First Majestic Silver Corp.

First Majestic Silver Corp (AG) has delivered a 240% share price gain since January 2025, reinforcing my conviction in the precious metals sector and this stock. Q2 2026 financials show strong free cash flow growth and a $1.25B cash position, but AISC rose 22% to $25.68/oz, warranting close monitoring. AG increased its quarterly dividend by 217% and continued share repurchases, supporting capital returns and potential for further stock appreciation.

First Majestic turned around its operations by acquiring and integrating Gatos Silver. Record silver production of 15 million ounces in 2025 propelled the company to profitability.

Gold and silver rebound as lower Treasury yields, a weaker dollar and falling oil prices support metals, putting four mining stocks in focus.

Silver miners are holding more cash than at any point in their history. Across the top 10 companies that derive more than 50% of revenue from silver, the combined net cash balance hit roughly $4.2 billion in Q2 2026, a figure that has more than doubled since Q3 2025 and cleared the roughly $2.0 billion