First Majestic Q4 Sales Leap 150% on Record Silver Price

Edgen Stock

·Mar 16 2026, 16:29

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Key Takeaways

First Majestic Silver's bullion division capitalized on soaring silver prices, posting a nearly 150% sales increase for Q4 2025. This performance, coupled with a strategic pivot to profitability and successful exploration, has driven the company's stock up over 55% year-to-date as investors await a key resource update by the end of March 2026.

First Majestic's First Mint division sales grew nearly 150% in Q4 2025, driven by silver prices that have risen 139% year-over-year.
The company reported record quarterly revenue of approximately $464 million and saw its stock appreciate by more than 55% since the start of the year.
A pivotal resource estimate for the Santo Niño vein is expected by the end of March 2026, which could serve as the next major catalyst for the stock.

Q4 Sales Spike 150% on Record Revenue and Silver Prices

First Majestic Silver (AG) reported that its First Mint division's sales surged nearly 150% in the fourth quarter of 2025. This growth directly reflects a dramatic increase in the value of silver, with spot prices hitting $80.84 per ounce on March 16, 2026—a 139.22% increase from one year prior. The strong bullion demand translated into record quarterly revenue of approximately $464 million for the company, substantially exceeding market expectations.

Strategic Pivot Drives 55% Stock Gain

The strong financial results support First Majestic's strategic shift from pure production volume to higher-margin projects. The company's stock has gained over 55% year-to-date, closing at €21.30 on the last reported Thursday, as investors reward its focus on profitability. This strategy is enabled by a robust balance sheet featuring around $940 million in liquid assets. Recent exploration updates further bolster investor confidence, as a 57-hole drilling program at the Jerritt Canyon Gold Mine in Nevada successfully identified new mineralized zones, signaling potential for significant resource expansion.

Santo Niño Estimate Looms as Next Major Catalyst

Market participants are now focused on the end of March 2026, when First Majestic is scheduled to release its first official resource estimate for the Santo Niño vein. Discovered last year at the Santa Elena operation, metallurgical tests have already confirmed high recovery rates of over 95% for both gold and silver. This announcement is widely viewed as the next significant catalyst that could lead to a fundamental re-rating of the company's reserves and valuation.