First Majestic Silver Corp. (NYSE: AG; TSX: AG) is back in the spotlight on Wednesday, December 17, 2025, as the precious-metals rally intensifies and fresh company developments continue to ripple through the market. In early trading action, U.S.-listed precious-metal miners—including First Majestic—rose about 3%, helped by a surge in bullion prices that pushed silver above $65 for the first time, according to Reuters. [1]
AG stock has already had a high-volatility, high-momentum run in December—exactly the kind of tape action you’d expect when the underlying commodity is making historic moves and investors are hunting for “leveraged-to-silver” exposure. [2]
Below is a detailed, publication-ready roundup of the latest news, forecasts, and analysis available as of 17.12.2025—including what’s moving the stock, what the company has recently announced, and where analyst expectations sit heading into 2026.
What’s driving First Majestic Silver stock on Dec. 17, 2025
The cleanest near-term explanation is simple: silver is ripping.
Reuters reported that silver topped $65 for the first time, and that move lifted U.S.-listed precious metals miners in premarket trading—explicitly including First Majestic. [3]
A parallel analyst note published early today by Zacks framed the move as part of a broader “silver bull run” thesis, pointing to silver’s exceptional 2025 performance and arguing miners with improving earnings expectations could continue to benefit into 2026. [4]
There’s also a psychologically important “line in the sand” dynamic: commentary circulating this week has highlighted $60 silver as a major regime-change level—when prices are that elevated, investor flows into miners can accelerate fast (and reverse fast). [5]
Bottom line: today’s AG move is happening in a market where the commodity itself is doing the heavy lifting—while company-specific catalysts add fuel.
Company news: Santa Elena exploration success, mine planning studies, and a management transition
First Majestic’s most substantive company-specific update in mid-December came from its Santa Elena district in Sonora, Mexico.
In a December 15 release, First Majestic announced it has begun preliminary mine planning studies for the Navidad and Santo Niño discoveries at Santa Elena—an important “graduation” step from discovery/exploration toward potential economic development. [6]
Key takeaways from the release:
- Scoping-level studies have started to evaluate potential underground mining scenarios for Navidad and Santo Niño. [7]
- For Navidad/Winter-Navidad access, the company’s internal trade-off work identified a straight ~3-kilometre underground ramp with a portal located near the Santa Elena processing plant as the “best access.” [8]
- For Santo Niño, the company described multiple access options, including an access portal near the deposit where high-grade intercepts are reported relatively close to surface. [9]
- Third-party metallurgical testing for Santo Niño mineralization indicated gold and silver recoveries exceeding 95%, and management stated the mineralization is compatible with the existing Santa Elena plant flowsheet. [10]
- The company said it initiated a plant expansion project to increase throughput from ~3,200 tonnes per day to ~3,500 tonnes per day by the end of 2026, citing increased available mineralization and confidence in the district’s longer-term potential. [11]
- The Santa Elena district drilling program exceeded its original meter plan, completing about 66,800 metres versus ~64,000 metres planned in 2025. [12]
Senior management update starting January 1, 2026
The same release also included a leadership update:
- Mani Alkhafaji was appointed to a newly described role: President & Chief Corporate Development Officer, effective January 1, 2026. [13]
- Keith Neumeyer is expected to continue as CEO from January 1, 2026 onward, with the transition described as part of succession planning and a “continued growth strategy.” [14]
For investors, this matters because mining stories—especially exploration-to-development stories—are often “confidence trades” in management’s ability to execute multi-year capital programs without blowing up costs, timelines, or community/regulatory relationships.
Financing news: $350 million convertible notes and a partial repurchase of 2027 notes
Another major December headline: First Majestic completed a sizable convertible financing designed to refinance part of its existing convertibles and support broader corporate flexibility.
On December 8, 2025, the company announced it closed an offering of $300 million aggregate principal amount of 0.125% unsecured convertible senior notes due 2031, plus an additional $50 million via full exercise of the over-allotment option—bringing the total to $350 million. [15]
Important terms and use of proceeds, per the company:
- Interest rate: 0.125% per annum (cash interest, semi-annual). [16]
- Initial conversion rate: 44.7227 common shares per $1,000 principal amount, implying an initial conversion price of about $22.36 per share. [17]
- Debt management: First Majestic said it would use a portion of proceeds to repurchase about $174.7 million principal of its 0.375% convertible senior notes due 2027 for about $214.7 million in aggregate. [18]
- Remainder: intended for general corporate purposes, including “strategic opportunities.” [19]
This kind of structure is common for miners during strong commodity cycles: it can lower near-term cash interest burden, extend maturities, and preserve liquidity—while introducing potential future dilution if the stock trades well above the conversion price.
Financial and operating snapshot: record Q3 2025 performance (and why it still matters today)
The most recent full-quarter earnings picture referenced widely in current coverage remains Q3 2025, released on November 5, 2025.
Highlights from the company’s Q3 report:
- Record quarterly silver production:3.9 million silver ounces, up 96% year over year, including 1.4 million ounces of attributable silver production from Los Gatos. [20]
- Record quarterly revenue:$285.1 million, up 95% year over year, with 56% from silver sales; the company also cited an average realized silver price of $39.03 per AgEq ounce during the quarter. [21]
- Profitability: net earnings of $43.0 million (EPS $0.06) for the quarter; adjusted net earnings $32.4 million (adjusted EPS $0.07). [22]
- Liquidity: a record total treasury balance of $568.8 million, including cash and cash equivalents plus restricted cash; reported liquidity of $682.0 million including working capital and undrawn revolving credit facility (as described by the company). [23]
- Operating cash flow: operating cash flow before working capital and taxes of $141.3 million (about $0.29 per share), described as a record in the release. [24]
Why it matters on Dec. 17: in a commodity-driven tape, investors often ask a brutally practical question—if silver stays high, does the miner convert that into cash? Q3 helped build the narrative that First Majestic can generate meaningful cash flow during strong metals pricing, while still funding exploration and development. [25]
Forecasts and analyst outlook as of Dec. 17, 2025
Forecasting miners is always messy (cost inflation + geology + politics + commodity prices = chaos). Still, today’s coverage includes several concrete “street-facing” signals:
Zacks: silver bull run thesis + upward earnings revisions
In a Zacks note published early today, the firm argued that silver’s historic rally could extend into 2026 and highlighted First Majestic among a short list of miners positioned to benefit. Zacks cited:
- improving earnings revisions,
- growth visibility through 2026,
- and noted that Zacks’ consensus estimates for First Majestic’s current-year and next-year earnings have moved higher in the past 60 days. [26]
The same note stated that Zacks’ consensus expects year-over-year earnings growth of 279% (2025) and 37% (2026) for First Majestic and assigns the stock a Zacks Rank of 2. [27]
MarketBeat: “Moderate Buy” consensus, but price target near current levels
MarketBeat’s summary data (as displayed today) indicates:
- a consensus rating of “Moderate Buy”, with an average rating score around 2.75, based on a mix of buy and hold ratings and no sell ratings in the breakdown shown. [28]
- the consensus price target is close to the current price, implying limited near-term upside/downside in that specific aggregation. [29]
- earnings are expected to grow in the coming year (MarketBeat’s page cites growth from $0.54 to $0.80 per share, about 48%). [30]
This combination—positive rating, but limited implied upside—often appears after a powerful rally: analysts may acknowledge improved fundamentals while waiting for either (a) confirmation the commodity move is durable, or (b) clearer multi-quarter cost discipline and execution.
Valuation debate: “still cheap” vs. “already priced for perfection”
After AG’s huge run, valuation arguments have split into two camps:
Camp 1: Model-based “undervalued”
Simply Wall St has circulated a DCF-based view suggesting the stock could be trading meaningfully below a modelled fair value estimate (presented in CAD for the TSX listing). [31]
Camp 2: Momentum is real, but expectations are now demanding
MarketBeat’s metrics show a very elevated P/E ratio (as displayed on its page today), which is a reminder that miners can look “expensive” on earnings once the market prices in a future metals environment that may or may not persist. [32]
Meanwhile, third-party coverage has also highlighted how dramatic the stock’s move has been. Investing.com noted First Majestic hitting a 52-week high earlier in December and cited very large year-to-date and one-year returns in its write-up. [33]
These two camps can both be “right,” depending on the assumption doing the steering:
- If silver prices stay extremely high and costs remain controlled, cash flow can climb fast.
- If silver mean-reverts or costs creep, miners can de-rate violently.
Where AG stock stands entering today’s session
As of the latest widely reported figures available in today’s coverage:
- MarketBeat listed $16.41 as the 12/16/2025 close, and showed extended trading around $16.89 early this morning. [34]
- Reuters separately reported First Majestic rising about 3% in premarket trading as silver hit the $65 level. [35]
(Prices can differ slightly by data vendor and timestamp—especially around extended-hours trading.)
Key risks investors are watching right now
Even in a bull tape, a miner is never a “set-and-forget” asset. The risk stack for First Majestic (and its peers) typically includes:
- Silver price volatility: miners can behave like leveraged instruments on the underlying commodity; big up days can flip to big down days quickly. [36]
- Execution risk at Santa Elena (and beyond): scoping-level studies and expansion plans are not the same thing as permitted, funded, on-time projects. [37]
- Convertible note dilution/structure complexity: convertibles can be smart financing, but they add moving parts—repurchases, conversion mechanics, and potential dilution if the stock rallies strongly above the conversion price. [38]
- Geopolitical/regulatory exposure: First Majestic operates major assets in Mexico and also holds U.S. assets; policy, permitting, taxes, and community relations remain core variables for the sector. [39]
- Valuation compression: after a major run, even “good news” can be met with selling if expectations have already been priced in. [40]
What to watch next: the catalysts that could matter after Dec. 17
Here are the next “likely to move the story” items traders and long-term investors tend to monitor:
- Santa Elena follow-through: any additional drilling results, resource updates, and concrete details on mine plan assumptions (rates, capex, timelines) as studies progress. [41]
- Year-end reserve/resource disclosure cadence: the company indicated it expects additional resource-related disclosures tied to the year-ended Dec. 31, 2025 period, and referenced future filings and resource conversion work (including Luna zone conversion work). [42]
- Los Gatos contribution and synergy narrative: Zacks emphasized Los Gatos’ silver contribution and the strategic rationale of the 2025 acquisition, a theme likely to stay front-and-center in future quarters. [43]
- Next earnings window: MarketBeat lists a next earnings date estimate around February 19, 2026. [44]
- Macro triggers: inflation data, the forward rate-cut path, and investor flows into precious metals can all swing silver—and therefore AG—quickly. [45]
The takeaway
On Dec. 17, 2025, First Majestic Silver stock is riding a rare alignment: historic silver prices plus company-specific developments that reinforce a growth narrative—Santa Elena discoveries moving toward early mine planning, a stated throughput expansion plan, and a major refinancing via low-coupon convertibles. [46]
Forecast-wise, today’s analyst commentary is broadly constructive, but not uniformly implying massive near-term upside—especially after a huge run-up. The next phase will likely hinge on two things: whether silver’s new regime holds, and whether First Majestic converts that environment into durable free cash flow while executing development plans without surprises. [47]
References
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