First Majestic Silver

First Majestic Silver Corp. is a publicly traded primary silver and gold miner operating four underground mines in Mexico and restarting one in Nevada, selling concentrates to commodity markets while also retailing bullion directly to consumers through its First Mint subsidiary.

Company typePublic
Founded1998
HeadquartersVancouver, Canada
Headcount1,001–5,000
GTM typeB2B
OfferingServices

What First Majestic Silver does

First Majestic Silver Corp. is a Vancouver-headquartered, publicly traded primary silver and gold mining company listed on the NYSE, TSX, and Frankfurt exchanges under the symbol AG/FMV. The company operates four producing underground mines in Mexico — Santa Elena, Los Gatos (70%-owned JV with Dowa Metals & Mining), San Dimas, and La Encantada — and is restarting the Jerritt Canyon Gold Mine in Nevada with production targeted for H2 2027 following a US$75 million 2026 investment. Silver accounted for 66% of Q1 2026 revenue, with by-product gold, lead, and zinc providing supplemental streams.

The company's core technology stack is conventional hard-rock mining: underground extraction, cyanidation mills, and flotation circuits, complemented by the wholly-owned First Mint minting facility that produces silver bars, ingots, coins, and medallions. In 2025, First Majestic delivered record silver production of 15.4 million ounces (84% YoY) and 31.1 million ounces of consolidated silver-equivalent production following the January 2025 acquisition of Gatos Silver, which added the flagship Los Gatos mine. The company holds roughly 280,000+ hectares of mineral rights across its operating properties and a silver stream on the Springpole Project.

First Majestic's revenue model is dual-channel: wholesale sales of silver, gold, and base-metal concentrates to commodity markets, smelters, and refiners at prevailing spot prices; and direct-to-consumer bullion retail through store.firstmajestic.com and firstmint.com, which captures premiums above spot. Full-year 2025 revenue reached a record US$1.26 billion (124% YoY growth), with Q1 2026 revenue of US$477 million. The company employs over 5,100 people and ended Q1 2026 with a US$1.129 billion cash position, a C$13.80 billion market capitalization, and a strategic portfolio that includes equity stakes in Sierra Madre Gold and Silver (~24.77%), First Mining Gold (~3.5%), and Pacifica Silver.

First Majestic Silver firmographics

Firmographics

Name: First Majestic Silver
Legal name: First Majestic Silver Corp.
Website: http://www.firstmajestic.com/
Company type: Public
Founded year: 1998
Operating status: Operating
Headcount range: 1,001–5,000 employees
Short description: First Majestic Silver Corp. is a publicly traded primary silver and gold miner operating four underground mines in Mexico and restarting one in Nevada, selling concentrates to commodity markets while also retailing bullion directly to consumers through its First Mint subsidiary.
Ownership category
akta.pro rank

First Majestic Silver industry classification

Industry

Product category: Silver Mining
NAICS: Gold Ore and Silver Ore Mining (212220), Gold Ore and Silver Ore Mining (21222)
SIC: Gold And Silver Ores (1040), Primary Smelting & Refining Of Nonferrous Metals (3330), Metal Mining (1000)
akta.pro primary industry: Silver Mining (IMAKAEAB)
akta.pro secondary industries: Gold Mining (IMAKAEAA), Precious Metals Minting & Bullion Products (IMAKAEAJ), Precious Metals Smelting & Refining (IMAKAEAE)

Keywords

Silver mining
Gold mining
Precious metals
Silver bullion
Mineral exploration

Where First Majestic Silver is headquartered

Location

Headquarters

HQ city: Vancouver
HQ country: Canada
HQ region: North America

Offices1 record

Markets served

First Majestic Silver business model

Business model

GTM type: B2B
Offering type: Services
Cost components: Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

Silver and Gold Production Sales: First Majestic generates revenue primarily from mining and selling silver and gold produced at its underground mines in Mexico and the United States. The company also generates by-product revenue from lead and zinc concentrates. In 2025, the company reported record full-year revenue of $1.26 billion, with 66% of Q1 2026 revenue coming from silver.
Silver Bullion Retail Sales: Through its First Mint subsidiary, the company produces and sells silver bars, ingots, coins, and medallions directly to retail customers at store.firstmajestic.com and firstmint.com, capturing premiums above spot market rates.
Silver Stream - Springpole Project: First Majestic holds a silver stream agreement on the Springpole Project in Ontario, Canada, entitling the company to receive 50% of payable silver production.

Pricing tiers

Model	Billing	Price
Other	Pay-as-you-go	Commodity metals priced at market spot rates; bullion products sold at spot plus premium.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

First Majestic Silver product offering

Product offering

Core offering

First Majestic Silver Corp. is a primary silver and gold mining company that operates four producing underground mines in Mexico (Los Gatos, Santa Elena, San Dimas, La Encantada) plus the Jerritt Canyon Gold Mine in Nevada (currently in restart phase). The company produces silver and gold concentrates sold to smelters and refiners, with by-product revenue from lead and zinc. Through its wholly-owned subsidiary First Mint, LLC, it also produces and sells silver bullion bars, ingots, coins, and medallions directly to retail customers via e-commerce storefronts.

Differentiator

Problem solved

Functional benefit

Brands

First Mint: Company-owned minting facility offering silver bullion products including bars, ingots, coins and medallions for purchase online

Products and services

Silver and Gold Concentrates Primary silver and gold concentrates produced from four producing underground mines in Mexico (Los Gatos, Santa Elena, San Dimas, La Encantada) and the Jerritt Canyon Gold Mine in Nevada, sold to smelters and refiners at prevailing market spot prices. Includes by-product lead and zinc concentrates.
Silver Bullion Products (First Mint) Minted silver bars, ingots, coins, and medallions produced by the company's First Mint, LLC subsidiary and sold directly to retail customers at store.firstmajestic.com and firstmint.com at some of the lowest premiums available above spot silver prices.

Quantifiable outcome

Record 2025 silver production of 15.4 million ounces, up 84% year-over-year
+2 more outcomes

Companies that use First Majestic Silver

Customer profile

Named customers1 record

Segments2 records

Ideal customer profiles2 records

First Majestic Silver technology and API

Technology

Technology focussed No

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

Feature1 record

First Majestic Silver partnerships and signals

Strategic signal

Partnerships

Two partnerships are on record, tiered minor and core.

Sierra Madre Gold and Silver Ltd.minorStrategic or Co-development Partner · 22 June 2026Sierra Madre completed acquisition of the Del Toro Silver Mine from First Majestic for up to US$60 million (US$20M cash + 10.87M shares at closing + up to US$30M contingent payments). Following the transaction, First Majestic holds approximately 24.77% of Sierra Madre's outstanding shares and receives milestone-based payments tied to resource thresholds and production targets.
Dowa Metals & Mining Co. Ltd.coreStrategic or Co-development PartnerDowa holds the remaining 30% interest in the Los Gatos Joint Venture that owns and operates the Cerro Los Gatos silver mine in Chihuahua, Mexico. First Majestic holds 70% of the JV following its January 2025 acquisition of Gatos Silver. Dowa is a Japanese mining company providing capital and operational partnership for the mine.

Scale indicators11 records

Recent moves9 records

Expansion highlights5 records

First Majestic Silver competitors and assessment

Company assessment

Direct peers

Pan American Silver Corp. Pan American Silver is a leading primary silver producer with operating mines across Mexico, Peru, Bolivia, and Argentina. It is the most directly comparable peer to First Majestic given its similar focus on silver production, Mexican footprint, and gold/silver byproduct profile.
Hecla Mining Company: Hecla Mining is a U.S.-listed primary silver and gold producer with operating mines in the Americas (Idaho, Alaska, Mexico). It is directly comparable to First Majestic on silver-focused production, low-cost positioning, and dividend-paying miner profile.
MAG Silver Corp. MAG Silver is a silver-focused mining company developing the Juanicipio project in Zacatecas, Mexico, in joint venture with Fresnillo. It is comparable to First Majestic through its primary silver focus, Mexican operations, and JV structure akin to First Majestic's Los Gatos JV with Dowa.
Endeavour Silver Corp. Endeavour Silver is a mid-tier primary silver producer operating mines in Mexico. It is comparable to First Majestic in terms of pure-play silver exposure, Mexican operating base, and smaller-scale production profile relative to majors.
Coeur Mining, Inc. Coeur Mining is a precious metals producer with silver and gold mines across the Americas, including Mexico. It is comparable to First Majestic as a mid-cap silver/gold producer with a diversified Americas footprint and similar scale of operations.
Fresnillo plc: Fresnillo is the world's largest primary silver producer, operating mines across Mexico. It is highly comparable to First Majestic in terms of pure-play silver focus, Mexican operating base, and is a natural benchmark for First Majestic's silver production scale and cost position.

Emerging players

SilverCrest Metals Inc. SilverCrest Metals operates the Las Chispas mine in Sonora, Mexico, a high-grade silver-gold operation. It is comparable to First Majestic on silver/gold production in Mexico, though smaller in scale and previously acquired by First Majestic in 2015.
Wheaton Precious Metals Corp. Wheaton Precious Metals is the world's largest precious metals streaming company, providing upfront financing to miners in exchange for metal delivery. It is comparable to First Majestic via silver stream arrangements (First Majestic holds a 50% silver stream on the Springpole Project) and shared silver market exposure.
Sierra Madre Gold and Silver Ltd. Sierra Madre Gold and Silver is an emerging Mexican silver-gold producer that acquired the Del Toro and La Guitarra mines from First Majestic. It is comparable through its Mexican silver focus, although it is significantly smaller and earlier-stage than First Majestic.

Broad incumbents

Newmont Corporation: Newmont is the world's largest gold mining company with significant silver byproduct production. It is comparable to First Majestic as a broader precious metals producer with gold and silver exposure, but is much larger, more diversified, and primarily gold-focused.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

First Majestic Silver financial estimates

Financial estimate

Revenue estimate

Valuation estimate

First Majestic Silver leadership team

Management profile

Number of profiles

Profiles5 records

First Majestic Silver subsidiaries and ownership

Company hierarchy

Subsidiaries5 records

First Majestic Silver funding detail

Funding detail

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

First Majestic Silver M&A and investment

M&A and investment

M&A3 records

Investments10 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Majestic Silver

What does First Majestic Silver do?

Is First Majestic Silver a public or private company?

First Majestic Silver is a public company. It is classified as public and is currently operating.

When was First Majestic Silver founded?

First Majestic Silver was founded in 1998. It employs 1,001 to 5,000 people.

Where is First Majestic Silver based?

First Majestic Silver is headquartered in Vancouver, Canada, in the North America region.

How does First Majestic Silver make money?

Three revenue lines are on record. Silver and Gold Production Sales are the primary driver. The others are silver Bullion Retail Sales and silver Stream - Springpole Project.

Who are First Majestic Silver's main competitors?

Direct peers on record are Pan American Silver Corp., Hecla Mining Company, MAG Silver Corp., Endeavour Silver Corp., Coeur Mining, Inc. and Fresnillo plc. Emerging players are SilverCrest Metals Inc., Wheaton Precious Metals Corp. and Sierra Madre Gold and Silver Ltd.. Newmont Corporation is listed as a broad incumbent.

Does First Majestic Silver have an API?

No public API is recorded for First Majestic Silver.

What industry is First Majestic Silver in?

First Majestic Silver's product category is Silver Mining. Its primary akta.pro industry code is IMAKAEAB, Silver Mining, with a secondary code of IMAKAEAA, Gold Mining. Its NAICS code is 212220 and its SIC code is 1040.