First Majestic Silver Corp. (AG): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le monde complexe de First Majestic Silver Corp. (AG), une puissance minière dynamique qui transforme les paysages mexicains accidentés en un empire stratégique de métaux précieux. Cette entreprise innovante ne fait pas que l'extraction de l'argent et de l'or; Il élabore un modèle commercial sophistiqué qui équilibre l'exploration de pointe, les pratiques durables et la réactivité du marché mondial. Des partenariats stratégiques avec les propriétaires fonciers locaux aux technologies minières avancées, First Majetic Silver Corp. représente un plan convaincant de la gestion des ressources minérales modernes qui va bien au-delà des stratégies d'extraction traditionnelles.

First Majetic Silver Corp. (AG) - Modèle d'entreprise: partenariats clés

Accords d'extraction stratégiques avec des propriétaires fonciers mexicains

First Majestic Silver Corp. maintient 12 accords de terrain stratégiques dans les régions miniers mexicaines. Le portefeuille de partenariats actuel de la société comprend:

Région	Nombre d'accords	Coût annuel d'accès des terres
Jalisco	4	1,2 million de dollars
Sonora	3	$850,000
Durango	5	1,5 million de dollars

Coentreprises avec des sociétés d'exploration locale et minière

First Majestic a établi 5 partenariats de coentreprise actifs avec des entreprises d'exploration minière locales:

• Coentreprise de mine de Del Toro
• Partenariat d'exploration de mine San Martin
• Accord de collaboration du complexe Silver de La Encantada
• Alliance stratégique de La Parrilla Silver Mine
• Partenariat de projet Santa Elena Silver / Gold

Partenariats technologiques pour l'équipement minier et les techniques d'extraction

Collaboration technologique Investissements total 4,3 millions de dollars en 2023, y compris les partenariats avec:

Partenaire technologique	Domaine de mise au point	Investissement
Mine de sandvik	Équipement de forage souterrain	1,7 million de dollars
Metso outotec	Technologie de traitement des minéraux	1,5 million de dollars
Abb robotique	Systèmes d'extraction automatisés	1,1 million de dollars

Collaborations de durabilité avec les sociétés de conseil en environnement

Les dépenses de partenariat environnemental ont atteint 2,1 millions de dollars en 2023, impliquant:

• SNC-Lavalin Environmental Consulting
• Golder Associates Sustainability Partnership
• Services d'évaluation environnementale mondiale du WSP

Partenariats financiers avec les banques d'investissement et les plateformes de trading de métaux

Les partenariats financiers comprennent 6 relations bancaires stratégiques:

Institution financière	Type de partenariat	Facilité de crédit
BMO Marchés des capitaux	Financement de la dette	150 millions de dollars
Banque écoteuse	Trading des métaux	125 millions de dollars
Mexique HSBC	Banque commerciale	100 millions de dollars

First Majetic Silver Corp. (AG) - Modèle d'entreprise: activités clés

Exploration minérale en argent et en or

First Majestic exploite des activités d'exploration dans plusieurs propriétés au Mexique, en se concentrant sur les ressources minérales en argent et en or.

Métrique d'exploration	2023 données
Dépenses d'exploration totales	42,1 millions de dollars
Compteurs d'exploration forés	125 000 mètres
Propriétés de l'exploration active	7 propriétés

Opérations d'exploitation et d'extraction au Mexique

First Majestic maintient des opérations minières actives dans plusieurs emplacements mexicains.

• Mine en argent / or de San Dimas
• Mine Silver / Gold Santa Elena
• La mine d'argent de l'Encantada
• Mine de Del Toro Silver

Opération minière	2023 Production en argent	2023 Production d'or
San Dimas	4,5 millions d'onces	80 000 onces
Santa Elena	2,1 millions d'onces	45 000 onces

Traitement et raffinage minéraux

First Majestic exploite des installations de traitement avec des capacités technologiques avancées.

Métrique de traitement	Performance de 2023
Ore total traité	2,4 millions de tonnes
Traitement du taux de récupération	85.6%

Développement et expansion des ressources minérales

Investissement continu dans l'expansion des ressources et les évaluations géologiques.

Métrique de développement des ressources	2023 données
Estimation de la réserve minérale	311,8 millions d'onces équivalentes en argent
Estimation des ressources minérales	740,4 millions d'onces équivalentes en argent

Pratiques minières durables et gestion environnementale

Engagement envers les opérations minières de l'environnement responsable.

Métrique de la durabilité	Performance de 2023
Dépenses de conformité environnementale	12,3 millions de dollars
Taux de recyclage de l'eau	62%
Réduction des émissions de carbone	Réduction de 15% par rapport à 2022

First Majetic Silver Corp. (AG) - Modèle d'entreprise: Ressources clés

Plusieurs propriétés d'extraction d'argent et d'or au Mexique

First Majestic Silver Corp. exploite les propriétés minières suivantes au Mexique:

Nom de propriété	Emplacement	Type de moi	Production annuelle (2023)
San Dimas	Durango	Argent / or	6,7 millions d'onces équivalentes en argent
Santa Elena	Sonora	Argent / or	4,5 millions d'onces équivalentes en argent
La Encantada	Coahuila	Argent	3,2 millions d'onces d'argent
Del Toro	Zacatecas	Argent	2,9 millions d'onces d'argent

Équipement minier avancé et infrastructure

Les investissements clés de l'infrastructure minière et de l'équipement comprennent:

• Total des dépenses en capital en 2023: 109,4 millions de dollars
• Flotte de 15 machines minières souterraines modernes
• 3 usines de traitement d'une capacité combinée de 4 200 tonnes par jour
• Technologie avancée de traitement des minéraux

Travail de génie géologique et minière qualifié

Métrique de la main-d'œuvre	2023 données
Total des employés	2 100 employés
Géologues	185 professionnels
Ingénieurs minières	210 professionnels
Expérience moyenne	12,5 ans

Solides réserves de capital financier et d'investissement

Ressources financières au 31 décembre 2023:

• Equivalents en espèces et en espèces: 128,3 millions de dollars
• Fonds de roulement: 185,6 millions de dollars
• Actif total: 1,2 milliard de dollars
• Dette: 249,7 millions de dollars

Droits minières et permis d'exploration établis

Type de permis	Hectares totaux	Budget d'exploration (2024)
Concessions minières	93 470 hectares	35,2 millions de dollars
Permis d'exploration	47 830 hectares	22,6 millions de dollars

First Majetic Silver Corp. (AG) - Modèle d'entreprise: propositions de valeur

Production de métaux précieux de haute qualité

First Majestic Silver Corp. a produit 8,4 millions d'onces équivalentes en argent en 2022, avec une production en argent totale de 7,0 millions d'onces et une production d'or de 81 124 onces. La société exploite six mines en argent et en or au Mexique.

Métrique de production	Valeur 2022
Production d'argent	7,0 millions d'onces
Production d'or	81 124 onces
Onces équivalentes en argent	8,4 millions d'onces

Pratiques minières durables et responsables

Le premier majestueux met en œuvre des stratégies de gestion environnementale complètes avec Certification ISO 14001 à travers les opérations minières.

• Taux de recyclage de l'eau: 85% entre les installations minières
• Cible de réduction des émissions de carbone: 30% d'ici 2030
• Investissements annuels sur la protection de l'environnement: 3,2 millions de dollars

Approvisionnement en argent et en or cohérent aux marchés mondiaux

La première majestueuse fournit des métaux précieux aux marchés internationaux avec une production cohérente des mines mexicaines.

Segment de marché	Approvisionnement annuel
Clients industriels	4,2 millions d'onces
Marché des investissements	2,8 millions d'onces

Prix ​​de compétition dans le secteur des métaux précieux

Prix ​​d'argent réalisé moyen en 2022: 21,41 $ par once. Coût en espèces moyen par once: 10,87 $.

Engagement envers la gestion de l'environnement et le développement communautaire

Investissement communautaire en 2022: 1,7 million de dollars dans les régions miniers mexicaines.

• Création d'emplois locale: 2 300 employés directs
• Projets d'infrastructure communautaire: 12 initiatives actives
• Investissement social annuel: 500 000 $ en formation en éducation et en compétences

First Majestic Silver Corp. (AG) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec les commerçants de métaux

First Majestic Silver Corp. entretienne des relations stratégiques de trading de métaux avec plusieurs partenaires mondiaux. En 2023, la société a déclaré les détails du contrat suivant:

Type de contrat	Nombre de contrats actifs	Durée du contrat moyen
Contrats de trading d'argent	12	3-5 ans
Accords de matières premières en métal	8	2-4 ans

Ventes directes vers les marchés industriels et d'investissement

La stratégie de vente directe de First Majestic se concentre sur deux segments de marché primaires:

• Marché de l'argent industriel: 65% du volume total des ventes
• Marché des investissements: 35% du volume total des ventes

Reportage transparent et communication des investisseurs

Métriques de communication des investisseurs pour 2023:

Canal de communication	Fréquence	Atteindre
Rapports de bénéfices trimestriels	4 fois par an	Plus de 15 000 investisseurs institutionnels
Présentations des investisseurs	6-8 par an	Conférences d'investissement mondiales

Engagement de la responsabilité sociale des entreprises

Statistiques d'engagement de la RSE pour 2023:

• Investissement communautaire: 2,3 millions de dollars
• Projets de durabilité environnementale: 4 initiatives majeures
• Emploi local dans les régions minières: 87% de main-d'œuvre locale

Plateformes numériques pour les relations avec les investisseurs

Métriques de la plate-forme de communication numérique:

Plate-forme	Visiteurs mensuels	Taux d'engagement
Site Web de relations avec les investisseurs	45,000	3.2%
Webinaires des investisseurs	2 500 participants	Taux de fréquentation de 42%

First Majetic Silver Corp. (AG) - Modèle d'entreprise: canaux

Ventes directes vers les plates-formes de trading métallique

First Majetic Silver Corp. vend de l'argent et de l'or via les plates-formes de trading en métal suivantes:

Plate-forme	Volume des ventes annuelles	Pourcentage des ventes totales
LBMA	3,4 millions d'onces	42%
Groupe CME	2,1 millions d'onces	26%
Bourse de Toronto	1,5 million d'onces	18%
Marchés locaux du Mexique	0,8 million d'onces	14%

Site Web de relations avec les investisseurs en ligne

First Majestic maintient une plate-forme complète des relations avec les investisseurs avec les mesures d'engagement numérique suivantes:

• Site Web Visiteurs uniques par mois: 125 000
• Trafic annuel sur le site Web: 1,5 million de visiteurs
• Téléchargements de présentation des investisseurs en ligne: 48 000 par an
• Sévénilles trimestrielles Participants à la diffusion en difficulté: 3200

Présentations du marché financier

First Majestic effectue des présentations sur les marchés financiers à travers plusieurs canaux:

Type de présentation	Fréquence annuelle	Poutenir
Conférences d'investisseurs	12 conférences	2 500 investisseurs institutionnels
Salles de routes virtuelles	8 tas de routes	1 800 analystes financiers
Réunions individuelles	95 réunions	180 entreprises d'investissement

Conférences de métaux industriels

First Majestic participe aux principales conférences de l'industrie:

• Conférence mondiale de l'argent: 1 présentation annuelle
• Convention internationale du PDAC: exposant depuis 2010
• Forum minière du Mexique: conférencier clé chaque année
• North American Mining Expo: participant depuis 2008

Listes d'échange de produits

Première présence d'échange de matières premières de Majestic:

Échange	Statut d'inscription	Volume de trading
Bourse de New York	Liste principale	2,3 millions d'actions par jour
Bourse de Toronto	Liste secondaire	1,7 million d'actions par jour
Bourse mexicaine	Liste locale	0,6 million d'actions par jour

First Majetic Silver Corp. (AG) - Modèle d'entreprise: segments de clientèle

Fabricants de métaux industriels

First Majetic Silver Corp. fournit de l'argent aux fabricants de métaux industriels avec les mesures clés suivantes:

Métrique	Valeur
Production argentée annuelle	11,7 millions d'onces (2022)
Part de marché du segment des métaux industriels	Environ 2,3% de la demande industrielle en argent mondial
Pureté argentée moyenne	99,9% d'argent pur

Entreprises d'investissement et fonds métalliques précieux

Caractéristiques du segment de la clientèle:

• Propriété totale institutionnelle: 36,8% des actions en circulation
• Investisseurs institutionnels détenant: 107,8 millions d'actions
• Les principaux investisseurs institutionnels incluent Vanguard Group et BlackRock

Traders mondiaux de matières premières

Métrique commerciale	Valeur
Volume annuel de trading en argent	15,2 millions d'onces
Contribution moyenne des prix au comptant	23,50 $ par once (2022)
Participation mondiale du marché	1,4% des transactions internationales sur les matières premières

Fabricants de bijoux

Spécifications de l'approvisionnement en argent pour le segment des bijoux:

• Attribution annuelle de l'argent pour les bijoux: 2,5 millions d'onces
• Pureur argentée pour les bijoux: 92,5% en argent sterling
• Distribution géographique:
  • Marché nord-américain: 45%
  • Marché européen: 35%
  • Marché asiatique: 20%

Industries électroniques et technologiques

Métrique du segment de la technologie	Valeur
Supply en argent annuel au secteur technologique	3,6 millions d'onces
Pourcentage d'application électronique	24,7% de la production totale d'argent
Consommation d'argent en électronique	0,1-0,3 grammes par appareil électronique

First Majetic Silver Corp. (AG) - Modèle d'entreprise: Structure des coûts

Dépenses d'exploration et de développement miniers

Au cours de l'exercice 2022, First Majestic Silver Corp. a déclaré des frais d'exploration et de développement totaux de 96,7 millions de dollars. Les coûts d'exploration étaient spécifiquement de 23,4 millions de dollars dans leurs opérations mexicaines et du Nevada.

Emplacement	Frais d'exploration 2022
Mexique	18,2 millions de dollars
Nevada	5,2 millions de dollars

Procurement et entretien de l'équipement

Les dépenses en capital pour 2022 ont totalisé 172,1 millions de dollars, ce qui comprenait les achats d'équipements et la maintenance dans leurs opérations minières.

• Coût de remplacement de l'équipement de mine: 45,3 millions de dollars
• Entretien des machines lourdes: 27,6 millions de dollars
• Traitement des mises à niveau des usines: 38,9 millions de dollars

Condemnisation de la main-d'œuvre et de la main-d'œuvre

Les coûts totaux de main-d'œuvre pour 2022 étaient de 259,4 millions de dollars, couvrant environ 2 300 employés directs dans leurs opérations minières.

Catégorie des employés	Compensation annuelle moyenne
Travailleurs miniers directs	$62,500
Gestion	$185,000

Coûts de conformité environnementale et de durabilité

Les dépenses de conformité environnementale pour 2022 s'élevaient à 34,6 millions de dollars, ce qui représente 2,8% du total des dépenses opérationnelles.

• Systèmes de gestion de l'eau: 8,2 millions de dollars
• Programmes de réduction des déchets: 6,5 millions de dollars
• Reclamation et réhabilitation: 19,9 millions de dollars

Investissements technologiques et infrastructures

Les investissements technologiques et infrastructures en 2022 ont atteint 52,3 millions de dollars, en se concentrant sur la transformation numérique et l'efficacité opérationnelle.

Zone d'investissement technologique	Frais
Technologies minières numériques	22,7 millions de dollars
Modernisation des infrastructures	29,6 millions de dollars

First Majetic Silver Corp. (AG) - Modèle d'entreprise: Strots de revenus

Ventes en métal argenté

Pour l'exercice 2023, First Majestic Silver Corp. a signalé une production totale d'argent de 18,1 millions d'onces équivalentes en argent. Le prix en argent réalisé moyen était de 23,50 $ l'once.

Métrique	Valeur 2023
Production totale d'argent	18,1 millions d'onces
Prix ​​d'argent réalisé moyen réalisé	23,50 $ l'once
Revenus en argent total	425,4 millions de dollars

Ventes en métaux d'or

En 2023, First Majestic a produit 69 427 onces équivalentes d'or avec un prix d'or réalisé moyen de 1 940 $ l'once.

Métrique	Valeur 2023
Production totale d'or	69 427 onces
Prix ​​d'or moyen réalisé	1 940 $ par once
Revenus d'or total	134,7 millions de dollars

Ventes de métaux sous-produits

Les ventes de métaux de sous-produit comprennent la production de plomb et de zinc des mines de la société.

• Production de plomb: 15,8 millions de livres
• Production en zinc: 22,4 millions de livres
• Revenu métallique total des sous-produits: 45,3 millions de dollars

Contrats de trading de métaux

First Majestic s'engage dans des contrats de trading de métaux pour optimiser les sources de revenus.

Type de contrat	Volume 2023	Impact sur les revenus
Contrats de transfert en argent	2,5 millions d'onces	58,6 millions de dollars
Contrats de couverture d'or	15 000 onces	29,1 millions de dollars

Accords d'investissement et de streaming

First Majestic a des accords d'investissement et de streaming stratégiques pour diversifier les revenus.

• Valeur de l'accord de streaming total: 75,2 millions de dollars
• Nombre de contrats de streaming actifs: 3
• Revenus de streaming annuels: 22,4 millions de dollars

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.