The Silver Setup Wall Street Is Still Sleeping On

On behalf of First Majestic Silver Corp.

While Wall Street chases AI and gold makes headlines… silver is quietly setting up for one of its biggest breakouts in decades.

Not someday. Not “maybe.” Right now.

And history shows what happens next:

In the late ‘70s, silver slingshotted past gold.
In 2011, silver ran from $18 to nearly $50 — a 175% surge — while gold climbed just 70%.
In 2020, the pattern repeated again… and it’s now playing out once more in 2025.

The setup? It’s in the numbers.

Source: https://www.macrotrends.net/2517/gold-prices-vs-silver-prices-historical-chart

Breaking News

First Majestic Reports Positive Exploration Results at Los Gatos

The gold-to-silver ratio — a key market signal — is hovering near 98:1,¹ far above the historical average of 60:1.²

And when that ratio snaps back?

Silver doesn’t just rise. It explodes.

And this time, there’s one company uniquely positioned to ride the wave.

Not a conglomerate mining silver as a byproduct.

Not a pre-production story still years away from cash flow.

But a full-throttle, pure-play silver miner already producing over 30 million silver-equivalent ounces per year³ — with margin upside, institutional leverage, and a fresh acquisition that just changed the game.⁴

And right on cue, a new catalyst just hit the market — one that could send silver into overdrive.

Trump’s Tariffs Just Lit the Fuse

On April 2nd, President Trump declared “Liberation Day”⁵ — slapping sweeping tariffs on global imports, with higher rates aimed at China, Mexico, and Europe.

Markets jolted. Commodities ripped. And silver jumped over 5% in 48 hours.

Why? Because silver isn’t just a precious metal anymore — it’s critical infrastructure.⁶

From EVs and solar to AI chips and 5G, silver powers the sectors America now wants to bring home.

And tariffs just poured gasoline on that reshoring fire.

That’s why demand is spiking. That’s why supply is under pressure.

And that’s why companies already producing — like First Majestic Silver (NYSE:AG) (TSX:AG) — are now in a class of their own.

While others scramble to adjust, they’re already scaling.

Press Releases

Silver’s Surge Is Just Beginning — And One Miner’s Already Ahead

This isn’t just another precious metals trade.

Silver isn’t only a monetary metal anymore — it’s infrastructure for the AI age.

It’s used in nearly every high-growth sector governments and markets are betting on:

Electric vehicles use up to 50 grams per unit⁷
Solar panels require silver in every single photovoltaic cell⁸
AI chips — the kind powering Nvidia’s $3T empire — rely on silver to stay cool and conduct energy with precision⁹
5G infrastructure, robotics, smart grids, data centers — all demand silver at scale

It’s the metal of electrification. Of digital acceleration. Of energy transition.

That’s why silver demand hit a record high in 2024 — and 2025 is already tracking to surpass it.

But here’s the rub: production hasn’t followed.

Global silver mine supply peaked in 2016.¹⁰ It’s been trending down ever since.

LP 2 image6

Grades are falling. Capital costs are rising. And the permitting timelines? Brutal — up to a decade in many jurisdictions.

Recycling can’t close the gap. Stockpiles are shrinking.

And in 2024, the world faced a 150-million-ounce deficit — the second-largest shortfall ever recorded.

This is a slow-motion squeeze — and when price finally responds, it won’t be gradual.

That’s why positioning now matters. And First Majestic Silver Corp. (NYSE:AG) (TSX:AG) is already there.

While other miners are scaling back or stuck in permitting, AG is expanding — fast.

In Q1 2025, they delivered an impressive 7.7 million silver-equivalent ounces
They’re on track for 30–32 million AgEq ounces this year
That’s not a 5-year target. That’s happening now

LP 2 image5

And they’re not stopping. With a strategic acquisition that just supercharged their production base, AG has pulled ahead of the pack — right as the macro pressure builds.

The Deal That Changed Everything — Cerro Los Gatos

In January 2025, First Majestic Silver (NYSE:AG) (TSX:AG) completed a $970 million all-stock acquisition of Gatos Silver — locking in 70% ownership of Cerro Los Gatos, one of the highest-grade, lowest-cost silver producers in Mexico.¹¹

This wasn’t a development-stage bet. Cerro Los Gatos is already producing:

15.6 million silver-equivalent ounces in 2024
9.7 million ounces of pure silver
At all-in sustaining costs expected to be $15.03-$15.92/oz in 2025

Better yet, the mine sits within a massive 103,000-hectare land package — with 14 known mineralized zones and exploration upside for years.¹²

No royalties. No streams. Just scale, margin, and torque — 70% owned and fully operated by First Majestic Silver (NYSE:AG) (TSX:AG).

In a market starved for new supply, this acquisition didn’t just add ounces…

It added leverage.

Santa Elena: From Mine to Emerging District

Size matters. But in a market like this, efficiency and margin matter more.

And that’s where First Majestic Silver Corp. (NYSE:AG) (TSX:AG) pulls ahead.

In addition to Cerro Los Gatos, the company operates three additional producing mines in Mexico — each uniquely optimized to maximize output, recovery, and profitability.

While Cerro Los Gatos brought scale, Santa Elena brings depth.

What began as a single open-pit mine has evolved into a multi-deposit silver-gold district with 102,000 hectares of prospective ground — most of which remains unexplored.

And in just the past 12 months, First Majestic has proven just how much this district could deliver.

In July 2024, the company announced the Navidad discovery — the first major find in the district since Ermitaño — with a maiden resource of 30 million AgEq ounces. That number is expected to grow meaningfully with ongoing drilling in 2025.

In May 2025, First Majestic (NYSE:AG) (TSX:AG) followed with a fourth discovery: the Santo Niño vein, located just 900 meters from the mill. Early results show broad, high-grade mineralization across more than a kilometer of strike, and — like Navidad — it could be processed using existing infrastructure.¹³

Early drill results at Santo Niño show broad, high-grade mineralization across more than one kilometer of strike. Like Navidad, it could feed directly into the existing mill with no new capex required.

And unlike most exploration-stage assets, these deposits can be developed fast, using the existing processing infrastructure already in place.

That infrastructure is also a competitive edge.

Santa Elena features the first High-Intensity Grinding (HIG) mill ever used by a silver producer — a system that improves leaching and recovery by pulverizing ore to a micron-level slurry. The site also now runs on LNG instead of diesel and incorporates a high-efficiency filtration system to reduce costs and emissions.¹⁴

The result?
Recoveries above 92%, and cash costs below $14/oz.

This isn’t just an operation — it’s an emerging silver-gold district with scale, infrastructure, and serious exploration torque still ahead.

Then, there’s San Dimas; one of the richest silver-gold epithermal systems in the country.

While it’s been producing for over two centuries, First Majestic has modernized the site with automation, real-time monitoring, and underground tech upgrades that turn legacy infrastructure into a margin engine.

In Q1 2025, San Dimas produced 2.6 million silver-equivalent ounces¹⁵ — with many of its veins still yielding grades over 400 g/t AgEq,¹⁶ and some stopes exceeding 1,000 g/t.¹⁷

Finally, there’s La Encantada, a 100% silver operation in northern Mexico. Unlike polymetallic mines, there’s no byproduct revenue distortion here — just pure silver ounces.

The site houses a 4,000 tonne-per-day cyanidation mill¹⁸ and delivered 560,000 ounces of silver in Q1 2025, a 23% year-over-year increase.

With a renewed focus on processing historic tailings and new ore body development, La Encantada may also unlock low-cost upside the market isn’t yet pricing in.

Together, these assets form the backbone of AG’s production — not just in terms of scale, but in terms of structural profitability.

While many miners are still chasing efficiency, First Majestic Silver Corp. (NYSE:AG) (TSX:AG) is already running at it.

Backed by a Balance Sheet Built for the Breakout

While other miners are cutting budgets or scrambling for capital, First Majestic Silver (NYSE:AG) (TSX:AG) is already fully loaded.

As of Q1 2025, AG holds a record $462.6 million in cash — including $351.3M in cash and equivalents, plus $111.3M in restricted cash.¹⁹

That’s not “enough to survive.”

That’s dry powder for strategic moves — exploration, expansion, and opportunistic M&A — right as the silver bull is picking up speed.

And the cash didn’t come from dilution — it came from operations.

In Q1 alone, First Majestic Silver (NYSE:AG) (TSX:AG) pulled in $243.9 million in revenue, up 130% year-over-year.²⁰

More than half of that came from silver. And with prices trending higher, that split is only getting stronger.

Even better? Operating cash flow hit $110 million, up from just $12.6M a year ago.²¹

Free cash flow: $43.5 million — after taxes and working capital.

This is what leverage looks like when the gears are already turning.

And with Cerro Los Gatos now fully integrated — a high-grade, low-cost mine that’s printing margin at $34 silver — First Majestic isn’t just surviving in this market. It’s ready to lead it.

More Than a Miner — They Mint, Sell, and Capture the Premium

Most silver producers sell raw metal into industrial supply chains — taking whatever the market gives them.

First Majestic Silver (NYSE:AG) (TSX:AG) does it differently.

They’re the only major public silver producer that also owns and operates its own mint.

LP 2 image4

In 2024, the company launched its 100%-owned facility in Nevada, producing silver bars and coins under its First Majestic Bullion brand.

Bullion production began in Q1 2024
Silver coins rolled out in Q3
Q1 2025 sales hit $7.9 million
Premiums on retail silver can run 15–40% above spot

This vertical integration means First Majestic Silver (NYSE:AG) (TSX:AG) isn’t just selling silver — they’re monetizing it at the top of the value chain, keeping the margins most miners leave behind.

It’s a built-in pricing edge that gets even stronger when retail demand for physical metal surges — like it did in 2011, and like it’s doing again now.

The Gold Bonus Most Investors Miss

On paper, First Majestic Silver (NYSE:AG) (TSX:AG) is a silver company.

But behind the scenes, gold is quietly boosting their margins.

In 2024, AG produced over 156,000 ounces of gold, accounting for more than 60% of its silver-equivalent output. Most of it came from the Santa Elena and San Dimas mines, where multi-gram gold grades are embedded in silver-rich veins.

With gold trading around $3,300/oz in 2025, those “bonus ounces” add an extra layer of free cash flow — with no additional capex.

Most analysts still model First Majestic Silver (NYSE:AG) (TSX:AG) as a pure silver play. But this gold exposure gives it another lever — and a cushion — in volatile markets.

If silver runs, AG wins.

If gold runs, AG still wins.

If both run? That’s when things get exciting.

The Leadership Behind the Leverage

Markets love numbers. But when things heat up, leadership matters just as much as ounces.

First Majestic Silver (NYSE:AG) (TSX:AG) is led by Keith Neumeyer, one of the most respected silver voices in the world — and the founder of both First Quantum Minerals and First Majestic.

He’s called multiple silver bull markets, and he’s not mincing words in 2025 — publicly forecasting triple-digit silver as physical supply tightens and paper markets crack.

Alongside him is Mani Alkhafaji, VP Corporate Development and Investor Relations and a key driver of the company’s recent transformation — including the $970 million acquisition of Cerro Los Gatos.

Mani blends capital markets expertise with operational insight, helping position AG for both near-term growth and long-term scalability.

Together, this team isn’t just mining silver — They’re engineering margin, scale, and strategic positioning for what could be silver’s most asymmetric setup in decades.

The Setup Is Rare. The Window Is Now.

Silver is breaking out.

Gold’s already surged. Industrial demand is at all-time highs. Tariff uncertainty and record budget deficits just lit the fuse. And supply? Structurally broken.

This is exactly the kind of setup that triggered 175%+ silver moves in past cycles.

But the biggest gains never go to the biggest companies.

They go to the ones with:

✅ Production already online
✅ Margin leverage already in place
✅ Growth already locked in

First Majestic Silver Corp. (NYSE:AG) (TSX:AG) checks all three.

Four operating mines. One of the strongest silver-gold blends in the sector. A fast-growing minting business. And leadership that’s been here before.

This isn’t about what might happen in five years.

It’s about what’s already happening — now.

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footnotes:
[1] https://www.marketwatch.com/story/this-indicator-says-silver-is-undervalued-why-silver-hasnt-caught-up-to-gold-yet-454958d4 [2] https://www.truegoldrepublic.com/blog/silvers-hidden-potential-decoding-the-gold-silver-ratio-and-why-silver-is-poised-for-a-historic-breakout [3] https://www.firstmajestic.com/_resources/news/nr-20240905.pdf [4] https://www.firstmajestic.com/investors/news-releases/duplicate-first-majestic-announces-shareholder-approval-in-connection-with-gatos-silver-acquisition [5] https://economictimes.indiatimes.com/news/international/global-trends/us-court-blocks-trumps-liberation-day-tariffs-citing-overreach-of-power/articleshow/121476685.cms [6] https://www.silverinstitute.org/wp-content/uploads/2018/07/Role_of_Silver_Green_Revolution_28Jun2018.pdf [7] https://nationwidecoins.com/blogs/news/electric-vehicles-boost-silver-demand?srsltid=AfmBOopjux4Bid9Ak97Ea0Bw35EbHtXveEoTDpLZfCfCOiMpQ6-5z_yu& [8] https://learn.apmex.com/answers/how-much-silver-is-in-a-solar-panel/ [9] https://www.sciencedirect.com/science/article/abs/pii/S135964621200139X [10] https://www.mining.com/silver-miners-struggle-to-keep-up-with-demand/ [11] https://www.firstmajestic.com/investors/news-releases/duplicate-first-majestic-announces-shareholder-approval-in-connection-with-gatos-silver-acquisition [12] https://www.firstmajestic.com/investors/news-releases/first-majestic-announces-agreement-to-acquire-gatos-silver [13] https://www.firstmajestic.com/investors/news-releases/first-majestic-announces-second-gold-silver-discovery-within-a-year-at-santa-elena-and-expands-high-grade-mineralization-at-navidad [14] https://www.theassay.com/insight/qa-with-keith-neumeyer-president-ceo-founder-at-first-majestic-silver/ [15] https://www.firstmajestic.com/investors/news-releases/first-majestic-produces-77-million-ageq-ounces-in-q1-2025-including-a-record-37-million-silver-ounces [16] https://www.firstmajestic.com/investors/news-releases/first-majestic-provides-positive-exploration-results-at-san-dimas [17] https://www.firstmajestic.com/investors/news-releases/first-majestic-provides-positive-exploration-results-at-san-dimas [18] https://firstmajestic.com/projects/producing-mines/la-encantada/ [19] https://www.firstmajestic.com/_resources/presentation/corporate-presentation.pdf?v=052108& [20] https://www.firstmajestic.com/investors/news-releases/first-majestic-announces-financial-results-for-q1-2025-with-record-cash-position-and-announces-quarterly-dividend-payment [21] https://www.firstmajestic.com/investors/news-releases/first-majestic-announces-financial-results-for-q1-2025-with-record-cash-position-and-announces-quarterly-dividend-payment

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6) This document contains forward-looking information and forward-looking statements within the meaning of applicable Canadian and United States securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding First Majestic Silver Corp.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to First Majestic Silver Corp.’s industry; (b) market opportunity; (c) First Majestic Silver Corp.’s business plans and strategies; (d) services that First Majestic Silver Corp. intends to offer; (e) First Majestic Silver Corp.’s milestone projections and targets; (f) First Majestic Silver Corp.’s expectations regarding receipt of approval for regulatory applications; (g) First Majestic Silver Corp.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) First Majestic Silver Corp.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute First Majestic Silver Corp.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) First Majestic Silver Corp.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) the accuracy of budgeted costs and expenditures; (e) First Majestic Silver Corp.’s ability to attract and retain skilled personnel; (f) political and regulatory stability; (g) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (h) changes in applicable legislation; (i) stability in financial and capital markets; and (j) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of First Majestic Silver Corp. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) First Majestic Silver Corp.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact First Majestic Silver Corp.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing First Majestic Silver Corp.’s business operations (e) First Majestic Silver Corp. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, First Majestic Silver Corp. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does First Majestic Silver Corp. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither First Majestic Silver Corp. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of First Majestic Silver Corp. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of First Majestic Silver Corp. or such entities and are not necessarily indicative of future performance of First Majestic Silver Corp. or such entities.

8) The technical information contained in articles and videos produced for this campaign has been reviewed and approved by Ms. Sharon Taylor, P.Geo at First Majestic Silver Corp. as the Qualified Person for the Company as defined in National Instrument 43-101.

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The Silver Setup Wall Street Is Still Sleeping On

Breaking News

Trump’s Tariffs Just Lit the Fuse

Press Releases

Silver’s Surge Is Just Beginning — And One Miner’s Already Ahead

The Deal That Changed Everything — Cerro Los Gatos

Santa Elena: From Mine to Emerging District

Backed by a Balance Sheet Built for the Breakout

More Than a Miner — They Mint, Sell, and Capture the Premium

The Gold Bonus Most Investors Miss

The Leadership Behind the Leverage

The Setup Is Rare. The Window Is Now.

QUICK LINKS TO PREFERRED BROKERAGES

More News From This Company

First Majestic Silver Corp.

Company News

Don't Hesitate! Get The Corporate Presentation Now

PLUS

Don't Hesitate! Get The Corporate Presentation Now

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Breaking News

SUBSCRIBE FOR TRADING INSIGHTS AND ALERTS. STAY AHEAD.

Trump’s Tariffs Just Lit the Fuse

Press Releases

Silver’s Surge Is Just Beginning — And One Miner’s Already Ahead

SUBSCRIBE FOR TRADING INSIGHTS AND ALERTS. STAY AHEAD.

The Deal That Changed Everything — Cerro Los Gatos

Santa Elena: From Mine to Emerging District

Backed by a Balance Sheet Built for the Breakout

More Than a Miner — They Mint, Sell, and Capture the Premium

The Gold Bonus Most Investors Miss

The Leadership Behind the Leverage

The Setup Is Rare. The Window Is Now.

SUBSCRIBE FOR TRADING INSIGHTS AND ALERTS. STAY AHEAD.

QUICK LINKS TO PREFERRED BROKERAGES

More News From This Company

First Majestic Silver Corp.

Company News

Don't Hesitate! Get The Corporate Presentation Now

PLUS

Don't Hesitate! Get The Corporate Presentation Now

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