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First Majestic Silver Corp.
Materials · Metals & Mining
STRUCTURAL: Highest silver-revenue mix among $5B+ miners (>50% silver vs ~25% at $PAAS, ~10% at $HL) - pure beta vehicle when silver leads gold. Mexican operating base (San Dimas, Santa Elena, La Encantada) + Jerritt Canyon NV gold leg adds jurisdiction diversification post-Gatos acquisition.
Trades on AISC, silver tape, and Mexico mining-royalty headlines.
(1) Silver supply deficit fifth straight year per Silver Institute - solar+EV industrial pull running ~700Moz/yr vs ~830Moz mine supply. (2) Gatos Silver merger closed Jan 2026 - Cerro Los Gatos adds ~9Moz AgEq/yr at low AISC, accretive on FCF/share.
(3) Highest beta to silver of the majors - 2x-3x silver-spot moves historically. (4) Jerritt Canyon restart optionality on gold side. (5) Mexico AMLO-era royalty overhang lifting under new administration.
(1) AISC consistently among highest in cohort ($20-22/oz) - squeezed when silver retraces under $25. (2) Pure beta cuts both ways; down-cycles see -50%+ drawdowns vs majors. (3) Mexico jurisdiction risk persists - water permits, indigenous consultation, fuel theft.
(4) Frequent equity issuance dilutes per-share metrics - share count up ~40% over five years. (5) Jerritt Canyon has been a chronic underperformer; gold mix dilutes silver-bull narrative.
No major news in the last 7 days for AG - only listicles and opinion pieces, which we filter out by default. See everything anyway.
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