First Majestic Silver (AG) Blasts to a 52‑Week High as Silver Hits Records

December 11, 2025

First Majestic Silver Corp. (NYSE: AG; TSX: AG) is suddenly one of the loudest tickers in the precious‑metals choir. The silver miner’s stock has surged to a new 52‑week high and is riding a powerful cocktail of record production, rising cash flow, ultra‑cheap debt financing and a silver price that just punched to all‑time highs.

Not to be confused with insurance giant American International Group, Inc., First Majestic is a pure play on silver (with a gold side‑quest) operating mines in Mexico and development assets in North America. ^[1]

AG Stock Today: New Highs and a Triple‑Digit Rally

On Thursday, December 11, First Majestic Silver stock touched a new 52‑week high at $16.30 and continued higher, trading in the mid‑$16 range intraday. ^[2]

According to recent real‑time data:

Shares were last seen around $16.5 during Thursday’s U.S. session. ^[3]
The stock has delivered roughly +185–190% year‑to‑date and about +135% over the past 12 months, dramatically outpacing the broader market. ^[4]
Market capitalization now sits around US$7.5–8.0 billion, versus mid‑cap status just a year ago. ^[5]

In other words: this once‑sleepy silver miner is now trading like a momentum stock.

Macro Tailwind: Silver at Record Highs

The rally in AG is not happening in a vacuum. Silver prices have themselves hit record highs, driven by worries about supply shortages and robust demand heading into a U.S. rate‑cut cycle. ^[6]

Commentary and analysis have highlighted First Majestic as one of the purest ways to play this move, with recent research noting that the stock has been “soaring as silver breaches all‑time highs.” ^[7]

Higher silver prices hit First Majestic’s income statement directly: more dollars per ounce, with much of the cost base fixed in the short term. That operating leverage is one big reason the share price has gone vertical.

Record Q3 2025: Production and Cash Flow Step Change

The fundamental story behind the rally actually started before the most recent silver spike.

In its Q3 2025 results, First Majestic reported a string of records:

Record silver production:
- 3.9 million ounces of silver in Q3 2025, up 96% year‑on‑year. ^[8]
Total production:
- 7.7 million silver‑equivalent ounces (AgEq), up 39% vs. Q3 2024 (8.1 million AgEq using guidance metal prices). ^[9]
Costs:
- Cash costs of $14.83 per AgEq ounce (a small improvement vs. last year).
- All‑in sustaining costs (AISC) of $20.90 per AgEq ounce, slightly better than the prior year. ^[10]
Profitability and cash:
- Record EBITDA of about $128.6 million, more than triple Q3 2024.
- Net earnings of $43.0 million vs. a loss a year ago.
- Adjusted EPS of $0.07 vs. an adjusted loss previously.
- Cash and restricted cash totaling ~$568.8 million, an 85% increase vs. year‑end 2024. ^[11]

Operationally, the big swing factor has been the Los Gatos joint‑venture and stronger output from San Dimas, both of which drove the jump in silver‑equivalent ounces. ^[12]

The Catch: Earnings Missed Street Forecasts

Despite the “record” language all over the company’s press materials, the market initially focused on the fact that Q3 2025 missed analysts’ expectations:

Q3 revenue came in at $285.1 million, versus a consensus estimate of $311.9 million (about an 8.6% miss).
EPS printed $0.07, below the expected $0.11, a negative surprise of roughly ‑36%. ^[13]

That miss triggered a sharp sell‑off at the time, with shares briefly trading near $11 in early November. ^[14]

Since then, the narrative has flipped: investors have largely decided the production and cash‑flow trajectory matters more than one quarter’s forecast miss, especially with silver itself exploding to new highs.

Balance Sheet Moves: $350 Million Convertible Notes and Portfolio Tweaks

Ultra‑Low‑Cost Convertible Debt

On December 8, 2025, First Majestic closed a major financing deal:

US$300 million of 0.125% unsecured convertible senior notes due 2031. ^[15]
Plus an additional US$50 million from an over‑allotment option, bringing the total to US$350 million. ^[16]

According to the company, proceeds will:

Partially repurchase existing notes due 2027; and
Fund general corporate purposes and strategic opportunities – essentially giving management a war chest for expansion, exploration, or opportunistic deals. ^[17]

From a cost‑of‑capital perspective, a 0.125% coupon is almost free money. The flip side is potential future share dilution if the notes convert, a risk equity holders will have to factor into long‑term valuations.

Trimming the Silver Dollar Stake

In November, First Majestic also disclosed that it had sold 1,060,500 shares of Silver Dollar Resources between September 26 and November 19, 2025, raising roughly $356,000 and reducing its stake from about 14.2% to 9.5%. ^[18]

The dollar amount is small in the context of First Majestic’s balance sheet. Strategically, it looks like the company is tidying the portfolio, freeing up a little capital and stepping back from a non‑core equity position.

Valuation: Rich Metrics and Sector‑Leading Multiples

The stock’s vertical move has made the valuation math spicier.

Recent data from MarketBeat shows: ^[19]

Market cap around $7.5 billion
Price‑to‑earnings (P/E) ratio above 100x
A quick ratio near 3.0 and current ratio above 3.3, indicating strong near‑term liquidity
Very low reported debt‑to‑equity (~0.07) before fully factoring in the new convertible notes

Kalkine Media notes that First Majestic’s price‑to‑sales ratio stands out sharply vs. other Canadian metals and mining names, in some cases trading at more than triple the multiples of peers, thanks to faster revenue growth and intense investor enthusiasm. ^[20]

Translation: the market is already baking in a lot of good news.

What Wall Street and Quants Are Saying About AG Stock

Different data providers are now broadly aligned on the rating, but slightly diverge on price targets.

Consensus Rating: “Moderate Buy” / “Buy”

TipRanks:
- Average 12‑month price target: $16.46 (range: $12.50–$22.00).
- Consensus rating: Moderate Buy based on 2 Buy and 3 Hold ratings. ^[21]
Intellectia / Street aggregation:
- Average 1‑year target: $16.03 (same $12.50–$22.00 range).
- 2 Buy, 3 Hold, 0 Sell – again labelled Moderate Buy. ^[22]
MarketBeat:
- Consensus rating: “Moderate Buy”, with an average target around $17.33. ^[23]
Public.com (retail‑focused):
- Lists AG with a Buy consensus from two analysts and a price target around $15. ^[24]

Put together, most analyst screens cluster around:

Mid‑teens USD price targets,
Tilted positive (Buy/Moderate Buy),
But not screamingly bullish after the recent run‑up.

Interestingly, because the stock has already sprinted above many of those targets, at least one aggregator now notes that the Street’s average target implies slight downside from current levels. ^[25]

Canadian‑Dollar Lens

On the TSX, TradingView cites an average target of C$21.65 for AG, within a C$17.28–25.94 range, with an overall Buy rating from six analysts. ^[26]

Technical View: Powerful Uptrend, Very High Risk

Technical services and AI‑driven models generally flag AG as being in a strong uptrend but with extreme volatility:

StockInvest.us notes “buy signals” from both short‑ and long‑term moving averages and a bullish MACD, but classifies AG as “very high risk” thanks to daily price moves above 7% and wide Bollinger bands. ^[27]
TipRanks’ AI “Spark” tool characterizes the stock as Neutral overall: strong fundamentals and technical strength, but tempered by a high P/E ratio and low dividend yield that may signal overvaluation. ^[28]

Short version: the chart is hot, but so is the risk.

Sector Context: Revenue Outperformance and Index Status

Within Canada’s metals and mining sector, First Majestic now sits in a premium‑valued corner:

Revenue growth over the past year has outpaced most peers, according to sector comparisons. ^[29]
The company is a constituent of the S&P/TSX Composite Index, giving it index‑fund support and higher visibility among institutional investors. ^[30]

That combination of index inclusion + strong momentum + a clear macro story (record silver prices) is exactly the sort of thing that tends to attract short‑term traders as well as long‑term metals bulls.

Forward‑Looking: Guidance, Estimates and the Tax Cloud

Street Forecasts Are Being Revised Up

Fresh estimate data aggregated by Intellectia suggests that:

2025 revenue forecasts have been revised up by almost 8% over the past three months.
EPS estimates for 2025 have climbed by roughly 37% in the same window. ^[31]

Alongside that, the stock price itself has risen nearly 60% over that period – not subtle. ^[32]

The Q3 earnings call reiterated that First Majestic expects to meet its 2025 production guidance of more than 30 million silver‑equivalent ounces, supported by throughput increases at Los Gatos and continued optimization at its Mexican operations. ^[33]

The Long‑Running Mexican Tax Dispute

One non‑operational risk that keeps popping up in analyst commentary is First Majestic’s long‑running tax dispute with the Mexican government.

On the Q3 call, CEO Keith Neumeyer stressed that:

The dispute has been ongoing for roughly 13 years.
Negotiations continue, including with involvement from the Canadian government.
Management does not consider the issue to be material to the business based on current disclosures and legal advice. ^[34]

For now, that tax overhang looks more like a background legal risk than an immediate balance‑sheet threat – but it’s a factor any long‑term investor in AG needs to keep on the radar.

Key Risks Around the AG Trade

Behind the shiny “record highs” headline, there are several real risks:

Silver price volatility
AG’s operating leverage works both ways. If silver retreats from current records, cash flow and sentiment could reverse quickly. ^[35]
Valuation and potential over‑enthusiasm
A triple‑digit YTD gain plus P/E north of 100x and premium price‑to‑sales multiples leave little room for disappointment. Any stumble in metal prices, production or guidance could trigger a sharp correction. ^[36]
Convertible note dilution
The ultra‑low‑coupon 2031 notes are great for the income statement, but if the share price remains elevated, conversion could meaningfully dilute existing shareholders. ^[37]
Jurisdiction and legal risk in Mexico
Ongoing negotiations around historic tax assessments remain unresolved and could, in a worst‑case scenario, result in fines or additional payments – or simply continued uncertainty that weighs on valuation multiples. ^[38]
Operational complexity
Integrating assets like Los Gatos, maintaining low costs and executing expansion plans are all non‑trivial. Mining is capital‑intensive and unforgiving of accidents or missteps. ^[39]

Bottom Line: A Leveraged Bet on Silver With Momentum and Baggage

As of December 11, 2025, First Majestic Silver has become a high‑beta proxy for silver itself:

The macro tailwind (record silver prices) is real. ^[40]
The micro story (record production, record EBITDA, stronger balance sheet, cheap long‑dated debt) is genuinely improved. ^[41]
The valuation now assumes a lot is going to keep going right. ^[42]

Analysts, quants and technical models mostly agree on a cautious form of optimism: “Buy” or “Moderate Buy,” but not “this thing can only go up.” Targets cluster in the mid‑teens USD (or low‑20s CAD), not far from where the stock is already trading.

For traders, AG is a volatile, liquid vehicle tied tightly to silver’s fortunes.
For longer‑term investors, it’s a bet that First Majestic can keep scaling production, manage costs, navigate its tax dispute and make the new convertible debt accretive rather than dilutive.