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First Majestic Silver ( (TSE:AG) ) just unveiled an update.
On March 31, 2026, First Majestic reported its 2025 mineral reserve and resource estimates, effective December 31, 2025, showing broad-based growth across its portfolio despite ongoing mining depletion. Proven and probable reserves at its four Mexican operations rose 4% in silver-equivalent terms to 184.8 million ounces, driven by drill conversion, higher long-term metal price assumptions and the positive economics of La Encantada tailings.
Measured and indicated resources increased 50% year over year to 652.8 million silver-equivalent ounces, while inferred resources surged 69% to 592.3 million silver-equivalent ounces, reflecting intensive drilling and lower cut-off grades supported by higher gold and silver prices. Santa Elena led the gains with the new Santo Niño silver-gold discovery adding 27.4 million silver-equivalent ounces and, together with the expanded Navidad system, positioning the mine for a significant life-of-mine extension, while Jerritt Canyon’s resource base expanded sharply as higher gold price assumptions enabled bulk-tonnage mining scenarios and Los Gatos posted strong inferred growth that could extend its operating life.
The most recent analyst rating on (TSE:AG) stock is a Buy with a C$33.00 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 Outperform.
The score is driven primarily by improved 2025 financial performance and a constructive earnings-call outlook (strong cash, free-cash-flow momentum, and growth plans). Offsetting factors are a weaker near-term technical picture and a demanding P/E despite the 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 — Santa Elena, Los Gatos, San Dimas and La Encantada — and the Jerritt Canyon gold mine in Nevada currently under temporary suspension. The company’s strategy emphasizes exploration-driven reserve and resource growth to extend mine lives and strengthen long-term production options.
Average Trading Volume: 2,327,065
Technical Sentiment Signal: Buy
Current Market Cap: C$15.17B
See more data about AG stock on TipRanks’ Stock Analysis page.