Orogen Royalties Partners with First Majestic Silver on Navidad Deposit Development
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 30 2026
0mins
Orogen Royalties (OGNRF) announced that First Majestic Silver (AG) has received permits for portal construction for the Navidad deposit, where Orogen holds a cash-flowing 2% net smelter return royalty. Significant infill drilling results have also been reported on the Winter vein system that forms part of the Navidad deposit. Highlights: First Majestic has committed an additional $12M to initiate the construction of portals for the Navidad and non-royalty Santo Nino deposits within the Santa Elena/Ermitano mine complex; The additional funding will provide underground access to both areas, support decline and ramp development, and advance hydrogeological studies; Over 7,700 metres in ten holes of a planned 17,000 metre drilling program in 2026 has been completed at Navidad's Winter vein with the following highlight drill holes: EWUG-26-089 grading 23.59 grams per tonne gold and 359 g/t silver over 2.49 metres. EWUG-26-091 grading 3.5 g/t gold and 28 g/t silver over 14.89 metres. EWUG-26-088 grading 11.99 g/t gold and 358 g/t silver over 3.43 metres. "Portal construction at Navidad represents an important development milestone at the Santa Elena/Ermitano mine complex," commented Paddy Nicol, CEO. "According to First Majestic, the smaller Santo Nino deposit has the potential for near-term mining while the larger and higher grade Navidad deposit continues to be drilled and represents one of the key discoveries in the Santa Elena/Ermitano mine area. Both deposits have the potential to materially extend the mine life at Santa Elena. Infill drilling results received to date from Navidad support potential conversion of Inferred Resources to Indicated Resources as well as an increased confidence in volume and grade continuity of mineralized material."
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Analyst Views on AG
Wall Street analysts forecast AG stock price to rise
3 Analyst Rating
1 Buy
2 Hold
0 Sell
Moderate Buy
Current: 17.310
Low
19.03
Averages
22.18
High
24.50
Current: 17.310
Low
19.03
Averages
22.18
High
24.50
About AG
First Majestic Silver Corp. is a mining company. The Company is focused on silver and gold production in Mexico and the United States. It owns and operates approximately 350,000 hectares of land package, which include the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, the La Encantada Silver Mine, and a 70% joint venture interest in the Cerro Los Gatos Silver Mine as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, United States. The San Dimas Silver/Gold Mine is located over 130 kilometers (km) northwest of the city of Durango, Durango State, Mexico. The Santa Elena Silver/Gold Mine is located over 150 km northeast of the city of Hermosillo, Sonora, Mexico. The La Encantada Silver Mine is an underground mine located in the northern Mexico State of Coahuila, 708 km northeast of Torreon. The Cerro Los Gatos Mine is located around 120 kms south of Chihuahua City, Mexico.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Mine Background: The San Martin mine was previously a producing silver and gold operation but has been under care and maintenance since 2019, and this sale represents the company's effort to divest non-core assets to optimize resource allocation.
- Included Assets: The sale also encompasses the Jalisco Group of Properties, which includes 5,245 hectares of mining concessions located in the municipalities of Etzatlán and Tototlán, enhancing the buyer's mining potential and possibly providing future development opportunities.
- Market Reaction Analysis: Despite First Majestic's soaring cash flow, the market's muted reaction to this transaction reflects investor caution regarding the company's future growth potential, which may impact its stock price performance.
See More
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- Underground Development Permits: The company has secured the necessary permits to construct underground portals, planning to invest an additional $12 million in 2026 to support decline and ramp development at both Santo Niño and Navidad, thereby laying the groundwork for future production.
- Extended Mine Life: Santo Niño and Navidad are expected to become key sources of higher-grade feed for the Santa Elena processing plant, which will significantly extend the mine's operational life and enhance overall production capacity.
- Production Guidance: First Majestic anticipates extracting between 13 million and 14.4 million ounces of silver and 127,000 to 140,000 ounces of gold from its four producing mines in 2026, further solidifying its position in the Mexican mining market.
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- Analyst Optimism: Rashad Hajiyev, founder of RM Capital Consulting, stated that despite the decline, the downside appears limited, and he expects silver prices to gradually rise after a significant drop, reflecting a long-term bullish outlook on the metal.
- Gold Market Dynamics: Spot gold prices have dropped to $4,019 per ounce, with Peter Schiff suggesting that while gold may briefly dip below $4,000, the potential downside is limited, as market expectations for interest rate hikes may not materialize, providing support for gold prices.
- Retail Sentiment Shift: Despite the sharp drop in silver prices, retail sentiment around iShares Silver Trust (SLV) on Stocktwits shifted from neutral to bullish, indicating a resurgence of investor interest in silver, which reflects expectations for a future rebound.
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- Gold Price Recovery: Spot gold prices rose over 2.5%, trading around $4,325.78, reflecting heightened investor preference for safe-haven assets, particularly following the US-Iran peace agreement.
- Retail Sentiment Improvement: According to Stocktwits data, retail sentiment around First Majestic Silver shifted from 'neutral' to 'bullish' in the past 24 hours, with message volumes surging by approximately 40%, showcasing investor optimism towards the stock.
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See More
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- Silver Price Surge: Spot silver prices rose nearly 4%, trading above $70, which led to a more than 5% increase in shares of First Majestic Silver Corp. (AG) during the overnight session, indicating strong market demand and a recovery in investor confidence.
- Gold Price Recovery: Spot gold prices increased by over 2.5%, trading around $4,325.78, reflecting a heightened preference for safe-haven assets, particularly after the US-Iran peace agreement eased concerns about inflation and rising interest rates.
- Retail Sentiment Improvement: According to Stocktwits data, retail sentiment around First Majestic Silver shifted from 'neutral' to 'bullish' in the past 24 hours, with message volume surging by about 40%, suggesting optimistic expectations from investors that could drive further stock price increases.
- Optimistic Market Outlook: With AG shares more than doubling in value over the past year, the iShares Silver Trust (SLV) gaining over 85%, and the SPDR Gold Trust (GLD) rising nearly 24%, the market holds a positive long-term investment outlook for precious metals, potentially attracting more capital into the sector.
See More
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- Silver Price Drop: Spot silver decreased by 2% to $64.01 per ounce, with futures down 1.6%, indicating a weakening of market demand for precious metals, which could adversely affect related ETFs and mining companies' stock performance.
- Market Sentiment Weakens: Stocks and funds linked to gold and silver saw widespread declines in pre-market trading on Wednesday, with the ProShares Ultra Silver ETF down 2.8% and First Majestic Silver dropping 3.8%, suggesting a loss of confidence in precious metals and prompting investors to reassess their portfolios.
- Macroeconomic Impact: A commodities strategist at ING noted that the market's focus has shifted back to rates and inflation, putting pressure on non-yielding assets like gold and silver, and it is expected that prices will continue to be influenced by macroeconomic factors, particularly in light of the Fed and ECB's monetary policy outlook.
See More
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- Transaction Overview: First Majestic Silver has agreed to sell its San Martin silver mine in Mexico for $90 million in cash, consisting of $2.5 million upfront and $87.5 million in future payments, indicating a strategic shift in asset management.
- Mine Background: The San Martin mine was previously a producing silver and gold operation but has been under care and maintenance since 2019, and this sale represents the company's effort to divest non-core assets to optimize resource allocation.
- Included Assets: The sale also encompasses the Jalisco Group of Properties, which includes 5,245 hectares of mining concessions located in the municipalities of Etzatlán and Tototlán, enhancing the buyer's mining potential and possibly providing future development opportunities.
- Market Reaction Analysis: Despite First Majestic's soaring cash flow, the market's muted reaction to this transaction reflects investor caution regarding the company's future growth potential, which may impact its stock price performance.
See More
First Majestic Silver Reports Positive Drilling Results and Secures Permits
- Significant Exploration Results: First Majestic Silver reported positive infill drilling results from the Santo Niño and Navidad targets at its Santa Elena silver and gold mine in Mexico, leading to a 4.1% increase in stock price during Friday's trading, reflecting market confidence in the company's future prospects.
- Underground Development Permits: The company has secured the necessary permits to construct underground portals, planning to invest an additional $12 million in 2026 to support decline and ramp development at both Santo Niño and Navidad, thereby laying the groundwork for future production.
- Extended Mine Life: Santo Niño and Navidad are expected to become key sources of higher-grade feed for the Santa Elena processing plant, which will significantly extend the mine's operational life and enhance overall production capacity.
- Production Guidance: First Majestic anticipates extracting between 13 million and 14.4 million ounces of silver and 127,000 to 140,000 ounces of gold from its four producing mines in 2026, further solidifying its position in the Mexican mining market.
See More
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- Silver Price Decline: Spot silver prices fell to $59.3 per ounce, down 3.7% from their lowest point since December 9, 2025, indicating extremely weak market sentiment that may lead to a consolidation phase before a potential rebound in the coming weeks.
- Analyst Optimism: Rashad Hajiyev, founder of RM Capital Consulting, stated that despite the decline, the downside appears limited, and he expects silver prices to gradually rise after a significant drop, reflecting a long-term bullish outlook on the metal.
- Gold Market Dynamics: Spot gold prices have dropped to $4,019 per ounce, with Peter Schiff suggesting that while gold may briefly dip below $4,000, the potential downside is limited, as market expectations for interest rate hikes may not materialize, providing support for gold prices.
- Retail Sentiment Shift: Despite the sharp drop in silver prices, retail sentiment around iShares Silver Trust (SLV) on Stocktwits shifted from neutral to bullish, indicating a resurgence of investor interest in silver, which reflects expectations for a future rebound.
See More
US-Iran Peace Deal Drives Silver Prices Higher
- Silver Price Surge: Spot silver prices increased nearly 4%, trading above $70, which led to a more than 5% rise in shares of First Majestic Silver Corp. (AG) during the overnight session, indicating strong market demand for precious metals.
- Gold Price Recovery: Spot gold prices rose over 2.5%, trading around $4,325.78, reflecting heightened investor preference for safe-haven assets, particularly following the US-Iran peace agreement.
- Retail Sentiment Improvement: According to Stocktwits data, retail sentiment around First Majestic Silver shifted from 'neutral' to 'bullish' in the past 24 hours, with message volumes surging by approximately 40%, showcasing investor optimism towards the stock.
- Optimistic Market Outlook: With falling U.S. Treasury yields and a weaker dollar boosting precious metal demand, analysts expect silver prices to continue rising in the short term, further enhancing AG's stock performance.
See More
US-Iran Peace Deal Drives Silver Prices Up
- Silver Price Surge: Spot silver prices rose nearly 4%, trading above $70, which led to a more than 5% increase in shares of First Majestic Silver Corp. (AG) during the overnight session, indicating strong market demand and a recovery in investor confidence.
- Gold Price Recovery: Spot gold prices increased by over 2.5%, trading around $4,325.78, reflecting a heightened preference for safe-haven assets, particularly after the US-Iran peace agreement eased concerns about inflation and rising interest rates.
- Retail Sentiment Improvement: According to Stocktwits data, retail sentiment around First Majestic Silver shifted from 'neutral' to 'bullish' in the past 24 hours, with message volume surging by about 40%, suggesting optimistic expectations from investors that could drive further stock price increases.
- Optimistic Market Outlook: With AG shares more than doubling in value over the past year, the iShares Silver Trust (SLV) gaining over 85%, and the SPDR Gold Trust (GLD) rising nearly 24%, the market holds a positive long-term investment outlook for precious metals, potentially attracting more capital into the sector.
See More
Precious Metals Under Pressure as Gold and Silver Prices Decline
- Gold Price Decline: As of 7:05 a.m. ET, spot gold fell 2.4% to $4,161.63 per ounce, reflecting investor concerns over inflation and the Federal Reserve's interest rate trajectory, which may lead to decreased demand for gold and impact related companies' profitability.
- Silver Price Drop: Spot silver decreased by 2% to $64.01 per ounce, with futures down 1.6%, indicating a weakening of market demand for precious metals, which could adversely affect related ETFs and mining companies' stock performance.
- Market Sentiment Weakens: Stocks and funds linked to gold and silver saw widespread declines in pre-market trading on Wednesday, with the ProShares Ultra Silver ETF down 2.8% and First Majestic Silver dropping 3.8%, suggesting a loss of confidence in precious metals and prompting investors to reassess their portfolios.
- Macroeconomic Impact: A commodities strategist at ING noted that the market's focus has shifted back to rates and inflation, putting pressure on non-yielding assets like gold and silver, and it is expected that prices will continue to be influenced by macroeconomic factors, particularly in light of the Fed and ECB's monetary policy outlook.
See More
