First Majestic Silver Corp. is a primary silver producer with a business model centered on acquiring, exploring, and operating precious metal mines in North America. The company's core operations are located in Mexico, featuring four producing underground mines: the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, the La Encantada Silver Mine, and the Cerro Los Gatos Silver Mine (acquired via the 2025 merger with Gatos Silver, Inc., in which First Majestic holds a 70% joint venture interest). The company also holds the Jerritt Canyon Gold Mine in Nevada, USA, which is currently undergoing a restart process. First Majestic generates the majority of its revenue from the sale of silver, with gold, lead, and zinc serving as significant by-products that help stabilize cash flows. In Q1 2026, the company reported record production, driven by the integration of the Los Gatos district, which now accounts for nearly 30% of its production portfolio. A unique aspect of First Majestic's competitive position is its vertical integration into retail sales; the company owns and operates First Mint, LLC, allowing it to sell silver bars, ingots, coins, and medallions directly to consumers, bypassing traditional bullion banks and capturing higher premiums. The company's strategic focus remains on maximizing silver exposure, optimizing operational efficiencies, and expanding its resource base through targeted exploration programs across its district-scale assets.
