AG Gains From Record Sales at First Mint: Can the Momentum Sustain?

First Majestic Silver Corp. AG is witnessing solid momentum in its First Mint LLC business, its wholly owned minting facility. The business achieved record fourth-quarter 2025 results, with revenues increasing 149.5% to $22.7 million.

In the quarter, First Mint experienced a 10% year-over-year increase in sales, which totaled 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 strong performance was supported by a higher average realized silver price, which increased 127% year over year to $69.74 per ounce.

It's worth noting that First Mint obtained the ISO 9001 certification in April last year. This has made the business’ silver product sales eligible for Individual Retirement Accounts (IRAs). Solid momentum in the First Mint unit has been enabling AG to sell a larger share of its total silver production to its bullion customers and shareholders.

Despite the recent decline, silver prices are likely to remain strong, supported by persistent market deficit, high industrial demand in solar and AI sectors and strong safe-haven 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, Hecla Mining Company HL is strengthening its position as a leading North American precious metals producer. The company produced 17 million ounces of silver in 2025, reflecting an increase of 5% year over year. Hecla Mining’s revenues rose to $1.4 billion, up 53% year over year, driven by higher metal prices and increased precious-metals sales volumes.

Its another peer, Pan American Silver Corp.’s PAAS 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 37.7% in the past three months compared with the industry’s growth of 14.8%.

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From a valuation standpoint, First Majestic is trading at a forward price-to-earnings ratio of 32.01X, above the industry’s average of 16.77X. AG carries a Value Score of F.

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The Zacks Consensus Estimate for AG’s 2025 and 2026 earnings has been on the rise over the past 60 days.

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First Majestic currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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Hecla Mining Company (HL): Free Stock Analysis Report

Pan American Silver Corp. (PAAS): Free Stock Analysis Report

First Majestic Silver Corp. (AG): Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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