Silver Prices Surpass $90, Related Stocks Rally
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 14 2026
0mins
Should l Buy AG?
Source: CNBC
- Record Silver Prices: Spot silver prices surpassed $90 per ounce for the first time on Tuesday, reaching $90.55 by Wednesday morning, reflecting strong market demand and investor confidence with a 27% year-to-date increase.
- Stock Rally: Stocks related to silver surged, with Hecla Mining up 3.4%, Endeavour Silver rising 3.3%, and First Majestic Silver increasing by 3.2%, indicating optimistic market sentiment towards the silver sector.
- Strong ETF Performance: Silver-related exchange-traded funds (ETFs) also saw significant gains, with the Abrdn Physical Silver Shares ETF and iShares Silver Trust rising by 4% and 4.2% respectively, showcasing sustained investor interest in silver.
- Positive Long-Term Outlook: BlackRock maintains a positive long-term view on silver, suggesting that 2026 returns will depend on how management teams allocate increased cash flows, highlighting the importance of discipline between dividend increases and over-investment.
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Analyst Views on AG
Wall Street analysts forecast AG stock price to fall
3 Analyst Rating
1 Buy
2 Hold
0 Sell
Moderate Buy
Current: 23.580
Low
19.03
Averages
22.18
High
24.50
Current: 23.580
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.
First Majestic Silver Q1 2026 Earnings Highlights
- Earnings Performance: First Majestic Silver reported a non-GAAP EPS of $0.31 for Q1 2026, aligning with market expectations, despite a 4.6% year-over-year revenue decline to $232.8 million, indicating stable profitability amidst challenges.
- Significant Cash Flow Growth: The company achieved operating cash flow of $310.6 million in Q1 2026, a remarkable 182% increase from $110 million in Q1 2025, reflecting substantial improvements in cash management and operational efficiency.
- Free Cash Flow Increase: First Majestic generated $223.5 million in free cash flow during the first quarter, up $180 million year-over-year after accounting for $95.5 million in cash income taxes, showcasing robust financial health and operational effectiveness.
- Cost Control and Production: Cash costs and All-in Sustaining Costs (AISC) per payable AgEq ounce were $20.28 and $29.76, respectively, with expectations for further reductions in the second half of the year, while silver and gold production reached 3.5 million ounces and 34,341 ounces, representing 26% and 28% of the 2026 production guidance midpoints, respectively.
See More
First Majestic Silver Reports Record Q1 Earnings Driven by High Metal Prices
- Record Revenue: First Majestic Silver achieved a record quarterly revenue of $476.7 million in Q1, marking a 95% year-over-year increase, which is its fifth consecutive quarter of record revenue, demonstrating a strong market position with 66% of revenue derived from silver, the highest in its peer group.
- Significant Profitability Boost: The company's adjusted net earnings surged from $20.9 million last year to $151.7 million this quarter, while cash flow from operations skyrocketed by 182% to $310.6 million, enabling a record treasury position of $1.1 billion and enhancing financial stability.
- Rising Cost Impact: Despite a 4% and 6% decline in silver and gold production respectively, the company managed to offset these pressures with a 55% increase in all-in sustaining costs per silver ounce, showcasing resilience under challenging conditions due to high metal prices.
- Optimistic Future Outlook: First Majestic expects costs to decrease in the second half of the year and plans to invest $75 million to restart production at the Jerritt Canyon Gold Mine, positioning itself for stronger profitability if metal prices remain high, thereby solidifying its market position.
See More
First Majestic Silver Declares Quarterly Dividend
- Quarterly Dividend Announcement: First Majestic Silver has declared a quarterly dividend of $0.0171 per share, with a forward yield of 0.29%, aimed at rewarding shareholders and boosting investor confidence.
- Payment Schedule: The dividend is set to be paid on May 29, with a record date of May 20 and an ex-dividend date also on May 20, ensuring shareholders receive their returns promptly.
- Stable Financial Performance: The company recently reported a non-GAAP EPS of $0.31 and revenue of $476.7 million, indicating its ability to maintain stable financial performance amid silver price fluctuations.
- Market Reaction Analysis: Although the stock price has declined from its highs, the dividend announcement may attract income-seeking investors, potentially providing some support to the stock price.
See More
U.S. Futures Decline Ahead of Trump's Visit to China
- Futures Market Decline: Dow Jones futures fell by 0.04%, S&P 500 futures decreased by 0.07%, and Nasdaq 100 futures dropped by 0.14%, reflecting investor concerns over Trump's comments on Iran, which may impact market sentiment.
- Presidential Visit to China: Trump is set to visit Beijing on Wednesday, inviting top U.S. executives including Musk, Cook, and Fink to discuss critical issues such as trade and AI, which could have significant implications for U.S.-China relations.
- Federal Reserve Nomination: The Senate is advancing toward confirming Kevin Warsh as the next Fed chair, with markets keenly watching for his potential influence on monetary policy, especially ahead of the upcoming inflation report.
- Rising Oil Prices: Brent crude futures rose by approximately 0.55% and WTI crude futures increased by 0.63%, indicating a positive outlook on energy demand, which may also affect broader economic growth prospects.
See More
Silver Futures Break Key Resistance Levels, Triggering Bullish Momentum
- Surge in Technical Buying: Silver futures breaking above the $82.20 and $82.70 resistance levels have triggered momentum-driven and technical buying from leveraged accounts, pushing spot silver prices above $85 an ounce for the first time in nearly two months, with a 15% increase this month.
- Weak Chinese Demand: Despite the surge in silver prices, relatively weak Shanghai premiums indicate that Chinese demand is not the main driver behind the recent price increase, with the next key technical level expected around $91.50.
- Retail Sentiment Turns Bullish: Retail sentiment for iShares Silver Trust (SLV) on Stocktwits has turned ‘bullish’ for the first time in over a year, with message volumes remaining high, as SLV shares rose more than 5%, making it one of the top trending tickers on the platform.
- Strong Performance of Mining Stocks: Silver mining companies such as Pan American Silver Corp. (PAAS) saw shares jump nearly 4%, Hecla Mining (HL) surged over 7%, and First Majestic Silver Corp. (AG) gained more than 4%, reflecting strong market interest in silver.
See More
First Majestic Silver Reports Surge in Late-Year Revenue
- Significant Revenue Growth: First Majestic Silver reported a revenue of $471.1 million for Q4 2025, reflecting a substantial increase that highlights its strong performance during silver price rallies, likely attracting more investor interest.
- Mine Restart Plans: The company plans to restart its Jerritt Canyon gold mine by 2027, a strategic move that not only aims to boost future gold production but also enhances its competitive position in the North American market.
- Stable Performance for Hecla: Hecla Mining achieved $448.1 million in revenue for Q4 2025 with a gross margin of 53%, demonstrating that its diversified revenue sources allow it to maintain stability amid silver price fluctuations, thereby boosting investor confidence.
- Environmental Litigation Risk: Despite Hecla Mining's strong financial performance, it faces an environmental lawsuit regarding its exploration project in Montana, which could pose potential risks to its future operations and reputation.
See More
First Majestic Silver Q1 2026 Earnings Highlights
- Earnings Performance: First Majestic Silver reported a non-GAAP EPS of $0.31 for Q1 2026, aligning with market expectations, despite a 4.6% year-over-year revenue decline to $232.8 million, indicating stable profitability amidst challenges.
- Significant Cash Flow Growth: The company achieved operating cash flow of $310.6 million in Q1 2026, a remarkable 182% increase from $110 million in Q1 2025, reflecting substantial improvements in cash management and operational efficiency.
- Free Cash Flow Increase: First Majestic generated $223.5 million in free cash flow during the first quarter, up $180 million year-over-year after accounting for $95.5 million in cash income taxes, showcasing robust financial health and operational effectiveness.
- Cost Control and Production: Cash costs and All-in Sustaining Costs (AISC) per payable AgEq ounce were $20.28 and $29.76, respectively, with expectations for further reductions in the second half of the year, while silver and gold production reached 3.5 million ounces and 34,341 ounces, representing 26% and 28% of the 2026 production guidance midpoints, respectively.
See More
First Majestic Silver Reports Record Q1 Earnings Driven by High Metal Prices
- Record Revenue: First Majestic Silver achieved a record quarterly revenue of $476.7 million in Q1, marking a 95% year-over-year increase, which is its fifth consecutive quarter of record revenue, demonstrating a strong market position with 66% of revenue derived from silver, the highest in its peer group.
- Significant Profitability Boost: The company's adjusted net earnings surged from $20.9 million last year to $151.7 million this quarter, while cash flow from operations skyrocketed by 182% to $310.6 million, enabling a record treasury position of $1.1 billion and enhancing financial stability.
- Rising Cost Impact: Despite a 4% and 6% decline in silver and gold production respectively, the company managed to offset these pressures with a 55% increase in all-in sustaining costs per silver ounce, showcasing resilience under challenging conditions due to high metal prices.
- Optimistic Future Outlook: First Majestic expects costs to decrease in the second half of the year and plans to invest $75 million to restart production at the Jerritt Canyon Gold Mine, positioning itself for stronger profitability if metal prices remain high, thereby solidifying its market position.
See More
First Majestic Silver Declares Quarterly Dividend
- Quarterly Dividend Announcement: First Majestic Silver has declared a quarterly dividend of $0.0171 per share, with a forward yield of 0.29%, aimed at rewarding shareholders and boosting investor confidence.
- Payment Schedule: The dividend is set to be paid on May 29, with a record date of May 20 and an ex-dividend date also on May 20, ensuring shareholders receive their returns promptly.
- Stable Financial Performance: The company recently reported a non-GAAP EPS of $0.31 and revenue of $476.7 million, indicating its ability to maintain stable financial performance amid silver price fluctuations.
- Market Reaction Analysis: Although the stock price has declined from its highs, the dividend announcement may attract income-seeking investors, potentially providing some support to the stock price.
See More
U.S. Futures Decline Ahead of Trump's Visit to China
- Futures Market Decline: Dow Jones futures fell by 0.04%, S&P 500 futures decreased by 0.07%, and Nasdaq 100 futures dropped by 0.14%, reflecting investor concerns over Trump's comments on Iran, which may impact market sentiment.
- Presidential Visit to China: Trump is set to visit Beijing on Wednesday, inviting top U.S. executives including Musk, Cook, and Fink to discuss critical issues such as trade and AI, which could have significant implications for U.S.-China relations.
- Federal Reserve Nomination: The Senate is advancing toward confirming Kevin Warsh as the next Fed chair, with markets keenly watching for his potential influence on monetary policy, especially ahead of the upcoming inflation report.
- Rising Oil Prices: Brent crude futures rose by approximately 0.55% and WTI crude futures increased by 0.63%, indicating a positive outlook on energy demand, which may also affect broader economic growth prospects.
See More
Silver Futures Break Key Resistance Levels, Triggering Bullish Momentum
- Surge in Technical Buying: Silver futures breaking above the $82.20 and $82.70 resistance levels have triggered momentum-driven and technical buying from leveraged accounts, pushing spot silver prices above $85 an ounce for the first time in nearly two months, with a 15% increase this month.
- Weak Chinese Demand: Despite the surge in silver prices, relatively weak Shanghai premiums indicate that Chinese demand is not the main driver behind the recent price increase, with the next key technical level expected around $91.50.
- Retail Sentiment Turns Bullish: Retail sentiment for iShares Silver Trust (SLV) on Stocktwits has turned ‘bullish’ for the first time in over a year, with message volumes remaining high, as SLV shares rose more than 5%, making it one of the top trending tickers on the platform.
- Strong Performance of Mining Stocks: Silver mining companies such as Pan American Silver Corp. (PAAS) saw shares jump nearly 4%, Hecla Mining (HL) surged over 7%, and First Majestic Silver Corp. (AG) gained more than 4%, reflecting strong market interest in silver.
See More
First Majestic Silver Reports Surge in Late-Year Revenue
- Significant Revenue Growth: First Majestic Silver reported a revenue of $471.1 million for Q4 2025, reflecting a substantial increase that highlights its strong performance during silver price rallies, likely attracting more investor interest.
- Mine Restart Plans: The company plans to restart its Jerritt Canyon gold mine by 2027, a strategic move that not only aims to boost future gold production but also enhances its competitive position in the North American market.
- Stable Performance for Hecla: Hecla Mining achieved $448.1 million in revenue for Q4 2025 with a gross margin of 53%, demonstrating that its diversified revenue sources allow it to maintain stability amid silver price fluctuations, thereby boosting investor confidence.
- Environmental Litigation Risk: Despite Hecla Mining's strong financial performance, it faces an environmental lawsuit regarding its exploration project in Montana, which could pose potential risks to its future operations and reputation.
See More
