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

Tauchen Sie ein in die komplexe Welt von First Majestic Silver Corp. (AG), einem dynamischen Bergbauunternehmen, das raue mexikanische Landschaften in ein strategisches Edelmetallimperium verwandelt. Dieses innovative Unternehmen fördert nicht nur Silber und Gold; Es entwickelt ein ausgeklügeltes Geschäftsmodell, das modernste Exploration, nachhaltige Praktiken und globale Marktreaktionsfähigkeit in Einklang bringt. Von strategischen Partnerschaften mit lokalen Landbesitzern bis hin zu fortschrittlichen Bergbautechnologien stellt First Majestic Silver Corp. ein überzeugendes Konzept für modernes Mineralressourcenmanagement dar, das weit über traditionelle Gewinnungsstrategien hinausgeht.

First Majestic Silver Corp. (AG) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Bergbauabkommen mit mexikanischen Landbesitzern

First Majestic Silver Corp. unterhält 12 strategische Landabkommen in allen mexikanischen Bergbauregionen. Das aktuelle Partnerschaftsportfolio des Unternehmens umfasst:

Region	Anzahl der Vereinbarungen	Jährliche Landzugangskosten
Jalisco	4	1,2 Millionen US-Dollar
Sonora	3	$850,000
Durango	5	1,5 Millionen Dollar

Joint Ventures mit lokalen Explorations- und Bergbauunternehmen

First Majestic hat sich etabliert 5 aktive Joint-Venture-Partnerschaften mit lokalen Bergbauexplorationsunternehmen:

• Joint Venture zur Silbermine Del Toro
• San Martin Minenexplorationspartnerschaft
• Kooperationsvereinbarung mit dem La Encantada Silver Complex
• Strategische Allianz für die Silbermine La Parrilla
• Santa Elena Silber/Gold-Projektpartnerschaft

Technologiepartnerschaften für Bergbauausrüstung und Gewinnungstechnik

Gesamtinvestitionen in die technologische Zusammenarbeit 4,3 Millionen US-Dollar im Jahr 2023, einschließlich Partnerschaften mit:

Technologiepartner	Fokusbereich	Investition
Sandvik Bergbau	Untertagebohrausrüstung	1,7 Millionen US-Dollar
Metso Outotec	Mineralverarbeitungstechnologie	1,5 Millionen Dollar
ABB Robotics	Automatisierte Bergbausysteme	1,1 Millionen US-Dollar

Nachhaltigkeitskooperationen mit Umweltberatungsunternehmen

Ausgaben der Umweltpartnerschaft erreicht 2,1 Millionen US-Dollar im Jahr 2023, darunter:

• SNC-Lavalin Umweltberatung
• Golder Associates Nachhaltigkeitspartnerschaft
• WSP Global Environmental Assessment Services

Finanzielle Partnerschaften mit Investmentbanken und Metallhandelsplattformen

Finanzielle Partnerschaften umfassen 6 strategische Bankbeziehungen:

Finanzinstitut	Partnerschaftstyp	Kreditfazilität
BMO-Kapitalmärkte	Schuldenfinanzierung	150 Millionen Dollar
Scotiabank	Metallhandel	125 Millionen Dollar
HSBC Mexiko	Firmenkundengeschäft	100 Millionen Dollar

First Majestic Silver Corp. (AG) – Geschäftsmodell: Hauptaktivitäten

Silber- und Goldmineralienexploration

First Majestic betreibt Explorationsaktivitäten auf mehreren Liegenschaften in Mexiko und konzentriert sich dabei auf Silber- und Goldmineralressourcen.

Explorationsmetrik	Daten für 2023
Gesamte Explorationsausgaben	42,1 Millionen US-Dollar
Explorationsmessgeräte gebohrt	125.000 Meter
Aktive Explorationseigenschaften	7 Eigenschaften

Bergbau- und Förderbetriebe in Mexiko

First Majestic unterhält aktive Bergbaubetriebe an mehreren mexikanischen Standorten.

• San Dimas Silber-/Goldmine
• Santa Elena Silber-/Goldmine
• Silbermine La Encantada
• Del Toro Silbermine

Bergbaubetrieb	Silberproduktion 2023	Goldproduktion 2023
San Dimas	4,5 Millionen Unzen	80.000 Unzen
Santa Elena	2,1 Millionen Unzen	45.000 Unzen

Mineralverarbeitung und -veredelung

First Majestic betreibt Verarbeitungsanlagen mit fortschrittlichen technologischen Fähigkeiten.

Verarbeitungsmetrik	Leistung 2023
Insgesamt verarbeitetes Erz	2,4 Millionen Tonnen
Verarbeitungswiederherstellungsrate	85.6%

Entwicklung und Erweiterung von Mineralressourcen

Kontinuierliche Investitionen in Ressourcenerweiterung und geologische Bewertungen.

Ressourcenentwicklungsmetrik	Daten für 2023
Schätzung der Mineralreserven	311,8 Millionen Unzen Silberäquivalent
Schätzung der Mineralressourcen	740,4 Millionen Unzen Silberäquivalent

Nachhaltige Bergbaupraktiken und Umweltmanagement

Engagement für einen umweltbewussten Bergbaubetrieb.

Nachhaltigkeitsmetrik	Leistung 2023
Ausgaben für Umweltkonformität	12,3 Millionen US-Dollar
Wasserrecyclingrate	62%
Reduzierung der Kohlenstoffemissionen	15 % Reduzierung gegenüber dem Basiswert von 2022

First Majestic Silver Corp. (AG) – Geschäftsmodell: Schlüsselressourcen

Mehrere Silber- und Goldbergbauliegenschaften in Mexiko

First Majestic Silver Corp. betreibt die folgenden Bergbaugrundstücke in Mexiko:

Eigenschaftsname	Standort	Art von Mine	Jahresproduktion (2023)
San Dimas	Durango	Silber/Gold	6,7 Millionen Unzen Silberäquivalent
Santa Elena	Sonora	Silber/Gold	4,5 Millionen Unzen Silberäquivalent
La Encantada	Coahuila	Silber	3,2 Millionen Unzen Silber
Del Toro	Zacatecas	Silber	2,9 Millionen Unzen Silber

Fortschrittliche Bergbauausrüstung und Infrastruktur

Zu den wichtigsten Investitionen in Bergbauinfrastruktur und -ausrüstung gehören:

• Gesamtinvestitionen im Jahr 2023: 109,4 Millionen US-Dollar
• Flotte von 15 modernen Untertagebergbaumaschinen
• 3 Verarbeitungsanlagen mit einer Gesamtkapazität von 4.200 Tonnen pro Tag
• Fortschrittliche Mineralverarbeitungstechnologie

Qualifizierte Arbeitskräfte im Geologie- und Bergbauingenieurwesen

Belegschaftsmetrik	Daten für 2023
Gesamtzahl der Mitarbeiter	2.100 Mitarbeiter
Geologen	185 Profis
Bergbauingenieure	210 Fachkräfte
Durchschnittliche Erfahrung	12,5 Jahre

Starkes Finanzkapital und Investitionsreserven

Finanzielle Ressourcen zum 31. Dezember 2023:

• Zahlungsmittel und Zahlungsmitteläquivalente: 128,3 Millionen US-Dollar
• Betriebskapital: 185,6 Millionen US-Dollar
• Gesamtvermögen: 1,2 Milliarden US-Dollar
• Schulden: 249,7 Millionen US-Dollar

Etablierte Bergbaurechte und Explorationsgenehmigungen

Genehmigungstyp	Gesamthektar	Explorationsbudget (2024)
Bergbaukonzessionen	93.470 Hektar	35,2 Millionen US-Dollar
Explorationsgenehmigungen	47.830 Hektar	22,6 Millionen US-Dollar

First Majestic Silver Corp. (AG) – Geschäftsmodell: Wertversprechen

Hochwertige Edelmetallproduktion

First Majestic Silver Corp. produzierte im Jahr 2022 8,4 Millionen Unzen Silberäquivalent, mit einer Gesamtsilberproduktion von 7,0 Millionen Unzen und einer Goldproduktion von 81.124 Unzen. Das Unternehmen betreibt sechs produzierende Silber- und Goldminen in Mexiko.

Produktionsmetrik	Wert 2022
Silberproduktion	7,0 Millionen Unzen
Goldproduktion	81.124 Unzen
Silberäquivalent-Unzen	8,4 Millionen Unzen

Nachhaltige und verantwortungsvolle Bergbaupraktiken

First Majestic implementiert umfassende Umweltmanagementstrategien mit ISO 14001-Zertifizierung in allen Bergbaubetrieben.

• Wasserrecyclingrate: 85 % in allen Bergbauanlagen
• Ziel zur Reduzierung der CO2-Emissionen: 30 % bis 2030
• Jährliche Umweltschutzinvestitionen: 3,2 Millionen US-Dollar

Kontinuierliche Silber- und Goldversorgung der globalen Märkte

First Majestic beliefert internationale Märkte mit Edelmetallen und produziert kontinuierlich in mexikanischen Minen.

Marktsegment	Jährlicher Vorrat
Industriekunden	4,2 Millionen Unzen
Investmentmarkt	2,8 Millionen Unzen

Wettbewerbsfähige Preise im Edelmetallsektor

Durchschnittlicher realisierter Silberpreis im Jahr 2022: 21,41 $ pro Unze. Durchschnittliche Cash-Kosten pro Unze: 10,87 $.

Engagement für Umweltschutz und Gemeindeentwicklung

Gemeinschaftsinvestition im Jahr 2022: 1,7 Millionen US-Dollar in allen mexikanischen Bergbauregionen.

• Schaffung lokaler Arbeitsplätze: 2.300 direkte Mitarbeiter
• Gemeindeinfrastrukturprojekte: 12 aktive Initiativen
• Jährliche Sozialinvestition: 500.000 US-Dollar für Bildung und Qualifizierung

First Majestic Silver Corp. (AG) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit Metallhändlern

First Majestic Silver Corp. unterhält strategische Metallhandelsbeziehungen mit mehreren globalen Partnern. Ab 2023 meldete das Unternehmen die folgenden Vertragsdetails:

Vertragstyp	Anzahl aktiver Verträge	Durchschnittliche Vertragsdauer
Silberhandelsverträge	12	3-5 Jahre
Vereinbarungen über Metallrohstoffe	8	2-4 Jahre

Direktvertrieb an Industrie- und Investmentmärkte

Die Direktvertriebsstrategie von First Majestic konzentriert sich auf zwei Hauptmarktsegmente:

• Industriesilbermarkt: 65 % des Gesamtumsatzes
• Investmentmarkt: 35 % des gesamten Verkaufsvolumens

Transparente Berichterstattung und Investorenkommunikation

Kennzahlen zur Anlegerkommunikation für 2023:

Kommunikationskanal	Häufigkeit	Reichweite
Vierteljährliche Gewinnberichte	4 Mal im Jahr	Über 15.000 institutionelle Anleger
Investorenpräsentationen	6-8 jährlich	Globale Investmentkonferenzen

Engagement für soziale Verantwortung von Unternehmen

Statistiken zum CSR-Engagement für 2023:

• Gemeinschaftsinvestition: 2,3 Millionen US-Dollar
• Projekte zur ökologischen Nachhaltigkeit: 4 große Initiativen
• Lokale Beschäftigung in Bergbauregionen: 87 % lokale Arbeitskräfte

Digitale Plattformen für Investor Relations

Kennzahlen der digitalen Kommunikationsplattform:

Plattform	Monatliche Besucher	Engagement-Rate
Investor-Relations-Website	45,000	3.2%
Investoren-Webinare	2.500 Teilnehmer	42 % Anwesenheitsquote

First Majestic Silver Corp. (AG) – Geschäftsmodell: Kanäle

Direktverkauf an Metallhandelsplattformen

First Majestic Silver Corp. verkauft Silber und Gold über die folgenden Metallhandelsplattformen:

Plattform	Jährliches Verkaufsvolumen	Prozentsatz des Gesamtumsatzes
LBMA	3,4 Millionen Unzen	42%
CME-Gruppe	2,1 Millionen Unzen	26%
Toronto Stock Exchange	1,5 Millionen Unzen	18%
Lokale Märkte in Mexiko	0,8 Millionen Unzen	14%

Online-Investor-Relations-Website

First Majestic unterhält eine umfassende Investor-Relations-Plattform mit den folgenden Kennzahlen für das digitale Engagement:

• Einzigartige Website-Besucher pro Monat: 125.000
• Jährlicher Website-Verkehr: 1,5 Millionen Besucher
• Downloads von Online-Investorenpräsentationen: 48.000 pro Jahr
• Teilnehmer des Webcasts zu den Quartalsergebnissen: 3.200

Finanzmarktpräsentationen

First Majestic führt Finanzmarktpräsentationen über mehrere Kanäle durch:

Präsentationstyp	Jährliche Häufigkeit	Zielgruppenreichweite
Investorenkonferenzen	12 Konferenzen	2.500 institutionelle Anleger
Virtuelle Roadshows	8 Roadshows	1.800 Finanzanalysten
Einzelgespräche	95 Treffen	180 Investmentfirmen

Industrielle Metallkonferenzen

First Majestic nimmt an wichtigen Branchenkonferenzen teil:

• World Silver Conference: 1 jährliche Präsentation
• PDAC International Convention: Aussteller seit 2010
• Mexiko-Bergbauforum: Jährlicher Hauptredner
• North American Mining Expo: Teilnehmer seit 2008

Notierungen an der Rohstoffbörse

Präsenz an der Warenbörse von First Majestic:

Austausch	Eintragsstatus	Handelsvolumen
New Yorker Börse	Primäreintrag	2,3 Millionen Aktien täglich
Toronto Stock Exchange	Sekundäreintrag	1,7 Millionen Aktien täglich
Mexikanische Börse	Lokaler Eintrag	0,6 Millionen Aktien täglich

First Majestic Silver Corp. (AG) – Geschäftsmodell: Kundensegmente

Industrielle Metallhersteller

First Majestic Silver Corp. liefert Silber an Industriemetallhersteller mit den folgenden Schlüsselkennzahlen:

Metrisch	Wert
Jährliche Silberproduktion	11,7 Millionen Unzen (2022)
Marktanteil im Industriemetallsegment	Ungefähr 2,3 % der weltweiten industriellen Silbernachfrage
Durchschnittliche Silberreinheit	99,9 % reines Silber

Investmentfirmen und Edelmetallfonds

Merkmale des Kundensegments:

• Gesamter institutioneller Besitz: 36,8 % der ausstehenden Aktien
• Institutionelle Anleger halten: 107,8 Millionen Aktien
• Zu den wichtigsten institutionellen Anlegern zählen Vanguard Group und BlackRock

Globale Rohstoffhändler

Handelsmetrik	Wert
Jährliches Silberhandelsvolumen	15,2 Millionen Unzen
Durchschnittlicher Spotpreisbeitrag	23,50 $ pro Unze (2022)
Globale Marktteilnahme	1,4 % des internationalen Silberrohstoffhandels

Schmuckhersteller

Silberlieferspezifikationen für das Schmucksegment:

• Jährliche Silberzuteilung für Schmuck: 2,5 Millionen Unzen
• Silberreinheit für Schmuck: 92,5 % Sterlingsilber
• Geografische Verteilung:
  • Nordamerikanischer Markt: 45 %
  • Europäischer Markt: 35 %
  • Asiatischer Markt: 20 %

Elektronische und technologische Industrie

Kennzahl für das Technologiesegment	Wert
Jährliche Silberlieferung an den Technologiesektor	3,6 Millionen Unzen
Prozentsatz elektronischer Bewerbungen	24,7 % der gesamten Silberproduktion
Silberverbrauch in der Elektronik	0,1–0,3 Gramm pro elektronischem Gerät

First Majestic Silver Corp. (AG) – Geschäftsmodell: Kostenstruktur

Ausgaben für Bergbauexploration und -entwicklung

Im Geschäftsjahr 2022 meldete First Majestic Silver Corp. Gesamtexplorations- und Entwicklungskosten in Höhe von 96,7 Millionen US-Dollar. Konkret beliefen sich die Explorationskosten in den Betrieben in Mexiko und Nevada auf 23,4 Millionen US-Dollar.

Standort	Explorationskosten 2022
Mexiko	18,2 Millionen US-Dollar
Nevada	5,2 Millionen US-Dollar

Beschaffung und Wartung von Ausrüstung

Die Investitionsausgaben für 2022 beliefen sich auf insgesamt 172,1 Millionen US-Dollar und umfassten den Kauf von Ausrüstung und die Wartung aller Bergbaubetriebe.

• Kosten für den Austausch der Minenausrüstung: 45,3 Millionen US-Dollar
• Wartung schwerer Maschinen: 27,6 Millionen US-Dollar
• Modernisierung der Verarbeitungsanlage: 38,9 Millionen US-Dollar

Arbeits- und Belegschaftsentschädigung

Die gesamten Arbeitskosten beliefen sich im Jahr 2022 auf 259,4 Millionen US-Dollar und deckten etwa 2.300 direkte Mitarbeiter im gesamten Bergbaubetrieb ab.

Mitarbeiterkategorie	Durchschnittliche jährliche Vergütung
Direkte Bergbauarbeiter	$62,500
Management	$185,000

Umweltkonformität und Nachhaltigkeitskosten

Die Ausgaben für die Einhaltung der Umweltvorschriften beliefen sich im Jahr 2022 auf 34,6 Millionen US-Dollar, was 2,8 % der gesamten Betriebskosten entspricht.

• Wassermanagementsysteme: 8,2 Millionen US-Dollar
• Programme zur Abfallreduzierung: 6,5 Millionen US-Dollar
• Sanierung und Sanierung: 19,9 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

Die Investitionen in Technologie und Infrastruktur erreichten im Jahr 2022 52,3 Millionen US-Dollar und konzentrierten sich auf die digitale Transformation und betriebliche Effizienz.

Technologie-Investitionsbereich	Kosten
Digitale Bergbautechnologien	22,7 Millionen US-Dollar
Modernisierung der Infrastruktur	29,6 Millionen US-Dollar

First Majestic Silver Corp. (AG) – Geschäftsmodell: Einnahmequellen

Silbermetallverkauf

Für das Geschäftsjahr 2023 meldete First Majestic Silver Corp. eine Silberproduktion von insgesamt 18,1 Millionen Unzen Silberäquivalent. Der durchschnittlich erzielte Silberpreis betrug 23,50 $ pro Unze.

Metrisch	Wert 2023
Gesamte Silberproduktion	18,1 Millionen Unzen
Durchschnittlicher realisierter Silberpreis	23,50 $ pro Unze
Gesamter Silberumsatz	425,4 Millionen US-Dollar

Verkauf von Goldmetallen

Im Jahr 2023 produzierte First Majestic 69.427 Unzen Goldäquivalent bei einem durchschnittlich erzielten Goldpreis von 1.940 US-Dollar pro Unze.

Metrisch	Wert 2023
Gesamte Goldproduktion	69.427 Unzen
Durchschnittlicher realisierter Goldpreis	1.940 $ pro Unze
Gesamter Goldumsatz	134,7 Millionen US-Dollar

Verkauf von Metallnebenprodukten

Zu den Metallverkäufen als Nebenprodukt gehört die Blei- und Zinkproduktion aus den Minen des Unternehmens.

• Bleiproduktion: 15,8 Millionen Pfund
• Zinkproduktion: 22,4 Millionen Pfund
• Gesamteinnahmen aus Metallnebenprodukten: 45,3 Millionen US-Dollar

Metallhandelsverträge

First Majestic schließt Metallhandelsverträge ab, um die Einnahmequellen zu optimieren.

Vertragstyp	Band 2023	Auswirkungen auf den Umsatz
Silber-Terminkontrakte	2,5 Millionen Unzen	58,6 Millionen US-Dollar
Gold-Absicherungsverträge	15.000 Unzen	29,1 Millionen US-Dollar

Investitions- und Streaming-Vereinbarungen

First Majestic verfügt über strategische Investitions- und Streaming-Vereinbarungen zur Diversifizierung der Einnahmen.

• Gesamtwert der Streaming-Vereinbarung: 75,2 Millionen US-Dollar
• Anzahl aktiver Streaming-Verträge: 3
• Jährlicher Streaming-Umsatz: 22,4 Millionen US-Dollar

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.