NEW YORK — As of 2:40 p.m. ET on Friday, December 26, 2025, U.S. markets are open in a light, post-Christmas session. [1]
In that backdrop, First Majestic Silver Corp. (NYSE: AG) shares were trading around $17.37, up about 0.9% on the day, after moving between $16.98 and $18.05 with heavy volume (about 17.1 million shares).
The broader tape has been relatively steady—SPY (S&P 500 proxy) was roughly flat while QQQ (Nasdaq-100 proxy) was modestly higher—typical of a holiday-thinned session where commodity-linked names can swing more dramatically than the indices. [2]
What’s making AG especially watchable right now is the collision of two forces:
- Silver and gold prices have surged to fresh records, reigniting the “metal beta” trade in miners. [3]
- First Majestic has stacked up meaningful company-specific catalysts in December, including an asset sale agreement, exploration updates, and a major financing and debt-refinancing move. [4]
Below is a detailed rundown of the latest news, forecasts, and analyst views shaping the First Majestic Silver stock conversation as 2025 winds down.
Why AG stock is moving now: silver’s “higher-beta” moment
Silver has been doing that thing it does when markets get nervous and optimistic at the same time: it behaves like a safe-haven cousin of gold and an industrial metal with demand tied to electrification and technology.
On Friday, spot silver jumped more than 7% to roughly $76.88/oz, according to an Associated Press market report, while gold also climbed. [5] Investopedia similarly flagged silver and gold at new highs in its pre-market briefing. [6]
That matters because miners like First Majestic often act like operating leverage on metal prices: if selling prices rise faster than costs, margins can expand sharply. That leverage cuts both ways, of course—when metals fall, miners can drop harder—but in late 2025 the wind has been at the miners’ backs.
Macro forecasters have turned increasingly constructive, too:
- HSBC raised its 2025 average silver price forecast to $38.56/oz, and lifted longer-dated forecasts for 2026 and 2027, citing factors like high gold prices and renewed investor demand. [7]
- A Reuters poll of analysts and traders projected silver would average $38.45/oz in 2025 and $50/oz in 2026, framing silver as a potential “higher beta” way to express a bullish metals view. The same poll quoted commentary from market voices including David Russell (GoldCore), Nitesh Shah (WisdomTree), and Zain Vawda (MarketPulse by OANDA) on the drivers behind precious metals strength. [8]
Even if you don’t treat price forecasts as gospel (you shouldn’t), the key takeaway for AG is this: the macro narrative has shifted toward “higher-for-longer” demand for precious metals exposure, and that tends to keep attention—and trading volume—on primary silver producers.
The post-holiday market setup: open today, thin liquidity, and “Santa Claus rally” psychology
Today’s session sits inside a famously quirky seasonal window. Reuters described U.S. stocks hovering near record highs in thin post-Christmas trading, with precious metals in focus as investors weigh rate-cut expectations and year-end positioning. [9]
MarketWatch noted that December 26 has historically been a notably strong day for the S&P 500 and falls within the traditional “Santa Claus rally” period (late-year sessions plus early January). [10]
Why this matters to AG (and miners generally):
- Lower liquidity can exaggerate moves, especially in high-beta sectors like metals and miners.
- If silver continues to spike, miners can “catch up” quickly as traders rotate into laggier parts of the commodity complex.
- Conversely, sharp metal pullbacks can hit miners fast—particularly into the close when liquidity is thinner.
As of mid-afternoon New York time, the NYSE remains open, with the regular session set to end at 4:00 p.m. ET.
The biggest company headlines: what First Majestic just did in December
1) Del Toro mine sale agreement: up to $60 million headline value
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 consideration up to US$60 million. [11]
Key terms (important for investors parsing “headline price” vs. “cash certainty”):
- At closing:US$20M cash + US$10M in Sierra Madre shares (priced at $1.30/share). [12]
- Within 18 months of closing:US$10M (cash or shares, with limits). [13]
- Milestone-based payments:
- US$10M if a technical report (NI 43‑101) demonstrates ≥100Moz AgEq resources (or Sierra Madre announces that resource threshold).
- US$10M if Sierra Madre achieves commercial production of 4,000 tonnes/day for 30 consecutive days within 60 months. [14]
There are also closing conditions tied to Sierra Madre’s financing and approvals, and Sierra Madre has discussed a related financing expected to complete in January 2026. [15]
Third-party coverage has framed the transaction as First Majestic monetizing a non-core asset while Sierra Madre adds a second production-ready project. [16]
Investor lens: The most bankable piece is the upfront component, while the back-half depends on financing, approvals, and operational milestones. The market typically discounts contingent consideration until it starts looking “inevitable.”
2) Santa Elena exploration update + management change effective Jan. 1, 2026
On December 15, 2025, First Majestic reported continued exploration success at Santa Elena (Sonora, Mexico), including work around the Santo Niño and Navidad discoveries, plus a senior management update. [17]
Highlights that stood out to the market:
- Metallurgical testing: Third-party testing indicated gold and silver recoveries exceeding 95% for Santo Niño mineralization, and compatibility with the existing Santa Elena plant. [18]
- Growth studies: The company launched scoping-level work aimed at integrating Navidad and Santo Niño into the district plan, and discussed access concepts including an approximately 3-kilometre underground ramp. [19]
- Plant expansion target: A project goal to lift throughput from ~3,200 tpd to ~3,500 tpd by end of 2026. [20]
- Resource timing: A maiden Inferred Mineral Resource estimate for Santo Niño is expected to be included in the company’s Annual Information Form for the year ended Dec. 31, 2025, filed at the end of Q1 2026. [21]
And on leadership:
- The company appointed Mani Alkhafaji (then VP, Corporate Development & Investor Relations) to the new role of President & Chief Corporate Development Officer, effective January 1, 2026. [22]
- Keith Neumeyer remains CEO and transitions from President & CEO to CEO as of January 1. [23]
Investor lens: Exploration updates can be “nice-to-have” until they translate into mine plan economics—but strong metallurgy and a stated pathway toward higher throughput are the kinds of building blocks that analysts watch when they model longer mine life and future production profiles.
3) Convertible notes deal: $350M total, refinancing 2027 notes, conversion price above market
First Majestic closed a US$350 million offering of 0.125% unsecured convertible senior notes due 2031 (US$300M base plus US$50M via over-allotment). [24]
Key details:
- Initial conversion rate: 44.7227 shares per US$1,000 principal
- Implied conversion price: about US$22.36 per share [25]
- Use of proceeds: repurchase about US$174.7M of existing 0.375% convertible notes due 2027 for about US$214.7M, with remaining proceeds for general corporate purposes and “strategic opportunities.” [26]
Investor lens:
This is a classic “balance sheet choreography” move. Low coupon, longer maturity, partial refinancing of nearer-term converts. The flip side is potential dilution if AG rallies above the conversion price and notes convert later. For now, that conversion level can also become a psychological marker for traders (“overhead supply” vs. “future upside target”), even though actual mechanics depend on many factors.
Operations and earnings: what the latest quarter says about momentum
The December headlines matter, but quarterly fundamentals are what sustain a rerating.
In Q3 2025, First Majestic reported a string of records, including:
- Record quarterly silver production:3.9M ounces (+96% year-over-year), including 1.4M attributable ounces from Los Gatos [27]
- Record revenue:$285.1M, up 95% year-over-year (company noted 56% from silver sales) [28]
- Net earnings:$43.0M (EPS $0.06) vs. a loss a year earlier [29]
- Operating cash flow (before working capital/taxes):$141.3M (about $0.29/share) [30]
- Free cash flow:$98.8M (record) [31]
- Costs: cash costs $14.83/AgEq oz and AISC $20.90/AgEq oz [32]
- Cash + liquidity: cash and equivalents $435.4M, plus restricted cash; total treasury cited at $568.8M [33]
- Dividend: declared $0.0052/share for Q3 2025 [34]
Operationally, the company has emphasized the integration of the Los Gatos asset, noting integration was “nearly complete” and production tracking at/above guidance in its Q3 production commentary. [35]
In Q2 2025, the company also posted record-type results (at the time), including revenue of $264.2M and net earnings of $56.6M (EPS $0.11), alongside strong production of 7.9M AgEq oz. [36]
Investor lens: When silver is ripping higher, the market looks for three confirming signals in miners:
- production growth,
- cost control, and
- a balance sheet that can absorb volatility.
First Majestic’s mid-2025 results check many of those boxes—while the new financing and asset sale reshape how that balance sheet looks into 2026.
Analyst forecasts and price targets: where “consensus” sits (and why it’s tricky for silver miners)
Analyst targets on precious-metals miners can shift quickly because they embed assumptions about metal prices, exchange rates, sustaining capital, and mine plans.
Still, here’s the current snapshot from widely followed aggregators:
- MarketBeat shows a “Moderate Buy” consensus rating (based on 8 analyst ratings) and an average price target around $17.33, with targets ranging from $12.50 to $22.00. [37]
How to read that: At today’s price (~$17.37), consensus looks close to “fair value” if analyst commodity assumptions hold. But if silver remains in a high-volatility regime—something both HSBC and the Reuters poll narrative imply—targets can chase price rather than lead it. [38]
Technical and trading context: near highs, high attention
AG has been pressing into new highs this month.
- Investing.com reported AG hit a 52-week high near $17.42 on Dec. 22, 2025. [39]
- MarketBeat also flagged a new 12‑month high during the same period and summarized the spread of analyst ratings and targets. [40]
With AG now trading in that neighborhood again, investors often watch for two things into the close and into next week:
- whether the stock holds above prior breakout areas on quieter holiday liquidity, and
- whether metal prices stay bid enough to prevent profit-taking.
What investors should watch into the close and the next session
Because the NYSE is open right now (mid-afternoon New York time), the “next session” question becomes: what could change between today’s close and Monday’s open?
Here are the high-impact items that tend to matter most for AG specifically:
1) Silver and gold follow-through
If silver stays near record levels, miners can continue to attract incremental flows—especially when broader equities are already near highs. [41]
2) Headline risk around deals and approvals
- The Del Toro sale includes financing and approval conditions, with timelines reaching into early 2026. Updates can move the stock even if they don’t immediately change near-term production. [42]
3) Financing/dilution math
The 2031 convertible notes have an implied conversion price around $22.36. If AG continues to rally, traders may start handicapping eventual dilution and how that interacts with valuation. [43]
4) Exploration to economics pipeline
Santa Elena’s metallurgy and throughput expansion targets are promising, but markets eventually ask: How fast can this convert into reserves, mine plan changes, and cash flow? Watch for additional technical updates as the company moves toward its Q1 2026 filing expectations. [44]
5) Macro calendar catalysts
Reuters’ week-ahead framing highlighted investor focus on Fed communications and broader rate expectations heading into 2026—often a tailwind for non-yielding assets like precious metals when rate-cut expectations rise. [45]
Bottom line
First Majestic Silver Corp stock (AG) is trading in a market environment where precious metals are setting records and investors are hungry for “real asset” exposure—while the company itself has delivered a dense run of news: a non-core asset sale agreement, exploration momentum at Santa Elena, a leadership transition, and a $350M convertible financing that refinances nearer-term notes. [46]
Going into the final days of 2025 and the opening stretch of 2026, AG will likely remain a headline-sensitive, high-beta vehicle: it can outperform sharply when silver trends higher, but it also tends to punish complacency when metals reverse.
References
1. www.reuters.com, 2. www.reuters.com, 3. apnews.com, 4. www.firstmajestic.com, 5. apnews.com, 6. www.investopedia.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.marketwatch.com, 11. www.firstmajestic.com, 12. www.firstmajestic.com, 13. www.firstmajestic.com, 14. www.firstmajestic.com, 15. www.firstmajestic.com, 16. www.mining.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.firstmajestic.com, 28. www.firstmajestic.com, 29. www.firstmajestic.com, 30. www.firstmajestic.com, 31. www.firstmajestic.com, 32. www.firstmajestic.com, 33. www.firstmajestic.com, 34. www.firstmajestic.com, 35. www.firstmajestic.com, 36. www.firstmajestic.com, 37. www.marketbeat.com, 38. www.reuters.com, 39. www.investing.com, 40. www.marketbeat.com, 41. apnews.com, 42. www.firstmajestic.com, 43. www.firstmajestic.com, 44. www.firstmajestic.com, 45. www.reuters.com, 46. apnews.com
