First Majestic Silver CorpAG

First Majestic Silver Corp. is a Mexico-focused silver miner that just raised its 2026 production outlook to 4.6-4.9 million ounces at the midpoint, a 13% jump over the original guidance, driven by higher throughput and improved recoveries. The company also raised its 2026 silver-equivalent ounce target to 3.4-3.6 million, a 19% increase versus the original band, citing the same operational drivers. These are real, source-backed upgrades, not spin from a marketing deck.

First Majestic’s core business is digging silver out of Mexican ground and selling it, with 93% of revenue historically coming from silver itself. The remainder trickles in from retail bullion sales via its online store, where it moved 444,576 ounces in 2022-roughly 4.2% of annual production-at an average $26.20 per ounce for $11.6 million in proceeds. That’s customer-facing activity, but it’s still a rounding error against the scale of the mine plan.

The San Martín mine, once a 700,000-ounce-a-year asset, is being sold for $90 million in cash, a sum that reads less like a valuation and more like a severance package for a mid-tier executive. The sale is definitive and the proceeds will land in the corporate coffers, but the optics are unavoidable: First Majestic is monetising a producing asset to fund its own growth rather than financing it from cash flow or fresh equity. The company’s own language frames it as “strategic,” which in plain English usually means “we needed the cash yesterday.”

The company’s newsroom is the only official product rail supplied, and it confirms the San Martín sale, the updated production guidance, and the bullion-store sales record. What it does not supply are audited financials, cash-burn rates, or even a 2026 revenue bridge. Investors will have to wait for the next quarterly filing to see whether the $90 million from San Martín actually improves the free-cash profile or merely plugs a hole in working capital.

The official site also hosts a “news release email alerts” form, which is less a product and more a compliance checkbox confirming that recipients have opted in to receive corporate communications. It proves nothing about the business, but it does prove the company has a functioning email list. Similarly, the site’s repeated boilerplate-“Welcome First Majestic is a mining company focused on silver production in Mexico”-isn’t evidence of progress, just proof that the boilerplate writer is still employed.

If you want a chart route for context, the issuer’s own site is the only source supplied; investor terminals may overlay additional data, but the company has not released any valuation commentary, moving averages, or resistance levels. That leaves the market to trade the narrative rather than the filings, and the only narrative currently on offer is “here’s a mining company selling an asset to fund its own growth.”