Shares of First Majestic Silver (NYSE: AG) climbed 8% after the company reported strong 2025 results and outlined its 2026 outlook.
The company generated record revenue of $1.26 billion, up 124% from 2024. Net earnings reached $164.9 million, or $0.34 per share, compared to a net loss last year. Higher silver prices and the addition of Los Gatos drove the turnaround.
Los Gatos quickly became a key asset. The mine contributed $489.8 million in revenue and $203.4 million in operating earnings in its first year. At the same time, San Dimas, Santa Elena, and La Encantada increased revenue as silver prices rose.
Looking ahead, management guided to 2026 silver production of 13.0 to 14.4 million ounces, below 2025 levels. However, the company is prioritizing long-term value over short-term volume. By mining lower-grade ore now, First Majestic aims to extend mine life and preserve higher-grade zones for future production.
Costs will increase in 2026. The company expects all-in sustaining costs of $26.15 to $27.91 per silver-equivalent ounce, compared to $21.17 in 2025.
H.C. Wainwright reiterated its Buy rating and raised its price target to $30. The firm cited strong integration at Los Gatos, rising cash flow, and improved contributions from First Mint as key drivers.
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