First Majestic Boosts 2025 Mineral Resources on Exploration Success

First Majestic Silver ( (TSE:AG) ) has provided an update.

First Majestic Silver reported strong growth in its 2025 mineral reserves and resources across its Mexican operations and the Jerritt Canyon asset in Nevada. The company achieved a 4% year-over-year increase in silver-equivalent proven and probable reserves, with notable gains in silver, base metals and gold, largely driven by drill conversion and higher long-term metal price assumptions.

Measured and indicated, as well as inferred, silver-equivalent resources rose sharply, up 50% and 69% respectively, underpinned by an extensive 264,364-metre exploration program. Key contributions came from the Santo Niño discovery at Santa Elena, which added 27.4 million silver-equivalent ounces, further resource growth at the Navidad vein system, and a substantial increase in gold resources at Jerritt Canyon as bulk-tonnage mining opportunities emerged.

Management highlighted that exploration efforts more than replaced annual depletion despite record production, reinforcing exploration-led resource expansion as a core pillar of long-term value. The strengthened resource base enhances First Majestic’s future production options and supports an ambitious 2026 exploration plan, bolstering the company’s competitive position in the silver and gold mining sector.

The most recent analyst rating on (TSE:AG) stock is a Hold with a C$31.00 price target. To see the full list of analyst forecasts on First Majestic Silver stock, see the TSE:AG Stock Forecast page.

Spark’s Take on AG Stock

According to Spark, TipRanks’ AI Analyst, AG is a Neutral.

The score is led by improved 2025 financial performance and a strong balance sheet with low leverage. Offsetting this are weak technicals (below key moving averages with negative MACD) and a rich P/E multiple despite a high dividend yield.

To see Spark’s full report on AG stock, click here.

More about First Majestic Silver

First Majestic Silver Corp. is a precious metals producer focused on silver and gold, with four operating mines in Mexico and the Jerritt Canyon gold asset in Nevada. Its key operations include the Santa Elena, Los Gatos, San Dimas and La Encantada mines, and the company emphasizes exploration-driven growth to expand reserves and resources in the Americas.

Average Trading Volume: 2,357,556

Technical Sentiment Signal: Buy

Current Market Cap: C$13.49B

Learn more about AG stock on TipRanks’ Stock Analysis page.