First Majestic Silver Corp. (AG) Shares Soar 4.72% on Record Production

First Majestic Silver Corp. (AG) shares rose to their highest level since January 2023 today, with an intraday gain of 4.72%.

The strategy of buying AG shares after they reached a recent high and holding for 1 week yielded moderate returns over the past 5 years, with a 28.7% gain. This suggests that investors could have seen decent profits by waiting for dips post-highs and buying in, aligning with a disciplined buying approach.

First Majestic Silver Corp. has seen a significant boost in its share price, driven by several key developments. The company reported a record silver-equivalent production in the first quarter, marking a 49% year-over-year increase. This impressive performance was largely attributed to contributions from the Cerro Los Gatos Silver mine, which has been a significant contributor to the company's overall production.

Additionally, First Majestic Silver Corp. recently announced the discovery of a new gold-silver deposit named Sto. Nino. Located just one kilometer away from the Santa Elena mining site, this new deposit has further bolstered investor confidence in the company's future prospects. The discovery of Sto. Nino not only adds to the company's resource base but also enhances its operational flexibility and potential for future growth.

These developments have collectively contributed to a positive outlook for First Majestic Silver Corp., reflecting investor optimism regarding the company's performance and future potential. The combination of strong production figures and strategic discoveries has positioned the company favorably in the market, driving its recent stock price surge.