New York, Jan 17, 2026, 06:02 EST — Market closed
- First Majestic shares jumped nearly 6% on Friday following the company’s update on production, outlook, and dividends
- Silver’s retreat from its record highs hasn’t dampened enthusiasm for miners
- Traders are eyeing Tuesday’s reopening, as well as the company’s Feb. 19 earnings report and dividend announcement
First Majestic Silver Corp shares jumped $1.17, roughly 5.8%, to close at $21.50 on Friday. The stock kept pace with silver’s volatile moves ahead of the extended U.S. market holiday.
The metal is now showing signs of weakness after a furious rally. Spot silver dropped 2.9% to $89.65 an ounce on Friday, following a record high of $93.57 the day before. Still, it’s set to post a weekly gain exceeding 12%. “It’s a general retreat in the commodity complex after weeks of aggressive gains,” said Edward Meir, analyst at Marex. 1
Positioning is getting tight. Vanda Research noted in a report that retail investors snapped up $921.8 million worth of silver ETFs over the past 30 days, labeling silver the most crowded commodity trade right now. Invesco’s Kathy Kriskey added, “We waited 45 years for silver to break above $50.” 2
First Majestic reported full-year 2025 production of 31.1 million silver-equivalent ounces on Thursday, hitting a record 15.4 million ounces of silver. Fourth-quarter silver output surged 77% year-over-year to 4.2 million ounces. The company forecast silver production for 2026 between 13.0 million and 14.4 million ounces. It also set its all-in sustaining costs (AISC) at $26.15 to $27.91 per payable silver-equivalent ounce, with capital expenditures expected to range from $213 million to $236 million. Silver-equivalent ounces combine gold and base metals into a single silver metric, based on assumed metal prices. 3
HC Wainwright & Co. boosted its price target on First Majestic to $24.50 from $17.50 on Friday, keeping its buy rating intact, Benzinga data showed. 4
On Friday, U.S.-listed silver miners showed mixed to positive results: Hecla Mining climbed roughly 5.2%, Coeur Mining advanced around 6.3%, but Pan American Silver dipped about 1.2%.
The broader market gave little clue on Friday, with U.S. stocks finishing almost unchanged. Markets will be closed Monday for the Martin Luther King Jr. Day holiday, putting Tuesday’s session in the spotlight as the next real check on momentum trades linked to metals. 5
Silver remains the main factor, and it’s been relentless. A sudden drop in retail demand or another steep decline in the metal could weigh on miners even more than the price shift itself, especially as costs and capex come back under scrutiny.
Looking ahead to Tuesday’s U.S. session, all eyes will be on silver to see if it can stabilize after this week’s dip. Meanwhile, First Majestic said it will release its fourth-quarter 2025 unaudited results and declare its dividend for the period on Feb. 19. The company also expects to pay the first dividend at the new, increased rate in May. 6
