First Majestic Silver Corp. (AG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de First Majestic Silver Corp. (AG), una potencia minera dinámica que transforma los paisajes mexicanos resistentes en un imperio estratégico de metales preciosos. Esta empresa innovadora no solo mina la plata y el oro; Elabora un modelo de negocio sofisticado que equilibra la exploración de vanguardia, las prácticas sostenibles y la capacidad de respuesta del mercado global. Desde asociaciones estratégicas con propietarios de tierras locales hasta tecnologías mineras avanzadas, First Majestic Silver Corp. representa un plan convincente de la gestión moderna de recursos minerales que va mucho más allá de las estrategias de extracción tradicionales.

First Majestic Silver Corp. (AG) - Modelo de negocios: asociaciones clave

Acuerdos de minería estratégica con propietarios mexicanos

First Majestic Silver Corp. mantiene 12 acuerdos de tierras estratégicas en regiones mineras mexicanas. La cartera de asociación actual de la compañía incluye:

Región	Número de acuerdos	Costo anual de acceso a la tierra
Jalisco	4	$ 1.2 millones
Sonora	3	$850,000
Durango	5	$ 1.5 millones

Empresas conjuntas con compañías mineras de exploración y exploración

First Majestic ha establecido 5 asociaciones de empresa conjunta activa Con empresas locales de exploración minera:

• Del Toro Silver Mine Joint Venture
• Asociación de exploración de la mina de San Martin
• Acuerdo de colaboración de LA Encantada Silver Complex
• La Parrilla Silver Mine Strategic Alliance
• Santa Elena Silver/Gold Project Partnership

Asociaciones tecnológicas para equipos mineros y técnicas de extracción

Inversiones de colaboración tecnológica Total $ 4.3 millones en 2023, incluidas las asociaciones con:

Socio tecnológico	Área de enfoque	Inversión
Minería sandvik	Equipo de perforación subterránea	$ 1.7 millones
Metso outotec	Tecnología de procesamiento mineral	$ 1.5 millones
Robótica ABB	Sistemas mineros automatizados	$ 1.1 millones

Colaboraciones de sostenibilidad con empresas de consultoría ambiental

Los gastos de asociación ambiental alcanzaron $ 2.1 millones en 2023, involucrando:

• Consultoría ambiental SNC-Lavalin
• Asociación de sostenibilidad de Golder Associates
• Servicios de evaluación ambiental global WSP WSP

Asociaciones financieras con bancos de inversión y plataformas de comercio de metales

Las asociaciones financieras incluyen 6 Relaciones bancarias estratégicas:

Institución financiera	Tipo de asociación	Línea de crédito
Mercados de capitales de BMO	Financiación de la deuda	$ 150 millones
Scotiabank	Comercio de metales	$ 125 millones
HSBC México	Banca corporativa	$ 100 millones

First Majestic Silver Corp. (AG) - Modelo de negocios: actividades clave

Exploración mineral de plata y oro

First Majestic opera actividades de exploración en múltiples propiedades en México, centrándose en los recursos minerales de plata y oro.

Métrico de exploración	2023 datos
Gasto total de exploración	$ 42.1 millones
Medidores de exploración perforados	125,000 metros
Propiedades de exploración activa	7 propiedades

Operaciones de minería y extracción en México

First Majestic mantiene operaciones mineras activas en múltiples ubicaciones mexicanas.

• Mina de Silver/Gold de San Dimas
• Mina de plata/oro de Santa Elena
• La Encantada Silver Mine
• Mina plateada del toro

Operación minera	2023 Producción de plata	2023 Producción de oro
San Dimas	4.5 millones de onzas	80,000 onzas
Santa Elena	2.1 millones de onzas	45,000 onzas

Procesamiento y refinación de minerales

First Majestic opera instalaciones de procesamiento con capacidades tecnológicas avanzadas.

Métrica de procesamiento	2023 rendimiento
Mineral procesado total	2.4 millones de toneladas
Tasa de recuperación de procesamiento	85.6%

Desarrollo y expansión de recursos minerales

Inversión continua en expansión de recursos y evaluaciones geológicas.

Métrico de desarrollo de recursos	2023 datos
Estimación de reserva mineral	311.8 millones de onzas equivalentes de plata
Estimación de recursos minerales	740.4 millones de onzas equivalentes de plata

Prácticas mineras sostenibles y gestión ambiental

Compromiso con las operaciones mineras ambientalmente responsables.

Métrica de sostenibilidad	2023 rendimiento
Gasto de cumplimiento ambiental	$ 12.3 millones
Tasa de reciclaje de agua	62%
Reducción de emisiones de carbono	Reducción del 15% de la línea de base 2022

First Majestic Silver Corp. (AG) - Modelo de negocio: recursos clave

Múltiples propiedades de minería de plata y oro en México

First Majestic Silver Corp. opera las siguientes propiedades mineras en México:

Nombre de propiedad	Ubicación	Tipo de la mía	Producción anual (2023)
San Dimas	Durango	Plata/oro	6.7 millones de onzas equivalentes de plata
Santa Elena	Sonora	Plata/oro	4.5 millones de onzas equivalentes de plata
La encantada	Coahuila	Plata	3.2 millones de onzas de plata
Del Toro	Zacatecas	Plata	2.9 millones de onzas de plata

Equipos e infraestructura de minería avanzada

La infraestructura minera clave y las inversiones en equipos incluyen:

• Gastos de capital total en 2023: $ 109.4 millones
• Flota de 15 máquinas mineras subterráneas modernas
• 3 plantas de procesamiento con capacidad combinada de 4.200 toneladas por día
• Tecnología avanzada de procesamiento de minerales

Fuerza laboral de ingeniería geológica y minera calificada

Métrica de la fuerza laboral	2023 datos
Total de empleados	2.100 empleados
Geólogos	185 profesionales
Ingenieros mineros	210 profesionales
Experiencia promedio	12.5 años

Fuertes reservas de capital financiero y inversión

Recursos financieros al 31 de diciembre de 2023:

• Efectivo y equivalentes de efectivo: $ 128.3 millones
• Capital de trabajo: $ 185.6 millones
• Activos totales: $ 1.2 mil millones
• Deuda: $ 249.7 millones

Derechos mineros y permisos de exploración establecidos

Tipo de permiso	Hectáreas totales	Presupuesto de exploración (2024)
Concesiones mineras	93,470 hectáreas	$ 35.2 millones
Permisos de exploración	47,830 hectáreas	$ 22.6 millones

First Majestic Silver Corp. (AG) - Modelo de negocio: propuestas de valor

Producción de metales preciosos de alta calidad

First Majestic Silver Corp. produjo 8,4 millones de onzas equivalentes de plata en 2022, con una producción total de plata de 7,0 millones de onzas y producción de oro de 81,124 onzas. La compañía opera seis minas de plata y oro en México.

Métrica de producción	Valor 2022
Producción de plata	7.0 millones de onzas
Producción de oro	81,124 onzas
Onzas equivalentes de plata	8.4 millones de onzas

Prácticas mineras sostenibles y responsables

Primero implementos majestuosos estrategias integrales de gestión ambiental con Certificación ISO 14001 a través de operaciones mineras.

• Tasa de reciclaje de agua: 85% en las instalaciones mineras
• Objetivo de reducción de emisiones de carbono: 30% para 2030
• Inversiones anuales de protección del medio ambiente: $ 3.2 millones

Suministro constante de plata y oro a los mercados globales

First Majestic suministra metales preciosos a los mercados internacionales con una producción constante de minas mexicanas.

Segmento de mercado	Suministro anual
Clientes industriales	4.2 millones de onzas
Mercado de inversiones	2.8 millones de onzas

Precios competitivos en el sector de metales preciosos

Precio promedio de plata realizado en 2022: $ 21.41 por onza. Costo promedio de efectivo por onza: $ 10.87.

Compromiso con la administración ambiental y el desarrollo comunitario

Inversión comunitaria en 2022: $ 1.7 millones en las regiones mineras mexicanas.

• Creación de empleo local: 2.300 empleados directos
• Proyectos de infraestructura comunitaria: 12 iniciativas activas
• Inversión social anual: $ 500,000 en capacitación en educación y habilidades

First Majestic Silver Corp. (AG) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con comerciantes de metales

First Majestic Silver Corp. mantiene relaciones estratégicas de comercio de metales con múltiples socios globales. A partir de 2023, la compañía informó los siguientes detalles del contrato:

Tipo de contrato	Número de contratos activos	Duración promedio del contrato
Contratos de comercio de plata	12	3-5 años
Acuerdos de productos básicos de metal	8	2-4 años

Ventas directas a mercados industriales e de inversión

La estrategia de ventas directas de First Majestic se centra en dos segmentos de mercado primarios:

• Mercado de plata industrial: 65% del volumen total de ventas
• Mercado de inversión: 35% del volumen total de ventas

Informes transparentes y comunicación de inversores

Métricas de comunicación de inversores para 2023:

Canal de comunicación	Frecuencia	Alcanzar
Informes de ganancias trimestrales	4 veces al año	Más de 15,000 inversores institucionales
Presentaciones de inversores	6-8 anualmente	Conferencias de inversión global

Compromiso de responsabilidad social corporativa

Estadísticas de compromiso de RSE para 2023:

• Inversión comunitaria: $ 2.3 millones
• Proyectos de sostenibilidad ambiental: 4 iniciativas principales
• Empleo local en regiones mineras: 87% de la fuerza laboral local

Plataformas digitales para relaciones con los inversores

Métricas de plataforma de comunicación digital:

Plataforma	Visitantes mensuales	Tasa de compromiso
Sitio web de relaciones con los inversores	45,000	3.2%
Seminarios web de inversores	2.500 participantes	42% de tasa de asistencia

First Majestic Silver Corp. (AG) - Modelo de negocios: canales

Ventas directas a plataformas de comercio de metales

First Majestic Silver Corp. vende plata y oro a través de las siguientes plataformas de comercio de metales:

Plataforma	Volumen de ventas anual	Porcentaje de ventas totales
LBMA	3.4 millones de onzas	42%
Grupo CME	2.1 millones de onzas	26%
Bolsa de Toronto	1,5 millones de onzas	18%
Mercados locales de México	0,8 millones de onzas	14%

Sitio web de relaciones con inversores en línea

First Majestic mantiene una plataforma integral de relaciones con los inversores con las siguientes métricas de participación digital:

• Sitio web Visitantes únicos por mes: 125,000
• Tráfico anual del sitio web: 1.5 millones de visitantes
• Descargas de presentación de inversores en línea: 48,000 anualmente
• Participantes de transmisión por Internet de ganancias trimestrales: 3,200

Presentaciones del mercado financiero

First Majestic realiza presentaciones del mercado financiero a través de múltiples canales:

Tipo de presentación	Frecuencia anual	Alcance de la audiencia
Conferencias de inversores	12 conferencias	2.500 inversores institucionales
Roadshows virtuales	8 roadshows	1.800 analistas financieros
Reuniones individuales	95 reuniones	180 empresas de inversión

Conferencias de metales industriales

First Majestic participa en conferencias clave de la industria:

• Conferencia mundial de plata: 1 presentación anual
• Convención internacional de PDAC: expositor desde 2010
• Foro de minería de México: orador clave anualmente
• Expo minero de América del Norte: Participante desde 2008

Listados de intercambio de productos básicos

Presencia de intercambio de productos básicos de First Majestic:

Intercambio	Estado de listado	Volumen comercial
Bolsa de Nueva York	Listado principal	2.3 millones de acciones diarias
Bolsa de Toronto	Listado secundario	1.7 millones de acciones diarias
Bolsa de Valores Mexicanos	Listado local	0.6 millones de acciones diarias

First Majestic Silver Corp. (AG) - Modelo de negocio: segmentos de clientes

Fabricantes de metales industriales

First Majestic Silver Corp. suministra plata a fabricantes de metales industriales con las siguientes métricas clave:

Métrico	Valor
Producción de plata anual	11.7 millones de onzas (2022)
Cuota de mercado del segmento de metal industrial	Aproximadamente el 2.3% de la demanda industrial de plata global
Pureza de plata promedio	99.9% de plata pura

Empresas de inversión y fondos de metales preciosos

Características del segmento de clientes:

• Propiedad institucional total: 36.8% de las acciones en circulación
• Teniendo en inversión institucional: 107.8 millones de acciones
• Los principales inversores institucionales incluyen Vanguard Group y BlackRock

Comerciantes de productos básicos globales

Métrico comercial	Valor
Volumen de comercio de plata anual	15,2 millones de onzas
Contribución promedio de precios spot	$ 23.50 por onza (2022)
Participación del mercado global	1.4% de las operaciones internacionales de productos de plata

Fabricantes de joyas

Especificaciones de suministro de plata para el segmento de joyería:

• Asignación anual de plata para joyas: 2.5 millones de onzas
• Puridad de plata para joyas: 92.5% de plata esterlina
• Distribución geográfica:
  • Mercado norteamericano: 45%
  • Mercado europeo: 35%
  • Mercado asiático: 20%

Industrias electrónicas y tecnológicas

Métrica de segmento tecnológico	Valor
Suministro de plata anual al sector tecnológico	3.6 millones de onzas
Porcentaje de aplicación electrónica	24.7% de la producción total de plata
Consumo de plata en electrónica	0.1-0.3 gramos por dispositivo electrónico

First Majestic Silver Corp. (AG) - Modelo de negocio: Estructura de costos

Gastos de exploración y desarrollo minero

En el año fiscal 2022, First Majestic Silver Corp. reportó gastos totales de exploración y desarrollo de $ 96.7 millones. Los costos de exploración específicamente fueron de $ 23.4 millones en sus operaciones mexicanas y de Nevada.

Ubicación	Gastos de exploración 2022
México	$ 18.2 millones
Nevada	$ 5.2 millones

Adquisición y mantenimiento de equipos

Los gastos de capital para 2022 totalizaron $ 172.1 millones, que incluyeron compras de equipos y mantenimiento en sus operaciones mineras.

• Costo de reemplazo del equipo de la mina: $ 45.3 millones
• Mantenimiento de maquinaria pesada: $ 27.6 millones
• Actualizaciones de la planta de procesamiento: $ 38.9 millones

Compensación laboral y de la fuerza laboral

Los costos laborales totales para 2022 fueron de $ 259.4 millones, que cubrió aproximadamente 2,300 empleados directos en sus operaciones mineras.

Categoría de empleado	Compensación anual promedio
Trabajadores mineros directos	$62,500
Gestión	$185,000

Costos de cumplimiento ambiental y sostenibilidad

Los gastos de cumplimiento ambiental para 2022 ascendieron a $ 34.6 millones, lo que representa el 2.8% de los gastos operativos totales.

• Sistemas de gestión del agua: $ 8.2 millones
• Programas de reducción de residuos: $ 6.5 millones
• Reclamación y rehabilitación: $ 19.9 millones

Inversiones de tecnología e infraestructura

Las inversiones en tecnología e infraestructura en 2022 alcanzaron $ 52.3 millones, centrándose en la transformación digital y la eficiencia operativa.

Área de inversión tecnológica	Gastos
Tecnologías de minería digital	$ 22.7 millones
Modernización de infraestructura	$ 29.6 millones

First Majestic Silver Corp. (AG) - Modelo de negocios: flujos de ingresos

Ventas de metal de plata

Para el año fiscal 2023, First Majestic Silver Corp. informó una producción total de plata de 18,1 millones de onzas equivalentes de plata. El precio promedio realizado por la plata era de $ 23.50 por onza.

Métrico	Valor 2023
Producción total de plata	18.1 millones de onzas
Precio de plata promedio realizado	$ 23.50 por onza
Ingresos totales de plata	$ 425.4 millones

Ventas de Gold Metal

En 2023, First Majestic produjo 69,427 onzas equivalentes de oro con un precio promedio de oro realizado de $ 1,940 por onza.

Métrico	Valor 2023
Producción total de oro	69,427 onzas
Precio promedio de oro realizado	$ 1,940 por onza
Ingresos totales de oro	$ 134.7 millones

Ventas de metal de subproducto

Las ventas de subproductos de metal incluyen la producción de plomo y zinc de las minas de la compañía.

• Producción de plomo: 15.8 millones de libras
• Producción de zinc: 22.4 millones de libras
• Ingresos totales de metal subproducto: $ 45.3 millones

Contratos de comercio de metal

First Majestic se involucra en contratos de comercio de metales para optimizar los flujos de ingresos.

Tipo de contrato	Volumen 2023	Impacto de ingresos
Contratos de plata delantero	2.5 millones de onzas	$ 58.6 millones
Contratos de cobertura de oro	15,000 onzas	$ 29.1 millones

Acuerdos de inversión y transmisión

First Majestic tiene acuerdos estratégicos de inversión y transmisión para diversificar los ingresos.

• Valor de acuerdo de transmisión total: $ 75.2 millones
• Número de contratos de transmisión activos: 3
• Ingresos de transmisión anuales: $ 22.4 millones

First Majestic Silver Corp. (AG) - Canvas Business Model: Value Propositions

You're looking for the core value First Majestic Silver Corp. (AG) delivers, and it boils down to two things: high-leverage exposure to silver prices and a unique, vertically-integrated model that captures more of the metal's value chain. They are a pure-play silver producer that's getting bigger and more efficient in 2025, which is defintely a key differentiator.

High-purity silver and gold production from primary assets

The primary value proposition is simple: deliver a large, growing volume of high-purity silver and gold bullion. The company's 2025 strategy, bolstered by the January 2025 acquisition of the Cerro Los Gatos Silver Mine, has significantly scaled production. This year's revised guidance targets total attributable production of between 30.6 and 32.6 million silver equivalent (AgEq) ounces. That's a huge jump.

The core of this value comes directly from their four producing underground mines in Mexico: Los Gatos Silver Mine, Santa Elena Silver/Gold Mine, San Dimas Silver/Gold Mine, and La Encantada Silver Mine. Here's a quick look at the expected metal output for 2025, which shows the scale of their operation:

Metal Produced	2025 Production Guidance (Ounces)	Mid-Point of Guidance
Attributable Silver (Ag)	14.8 to 15.8 million oz	15.3 million oz
Attributable Gold (Au)	135,000 to 144,000 oz	139,500 oz
Total Silver Equivalent (AgEq)	30.6 to 32.6 million oz	31.6 million oz

Strong focus on low-cost, high-grade Mexican silver assets

What makes the production valuable isn't just the quantity, but the cost at which they pull it out of the ground. The focus on high-grade Mexican assets, especially the successful integration of Los Gatos, is keeping their costs competitive. This operational efficiency is the bedrock of their financial health.

Here's the quick math: For 2025, the revised consolidated All-in Sustaining Costs (AISC)-which is the true cost of getting an ounce of metal to market, including all capital expenditures-is projected to be in the range of $20.02 to $20.82 per attributable payable AgEq ounce. Their cash costs are even tighter, projected at $13.94 to $14.37 per AgEq ounce. Keeping costs this low, especially with silver prices seeing a Q3 2025 average realized price of $39.03 per AgEq ounce, translates directly to superior operating margins.

Exposure to silver price leverage for investors

For investors, the value is the high leverage to the silver price. Because the company is a primary silver producer with a strong cost structure, a small move up in the silver price translates into a much larger percentage increase in their profit margins. This is the classic pure-play mining appeal.

The company's goal to reach $1 billion in revenue for the 2025 fiscal year underscores this leverage. Their margin cushion-AISC under $21/AgEq oz-means they remain profitable even if silver prices pull back, but they capture massive upside when the price runs, which it did with the Q3 2025 realized price. That's a powerful value proposition.

Direct-to-consumer silver bullion sales, bypassing intermediaries

This is the unique, vertically-integrated value that most miners don't offer. By owning and operating their own minting facility, First Mint, LLC, in Nevada, they bypass the wholesale bullion market's intermediaries and capture the retail premium on a portion of their production.

This vertical integration provides a few key benefits:

• Capture the retail premium, boosting revenue per ounce sold.
• Offer physical silver bullion directly to the public, including a discount for shareholders.
• The mint is on track to produce 10% of the company's total production, which is a significant volume.
• It provides a strategic hedge against the volatility of the industrial silver market.

This move is about maximizing the value of every ounce they mine. It's smart business, and it gives you a way to own the physical product straight from the source.

First Majestic Silver Corp. (AG) - Canvas Business Model: Customer Relationships

For First Majestic Silver Corp., customer relationships are a dual-track strategy: a high-volume, low-touch transactional model for the vast majority of its metal production, and a high-margin, direct-to-consumer relationship for a small but growing portion of its silver. You need to understand this split because it defines where the company focuses its capital and how it manages price risk.

Transactional relationships with large metal refiners/off-takers

The core of First Majestic's revenue stream relies on large-scale, automated transactional relationships with a handful of global metal refiners and off-takers. This is a business-to-business (B2B) model focused purely on volume, purity, and delivery schedule, not personalized service.

In the third quarter of 2025 (Q3 2025), sales to these industrial customers accounted for the overwhelming majority of revenue. Out of the total quarterly revenue of $285.1 million, an estimated $274.0 million-or approximately 96.1%-came from these large-volume concentrate and doré sales. This relationship is managed through long-term contracts and spot sales, which simplifies the sales process but exposes the company to the inherent volatility of commodity pricing.

Here's the quick math on the Q3 2025 revenue split:

Customer Segment	Q3 2025 Revenue (Estimated)	% of Total Revenue
Large Metal Off-Takers (Transactional)	$274.0 million	~96.1%
Direct Retail (First Mint, LLC)	$11.1 million	~3.9%
Total Quarterly Revenue	$285.1 million	100%

Dedicated e-commerce platform for direct retail customers

First Majestic maintains a direct-to-consumer relationship through its wholly-owned minting facility, First Mint, LLC, which sells silver bullion, bars, and coins online. This channel is strategic because it allows the company to capture the retail premium (the markup over the spot price of silver) that a refiner would typically take.

This is a high-touch, self-service model, built on brand trust and competitive pricing for physical silver. The platform is defintely a growth focus; the company is aiming to increase First Mint sales to represent 10% of its total production in the near future. In Q3 2025, the e-commerce platform achieved a record quarterly revenue of $11.1 million, a significant jump from prior periods, showing this strategy is gaining traction. It's a great way to diversify revenue.

Investor relations team for financial stakeholders

The relationship with financial stakeholders-shareholders, analysts, and debt holders-is crucial for a publicly traded miner, impacting its cost of capital and valuation (its market capitalization). This is a personal assistance model driven by transparency and compliance.

The Investor Relations team manages communication around key 2025 events, including the revised production guidance of 30.6 to 32.6 million silver equivalent ounces (AgEq) and the full-year revenue projection to exceed $1 billion. Engagement includes:

• Holding the 2025 Annual General Meeting (AGM) in May 2025.
• Conducting non-deal roadshows and meetings with top shareholders to solicit feedback on topics like executive compensation.
• Providing detailed quarterly financial statements, like the Q3 2025 report showing a record $39.03 average realized silver price per AgEq ounce.

Community engagement for long-term operational stability

Operating four mines in Mexico means the relationship with local communities is a critical non-market factor for operational continuity. This is a partnership-based relationship, essential for securing the social license to operate (SLO).

The company invests in local infrastructure and social programs to mitigate operational risk. For example, in 2024, the company invested over US$1.2 million in its local communities, a commitment that directly contributed to an 89% annual reduction in community complaints and zero community-related technical delays. This focus on local stability is a necessary cost of doing business in the mining sector.

First Majestic Silver Corp. (AG) - Canvas Business Model: Channels

First Majestic Silver Corp.'s channels are a clear, dual-pronged strategy: the vast majority of our metal is sold wholesale to industrial partners, but we maintain a high-margin, direct-to-consumer (DTC) channel to capture the full value of a portion of our silver production. This structure ensures high-volume sales for our core business while building brand equity and premium pricing in the retail market.

To be fair, the wholesale channel is the engine, but the First Mint, LLC retail channel is a powerful margin enhancer. The core channel mix is heavily weighted toward wholesale, but the retail segment is growing fast, with Q3 2025 sales hitting a record $11.1 million.

Direct sales to bullion dealers and refiners (wholesale)

The primary channel for First Majestic Silver Corp. is the wholesale sale of dore bars (a semi-pure alloy of gold and silver) and metal concentrates to international bullion dealers, smelters, and refiners. This channel handles the bulk of our production volume, providing the necessary liquidity and scale for a major mining operation.

For the third quarter of 2025 alone, our total quarterly revenue reached a record $285.1 million. Of this, the vast majority-approximately 96.1%-was generated through this wholesale channel, representing the sale of silver, gold, and base metal concentrates. Silver sales alone accounted for 56% of that total Q3 2025 revenue.

Here's the quick math on the two main revenue channels for Q3 2025:

Channel	Q3 2025 Revenue (USD)	Approximate % of Total Revenue
Wholesale (Dealers/Refiners)	$274.0 million ($285.1M - $11.1M)	96.1%
Retail (First Mint, LLC)	$11.1 million	3.9%
Total Quarterly Revenue	$285.1 million	100.0%

First Majestic Silver Corp.'s online store (retail)

Our wholly-owned minting facility, First Mint, LLC, serves as our direct-to-consumer (DTC) retail channel. This is a strategic move to capture the full premium on a portion of our physical silver production, bypassing the traditional dealer network for those specific ounces. The channel operates entirely online at www.firstmint.com, selling a range of branded products.

The growth here is defintely a key trend. Retail sales through First Mint, LLC have shown significant momentum in 2025, generating quarterly sales of $7.8 million in Q2 2025 and a record $11.1 million in Q3 2025. What this estimate hides is the higher profit margin captured on these sales compared to the wholesale spot price sales.

Products sold through this direct channel include:

• Silver bars and ingots.
• Silver coins and medallions.
• Branded silver bullion products.

Investor roadshows and financial conferences

While not a direct sales channel for metal, investor relations is a critical channel for capital and market valuation, which directly impacts our ability to fund operations. We use a mix of digital and in-person communication to reach a diverse spectrum of financially-literate decision-makers.

This channel is managed through consistent public disclosures, quarterly earnings conference calls, and active participation in global financial conferences. The goal is to ensure a clear understanding of our financial performance-like the Q2 2025 net earnings of $56.6 million-and our strategic direction, such as the integration of the Los Gatos Silver Mine.

Direct shipment logistics for metal concentrates

A key operational channel involves the logistics for shipping metal concentrates, which is separate from the silver dore sold to bullion dealers. Our mines, including the newly integrated Los Gatos Silver Mine, produce significant amounts of base metals-specifically lead and zinc-as byproducts.

These base metals are processed into concentrates and shipped directly to third-party international smelters and refiners under specific contractual terms. Our revised 2025 production guidance reflects the importance of these streams, with anticipated increases of 11% and 8% in the mid-points for lead and zinc production, respectively. This logistics channel is essential for realizing the full value of our silver equivalent (AgEq) production, which is targeted to be between 30.6 and 32.6 million AgEq ounces for the full year 2025.

First Majestic Silver Corp. (AG) - Canvas Business Model: Customer Segments

You're looking at where First Majestic Silver Corp. (AG) actually sells its metal, and the reality is, like most primary miners, the vast majority of their product flows through the wholesale pipeline before it hits end-users or investors. Their unique direct-to-retail bullion platform is a high-growth, but still minor, part of the business.

The company's customer base is cleanly segmented into two primary groups: large-scale industrial processors and a niche direct-to-consumer (D2C) retail channel. The core revenue driver remains the sale of unrefined metal to specialized buyers. For the third quarter of 2025 (Q3 2025), First Majestic generated record quarterly revenue of $285.1 million.

Global precious metal refiners and smelters

This group represents the company's primary and most crucial customer segment. They purchase the bulk of First Majestic Silver Corp.'s output, which includes silver and gold dore (unrefined metal bars) and concentrates (metal-rich powder) from mines like Los Gatos, San Dimas, and Santa Elena.

These customers are the essential intermediaries who process the raw product into investment-grade bullion, industrial components, and jewelry alloys. Based on Q3 2025 data, the estimated revenue from this segment is approximately $274.0 million, representing about 96.1% of the total quarterly revenue. This is the bedrock of the company's financial model.

The Los Gatos Silver Mine, acquired in early 2025, is a key contributor, generating $108.7 million in revenue for Q3 2025, primarily through the sale of concentrates to these global processors.

Retail investors and silver stackers (direct bullion purchases)

This segment is served directly through the company's wholly-owned minting facility, First Mint, LLC. This direct-to-consumer channel is a strategic differentiator, allowing the company to capture the full margin of the finished product (coins and bullion) rather than selling unrefined metal at a discount. It's a high-margin, high-visibility segment, but it's still small.

The sales volume here is growing fast. First Mint, LLC generated quarterly sales of $11.1 million in Q3 2025, a significant jump from $2.7 million in the year-ago period. This direct bullion revenue accounts for approximately 3.9% of the company's total Q3 2025 revenue.

• Q3 2025 Direct Sales: $11.1 million
• Q2 2025 Direct Sales: $7.8 million
• Finished Goods Inventory (Bullion/Coins) as of Q3 2025: 758,333 silver ounces

Institutional investors (hedge funds, mutual funds) seeking silver exposure

While this group is not a direct purchaser of the company's physical metal product, they are a critical financial customer segment. Their exposure is primarily through the company's equity (stock), which acts as a leveraged play on the price of silver.

These investors drive the company's market capitalization, which was approximately C$7.95 billion as of November 2025, and their demand for the stock is a key factor in the company's cost of capital and ability to fund growth. The company's strong financial performance, including a record treasury balance of $510.1 million in Q2 2025, is what attracts this capital.

Jewelry and industrial manufacturers (minor segment)

These companies are the ultimate end-users of the refined silver and gold. While First Majestic Silver Corp. does not typically sell directly to them, the demand from this segment dictates the price and volume requirements of the primary customers (the refiners and smelters). The company's core product is ultimately destined for:

• Industrial applications (e.g., solar panels, electronics)
• Jewelry and silverware production
• Investment products (bullion and coins)

Here's the quick math on the product-to-customer flow based on the latest available 2025 data:

Customer Segment	Q3 2025 Revenue (Approximate)	% of Total Q3 2025 Revenue	Primary Product Purchased
Global precious metal refiners and smelters	$274.0 million	~96.1%	Silver/Gold Dore & Concentrates
Retail investors and silver stackers (First Mint, LLC)	$11.1 million	~3.9%	Finished Silver Bullion (Coins & Bars)
Institutional Investors (Equity/Stock)	N/A (Financial Exposure)	N/A	Common Shares (Market Cap: C$7.95B)

First Majestic Silver Corp. (AG) - Canvas Business Model: Cost Structure

You need to see where every dollar goes in a high-fixed-cost business like mining, and for First Majestic Silver Corp., that cost structure is a classic mix of heavy upfront capital and volatile operational expenses. The core takeaway is that while the company is driving down its cash costs per ounce through higher throughput, its All-in Sustaining Costs (AISC) are holding firm, largely due to a significant push on expansionary capital.

The company's cost profile is centered on its four Mexican underground mines-San Dimas Silver/Gold Mine, Santa Elena Silver/Gold Mine, La Encantada Silver Mine, and the newly integrated Cerro Los Gatos Silver Mine. Your focus should be on the cost per ounce, which is the true measure of efficiency in this sector.

High Fixed Costs from Mining Infrastructure and Processing Plants

The largest fixed-cost commitment for First Majestic Silver is the infrastructure required to extract and process millions of ounces of metal. This isn't a cost you can easily cut, so you need to keep the mills running at high capacity to spread that cost thin.

The CapEx budget for property, plant, and equipment alone is a fixed commitment of $67 million in the updated 2025 guidance. This investment maintains the large-scale cyanidation mills (a process that uses a chemical solution to recover silver and gold) at sites like La Encantada, which has a 4,000 tonnes per day (TPD) capacity, and San Dimas, with a 2,500 TPD capacity. These plants are the backbone of the operation; they represent a massive sunk cost (capital expenditure) that must be sustained regardless of short-term production dips.

Significant Variable Costs: Labor, Energy, and Reagents (e.g., Cyanide)

The cash cost of production-the direct, day-to-day operational expense-is where the variable costs hit. For First Majestic Silver, this is primarily driven by labor, energy, and consumables. Their full-year 2025 cash cost guidance is expected to be in the range of $13.94 to $14.37 per silver equivalent ounce (AgEq). This is an improvement, but it's still highly sensitive to external factors.

The key variable cost drivers include:

• Labor: Wages for the large workforce in Mexico, which fluctuate with local economic conditions and the Mexican Peso (MXN) exchange rate.
• Energy: Powering the underground mining equipment and the massive milling operations, with the company noting that higher energy costs have impacted operations like San Dimas.
• Reagents: Consumables like sodium cyanide and lime, which are essential for the cyanidation process used to leach silver and gold from the ore.

Here's the quick math: The difference between the cash cost and the AISC is the sustaining capital and other corporate overhead. That gap is where the long-term health of the mine sits.

All-in Sustaining Costs (AISC) Projected around $20.02 to $20.82 per AgEq ounce in 2025

All-in Sustaining Costs (AISC) is the benchmark measure for a mining company's true cost of doing business, encompassing cash costs plus all the capital needed to keep the mine running over its life (sustaining capital). The latest full-year 2025 consolidated AISC guidance is between $20.02 and $20.82 per attributable payable AgEq ounce.

While an AISC of $18.50 per silver ounce was reported for a strong Q1 2025 performance, the official full-year guidance is higher, reflecting expected inflationary pressures and the costs of integrating the new Cerro Los Gatos Silver Mine. This range is your realistic floor for profitability. If the price of silver drops below this range, the company is not generating free cash flow after accounting for necessary maintenance and replacement capital.

Exploration and Capital Expenditure for Mine Development

The other major cost center is Capital Expenditure (CapEx), which is split between sustaining capital (keeping current production going) and expansionary capital (growth). For 2025, First Majestic Silver plans to invest a total of approximately $193 million in CapEx, a 7% increase from the original guidance. This is a clear sign of a growth-focused strategy.

A significant portion of this is allocated to future ounces. For instance, the exploration budget alone is $43 million. You can't make a long-term investment decision without weighing this CapEx, because it dictates the future production profile and, defintely, the long-term cost structure.

2025 Consolidated Cost Structure (Guidance & Breakdown)	Amount (USD)	Notes on Cost Type
Total All-in Sustaining Costs (AISC) per AgEq Ounce (Guidance)	$20.02 - $20.82	The comprehensive per-ounce cost for the full year.
Total Cash Costs per AgEq Ounce (Guidance)	$13.94 - $14.37	Direct, variable operating costs (labor, energy, reagents, etc.).
Total Capital Expenditure (CapEx) Budget	$193 million	Total planned investment for the year.
Sustaining Capital (part of AISC)	$80 million (original guidance)	Maintenance and replacement of existing assets.
Expansionary Capital (Growth CapEx)	$102 million (original guidance)	Investment in new projects and capacity expansion (e.g., Santa Elena plant upgrades).
Exploration Budget	$43 million	Drilling and resource development, a key long-term growth expense.
Underground Development (CapEx)	$82 million	Capital for mine development (e.g., new ramps, drifts).

Finance: draft a sensitivity analysis on the AISC range by Friday, modeling a 10% increase in energy costs and a 5% appreciation of the Mexican Peso.

First Majestic Silver Corp. (AG) - Canvas Business Model: Revenue Streams

First Majestic Silver Corp.'s revenue model is straightforward: sell the metal you dig up. But the mix is getting more complex, moving beyond just wholesale silver to include significant gold and base metal sales, plus a growing direct-to-consumer (DTC) bullion channel.

In the first nine months of 2025, the company generated a total revenue of $793.234 million, putting it on track to hit its full-year target of over $1 billion. The key takeaway is that while silver is the core, the contribution from gold and base metals is what provides the crucial diversification and cost offset.

Here is a quick snapshot of the key revenue drivers and performance metrics for the third quarter of 2025, which saw record revenue of $285.1 million.

Metric	Q3 2025 Value (US$)	2025 Full-Year Guidance (Mid-Point)
Quarterly Total Revenue	$285.1 million	On track for over $1 billion
Silver Sales as % of Total Revenue	56%	N/A
Average Realized AgEq Price	$39.03 per AgEq ounce	N/A
Attributable AgEq Ounces Produced (FY)	N/A	29.5 million ounces (27.8M to 31.2M range)
Consolidated AISC per AgEq Ounce	$20.90 (Q3 2025)	$20.58 (Mid-point of $19.89 to $21.27 range)

Wholesale sales of silver and gold doré bars/concentrates

This is the primary revenue engine, accounting for the vast majority of First Majestic Silver's sales. The revenue comes from selling silver and gold in the form of doré bars (a mix of gold and silver) and concentrates to third-party smelters and refiners. The addition of the Cerro Los Gatos Silver Mine in early 2025 has been a major tailwind, contributing $108.7 million in revenue in Q3 2025 alone. The realized price is critical here; the average realized silver equivalent (AgEq) price in Q3 2025 was a strong $39.03 per AgEq ounce, a 31% increase year-over-year. This price leverage is what drives margin expansion. You're defintely seeing the benefit of higher metal prices amplified by increased production volume.

Retail sales revenue from direct-to-consumer silver bullion

The company operates its own minting facility, First Mint, LLC, which sells silver bullion (coins and bars) directly to retail consumers. This is a strategic, high-margin revenue stream that captures the premium (or 'seigniorage') typically taken by third-party mints and distributors. The growth here is explosive: First Mint generated quarterly sales of $11.1 million in Q3 2025, up from $2.7 million in the year-ago period. Management is looking to increase this channel to account for 10% of total production, which would significantly boost overall margins.

• Q3 2025 Retail Sales: $11.1 million
• Q2 2025 Retail Sales: $7.8 million
• Strategic Goal: 10% of total production directed to retail

By-product credits from gold and base metals (e.g., lead, zinc)

While First Majestic Silver is a primary silver producer, the gold, lead, and zinc extracted from its polymetallic mines-like the Cerro Los Gatos Silver Mine-are crucial revenue components. These are often treated as by-product credits, which reduce the All-In Sustaining Cost (AISC) of silver. The non-silver portion of revenue, which includes gold and base metals, accounted for about 44% of the Q3 2025 total revenue.

The 2025 production guidance highlights the scale of this non-silver output, which acts as a natural hedge against pure silver price volatility. The forecast for the full year is substantial:

• Gold Production Guidance: 135,000 Oz - 144,000 Oz
• Lead Production Guidance: 33 million Lbs - 35 million Lbs
• Zinc Production Guidance: 52 million Lbs - 56 million Lbs

Interest income on cash reserves (minor)

This is a minor, but stable, revenue stream that has become more notable due to rising interest rates and the company's strong balance sheet. The company's cash and cash equivalents grew to a record $435.4 million by the end of Q3 2025. The interest earned on this large cash reserve provides a small, non-operational income buffer. This is just a financial sweetener, not a core business driver, but it is a sign of financial health.

Finance: Track the Q4 2025 AISC against the $20.58 guidance mid-point to assess operational efficiency. If onboarding takes 14+ days, churn risk rises.