First Majestic Silver Corp. (NYSE: AG) heads into the Friday, December 26, 2025 U.S. session with two powerful forces colliding: a late-year surge in precious metals—silver has just pushed into record territory—and a company-specific news flow that includes a major asset sale plan, a fresh financing package, and expansion-driven exploration updates.
Below is what investors and traders typically want in one place before the opening bell: where trading is (and isn’t) happening, the latest company catalysts, recent financial and operating signals, and what forecasts and analyst targets imply after a massive 2025 run-up. [1]
1) Know the trading schedule first: NYSE open, TSX closed on Boxing Day
If you’re publishing for “before the market open,” the calendar matters more than usual this week:
- NYSE markets were closed on Christmas Day (Dec. 25) and had an early close on Dec. 24; Friday, Dec. 26 is a normal U.S. trading day. The NYSE lists core trading at 9:30 a.m. to 4:00 p.m. ET, with pre-opening starting earlier. [2]
- In Canada, the Toronto Stock Exchange (TSX) lists Dec. 26, 2025 as Boxing Day, meaning the TSX is closed. So First Majestic’s TSX listing won’t trade on Dec. 26, even though the NYSE listing can. [3]
Why it matters: cross-listed names can see price discovery concentrate in the U.S. listing on days when the Canadian market is shut, sometimes amplifying intraday moves.
2) Where AG stock stands heading into Dec. 26
As of the latest available trade (the shortened Dec. 24 session), AG was around $17.21 on the NYSE, with the last reported trade timestamped Dec. 24.
Momentum indicators circulating in market commentary also show how dramatic 2025 has been for AG: one AAII note cited ~213% year-to-date performance into late December, reflecting how aggressively the market has repriced silver-exposed equities in 2025. [4]
3) The macro driver: silver just hit record highs near $75/oz
The biggest “overnight” input into silver miners right now isn’t company-specific—it’s the metal itself.
Reuters reported that spot silver hit about $75/oz for the first time, driven by a mix of industrial + investment demand, tight inventories, geopolitical tension, and expectations around further U.S. rate cuts. [5]
This backdrop matters for First Majestic because it is widely discussed as a high-beta way to express a view on silver—meaning it can move more than silver both up and down when price momentum shifts. [6]
4) The December company news flow investors are reacting to
A) Planned Del Toro mine sale: up to $60 million (cash + shares + milestones)
On Dec. 17, 2025, First Majestic announced a definitive agreement to sell the Del Toro Silver Mine to Sierra Madre Gold & Silver for total consideration of up to US$60 million: US$30 million upfront at close and US$30 million delayed/contingent. [7]
The structure matters:
- At closing: US$20M cash + US$10M in Sierra Madre shares (priced at $1.30/share per the release). [8]
- Additional payments are linked to future milestones (timed payments and resource/production triggers), which means “up to $60M” is not the same as “$60M guaranteed.” [9]
- The company said the sale is expected to close in the first half of 2026, subject to conditions and approvals. [10]
Investor takeaway: markets often like portfolio simplification and cash generation—but you should also track closing risk and the probability-weighting of contingent payments.
B) Santa Elena exploration & expansion: recoveries >95% and a throughput lift target
On Dec. 15, 2025, First Majestic reported continued exploration success at Santa Elena and said it launched internal scoping-level work aimed at integrating the Navidad and Santo Niño discoveries into the district plan. [11]
Notable details investors focus on:
- Metallurgical testing indicated gold and silver recoveries exceeding 95% for Santo Niño mineralization, and compatibility with the existing Santa Elena processing plant. [12]
- First Majestic said it initiated a plant expansion project targeting an increase in throughput from ~3,200 tpd to ~3,500 tpd by end of 2026. [13]
- The company also said a maiden inferred resource for Santo Niño is expected in filings after year-end 2025 (timing referenced as end of Q1 2026). [14]
Investor takeaway: expansion + resource growth narratives typically support higher valuation multiples—but only if the market believes the ounces can be converted, mined, and processed profitably.
C) Convertible notes financing: $350M total, 0.125% due 2031, conversion price ~$22.36
On Dec. 8, 2025, First Majestic announced it completed an offering of US$300M in 0.125% unsecured convertible senior notes due 2031, plus an additional US$50M from the over-allotment option—US$350M total. [15]
Key terms highlighted by the company:
- Initial conversion price approximately US$22.36 per share. [16]
- Use of proceeds includes repurchasing about US$174.7M of its existing 0.375% convertible notes due 2027 (for about US$214.7M in aggregate payment), with remaining proceeds for general corporate purposes and strategic opportunities. [17]
Investor takeaway: converts can be interpreted two ways—cheap financing + maturity management (bullish), or future dilution risk if the stock moves above the conversion price and notes convert (potentially bearish, depending on hedges and share count dynamics).
5) The latest hard fundamentals: Q3 2025 was a “record” quarter on revenue and cash flow
In its Q3 2025 results (released Nov. 5, 2025), First Majestic reported:
- Record quarterly revenue of $285.1M (56% from silver sales), up 95% year over year. [18]
- Net earnings of $43.0M (EPS $0.06). [19]
- Record free cash flow of $98.8M for the quarter. [20]
- A record treasury position of $568.8M, consisting of $435.4M cash and cash equivalents and $133.4M restricted cash. [21]
- Consolidated cash costs of $14.83 per AgEq ounce and AISC of $20.90 per AgEq ounce (per the company’s non-GAAP metrics). [22]
The company also attributed a large piece of revenue growth to the addition of Los Gatos, including $108.7M in revenue contribution cited in the release. [23]
6) Guidance and near-term operating expectations: what 2025 targets imply
Back in its 2025 production and cost guidance (Feb. 2025), First Majestic guided for:
- 27.8 to 31.2 million silver-equivalent ounces (AgEq) in 2025
- Including 13.6 to 15.3 million ounces of silver [24]
- Consolidated 2025 AISC projected $19.89 to $21.27 per AgEq ounce (attributable payable basis). [25]
- 2025 capital guidance (sustaining + expansionary) shown as $182M total, and a planned ~270,000 meters of exploration drilling. [26]
Investor takeaway: with silver prices now dramatically higher than the company’s early-2025 assumptions, the market will be highly sensitive to any update that shows whether AG can translate metal prices into margins, free cash flow, and mine-life extensions—without letting costs inflate away the upside.
7) Forecasts & analyst targets: near-current targets, but rising revisions
After a huge 2025 run, many analyst targets are clustering near where the stock already trades—often a sign that targets are catching up after a momentum move.
- A Nasdaq/Fintel note dated Dec. 21, 2025 said the average one-year price target had been revised to about $17.26 (up from ~$14.70 earlier in December, per that piece). [27]
- A MarketBeat update around Dec. 21–22 cited a consensus target price around $17.33 and a “Moderate Buy” consensus. [28]
- MarketWatch’s analyst estimate snapshot lists an average target near $17.16, with a high ~$21.04 and low ~$12.50 (and 6 ratings in that snapshot). [29]
How to interpret that set of forecasts going into Dec. 26:
- If you’re bullish: targets near spot can be viewed as stale in a fast tape—especially when silver itself is still breaking out.
- If you’re cautious: targets near spot can be read as “the easy upside has been harvested,” and future gains may require either even higher silver or clear evidence of sustainably higher cash flow.
8) What the latest “analysis” is saying after the 2X move
Trefis (Dec. 22, 2025) framed First Majestic as a momentum-driven, high-beta play on silver, arguing that after a more-than-2x rally, upside may still exist if silver stays strong—but risk/reward is more balanced than earlier in the year. [30]
Separately, MarketBeat’s data page highlights how the market is now pricing in a lot of optimism, noting a high trailing P/E and a P/B near 4, while also showing relatively modest short interest (a factor that can reduce “squeeze” dynamics but may signal improving sentiment). [31]
9) The biggest risks to keep in view at the open
Even in a bull tape for metals, AG’s risk profile stays “spiky.” Here are the watch-outs most likely to matter immediately:
- Silver pullback risk: Reuters has repeatedly noted that silver’s rally has been strong and can be volatile, especially in thin year-end liquidity. [32]
- Mexico legal/tax uncertainty: First Majestic has disclosed ongoing proceedings involving Mexico’s SAT and arbitration related to an Advance Pricing Agreement issue (as described in its Q3 materials). [33]
- Financing/dilution mechanics: convertible notes can dilute if converted; meanwhile, asset sales have closing conditions and contingent components. [34]
- Cost inflation and FX: the company has previously flagged that a strengthening Mexican peso, maintenance and energy costs can pressure results even when production is strong. [35]
10) A practical “before the bell” checklist for Dec. 26, 2025
If you’re tracking First Majestic Silver stock (AG) specifically into the open, these are the variables most likely to drive the first hour:
- Spot silver direction after its record print near $75/oz (momentum continuation vs. profit-taking). [36]
- How U.S. trading digests the TSX closure (Boxing Day) and whether liquidity concentrates into the NYSE line. [37]
- Newswire sensitivity to follow-up items on:
- Del Toro sale process milestones
- Santa Elena expansion/scoping commentary
- Any additional capital markets updates after the convert issuance [38]
- Key technical levels near the recent highs, because momentum traders often anchor to breakout/12‑month highs when the underlying commodity is also breaking out. [39]
Bottom line for Dec. 26’s open
AG is entering the Dec. 26 session with rare “tailwind alignment”—record silver prices plus a run of corporate updates that reinforce a growth narrative (exploration + throughput expansion) while also cleaning up the balance sheet (convert refinancing and planned asset sale). But after a 2025 surge, expect volatility: analyst targets are clustering near spot, and silver’s own move is historically the kind that can swing sharply in both directions. [40]
This article is for informational purposes and is not investment advice.
References
1. www.reuters.com, 2. www.nyse.com, 3. www.tsx.com, 4. www.aaii.com, 5. www.reuters.com, 6. www.trefis.com, 7. www.firstmajestic.com, 8. www.firstmajestic.com, 9. www.firstmajestic.com, 10. www.firstmajestic.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.firstmajestic.com, 20. www.firstmajestic.com, 21. www.firstmajestic.com, 22. www.firstmajestic.com, 23. www.firstmajestic.com, 24. www.firstmajestic.com, 25. www.firstmajestic.com, 26. www.firstmajestic.com, 27. www.nasdaq.com, 28. www.marketbeat.com, 29. www.marketwatch.com, 30. www.trefis.com, 31. www.marketbeat.com, 32. www.reuters.com, 33. www.firstmajestic.com, 34. www.firstmajestic.com, 35. www.firstmajestic.com, 36. www.reuters.com, 37. www.tsx.com, 38. www.firstmajestic.com, 39. www.aaii.com, 40. www.reuters.com
