NEW YORK (Dec. 27, 2025, 4:33 a.m. ET) — U.S. stock markets are closed right now for the weekend, and the timing matters: this is a year-end, liquidity-thin stretch where commodities can move fast and mining stocks can gap hard when equity trading resumes.
For First Majestic Silver Corp. (NYSE: AG), the backdrop is about as dramatic as precious-metals investors could ask for. Silver has been ripping to fresh records, the broader U.S. market is hovering near all-time highs in light post-holiday trade, and First Majestic has stacked multiple company-specific headlines in December — including a mine sale agreement, a major convertible-notes refinancing, and a growth-oriented expansion plan at Santa Elena. [1]
Below is a comprehensive, publication-ready roundup of the latest price action, current news, analyst forecasts, and the key “know this before Monday” checklist.
Where AG stock left off before the weekend
First Majestic’s U.S.-listed shares last traded at $17.42, up $0.20 (+1.16%), with ~21.85 million shares traded and a $16.98–$18.05 intraday range. The last reported trade timestamp corresponds to Friday evening (after-hours).
That kind of volume is a flashing neon sign: investors are actively repositioning in the name, not politely nibbling.
The macro driver: silver is surging, and miners feel it in stereo
Silver’s breakout is the headline risk — and opportunity — for every silver miner, including First Majestic.
Reuters reported Friday that spot silver pushed through the $77 level, hitting an all-time high around $77.40/oz, while gold also posted record highs amid rate-cut expectations and geopolitical tension. [2]
Meanwhile, CME’s silver futures data showed prices around the high-$79 range late Friday, underscoring just how violent the move has been into year-end. [3]
A key detail for investors: the rally is happening in thin, late-December conditions. Metals strategist Peter Grant (Zaner Metals) told Reuters that expectations for Fed easing, a weaker dollar, and geopolitical tension are “driving volatility in thin markets,” while cautioning about potential profit-taking into year-end. [4]
On the equity side, the broader tape is still supportive. The Associated Press reported that on Friday, Dec. 26, major U.S. indexes finished slightly lower (less than 0.1%) in light post-holiday trading, with the S&P 500 at 6,929.94 and still up strongly on the year — a context that matters because risk appetite often influences flows into miners. [5]
The dollar is also part of the story: the U.S. Dollar Index (DXY) was around 98 at Friday’s close, which can be a tailwind for dollar-priced metals when it trends lower. [6]
Why this macro move matters specifically for First Majestic
Silver miners aren’t just “silver price x ounces.” They’re operational systems with costs, by-products, and capital decisions. But when silver spikes, miners can show operating leverage — meaning profits can rise faster than the metal price, assuming costs don’t surge alongside.
In its Q3 2025 report, First Majestic said it posted:
- Revenue:$285.1 million (record quarterly revenue)
- Consolidated cash costs:$14.83 per silver-equivalent (AgEq) ounce
- Consolidated AISC (all-in sustaining cost):$20.90 per AgEq ounce
- Average realized silver price (per AgEq ounce sold):$39.03
- Cash & cash equivalents:$435.4 million
- Adjusted EBITDA:$138.6 million
- Free cash flow:$98.8 million [7]
Those Q3 realized prices were far below where silver is trading now. If metal prices remain elevated into 2026, the margin picture could improve meaningfully, all else equal — though investors should keep an eye on Mexico-related operating costs, labor, energy, and currency effects (USD/MXN), which can move too.
Current company news: Del Toro mine sale agreement (up to $60 million)
One of the most concrete December headlines is First Majestic’s agreement to sell the past-producing Del Toro Silver Mine in Zacatecas, Mexico to Sierra Madre Gold & Silver for total consideration of up to US$60 million. [8]
Deal structure (what investors should actually pay attention to)
The company disclosed the package as:
- Upfront at closing (US$30 million):
- US$20M cash
- US$10M in Sierra Madre shares, priced at $1.30/share [9]
- Deferred within 18 months of closing:US$10M (cash or shares, with a cap mechanism) [10]
- Contingent milestone #1 (within 48 months):US$10M if Sierra Madre files/announces an NI 43-101 resource of at least 100 Moz AgEq over Del Toro [11]
- Contingent milestone #2 (within 60 months):US$10M if Sierra Madre achieves commercial production of ≥4,000 tonnes/day for 30 consecutive days [12]
Conditions and timing risk (don’t skip this)
The transaction is conditional on Sierra Madre completing a concurrent financing (at least CAD$40M gross) and receiving multiple approvals, including TSXV acceptance and Mexican antitrust approval. Sierra Madre expects to complete its subscription receipt financing in January 2026, and it expects to seek shareholder approval by end of April 2026. [13]
Investor takeaway: This headline is positive for simplification and potential liquidity, but parts of the value are time- and milestone-dependent. Until closing conditions are met, it remains a catalyst with execution risk.
Current company news: $350 million convertible notes refinancing
First Majestic also executed a major financing move in December: a convertible-notes offering aimed at refinancing and increasing flexibility.
The company announced it was offering US$300 million of unsecured convertible senior notes due 2031, with an option for additional notes, and stated it intended to use proceeds to repurchase part of its existing 0.375% convertible notes due 2027 and for general corporate purposes. [14]
It then disclosed pricing terms including:
- Interest rate:0.125%
- Initial conversion price: approximately US$22.36 per share (based on the conversion rate disclosed) [15]
The company later completed a US$350 million offering (reflecting the over-allotment exercise). [16]
Investor takeaway: Convertibles can be a double-edged sword:
- Potentially lower-cost capital and refinancing relief.
- Potential future dilution if converted, depending on where AG trades versus the conversion price.
This matters even more in a silver bull run, because rapid upside can pull convertibles “into the money.”
Current company news: Santa Elena exploration momentum and a throughput expansion plan
On the operational growth side, First Majestic highlighted exploration success at Santa Elena (including the Santo Niño and Navidad areas) and linked that exploration to a real capital plan: expanding the plant.
CEO Keith Neumeyer said the company initiated a plant expansion project with the goal of increasing throughput from ~3,200 tonnes per day to ~3,500 tonnes per day by the end of 2026, framing it as aligned with the company’s “organic growth strategy.” [17]
The same release said a maiden inferred mineral resource estimate for Santo Niño is expected to be included in the company’s Annual Information Form (AIF) for the year ended Dec. 31, 2025, to be filed end of Q1 2026. [18]
Investor takeaway: In a market obsessed with “torque to silver,” expansion plans can amplify torque — but they also introduce schedule/capex execution risk. The AIF/resource update timing is a near-term calendar item worth circling.
Latest fundamentals: production growth and Los Gatos impact
First Majestic’s operational scale changed meaningfully in 2025, largely thanks to Los Gatos.
In its Q3 2025 production update, the company reported total attributable production of 7.7 million AgEq ounces, including a record 3.9 million silver ounces and 35,681 gold ounces, plus by-product zinc and lead. [19]
It also stated that Q3 silver production included 1.4 million ounces of attributable silver from Los Gatos. [20]
Additionally, First Majestic described an aggressive exploration posture: 79,481 metres of drilling completed across its mines in Mexico and the U.S. during Q3, with up to 30 drill rigs active. [21]
For context on how Los Gatos entered the portfolio, First Majestic completed the acquisition of Gatos Silver in January 2025, with Neumeyer describing Cerro Los Gatos as a “world-class district” and emphasizing synergies and exploration potential. [22]
Shareholder returns: dividend and buyback capacity
First Majestic declared a small quarterly dividend (a fraction of a cent per share), but the bigger “capital return” lever is buybacks.
The company’s share repurchase program allows it, during the 12 months from Oct. 14, 2025 through Oct. 13, 2026, to purchase up to 24.5 million shares (about 5% of shares outstanding at Sept. 30, 2025). [23]
Investor takeaway: In a world where convertibles can dilute, buybacks can partially offset — but only if executed meaningfully and if liquidity/blackout periods don’t restrict activity.
Analyst forecasts and price targets for AG stock
Wall Street’s view on AG is constructive but not euphoric, based on widely tracked aggregators.
- MarketBeat lists a consensus rating of “Moderate Buy” and an average 12‑month price target of $17.33, with targets ranging from $12.50 to $22.00 (as tracked there). [24]
- TipRanks lists an average price target around $16.54, with a high forecast of $22.00 and a low forecast of $12.50 (as tracked there). [25]
How to read this: the “average” target sitting near the current price often means analysts see upside scenarios (higher targets) but are balancing them against risks like metal-price volatility, cost inflation, and capital structure complexity.
Next earnings: what the calendar says
MarketBeat currently estimates First Majestic’s next earnings date as Feb. 19, 2026 (before market open) based on historical reporting patterns — not a confirmed company date. [26]
The market is closed now: what AG investors should know before Monday’s session
Because it’s Saturday morning in New York, there’s no U.S. equity trading until Monday, Dec. 29 (regular session reopening at 9:30 a.m. ET).
Here’s the practical weekend checklist for AG:
1) Watch silver and gold futures Sunday night
Even while stocks are closed, futures markets can reprice the entire precious-metals complex quickly. CME’s late-Friday silver futures spike shows how explosive moves can get in thin liquidity. [27]
What it means for Monday: If silver holds near these highs (or extends), AG could gap up; if silver mean-reverts sharply, miners can gap down just as fast.
2) Pay attention to “thin market” dynamics into year-end
Both AP and Reuters emphasized the year-end context: lighter participation, bigger moves per dollar of flow. [28]
That’s not just color commentary — it’s a volatility warning label.
3) Track deal execution risk on Del Toro
The Del Toro sale has multiple steps and dependencies (financing, approvals). Headlines over the weekend (or early next week) about Sierra Madre’s financing progress can influence perceived probability of closing and therefore how much value investors assign to the transaction. [29]
4) Re-underwrite dilution vs. leverage
AG now has:
- Big torque to silver (helpful in a melt-up)
- Convertible notes (possible future dilution, but also refinancing strength) [30]
In a raging metal tape, both can be true: the stock can rally strongly and investors can stay anxious about eventual conversion mechanics.
5) Know your catalyst calendar for Q1 2026
Two near-term items that could matter as the calendar flips:
- The company’s AIF/resource disclosures timing (Santa Elena / Santo Niño resource mention) [31]
- The next earnings window (estimated, not confirmed) [32]
Bottom line: AG is a high-beta silver expression — with real company catalysts behind it
Heading into Monday’s reopen, First Majestic Silver stock (AG) is sitting at the intersection of:
- A historic precious-metals rally (silver pushing record highs) [33]
- Company-specific catalysts (Del Toro sale agreement; convertible refinancing; Santa Elena expansion) [34]
- A market microstructure moment (thin year-end conditions that can magnify gaps) [35]
For investors, the key is to treat AG like what it is right now: a metal-driven equity with operational and capital-structure nuance. The metal tape will likely be the loudest voice on Monday — but the December corporate moves are the kind of “second-order” details that can decide whether the stock merely tracks silver, or outperforms it.
References
1. apnews.com, 2. www.reuters.com, 3. www.cmegroup.com, 4. www.reuters.com, 5. apnews.com, 6. www.marketwatch.com, 7. www.firstmajestic.com, 8. www.nasdaq.com, 9. www.nasdaq.com, 10. www.nasdaq.com, 11. www.nasdaq.com, 12. www.nasdaq.com, 13. www.nasdaq.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.marketbeat.com, 25. www.tipranks.com, 26. www.marketbeat.com, 27. www.cmegroup.com, 28. apnews.com, 29. www.nasdaq.com, 30. www.nasdaq.com, 31. www.firstmajestic.com, 32. www.marketbeat.com, 33. www.reuters.com, 34. www.nasdaq.com, 35. apnews.com
