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The latest announcement is out from First Majestic Silver ( (TSE:AG) ).
On January 15, 2026, First Majestic Silver reported that fourth-quarter 2025 production from its four Mexican underground mines reached 7.8 million attributable silver-equivalent ounces, including a record 4.2 million ounces of silver, up 77% year-on-year, supported by contributions from the newly integrated Los Gatos mine and stronger output at San Dimas. For full-year 2025, the company produced 31.1 million silver-equivalent ounces and a record 15.4 million ounces of silver, meeting or exceeding its original and upwardly revised guidance, while maintaining strong safety metrics and being recognized for excellence at Santa Elena. The acquisition of Gatos Silver completed on January 16, 2025, along with high-grade discoveries at the Santo Niño and Navidad targets at Santa Elena and the sale agreement for the non-core Del Toro Silver Mine for up to $60 million, marked 2025 as a transformational year that expanded First Majestic’s production base, resource potential and asset portfolio optimization. Management highlighted that higher silver prices in 2025, though reducing reported silver-equivalent conversion from by-products, actually improved underlying economics, and the company enters 2026 with key growth initiatives underway, including a mill expansion at Santa Elena, throughput and recovery improvements at Los Gatos, a robust exploration program, and a refreshed senior leadership structure featuring a new President & Chief Corporate Development Officer.
The most recent analyst rating on (TSE:AG) stock is a Buy 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 TSE:AG Stock
According to Spark, TipRanks’ AI Analyst, TSE:AG is a Neutral.
The score is supported by improving TTM profitability and stronger cash generation alongside a low-leverage balance sheet, but is held back by an expensive valuation (P/E ~129) and a multi-year history of earnings/free-cash-flow volatility. Technicals are moderately positive but not strong enough to outweigh the valuation and cyclicality risks.
To see Spark’s full report on TSE:AG stock, click here.
More about First Majestic Silver
First Majestic Silver Corp. is a Canadian precious metals producer focused primarily on silver, with a portfolio of four producing underground mines in Mexico: Santa Elena, San Dimas, Los Gatos (70% joint-venture interest) and La Encantada. The company also has exploration activities in Mexico and the United States and positions itself as a primary silver producer, benefiting from a price environment in which silver has outperformed its by-product metals such as gold, lead and zinc.
Average Trading Volume: 2,298,052
Technical Sentiment Signal: Buy
Current Market Cap: C$13.53B
Learn more about AG stock on TipRanks’ Stock Analysis page.