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

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.

This move shifted the company from a period of operational suspension and net losses between 2022 and 2024 to a phase of record production and profitability. Based in Vancouver and operating a portfolio of silver and gold mines primarily in Mexico, the company now commands a market cap of $8.5 billion.

With the stock currently trading at $19.84 as of Sept. 18, 2026, it has nearly doubled over the past year, reflecting investor enthusiasm for its sharpened focus on core assets.

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