Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (CAD) | Target 1 (CAD) | Target 2 (CAD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 12 Jan, 26 | AG | Buy | CAD 26.31 | CAD 27.65 | CAD 28.95 | 1 day | Closed |
11.36%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
First Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties in North America. The company explores for silver and gold deposits. Its projects include the San Dimas silver/gold mine covering an area of approximately 71,867 hectares located in Durango State, Mexico; the Santa Elena silver/gold mine that covers an area of approximately 102,244 hectares located in Sonora State, Mexico; and the La Encantada silver mine covering an area of approximately 4,076 hectares located in Coahuila State, Mexico. The company was formerly known as First Majestic Resource Corp. and changed its name to First Majestic Silver Corp. in November 2006. First Majestic Silver Corp. was incorporated in 1979 and is headquartered in Vancouver, Canada.
Operating Earnings Recovery: Q3 FY25 operating earnings of USD 78.8 million compared with USD 4.1 million in Q3 FY24
Mine Operating Earnings Growth: Q3 FY25 mine operating earnings of USD 99.1 million rose from USD 28.5 million in Q3 FY24
Elevated Depletion and Depreciation: Q3 FY25 depletion, depreciation and amortization of USD 54.9 million rose from USD 31.9 million in Q3 FY24
Higher Cost of Sales: Q3 FY25 cost of sales of USD 131.1 million increased from USD 85.7 million in Q3 FY24
The Company remains exposed to volatility in silver and gold prices, operational execution risks across multiple underground mines in Mexico, and potential integration and cost overruns associated with the Los Gatos acquisition impacting consolidated margins and cash flows
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 26.31 | 24.95 | 27.65 | 28.95 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Sharp Improvement in Revenue Scale: During Q3 FY25, First Majestic Silver Corp. reported a significant expansion in topline performance, with consolidated revenues increasing to USD 285.1 million in Q3 FY25 from USD 146.1 million in Q3 FY24, representing a near doubling year-on-year. This growth was primarily driven by the consolidation of the Los Gatos Silver Mine following the Gatos Silver acquisition, alongside higher realized metal prices and increased payable metal volumes across operating assets.
Strengthening Mine-Level Profitability: Mine operating earnings improved materially to USD 99.1 million in Q3 FY25, compared with USD 28.5 million in Q3 FY24. Despite higher cost of sales and depletion expenses associated with a larger asset base, the operating leverage from increased production volumes and improved pricing translated into a substantially higher margin contribution at the mine level.
Operating Earnings Turnaround: The Company delivered a notable turnaround in operating performance, reporting operating earnings of USD 78.8 million in Q3 FY25, compared with USD 4.1 million in Q3 FY24. This improvement reflects stronger mine operating results, lower mine holding costs, and a favorable foreign exchange movement, which collectively offset higher restructuring and share-based compensation expenses during the period.
Return to Net Profitability: First Majestic returned to net profitability in Q3 FY25, posting net earnings of USD 43.0 million, compared with a net loss of USD 26.6 million in Q3 FY24. The earnings recovery was supported by higher operating income, partially offset by elevated current income tax expense resulting from improved pre-tax profitability across jurisdictions.
Robust Cash Flow Generation: Operating cash flow generation strengthened significantly, with cash generated from operating activities rising to USD 112.5 million in Q3 FY25 from USD 41.0 million in Q3 FY24. Higher earnings, combined with disciplined working capital management, enhanced internal cash generation and supported ongoing capital investments.
Expanded Asset Base and Liquidity Position: As at September 30, 2025, the Company’s total asset base expanded to USD 4.24 billion, compared with USD 1.98 billion at December 31, 2024, reflecting the impact of the Gatos acquisition. Cash and cash equivalents increased to USD 435.4 million, reinforcing balance sheet flexibility to fund capital expenditure, debt servicing, and shareholder returns.
Operational Scale Following Strategic Acquisition: The acquisition of Gatos Silver materially increased First Majestic’s operational scale, adding a long-life, high-quality producing asset in Mexico. The Los Gatos mine contributed meaningfully to consolidated revenues and earnings during Q3 FY25, strengthening the Company’s production profile and geographic concentration in established mining jurisdictions.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given on F First Majestic Silver Corp. (TSX: AG) at the closing market price of CAD 26.31, as on Jan 09, 2026.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Basic Materials Industry: Silver
| Company | Change (CAD) | Price (CAD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| AG First Majestic Silver Corp |
2.01 7.21% | 29.90 | 141.35 | 34.13 | 14.35 | 3.84 | 9.93 | 24.37 |
| DSV Discovery Silver Corp. |
0.35 3.81% | 9.53 | 162.17 | 16.64 | 20.72 | 10.03 | 14.89 | 35.38 |
| EDR Endeavour Silver Corp. |
0.82 5.56% | 15.56 | - | 15.95 | 14.19 | 6.70 | 10.40 | 31.00 |
| SVM Silvercorp Metals Inc |
0.75 5.47% | 14.45 | 104.93 | 10.98 | 10.72 | 3.13 | 6.14 | 16.28 |
| AYA Aya Gold & Silver Inc |
1.68 7.82% | 23.17 | - | 22.62 | 23.31 | 5.88 | 17.04 | 108.67 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on January 12, 2026. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
Disclaimer :
This report has been issued by StockNextt which has an Ontario Business Identification Number 1000958347 and British Columbia registration Number FM1051529 is a trade name under Kalkine Canada Advisory Services Inc. having Business Number 761925130BC0001. Kalkine Canada Advisory Services Inc. and StockNextt are collectively referred to as “StockNextt”, “we”, “us”, and “our”. The website https://stocknextt.com and associated pages are published by StockNextt. The information in this report and on the StockNextt website has been prepared from a wide variety of sources, which StockNextt, to the best of its knowledge and belief, considers accurate. StcokNextt has made every effort to ensure the reliability of information contained in its reports, newsletters, and websites. All information represents our views at the date of publication and may change without notice. The information in this report does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products. Our reports contain general recommendations for investing in securities and other financial products. StockNextt does not offer financial advice based upon your personal financial situation or goals, and we shall not be held liable for any investment or trading losses you may incur by using the opinions expressed in our reports, publications, market updates, news alerts and corporate profiles. StockNextt does not intend to exclude any liability which it is not permitted to exclude under applicable law or regulation. StockNextt’s general advice does not in any way endorse or recommend individuals, investment products or services for your personal financial situation. You should discuss your portfolios and the risk tolerance level appropriate for your personal financial situation, with a professional authorised financial planner and adviser. You should be aware that the value of any investment and the income from it can go down as well as up and you may not get back the amount invested. Please also read our Terms and conditions for further information. Employees and/or associates of StockNextt and its related entities may hold an interest in the securities or other financial products covered in this report or on the StockNextt website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.
Copyright © 2026 Krish Capital Pty Ltd. All rights reserved. No part of this website, or its content, may be reproduced in any form without our prior consent.
