First Majestic Silver is a Vancouver-based primary silver producer, dual-listed on the NYSE and TSX (both as AG). It operates four underground mines in Mexico -- San Dimas (Durango, its cornerstone asset), Santa Elena (Sonora), La Encantada (Coahuila), and the 70%-owned Los Gatos (Chihuahua) -- with the Jerritt Canyon mine (Nevada) held on care-and-maintenance/exploration status since Mar 2023. Q2 2026 production was 3.8 Moz silver and 34,660 oz gold, with a record treasury and working capital position.
Notable vs. Peers
- Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 6.9/10.
- All-in sustaining cost of $25.68/oz AgEq is 29% lower than the peer producer average of $36.37/oz AgEq.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Jan 2018 · Source
- Reached — date not disclosed · Source
- May 2018 · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Combined view across 5 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 124.2M oz AgSan Dimas Silver/Gold Mine + La Encantada Silver Mine + Los Gatos (Cerro Los Gatos Mine)
- 4.6M oz AuJerritt Canyon Gold Mine + Santa Elena Silver/Gold Mine
- 8 yrsLos Gatos (Cerro Los Gatos Mine)
Jurisdiction (40%)5/10
Durango, Mexico (San Dimas) has a long, 250+ year mining history and generally stable permitting for established operators, but northern Mexico broadly carries elevated organized-crime and security risk relative to Canada/US benchmarks.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at San Dimas Silver/Gold Mine.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Cienega (Fresnillo plc), 118 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not yet researched
Holder register not researched yet
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:2.8/10
Nearest producing mine: Cienega (Fresnillo plc), 118 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:5/10
Mexico: jurisdiction score 5/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:5/10
Primary commodity: Silver
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Founder, President and Chief Executive Officer of First Majestic Silver Corp. since 2002. Began his career in the investment community in 1984 at Canadian national brokerage firms before moving into resource and technology-sector public companies. Founding President of First Quantum Minerals Ltd. (1992-2000), now one of the world's largest copper producers, immediately before founding First Majestic. Extensive experience listing companies on the Toronto Stock Exchange.
Over 30 years of leadership experience across global organizations. Immediately before First Majestic, Chief Financial and Risk Officer at the Canada Pension Plan Investment Board (CPPIB) from 24 Jul 2017, directing Strategy, Finance, Operations and Risk and serving on its investment committee. Before CPPIB, senior financial and operational roles at BHP (the world's largest mining company) across Canada, Australia and South America, most recently Vice President, Finance for BHP's Minerals Americas business. Earlier in his career, Senior Partner at KPMG Canada.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Not scored. Smart-money tracking covers companies below about US$5B in market cap, where a single specialist fund or strategic investor taking a stake is a meaningful signal. This company was above that size when it was assessed.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
First Majestic Silver operates San Dimas, Santa Elena and La Encantada in Mexico and holds 70% of the Los Gatos joint venture in Chihuahua; Jerritt Canyon in Nevada, its largest resource, has been suspended since March 2023. Silver was 58% of FY2025 revenue (gold 31%), so silver remains its primary metal. Los Gatos' economics are shown on its project row.