NEW YORK, Dec. 27, 2025, 6:22 p.m. ET — Market closed
First Majestic Silver Corp. (NYSE: AG) is heading into the final stretch of 2025 with two powerful tailwinds: a record-breaking silver market and renewed investor appetite for precious-metals equities during the “Santa Claus rally” window. With U.S. markets closed for the weekend, investors will be sizing up whether Friday’s strong tape for silver miners can carry into Monday’s session—and whether AG stock can build on a year defined by surging metals prices and big company-specific catalysts. [1]
AG stock recap: where First Majestic finished the last session
First Majestic ended the most recent U.S. session at about $17.42. [2]
In Friday’s light, post-holiday trading, the stock gapped higher at the open and remained active relative to the broader market’s quieter tone. MarketBeat reported AG opened at $17.77 versus the prior close of $17.21. [3]
Historical pricing data showed the session range running from roughly $16.98 to $17.91, with volume around ~21.7 million shares—notable for a holiday-week tape. [4]
The big driver in the last 24–48 hours: silver’s record run
The most important “why now” for AG is simple: silver has been printing record highs.
Reuters reported that spot silver hit a record around $75.14 per ounce on Friday, supported by a mix of industrial and investment demand, tightening inventories, geopolitical tensions, and expectations for further U.S. rate cuts. [5]
Barron’s also highlighted silver’s move above $75 as part of a broader precious-metals surge, pointing to both industrial demand and investor positioning, and noting that analysts such as Victoria Greene of G Squared Private Wealth have tied the rally to macro cross-currents and hedging behavior. [6]
Kiplinger, in a post-Christmas market wrap, framed the precious-metals move as a standout pocket of strength even as major equity indexes chopped, and cited Interactive Brokers senior economist José Torres on safe-haven bids linked to concerns the Fed could cut rates “too much” next year. [7]
For silver-levered miners like First Majestic, that price action matters because higher realized metals prices can lift revenue and margins—particularly when paired with stable throughput and cost discipline.
Broader market backdrop: light volume, “Santa Claus rally” focus
The macro tone going into the weekend was cautious-but-constructive. Reuters described Friday’s U.S. session as light-volume and close to record levels, with the major indexes barely changed and investors watching the seasonal “Santa Claus rally” period. [8]
Importantly for AG holders, Reuters specifically noted U.S.-listed precious-metal miners including First Majestic were among the stocks rising as gold and silver touched fresh records. [9]
Kiplinger also reiterated that the Santa Claus rally window (as commonly defined) runs from Dec. 24 through Jan. 5, and cited LPL Chief Financial Strategist Adam Turnquist on how returns during this period have historically correlated with subsequent performance. [10]
What’s new on the company side: recent catalysts investors are still digesting
While the last couple of days have been dominated by commodity headlines, First Majestic has also delivered a string of meaningful corporate updates this month that remain highly relevant to AG’s setup.
1) Del Toro mine sale agreement: up to US$60 million
On Dec. 17, First Majestic announced a definitive agreement to sell its 100%-owned past-producing Del Toro Silver Mine in Zacatecas, Mexico to Sierra Madre Gold & Silver for total consideration of up to US$60 million, including US$30 million upfront and up to US$30 million tied to delayed/contingent milestones. [11]
The company’s release detailed a structure including cash plus Sierra Madre shares at closing, followed by milestone-linked payments tied to (among other triggers) resource delineation and commercial production targets. [12]
For AG investors, the market typically reads these kinds of transactions through two lenses:
- Portfolio focus (recycling capital into core assets and growth projects), and
- Balance-sheet flexibility (cash inflows or de-risking future spend on non-core operations).
2) Santa Elena exploration update: recoveries above 95% and expansion plans
On Dec. 15, First Majestic reported continued exploration success at Santa Elena, including third-party metallurgical testing indicating gold and silver recoveries exceeding 95% for Santo Niño mineralization and compatibility with the existing processing plant. [13]
The release also laid out near-term planning work and longer-term capacity ambition: the company said it initiated a plant expansion project aiming to increase throughput from about 3,200 tonnes per day to about 3,500 tonnes per day by the end of 2026. [14]
In the same update, CEO Keith Neumeyer said the exploration momentum prompted an early-stage scoping study to evaluate how to integrate new discoveries into the district’s life-of-mine plan. [15]
3) Convertible notes financing: sized and structured for flexibility, but watch dilution math
First Majestic also executed a major financing move in December.
On Dec. 3, the company said it priced an offering of 0.125% unsecured convertible senior notes due 2031, initially US$300 million (with an over-allotment option). The company disclosed an initial conversion price of about US$22.36 per share (a premium versus the prior close) and said proceeds would be used in part to repurchase existing 2027 convertible notes and for general corporate purposes. [16]
On Dec. 8, First Majestic said it completed a US$350 million offering and reiterated that part of the proceeds would go toward repurchasing a portion of its outstanding 2027 convertible notes via privately negotiated transactions, with remaining proceeds earmarked for general corporate purposes and strategic opportunities. [17]
For investors, convertibles can be a double-edged sword:
- They can lower cash interest costs and extend maturities,
- But they also create potential equity dilution if the stock rises meaningfully above the conversion price over time.
Fundamentals snapshot: the last earnings print still matters
The most recent quarterly financial anchor remains First Majestic’s Q3 2025 report.
The company reported record quarterly silver production of 3.9 million ounces (+96% year-over-year) and record quarterly revenue of $285.1 million, with a large contribution from Los Gatos attributable production. It also reported a record cash/treasury position and positive earnings for the quarter. [18]
Those results are frequently referenced by analysts because they frame how operational leverage might behave if silver stays elevated—or if it retreats.
Analyst forecasts and targets: what “the Street” is modeling
Analyst outlook remains constructive overall, but price targets vary widely—typical for commodity-linked miners.
TipRanks shows First Majestic with a “Moderate Buy” consensus and an average 12-month price target around $16.54, with targets ranging from $12.50 to $22.00. [19]
TipRanks’ analyst list also highlights recent rating/target actions from named analysts including:
- Kevin O’Halloran (BMO Capital), reiterating Hold while raising a target (shown on TipRanks as $13.53 → $15.36) on Dec. 5, 2025. [20]
- Heiko Ihle (H.C. Wainwright), reiterating a Buy with a $17.50 target (dated Nov. 6, 2025 on TipRanks). [21]
- Ovais Habib (Scotiabank), reiterating Hold with a $12.50 target (dated Nov. 6, 2025 on TipRanks). [22]
MarketBeat’s consensus set is slightly higher, showing an average target around $17.33 across its tracked analysts, again with a high/low spread of $22.00 / $12.50. [23]
MarketBeat also pointed to multiple firm-level upgrades in recent months, including TD Securities, National Bank Financial, and Cormark, in the context of AG’s recent price strength. [24]
What investors should watch before the next session
Because the U.S. market is closed for the weekend, Monday’s setup will largely be about whether the “metals momentum” narrative holds—and whether equities continue to reward miners with strong operational torque.
Here are the key items to monitor before the next regular session:
- Silver follow-through (or reversal)
- Silver’s surge to record territory is the headline catalyst; a continuation can support miners, while a sharp pullback can pressure them quickly. [25]
- Risk sentiment and the year-end tape
- Post-holiday liquidity can exaggerate moves. Reuters described Friday’s market as low-catalyst and light-volume, which can amplify swings in both directions. [26]
- How investors price First Majestic’s December corporate moves
- The Del Toro divestiture, Santa Elena growth planning, and the convertible financing are still being absorbed—and each can influence how investors view capital allocation, growth runway, and dilution risk. [27]
- Analyst target dispersion
- With targets spanning the low teens to low 20s, changes in silver and broader market volatility can quickly shift the “consensus gravity” around which AG trades. [28]
Bottom line for AG stock heading into Monday
First Majestic Silver is entering the next session with momentum drivers pointing in the same direction: silver at record highs, a year-end market still watching seasonal strength, and a company that has been actively reshaping its portfolio and balance sheet while reporting sharply improved operating results earlier this quarter.
The trade-off is the same one that comes with nearly every precious-metals miner: AG can move fast when silver moves fast—and weekend headlines, thin liquidity, and interest-rate expectations can all matter when the bell rings Monday. [29]
References
1. www.reuters.com, 2. finance.yahoo.com, 3. www.marketbeat.com, 4. finance.yahoo.com, 5. www.reuters.com, 6. www.barrons.com, 7. www.kiplinger.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.kiplinger.com, 11. www.firstmajestic.com, 12. www.firstmajestic.com, 13. www.firstmajestic.com, 14. www.firstmajestic.com, 15. www.firstmajestic.com, 16. www.firstmajestic.com, 17. www.firstmajestic.com, 18. www.firstmajestic.com, 19. www.tipranks.com, 20. www.tipranks.com, 21. www.tipranks.com, 22. www.tipranks.com, 23. www.marketbeat.com, 24. www.marketbeat.com, 25. www.reuters.com, 26. www.reuters.com, 27. www.firstmajestic.com, 28. www.tipranks.com, 29. www.reuters.com
