. The mine’s gold production fell 1% year-over-year to 12,385 ounces. The downside was led by a delay in mine haulage.
The Santa Elena mine produced 422,571 ounces of silver (up 38% year over year) and 21,468 ounces of gold, which increased 4% year over year.
La Encantada produced 1.03 million ounces of silver, up 65% from the second quarter of 2025. The upside was driven by 14% growth in ore processed and a 27% increase in silver grades.
Los Gatos contributed 1.28 million ounces of silver and 772 ounces of gold. It also contributed 16.4 million pounds of zinc, 9 million pounds of lead and 235,886 pounds of copper to First Majestic’s total production number.
First Majestic has started its 2025 drilling program at the Jerritt Canyon mine in the third quarter of 2025. The company completed 12,495 meters of surface drilling using two reverse circulation rigs, alongside about 320 meters of underground drilling with a single diamond rig during the second quarter.
AG’s Updates 2026 GuidanceFirst Majestic expects gold production of 72,000-76,000 at the Santa Elena mine, marking an increase of 10% at the mid-point from the previous guidance. The upside will be driven by higher gold grades and slightly increased gold recoveries. The mine’s silver output is projected between 1.4 million and 1.5 million ounces, revised to be near the upper limit of the company's initial forecast.
The company’s Los Gatos mine is expected to produce 5.1-5.5 million ounces of silver in 2026, marking a 5% increase at the mid-point from the previous guidance. In contrast, the La Encantada mine’s silver guidance is expected to increase 19% at the midpoint from the previous guidance to 3.4-3.6 million.
San Dimas’s production is expected to increase 13% at the mid-point from the prior guidance to 4.6-4.9 million ounces of silver for 2026. The upside will be driven by higher throughput rates.
Driven by the strong first-half performance, the company hiked its production outlook for 2026. It expects the total silver production to be 14.6-15.5 million ounces, marking a 10% increase from the previous guidance of 13-14.4 million ounces. Total gold production for 2026 is expected to be 128,000-135,000 ounces, up 7% at the mid-point from the previous forecast.
First Majestic’s Peer Performance in Q4Endeavour Silver Corp. (EXK - Free Report) produced 1.94 million ounces of silver in the second quarter of 2026. This reflected a 31% increase from the year-ago quarter, driven by the addition of the Kolpa operation in May 2025. Endeavour Silver’s total gold production in the quarter grew 35% year over year to 10,474 ounces. The company’s silver-equivalent ounces production increased 36% year over year in the quarter.
AG Stock’s Price PerformanceThe company’s shares have skyrocketed 87.8% in the past year compared with the industry's 72.5% surge.
Image Source: Zacks Investment Research
First Majestic’s Zacks Rank & Stocks to ConsiderAlbemarle has an average trailing four-quarter earnings surprise of 74.5%. The Zacks Consensus Estimate for the company’s 2026 earnings is pegged at $12.45 per share, indicating year-over-year growth from a loss of 79 cents. ALB shares have skyrocketed 124% so far this year.
Avino Silver has an average trailing four-quarter earnings surprise of 125%. The Zacks Consensus Estimate for Avino Silver’s 2026 earnings is pegged at 39 cents per share, indicating 34.5% year-over-year growth. Its shares have surged 62.7% in a year.
Vancouver, British Columbia--(Newsfile Corp. - July 8, 2026) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") announces that total production in the second quarter of 2026 from the Company's four producing underground mines in Mexico, namely, the Santa Elena Silver/Gold Mine ("Santa Elena"), the Los Gatos Silver Mine ("Los Gatos") (the Company holds a 70% interest in the Los Gatos Joint Venture that owns the mine), the San Dimas Silver/Gold Mine ("San Dimas"), and the La Encantada Silver Mine ("La Encantada") reached 3.8 million silver ("Ag") ounces, 34,660 gold ("Au") ounces, 16.5 million pounds of zinc ("Zn"), 9.0 million pounds of lead ("Pb") and 252,938 pounds of copper ("Cu"). Q2 2026 PRODUCTION HIGHLIGHTS Silver Production (+3% Y/Y): The Company produced 3.8 million silver ounces in Q2 2026 compared to 3.7 million silver ounces produced in Q2 2025, an increase of 3%.
Vancouver, British Columbia--(Newsfile Corp. - July 7, 2026) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce that it has entered into a definitive agreement (the "Agreement") dated July 6, 2026 to sell its 100%-owned past producing San Martin Silver Mine located 250 kilometres north of Guadalajara city in Jalisco State, Mexico, in the San Martin de Bolaños mining district, ("San Martin"), to Flextronics Supply and Service, S. de R.L. de C.V ("Flextronics"), a private Mexican company, for total cash consideration of US$90 million (the "Transaction"), comprised of upfront consideration of US$2.5 million payable upon closing of the Transaction (US$500,000 of this amount has already been deposited into escrow as a deposit), and an additional US$87.5 million in future payments.
TRANSACTION DETAILS
The Agreement provides that, subject to satisfaction and waiver of certain conditions described below, Flextronics will acquire all of the issued and outstanding shares of Minera El Pilon, S.A. de C.V. ("El Pilon"), a wholly-owned subsidiary of First Majestic incorporated under the laws of Mexico that holds a 100% interest in San Martin. The acquisition also includes the Jalisco Group of Properties, consisting of 5,245 hectares of mining concessions owned by El Pilon, and located in the municipalities of Etzatlán and Tototlán, Jalisco. In exchange, Flextronics is required to make the following payments to First Majestic:
US$2.5 million in cash at closing (US$500,000 of this amount has already been deposited into escrow as a deposit);US$2.5 million in cash within 180 days of closing; US$10 million in cash on each anniversary date of closing, commencing on the first anniversary of closing and continuing each subsequent anniversary thereafter until and including the fifth anniversary date of closing (by which time, a total of $US50.0 million in anniversary payments would have been paid);US$35.0 million on August 31, 2032.Closing of the Transaction is subject to customary closing conditions, as well as Mexican Antitrust approval. First Majestic anticipates that the Transaction will close in the fourth quarter of 2026.
The San Martin Silver Mine is a past producing silver and gold operation that was placed under care and maintenance by First Majestic in July 2019. Flextronics is part of Meridian Capital, a diversified investment group focused on the mining and oil & gas sectors, with development projects across Mexico, including Sonora and Sinaloa, as well as in Venezuela and Uruguay.
ABOUT FIRST MAJESTIC
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates four producing underground mines in Mexico: the Santa Elena Silver/Gold Mine, the Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.
This news release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and U.S. securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements". Forward-looking statements include, but are not limited to: completion of the Transaction; all future payments due after closing of the Transaction; the satisfaction and waiver of certain closing conditions, including the receipt of Mexican Antitrust approval and the timing for such approval; and the expected timing of closing of the Transaction. These statements are based on the Company's assumptions that all conditions to closing of the Transaction will be satisfied in a timely manner. These assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Actual results may vary from forward-looking statements.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the parties' ability to satisfy the conditions of closing of the Transaction, as well as those factors discussed in the section entitled "Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2025 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's Annual Report on Form 40-F for the year ended December 31, 2025 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar. Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/304329
Source: First Majestic Silver Corp.
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Over 7,700 metres of infill drilling also completed in H1-2026 at Navidad's Winter Vein with multiple significant gold and silver intercepts VANCOUVER, BC / ACCESS Newswire / June 30, 2026 / Orogen Royalties Inc. ("Orogen" or the "Company") (TSXV:OGN)(OTCQB:OGNNF) is pleased to announce that First Majestic Silver Corp. ("First Majestic"), operator of the producing gold-silver Santa Elena/Ermitaño mine, has received permits for portal construction for the Navidad deposit, where Orogen holds a cash-flowing 2% net smelter return ("NSR") royalty. Significant infill drilling results have also been reported on the Winter vein system that forms part of the Navidad deposit.1 Highlights1 First Majestic has committed an additional US$12 million to initiate the construction of portals for the Navidad and non-royalty Santo Niño deposits within the Santa Elena/Ermitaño mine complex The additional funding will provide underground access to both areas, support decline and ramp development, and advance hydrogeological studies Over 7,700 metres in ten holes of a planned 17,000 metre drilling program in 2026 has been completed at Navidad's Winter vein with the following highlight drill holes: EWUG-26-089 grading 23.59 grams per tonne ("g/t") gold and 359 g/t silver over 2.49 metres EWUG-26-091 grading 3.5 g/t gold and 28 g/t silver over 14.89 metres EWUG-26-088 grading 11.99 g/t gold and 358 g/t silver over 3.43 metres "Portal construction at Navidad represents an important development milestone at the Santa Elena/Ermitaño mine complex," commented Paddy Nicol, CEO of Orogen.
Infill drilling at Santo Niño and Navidad returns multiple significant silver and gold intercepts, including high-grade results from resource-conversion drilling.
Permits received for construction of the Santo Niño and Navidad portals.
Additional $12 million investment planned in 2026 to advance underground access and position Santo Niño for near-term mining.
Vancouver, British Columbia--(Newsfile Corp. - June 25, 2026) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce positive infill drilling results from the Santo Niño and Navidad targets at its Santa Elena Silver/Gold Mine in Sonora, Mexico. The Company has also received the permits required to construct the Santo Niño and Navidad portals and plans to invest an additional $12 million in 2026 to advance underground access, portal construction, and development work intended to position Santo Niño for near-term mining.
"The continued advancement of Santo Niño and Navidad marks an important step in unlocking the next phase of growth at Santa Elena," stated Keith Neumeyer, CEO of First Majestic. "Infill drilling continues to return significant silver and gold intercepts at both targets. With construction permits now received for the Santo Niño and Navidad portals, and an additional $12 million investment planned in 2026, we are moving Santo Niño from discovery toward near-term mining readiness while continuing to advance Navidad, one of the most significant discoveries made at Santa Elena to date. Together, Santo Niño and Navidad are expected to become important contributors to the future mine plan and have the potential to materially extend Santa Elena's mine life."
2026 EXPLORATION HIGHLIGHTS
Santo Niño Vein System
To date, a total of 26,904 metres ("m") of drilling has been completed across 69 holes in 2026 at Santo Niño as part of the Company's ongoing resource-conversion and development-focused drilling program. Drilling at Santo Niño has focused primarily on infilling the current Inferred Mineral Resources to support potential conversion to Indicated Mineral Resources and to advance near-term mine planning. Results received to date include significant silver and gold intercepts that are overall better than modeled and confirm the presence of higher-grade mineralization in the western portion of the vein.
Navidad Vein System
To date, a total of 7,704 m of drilling has been completed across 10 holes at Navidad in 2026. Drilling has focused primarily on supporting potential conversion of Inferred Mineral Resources to Indicated Mineral Resources at the Winter vein which, based on its geometric configuration, is expected to play an important role early in the future mine schedule. Results received to date include high-grade silver and gold intercepts near the edge of the current Inferred Mineral Resource.
Figure 1: Santa Elena District Map Highlighting Santo Niño and Navidad Target Areas. Plan View.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/302888_5632c92074479b28_002full.jpg
KEY DRILLING HIGHLIGHTS
Table 1 presents a selection of significant silver and gold drill hole intercepts from the 2026 Santa Elena drilling program at Santo Niño and Navidad. The selected intercepts include results from resource-conversion drilling at the Santo Niño vein and the Winter vein at Navidad.
Table 1: Selection of Significant Drill Hole Intercepts from the Santa Elena 2026 Drill Program
Drillhole Target Significant Intercept From
(m) To
(m) True Width
(m) Ag
(g/t) Au
(g/t) AgEq
(g/t) Santo Niño Target SE-26-84Santo Niño Vein 229.35234.153.682528.46 886SE-26-76Santo Niño Vein 203.70216.905.58905.23 482SE-26-65Santo Niño Vein 197.35204.055.801114.04 414SE-26-86Santo Niño Vein 339.15341.201.5733315.21 1474SE-26-82Santo Niño Vein 365.35377.9010.87771.52 191Navidad Target EWUG-26-089Winter Vein562.65565.302.4935923.592128 EWUG-26-091Winter Vein601.65617.5014.89283.5291 EWUG-26-088Winter Vein600.15605.003.4335811.99 1257Drilling remains ongoing at the Santo Niño and Navidad targets. At Santo Niño, drilling is being completed as part of a planned program of approximately 45,000 m in 2026. At Navidad, drilling is being completed as part of a planned program of approximately 17,000 m in 2026. The drilling is intended to increase data density, improve understanding of the mineralized volume, grade continuity, and vein geometry, and support potential conversion of Inferred Mineral Resources to Indicated Mineral Resources. This work is expected to strengthen geological confidence and support the basis for underground access design, mine planning, production scheduling, and economic evaluation.
Significant silver and gold mineralization intersected within the Santo Niño vein currently extends approximately 1,100 m along strike and 425 m down dip and the mineralization averages approximately 4.0 m in thickness ranging from 1.0 m to 16.0 m (Figure 2). Mineralized secondary veins and breccias in the hanging wall and/or footwall of the principal vein have also been identified in several drill holes and remain under investigation.
Figure 2: Santo Niño Vein Long Section Looking North with Significant Intercepts
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Significant silver and gold mineralization intersected within the Winter vein currently extends approximately 1,000 m along strike and 350 m down dip, with true thickness ranging from 2.8 m to 4.4 m (Figure 3). The 2026 drilling continues to support evaluation of the Winter vein as a potentially important early mining area within the Navidad mineralized system.
Figure 3: Winter Vein Long Section Looking Northwest with Significant Intercepts
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https://images.newsfilecorp.com/files/1475/302888_5632c92074479b28_004full.jpg
ADVANCING UNDERGROUND ACCESS TO SANTO NIÑO AND NAVIDAD
The Company is advancing Santo Niño and Navidad from resource definition toward underground development, supported by recently received portal construction permits and an additional $12 million investment planned for 2026. This next phase of work is expected to establish dedicated underground access to both areas, support decline and ramp development, and position higher-grade mineralization from Santo Niño and Navidad to contribute to the future Santa Elena district production profile.
A recently completed scoping-level study identified dedicated underground access as the preferred approach to advance the Santo Niño and Navidad mineral resources. At Santo Niño, the preferred access concept includes a dedicated portal, the Santo Niño portal, and an approximately 450 m haul road connecting the portal area to the existing Ermitaño haul road.
The study also indicates that development of an additional portal, the Navidad portal, located approximately 300 m from the Santa Elena processing facilities, together with ramp development from the lower levels of Ermitaño to provide secondary egress and ventilation, is expected to provide an efficient route to Navidad mineralization and support future haulage of mineralized material from the Navidad area (Figure 4).
Preliminary mining and processing schedules for the Santa Elena district resources indicate that higher-grade mineralization from Santo Niño and Navidad has a positive impact on production profiles, displacing lower-grade mineralization from other deposits.
The additional 2026 funding is planned to support construction of the Santo Niño and Navidad portals, advance hydrogeological studies, construct the haul road linking the Santo Niño portal to the Ermitaño haul road, complete approximately 800 m of decline development at Santo Niño, and complete an additional 1,300 m of development in the Ermitaño-to-Navidad ramp and from the Navidad portal.
Figure 4: Proposed Santo Niño and Navidad Portals and Access Development. Plan View (Top) and Orthogonal View Looking North-Northwest (Bottom)
To view an enhanced version of this graphic, please visit:
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Permitting
The Company has received the permits required for construction of the Santo Niño and Navidad portals, representing a key regulatory milestone in advancing toward underground development activities for the two mineral resources. With these permits now in hand, the Company plans to commence portal construction and related infrastructure work in the second half of 2026.
Summary of Significant Assay Results
A summary of significant assay results from exploration drilling completed at Santo Niño and Navidad during the first half of 2026 are provided in Table 2 and Table 3 below.
Table 2: Summary of Significant Silver and Gold Drill Hole Intercepts at Santo Niño
Drillhole Target Target Type Significant Intercept From
(m) To
(m) True Width
(m) Au
(g/t) Ag
(g/t) AgEq (g/t) EWUG-26-087Winter VeinResource conversion617.50619.001.301.4826137EWUG-26-088Winter VeinResource conversion600.15605.003.4311.993581257
Include 1Resource conversion600.15601.050.6434.287733345
Include 2Resource conversion601.35602.050.4926.055842538
San Nicolas VeinResource addition 732.45736.702.733.1473308EWUG-26-089Winter VeinResource conversion562.65565.302.4923.593592128EWUG-26-091Winter VeinResource conversion601.65617.5014.893.5028291
Include 1Resource conversion603.00603.350.3311.7088966
Include 2Resource conversion605.35605.750.3810.2077843
Include 3Resource conversion607.50608.000.4710.3249823Notes:
All holes are Diamond Drill Core; AgEq grade = Ag grade (g/t) + [Au (g/t) * 75].From and To length indicated in metres, true width of the intercept is calculated per drill hole and vein angles.See Appendix for details regarding drill hole locations, sample type, azimuth, dip and total depth.Significant silver and gold drill hole intercepts were composited using the length weighted averages of uncapped sample assays, a 90 g/t AgEq minimum grade (Cut-off-Grade, "COG") for Santo Niño, and 110 g/t AgEq minimum grade for Navidad; minimum composite length of 1.0 m (true width). A maximum of 1.0 m below the minimum grade cut-off was allowed as internal dilution. Where necessary to achieve minimum length, a single sample below the COG but grading >70g/t AgEq was allowed to be composited for short intervals.Where present, single samples or intercepts with assay results higher than 1000 g/t Ag and/or 10 g/t Au are highlighted as "Include" in each intercept.DATA VERIFICATION
First Majestic's drilling programs follow established Quality Assurance, Quality Control ("QA/QC") insertion protocols with standards, blanks, and duplicates introduced into the sample-stream. After geological logging, all drill core samples are cut in half. One half of the core is submitted to the laboratory for analysis, and the remaining half core is retained on-site for verification and reference purposes or for future metallurgical testing.
Core samples were submitted to the SGS laboratory (ISO/IEC 17025:2017) and to the First Majestic Central laboratory (Central laboratory) (ISO 9001:2015). At SGS, gold is analyzed by 50 g fire assay atomic absorption finish (GE-FAA50V5). Results above 10 g/t gold are analyzed by 50 g fire assay gravimetric finish (GO-FAG50V). Silver is analyzed by 3-acid digest atomic absorption finish (GE-AAS33E50). Results above 100 g/t silver are analyzed by 50 g fire assay gravimetric finish (GO-FAG57V). At Central laboratory, gold is analyzed by 30g fire assay atomic absorption finish (AU-AA13). Results above 10 g/t are analyzed by 30 g fire assay gravimetric finish (ASAG-14). Silver is analyzed by 3-acid digestion atomic absorption finish (AAG-13). Results above 100 g/t are analyzed by 30 g fire assay gravimetric finish (ASAG-14, ASAG-13).
For further information concerning QA/QC and data verification matters, key assumptions, parameters, and methods used by the Company to estimate Mineral Reserves and Mineral Resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company's business and the potential development of Mineral Reserves and Mineral Resources, see the Company's most recently filed Annual Information Form available under the Company's SEDAR+ profile at www.sedarplus.ca and the Company's Annual Report on Form 40-F for the year ended December 31, 2025 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar.
QUALIFIED PERSONS
Gonzalo Mercado, P. Geo., the Company's Vice-President, Exploration & Technical Services and a "Qualified Person" as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), has reviewed and approved the scientific and technical information contained in this news release. Mr. Mercado has verified the exploration data contained in this news release, including the sampling, analytical and test data underlying such information.
ABOUT FIRST MAJESTIC
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates four producing underground mines in Mexico: the Santa Elena Silver/Gold Mine, the Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold Mine located in northeastern Nevada, U.S.A, which the Company is currently in the process of re-starting.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins, and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.
This news release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and U.S. securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends. Forward-looking statements in this news release include but are not limited to statements with respect to: the Company's plans to invest an additional $12 million in 2026 to advance underground access, portal construction, and development work to position Santo Niño for near-term mining; the Company's expectations regarding the impact of the Santo Niño and Navidad vein systems on the future mine plans at Santa Elena; and the Company's planned drilling programs for Santo Niño and Navidad for 2026 and the results of such programs. These statements are not based on a pre-feasibility level study of Mineral Reserves that demonstrate the economic and technical viability of Santo Niño and Navidad. There is increased uncertainty related to the economics of mining Santo Niño and Navidad and increased technical risks of failure associated with a decision to initiate production from these areas prior to completing a pre-feasibility level study. The statements made relating to initiating mining at Santo Niño and Navidad are not based on a current technical report. Assumptions may prove to be incorrect and actual results and future events may differ materially from those anticipated. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions, or expectations upon which they are placed will occur. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements". Statements concerning proven and probable mineral reserves and mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of Measured and Indicated Mineral Resources or Proven and Probable Mineral Reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited.
Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: material adverse changes; general economic conditions including inflation risks; labour relations; relations with local communities; changes in national or local governments; exchange rate fluctuations; environmental risks; requirements for additional capital; outcomes of pending litigation; unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations as well as those factors discussed in the section entitled "Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2025 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca and in the Company's Annual Report on Form 40-F for the year ended December 31, 2025 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated, or intended.
The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
Cautionary Note to United States Investors
The Company is a "foreign private issuer" as defined in Rule 3b-4 under the United States Securities Exchange Act of 1934, as amended, and is eligible to rely upon the Canada-U.S. Multi-Jurisdictional Disclosure System, and is therefore permitted to prepare the technical information contained herein in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the securities laws currently in effect in the United States. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.
Technical disclosure contained in this news release has not been prepared in accordance with the requirements of United States securities laws and uses terms that comply with reporting standards in Canada with certain estimates prepared in accordance with NI 43-101.
NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning the issuer's material mineral projects.
APPENDIX - DRILL HOLE DETAILS
Table A1: Drill Hole Collar Location, Sample Type, Azimuth, Dip and Total Depth from Santa Elena
All drill hole collar coordinates are determined using total station equipment after hole completion with UTM WGS84, Zone 12 (metres) as the reference system.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/302888
Source: First Majestic Silver Corp.
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Austin, TX, USA, June 18, 2026 (GLOBE NEWSWIRE) -- Healthcare Foresights has published a new research report titled “Ear Health Market Size, Trends and Insights By Component (Ear Health Devices, Hearing Aids, Behind-the-Ear (BTE), Receiver-in-the-Ear (RITE/RIC), In-the-Ear (ITE), In-the-Canal (ITC), Completely-in-Canal (CIC), Hearing Implants, Cochlear Implants, Bone-Anchored Hearing Systems, Middle Ear Implants, Diagnostic Devices, Other Devices, Tinnitus and Ear Impairment Care Supplements, Ear Infection Treatment Medication), By Technology (Digital Hearing Aids, Analog Hearing Aids), By Patient Type (Adults, Pediatric), By Distribution Channel (Audiology Centers, ENT Clinics, Hospitals, E-Commerce and Online Platforms, Retail and Pharmacy Outlets), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2026 – 2035” in its research database.
According to the latest research study, the global Ear Health Market size and share was valued at approximately USD 10.12 billion in 2025, is expected to reach USD 10.82 billion in 2026, and is projected to reach around USD 16.87 billion by 2035, with a compound annual growth rate (CAGR) of about 5.7% during the forecast period from 2026 to 2035.
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Ear Health Market Revenue and Trends
The ear health market worldwide strives to enhance ear and hearing conditions using medical equipment, medications, and preventive treatment. The ear health market is increasing at a high pace, owing to high rates of hearing loss, the upward trend in the population of elderly people, and the rise in the degree of exposure to environmental noise, as well as the advancements in hearing devices, diagnostic technologies, and non-invasive treatment approaches in the medical system of the entire world.
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What are the factors that significantly contribute to the growth of the ear health market?
The growing demand for ear health products has been triggered by the fact that more people are getting exposed to high levels of noise pollution through urbanization, industrialization and the use of personal listening devices that have increased the number of individuals with hearing impairment, tinnitus and chronic ear infections. According to statistics released by Johns Hopkins University approximately 1 out of every 3 adults aged 65 to 74 years is deafened. The population that has attained 65 years and above is continuously rising and therefore more patients will be in need of hearing aids, implantation and follow-up care for their ears.
Technological progress has also given us the artificial intelligence-powered hearing aids, online audiology tools, tele-audiology, and minimally invasive surgery that have significantly improved the results of treatments and their compliance by the patients. The other factors that have contributed to the development of this market are the heightened awareness of healthcare and access to ENT services and government-funded screening and rehabilitation of hearing in the developed and developing parts of the world.
(A free sample of the Ear Health report is available upon request; please contact us for more information.)
Our Free Sample Report Consists of the following:
The updated report for 2026 includes an introduction, an overview, and an in-depth industry analysis.Provide detailed chapter-by-chapter guidance on the Request.Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2026.Includes updated tables and figures.The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis. Healthcare Foresights (HEALTHCARE FORESIGHTS). Request a Customized Copy of the Ear Health Market Report @ https://www.healthcareforesights.com/reports/ear-health-market
Segment Insight
By Product Type
By products, the percentage of the Ear Health market dominated by hearing health related products recorded the highest proportion by far as of 2025 due to a rise in the demand of Hearing aids, Diagnostic audiology equipment, and Implant hearing solutions, as all of these have a significant role in the initial diagnosis, treatment, and management of hearing Impairment, with the Digital Hearing Aids having a further significant impact due to further Innovation in Digital Hearing Aids and Hearing Implant Products (Digital Hearing Aids have been mentioned by a number of users as the most effective tool).
By Distribution Channel
The biggest market share is within the Audiology Centers which are provided as the main Assessment Hub of hearing and the center of choice in the placement of devices and follow up. Audiology Centers have become the preferred choice for those wishing to help patients with hearing loss and chronic ear conditions, as these centers offer professional knowledge and expertise.
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Key questions answered in this report:
What is the size of the Ear Health market, and what is its expected growth rate?What are the primary driving factors that push the Ear Health market forward?What are the Ear Health Industry's top companies?What are the different categories that the Ear Health Market caters to?What will be the fastest-growing segment or region?In the value chain, what role do key players play?What is the procedure for getting a free copy of the sample report on Ear Health and company profiles? Buy Now the Ear Health Market Report @ https://www.healthcareforesights.com/checkout/1009
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Market Share, Size & Forecast by Revenue | 2026−2035Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading TrendsMarket Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regionsCompetitive Landscape – Top Key Vendors and Other Prominent Vendors Buy this Premium Ear Health Research Report | Fast Delivery Available - [220+ Pages] @ https://www.healthcareforesights.com/reports/ear-health-market
Regional Insights
As a result of the availability of a well-established health care system, increased awareness of hearing wellness, and a more open attitude toward the use of more advanced hearing aids, North America controls the ear health marketplace in the world. The reimbursement systems in North America are also effective and there is high accessibility to audiology and ENT. Moreover, North America implemented AI-powered and other digital technologies earlier than other regions around the globe. This situation, along with the presence of major industry players in the region and ongoing product development and innovation, further strengthens North America's dominance.
In addition, the ear health market is experiencing the fastest growth in the Asia Pacific region due to the large number of patients, the growth in noise-induced hearing loss, and the growing rate of development of the healthcare infrastructure. It has been witnessed that the use of hearing aids and ear care products in China, India and Japan has been on the rise since the countries have become more affordable, there is more awareness of hearing among the people and also the government is encouraging the use of hearing screening programs. The progress in urbanization, industrialization, and the accelerated pace of digital health adoption in this area will help this market grow rapidly in the Asia Pacific region.
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Browse the full “Ear Health Market Size, Trends and Insights By Component (Ear Health Devices, Hearing Aids, Behind-the-Ear (BTE), Receiver-in-the-Ear (RITE/RIC), In-the-Ear (ITE), In-the-Canal (ITC), Completely-in-Canal (CIC), Hearing Implants, Cochlear Implants, Bone-Anchored Hearing Systems, Middle Ear Implants, Diagnostic Devices, Other Devices, Tinnitus and Ear Impairment Care Supplements, Ear Infection Treatment Medication), By Technology (Digital Hearing Aids, Analog Hearing Aids), By Patient Type (Adults, Pediatric), By Distribution Channel (Audiology Centers, ENT Clinics, Hospitals, E-Commerce and Online Platforms, Retail and Pharmacy Outlets), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2026 – 2035” Report at https://www.healthcareforesights.com/reports/ear-health-market
Report Scope
Feature of the ReportDetailsMarket Size in 2026USD 10.82 billionProjected Market Size in 2035USD 16.87 billionMarket Size in 2025USD 10.12 billionCAGR Growth Rate5.7% CAGRBase Year2025Forecast Period2026-2035Key SegmentBy Component, Technology, Patient Type, Distribution Channel and RegionReport CoverageRevenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent TrendsRegional ScopeNorth America, Europe, Asia Pacific, Middle East & Africa, and South & Central AmericaBuying OptionsRequest tailored purchasing options to fulfil your requirements for research. Recent Developments
In August 2024: Sonova launched the Phonak Audéo Sphere, the world's first hearing aid featuring a dedicated AI chip for real-time speech enhancement in noise, along with advanced remote fitting and health monitoring capabilities. (Source: Sonova) Click Here to Access a Free Sample Report of the Global Ear Health Market @ https://www.healthcareforesights.com/reports/ear-health-market
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List of the prominent players in the Ear Health Market:
Sonova Holdings AGGN Store Nord A/SWilliam Demant Holdings A/SStarkey Laboratories Inc.WS AudiologyCochlear LimitedMED-ELEargo Inc.Audina Hearing Instruments Inc.Rion Co. Ltd.Others The Ear Health Market is segmented as follows:
By Component
Ear Health Devices Hearing Aids Behind-the-Ear (BTE)Receiver-in-the-Ear (RITE/RIC)In-the-Ear (ITE)In-the-Canal (ITC)Completely-in-Canal (CIC) Hearing Implants Cochlear ImplantsBone-Anchored Hearing SystemsMiddle Ear Implants Diagnostic DevicesOther Devices Tinnitus and Ear Impairment Care SupplementsEar Infection Treatment Medication By Technology
Digital Hearing AidsAnalog Hearing Aids By Patient Type
AdultsPediatric By Distribution Channel
Audiology CentersENT ClinicsHospitalsE-Commerce and Online PlatformsRetail and Pharmacy Outlets Click Here to Get a Free Sample Report of the Global Ear Health Market @ https://www.healthcareforesights.com/reports/ear-health-market
Regional Coverage:
North America
U.S.CanadaMexicoRest of North America Europe
GermanyFranceU.K.RussiaItalySpainNetherlandsRest of Europe Asia Pacific
ChinaJapanIndiaNew ZealandAustraliaSouth KoreaTaiwanRest of Asia Pacific The Middle East & Africa
Saudi ArabiaUAEEgyptKuwaitSouth AfricaRest of the Middle East & Africa Latin America
BrazilArgentinaRest of Latin America This Ear Health Market Research/Analysis Report Provides Answers to the Following Questions.
Which Trends Are Causing These Developments?Who Are the Global Key Players in This Ear Health Market? What are the company profiles, product information, and contact details for these key players?What Was the Global Market Status of the Ear Health Market? What Was the Capacity, Production Value, Cost, and PROFIT of the Ear Health Market?What Is the Current Market Status of the Ear Health Industry? What's the market's competition in this industry, both company-wise and country-wise? What is the market analysis of the ear health market, considering applications and types?What Are the Projections for the Global Ear Health Industry Considering Capacity, Production, and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be the Market Share, Supply, and Consumption? What about imports and exports?What is an Ear Health market chain analysis of upstream raw materials and downstream industries?What is the economic impact on the Ear Health industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?What Are the Market Dynamics of the Ear Health Market? What Are Challenges and Opportunities?What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for the Ear Health Industry? Click Here to Access a Free Sample Report of the Global Ear Health Market @ https://www.healthcareforesights.com/reports/ear-health-market
Reasons to Purchase Ear Health Market Report
The Ear Health Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.Ear Health The Market report outlines market value (USD) data for each segment and sub-segment.This report indicates the region and segment expected to witness the fastest growth and dominate the market.Ear Health Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market in each region.The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.Extensive company profiles comprise a company overview, company insights, product benchmarking, and SWOT analysis for the major market players.Recent developments, including growth opportunities and drivers, as well as challenges and restraints in both emerging and developed regions, shape the industry's current and future market outlook.Ear Health Market: Includes in-depth market analysis from various perspectives through Porter's five forces analysis and offers an overview of the market through the value chain. Reasons for the Research Report
The study provides a thorough overview of the global Ear Health market. Compare your performance to that of the market as a whole. Aim to maintain competitiveness while innovations from established leaders drive market growth. Buy this Premium Ear Health Research Report | Fast Delivery Available - [220+ Pages] @ https://www.healthcareforesights.com/reports/ear-health-market
What does the report include?
Drivers, restrictions, and opportunities are among the qualitative elements covered in the global analysis of the Ear Health market. The report covers the competitive environment of current and potential participants in the Ear Health market, along with their strategic product development ambitions. This study conducts a qualitative and quantitative analysis of the Ear Health market based on the component, application, and industry vertical. Additionally, the report provides comparable data for the key regions. The report provides actual market sizes and forecasts for each segment mentioned above. Who should buy this report?
Participants and stakeholders in the worldwide Ear Health market should find this report useful. The research will be useful to all market participants in the Ear Health industry. Managers in the Ear Health sector are interested in publishing up-to-date and projected data about the worldwide Ear Health market. Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Ear Health products' market trends. Analysts, researchers, educators, strategy managers, and government organizations seek market insights to develop plans. Request a Customized Copy of the Ear Health Market Report @ https://www.healthcareforesights.com/reports/ear-health-market
About Healthcare Foresights:
Healthcare Foresights is a market research and advisory company delivering business insights and market research reports to large, small, and medium-scale enterprises. We assist clients with strategies and business policies, regularly working towards sustainable growth in their respective domains.
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First Majestic Silver (AG) is rated a buy, driven by surging cash flow from higher silver prices and upcoming gold production at Jerritt Canyon. Q1 2026 saw realized silver prices of $86.35/oz, propelling non-GAAP EPS to $1.13 annualized and a forward P/E of 15.98, slightly below sector median. Jerritt Canyon, reopening in the second half of 2026, is expected to add over 100,000 oz gold annually, diversifying AG's revenue and reducing silver price risk.
Vancouver, British Columbia--(Newsfile Corp. - June 22, 2026) - Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) ("Sierra Madre") and First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) ("First Majestic", and together with Sierra Madre, the "Parties") are pleased to announce that, pursuant to the share purchase agreement dated December 17, 2025 (the "Share Purchase Agreement") between Sierra Madre and First Majestic, Sierra Madre has completed its previously announced acquisition (the "Acquisition") of First Majestic Del Toro, S.A. de C.V. ("Subco"), a wholly-owned subsidiary of First Majestic incorporated under the laws of Mexico that holds a 100% interest in the Del Toro Silver Mine ("Del Toro"), as described in further detail in Sierra Madre's and First Majestic's news releases dated December 17, 2025 and Sierra Madre's management information circular dated March 24, 2026 (the "Circular"). All amounts herein are expressed in Canadian dollars, unless otherwise stated in U.S. dollars ("US$").
Alex Langer, Sierra Madre's President and Chief Executive Officer, commented, "The acquisition of Del Toro marks an important step for Sierra Madre Gold and Silver as we advance towards mid-tier silver production. A past-producing asset of this scale is a complementary addition to our Mexico-focused silver portfolio. With existing production infrastructure in place, our focus now turns to near-term resource expansion drilling, with approximately 30,000 metres planned. This program is expected to support an updated Mineral Resource estimate, followed by a potential mine restart, positioning the asset for a return to cash flow generation. We see significant upside at Del Toro, both from resource growth and restart potential. We are excited to get boots on the ground at Del Toro and wish to thank First Majestic for their continued support and trust."
Under the terms of the Share Purchase Agreement, and as further described in the Circular, Sierra Madre acquired all of the issued and outstanding shares of Subco in exchange for a cash payment of US$20,000,000 and the issuance to First Majestic of 10,870,000 common shares of Sierra Madre (the "Common Shares") at a deemed price of $1.30 per Common Share, with each occurring at closing. In addition, within 18 months of closing the Acquisition, Sierra Madre must pay First Majestic US$10,000,000 in cash or, at Sierra Madre's option, Common Shares at a price per Common Share equal to the market price (as determined in accordance with the policies of the TSX Venture Exchange (the "TSXV")) on the day prior to issuance of the Common Shares, subject to a maximum of 10,575,385 Common Shares, provided that if the aggregate deemed value (based on the market price of the Common Shares on the day prior to issuance) of the maximum number of Common Shares does not equal US$10,000,000, the remaining balance will be paid in cash.
The Share Purchase Agreement also sets out the following future milestone-related payments:
if, within 48 months of closing the Acquisition, Sierra Madre files a National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") technical report over any or all of Del Toro that demonstrates "mineral resources" (as defined in NI 43-101) of at least 100 million ounces ("Moz") silver equivalent ("AgEq") or Sierra Madre issues a news release announcing "mineral resources" of at least 100 Moz AgEq (whichever occurs earlier), Sierra Madre must pay First Majestic an additional US$10,000,000 in cash or, at Sierra Madre's option, Common Shares at a price per Common Share equal to the market price (as determined in accordance with the policies of the TSXV) on the day prior to issuance of the Common Shares, subject to a maximum of 10,575,385 Common Shares, provided that if the aggregate deemed value (based on the market price of the Common Shares on the day prior to issuance) of the maximum number of Common Shares does not equal US$10,000,000, the remaining balance will be paid in cash; andif, within 60 months of closing the Acquisition, Sierra Madre achieves commercial production at Del Toro of at least 4,000 tonnes per day ("tpd") for 30 consecutive days, Sierra Madre must pay First Majestic an additional US$10,000,000 in cash or, at Sierra Madre's option, Common Shares at a price per Common Share equal to the market price (as determined in accordance with the policies of the TSXV) on the day prior to issuance of the Common Shares, subject to a maximum of 10,575,385 Common Shares, provided that if the aggregate deemed value (based on the market price of the Common Shares on the day prior to issuance) of the maximum number of Common Shares does not equal US$10,000,000, the remaining balance will be paid in cash.All Common Shares issued to First Majestic in connection with the Acquisition will be subject to a hold period ending on the date that is four months and one day following the date of issuance of the Common Shares. In addition, First Majestic has agreed to the following contractual resale restrictions on all such Common Shares issued:
Release DatesProportion of Total Escrowed Securities to
be ReleasedDecember 19, 202625%June 19, 202725%December 19, 202725%June 19, 202825%As First Majestic is an insider of the Company, the Acquisition is a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Sierra Madre relied on the exemption from the requirement of a formal valuation for the Acquisition pursuant to subsection 5.5(b) of MI 61-101 as its Shares are not listed on a specified market. Sierra Madre was not exempt from the minority shareholder approval requirements in MI 61-101, and the Acquisition was approved by a simple majority of the votes cast at the Siera Madre's special meeting of shareholders held on April 28, 2026 excluding, for the purposes of MI 61-101, votes attached to Shares held by First Majestic or any other persons described in items (a) through (d) of Section 8.1(2) MI 61-101. For further details, please refer to the management information circular dated March 24, 2026 available on Sierra Madre's website at www.sierramadregoldandsilver.com and on Sierra Madre's profile on SEDAR+ at www.sedarplus.ca.
Concurrent Financing
Concurrent with the Acquisition, Sierra Madre completed a brokered private placement offering of subscription receipts of Sierra Madre (the "Subscription Receipts") at a price of $1.30 per Subscription Receipt (the "Concurrent Financing") pursuant to an agency agreement dated January 14, 2026 (the "Agency Agreement") among Sierra Madre, Beacon Securities Limited ("Beacon"), as lead agent and sole bookrunner, and a syndicate of agents including Canaccord Genuity Corp., BMO Capital Markets and VSA Capital Limited (together with Beacon, the "Agents").
In connection with the Concurrent Financing, Sierra Madre issued an aggregate of 44,231,300 Subscription Receipts for aggregate gross proceeds of $57,500,690, including the full exercise of the Agents' option, in two tranches: (i) on January 14, 2026, Sierra Madre closed the first tranche and issued 30,521,724 Subscription Receipts for aggregate gross proceeds of $39,678,241; and (ii) on January 30, 2026, Sierra Madre closed the second and final tranche and issued 13,709,576 Subscription Receipts for aggregate gross proceeds of $17,822,449.
Each Subscription Receipt was deemed to be exercised, without payment of any additional consideration, for one Common Share immediately prior to closing of the Acquisition. Sierra Madre used the net proceeds of the Concurrent Financing to fund the completion of the Acquisition and intends to use the remainder of the net proceeds for exploration and development of Del Toro and for general working capital purposes.
Early Warning Disclosure
Pursuant to the terms of the Share Purchase Agreement, upon closing of the Acquisition, First Majestic acquired 10,870,000 Common Shares at a deemed price of $1.30 per Common Share.
Immediately prior to closing of the Acquisition, First Majestic beneficially owned or controlled 51,563,076 Common Shares of Sierra Madre, representing approximately 26.18% of the issued and outstanding Common Shares on a non-diluted basis.
As a result of the Acquisition, First Majestic now beneficially owns or controls a total of 62,433,076 Common Shares representing approximately 24.77% of the issued and outstanding Common Shares as of the date of this news release on a non-diluted basis.
The Common Shares acquired by First Majestic are for investment purposes. First Majestic has no current intention to enter into any of the transactions listed in clauses (a) to (k) of item 5 of Form 62-103F1 of National Instrument 62-103 The Early Warning System and Related Take-over Bid and Insider Reporting Issues ("NI 62-103"), but in the future First Majestic may acquire or dispose of securities of Sierra Madre depending on market conditions, reformulation of plans and/or other relevant factors, in each case in accordance with applicable securities laws.
This news release and First Majestic's corresponding early warning report (the "Early Warning Report"), which is expected to be filed on SEDAR+ in the near term, constitutes the required disclosure pursuant to section 5.2 of National Instrument 62-104 Take-Over Bids and Issuer Bids ("NI 62-104").
The Early Warning Report that will be filed on SEDAR+ will satisfy the requirement of section 5.2 of NI 62-104 to have the Early Warning Report filed by an acquiror, in this case by First Majestic, with the securities regulatory authorities in each of the jurisdictions in which Sierra Madre is a reporting issuer and which contains the information required by section 3.1 of NI 62-103, which includes the information required by Form 62-103F1.
A copy of the Early Warning Report filed by First Majestic in connection with the Acquisition will be available under First Majestic's profile on SEDAR+ website at www.sedarplus.ca.
About Sierra Madre
Sierra Madre Gold and Silver Ltd. is a precious metals development and exploration company focused on the Guitarra mine in the Temascaltepec mining district, Mexico, and the exploration and development of its Tepic property in Nayarit, Mexico. The Guitarra mine is a permitted underground mine, which includes a 500 tpd processing facility that operated until mid-2018 and restarted commercial production in January 2025.
The +2,600 ha Tepic Project hosts low-sulphidation epithermal gold and silver mineralization with an existing historic resource.
Sierra Madre's management team has played key roles in managing the exploration and development of silver and gold mineral reserves and mineral resources. Sierra Madre's team of professionals has collectively raised over $1 billion for mining companies.
On behalf of the board of directors of Sierra Madre Gold and Silver Ltd.,
"Alexander Langer"
Cautionary Note
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Parties do not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information in this press release includes, but is not limited to, the intended use of proceeds from the Concurrent Financing, Sierra Madre's exploration and development plans for Del Toro, Sierra Madre's general business and growth strategy and the amount of cash and number of shares received as consideration by First Majestic per the milestone payments contemplated under the Share Purchase Agreement.
In making the forward-looking statements included in this news release, the Parties have applied several material assumptions, including that Sierra Madre will have sufficient capital to fund its planned exploration and development activities at Del Toro and that there will be no material adverse changes to applicable laws, regulations or market conditions. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Parties to control or predict, that may cause Sierra Madre's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, changes in commodity prices and general economic, market and business conditions.
Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/302269
Source: First Majestic Silver Corp.
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Vancouver, British Columbia--(Newsfile Corp. - June 22, 2026) - Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) ("Sierra Madre") and First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) ("First Majestic", and together with Sierra Madre, the "Parties") are pleased to announce that, pursuant to the share purchase agreement dated December 17, 2025 (the "Share Purchase Agreement") between Sierra Madre and First Majestic, Sierra Madre has completed its previously announced acquisition (the "Acquisition") of First Majestic Del Toro, S.A. de C.V. ("Subco"), a wholly-owned subsidiary of First Majestic incorporated under the laws of Mexico that holds a 100% interest in the Del Toro Silver Mine ("Del Toro"), as described in further detail in Sierra Madre's and First Majestic's news releases dated December 17, 2025 and Sierra Madre's management information circular dated March 24, 2026 (the "Circular"). All amounts herein are expressed in Canadian dollars, unless otherwise stated in U.S. dollars ("US$").
Alex Langer, Sierra Madre's President and Chief Executive Officer, commented, "The acquisition of Del Toro marks an important step for Sierra Madre Gold and Silver as we advance towards mid-tier silver production. A past-producing asset of this scale is a complementary addition to our Mexico-focused silver portfolio. With existing production infrastructure in place, our focus now turns to near-term resource expansion drilling, with approximately 30,000 metres planned. This program is expected to support an updated Mineral Resource estimate, followed by a potential mine restart, positioning the asset for a return to cash flow generation. We see significant upside at Del Toro, both from resource growth and restart potential. We are excited to get boots on the ground at Del Toro and wish to thank First Majestic for their continued support and trust."
Under the terms of the Share Purchase Agreement, and as further described in the Circular, Sierra Madre acquired all of the issued and outstanding shares of Subco in exchange for a cash payment of US$20,000,000 and the issuance to First Majestic of 10,870,000 common shares of Sierra Madre (the "Common Shares") at a deemed price of $1.30 per Common Share, with each occurring at closing. In addition, within 18 months of closing the Acquisition, Sierra Madre must pay First Majestic US$10,000,000 in cash or, at Sierra Madre's option, Common Shares at a price per Common Share equal to the market price (as determined in accordance with the policies of the TSX Venture Exchange (the "TSXV")) on the day prior to issuance of the Common Shares, subject to a maximum of 10,575,385 Common Shares, provided that if the aggregate deemed value (based on the market price of the Common Shares on the day prior to issuance) of the maximum number of Common Shares does not equal US$10,000,000, the remaining balance will be paid in cash.
The Share Purchase Agreement also sets out the following future milestone-related payments:
if, within 48 months of closing the Acquisition, Sierra Madre files a National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") technical report over any or all of Del Toro that demonstrates "mineral resources" (as defined in NI 43-101) of at least 100 million ounces ("Moz") silver equivalent ("AgEq") or Sierra Madre issues a news release announcing "mineral resources" of at least 100 Moz AgEq (whichever occurs earlier), Sierra Madre must pay First Majestic an additional US$10,000,000 in cash or, at Sierra Madre's option, Common Shares at a price per Common Share equal to the market price (as determined in accordance with the policies of the TSXV) on the day prior to issuance of the Common Shares, subject to a maximum of 10,575,385 Common Shares, provided that if the aggregate deemed value (based on the market price of the Common Shares on the day prior to issuance) of the maximum number of Common Shares does not equal US$10,000,000, the remaining balance will be paid in cash; andif, within 60 months of closing the Acquisition, Sierra Madre achieves commercial production at Del Toro of at least 4,000 tonnes per day ("tpd") for 30 consecutive days, Sierra Madre must pay First Majestic an additional US$10,000,000 in cash or, at Sierra Madre's option, Common Shares at a price per Common Share equal to the market price (as determined in accordance with the policies of the TSXV) on the day prior to issuance of the Common Shares, subject to a maximum of 10,575,385 Common Shares, provided that if the aggregate deemed value (based on the market price of the Common Shares on the day prior to issuance) of the maximum number of Common Shares does not equal US$10,000,000, the remaining balance will be paid in cash.All Common Shares issued to First Majestic in connection with the Acquisition will be subject to a hold period ending on the date that is four months and one day following the date of issuance of the Common Shares. In addition, First Majestic has agreed to the following contractual resale restrictions on all such Common Shares issued:
Release DatesProportion of Total Escrowed Securities to
be ReleasedDecember 19, 202625%June 19, 202725%December 19, 202725%June 19, 202825%As First Majestic is an insider of the Company, the Acquisition is a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Sierra Madre relied on the exemption from the requirement of a formal valuation for the Acquisition pursuant to subsection 5.5(b) of MI 61-101 as its Shares are not listed on a specified market. Sierra Madre was not exempt from the minority shareholder approval requirements in MI 61-101, and the Acquisition was approved by a simple majority of the votes cast at the Siera Madre's special meeting of shareholders held on April 28, 2026 excluding, for the purposes of MI 61-101, votes attached to Shares held by First Majestic or any other persons described in items (a) through (d) of Section 8.1(2) MI 61-101. For further details, please refer to the management information circular dated March 24, 2026 available on Sierra Madre's website at www.sierramadregoldandsilver.com and on Sierra Madre's profile on SEDAR+ at www.sedarplus.ca.
Concurrent Financing
Concurrent with the Acquisition, Sierra Madre completed a brokered private placement offering of subscription receipts of Sierra Madre (the "Subscription Receipts") at a price of $1.30 per Subscription Receipt (the "Concurrent Financing") pursuant to an agency agreement dated January 14, 2026 (the "Agency Agreement") among Sierra Madre, Beacon Securities Limited ("Beacon"), as lead agent and sole bookrunner, and a syndicate of agents including Canaccord Genuity Corp., BMO Capital Markets and VSA Capital Limited (together with Beacon, the "Agents").
In connection with the Concurrent Financing, Sierra Madre issued an aggregate of 44,231,300 Subscription Receipts for aggregate gross proceeds of $57,500,690, including the full exercise of the Agents' option, in two tranches: (i) on January 14, 2026, Sierra Madre closed the first tranche and issued 30,521,724 Subscription Receipts for aggregate gross proceeds of $39,678,241; and (ii) on January 30, 2026, Sierra Madre closed the second and final tranche and issued 13,709,576 Subscription Receipts for aggregate gross proceeds of $17,822,449.
Each Subscription Receipt was deemed to be exercised, without payment of any additional consideration, for one Common Share immediately prior to closing of the Acquisition. Sierra Madre used the net proceeds of the Concurrent Financing to fund the completion of the Acquisition and intends to use the remainder of the net proceeds for exploration and development of Del Toro and for general working capital purposes.
Early Warning Disclosure
Pursuant to the terms of the Share Purchase Agreement, upon closing of the Acquisition, First Majestic acquired 10,870,000 Common Shares at a deemed price of $1.30 per Common Share.
Immediately prior to closing of the Acquisition, First Majestic beneficially owned or controlled 51,563,076 Common Shares of Sierra Madre, representing approximately 26.18% of the issued and outstanding Common Shares on a non-diluted basis.
As a result of the Acquisition, First Majestic now beneficially owns or controls a total of 62,433,076 Common Shares representing approximately 24.77% of the issued and outstanding Common Shares as of the date of this news release on a non-diluted basis.
The Common Shares acquired by First Majestic are for investment purposes. First Majestic has no current intention to enter into any of the transactions listed in clauses (a) to (k) of item 5 of Form 62-103F1 of National Instrument 62-103 The Early Warning System and Related Take-over Bid and Insider Reporting Issues ("NI 62-103"), but in the future First Majestic may acquire or dispose of securities of Sierra Madre depending on market conditions, reformulation of plans and/or other relevant factors, in each case in accordance with applicable securities laws.
This news release and First Majestic's corresponding early warning report (the "Early Warning Report"), which is expected to be filed on SEDAR+ in the near term, constitutes the required disclosure pursuant to section 5.2 of National Instrument 62-104 Take-Over Bids and Issuer Bids ("NI 62-104").
The Early Warning Report that will be filed on SEDAR+ will satisfy the requirement of section 5.2 of NI 62-104 to have the Early Warning Report filed by an acquiror, in this case by First Majestic, with the securities regulatory authorities in each of the jurisdictions in which Sierra Madre is a reporting issuer and which contains the information required by section 3.1 of NI 62-103, which includes the information required by Form 62-103F1.
A copy of the Early Warning Report filed by First Majestic in connection with the Acquisition will be available under First Majestic's profile on SEDAR+ website at www.sedarplus.ca.
About Sierra Madre
Sierra Madre Gold and Silver Ltd. is a precious metals development and exploration company focused on the Guitarra mine in the Temascaltepec mining district, Mexico, and the exploration and development of its Tepic property in Nayarit, Mexico. The Guitarra mine is a permitted underground mine, which includes a 500 tpd processing facility that operated until mid-2018 and restarted commercial production in January 2025.
The +2,600 ha Tepic Project hosts low-sulphidation epithermal gold and silver mineralization with an existing historic resource.
Sierra Madre's management team has played key roles in managing the exploration and development of silver and gold mineral reserves and mineral resources. Sierra Madre's team of professionals has collectively raised over $1 billion for mining companies.
On behalf of the board of directors of Sierra Madre Gold and Silver Ltd.,
"Alexander Langer"
Cautionary Note
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Parties do not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information in this press release includes, but is not limited to, the intended use of proceeds from the Concurrent Financing, Sierra Madre's exploration and development plans for Del Toro, Sierra Madre's general business and growth strategy and the amount of cash and number of shares received as consideration by First Majestic per the milestone payments contemplated under the Share Purchase Agreement.
In making the forward-looking statements included in this news release, the Parties have applied several material assumptions, including that Sierra Madre will have sufficient capital to fund its planned exploration and development activities at Del Toro and that there will be no material adverse changes to applicable laws, regulations or market conditions. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Parties to control or predict, that may cause Sierra Madre's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, changes in commodity prices and general economic, market and business conditions.
Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/302272
Source: Sierra Madre Gold & Silver
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Key Takeaways First Majestic completed the Del Toro mine sale for total potential consideration of up to $60 million.AG received $20M in cash, 10.87M Sierra Madre shares and may collect another $20M in milestone payments.First Majestic now owns 62.43M shares or 24.77% of Sierra Madre. First Majestic Silver Corp. (AG - Free Report) announced the closing of its agreement with Sierra Madre Gold & Silver Ltd. to sell the Del Toro Silver Mine. The Del Toro Mine, located in Mexico, is a past-producing silver, gold and lead mine fully owned by First Majestic and was placed under care and maintenance by it in January 2020.
Details of First Majestic’s Deal With Sierra MadreFirst Majestic and Sierra Madre inked a definitive agreement on Dec. 17, 2025, for the total consideration in cash and shares of up to $60 million.
Sierra Madre is a precious metal development and exploration company whose Mexico-focused silver portfolio will benefit from the addition of a past-producing asset, the Del Toro mine. The acquisition will help Sierra Madre move toward mid-tier silver production as it plans an immediate 30,000-meter drilling program at the mine and prepares for a potential mine restart. This will position the mine for a return to cash flow generation.
At closing, Sierra Madre paid $20 million in cash and 10.87 million common shares to AG for $1.30 per share. First Majestic will receive an additional $10 million within 18 months of closing. Following the closing of the transaction, First Majestic now owns 62.43 million shares or 24.77% of Sierra Madre.
If the mine reports mineral resources of 100 million silver-equivalent ounces within 48 months of closing, Sierra Madre will have to pay another $10 million to AG. Finally, if Del Toro produces 4,000 tons per day for 30 consecutive days within 60 months of the deal closing, First Majestic will receive an additional $10 million.
AG Stock’s Price PerformanceFirst Majestic’s stock has skyrocketed 119.5% so far this year compared with the industry’s 100.1% surge.
Image Source: Zacks Investment Research
First Majestic’s Zacks Rank & Stocks to ConsiderThe company currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Albemarle Corporation (ALB - Free Report) , CF Industries Holdings, Inc. (CF - Free Report) and Avino Silver & Gold Mines Ltd. (ASM - Free Report) . ALB sports a Zacks Rank #1 (Strong Buy) at present, and CF and ASM carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Albemarle has an average trailing four-quarter earnings surprise of 74.5%. The Zacks Consensus Estimate for the company’s 2026 earnings is pegged at $12.45 per share, indicating year-over-year growth from a loss of 79 cents. ALB shares have skyrocketed 181% so far this year.
The Zacks Consensus Estimate for CF Industries’ current-year earnings is pegged at $17.16 per share, indicating an 83% year-over-year surge. CF has an average trailing four-quarter earnings surprise of 11.4%. CF Industries’ shares have gained 21.4% in a year.
Avino Silver has an average trailing four-quarter earnings surprise of 125%. The Zacks Consensus Estimate for Avino Silver’s 2026 earnings is pegged at 39 cents per share, indicating 34.5% year-over-year growth. Its shares have surged 90.5% in a year.
On June 23, 2026, First Majestic Silver Corp (AG) shares fell 6.9% today, bringing the current price to $16.50. The stock has experienced significant volatility
Key Takeaways First Majestic Silver saw Q1 output dip, but gains from prices, First Mint and Gatos deal aid growth.AG's First Mint sales surge and IRA eligibility boost demand and margins despite Mexico risks.Hecla Mining posted solid output growth, but rising costs and capital spend may pressure cash flow. First Majestic Silver Corp. (AG - Free Report) and Hecla Mining Company (HL - Free Report) are both prominent names operating in the Zacks Mining - Silver industry. As competitors, these two are focused on extracting and operating silver mines, while driving growth through exploration activities, mine expansions and strategic partnerships.
Both companies have been benefiting from strength in the silver mining sector, supported by higher silver prices and sustained investments in expanding production capacity in recent years. Let’s take a closer look at their fundamentals, growth prospects and challenges.
The Case for First MajesticAG’s total production was 3.5 million ounces of silver and 34,341 gold ounces in first-quarter 2026. It also includes 15.4 million pounds of zinc, 8.7 million pounds of lead and 262,913 pounds of copper. The production of silver and gold ounces reflected a decline of 5.4% and 6%, respectively, on a year-over-year basis. The decline was attributable to reduced head grade milled, indicating a lower cut-off grade.
Despite the recent decline, the company is benefiting from a significant increase in silver prices over the past year. The prices are expected to remain strong, owing to the persistent market deficit, high industrial demand in solar and AI sectors and strong safe-haven demand. It’s worth noting that more than half of global silver demand comes from electronics, electrification and solar energy sectors.
First Majestic currently owns four operating mines in Mexico, including the likes of Santa Elena Silver/Gold mine, Los Gatos Silver mine, San Dimas Silver/Gold mine and La Encantada Silver mine. These sites are witnessing healthy production performances, despite the ongoing legal and regulatory issues.
Strong momentum in AG’s First Mint LLC business, its wholly-owned minting facility, also bodes well. The business is experiencing strong sales of silver ounces. Also, the ISO 9001 certification (awarded in April 2025) has made the business’ silver product sales eligible for Individual Retirement Accounts (IRAs). Strong operational execution at the business has allowed First Majestic to sell a larger share of its total silver production to its bullion customers.
First Majestic completed the acquisition of Gatos Silver in January 2025. With the buyout, AG gained a 70% interest in the high-quality, long-life Cerro Los Gatos Silver underground mine and strengthened its position as an intermediate primary silver producer.
The Case for Hecla MiningHL is strengthening its position as a leading North American precious metals producer, supported by strong silver prices, steady operations and focused capital discipline. In 2025, the company produced 17.0 million ounces of silver, up 5% year over year.
The strong quarterly performance was mainly driven by strength across its core operating assets, like Greens Creek, Keno Hill and Lucky Friday. During 2025, Greens Creek and Lucky Friday produced 8.7 million and 5.3 million ounces of silver, respectively. Keno Hill also produced a record 3.02 million ounces of silver in the year. The results were supported by higher milled grades and throughput.
The company is pairing operational progress with permitting advances that extend its project pipeline. In Nevada, the company received a Finding of No Significant Impact and Decision Notice from the U.S. Forest Service for the Polaris Exploration Project in the Aurora Mining District, clearing the way for exploration activities to commence in 2026. It also reported a high-grade gold discovery at Midas on the previously untested Pogo Trend, including visible gold mineralization on a new structure, supporting the restart potential of an existing permitted mill and tailings facility.
However, inflationary pressures at Lucky Friday persisted through 2025, prompting higher labor, profit sharing, consumables and contractor usage. In fourth-quarter 2025, Lucky Friday produced about 1.3 million ounces with AISC of $25.73 per ounce after by-product credits. AISC is guided at $23.50-$26.00 per ounce for 2026, higher than $21.98 in 2025.
Rising capital intensity and logistics costs might also constrain its near-term cash flow. During 2026, HL expects to incur $204-$223 million in capital investment and plans to invest nearly double its 2025 spending on exploration and pre-development. The stated goal is to replace or exceed annual reserve depletion. Management also flagged potential cost increases to place concentrates at Western smelters in 2026 as contracts shift away from China, and higher site power generation costs at Greens Creek were noted earlier in 2025.
How Does the Zacks Consensus Estimate Compare for AG & HL?The Zacks Consensus Estimate for AG’s 2026 EPS implies year-over-year growth of 52.2%. The company’s EPS estimates for 2026 have increased 105.9% over the past 60 days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for HL’s 2026 earnings per share (EPS) indicates growth of 40.8%. The company’s EPS for 2026 estimates have remained steady over the past 60 days.
Image Source: Zacks Investment Research
Price Performance and Valuation of AG & HLIn the past six months, First Majestic’s shares have surged 55.8%, while Hecla Mining stock has gained 39.9%.
Image Source: Zacks Investment Research
Hecla Mining is trading at a forward 12-month price-to-earnings ratio of 30.91X, below its median of 37.60X over the past five years. First Majestic’s forward earnings multiple sits at 24.73X, lower than its median of 29.78X over the same period.
Image Source: Zacks Investment Research
Final TakeFirst Majestic’s market leadership position, diversified assets and strong operational execution provide it with a competitive advantage to leverage the long-term demand prospects in the silver and gold markets. Also, higher silver prices and IRA eligibility are driving stronger demand and the company’s growth momentum.
Hecla Mining has also performed well, delivering strong operational progress, production growth and a significantly improved balance sheet. However, with the stock already reflecting much of this progress and trading at a premium to peers, the risk-reward balance appears more nuanced.
Both the mining companies currently carry a Zacks Rank #3 (Hold), which makes choosing one stock a difficult task. Considering their long-term prospects, earnings growth potential and valuation, AG seems to have an edge over HL currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
After a massive 170% rally in 2025, silver prices have lost momentum, rising just 2.7% year to date. The slowdown reflects growing expectations that central banks will keep interest rates higher for longer, dampening investor appetite for precious metals. This shift clouds the near-term outlook for the Zacks Mining - Silver industry. Although underlying demand remains resilient, inflation will drive up operating costs, squeezing margins.
We recommend considering companies such as Pan American Silver (PAAS - Free Report) and First Majestic Silver (AG - Free Report) , which will benefit from enhanced operational efficiency, disciplined cost management and solid projects.
About the Industry The Zacks Mining - Silver industry comprises companies that are engaged in the exploration, development and production of silver. These include big and small players operating mines of widely varying types and scales. Silver-bearing ores are mined by open-pit or underground methods and then crushed and ground. Miners continually look for opportunities to expand their reserves and resources through targeted near-mine exploration and business development. They strive to upgrade and improve the quality of their existing assets, internally and through acquisitions. Only 20% of silver comes from mining activities, wherein silver is the primary revenue source. The balance comes from projects wherein silver is a by-product of mining other metals, such as copper, lead and zinc. Thus, several companies in the silver mining industry are engaged in mining other metals.
What's Shaping the Future of the Mining-Silver Industry Recent Dip in Silver Prices is Concerning: Silver delivered an exceptional performance in 2025, soaring 170% and far outpacing gold’s 66.5% gain. The rally was driven by a convergence of factors, including elevated geopolitical risks, economic uncertainty, resilient demand and tightening inventories. Also, 2025 marked a sharp reversal in ETF trends, with strong inflows after consecutive years of outflows, one of the key catalysts behind silver’s breakout. Adding to the bullish narrative, the U.S. Geological Survey included silver in its 2025 List of Critical Minerals, highlighting its strategic importance in defense, clean energy, electronics and medical technologies. This is expected to unlock policy support, faster permitting and efforts to strengthen domestic supply chains. The upward trend had extended in the earlier part of 2026, with silver reaching a record high of $121.64 per ounce in late January. Prices had gained on geopolitical and economic uncertainty. However, it has lost steam lately and is trading near $73 an ounce due to fears of rising inflation, increased oil costs from the Strait of Hormuz closure and expectations of sustained high interest rates.
Inflationary Costs to Hurt Margins: Industry players are facing escalating production costs, including electricity, wages, water and materials. Mining companies are major consumers of energy, with around 50% of their production costs closely linked to energy prices. Surging oil prices, spurred by the Iranian conflict, remain a headwind. A shortage of skilled workforce spiked wages. With no control over silver prices, the industry must focus on improving its sales volumes while being cost-effective. Players are investing heavily in R&D and resorting to technological innovations required at almost every level of operation to increase efficiency, sustain growth and rein in costs.
Strong Demand Underpins the Industry: Industrial applications account for roughly 59% of the total demand, with the solar energy industry being one of the main drivers. Silver use in photovoltaic (PV) technology has climbed sharply in recent years due to the increasing global adoption of solar technology, advances in solar cell design and the global push for renewable energy. Per the International Energy Agency (IEA), global renewable power capacity is expected to double between 2025 and 2030. Solar PV will account for 80% of the increase, given its low costs, faster permitting and rising social acceptance. Silver has been used by the automotive industry for many years, and there has been a steady increase in the use of electrical and electronic components driven by demand for enhanced safety features and improved functionality. The electrification of the automotive industry has boosted demand further. Battery electric vehicles use significantly more silver than hybrids or internal combustion engine vehicles, while the growing number of electronic control units further boosts consumption. Rapid digitalization and the rise of AI are emerging as powerful new demand drivers for silver. As economies transition toward clean energy, electrification and AI-led digital infrastructure, silver is increasingly cementing its role as a critical “next-generation metal.”
Zacks Industry Rank Indicates Lackluster Prospects The group’s Zacks Industry Rank, basically the average of the Zacks Rank of all the member stocks, indicates gloomy prospects in the near term. The Zacks Mining – Silver industry, a 10-stock group within the broader Zacks Basic Materials sector, currently carries a Zacks Industry Rank #198, which places it in the bottom 19% of 244 Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.
Despite the bleak near-term prospects, we will present a few Mining-Silver stocks that you can add to your portfolio, given their prospects. But it is worth looking at the industry’s shareholder returns and current valuation first.
Industry Versus Broader Market The Mining-Silver Industry has outperformed the sector and the Zacks S&P 500 composite over the past year. The stocks in this industry have collectively gained 149.7% in the past year compared with the Basic Material sector’s 40.8% rise. Meanwhile, the Zacks S&P 500 composite has risen 32.6%.
One-Year Price Performance
Industry's Current Valuation Based on the forward 12-month EV/EBITDA ratio, a commonly used multiple for valuing silver-mining companies, we see that the industry is currently trading at 6.87X compared with the S&P 500's 11.14X and the Basic Material sector's forward 12-month EV/EBITDA of 6.95X. This is shown in the charts below.
Enterprise Value/EBITDA (EV/EBITDA) F12M Ratio
Enterprise Value/EBITDA (EV/EBITDA) F12M Ratio
In the past five years, the industry has traded as high as 13.45X and as low as 5.15X, with the median being 8.04X.
2 Mining-Silver Stocks to Keep an Eye On Pan American Silver: Through the acquisition of MAG Silver in September 2025, the company significantly strengthened its industry-leading silver reserve base and consolidated its position as one of the leading silver producers globally. Pan American Silver gained a 44% stake in the Juanicipio project, which is a large-scale, high-grade silver mine in Zacatecas operated by Fresnillo plc. In December 2025, the company reported strong drilling results for its operating mines, which will help advance its long-term exploration strategy to replace and grow its mineral resources. The company invested $94 million in project capital in 2025 to advance several major projects, among which the most notable is the La Colorada mine in Mexico. A recently updated Preliminary Economic Assessment for the La Colorada Skarn project indicates that the mine is poised to become one of the world's largest and lowest-cost silver mines. Following its development and ramp-up, the project is expected to produce an average of 19.1 million ounces of silver per year during its five highest-producing years. PAAS stock has gained 108.1% in the past year.
The Zacks Consensus Estimate for the company’s fiscal 2026 earnings indicates year-over-year growth of 73.6%. The estimate has moved up 9% in the past 60 days. PAAS has a trailing four-quarter earnings surprise of 37.5%, on average. PAAS currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Price & Consensus: PAAS
First Majestic Silver: In January 2025, the company acquired Gatos Silver, Inc., gaining a 70% interest in the high-quality and long-life Cerro Los Gatos Silver underground mine. This deal solidified AG’s position as an intermediate primary silver producer. The company produced 3.5 million silver ounces in the first quarter of 2026, achieving 26% of the 2026 silver production guidance midpoint. Gold output was 34,341 gold ounces, representing 28% of the 2026 gold production guidance midpoint. In March, the company announced the results of a successful 2025 exploration program at its Jerritt Canyon Gold Mine. The company recently reported strong growth in Mineral Reserves and Mineral Resource Estimates for its operating mines and Jerritt Canyon. Based on this, the company commenced a restart plan for Jerritt Canyon. Strong momentum in the company’s First Mint LLC business, its wholly-owned minting facility, also bodes well. The business is experiencing strong sales of silver ounces. Also, the ISO 9001 certification (awarded in April 2025) has made the business’ silver product sales eligible for Individual Retirement Accounts (IRAs). Strong operational execution at the business has allowed First Majestic to sell a larger share of its total silver production to its bullion customers. AG shares have gained 211.5% in the past year.
The Zacks Consensus Estimate for First Majestic’s 2026 earnings has moved up 20% in the past 60 days. The estimate indicates year-over-year growth of 56.5%. First Majestic currently carries a Zacks Rank of 3.
Vancouver, British Columbia--(Newsfile Corp. - April 29, 2026) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the release of its 2025 Sustainability Report and the mailing of its meeting materials for the Company's 2026 Annual General Meeting of Shareholders (the "2026 AGM").
2025 SUSTAINABILITY REPORT
The Company's 2025 Sustainability Report has been drafted primarily in alignment with the Sustainability Accounting Standards Board ("SASB") reporting standards, and summarizes the Company's sustainability-related performance for the 2025 calendar year.
Carbon Reduction: Reporting our lowest carbon intensity on record, achieving a 21% annual reduction in carbon footprint per tonne of ore processed, and an overall reduction in carbon intensity of 49% since our first report in 2019.
Community Involvement: Partnered with our local communities on impactful projects, investing US$2.4 million in our communities in 2025. In addition, we completed a third-party community social impact assessment at all operating sites to proactively monitor community needs and expectations.
Supportive Workplaces: Continued our workplace programs to support retention and employee wellbeing. As a result of these ongoing actions, 70% of our employees have a tenure over 6 years and in 2025 91% of working mothers returned to their roles after maternity leave.
Stable safety performance: Maintained the Company's world-class safety performance, achieving 0.55 Total Recordable Incident Frequency Rate ("TRIFR") and 0.12 Lost Time Incident Frequency Rate ("LTIFR").
Third-Party Recognition: We continued our trend of improvement within sustainability ratings and rankings, by the end of 2025 placing in the top 10% of the mining industry as ranked by ISS ESG, top 25% by S&P Global, top 34% by Sustainalytics, and top 15% by the London Stock Exchange Group.
The 2025 Sustainability Report provides shareholders and stakeholders of First Majestic an annual progress report against its public sustainability commitments. The Company is pleased to share that in 2025 First Majestic met all its sustainability targets and commitments, successfully integrated Los Gatos into its portfolio, and is reporting its lowest carbon intensity on record.
"Our 2025 Sustainability Report's theme of Growing in Harmony reflects what matters most at First Majestic: operating with integrity, protecting our people and the environment, and creating long-term value," said Keith Neumeyer, CEO. "In a year marked by record production, financial performance and the successful integration of Los Gatos , we demonstrated that strong performance and responsible mining go hand in hand; guided by the values that have long defined our Company."
"The acquisition of Los Gatos in 2025 was a defining moment for First Majestic, and Growing in Harmony captures how closely aligned our teams, values, and sustainability strategies truly are," said Mani Alkhafaji, President & Chief Corporate Development Officer. "This integration strengthened our portfolio while reinforcing our commitment to safe, environmentally responsible mining and meaningful partnerships with our communities."
For further performance data and information about how First Majestic manages sustainability-related areas of its business, the 2025 Sustainability Report and accompanying documents are available on the Sustainability Report Hub of the Company's website at www.firstmajestic.com/sustainability/report-hub/.
2026 AGM INFORMATION
The Company's 2026 AGM will be held on Wednesday, June 10, 2026, at 10:00 a.m. (Pacific Time) at the offices of Bennett Jones LLP, located at Suite 2500 – 666 Burrard Street, Vancouver, British Columbia V6C 2X8.
As in prior years, the Company has adopted the notice and access model ("Notice and Access") under National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer for the delivery to shareholders of record as of April 15, 2026 (the "Record Date") of the Notice of Meeting, Management Information Circular, Form of Proxy or Voting Instruction Form (as applicable) and our audited financial statements and management's discussion and analysis for the year ended December 31, 2025 (collectively, the "Meeting Materials") in connection with the 2026 AGM.
Under Notice and Access, instead of receiving printed copies of the Meeting Materials, shareholders receive a Notice and Access notification containing details relating to the 2026 AGM such as the date, location and purpose, as well as information on how they can access the Meeting Materials electronically. Using the Notice and Access method allows the Company to deliver the Meeting Materials to our shareholders in a more environmentally friendly and sustainable way that helps reduce paper usage and our carbon footprint, and it reduces the printing and mailing costs. However, shareholders with existing instructions on their account to receive printed materials will receive a printed copy of the Meeting Materials, and any other shareholders who wish to receive a printed copy of the Meeting Materials may follow the instructions set out in the Notice and Access notification that they will receive.
The Company has retained the Laurel Hill Advisory Group ("Laurel Hill") to assist anyone who is a First Majestic shareholder as of the Record Date with voting their shares. Once you have received the Meeting Materials in the mail, if you need assistance with voting your First Majestic shares, please reach out to Laurel Hill by telephone at 1-877-452-7184 (toll-free in North America) or 1-416-304-0211 (text and call enabled outside North America, please text "INFO" to either number), or by email at [email protected].
The Meeting Materials for the 2026 AGM are available under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at https://www.firstmajestic.com/investors/agm-materials/. Please review the Meeting Materials for instructions relating to voting your First Majestic shares.
The Company looks forward to the support of its shareholders at the 2026 AGM, and notes that management recommends that shareholders vote "FOR" all resolutions that are set out in the Meeting Materials.
ABOUT FIRST MAJESTIC
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates four producing underground mines in Mexico: the Santa Elena Silver/Gold Mine, the Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the San Dimas Silver/Gold Mine, and La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold Mine, which is an advanced-stage development asset that was placed on temporary suspension in March 2023.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at http://www.firstmint.com, at some of the lowest premiums available.
This news release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and United States securities laws (collectively, "forward‐looking statements"). Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are discussed in the section entitled "Description of the Business – Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2025 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's Annual Report on Form 40-F for the year ended December 31, 2025 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/295017
Source: First Majestic Silver Corp.
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SAN DIEGO, May 01, 2026 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP is investigating potential violations of U.S. federal securities laws involving Sportradar Group AG (NASDAQ: SRAD).
If you have information that could assist in the Sportradar investigation or if you are a Sportradar investor who suffered a loss and would like to learn more, you can provide your information here:
You can also contact attorneys Ken Dolitsky or Michael Albert of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected].
THE COMPANY: Sportradar, together with its subsidiaries, provides sports data services for the sports betting and media industries.
THE REVELATION: On April 22, 2026, Muddy Waters Research published a report titled, “Sportradar AG: Putting the BET into Aiding and Abetting; The Leader of Sports Integrity Powers the World’s Illegal Online Sportsbooks.” On this news, the price of Sportradar stock fell more than 22%.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud and shareholder rights litigation. Our Firm ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report, recovering more than $916 million for investors in 2025. This marks our fourth #1 ranking in the past five years. And in those five years alone, Robbins Geller recovered $8.4 billion for investors – $3.4 billion more than any other law firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig.
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.
Contact:
Robbins Geller Rudman & Dowd LLP
Ken Dolitsky
Michael Albert
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900 [email protected]
Key Takeaways First Majestic Q1 EPS is expected at 33 cents, up sharply from the year-ago quarter.AG benefits from strong silver demand, higher prices and the Gatos Silver acquisition.Lower production, higher royalties and rising worker costs may pressure profitability. First Majestic Silver Corp. (AG - Free Report) is scheduled to release first-quarter 2026 results on May 12. The Zacks Consensus Estimate for its quarterly earnings is currently pegged at 33 cents per share.
The company’s first-quarter earnings estimates have increased 13.8% over the past 60 days. The bottom-line projection indicates a surge of 560% from the year-ago number.
Earnings Surprise HistoryThe company has a dismal earnings surprise history, missing the Zacks Consensus Estimate thrice and outpacing once in the preceding four quarters. The earnings surprise is a negative 18.8%, on average. In the last reported quarter, it reported earnings of 30 cents per share, beating the consensus estimate of 27 cents.
Earnings WhispersOur proven model does not conclusively predict an earnings beat for the company this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat, but that’s not the case here. You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Earnings ESP: First Majestic has an Earnings ESP of 0.00% as both the Zacks Consensus Estimate and the Most Accurate Estimate are pegged at 33 cents per share.
Zacks Rank: AG presently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Have Shaped AG’s Quarterly PerformanceAG’s total production reached 3.5 million ounces of silver and 34,341 gold ounces in the first quarter of 2026. It also produced 15.4 million pounds of zinc, 8.7 million pounds of lead and 262,913 pounds of copper. The silver and gold ounces produced marked a decline of 5.4% and 6%, respectively, on a year-over-year basis. The fall in production level is expected to impact the top-line results in the first quarter.
Despite the recent decline, the company has been benefiting from a significant increase in silver prices over the past year. The prices have remained strong, owing to the persistent market deficit, high industrial demand in solar and AI sectors and strong safe-haven demand. Demand for solar energy, electronics and electrification now accounts for more than half of global silver demand.
Also, with the acquisition of Gatos Silver in January 2025, First Majestic gained a 70% interest in the high-quality and long-life Cerro Los Gatos Silver underground mine. This transaction solidified AG’s position as an intermediate primary silver producer, which is likely to have boosted its performance in the quarter.
First Majestic currently owns four operating mines in Mexico, including the likes of Santa Elena Silver/Gold mine, Los Gatos Silver mine and La Encantada Silver mine. These sites are witnessing healthy production performances despite the ongoing legal and regulatory issues, which hold positive. However, lower silver and gold production at the San Dimas Silver/Gold mine is likely to hurt its results.
Also, the company has been incurring high costs and expenses related to an increase in royalties and higher worker participation costs. The increase in operating expenses is likely to have dented its margins and profitability in the to-be-reported quarter.
AG’s Price PerformanceAG shares have soared 79.8% in the past six months compared with the Zacks Mining - Silver industry and the S&P 500’s growth of 44.7% and 9.3%, respectively. Shares of the company’s peers, Hecla Mining Company (HL - Free Report) and Coeur Mining, Inc. (CDE - Free Report) , have gained 20.3% and 21.8%, respectively, over the same time frame.
Three-Month Price Performance
Image Source: Zacks Investment Research
First Majestic’s ValuationFirst Majestic is trading at a forward 12-month price-to-earnings (P/E) ratio of 25.36X, much higher than the industry average of 14.30X. This elevated valuation could make the stock vulnerable to further pullbacks if market sentiment sours.
In comparison with AG’s valuation, its peer, Hecla Mining, is currently overvalued, while Coeur Mining is trading cheaper. Notably, Hecla Mining and Coeur Mining are currently trading at 31.65X and 11.65X, respectively.
Price-to-Earnings (Forward 12 Months)
Image Source: Zacks Investment Research
Investment ThesisFirst Majestic’s market leadership position, diversified assets and strong liquidity position provide it with a competitive advantage to leverage the long-term demand prospects in silver and gold markets. Rise in metal prices and solid demand across solar energy and electronics markets is expected to drive First Majestic's performance in the quarters ahead. However, escalating operating costs remain concerning for its margin performance.
Should You Buy AG Pre-Q1 Earnings Release?First Majestic's solid foothold and persistent strength in gold and silver markets bode well for its growth. Given the strength in most of its served markets, the company has built a sound liquidity position that supports its shareholder-friendly policies.
However, ongoing legal and regulatory issues at the operating mines in Mexico present a financial and operational risk, which remains concerning for its near-term performance. Also, an expensive valuation warrants a cautious approach for existing investors.
Potential investors should monitor the developments of the stock closely for a more appropriate entry point. Therefore, it might be prudent to wait for AG’s earnings report before making an investment decision.
On May 11, 2026, First Majestic Silver Corp AG shares rose 7.9%, bringing the current price to $23.58. The stock has experienced significant price movement, trading within a 52-week range of $5.49 to $32.04.
GF Value™ verdict: Current price of $23.58 is 156.9% above the GF Value™ of $9.18, indicating the stock is significantly overvalued.GF Score™: The stock has a score of 58/100, suggesting an average performance across key metrics.Most notable signal: The financial strength score is high at 8/10, indicating a solid financial position. Is AG Overvalued or Undervalued? The GF Value™ for First Majestic Silver Corp AG is estimated at $9.18, which indicates that the current share price of $23.58 is significantly overvalued by approximately 156.9%. This disparity suggests a lack of margin of safety for potential investors, as the stock price is well above its intrinsic value. The GF Valuation label categorizes AG as "Significantly Overvalued," signaling that the current market price may not be sustainable in the long term.
Investors should be cautious given the high level of overvaluation. The risk associated with investing in an overvalued stock includes the potential for price corrections, where the stock may decline to align more closely with its intrinsic value. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.
How Does AG's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 69.3x 70.5x Forward P/E 22.8x N/A The current P/E ratio of 69.3x is slightly below its 5-year median P/E of 70.5x, suggesting that the stock is trading in line with its historical valuation metrics. However, the forward P/E of 22.8x indicates a potential for future earnings growth. This P/E analysis aligns with the GF Value™ verdict, reinforcing the notion that AG is overvalued at its current price.
What Does AG's GF Score™ Tell Us? Metric Rating GF Score™ 58 Financial Strength 8/10 Profitability 5/10 Growth 3/10 Valuation 1/10 Momentum 3/10 The GF Score™ of 58/100 indicates that First Majestic Silver Corp has an average performance across the key metrics that drive stock performance. The strongest area is its financial strength, rated at 8/10, suggesting a solid balance sheet and ability to meet obligations. However, the valuation rank is notably weak at 1/10, corroborating the view of overvaluation as indicated by the GF Value™ assessment.
What Are Insiders Doing with AG Stock? There have been no insider transactions in the last three months for First Majestic Silver Corp. This lack of insider activity may suggest a neutral outlook from management regarding the stock's current valuation and future prospects.
What This Means for Investors Based on the GF Value™ assessment, First Majestic Silver Corp is considered significantly overvalued at its current price of $23.58, which is far above the intrinsic value of $9.18. Investors should be cautious of potential price corrections in the future.
For the complete analysis, visit the First Majestic Silver Corp AG stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is AG's GF Score™?
The GF Score™ for First Majestic Silver Corp is 58/100, indicating an average performance across key metrics affecting long-term returns.
Is AG overvalued or undervalued?
AG is considered significantly overvalued based on the GF Value™ of $9.18 compared to the current stock price of $23.58.
What is AG's P/E ratio?
The P/E ratio for AG is 69.3x, which is slightly below its 5-year median of 70.5x, indicating it is trading in line with its historical valuation metrics.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Vancouver, British Columbia--(Newsfile Corp. - May 12, 2026) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the Company's unaudited condensed interim consolidated financial results for the first quarter ended March 31, 2026. The full version of the quarterly financial statements and the accompanying management's discussion and analysis can be viewed on the Company's website at www.firstmajestic.com or under the Company's profiles on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.
First Majestic Silver (AG +4.31%) recently reported its first-quarter results. The silver mining company delivered surging revenue and profitability, driven by significantly higher silver and gold prices. Those higher prices more than offset the impact of lower production and higher costs.
Here's a look at whether the silver stock is a buy after its earnings report.
Image source: The Motley Fool.
Another record quarter First Majestic Silver achieved record quarterly revenue of $476.7 million, a 95% increase from the first quarter of last year. That's its fifth straight quarterly revenue record. Overall, 66% of its revenue came from silver, the highest percentage in its peer group.
Meanwhile, the company's adjusted net earnings rocketed from $20.9 million in the first quarter of last year to $151.7 million in the first quarter of this year. First Majestic Silver also delivered a 182% increase in its cash flow from operations to $310.6 million and generated $223.5 million in free cash flow, up from $43.5 million last year. The company's strong cash flows enabled it to strengthen its balance sheet to a record $1.1 billion treasury position, up 20%, while also increasing its quarterly dividend by 280%. First Majestic's new dividend policy is to pay out 2% of its net quarterly revenues.
The company's revenue and profits surged even though its silver and gold production declined by 4% and 6%, respectively, due to lower grades milled. First Majestic also experienced a significant uptick in costs -- its all-in sustaining cost per silver ounce equivalent rose 55% -- due to higher variable costs, including royalties and worker production bonuses. It more than offset the headwinds from higher costs and lower production, thanks to higher silver and gold prices.
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0.73
Current Price
$
17.65
What's ahead for the silver miner While silver and gold prices have surged over the past year, they've come down from their peaks. Silver has rocketed more than 150% over the last year to around $85 an ounce, though that's well below its height of nearly $122 an ounce. Meanwhile, gold surged nearly 45% to its recent level of around $4,700 an ounce, though that's down from its 52-week high of more than $5,625 an ounce.
Investor demand for precious metals has surged due to inflationary and geopolitical concerns. Additionally, silver is also benefiting from increased industrial demand. It's a vital metal for the solar energy industry and plays a crucial role in supporting AI due to its usage in chips, servers, switches, and robotics. Meanwhile, there's currently a deficit in the silver market between supply and demand. These catalysts should keep silver prices high, especially since there aren't enough new silver mines coming online to boost supply.
First Majestic expects its costs to fall in the second half of this year, positioning it to deliver stronger profitability if prices remain high. It has also delivered numerous positive exploration results across its portfolio, positioning it to continue supplying silver to an undersupplied market.
Meanwhile, First Majestic is looking to capitalize on higher gold prices by restarting production at its Jerritt Canyon Gold Mine. It plans to invest $75 million this year to support the mine's restart, which it placed in care and maintenance in early 2023 when gold prices were much lower. The company aims to resume production at Jerritt Canyon next year.
Shares of First Majestic Silver have rocketed more than 300% over the past year due to surging silver and gold prices. The silver miner has more upside potential if silver and gold prices remain high. However, at about 20 times forward earnings, First Majestic Silver trades at a premium to most of its silver-focused peers. As a result, you might want to wait for a lower price before buying First Majestic, unless you have a very high conviction that silver prices will continue soaring.
Insider Selling: MarketAxess (NASDAQ:MKTX) General Counsel Sells 100 Shares of StockMarketBeat
MarketAxess Holdings Inc. (NASDAQ:MKTX - Get Free Report) General Counsel Scott Pintoff sold 100 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $116.03, for a total transaction of $11,603.00. Following the transaction, the general counsel owned 11,786 shares in the company, valued at approximately $1,367,529.58. The trade was a 0.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
NASDAQ:MKTX
Read Insider Selling: MarketAxess (NASDAQ:MKTX) General Counsel Sells 100 Shares of Stock
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First Majestic Silver is upgraded to Hold after a significant price drop, with long-term macro tailwinds supporting long-term repricing potential. AG posted a strong quarter: 95% revenue growth, 182% higher operating cash flow, and $223.5M in FCF, while maintaining a robust balance sheet with nearly $1B in cash. Operationally, AG announced advancing with the Jerritt Canyon restart plan ($75M investment for H2 2027), with their well-timed Gatos acquisition and the capital allocation reflecting discipline.
On May 15, 2026, First Majestic Silver Corp AG shares experienced a significant drop of 9.9%, closing at $20.42. The stock has fluctuated within a 52-week range of $5.49 to $32.04, highlighting its volatility in the market.
GF Value™ verdict: Current price of $20.42 vs GF Value™ of $8.20, indicating a 149.0% overvaluation.GF Score™ is 51/100, suggesting average performance across key metrics.Most notable signal: No insider transactions in the last 3 months. Is AG Overvalued or Undervalued? The current share price of First Majestic Silver Corp AG at $20.42 is significantly higher than the GF Value™ estimate of $8.20, indicating that the stock is 149.0% overvalued. This substantial margin above the intrinsic value suggests that investors may be paying a premium that is not supported by the company's underlying fundamentals. The GF Valuation label categorizes AG as significantly overvalued, indicating potential risks for investors who may be considering an entry at current levels.
Investors should exercise caution, as an overvaluation often leads to market corrections, whereby the stock price may decline to align more closely with its intrinsic value. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.
How Does AG's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 34.6x 70.5x Forward P/E 20.4x - The current P/E (TTM) of 34.6x is significantly below its 5-year median P/E of 70.5x, reflecting a 51% discount to historical valuations. This analysis corroborates the GF Value™ verdict, suggesting that the stock is trading above its historical valuation, further reinforcing the notion that AG may be overvalued at the current price level.
What Does AG's GF Score™ Tell Us? Metric Rating GF Score™ 51/100 Financial Strength 8/10 Profitability 5/10 Growth 1/10 Valuation 1/10 Momentum 3/10 The GF Score™ of 51/100 indicates an average performance across the assessed metrics. The strongest area is Financial Strength, rated 8/10, suggesting a robust balance sheet and stability. Conversely, the weakest areas are Growth and Valuation, both rated 1/10, signifying challenges in expanding the business and a concerning current valuation relative to its intrinsic worth.
What Are Insiders Doing with AG Stock? There have been no insider transactions in the last 3 months for First Majestic Silver Corp AG . The lack of insider buying or selling may suggest that company executives are not signaling confidence or concern regarding the stock's current valuation or future performance. This absence of activity can be interpreted as a neutral indicator, leaving investors without additional insights into the management's expectations.
What This Means for Investors Based on the GF Value™ assessment, First Majestic Silver Corp AG is currently overvalued. With a share price significantly above its intrinsic value, investors may want to approach with caution, particularly in light of recent price declines and market volatility.
For the complete analysis, visit the First Majestic Silver Corp AG stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is AG's GF Score™?
The GF Score™ for First Majestic Silver Corp AG is 51/100, indicating average performance across key financial metrics.
Is AG overvalued or undervalued?
AG is currently overvalued, with a GF Value™ estimate of $8.20 compared to the current price of $20.42.
What is AG's P/E ratio?
The P/E (TTM) for AG is 34.6x, which is significantly below its 5-year median P/E of 70.5x, indicating a discount relative to its historical valuation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
On May 18, 2026, First Majestic Silver Corp AG shares fell 3.4% today, bringing the current price to $19.73. Over the past 52 weeks, the stock has traded between a high of $32.04 and a low of $5.55.
GF Value™ verdict: Current price is $19.73 versus GF Value™ of $10.19, indicating the stock is 93.6% overvalued.GF Score™ is 51/100, which is classified as average.Most notable signal: Financial Strength is rated 8/10, indicating robust financial health. Is AG Overvalued or Undervalued? The current market price of First Majestic Silver Corp AG at $19.73 is substantially higher than the estimated fair value of $10.19 according to GF Value™, indicating that the stock is 93.6% overvalued. This overvaluation suggests a significant margin of safety for potential investors if the market were to correct itself, as the current valuation does not seem to reflect the intrinsic value of the company. The GF Valuation label categorizes AG as significantly overvalued, which carries the risk that the stock price may decline or stagnate if it fails to meet investor expectations for performance or growth.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the substantial difference between the market price and the GF Value™, there may be a higher risk associated with investing in AG at this price point, particularly if market conditions change or if the company does not deliver on expected performance metrics.
How Does AG's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 33.4x 70.5x Forward P/E 19.7x N/A First Majestic Silver Corp's current P/E ratio of 33.4x is significantly below its 5-year median P/E of 70.5x, suggesting that the stock is trading at a much lower valuation compared to its historical levels. The forward P/E of 19.7x further corroborates this notion of improved future earnings expectations. This P/E analysis aligns with the GF Value™ verdict of overvaluation, as it indicates that even though the stock appears cheaper relative to its past, it is still priced higher than its intrinsic value as per GF Value™.
What Does AG's GF Score™ Tell Us? Metric Rating GF Score™ 51 Financial Strength 8/10 Profitability 5/10 Growth 1/10 Valuation 1/10 Momentum 3/10 The GF Score™ of 51/100 indicates an average stock performance overall, with Financial Strength being the strongest aspect at 8/10, reflecting a solid financial foundation. However, the Growth and Valuation ranks are notably weak at 1/10, suggesting that the company may struggle to maintain growth rates or achieve favorable valuations in the current market environment. This divergence between strong financial health and weak growth and valuation signals could be a red flag for potential investors looking for robust performance.
What Are Insiders Doing with AG Stock? There has been no insider buying or selling activity in the last three months for First Majestic Silver Corp AG . The absence of insider transactions may indicate that insiders are either confident in the company's current direction or uncertain about its future performance, as active trading by insiders often reflects their views on the company's prospects. A lack of insider activity can also suggest that insiders are holding onto their shares, possibly anticipating a recovery in share price or company performance.
What This Means for Investors Based on the analysis of GF Value™, First Majestic Silver Corp AG is currently overvalued. With a significant gap between the current market price and intrinsic value, investors may need to exercise caution when considering this stock.
For the complete analysis, visit the First Majestic Silver Corp AG stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is AG's GF Score™?
The GF Score™ for First Majestic Silver Corp AG is 51/100, which indicates an average performance among its peers based on various financial metrics.
Is AG overvalued or undervalued?
First Majestic Silver Corp AG is currently overvalued, with a GF Value™ of $10.19 compared to the market price of $19.73.
What is AG's P/E ratio?
The P/E ratio for AG is 33.4x, which is significantly below its 5-year median P/E of 70.5x, indicating a lower valuation compared to its historical trading range.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Silver crossed deep into record territory this year, and the stocks levered to it have finally started catching up. With bullion prices still elevated and Wall Street’s analyst desks scrambling to update models, single-digit and low-double-digit miners are quietly becoming some of the most interesting risk/reward setups in the market. For retail investors scanning headlines, a sub-$30 silver name with rising production, expanding margins, and a physical-bullion subsidiary is the kind of asymmetric opportunity that does not show up often.
With that in mind, here is one pure-play silver miner trading well under $30 that looks compelling on the operational and commodity tailwinds.
First Majestic Silver (NYSE: AG) First Majestic Silver (NYSE:AG) is a pure-play silver miner with four operating mines in Mexico (Santa Elena, San Dimas, La Encantada, and Los Gatos) plus the First Mint bullion subsidiary that stamps physical silver products.
Shares closed at $19.45 on May 22, 2026, sitting comfortably below the $30 ceiling despite a 232.03% one-year gain. The stock has cooled 6.9% over the past month, which gives a retail investor a more reasonable entry into a name that has clearly broken out structurally.
Fundamentals back up the move. The company sports a forward P/E of 18, an operating margin of 49.5%, and TTM revenue of $1.49 billion. Wall Street’s consensus target sits at $26.88, with one Strong Buy, three Buy, one Hold, and one Strong Sell rating logged.
The bull case is straightforward. Per custom analysis, piling into physical bullion coins or low-leverage ETFs leaves returns on the table when a high-efficiency producer can pull metal out of the ground for significantly less than spot. First Majestic is exactly that. Management told investors on the Q1 2026 call that the average realized silver price hit $86.35 per ounce, while CEO Keith Neumeyer said margins expanded almost fourfold from $13/ounce in Q1 2025 to $52/ounce in Q1 2026. Q1 2026 revenue came in at a record $477 million, up 95% year-over-year, with $224 million in free cash flow and a treasury north of $1.1 billion.
The $1.05 billion Gatos Silver acquisition closed in January 2025 added the Los Gatos mine, which contributed $108.74 million in Q3 2025 revenue alone. Production scale jumped 96% YoY to 3.9 million silver ounces in Q3 2025, and management raised 2025 guidance to 30.6 to 32.6 million AgEq ounces. The First Mint subsidiary, now ISO 9001 certified for IRA-eligible products, sold 266,583 ounces in Q3 2025 and posted a record quarter in Q1 2026.
The key risk is real and worth flagging. First Majestic has more than $1.01 billion in claimed Mexican SAT tax reassessments across multiple subsidiaries, with $113.4 million in restricted cash already frozen and a $230 million convertible debenture maturing in January 2027. Customer concentration is also high, with six customers accounting for 95% of sales. The operational story still holds, though these factors cap how aggressively a conservative investor should size the position.
Tangible margin of safety, leverage to a rising metal, and a physical bullion arm in one ticker under $30 is a rare combination.
The Bottom Line First Majestic’s setup is compelling because of margin expansion, production growth, and a fortress balance sheet. The sub-$30 share price simply adds an accessible entry point. Run the numbers against your own portfolio, weigh the Mexican tax overhang, and decide if pure-play silver leverage belongs in your mix.
On June 09, 2026, First Majestic Silver Corp AG shares fell 3.7% to $16.54, continuing a downward trend that has seen the stock decline by 21.2% over the past week and 24.3% over the past month. The stock has experienced significant volatility over the past year, with a 52-week high of $32.04 and a low of $7.74.
GF Value™ verdict: Current price of $16.54 is 61.8% above the GF Value™ of $10.22, indicating overvaluation.GF Score™ of 56/100 suggests average performance relative to peers.Notable signal: No insider transactions in the last three months indicate a lack of insider confidence in the stock's current valuation. Is AG Overvalued or Undervalued? The current price of First Majestic Silver Corp AG is $16.54, significantly above the GF Value™ of $10.22. This represents a 61.8% overvaluation based on the GF Value™ metric. The considerable gap between the current stock price and its intrinsic value suggests a potential risk for investors, as the shares may be subject to further declines if the market corrects this disparity. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.
Given that AG is classified as significantly overvalued, caution is advised for potential investors. The risk of a price correction may outweigh the benefits of holding the stock at its current valuation. While there may be growth potential in the mining sector, the current market price does not seem to reflect the inherent value of the company based on historical performance and future expectations.
How Does AG's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 28.0x 70.5x Forward P/E 18.5x N/A The current P/E (TTM) ratio of 28.0x is significantly below AG's 5-year median P/E of 70.5x, indicating that the stock is trading at a lower valuation multiple compared to its historical average. However, the forward P/E of 18.5x also suggests that future earnings may not justify the current stock price. This P/E analysis aligns with the GF Value™ verdict, reinforcing the conclusion that AG is overvalued at its current price.
What Does AG's GF Score™ Tell Us? Metric Rating GF Score™ 56/100 Financial Strength 8/10 Profitability 5/10 Growth 1/10 Valuation 3/10 Momentum 3/10 The GF Score™ of 56/100 indicates that First Majestic Silver Corp has average performance relative to peers. The strongest area is its Financial Strength, rated at 8/10, suggesting that the company has a solid balance sheet and liquidity position. Conversely, the Growth and Valuation ranks of 1/10 and 3/10, respectively, highlight weaknesses in the company's growth prospects and current valuation metrics, aligning with the findings of significant overvaluation based on GF Value™.
What Are Insiders Doing with AG Stock? There have been no insider transactions in the last three months for First Majestic Silver Corp AG . This lack of activity may suggest that insiders are not currently confident in the stock's future performance or the current market price. Typically, insider buying can indicate confidence in the company's prospects, while selling can signal a lack of faith in its valuation or future growth.
What This Means for Investors First Majestic Silver Corp AG appears to be overvalued based on GF Value™, with a current price significantly above its intrinsic value. Investors may face risks associated with the potential for further price declines if the market adjusts to reflect the company's actual value.
For the complete analysis, visit the First Majestic Silver Corp AG stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is AG's GF Score™?
AG's GF Score™ is 56/100, indicating average performance relative to its peers based on several key factors.
Is AG overvalued or undervalued?
AG is considered overvalued, with a current price of $16.54 being 61.8% above the GF Value™ of $10.22.
What is AG's P/E ratio?
AG's P/E ratio is 28.0x (TTM), which is significantly lower than its 5-year median P/E of 70.5x, highlighting that the stock is trading below its historical valuation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Vancouver, British Columbia--(Newsfile Corp. - June 10, 2026) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the voting results for its Annual General Meeting of shareholders that was held on Wednesday, June 10, 2026 in Vancouver, British Columbia (the "2026 AGM"). Each of the matters that were voted upon at the 2026 AGM are described in detail in the Company's Management Information Circular dated April 29, 2026 (the "Circular"), which is available on the Company's website at www.firstmajestic.com/investors/agm-materials/ and under the Company's profile on SEDAR+ at www.sedarplus.ca.
A total of 290,164,319 common shares ("Shares") of First Majestic were represented at the 2026 AGM, representing 58.77% of the Company's issued and outstanding Shares as at April 15, 2026, the record date for the 2026 AGM. Shareholders voted in favour of all matters brought before the 2026 AGM. The specific voting results were as follows:
NUMBER OF DIRECTORS
ResolutionVotes For% ForVotes Against% AgainstSet the number of directors of the Company at six288,501,01699.45%1,605,0610.55%ELECTION OF DIRECTORS
Director NomineeVotes For% ForVotes Withheld% WithheldKeith Neumeyer205,934,81790.43%21,805,1129.57%Marjorie Co226,698,21399.54%1,041,7170.46%Thomas F. Fudge, Jr.159,116,11969.87%68,623,81130.13%Raymond L. Polman226,941,89699.65%798,0340.35%Colette Rustad225,119,90298.85%2,620,0271.15%Ayesha Hira226,854,67799.61%885,2540.39%APPOINTMENT OF AUDITOR
ResolutionVotes For% ForVotes Withheld% WithheldAppoint Deloitte LLP, Independent Registered Public Accounting Firm, as auditor for the Company to hold office until the next Annual General Meeting and authorize the directors to set the remuneration to be paid to the auditor 252,426,45187.01%37,679,62712.99%SAY-ON-PAY (non-binding advisory vote)
ResolutionVotes For% ForVotes Against% AgainstAdvisory resolution to approve the Company's approach to executive compensation149,484,64765.64%78,255,27934.36%APPROVAL OF UNALLOCATED ENTITLEMENTS AWARDED UNDER LTIP
ResolutionVotes For% ForVotes Withheld% WithheldApprove the unallocated entitlements under the Company's long-term incentive plan (the "LTIP") and ratify grants of Awards (as defined in the LTIP) that have been made since May 26, 2025 221,671,08797.34%6,068,8402.66%ABOUT FIRST MAJESTIC
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates four producing underground mines in Mexico: the Santa Elena Silver/Gold Mine, the Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the San Dimas Silver/Gold Mine, and La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold Mine located in northeastern Nevada, U.S.A., which the Company is currently in the process of re-starting.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.
This news release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and United States securities laws (collectively, "forward‐looking statements"). Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are discussed in the section entitled "Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2025 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's Annual Report on Form 40-F for the year ended December 31, 2025 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/301028
Source: First Majestic Silver Corp.
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