First Majestic's 2026 Outlook: Silver Production Targets Continued Scale Post-Acquisition

Key Points First Majestic turned around its operations by acquiring and integrating Gatos Silver. Record silver production of 15 million ounces in 2025 propelled the company to profitability. A trailing P/E of 28.3 introduces valuation risk if commodity prices decline unexpectedly. 10 stocks we like better than First Majestic Silver › When a miner decides to dig deeper, it's usually because the geology gives them no other choice or because the economics demand a shift in scale. First Majestic Silver (NYSE:AG) recently found itself in the latter camp, choosing an aggressive expansion path through the $1.05 billion acquisition of the Gatos Silver Mine.