Silver is doing something weird. Well, maybe not weird if you’ve been following the macro-economic chaos of the last few years, but the First Majestic Silver Corp stock price is currently reflecting a reality that few saw coming back in 2024. As of mid-January 2026, the ticker AG on the NYSE is sitting around $21.50. That’s a massive move from the five-dollar depths we saw not that long ago.
Honestly, it’s been a wild ride. If you’re looking at your portfolio and wondering why this specific miner is suddenly the talk of the town, you’ve gotta look past the ticker symbol. It isn’t just about the price of the metal, though silver hitting roughly $90 per ounce certainly helps. It’s about a series of aggressive, almost desperate-looking moves by CEO Keith Neumeyer that are finally starting to pay off in actual, cold hard cash.
The First Majestic Silver Corp Stock Price and the 2025 Pivot
Most people think mining stocks just track the underlying metal. They’re wrong. Leverage is a double-edged sword, and for a long time, First Majestic was getting cut by the dull side. High costs at their Mexican mines and the "temporary" suspension of Jerritt Canyon in Nevada kept a heavy lid on the stock.
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Then came the Gatos Silver acquisition.
By grabbing a 70% stake in the Cerro Los Gatos mine in early 2025, the company basically bought itself a new identity. In the fourth quarter of 2025, they pumped out 7.8 million silver-equivalent ounces. That is a 37% jump year-over-year. You can’t ignore numbers like that. When a company almost doubles its silver output (up 77% in Q4 2025), the market stops treating it like a speculative bet and starts treating it like a cash machine.
What’s actually driving the price today?
- Production records: They hit 31.1 million silver-equivalent ounces for the full year 2025.
- The Dividend Hike: They just doubled the dividend policy from 1% to 2% of net quarterly revenues.
- Inventory Hoarding: Remember when Neumeyer used to hold back silver from the market? He did it again in 2025, withholding 750,000 ounces. Selling those now at $90/oz is a boss move.
- The Santa Elena Surprise: New discoveries at the Navidad and Santo Niño zones are looking much bigger than originally modeled.
Why the AG Ticker Is Kinda Stressing Out the Shorts
If you look at the technicals, the First Majestic Silver Corp stock price just touched its 52-week high of $21.54. It’s basically knocking on the door of a major breakout. But here’s the kicker: the analysts are still split. You’ve got firms like H.C. Wainwright historically being bullish, while others are looking at the All-In Sustaining Costs (AISC) and sweating.
The AISC is expected to be between $26.15 and $27.91 per ounce for 2026.
Wait. If silver is $90, why does a $27 cost matter? Because mining is expensive, and inflation hasn’t been kind to the cost of diesel, electricity, or labor in Mexico. First Majestic is spending between **$213 million and $236 million** on capital expenditures this year. They are pouring money into the ground to expand the Santa Elena plant to 3,500 tonnes per day. They’re betting the house on the "silver super-cycle" being a multi-year event, not a flash in the pan.
The Jerritt Canyon Factor
Everyone keeps asking about Jerritt Canyon. It’s been in "temporary suspension" since early 2023. While it’s producing some gold as a byproduct, the real value is in the 18,000+ meters of drilling they’ve been doing. If they announce a full restart of operations in 2026, expect the First Majestic Silver Corp stock price to react violently.
Investors hate uncertainty, and a dormant mine is the ultimate uncertainty.
What Most People Get Wrong About This Stock
You’ll hear "silver is the new gold" or "industrial demand is soaring because of solar panels." That’s true, but it’s only half the story for AG. This stock is a high-beta play. That means when silver goes up 1%, AG often goes up 3%. But when silver drops? AG can fall like a stone.
The volatility is the feature, not the bug.
Right now, the company has a record cash position of over $510 million. They aren't the scrappy, cash-strapped miner they were five years ago. They’ve got a "strong hold" rating from a lot of institutional desks because, frankly, where else are you going to get pure silver exposure? Most of the "silver" miners are actually lead and zinc miners that happen to find some silver on the side. First Majestic is one of the few that actually cares about the white metal as its primary driver.
2026 Production Guidance at a Glance
The company is being a bit conservative for 2026, which is smart. Under-promise and over-deliver.
- Silver: 13.0 to 14.4 million ounces.
- Gold: 116,000 to 129,000 ounces.
- Zinc: 52.4 to 58.2 million pounds.
- Copper: 1.1 to 1.3 million pounds.
Notice that silver production guidance is actually down slightly from the record 15.4 million ounces in 2025. Why? They’re lowering the "cut-off grade." Basically, because the price of silver is so high, they can afford to mine lower-quality ore that wasn't profitable before. It extends the life of the mine, but it makes the quarterly production numbers look a little smaller.
Is the Current Price a Trap?
Honestly, it depends on your timeline. If you’re day-trading, the $21.50 level is a massive resistance point. We might see a pullback to the $18 or $19 range before another leg up.
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But if you’re looking at the fundamental shift—the doubling of the dividend, the integration of Gatos, and the massive exploration budget of 266,000 meters of drilling—the company is in a totally different league than it was in 2024. They are forecasting revenue growth that most tech companies would envy.
Actionable Insights for Investors
If you are tracking the First Majestic Silver Corp stock price, don't just watch the silver charts on Kitco. Watch the Mexican Peso. Watch the diesel prices. And most importantly, watch the February 19, 2026, full financial results release. That’s when we see the actual margins.
- Check the AISC: If the company can keep costs below $25/oz while silver stays above $70, the free cash flow will be astronomical.
- Watch the Drill Bit: Exploration results from the "South-East Deeps" at Los Gatos could redefine the mine life.
- Dividend Dates: The first payout under the new 2% revenue policy happens in May 2026. Getting in before the record date is a common strategy for yield-seekers.
- Diversification: Remember that AG is a concentrated bet on Mexico and one Nevada asset. Geopolitical shifts in Mexico can and do impact the stock overnight.
The era of cheap silver is likely over, and First Majestic has spent the last two years positioning itself to be the primary beneficiary of that shift. Whether the stock holds $21 or pushes to $30 depends on if they can keep those "low-grade" ores profitable while expanding their footprint.
Keep an eye on the 4,000 tonnes-per-day throughput target at Los Gatos for the second half of 2026. If they hit that, the current valuation might look like a bargain in hindsight.