First Majestic Silver Corp. (NYSE: AG , TSX: AG ) is ending the week in the center of one of the most explosive precious-metals backdrops in years. On Friday, December 12, 2025 , AG shares swung sharply—trading around $15.77 after opening near $17.15 , with an intraday range of roughly $15.69 to $17.43 .
That whipsaw action is arriving as silver pushes to new records . Reuters reported spot silver trading around the low-$63/oz area Friday after printing a fresh all-time high around $64.64/oz , a move tied to a softer US dollar and the Federal Reserve’s latest rate cut. [1]
For investors following First Majestic Silver stock , today’s story is less about a single company headline and more about the collision of three forces:
- Silver’s parabolic rally and rate-cut tailwinds
- A newly completed $350 million convertible notes financing that reshapes AG’s balance-sheet timeline
- A stock that just broke out to new highs —and is now showing the volatility that often follows momentum runs
Below is a full, publication-ready roundup of the current news, forecasts, and analysis driving First Majestic Silver (AG) stock on 12/12/2025 —with the key numbers and what to watch next.
AG stock price action on Dec. 12, 2025: From breakout to shakeout
After touching fresh highs this week, First Majestic shares are now showing classic “fast market” behavior—big intraday ranges and rapid reversals—common in miners when the underlying metal is making headlines.
- AG price (intraday): about $15.77
- Day’s range: about $15.69 to $17.43
- Open price: about $17.15
This follows multiple reports that AG set a new 52-week high on Thursday (Dec. 11) —with headlines pegging the level in the mid-$16s (for example, ~$16.30 and ~$16.57 depending on the feed/time). [2]
What matters for readers: the stock has moved from “steady climb” to “headline-driven trading,” where silver’s next $1–$2 move can quickly translate into outsized percentage swings in miner equities.
The biggest driver today: Silver hits records as markets price in easier policy
The macro catalyst behind the entire silver-miner complex is straightforward: lower expected real yields + a weaker dollar + tight physical supply narratives .
On Dec. 12, Reuters reported:
- Silver hit a new record high near $64.64/oz , then traded around $63/oz
- The metal is up sharply in 2025 (Reuters cited ~118% gains this year)
- The move followed the Fed’s latest cut, while investors debate the path for additional easing [3]
In a separate Reuters market wrap early Friday, silver was also described as benefiting from “real asset” positioning after the Fed’s rate cut, with silver notching another record during the week. [4]
Why this matters specifically for First Majestic Silver
First Majestic is one of the market’s most-followed “high beta” silver equities. When silver breaks out, investors often rotate into a small group of liquid miners—and AG is usually on that short list because it trades heavily in the US and Canada.
That’s why AG can rise quickly on bullish silver momentum—and also why it can drop sharply on profit-taking even if silver remains elevated.
Company fundamentals: What First Majestic reported most recently (and why silver above $60 is a big deal)
While today’s tape is dominated by macro, First Majestic’s latest quarterly numbers explain why traders view it as a leveraged play on silver.
In its Q3 2025 release, First Majestic reported:
- Record quarterly silver production:3.9 million ounces (including contributions from Los Gatos) [5]
- Record quarterly revenue:$285.1 million , with 56% from silver sales [6]
- An average realized silver price of $39.03 per AgEq ounce during the quarter [7]
- Record operating cash flow (before working capital and taxes): $141.3 million [8]
- Record free cash flow:$98.8 million in Q3 [9]
- Cash costs:$14.83 per AgEq oz and AISC:$20.90 per AgEq oz (with alternative “guidance assumptions” also provided) [10]
- Record treasury position:$568.8 million , including cash, cash equivalents, and restricted cash [11]
The key insight for today’s market: AG’s realized price in Q3 ($39.03 AgEq) sits far below today’s spot silver levels reported by Reuters (around $63+ with highs above $64 ). [12]
That gap is exactly why markets often rerate miners in high-silver regimes—because future quarters can show dramatic margin expansion if costs are stable and production holds.
Production guidance: The operational “floor” under the story
First Majestic’s earlier 2025 production guidance called for total attributable production of approximately:
- 27.8 to 31.2 million silver-equivalent ounces
- including 13.6 to 15.3 million ounces of silver [13]
The company attributed the expected increase in forecasted silver production vs. 2024 to the addition of Cerro Los Gatos production following its acquisition of Gatos Silver. [14]
In a Q2 2025 production update, First Majestic also highlighted 7.9 million AgEq ounces in Q2, including 3.7 million silver ounces , while noting it was revising guidance positively and describing weather/power disruptions late in June that impacted output at several operations. [15]
Why guidance still matters on Dec. 12: when a miner’s share price accelerates, the next question becomes “Is the company executing?” In AG’s case, the market has a measurable target—production in that guidance range—against which 2026 expectations will be built.
Major corporate headline in December: The $350 million convertible notes deal (and what it changes)
One of the most important AG-specific developments investors are digesting this week is the convertible financing .
First Majestic announced it closed an offering of:
- $300 million principal amount of 0.125% unsecured convertible senior notes due 2031
- plus an additional $50 million via the over-allotment option (total $350 million ) [16]
The company disclosed:
- An initial conversion rate of 44.7227 shares per $1,000 of notes
- implying an initial conversion price of roughly $22.36 per share [17]
- It planned to use proceeds to repurchase about $174.7 million principal of its 0.375% convertible notes due 2027 , paying about $214.7 million in aggregate, with remaining proceeds for general corporate purposes and strategic opportunities [18]
RTTNews (via Nasdaq) also summarized the pricing terms and highlighted the 42.5% conversion premium versus the prior NYSE close at the time of pricing. [19]
What analysts and commentators are saying about the refinancing
Several market write-ups framed the deal as a maturity-extension and flexibility move , but with a clear trade-off: potential future dilution if AG stock rises enough for conversion to become attractive.
- Simply Wall St described the transaction as lowering near-term maturities while introducing potential dilution through the conversion feature. [20]
- Finimize said shares dipped after the announcement amid investor concerns around dilution and the use of proceeds, while also calling out the long-term, low-coupon nature of the financing. [21]
- TipRanks’ “Spark” summary leaned constructive on technicals/financials but flagged valuation factors (like a high P/E and low dividend yield) as tempering the overall view. [22]
A practical way to think about dilution risk: At the initial conversion terms disclosed, a full $350 million conversion would equate to roughly 15.7 million new shares (subject to adjustments and actual conversion decisions). The market typically prices this as a future risk—especially if the rally drives AG closer to that ~$22.36 conversion price.
Analyst targets and AG stock forecast: Where Wall Street sees First Majestic next
Analyst target data can vary by provider, but the most clearly sourced updates around this week’s breakout include:
- MarketBeat reported AG is rated a “Moderate Buy” with a consensus target price around $17.33 , and referenced a higher target of $22 from National Bankshares (initiated earlier in October) along with other firm notes. [23]
- TipRanks’ summary referenced a Hold rating with a C$23.00 price target on the TSX listing in its “most recent analyst rating” field. [24]
What this means on Dec. 12
AG trading in the mid-teens while some consensus targets sit in the high-teens creates a tension:
- Bull case: silver stays elevated, AG’s cash flow scales, and the market starts to underwrite higher forward earnings at stronger realized metal prices.
- Base case: AG consolidates after a sharp run as traders wait for new guidance, cost updates, and evidence that higher spot prices translate into sustained margins and free cash flow.
- Bear case: silver corrects sharply (a common risk after “record high” headlines), compressing miner multiples and reviving dilution concerns around convertibles even before any conversion is likely.
What investors are watching next: 2026 guidance, Jerritt Canyon updates, and project milestones
In an earnings-call transcript recap published by Investing.com, management commentary pointed to several upcoming items traders may focus on heading into year-end and early 2026:
- 2026 guidance expected in January 2026
- A possible Jerritt Canyon update targeted for “end of the year” or early 2026
- A Navidad resource estimate update expected by March 2026
- Mentions of share buybacks occurring “today” and “yesterday” during the Q3 call timeframe [25]
Those are noteworthy because, in momentum-driven commodity rallies, the market quickly shifts from “price story” to “execution story.” Guidance, capital allocation, and mine-by-mine throughput/grade updates tend to determine whether breakouts hold or fade.
Risks to know: Why AG can move fast in both directions
Even with silver at records, First Majestic remains a mining equity—with the full set of risks that implies.
Key risks that have been in the market conversation:
- Earnings volatility and estimate risk: third-party recaps highlighted that Q3 results came in below certain consensus expectations even while production/cash flow hit records. [26]
- Operational disruptions: the company cited weather-related disruptions and power outages affecting production at multiple sites in late June (Q2 context). [27]
- Capital structure / dilution: the new 2031 convertibles improve maturity runway, but conversion potential becomes a bigger narrative if AG rallies toward the ~$22 area. [28]
- Commodity pullback risk: Reuters included cautionary notes even while describing silver’s bullish fundamentals, underscoring that steep moves can become “excessive” in the near term. [29]
Bottom line for Dec. 12, 2025: First Majestic is riding silver’s wave—now the market wants proof
As of 12/12/2025 , First Majestic Silver stock is being having like what it is: a highly liquid, high-beta silver miner in the middle of a historic move in the underlying metal.
Today’s “current” picture can be summarized like this:
- Silver is making records and pulling the entire sector into the spotlight. [30]
- AG just completed a major refinancing that extends maturities to 2031 at a very low coupon but introduces an overhang of potential dilution at much higher prices. [31]
- The stock broke out to new highs this week and is now experiencing the kind of volatility that often follows breakout moves—especially when traders are reacting to silver headlines and positioning shifts. [32]
The next major inflection points will likely be: (1) silver’s ability to hold above key psychological levels , (2) AG’s January 2026 guidance , and (3) whether higher realized prices translate into sustained free cash flow without cost creep. [33]
References
1. www.reuters.com, 2. www.investing.com, 3. www.reuters.com, 4. www.reuters.com, 5. www.firstmajestic.com, 6. www.firstmajestic.com, 7. www.firstmajestic.com, 8. www.firstmajestic.com, 9. www.firstmajestic.com, 10. www.firstmajestic.com, 11. www.firstmajestic.com, 12. www.firstmajestic.com, 13. www.firstmajestic.com, 14. www.firstmajestic.com, 15. www.newsfilecorp.com, 16. www.firstmajestic.com, 17. www.firstmajestic.com, 18. www.firstmajestic.com, 19. www.nasdaq.com, 20. simplywall.st, 21. finimize.com, 22. www.tipranks.com, 23. www.marketbeat.com, 24. www.tipranks.com, 25. www.investing.com, 26. www.investing.com, 27. www.newsfilecorp.com, 28. www.firstmajestic.com, 29. www.reuters.com, 30. www.reuters.com, 31. www.firstmajestic.com, 32. www.investing.com, 33. www.investing.com
