December 22, 2025 — First Majestic Silver Corp. (NYSE: AG, TSX: AG) is starting the week with a powerful tailwind: silver just printed a fresh all-time high, pushing precious-metals equities back into the spotlight. As of 13:05 UTC today, AG was trading at $16.69, up about 3.4% versus the prior close.
But the story around First Majestic Silver stock in late December isn’t only about commodity momentum. Over the past two weeks, the company has stacked up multiple company-specific catalysts—an asset sale agreement in Mexico, a sizable convertible-notes financing (with a debt repurchase plan), and fresh detail on district-scale growth potential at Santa Elena—while its most recent quarterly results show record production and cash generation.
Below is a full, publication-ready rundown of today’s news, current forecasts, and the most relevant analyses available as of Dec. 22, 2025.
AG stock today: silver’s record run is doing the heavy lifting
Gold and silver are ripping into year-end. On Monday, spot silver hit a record high of $69.44/oz (and traded near $69.05/oz shortly after), alongside gold moving above $4,400/oz amid rising expectations for U.S. rate cuts and continued safe-haven demand. [1]
For First Majestic Silver, that matters more than usual because the company’s earnings sensitivity (operational leverage) to silver prices is a core part of the stock’s appeal: when realized metal prices rise faster than costs, margins can expand quickly—especially for producers that are already operating at scale.
Latest First Majestic Silver news in December 2025
1) First Majestic agrees to sell Del Toro mine for up to US$60 million
On December 17, 2025, 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 up to US$60 million (cash + shares). [2]
Key terms investors are focusing on:
- Upfront consideration: US$30 million payable at closing, structured as US$20M cash + US$10M in Sierra Madre shares, with the shares priced at $1.30 per share. [3]
- Additional US$30 million comes as delayed/contingent payments tied to milestones, including:
- First Majestic notes Del Toro was placed on care and maintenance in January 2020. [7]
Why this matters for AG stock: this is a classic “portfolio sharpening” move. For a producer leveraged to silver prices, divesting a non-operating (or non-core) asset can free capital and management bandwidth for higher-return projects—especially when the market is rewarding near-term production and cash flow.
The transaction also has conditions: Sierra Madre’s concurrent financing and multiple approvals are required, and shareholder approval is expected to be sought by Sierra Madre by the end of April 2026 (per company disclosure). [8]
2) Santa Elena growth plan: mine-planning studies, high recoveries, and a throughput expansion target
On December 15, 2025, First Majestic published an update describing continued exploration success at Santa Elena and the start of scoping-level work aimed at integrating newer discoveries into long-term mine planning. [9]
Highlights that stood out:
- A trade-off study identified the best access to the Winter–Navidad target as a straight ~3-kilometre underground ramp with a portal adjacent to the Santa Elena processing plant. [10]
- Third-party metallurgical testing for Santo Niño mineralization reported gold and silver recoveries exceeding 95%, designed to replicate current Santa Elena plant parameters—meaning the mineralization appears compatible with existing infrastructure. [11]
- The company also initiated a plant expansion project aiming to increase throughput from ~3,200 tonnes/day to ~3,500 tonnes/day by end of 2026. [12]
Why this matters: miners live and die by “mine life” and “margin.” If these discoveries can be economically integrated (good grades + high recoveries + close-to-plant access), they can support longer mine life and better fixed-cost absorption—exactly the kind of operational narrative that tends to play well during a metals bull market.
3) US$350M convertible notes financing (and a targeted debt repurchase)
On December 8, 2025, First Majestic announced the closing of an offering of US$300 million of 0.125% unsecured convertible senior notes due 2031, plus an additional US$50 million via full exercise of the over-allotment option—bringing the total to US$350 million. [13]
Important details for investors:
- Initial conversion rate: 44.7227 common shares per US$1,000 principal amount
- Initial conversion price: approximately US$22.36 per share [14]
- Use of proceeds: First Majestic said it would repurchase about US$174.7 million of its outstanding 0.375% convertible senior notes due 2027 for about US$214.7 million, with remaining net proceeds for general corporate purposes including strategic opportunities. [15]
How the market typically reads this: convertible notes are often viewed as “cheap capital” in a rising equity environment, but they introduce potential dilution if the stock rises and converts. The conversion price being well above today’s trading level may ease near-term dilution concerns, while the debt repurchase clarifies that part of the financing is also balance-sheet management—not purely new leverage.
Fundamentals recap: Q3 2025 showed record production, record revenue, and record free cash flow
First Majestic’s Q3 2025 release (dated Nov. 5, 2025) is still the anchor document for understanding the company’s current operating power.
Among the headline items First Majestic reported:
- Record quarterly silver production:3.9 million silver ounces, up 96% year over year, including 1.4M ounces attributable from Los Gatos [16]
- Record quarterly revenue:$285.1 million, up 95% year over year, with 56% from silver sales; average realized $39.03 per AgEq ounce [17]
- Net earnings:$43.0 million (EPS $0.06) vs. a net loss in the year-ago quarter [18]
- Record free cash flow:$98.8 million in the quarter [19]
- Record treasury and liquidity: treasury $568.8 million (including cash and restricted cash) and liquidity $682.0 million (per company definition) [20]
- Inventory note: the company said revenue excluded 758,333 oz of silver and 3,994 oz of gold held in inventory at quarter-end, with fair value $50.3 million [21]
This mix—strong metals pricing, the Los Gatos contribution, and improved site performance—helps explain why AG has stayed highly reactive to every new move in silver.
2025 guidance snapshot: where costs and production were expected to land
For context on cost structure, First Majestic’s 2025 production and cost guidance (issued Feb. 4, 2025) projected:
- Total attributable production of 27.8 to 31.2 million AgEq ounces in 2025, including 13.6 to 15.3 million ounces of silver, with the increase tied in part to adding Los Gatos production following the Gatos Silver acquisition. [22]
- Total consolidated cash costs estimated at $14.10–$14.86 per AgEq ounce [23]
- Total consolidated AISC estimated at $19.89–$21.27 per AgEq ounce [24]
- Planned 2025 capital expenditures of approximately $182 million (company split: $80M sustaining and $102M expansionary) [25]
Why guidance still matters on Dec. 22: even though the year is nearly complete, guidance frames what “normal” costs looked like before silver’s latest surge to record highs. If realized silver prices stay elevated, the market will naturally rerate producers that can keep costs contained.
First Majestic Silver stock forecast: what analysts currently expect for AG
Analyst expectations depend heavily on which dataset you’re looking at, but as of late December 2025, the “center of gravity” for 12-month targets clusters in the mid-to-high teens, with a wide dispersion.
Here are the most current, widely-cited snapshots:
- TipRanks (last 3 months): average target $16.49, with $22.00 high / $12.50 low, and a Moderate Buy consensus (2 buys, 3 holds). [26]
- MarketBeat: consensus price target $17.33 (8 analysts), implying roughly 3.79% upside from the referenced price level; consensus rating: Moderate Buy. [27]
- Nasdaq (Fintel-based aggregation, posted Dec. 21, 2025): average one-year price target $17.26, with a range from $12.80 to $22.01, described as a revision upward from a prior $14.70 estimate dated Dec. 5, 2025. [28]
How to read the spread: when targets range from roughly $13 to $22, it’s a signal that analysts are not just debating First Majestic’s execution—they’re debating the forward silver price environment, Mexico operating/currency assumptions, and how much value to assign to growth projects that are still moving from discovery → study → development.
The bull case vs. bear case for First Majestic Silver stock heading into 2026
The bullish thesis
- Silver’s momentum is real and macro-backed right now, with prices at record highs amid shifting rate expectations and strong demand narratives. [29]
- First Majestic has recent proof of operating leverage, with record quarterly revenue and free cash flow in Q3 2025. [30]
- The Santa Elena district looks increasingly like a multi-year growth engine if the high recoveries, access plan, and plant expansion translate into a bigger mine plan. [31]
- The Del Toro sale could simplify the story and recycle capital toward higher-priority opportunities (while still preserving upside through contingent payments). [32]
The bearish thesis
- Silver is famously volatile. If rate-cut expectations reverse or risk appetite changes, the same leverage that boosts earnings on the way up can compress margins quickly. [33]
- The convertible notes improve flexibility but introduce financing complexity and potential dilution over time. [34]
- Execution risk is non-trivial: scoping studies, ramps, expansions, and resource conversions are where mining plans often meet geology, permitting, cost inflation, and schedule delays. [35]
What to watch next for AG stock (late 2025 into early 2026)
A few near-term milestones are likely to drive headlines and volatility:
- Silver price direction after today’s record print—AG often trades like a “high-beta silver proxy.” [36]
- Progress toward closing the Del Toro transaction, including Sierra Madre’s financing and required approvals (with the seller-side economics tied to milestone payments). [37]
- Updates on Santa Elena as scoping-level work advances and as the company moves toward year-end reserve/resource reporting and longer-range mine planning. [38]
- Any follow-through disclosures on capital allocation after the US$350M convertible financing, especially if the company pursues additional strategic opportunities. [39]
Bottom line: First Majestic Silver stock is riding a rare alignment of macro and company catalysts
As of Dec. 22, 2025, First Majestic Silver (AG) is benefitting from a near-ideal setup for a precious-metals producer: silver at record highs, a recent quarter showing record revenue and free cash flow, and a string of fresh corporate developments that sharpen the portfolio and point toward potential multi-year growth at Santa Elena. [40]
Meanwhile, the current analyst target landscape looks broadly “moderate bullish” but not euphoric—most consensus targets cluster around $17–$17.3, with meaningful disagreement across the low/high range, reflecting how sensitive valuation is to what happens next in the silver market. [41]
References
1. www.reuters.com, 2. www.firstmajestic.com, 3. www.firstmajestic.com, 4. www.firstmajestic.com, 5. www.firstmajestic.com, 6. www.firstmajestic.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.tipranks.com, 27. www.marketbeat.com, 28. www.nasdaq.com, 29. www.reuters.com, 30. www.firstmajestic.com, 31. www.firstmajestic.com, 32. www.firstmajestic.com, 33. www.reuters.com, 34. www.firstmajestic.com, 35. www.firstmajestic.com, 36. www.reuters.com, 37. www.firstmajestic.com, 38. www.firstmajestic.com, 39. www.firstmajestic.com, 40. www.reuters.com, 41. www.marketbeat.com
