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First Majestic Silver’s producing mines are in Mexico: San Dimas, Santa Elena, La Encantada and Los Gatos. It wholly owns the first three and holds a majority interest in Los Gatos alongside Dowa Metal & Mining. Its Jerritt Canyon gold mine in Nevada remains temporarily suspended.
The company processes ore into partly refined silver-gold bars and metal-rich concentrates, then sells the contained metals through international brokers for refining or smelting. It generally receives most of the payment for bars when they reach a refinery, with final settlement after refining. Silver supplies most revenue, while gold is another substantial source. Two metal brokers account for most sales revenue. A smaller business, First Mint in Las Vegas, makes silver bars and rounds for direct sale to shareholders and bullion buyers.
Revenue depends on how much metal the Mexican mines produce and on silver and gold prices. Some San Dimas production is committed to Wheaton Precious Metals under an agreement that exchanges metal deliveries for payments capped by contract, limiting the benefit from higher market prices on those deliveries. Mining also requires surface-land access agreements separate from mining concessions. Mexico’s amended mining laws impose conditions on water use, environmental obligations and concessions; their full effect on the company’s operations remains undetermined.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
First Majestic hinges on silver and gold prices and Mexican mine performance; watch Fresnillo as an important silver peer missing from this list, and Dowa as its 30% Los Gatos partner.
Endeavour Silver and First Majestic share exposure to silver and gold prices and Mexican underground mining costs, selling bullion or metal-bearing concentrates to metal markets and traders. Endeavour’s Guanaceví silver revenue is a useful comparison for First Majestic’s silver business.
Pan American Silver and First Majestic both earn money selling globally priced silver and gold from Mexican mines, so metal prices and Mexican mining conditions affect both. Pan American’s Juanicipio silver-mine results offer a Mexican comparison, though its mines span several countries.
Coeur Mining and First Majestic share silver and gold price exposure through Mexican mines, producing unrefined gold-silver bars that are refined for sale into global bullion markets. Watch Coeur’s Las Chispas mine in northern Mexico as a comparison for First Majestic’s underground silver-gold operations.
Hecla Mining and First Majestic share exposure to silver, gold, lead and zinc prices, selling unrefined gold-silver bars and silver-bearing concentrates from North American mines to refiners, smelters and traders. Hecla’s concentrate sales provide a comparison for the metal-price exposure in First Majestic’s Los Gatos concentrates.
Wheaton Precious Metals buys 25% of First Majestic’s San Dimas gold-equivalent production under a long-term metal-purchase agreement, then earns revenue by reselling metals. Its San Dimas deliveries directly reflect mine performance: First Majestic delivered 31,539 ounces of gold in 2025 and received $641 per ounce.
Silvercorp Metals shares First Majestic’s silver, lead and zinc price exposure, but mines those metals in China rather than Mexico. Its Ying and GC silver-lead-zinc output provides a comparison for First Majestic’s silver business and Los Gatos concentrates, not for Mexican operating conditions.
Santacruz Silver Mining’s sales of silver-zinc concentrates from Bolivia and Mexico share important metal-price exposure with First Majestic’s Los Gatos mine. Watch its silver and zinc revenue: those metals account for substantially all of Santacruz’s revenue, while Los Gatos supplied 29% of First Majestic’s silver-equivalent production in 2025.
Fortuna Mining and First Majestic both earn mining revenue from gold and silver sales, with lead and zinc adding shared price exposure. Fortuna’s Caylloma silver-lead-zinc mine in Peru is the comparison to watch for that overlapping metal mix, rather than Mexican mine performance.
McEwen and First Majestic share gold and silver price exposure, producing unrefined gold-silver bars or concentrates from mines in the Americas for processing into saleable metals. McEwen’s gold and silver business offers a comparison for those metals, separate from its copper development interests.
OR Royalties receives a 2% share of sales after smelting deductions from First Majestic’s Ermitaño mine—a net smelter return royalty—so its receipts depend directly on that mine’s sales. Watch its Ermitaño royalty income for a read on the mine where First Majestic concentrated Santa Elena-complex mining from 2023.
Coeur Mining, Inc. earningsCDE
Coeur Mining’s Las Chispas results give First Majestic a comparison for how silver-gold prices and mine performance are affecting a similar operation in Mexico.
Look at Las Chispas’ silver-gold sales and mine performance together. Stronger sales and operations would show prices or mine performance supporting a similar business; weakness would flag shared metal-price exposure or mining pressure. The mines differ, though, so Coeur’s results cannot replace First Majestic’s own production and cost figures.
FIRST MAJESTIC SILVER CORP earningsThis company
First Majestic sells silver and gold from its Mexican mines to metal buyers, and this report will show whether prices and ounces sold are outpacing the cost of producing them.
Read payable silver and gold ounces and realized prices alongside mine operating earnings and all-in sustaining cost per silver-equivalent ounce, a measure that converts other metals into silver terms. If sales or prices lift mine earnings without a similar jump in unit costs, metal sales are covering the cost of keeping the mines running more comfortably; weaker earnings with rising costs mean those costs are squeezing mine margins.
Wheaton Precious Metals Corp. earningsWPM
Wheaton Precious Metals’ report shows how much gold-equivalent metal it buys from First Majestic’s San Dimas mine, giving a direct read on deliveries from that mine.
Look at the gold-equivalent ounces Wheaton reports receiving from San Dimas. More deliveries mean the mine sent more metal through its long-term sales agreement; fewer mean less metal arrived through that channel. Wheaton’s report may not explain why, and it does not speak for First Majestic’s other mines.
OR Royalties Inc. earningsOR
OR Royalties’ report shows the royalty income it receives from First Majestic’s Ermitaño mine, reflecting that mine’s sales after smelting deductions.
Look at OR Royalties’ income from Ermitaño: its royalty is 2% of sales after smelting deductions. Higher receipts mean the sales value used to calculate the royalty rose; lower receipts mean it fell, but the income alone may not show whether prices or ounces sold drove the change.
