First Majestic Silver Corp.

Name: AG Verdict Framework Scorecard — WATCH
Item: First Majestic Silver Corp.
Rating: 20
Author: Mining Stock Report

TSX:AG · Silver · Sonora, Mexico

WATCH

Composite Score 20/25

Scored May 3, 2026 View dated scorecard →

Verdict Framework Breakdown

Management Skin-in-the-Game

4/5

Keith Neumeyer founded First Majestic in 2002 and serves as President & CEO — one of the most recognized silver mining executives globally with a long track record of building producing assets. Owns ~4.07M shares. Institutional ownership at 60%. Management has consistently delivered production growth and growing reserves, including a record 15.4M oz silver in 2025. Capital allocation has improved with dividend increases and a strong cash position of $940M post Q4 2025.

Project Geology Quality

5/5

As of December 31, 2025: Proven & Probable reserves of 184.8M AgEq oz across 4 producing Mexican mines (27.4M tonnes). M&I resources of 652.8M AgEq oz (up 50% YoY) and Inferred 592.3M AgEq oz (up 69% YoY), driven by Santo Niño discovery at Santa Elena and Jerritt Canyon gains. Record resource growth in 2025 with reserves also growing 4% YoY. Four producing mines in Mexico; Jerritt Canyon (Nevada) in exploration/resource expansion mode.

Capital Structure Health

4/5

~494M shares outstanding (April 2026). Large liquid float is standard for a major silver producer. Cash of $940M as of end-Q4 2025 with no material debt concerns. Dividend-paying with quarterly distributions increased in 2025. Share count is large but proportional to asset base and operational scale. Market cap ~US$9.8B (NYSE, May 2026 at ~$19.76/share).

Catalyst Proximity

4/5

2026 full-year production guidance issued; four producing mines provide continuous newsflow. Jerritt Canyon resource expansion drilling ongoing with results expected throughout 2026. Santo Niño maiden resource is a potential re-rating catalyst. High operating leverage to silver price — silver has rallied significantly in 2025-2026. Quarterly dividends and earnings releases are steady near-term catalysts.

Comparable Acquisition Value

3/5

Trading at ~US$19.76 (May 2026) with market cap ~$9.8B. Forward P/E of ~57x is above industry average (~21x), suggesting the market has priced in growth. Analyst consensus target ~$24.58-$28.35 USD implies upside of ~25-43% from current levels. Trades at a premium multiple appropriate for a proven silver producer with growing reserves, but the premium limits P/NAV value-hunting appeal versus smaller peers.

Analyst Summary

First Majestic Silver is the highest-quality name in this cohort — a proven multi-mine silver producer with record 2025 production, a growing reserve and resource base, and $940M in cash. Keith Neumeyer's leadership and track record are a genuine differentiator. At a forward P/E above 57x, the stock is pricing in considerable silver price and production growth, limiting margin of safety for new buyers; it is a WATCH rather than a BUY at current multiples. For investors with high conviction on silver prices above $30/oz, AG offers excellent leverage with lower execution risk than junior peers.

Resources & Reserves

Indicated 652.8 million AgEq oz M&I resources (Dec 31, 2025)

Inferred 592.3 million AgEq oz Inferred (Dec 31, 2025)

Probable 184.8 million AgEq oz P&P reserves across 4 producing mines (Dec 31, 2025)

Share Structure

Issued & Outstanding 494,000,000

Company Details

Exchange / Ticker: TSX:AG
Jurisdiction: Sonora, Mexico
Primary Commodity: Silver
Report Date: May 3, 2026
About: First Majestic Silver is a Vancouver-based mining company focused on silver and gold production from four wholly-owned operating mines in Mexico: Santa Elena in Sonora, San Dimas in Durango, Los Gatos in Chihuahua (70% interest), and La Encantada in Coahuila. The company is dual-listed on the TSX and NYSE under the symbol AG and is recognized as one of the largest primary silver producers in the world. First Majestic is in the production stage with a fully operating mine fleet in Mexico.
Website: https://www.firstmajestic.com

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