Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (CAD) | Target 1 (CAD) | Target 2 (CAD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 14 Apr, 26 | AG | Buy | CAD 28.7 | CAD 30.4 | CAD 31.58 | 14 days | Closed |
7.49%
|
*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; the Los Gatos Silver Mine covering an area of approximately 103,000 hectares located in Chihuahua, Mexico; and the La Encantada silver mine that covers 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.
Increase in EBITDA: USD 338.8 Mn in Q4FY25 vs USD 62.0 Mn in Q4FY24
Increase in Revenue: USD 463.9 Mn in Q4FY25 vs USD 172.3 Mn in Q4FY24
Increase in Production Cost per Tonne: USD 103.07 in Q4FY25 vs USD 96.63 in Q4FY24
Increase in Capital Expenditures: USD 53.8 Mn in Q4FY25 vs USD 36.1 Mn in Q4FY24
The company remains exposed to volatility in silver prices, rising cost structures, and integration risks associated with recent acquisitions, which could impact profitability and cash flows
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 28.7 | 26.55 | 30.4 | 31.58 |
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.
Robust Financial Performance Driven by Operational Expansion: First Majestic Silver Corp. (FSMDA) reported a strong financial and operational performance in Q4 2025, supported by higher production volumes and favorable commodity pricing. The company witnessed a significant ramp-up in operational throughput, with tonnes milled increasing to 1.06 million, reflecting a 42% year-over-year expansion. This growth underscores improved mine utilization and integration of newly acquired assets, strengthening the company’s production base.
Significant Increase in Production Volumes: The company demonstrated substantial growth in metal production, with silver output rising to 4.17 million ounces, marking a 77% increase compared to Q4 2024. Gold production also improved modestly to 41,417 ounces, up 5% year-over-year. Overall silver-equivalent production reached 7.85 million ounces, representing a 37% increase, highlighting strong operational execution across key mining assets.
Revenue Growth Supported by Higher Realizations: Revenue surged significantly to USD 463.9 million in Q4 2025, reflecting a 169% increase compared to USD 172.3 million in Q4 2024. This growth was driven by higher realized silver prices, which increased to USD 58.96 per ounce from USD 30.80 per ounce in the prior-year quarter. The combined impact of improved pricing and higher production volumes contributed materially to top-line expansion.
Strong Profitability and Earnings Turnaround: FSMDA reported a notable improvement in profitability, with net earnings reaching USD 105.2 million in Q4 2025 compared to a net loss of USD 13.5 million in Q4 2024. Mine operating earnings also increased sharply to USD 237.8 million, supported by contributions from the Los Gatos mine and improved performance across existing operations.
Enhanced Cash Flow and Liquidity Position: Operating cash flow before working capital and taxes rose significantly to USD 301.0 million, compared to USD 62.4 million in the prior-year period. Cash and cash equivalents increased to USD 793.4 million, indicating a strong liquidity position. This improvement reflects higher earnings generation and disciplined capital allocation during the quarter.
Balance Sheet Strength and Asset Growth: The company’s total assets expanded to USD 4,694.9 million, reflecting a 137% increase year-over-year, driven primarily by asset additions including the Los Gatos acquisition. However, total non-current financial liabilities also rose to USD 1,062.8 million, indicating increased leverage associated with growth initiatives.
Cost Pressures and Capital Investment Trends: Despite strong revenue and earnings growth, cost metrics showed upward pressure, with cash costs per silver-equivalent ounce increasing to USD 16.66 and all-in sustaining costs rising to USD 23.48. Capital expenditures also increased to USD 53.8 million, reflecting ongoing investments to support production growth and operational efficiency.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given to First Majestic Silver Corp. (TSX: AG) at the closing market price of CAD 28.70, as on 13 April,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 |
0.14 0.63% | 22.31 | 58.43 | 19.88 | 10.77 | 3.58 | 7.32 | 13.72 |
| DSV Discovery Silver Corp. |
-0.02 0.26% | 7.72 | 51.21 | 12.90 | 12.07 | 9.78 | 8.83 | 19.88 |
| EDR Endeavour Silver Corp. |
0.15 1.44% | 10.55 | - | 11.35 | 8.10 | 5.12 | 6.44 | 31.00 |
| SVM Silvercorp Metals Inc |
0.01 0.08% | 12.53 | - | 10.44 | 9.83 | 3.83 | 6.52 | 24.64 |
| AYA Aya Gold & Silver Inc |
-0.29 1.10% | 26.00 | 53.45 | 10.45 | 16.64 | 5.93 | 12.08 | 24.15 |
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 April 14, 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.
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