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AG's First Mint Business Gains Momentum: Can It Sustain?
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Key Takeaways
First Majestic's First Mint revenues jumped 149.5% to $22.7M in Q4 2025.
AG sold 325,143 ounces via First Mint, accounting for about 8% of total production.
Higher silver prices and IRA eligibility are driving stronger demand and growth momentum.
First Majestic Silver Corp. (AG - Free Report) is benefiting from strength in its First Mint LLC business, its wholly owned minting facility. Revenues from the business surged 149.5% to $22.7 million in fourth-quarter 2025.
In the quarter, sales from the First Mint business increased 10% year over year to 325,143 ounces of silver. The ounces of silver sold by the business during the quarter accounted for approximately 8% of the company’s total silver production. The quarterly results were supported by a higher average realized silver price, which soared 127% year over year to $69.74 per ounce.
First Mint’s ISO 9001 certification (received in April 2025) has made the business’ silver product sales eligible for Individual Retirement Accounts (IRAs). Strong operational performance at the business has allowed First Majestic to sell a larger share of its total silver production to its bullion customers and shareholders.
Silver prices have soared over the past year due to strong safe-haven demand, geopolitical tensions and escalating trade conflicts. Silver has benefited from resilient industrial demand and mounting supply deficits.
Demand for electronics, electrification and solar energy now accounts for more than half of global silver demand. First Mint is well-positioned for long-term growth with expansionary capabilities that would allow it to cater to the rising demand and support third-party manufacturing.
Snapshot of AG’s Peers
Among its major peers, Avino Silver & Gold Mines (ASM - Free Report) is strengthening its position as a leading North American producer and developer of mineral properties. The company produced 2.6 million silver equivalent ounces, which comprised 1.15 ounces of silver, 7,621 ounces of gold and 5.7 pounds of copper. Avino Silver’s revenues rose to $92.2 million, up 39% year over year, driven by higher metal prices.
Its another peer, Pan American Silver Corp.’s (PAAS - Free Report) 2025 silver production reached 22.8 million ounces, an increase of 8.5% from the prior year. The increase in output was supported by the solid performance from Pan American’s stake in the Juanicipio mine, which was acquired last year.
First Majestic's Price Performance, Valuation and Estimates
Shares of First Majestic have gained 57.9% in the past six months compared with the industry’s growth of 49%.
Image Source: Zacks Investment Research
From a valuation standpoint, First Majestic is trading at a forward price-to-earnings ratio of 28.32X, above the industry’s average of 15.53X. AG carries a Value Score of D.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for AG’s 2025 and 2026 earnings has been on the rise over the past 60 days.
View the Zacks #1 Rank List
Image: Bigstock
AG's First Mint Business Gains Momentum: Can It Sustain?
Key Takeaways
First Majestic Silver Corp. (AG - Free Report) is benefiting from strength in its First Mint LLC business, its wholly owned minting facility. Revenues from the business surged 149.5% to $22.7 million in fourth-quarter 2025.
In the quarter, sales from the First Mint business increased 10% year over year to 325,143 ounces of silver. The ounces of silver sold by the business during the quarter accounted for approximately 8% of the company’s total silver production. The quarterly results were supported by a higher average realized silver price, which soared 127% year over year to $69.74 per ounce.
First Mint’s ISO 9001 certification (received in April 2025) has made the business’ silver product sales eligible for Individual Retirement Accounts (IRAs). Strong operational performance at the business has allowed First Majestic to sell a larger share of its total silver production to its bullion customers and shareholders.
Silver prices have soared over the past year due to strong safe-haven demand, geopolitical tensions and escalating trade conflicts. Silver has benefited from resilient industrial demand and mounting supply deficits.
Demand for electronics, electrification and solar energy now accounts for more than half of global silver demand. First Mint is well-positioned for long-term growth with expansionary capabilities that would allow it to cater to the rising demand and support third-party manufacturing.
Snapshot of AG’s Peers
Among its major peers, Avino Silver & Gold Mines (ASM - Free Report) is strengthening its position as a leading North American producer and developer of mineral properties. The company produced 2.6 million silver equivalent ounces, which comprised 1.15 ounces of silver, 7,621 ounces of gold and 5.7 pounds of copper. Avino Silver’s revenues rose to $92.2 million, up 39% year over year, driven by higher metal prices.
Its another peer, Pan American Silver Corp.’s (PAAS - Free Report) 2025 silver production reached 22.8 million ounces, an increase of 8.5% from the prior year. The increase in output was supported by the solid performance from Pan American’s stake in the Juanicipio mine, which was acquired last year.
First Majestic's Price Performance, Valuation and Estimates
Shares of First Majestic have gained 57.9% in the past six months compared with the industry’s growth of 49%.
Image Source: Zacks Investment Research
From a valuation standpoint, First Majestic is trading at a forward price-to-earnings ratio of 28.32X, above the industry’s average of 15.53X. AG carries a Value Score of D.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for AG’s 2025 and 2026 earnings has been on the rise over the past 60 days.
Image Source: Zacks Investment Research
First Majestic currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.