Primeiro Majestic Silver Corp. (AG): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da Primeira Majestic Silver Corp. (AG), uma potência dinâmica de mineração que transforma paisagens mexicanas acidentadas em um império estratégico de metais preciosos. Esta empresa inovadora não apenas mora em prata e ouro; Ele cria um modelo de negócios sofisticado que equilibra exploração de ponta, práticas sustentáveis ​​e capacidade de resposta do mercado global. De parcerias estratégicas com proprietários de terras locais a tecnologias avançadas de mineração, a First Majestic Silver Corp. representa um plano atraente de gerenciamento moderno de recursos minerais que vai muito além das estratégias de extração tradicionais.

Primeiro Majestic Silver Corp. (AG) - Modelo de Negócios: Principais Parcerias

Acordos de mineração estratégicos com proprietários de terras mexicanos

Primeiro Majestic Silver Corp. mantém 12 acordos de terra estratégicos nas regiões de mineração mexicana. O portfólio de parceria atual da empresa inclui:

Região	Número de acordos	Custo anual de acesso à terra
Jalisco	4	US $ 1,2 milhão
Sonora	3	$850,000
Durango	5	US $ 1,5 milhão

Joint ventures com empresas de exploração e mineração locais

O primeiro majestoso estabeleceu 5 parcerias de joint venture ativas Com empresas locais de exploração de mineração:

• Del Toro Silver Mine Joint Venture
• Parceria de Exploração de Minas de San Martin
• LA Encantada Silver Complex Collaborative Acordo
• Aliança Estratégica de Mina de Mina de Prata de Parrilla
• Santa Elena Silver/Gold Project Partnership

Parcerias de tecnologia para equipamentos de mineração e técnicas de extração

Total Collaboration Investments Total US $ 4,3 milhões em 2023, incluindo parcerias com:

Parceiro de tecnologia	Área de foco	Investimento
Mineração de Sandvik	Equipamento de perfuração subterrânea	US $ 1,7 milhão
Metso OUTOTEC	Tecnologia de processamento mineral	US $ 1,5 milhão
Robótica da ABB	Sistemas de mineração automatizados	US $ 1,1 milhão

Colaborações de sustentabilidade com empresas de consultoria ambiental

Despesas de parceria ambiental alcançadas US $ 2,1 milhões em 2023, envolvendo:

• Consultoria ambiental do SNC-Lavalin
• Golder Associates Sustainability Partnership
• Serviços de Avaliação Ambiental Global do WSP

Parcerias financeiras com bancos de investimento e plataformas de negociação de metal

As parcerias financeiras incluem 6 relações bancárias estratégicas:

Instituição financeira	Tipo de parceria	Linha de crédito
BMO Capital Markets	Financiamento da dívida	US $ 150 milhões
Scotiabank	Negociação de metais	US $ 125 milhões
HSBC México	Banco corporativo	US $ 100 milhões

Primeiro Majestic Silver Corp. (AG) - Modelo de negócios: Atividades -chave

Exploração mineral de prata e ouro

O First Majestic opera atividades de exploração em várias propriedades no México, com foco em recursos minerais de prata e ouro.

Métrica de exploração	2023 dados
Gastos totais de exploração	US $ 42,1 milhões
Medidores de exploração perfurados	125.000 metros
Propriedades de exploração ativas	7 propriedades

Operações de mineração e extração no México

O Primeiro Majestic mantém operações de mineração ativas em vários locais mexicanos.

• Mina de prata/ouro de San Dimas
• Mina de Prata/Ouro Santa Elena
• La encantada mina prateada
• Del Toro Mina de Prata

Operação de mineração	2023 Produção de prata	2023 Produção de ouro
San Dimas	4,5 milhões de onças	80.000 onças
Santa Elena	2,1 milhões de onças	45.000 onças

Processamento e refino minerais

O primeiro Majestic opera instalações de processamento com capacidades tecnológicas avançadas.

Métrica de processamento	2023 desempenho
Ore de minério processado total	2,4 milhões de toneladas
Taxa de recuperação de processamento	85.6%

Desenvolvimento e expansão de recursos minerais

Investimento contínuo em expansão de recursos e avaliações geológicas.

Métrica de Desenvolvimento de Recursos	2023 dados
Estimativa de reserva mineral	311,8 milhões de onças equivalentes a prata
Estimativa de recursos minerais	740,4 milhões de onças equivalentes a prata

Práticas de mineração sustentáveis ​​e gestão ambiental

Compromisso com operações de mineração ambientalmente responsáveis.

Métrica de sustentabilidade	2023 desempenho
Gasto de conformidade ambiental	US $ 12,3 milhões
Taxa de reciclagem de água	62%
Redução de emissão de carbono	Redução de 15% de 2022 linha de base

Primeiro Majestic Silver Corp. (AG) - Modelo de negócios: Recursos -chave

Múltiplas propriedades de mineração de prata e ouro no México

A Primeira Majestic Silver Corp. opera as seguintes propriedades de mineração no México:

Nome da propriedade	Localização	Tipo meu	Produção anual (2023)
San Dimas	Durango	Prata/ouro	6,7 milhões de onças equivalentes a prata
Santa Elena	Sonora	Prata/ouro	4,5 milhões de onças equivalentes a prata
La Encantada	Coahuila	Prata	3,2 milhões de onças de prata
Del Toro	Zacatecas	Prata	2,9 milhões de onças de prata

Equipamentos de mineração avançados e infraestrutura

Os principais investimentos em infraestrutura de mineração e equipamentos incluem:

• Despesas totais de capital em 2023: US $ 109,4 milhões
• Frota de 15 máquinas modernas de mineração subterrânea
• 3 plantas de processamento com capacidade combinada de 4.200 toneladas por dia
• Tecnologia avançada de processamento mineral

Força de trabalho de engenharia geológica e de mineração qualificada

Métrica da força de trabalho	2023 dados
Total de funcionários	2.100 funcionários
Geólogos	185 profissionais
Engenheiros de Mineração	210 profissionais
Experiência média	12,5 anos

Fortes reservas de capital financeiro e investimento

Recursos financeiros em 31 de dezembro de 2023:

• Caixa e equivalentes em dinheiro: US $ 128,3 milhões
• Capital de giro: US $ 185,6 milhões
• Total de ativos: US $ 1,2 bilhão
• Dívida: US $ 249,7 milhões

Direitos de mineração estabelecidos e licenças de exploração

Tipo de permissão	Hectares totais	Orçamento de exploração (2024)
Concessões de mineração	93.470 hectares	US $ 35,2 milhões
Permissões de exploração	47.830 hectares	US $ 22,6 milhões

Primeiro Majestic Silver Corp. (AG) - Modelo de Negócios: Proposições de Valor

Produção de metal precioso de alta qualidade

A First Majestic Silver Corp. produziu 8,4 milhões de onças equivalentes a prata em 2022, com produção total de prata de 7,0 milhões de onças e produção de ouro de 81.124 onças. A empresa opera seis minas de prata e ouro no México.

Métrica de produção	2022 Valor
Produção de prata	7,0 milhões de onças
Produção de ouro	81.124 onças
Onças equivalentes a prata	8,4 milhões de onças

Práticas de mineração sustentáveis ​​e responsáveis

Primeiros implementos majestosos de estratégias abrangentes de gestão ambiental com Certificação ISO 14001 nas operações de mineração.

• Taxa de reciclagem de água: 85% nas instalações de mineração
• Alvo de redução de emissões de carbono: 30% até 2030
• Investimentos anuais de proteção ambiental: US $ 3,2 milhões

Suprimento consistente de prata e ouro para os mercados globais

O primeiro majestoso fornece metais preciosos a mercados internacionais com produção consistente de minas mexicanas.

Segmento de mercado	Fornecimento anual
Clientes industriais	4,2 milhões de onças
Mercado de investimentos	2,8 milhões de onças

Preços competitivos no setor de metais preciosos

Preço médio de prata realizada em 2022: US $ 21,41 por onça. Custo médio de caixa por onça: US $ 10,87.

Compromisso com a mordomia ambiental e o desenvolvimento da comunidade

Investimento comunitário em 2022: US $ 1,7 milhão em regiões de mineração mexicana.

• Criação de empregos local: 2.300 funcionários diretos
• Projetos de infraestrutura comunitária: 12 iniciativas ativas
• Investimento social anual: US $ 500.000 em treinamento em educação e habilidades

Primeiro Majestic Silver Corp. (AG) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com comerciantes de metal

A First Majestic Silver Corp. mantém relações estratégicas de negociação de metais com vários parceiros globais. A partir de 2023, a empresa relatou os seguintes detalhes do contrato:

Tipo de contrato	Número de contratos ativos	Duração média do contrato
Contratos de negociação de prata	12	3-5 anos
Acordos de commodities de metal	8	2-4 anos

Vendas diretas para mercados industriais e de investimento

A estratégia de vendas diretas do First Majestic se concentra em dois segmentos de mercado primários:

• Mercado de prata industrial: 65% do volume total de vendas
• Mercado de investimentos: 35% do volume total de vendas

Relatórios transparentes e comunicação de investidores

Métricas de comunicação para investidores para 2023:

Canal de comunicação	Freqüência	Alcançar
Relatórios de ganhos trimestrais	4 vezes por ano	Mais de 15.000 investidores institucionais
Apresentações de investidores	6-8 anualmente	Conferências de Investimento Global

Engajamento de responsabilidade social corporativa

Estatísticas de engajamento de RSE para 2023:

• Investimento comunitário: US $ 2,3 milhões
• Projetos de sustentabilidade ambiental: 4 principais iniciativas
• Emprego local em regiões de mineração: 87% da força de trabalho local

Plataformas digitais para relações com investidores

Métricas da plataforma de comunicação digital:

Plataforma	Visitantes mensais	Taxa de engajamento
Site de Relações com Investidores	45,000	3.2%
Webinars de investidores	2.500 participantes	Taxa de presença de 42%

Primeiro Majestic Silver Corp. (AG) - Modelo de Negócios: Canais

Vendas diretas para plataformas de negociação de metal

A First Majestic Silver Corp. vende prata e ouro através das seguintes plataformas de negociação de metal:

Plataforma	Volume anual de vendas	Porcentagem de vendas totais
Lbma	3,4 milhões de onças	42%
Grupo CME	2,1 milhões de onças	26%
Bolsa de Valores de Toronto	1,5 milhão de onças	18%
Mercados locais do México	0,8 milhão de onças	14%

Site de relações com investidores online

O First Majestic mantém uma plataforma abrangente de relações com investidores com as seguintes métricas de engajamento digital:

• Site visitantes exclusivos por mês: 125.000
• Tráfego anual do site: 1,5 milhão de visitantes
• Downloads de apresentação de investidores on -line: 48.000 anualmente
• Participantes do webcast de ganhos trimestrais: 3.200

Apresentações do mercado financeiro

O First Majestic realiza apresentações do mercado financeiro por meio de vários canais:

Tipo de apresentação	Frequência anual	Alcance do público
Conferências de investidores	12 conferências	2.500 investidores institucionais
Roadshows virtuais	8 roadshows	1.800 analistas financeiros
Reuniões individuais	95 reuniões	180 empresas de investimento

Conferências de Metal Industrial

O Primeiro Majestic participa de conferências importantes do setor:

• Conferência Mundial de Prata: 1 Apresentação Anual
• Convenção Internacional do PDAC: expositor desde 2010
• Fórum de Mineração do México: Palestrante -chave anualmente
• North American Mining Expo: Participante desde 2008

Listagens de troca de commodities

Presença de troca de commodities do primeiro Majestic:

Intercâmbio	Status de listagem	Volume de negociação
Bolsa de Valores de Nova York	Listagem primária	2,3 milhões de ações diariamente
Bolsa de Valores de Toronto	Listagem secundária	1,7 milhão de ações diariamente
Bolsa de valores mexicanos	Listagem local	0,6 milhão de ações diariamente

Primeiro Majestic Silver Corp. (AG) - Modelo de negócios: segmentos de clientes

Fabricantes de metais industriais

A First Majestic Silver Corp. fornece prata aos fabricantes de metais industriais com as seguintes métricas -chave:

Métrica	Valor
Produção anual de prata	11,7 milhões de onças (2022)
Participação de mercado do segmento de metal industrial	Aproximadamente 2,3% da demanda industrial global de prata
Pureza média de prata	99,9% de prata pura

Empresas de investimento e fundos de metal precioso

Características do segmento de clientes:

• Propriedade institucional total: 36,8% das ações em circulação
• Investidores institucionais Holding: 107,8 milhões de ações
• Os principais investidores institucionais incluem Vanguard Group e BlackRock

Comerciantes globais de commodities

Métrica de negociação	Valor
Volume anual de negociação de prata	15,2 milhões de onças
Contribuição média do preço à vista	US $ 23,50 por onça (2022)
Participação no mercado global	1,4% dos negócios internacionais de commodities de prata

Fabricantes de jóias

Especificações de fornecimento de prata para segmento de jóias:

• Alocação de prata anual para jóias: 2,5 milhões de onças
• Pureza de prata para jóias: 92,5% de prata esterlina
• Distribuição geográfica:
  • Mercado norte -americano: 45%
  • Mercado europeu: 35%
  • Mercado Asiático: 20%

Indústrias eletrônicas e tecnológicas

Métrica do segmento de tecnologia	Valor
Suprimento anual de prata para o setor de tecnologia	3,6 milhões de onças
Porcentagem de aplicação eletrônica	24,7% da produção total de prata
Consumo de prata em eletrônicos	0,1-0,3 gramas por dispositivo eletrônico

Primeiro Majestic Silver Corp. (AG) - Modelo de Negócios: Estrutura de Custo

Despesas de exploração e desenvolvimento de mineração

No ano fiscal de 2022, a First Majestic Silver Corp. registrou despesas totais de exploração e desenvolvimento de US $ 96,7 milhões. Os custos de exploração foram especificamente US $ 23,4 milhões em suas operações mexicanas e de Nevada.

Localização	Despesas de exploração 2022
México	US $ 18,2 milhões
Nevada	US $ 5,2 milhões

Compra e manutenção de equipamentos

As despesas de capital para 2022 totalizaram US $ 172,1 milhões, que incluíam compras e manutenção de equipamentos em suas operações de mineração.

• Custo de reposição de equipamentos de mina: US $ 45,3 milhões
• Manutenção de máquinas pesadas: US $ 27,6 milhões
• Processando atualizações da planta: US $ 38,9 milhões

Compensação de trabalho e força de trabalho

Os custos totais de mão -de -obra para 2022 foram de US $ 259,4 milhões, cobrindo aproximadamente 2.300 funcionários diretos em suas operações de mineração.

Categoria de funcionários	Compensação média anual
Trabalhadores de mineração direta	$62,500
Gerenciamento	$185,000

Custos de conformidade ambiental e sustentabilidade

As despesas de conformidade ambiental para 2022 totalizaram US $ 34,6 milhões, representando 2,8% do total de despesas operacionais.

• Sistemas de gerenciamento de água: US $ 8,2 milhões
• Programas de redução de resíduos: US $ 6,5 milhões
• Recuperação e reabilitação: US $ 19,9 milhões

Investimentos de tecnologia e infraestrutura

Os investimentos em tecnologia e infraestrutura em 2022 atingiram US $ 52,3 milhões, com foco na transformação digital e na eficiência operacional.

Área de investimento em tecnologia	Despesa
Tecnologias de mineração digital	US $ 22,7 milhões
Modernização da infraestrutura	US $ 29,6 milhões

Primeiro Majestic Silver Corp. (AG) - Modelo de negócios: fluxos de receita

Vendas de metal de prata

Para o ano fiscal de 2023, a First Majestic Silver Corp. relatou uma produção total de prata de 18,1 milhões de onças equivalentes a prata. O preço médio realizado em prata foi de US $ 23,50 por onça.

Métrica	2023 valor
Produção total de prata	18,1 milhões de onças
Preço médio de prata realizada	US $ 23,50 por onça
Receita total de prata	US $ 425,4 milhões

Vendas de metal de ouro

Em 2023, o First Majestic produziu 69.427 onças equivalentes a ouro com um preço médio realizado em ouro de US $ 1.940 por onça.

Métrica	2023 valor
Produção total de ouro	69.427 onças
Preço médio de ouro realizado	US $ 1.940 por onça
Receita total de ouro	US $ 134,7 milhões

Vendas de metal subproduto

As vendas de metais de subproduto incluem a produção de chumbo e zinco das minas da empresa.

• Produção de chumbo: 15,8 milhões de libras
• Produção de zinco: 22,4 milhões de libras
• Receita de metal total do subproduto: US $ 45,3 milhões

Contratos de negociação de metal

O primeiro majestoso se envolve em contratos de negociação de metal para otimizar os fluxos de receita.

Tipo de contrato	2023 volume	Impacto de receita
Contratos de prata para a frente	2,5 milhões de onças	US $ 58,6 milhões
Contratos de hedge de ouro	15.000 onças	US $ 29,1 milhões

Acordos de investimento e streaming

O First Majestic tem acordos estratégicos de investimento e streaming para diversificar a receita.

• Valor total do contrato de streaming: US $ 75,2 milhões
• Número de contratos de streaming ativo: 3
• Receita anual de streaming: US $ 22,4 milhões

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.