First Majestic Silver Corp (NYSE: AG)

First Majestic Silver Corp is engaged in the production, development, exploration and acquisition of mineral properties with a focus on silver and gold. The company's primary operations are located in Mexico where it owns and operates four producing mines: the San Dimas Silver/Gold Mine in Durango State, the Santa Elena Silver/Gold Mine in Sonora State, a seventy percent interest in the Cerro Los Gatos Silver Mine in Chihuahua State held through a joint venture, and the La Encantada Silver Mine in Coahuila State. Additionally First Majestic owns the Jerritt Canyon Gold Mine in Elko County Nevada which was temporarily suspended in 2023 to focus on resource exploration and mine optimization. The company also holds several non‑material properties including the San Martín and Del Toro mines under care and maintenance and the La Luz advanced‑stage silver project. In 2024 First Majestic commissioned a wholly owned minting facility named First Mint in Las Vegas Nevada that produces investment‑grade fine silver bullion bars and rounds.

First Majestic generates revenue principally from the sale of silver and gold produced at its operating mines. Revenue includes the sale of metal concentrates and doré to third‑party customers as well as the direct sale of bullion products from its First Mint facility. In 2024 bullion sales from First Mint accounted for approximately six percent of the company’s total silver production providing an additional stream of revenue that leverages vertical integration. The company’s revenue is denominated in United States dollars and fluctuates with prevailing market prices for silver and gold.

First Majestic holds a notable position among silver producers in Mexico with a portfolio of four operating mines that contribute to its status as a significant source of primary silver output. The company’s competitive advantages include ownership of high‑grade silver assets, a strategic joint venture that expands its resource base, and the First Mint facility which enables direct sales of bullion to investors and retailers reducing reliance on intermediary channels. While the mining sector features numerous competitors such as other silver‑focused producers and diversified precious metals companies First Majestic differentiates itself through its integrated approach from mine to finished bullion product.

The company sells its metal production to a range of customers including bullion dealers, industrial users and investors. Through its First Mint facility First Majestic also provides investment‑grade silver bars and rounds directly to shareholders retail bullion customers and precious metal distributors. Specific customer names are not disclosed in the filing but the customer base comprises both wholesale market participants and individual investors seeking precious metal exposure.