AG
A fresh Buy call, with a silver twist
First Majestic Silver is getting the old “you’re cheaper than your own future” treatment. The new Buy rating leans on a simple idea: if silver keeps catching a bid, AG’s valuation could look a lot less sleepy than it does today.
Q2 wasn’t just shiny, it was useful
The company’s second quarter came in robust, with EBITDA up 110% and free cash flow at $194.6 million. That kind of operating juice matters because it shows the business isn’t just riding spot prices like a kid on a roller coaster — it’s actually converting those metal prices into real cash.
Why investors are paying attention
A few things make this more than just another analyst note:
- higher realized silver and gold prices helped the quarter
- increased costs didn’t spoil the party
- 2026 guidance improved
- the company is sitting on about $1.09 billion in cash
- asset sales could leave room for reinvestment or even M&A
That last part is the fun one. With that much cash, First Majestic starts looking less like a pure miner and more like a company with options. And in resource land, optionality is basically catnip.
Big picture
If silver keeps acting like the market’s forgotten comeback kid, AG could get a second look from investors hunting for leverage to the metal. The upgrade says the market may still be underestimating how much shine is left in the story.