Dec. 26, 2025 — First Majestic Silver Corp. stock is back in the spotlight as silver prices punch through a psychological (and headline-generating) milestone: $75 per ounce for the first time. [1]
For First Majestic Silver Corp. (NYSE: AG; TSX: AG)—often viewed as a high‑beta way to express a view on silver—the setup matters: when the metal moves sharply, miners can move even more sharply. By late morning UTC on Dec. 26, AG traded around $17.21.
Below is a detailed roundup of the most current news, forecasts, and analyses available as of Dec. 26, 2025, plus what investors are watching next.
Silver at $75: the macro shockwave pushing silver stocks like First Majestic
Silver’s move isn’t subtle. Reuters reported spot silver touched an all‑time high of $75.14 and was up around 3.5% in early trading, supported by a mix of industrial and investment demand, tightening inventories, geopolitical tensions, and expectations of additional U.S. rate cuts. [2]
In a separate Reuters explainer published later the same day, Reuters added more context around the surge: strong demand, persistent supply shortfalls, silver’s recent designation as a U.S. critical mineral, and momentum buying. Reuters also noted silver is up over 150% year‑to‑date, outpacing gold’s gains. [3]
That backdrop is particularly relevant for First Majestic because the company is widely treated by traders as a “torque” play—when silver rallies, the stock can amplify the move; when silver drops, the downside can also be aggressive.
The latest First Majestic Silver news (December 2025): three big corporate developments
1) Del Toro mine sale: up to $60M headline value, with conditions attached
On Dec. 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 Ltd. for total consideration up to $60 million. [4]
The deal structure is material for anyone modeling cash flow and balance sheet flexibility:
- Upfront $30M at closing: $20M cash + $10M in Sierra Madre shares (priced at $1.30 per share per the release). [5]
- Additional $10M within 18 months (cash or shares, subject to caps/conditions). [6]
- Two contingent $10M milestone payments tied to resource and production triggers over multi‑year timelines. [7]
Importantly, closing is conditional, including Sierra Madre completing a concurrent financing (at least CAD$40M) and receiving approvals (including TSXV acceptance and Mexican antitrust approval, plus shareholder approval under applicable rules). [8]
Also notable: First Majestic had placed Del Toro under care and maintenance in January 2020, so the transaction is also about simplifying the portfolio and potentially monetizing a non-core asset during a strong silver tape. [9]
Mining industry coverage echoed the core economics and described Del Toro’s infrastructure (including a processing circuit) and Sierra Madre’s intention to replicate its La Guitarra restart playbook. [10]
2) Santa Elena exploration success + a throughput expansion target into 2026
On Dec. 15, 2025, First Majestic reported continued exploration success at Santa Elena (Sonora, Mexico) and announced a senior management update. The release highlighted expanded mineralization at the Santo Niño and Navidad discoveries, plus drilling at Luna expected to support future resource category conversion. [11]
Two details stand out for forward-looking investors:
- Metallurgy: third‑party testing indicated gold and silver recoveries exceeding 95%, and compatibility with the existing Santa Elena plant. [12]
- Growth capex signal: the company initiated a plant expansion project to lift throughput from ~3,200 tonnes/day to ~3,500 tonnes/day by the end of 2026. [13]
The same update noted Mani Alkhafaji was promoted to President & Chief Corporate Development Officer, a leadership move that can matter in a cycle where M&A, asset sales, and capital markets activity accelerate. [14]
3) $350M convertible notes: cheap coupon, potential dilution, and a liability management angle
Earlier in December, First Majestic closed an offering of 0.125% unsecured convertible senior notes due 2031, totaling $350 million after the over‑allotment option was exercised in full. [15]
Key terms and implications:
- The initial conversion price was approximately $22.36 per share (based on the stated conversion rate). [16]
- Proceeds were earmarked in part to repurchase roughly $174.7M principal of existing 0.375% convertible notes due 2027 for about $214.7M (privately negotiated transactions), with the remainder for general corporate purposes and “strategic opportunities.” [17]
- The company had previously said the notes would pay 0.125% interest and described the same conversion economics when it priced the deal. [18]
In plain English: management lowered near-term financing friction (very low coupon) and managed upcoming convert exposure, but if AG rises materially above the conversion price over time, share dilution risk becomes part of the long-term math.
Earnings and operations: what the company has said recently, and what analysts flagged
First Majestic’s story in 2025 has been a mix of stronger production/revenue and investor debate about quality of earnings versus expectations.
A TipRanks analysis summarized that Q3 2025 delivered record silver production (3.9M ounces) and highlighted the operational boost from Cerro Los Gatos, acquired earlier in the year. [19]
Meanwhile, an Investing.com earnings transcript summary noted the company’s Q3 2025 EPS of $0.07 missed a $0.11 forecast, while revenue of $285.1M also came in below forecast (per that summary). [20]
One nuance sometimes lost in quick-take headlines: The Motley Fool’s transcript coverage pointed to inventory dynamics, saying a meaningful amount of inventory was not recognized as revenue in Q3 due to retained metal (as described in that transcript write-up). [21]
On shareholder returns, First Majestic’s own dividend page describes a policy targeting the quarterly dividend per share to equal roughly 1% of net quarterly revenues divided by shares outstanding (with an attribution adjustment for Los Gatos given the JV structure). [22]
First Majestic Silver stock forecast: what the latest price targets and analyst views say
Here’s where things get delightfully messy—because different aggregators often show different “consensus” targets depending on which analysts are included and how frequently the data refreshes.
NYSE: AG (U.S. listing) — consensus targets cluster near the current price
- MarketBeat’s Dec. 22 write-up (triggered by a new 52‑week high) cited a “Moderate Buy” consensus and a $17.33 target price, while also emphasizing that upgrades/downgrades were mixed. [23]
- Fintel’s forecast page showed an average one‑year price target around $17.26, with a stated range from $12.80 to $22.01 (as presented on the page). [24]
- TipRanks’ Dec. 22 analysis argued the operational leverage could remain powerful into 2026, but still noted an average price target around $16.54 in its snapshot—implying modest downside from the then-current level. [25]
Takeaway: as of late December, many published “consensus” targets look like they haven’t fully caught up to the magnitude of silver’s move—either because analysts are conservative by design, or because target updates lag big commodity spikes.
TSX: AG (Canada listing) — targets recently revised upward in at least one widely-circulated update
Nasdaq, citing a Fintel-based update, reported that the average one-year price target for TSX:AG was revised to $23.87/share, a 16.26% increase from a prior estimate dated Dec. 3, 2025. The same item listed a target range from $17.70 to $30.45 and framed the average target as about 3.39% above the latest reported closing price of $23.09. [26]
MarketBeat’s TSX forecast page, using its own set of analysts and methodology, displayed an average target of C$27.80 (with a wide high/low range), and labeled the consensus rating as “Buy” based on five analyst ratings. [27]
Takeaway: even on the Canadian listing, target dispersion is wide—consistent with a stock whose earnings power can swing dramatically with the metal price.
Recent market analysis: why AG is being treated as a “leveraged silver” trade again
A Trefis analysis published Dec. 22 described First Majestic as a “leveraged” play on silver and said the stock had more than doubled over the past six months alongside surging silver prices, while warning that after such a run the risk/reward becomes more balanced and volatility risk rises. [28]
Separately, a GuruFocus alert the same day focused on options activity and elevated implied volatility (as reported in that piece), consistent with a market that’s actively trading upside exposure rather than treating AG as a sleepy long-term compounder. [29]
And on the pure fundamentals-meet-price-action front, MarketBeat flagged that AG hit a new 52‑week high around $17.91 in the Dec. 22 session—an event that tends to attract both momentum screens and systematic strategies. [30]
What to watch next for First Majestic Silver (AG) into 2026
A silver bull market can make miners look like geniuses; a silver drawdown can make the same miners look cursed. For First Majestic specifically, the next catalysts to track fall into a few buckets:
1) Silver price durability above “new normal” levels
Reuters points to multiple drivers behind the surge—demand, inventory tightness, geopolitics, rate-cut expectations, supply shortfalls, and the U.S. critical mineral designation. [31]
If silver consolidates near elevated levels instead of mean-reverting hard, that’s when miners’ cash-flow narratives tend to strengthen.
2) Execution on the Del Toro sale process
Because the deal is approval- and financing-dependent, investors will watch for concrete closing progress and clarity on how upfront cash and equity consideration are deployed. [32]
3) Santa Elena’s expansion and exploration pipeline
The 3,500 tpd throughput target by end‑2026 is a specific, measurable milestone, and >95% metallurgical recoveries (as tested) can be meaningful if resource conversion and mine planning keep pace. [33]
4) Capital structure trade-offs after the convertible
The 2031 notes reduce near-term cost of capital, but the conversion mechanics mean investors will keep one eye on dilution math if AG trades sustainably above the conversion price. [34]
Bottom line
As of Dec. 26, 2025, First Majestic Silver stock is being pulled by two strong currents at once:
- a historic silver breakout to $75, and
- a run of company-specific catalysts—portfolio reshaping (Del Toro), operational upside (Santa Elena exploration + expansion), and balance sheet moves (convertible notes). [35]
At the same time, the published forecast landscape is fragmented: some consensus targets cluster near the current price, while other updates (particularly on the TSX side) show upward revisions—classic behavior when commodity markets move faster than analyst models. [36]
References
1. www.reuters.com, 2. www.reuters.com, 3. www.reuters.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.mining.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.tipranks.com, 20. www.investing.com, 21. www.fool.com, 22. www.firstmajestic.com, 23. www.marketbeat.com, 24. fintel.io, 25. www.tipranks.com, 26. www.nasdaq.com, 27. www.marketbeat.com, 28. www.trefis.com, 29. www.gurufocus.com, 30. www.marketbeat.com, 31. www.reuters.com, 32. www.firstmajestic.com, 33. www.firstmajestic.com, 34. www.firstmajestic.com, 35. www.reuters.com, 36. www.marketbeat.com
