First Majestic Silver (AG) Jumps as Silver Hits Record Highs – Stock News & Analysis for November 26, 2025

Vancouver / New York – November 26, 2025

First Majestic Silver Corp. (NYSE: AG, TSX: AG) extended its powerful November rally on Wednesday as silver prices surged to fresh record highs, drawing new attention to the high‑beta silver producer and its leverage to the metal’s bull market.

Below is a full breakdown of today’s price action, the new headlines published on November 26, and how they fit with First Majestic’s latest fundamentals, dividend moves, and ongoing risks.

First Majestic Silver stock today: price snapshot (26 November 2025)

U.S. listing (NYSE: AG):
As of Wednesday’s close, First Majestic Silver shares finished around $13.59, up roughly 9.5% on the day, with an intraday range of about $12.44–$13.66 and volume near 15.8 million shares. ^[1]
Toronto listing (TSX: AG):
On the Toronto Stock Exchange, the stock is quoted around C$18.97, according to the company’s investor homepage, reflecting the same strong upside move in local currency terms. ^[2]
After-hours and live company quote:
First Majestic’s own site is showing real‑time quotes near $13.51 in New York and a spot silver price around $53.30/oz, underscoring just how tightly the share price is trading with the underlying commodity. ^[3]
Liquidity & momentum:
Today’s turnover of ~15.8M shares is slightly above the recent 10‑day average (~14M) but still below the 3‑month average of a little over 21M shares, indicating healthy but not yet euphoric trading activity. ^[4]

From a technical standpoint, AG now trades roughly 167% above its 52‑week low near $5.09 and only about 13–14% below its recent high around $15.69, keeping it firmly in “leaders” territory among silver miners. ^[5]

All the new AG stock headlines on November 26, 2025

Several fresh articles and data updates hit the wires today directly or indirectly highlighting First Majestic Silver:

“FIRST MAJESTIC SILVER CORP (NYSE:AG) Shows Strong Technical and Fundamental Momentum” – ChartMill
- ChartMill’s technical note, updated today, flags AG as meeting Mark Minervini‑style Trend Template criteria: trading above all major moving averages, with the 50‑day above the 150‑ and 200‑day and the longer averages all trending higher. ^[6]
- Around 11:21 a.m. ET, the article cites AG at roughly $13.08, up about 5.4% intraday, confirming a strong follow‑through move as the session progressed. ^[7]
“First Majestic Silver Corporation (AG) Clearly Signals Buy-Into the Stock: Don’t ignore the signals” – Sete News
- In a trading‑focused piece published today, Sete News recaps recent performance and valuation:
  - Volume: 14.09M shares in the prior session, versus an average volume of ~21.0M.
  - 52‑week range: High of $15.69, low of $5.09.
  - Market cap: About $6.10 billion.
  - Dividend: Annualized $0.02/share, for a yield around 0.16% at recent prices. ^[8]
- The article also notes that four analysts currently cover AG, with 1 Buy and 3 Hold ratings and a 12‑month target price band of $12.50–$17.50 (average ~$15), implying modest further upside from current levels if those targets are met. ^[9]
“Gold and Silver Soar to Record Highs as Fed Decision Looms: A Deep Dive into Precious Metals’ Resurgence” – MarketMinute / Chronicle Journal
- A sector‑wide feature published this morning highlights that gold and silver have broken to new record highs in late 2025, with silver trading around $52.50/oz today, up more than 70% year‑to‑date. ^[10]
- First Majestic Silver (AG) is explicitly listed among silver miners “well‑positioned for significant gains” as higher metal prices expand profit margins and incentivize more production. ^[11]

Collectively, today’s coverage paints a picture of strong technical momentum, improving fundamentals, and macro tailwinds from record silver prices, which together help explain the nearly 10% jump in the share price.

Silver’s record‑breaking rally is powering the move in AG stock

The backdrop to Wednesday’s rally is the extraordinary surge in precious metals:

The MarketMinute analysis notes gold recently pushed above $4,300/oz, while silver hit an all‑time high around $54.49/oz in October and is still trading near $52.50/oz by November 26. ^[12]
Silver’s 74% year‑to‑date gain is being driven by a mix of:
- Safe‑haven demand amid geopolitical tensions and persistent inflation.
- Expectations of a Federal Reserve rate cut in December 2025, which lowers the opportunity cost of holding non‑yielding assets.
- Surging industrial demand from solar PV, EVs, electronics, 5G and AI‑related hardware, leading to concerns about structural supply deficits. ^[13]

For a producer like First Majestic, whose realized silver price in Q3 averaged $39.03/oz and whose all‑in sustaining cost (AISC) sat around $20.90 per silver‑equivalent ounce, each incremental dollar in the silver price drops heavily to the bottom line. ^[14]

With spot silver now trading above $50, the market is clearly repricing AG as a high‑torque play on silver’s bull market, which shows up in both the sharp re‑rating of the stock and the high earnings multiples investors are currently willing to pay.

Fundamentals: record Q3 2025 production, cash flow and a higher dividend

Today’s excitement rests on top of a material improvement in First Majestic’s operating performance this year.

In its Q3 2025 results (released November 5), the company reported: ^[15]

Record production
- 3.9 million ounces of silver, up 96% year‑on‑year.
- 7.65 million silver‑equivalent ounces (AgEq), up 39% year‑on‑year, helped by the addition of the Los Gatos mine and stronger output at San Dimas and Santa Elena.
Record revenue & earnings
- Revenue: $285.1M, up 95% versus Q3 2024.
- Mine operating earnings: $99.1M, more than tripling year‑on‑year.
- EBITDA: $128.6M, compared with $36.9M a year ago.
- Net income: $43.0M (EPS $0.06), compared with a loss of $26.6M in Q3 2024.
Improving costs and cash flow
- Cash costs: $14.83/AgEq oz (down 2% YoY).
- AISC: $20.90/AgEq oz (down 1% YoY).
- Operating cash flow (pre‑working capital & taxes): $141.3M.
- Free cash flow: $98.8M, a new quarterly record.
Balance sheet
- Cash & cash equivalents: $435.4M.
- Restricted cash: $133.4M.
- Total liquidity: about $682.0M including undrawn credit facilities.

At the same time, First Majestic declared a Q3 2025 cash dividend of $0.0052 per share, payable on or about November 28, 2025, to shareholders of record as of November 14. ^[16] Financial media, including GuruFocus, highlighted that this represents an 8.3% increase from the prior quarterly dividend, taking the forward yield to roughly 0.18% at recent prices – small in absolute terms, but symbolically important after years when many precious‑metal miners paid no dividend at all. ^[17]

Together with the recently acquired Los Gatos mine and the company’s long‑standing assets at San Dimas, Santa Elena and La Encantada in Mexico, Q3’s numbers support the narrative that First Majestic is back in growth mode with stronger margins, more diversified production, and a growing cash pile. ^[18]

Recent portfolio move: trimming the Silver Dollar stake

One of the more notable corporate actions in November is First Majestic’s sale of part of its investment in Silver Dollar Resources Inc., a junior explorer listed on the Canadian Securities Exchange.

In an early warning news release dated November 20, 2025, the company disclosed that: ^[19]

Between September 26 and November 19, 2025, it sold 1,060,500 shares of Silver Dollar through market transactions.
These shares were sold at an average price of C$0.3776, for total proceeds of approximately C$355,593.
Its ownership in Silver Dollar fell from about 14.19% of outstanding shares to 9.50%.
First Majestic emphasized it holds the remaining position for investment purposes and may increase or decrease its stake in the future depending on market conditions.

While the dollar amount is small relative to First Majestic’s multi‑billion‑dollar market cap, the move signals active portfolio management and a willingness to crystalize gains in non‑core equity holdings at a time when silver‑related assets are surging.

Tax dispute in Mexico remains a critical overhang

Against this bullish backdrop, investors cannot ignore First Majestic’s long‑running tax dispute with Mexico’s tax authority (SAT) related to historical transfer pricing at its San Dimas operations.

A recent decision by Mexico’s Supreme Court has raised the stakes:

On October 30, 2025, the Supreme Court of Justice of the Nation (SCJN) upheld a tax ruling against Primero Empresa Minera, First Majestic’s Mexican subsidiary, confirming an obligation to pay around 2.87 billion pesos (≈US$155M) in taxes, interest, and penalties for the 2012 fiscal year. ^[20]
The court dismissed the company’s appeal, siding with the Ministry of Finance’s argument that the case did not raise issues of exceptional constitutional importance. ^[21]

First Majestic has continued to pursue international arbitration under NAFTA/USMCA and maintains that the Mexican authorities are improperly repudiating an earlier advance pricing agreement. ^[22] However, today’s strong stock performance is happening in spite of, not because of, these legal developments.

For shareholders, this tax dispute is a key medium‑term risk: if the company ultimately must pay the full assessment, it could absorb a meaningful portion of the current cash balance, even if spread over time.

How the market is valuing First Majestic after today’s jump

With the stock now trading in the mid‑$13s, valuation metrics have moved to reflect both strong operational momentum and elevated silver prices:

Market capitalization: Around $6.1 billion, based on today’s share price. ^[23]
Price‑to‑earnings (P/E) ratio: Roughly 78–79x trailing earnings, according to recent third‑party data – high for a miner, and a sign the market expects substantial future earnings growth as silver prices feed through to profits. ^[24]
52‑week range:
- Low: ~$5.09 (March 4, 2025).
- High: ~$15.69 (October 16, 2025). ^[25]

Sete News also points out that AG’s 3‑month performance is up about 36.7%, six‑month gains exceed 96%, and the stock is up more than 120% over the past year, underscoring just how powerful the move has been. ^[26]

From a technical perspective, ChartMill’s Trend Template analysis emphasizes that AG: ^[27]

Trades above its 50‑, 150‑ and 200‑day moving averages, with the shorter averages trending above the longer ones.
Sits well above the “+30% from 52‑week low” threshold that momentum investors often look for.
Shows strong relative strength vs. the broader market, suggesting institutional money is rotating into the name.

All of this supports the idea that First Majestic is now seen as a momentum leader within the silver mining space, albeit one priced for continued favorable metal prices and execution.

What to watch next for First Majestic Silver

For investors and traders following AG after today’s surge, key things to monitor include:

The December Federal Reserve decision
Precious‑metal markets are heavily positioned for at least a 25 bps rate cut in December 2025. A less‑dovish tone or a delay in easing could cool the silver rally and pressure high‑beta miners like First Majestic. ^[28]
Silver’s ability to hold above $50/oz
The company’s cash costs and AISC give it plenty of margin at current prices, but a sharp pullback in silver from the $50s back into the $30s would compress margins and likely bring the P/E multiple down.
Updates on the Mexico tax case
Any new disclosures from First Majestic or Mexican authorities about settlement talks, payment plans, or arbitration outcomes could materially affect the risk profile and valuation. ^[29]
Q4 2025 production and 2026 guidance
Investors will want to see:
- Steady or rising output from Los Gatos, San Dimas, Santa Elena and La Encantada. ^[30]
- Continued cost discipline to keep cash costs and AISC trending lower or at least stable.
- Clarity on capital allocation: further dividend hikes, debt reduction, share buybacks, or new project spending.
Analyst target revisions
With Sete News citing a current consensus target near $15 and some data providers showing average targets above $16, any wave of analyst upgrades (or downgrades) will be closely watched as the stock approaches or exceeds these levels. ^[31]

Bottom line

On November 26, 2025, First Majestic Silver stock is riding a powerful wave of sector momentum, powered by:

Record‑high silver prices and expectations of easier Fed policy.
Record Q3 production, revenue, cash flow, and a modest dividend increase.
Strong technical and fundamental momentum highlighted in today’s ChartMill and Sete News coverage.

At the same time, the stock now trades at rich earnings multiples and faces an unresolved, potentially costly tax dispute in Mexico – a reminder that high upside rarely comes without high risk.

For readers, AG today is best viewed as a high‑conviction, high‑volatility bet on silver staying strong, rather than a low‑risk income play. As always, this article is for information and news purposes only and is not investment advice; anyone considering exposure to First Majestic Silver should carefully assess their own risk tolerance, time horizon, and the possibility of both sharp gains and sharp pullbacks.