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First Majestic Silver Corp

www: www.firstmajestic.com   email: info@firstmajestic.com
Category: Emerging Major
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Symbol Data

Symbol Currency
NYSE:AG USD
TSE:AG CAD

Description

First Majestic Silver Corp are a gold and silver focused emerging major with four producing mines in Mexico and USA, one mine in development in Mexico and four exploration properties. Currently they produce roughly 135koz. of gold and 14.0Moz. of silver per year. They have approximately 5Moz. of gold and 210Moz. of silver in the reserves and resources category of which 3Moz. of gold and 135Moz. of silver are in the measured and indicated category. They have a market capitalisation of ~$3074.02M which is a rise of roughly 14% over the last two weeks. As of 02/28/2025 they have ~$265M debt and ~$202M cash. They have 483M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 02/28/2025
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $2,692.90M $3,074.02M 02/28/2025 $381.12M
Total Assets: $1,019.00M $1,019.00M 02/28/2025 $0.00M
Total Liabilities: $374.00M $374.00M 02/28/2025 $0.00M
Current Assets: $300.00M $300.00M 02/28/2025 $0.00M
Current Liabilities: $78.00M $78.00M 02/28/2025 $0.00M
Total Debt: $265.00M $265.00M 02/28/2025 $0.00M
Cash: $202.00M $202.00M 02/28/2025 $0.00M
Enterprise Value: $2,755.90M $3,137.02M 05/28/2069 $381.12M
Cash Flow: $208.02M $238.78M never $30.76M
Cash Flow Multiple: 12.95 12.87 never -0.07
Net Debt to
Cash Flow Ratio:		 0.30 0.26 never -0.04
Finance within 1 year: 02/28/2025 n/a
Misc 02/28/2025
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 482,505,780 482,505,780 02/28/2025 0
Shares (FD): 501,471,370 501,471,370 02/28/2025 0
Insider Ownership: n/a n/a 01/14/2018 n/a
Dividend (Annual): n/a 0.36% 02/28/2025 0.36%
Company Type: Mostly Silver Mostly Silver never n/a
Production ETA: n/a n/a 02/28/2025 n/a
Production (Gold Eq Oz.): (guess) 
287,538		 (guess) 
292,392		 02/28/2025 4,854
Production (Silver Eq Oz.): (guess) 
26,390,328		 (guess) 
26,008,242		 02/28/2025 -382,086
Initial CapEx (Outstanding): n/a n/a 02/28/2025 n/a
Funding Option: n/a n/a 02/28/2025 n/a
Documentation: none PRODUCER 02/28/2025 n/a
Future MCap Modifier: 0.3
Producer: Elite Quality
 0.3
Producer: Elite Quality
 04/24/2023 0
Cash Flow Multiplier: 20 20 02/28/2025 0.00

Resource Data

GOLD 02/28/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 0.70M 0.70M 02/28/2025 0.00M
Measured & Indicated: 3.00M 3.00M 02/28/2025 0.00M
Inferred: 2.00M 2.00M 02/28/2025 0.00M
Reserves & Resources: 5.00M 5.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 0.56M 0.56M 02/28/2025 0.00M
Measured & Indicated: 2.03M 2.03M 02/28/2025 0.00M
Inferred: 0.80M 0.80M 02/28/2025 0.00M
Reserves & Resources: 2.83M 2.83M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
135,000oz.		 (guess) 
135,000oz.		 02/28/2025 0oz.
Cash Cost: $1,250 $1,250 02/28/2025 $0.00
Extra Operating Cost: $700 $700 02/28/2025 $0.00
Total: $1,950 $1,950 02/28/2025 $0.00
Margin (Free Cash Flow): $906 (32%) $964 (33%) $57.80
G
R
A
D
E		 Underground (Avg): 5.00 g/t 5.00 g/t 02/28/2025 n/a
Open Pit (Avg): n/a 1.00 g/t 10/17/2024 1.00 g/t
Recovery Rate: (CG)  80.00% (CG)  80.00% 02/28/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: 4.00M 4.00M 02/28/2025 0.00M
Annual Production: 275,000oz. 275,000oz. 02/28/2025 0oz.
Cash Cost: $1,400 $1,400 02/28/2025 $0
Extra Operating Cost: $700 $700 02/28/2025 $0
SILVER 02/28/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 95.00M 95.00M 02/28/2025 0.00M
Measured & Indicated: 135.00M 135.00M 02/28/2025 0.00M
Inferred: 75.00M 75.00M 02/28/2025 0.00M
Reserves & Resources: 210.00M 210.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 85.50M 85.50M 02/28/2025 0.00M
Measured & Indicated: 114.30M 114.30M 02/28/2025 0.00M
Inferred: 33.75M 33.75M 02/28/2025 0.00M
Reserves & Resources: 148.05M 148.05M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
14,000,000oz.		 (guess) 
14,000,000oz.		 02/28/2025 0oz.
Cash Cost: $14.00 $14.00 02/28/2025 $0.00
Extra Operating Cost: $11.00 $11.00 02/28/2025 $0.00
Total: $25.00 $25.00 02/28/2025 $0.00
Margin (Free Cash Flow): $6.12 (19.67%) $7.76 (23.69%) $1.64
G
R
A
D
E		 Underground (Avg): 180.00 g/t 180.00 g/t 02/28/2025 n/a
Open Pit (Avg): n/a n/a 07/09/2023 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 02/28/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: 200.00M 200.00M 02/28/2025 0.00M
Annual Production: 15,000,000oz. 15,000,000oz. 02/28/2025 0oz.
Cash Cost: $16.00 $16.00 02/28/2025 $0.00
Extra Operating Cost: $12.00 $12.00 02/28/2025 $0.00

Property

Last Analysis Data  (02/28/2025)
Stage Name Owned Au Ag Cu Notes
Prod La Encantada 100% show
2023

P&P: 13.6M AG OZ
M&I: 31.6M AG OZ
Inf: 19.3M AG OZ

2023E PRODUCTION
3.1M - 3.3M AG OZ
Prod San Dimas 100% show
2023

P&P: 37.8M AG + 460K AU OZ
M&I: 54.5M AG + 681K AU OZ
Inf: 42.0M AG + 489K AU OZ

2023E Production
12.9M - 13.7M AgEq OZ
(6.4M - 6.8M AG OZ + 78K - 83K AU OZ)
Prod Santa Elena 100% show
2023

P&P: 10.1M AG + 320K AU OZ
M&I: 15.6M AG + 467K AU OZ
Inf: 12.4M AG + 313K AU OZ

2023E PRODUCTION
8.5M - 9.1M AgEq OZ
(0.9M - 1.0M AG OZ + 91K - 97K AU OZ)
Dev Del Toro 100% show
1 of 5 long life producing mines. Number 6 is under development.

2023 -

M&I: 7.6M AgEq OZ
Inf: 11.2M AgEq OZ

January 2020 temporarily suspended (improve operations)
Exp Cerros Los Gatos 70% show
70% ownership (currently 51%, option for 70%.
Exp Jalisco 100% n/a
Exp La Luz 100% n/a
Exp San Martin 65% show
Past producing mine


2023

M&I: 9.0M AG + 17K AU OZ
Inf: 18.4M AG + 29K AU OZ

July 2019 temporarily suspended (security & safety issues)
Prod Jerritt Canyon 100% show
75,000 oz a year production.

Plans to increase production to 3000 tpd at 5.5 gpt = 175K oz


2023 -

M&I: 1,691K AU OZ
INF: 1,542K AU OZ

March 2023 temporarily suspended
Total Land Package Size (ha): 140,220  
Current Data
Stage Name Owned Au Ag Cu Notes
Prod La Encantada 100% show
2023

P&P: 13.6M AG OZ
M&I: 31.6M AG OZ
Inf: 19.3M AG OZ

2023E PRODUCTION
3.1M - 3.3M AG OZ
Prod San Dimas 100% show
2023

P&P: 37.8M AG + 460K AU OZ
M&I: 54.5M AG + 681K AU OZ
Inf: 42.0M AG + 489K AU OZ

2023E Production
12.9M - 13.7M AgEq OZ
(6.4M - 6.8M AG OZ + 78K - 83K AU OZ)
Prod Santa Elena 100% show
2023

P&P: 10.1M AG + 320K AU OZ
M&I: 15.6M AG + 467K AU OZ
Inf: 12.4M AG + 313K AU OZ

2023E PRODUCTION
8.5M - 9.1M AgEq OZ
(0.9M - 1.0M AG OZ + 91K - 97K AU OZ)
Dev Del Toro 100% show
1 of 5 long life producing mines. Number 6 is under development.

2023 -

M&I: 7.6M AgEq OZ
Inf: 11.2M AgEq OZ

January 2020 temporarily suspended (improve operations)
Exp Cerros Los Gatos 70% show
70% ownership (currently 51%, option for 70%.
Exp Jalisco 100% n/a
Exp La Luz 100% n/a
Exp San Martin 65% show
Past producing mine


2023

M&I: 9.0M AG + 17K AU OZ
Inf: 18.4M AG + 29K AU OZ

July 2019 temporarily suspended (security & safety issues)
Prod Jerritt Canyon 100% show
75,000 oz a year production.

Plans to increase production to 3000 tpd at 5.5 gpt = 175K oz


2023 -

M&I: 1,691K AU OZ
INF: 1,542K AU OZ

March 2023 temporarily suspended
Total Land Package Size (ha): 140,220  

Profitability (by resource)

Proven &
Probable		 02/28/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 40.34% 39.59% n/a -0.75%
Percentage Silver: 59.66% 60.41% n/a 0.75%
Total (Gold Eq. Oz.): 1.74M 1.77M n/a 0.03M
Total (Silver Eq. Oz.): 159.25M 157.26M n/a -1.98M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.49M 1.52M n/a 0.03M
Silver Eq. Oz.: 136.90M 135.31M n/a -1.58M
Maximum Profit (Gold): $507.47M $539.84M n/a $32.37M
Maximum Profit (Silver): $523.26M $663.48M n/a $140.22M
Total Maximum Profit: $1,030.73M $1,203.32M n/a $172.59M
Max Profit / Current MCap: 0.383 0.391 n/a 0.009
Max Profit Per Share (Gold): $1.01 $1.08 n/a $0.06
Max Profit Per Share (Silver): $1.04 $1.32 n/a $0.28
Total Max Profit Per Share: $2.06 $2.40 n/a $0.34
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $1,805.41 $2,020.77 n/a $215.36
FD MCap / Silver Eq.: $19.67 $22.72 n/a $3.05
FD MCap / Per Metal
as % Spot Price:		 63.21% 69.35% n/a 6.14%
Measured &
Indicated		 02/28/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 67.10% 66.41% n/a -0.69%
Percentage Silver: 32.90% 33.59% n/a 0.69%
Total (Gold Eq. Oz.): 4.47M 4.52M n/a 0.05M
Total (Silver Eq. Oz.): 410.34M 401.85M n/a -8.49M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.28M 3.32M n/a 0.04M
Silver Eq. Oz.: 300.80M 295.05M n/a -5.75M
Maximum Profit (Gold): $1,841.40M $1,958.85M n/a $117.45M
Maximum Profit (Silver): $699.52M $886.97M n/a $187.45M
Total Maximum Profit: $2,540.91M $2,845.82M n/a $304.90M
Max Profit / Current MCap: 0.944 0.926 n/a -0.018
Max Profit Per Share (Gold): $3.67 $3.91 n/a $0.23
Max Profit Per Share (Silver): $1.39 $1.77 n/a $0.37
Total Max Profit Per Share: $5.07 $5.67 n/a $0.61
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $821.67 $926.75 n/a $105.08
FD MCap / Silver Eq.: $8.95 $10.42 n/a $1.47
FD MCap / Per Metal
as % Spot Price:		 28.77% 31.80% n/a 3.04%

Reserves &
Resources		 02/28/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 68.61% 67.93% n/a -0.68%
Percentage Silver: 31.39% 32.07% n/a 0.68%
Total (Gold Eq. Oz.): 7.29M 7.36M n/a 0.07M
Total (Silver Eq. Oz.): 668.90M 654.75M n/a -14.15M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.45M 4.50M n/a 0.05M
Silver Eq. Oz.: 407.97M 399.96M n/a -8.02M
Maximum Profit (Gold): $2,566.36M $2,730.05M n/a $163.69M
Maximum Profit (Silver): $906.07M $1,148.87M n/a $242.80M
Total Maximum Profit: $3,472.42M $3,878.92M n/a $406.49M
Max Profit / Current MCap: 1.289 1.262 n/a -0.028
Max Profit Per Share (Gold): $5.12 $5.44 n/a $0.33
Max Profit Per Share (Silver): $1.81 $2.29 n/a $0.48
Total Max Profit Per Share: $6.92 $7.74 n/a $0.81
Total Free Profit Per Share: $1.55 $1.61 n/a $0.05
FD MCap / Gold Eq.: $605.81 $683.66 n/a $77.85
FD MCap / Silver Eq.: $6.60 $7.69 n/a $1.09
FD MCap / Per Metal
as % Spot Price:		 21.21% 23.46% n/a 2.25%

Future Valuation (Cash Flow & Totals)

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