Core Viewpoint - Silver prices have recently surged, breaking $83 per oz, driven by high demand and limited supply, with expectations for continued price increases into 2026 [1][6] Silver Market Dynamics - The mining sector is attempting to increase production, but raw silver ore requires refining to be usable in various applications, indicating that refinery capacity is crucial for market prices [2][12] - COMEX raised margin requirements, leading to a temporary price pullback in silver, which some analysts believe benefited large banks with significant short positions [4][10] - The physical demand for silver continues to exceed supply, with prices rebounding to over $77 per oz [6][10] China’s Influence - China controls 70% of the global refined silver supply and has implemented new laws that will restrict silver exports starting January 1st [9][10] - During a recent sell-off, while US traders sold silver at $75, Chinese buyers were willing to pay up to $90 per oz, indicating strong demand despite price fluctuations [10] Company Insights - **Freeport-McMoRan (NYSE: FCX)**: Known for its extensive mining operations, it produced 3.8 million oz. of silver in 2024 and is expected to focus more on silver extraction and refining in 2026 due to rising silver prices [13][12] - **Pan American Silver (NYSE: PAAS)**: Targeting up to 25 million oz. of silver production in 2025, the company is expanding operations through a $2.1 billion acquisition [14][15] - **First Majestic Silver (NYSE: AG)**: Projecting 15.3 million oz. of silver production for 2025, the company has seen significant production increases and is pursuing aggressive growth strategies [16][17] - **American Resources Corporation (NASDAQ: AREC)**: Focuses on critical elements for lithium-ion batteries and semiconductors, with interests in silver refining as part of its supply chain operations [18][19]

Core Insights - First Majestic Silver Corp. (AG) shares have increased by 205.1% over the past year, outperforming the industry average increase of 201.7% [1] Group 1: Company Developments - First Majestic has optimized its portfolio by selling the Del Toro Silver Mine to Sierra Madre Gold & Silver Ltd. for a total consideration of up to $60 million, which includes $20 million in cash and $10 million in shares [3][4] - The acquisition of Gatos Silver, completed in January 2025, grants First Majestic a 70% interest in the Cerro Los Gatos Silver underground mine, which is expected to significantly enhance production [4][5] - The combined production from Cerro Los Gatos, San Dimas, and Santa Elena mines is projected to reach 30-32 million ounces of silver equivalent annually, including 15-16 million ounces of silver [5][6] Group 2: Financial Performance - In Q3 2025, First Majestic achieved total production of 7.7 million silver-equivalent ounces, marking a 39% year-over-year increase, driven by a 96% surge in silver production [9] - The company reported a record quarterly free cash flow of $98.8 million, a 67.5% increase year-over-year, with liquidity reaching $682 million and working capital at $542.4 million [10] Group 3: Market Conditions - Silver prices have surged over 157% year-to-date, influenced by strong safe-haven demand, geopolitical tensions, and increasing trade conflicts, with current trading around $75 [11]

Core Insights - Coeur Mining, Inc. (CDE) and First Majestic Silver Corp. (AG) are well-positioned to benefit from the strong upcycle in gold and silver markets [1] - Both companies are experiencing favorable industry trends, including rising precious-metal prices driven by inflation hedging, central-bank buying, and geopolitical uncertainty [4] Coeur Mining (CDE) - Coeur Mining focuses on silver and gold production in North America, with key assets in the U.S. and Canada, and has improved margins and cash flow due to higher metal prices and operational optimization [2] - In Q3 2025, Coeur reported record production of 111,364 ounces of gold and 4.8 million ounces of silver, with revenues reaching $555 million, reflecting a 15% increase in silver prices and a 4% increase in gold prices [5][11] - The Las Chispas mine acquisition significantly contributed to Coeur's growth, producing 1.6 million ounces of silver and 16.5 thousand ounces of gold in Q3 2025 [6] - Coeur's flagship assets, Rochester and Palmarejo, are expected to support a total production of 392,500–438,000 ounces of gold and 17.1–19.2 million ounces of silver in 2025 [7] - As of September 2025, Coeur's cash and cash equivalents were approximately $266 million, with a debt-to-capital ratio of 10.5% and free cash flow of about $189 million in Q3 [8] First Majestic Silver Corp. (AG) - First Majestic, primarily focused on silver with growing gold exposure, reported a record production of 3.9 million ounces of silver in Q3 2025, a 96% year-over-year increase [9] - The Los Gatos Silver Mine, acquired in 2025, was a key contributor, producing 2.13 million silver-equivalent ounces during the quarter [10] - Overall, First Majestic produced 7.7 million silver-equivalent ounces in Q3 2025, with significant contributions from San Dimas and other properties [12][13] - At the end of September 2025, First Majestic's cash and cash equivalents were around $575 million, with a debt-to-capital ratio of 6.9% and free cash flow of about $55 million in Q3 [14] Price Performance & Valuation - CDE stock has increased by 104.2% over the past six months, while AG stock has risen by 99.8% [15] - CDE is trading at a forward 12-month sales multiple of 4.38X, compared to AG's 7.68X [16] Earnings Estimates - The Zacks Consensus Estimate for CDE's fiscal 2025 sales implies a year-over-year growth of 96%, with EPS suggesting a 322.22% rise [19] - For AG, the fiscal 2026 sales and EPS estimates imply year-over-year increases of 87% and 279%, respectively [21] Comparative Analysis - CDE is viewed as the stronger overall pick due to its balanced gold-and-silver portfolio, operational execution, and stronger earnings visibility, alongside disciplined cost management and improved balance-sheet profile [23] - CDE holds a Zacks Rank of 1 (Strong Buy), while AG has a Zacks Rank of 3 (Hold) [24]

Group 1 - The core viewpoint of the article highlights a pre-market rebound in gold and silver stocks, with notable increases in share prices for several companies [1] - AngloGold Ashanti (AU.US) saw a rise of over 3%, while Hycroft Mining (HYMC.US) and First Majestic Silver (AG.US) both increased by 3% [1] - Other companies such as Endeavour Silver (EXK.US) and Coeur Mining (CDE.US) experienced a rise of 2.4%, and Newmont Corporation (NEM.US) rose by over 2% [1] Group 2 - In the pre-market, spot gold increased by over 1.2%, reaching $4,385.7 per ounce [1] - Spot silver surpassed $76, with a daily increase of over 5% [1]

Group 1 - Zijin Mining (02899) rose nearly 3% after announcing the completion of the main construction and core equipment installation for the second phase of the Xizang Julong Copper Mine, marking a key step before production [1] - Asia Pacific Satellite (01045) increased over 5.4%, with a cumulative rise of nearly 30% over the past five trading days, as it operates multiple satellites under China Satcom [1] - Zhaoyan New Drug (06127) fell over 6% following an announcement that its actual controller plans to reduce holdings by up to 14.98 million shares, representing 20.0466% of his holdings and 1.99873% of the company's total share capital [1] - Zhongwei New Materials (02579) surged nearly 7% after signing a strategic cooperation framework agreement with Xinwanda for solid-state batteries [1] Group 2 - Dongyue Group (00189) rose nearly 5% as the long-term contract prices for refrigerants were confirmed, with R32 priced at 61,200 yuan/ton (+1,000 yuan) and R410A at 55,100 yuan/ton (+1,900 yuan) [2] - MicroPort Scientific Corporation (02252) increased over 1.2%, reporting that its core products' cumulative order volume exceeded 230 units [2] - Oil stocks saw gains, with CNOOC (00883) up 4.17%, PetroChina (00857) up 2.91%, and Sinopec (00386) up 1.31%, driven by a rise in international crude oil prices due to geopolitical tensions [2] - Baidu Group (09888) rose nearly 7% after announcing a partnership with Uber and Lyft to launch a robotaxi pilot project in the UK by 2026 [2] Group 3 - NIO (09866) rose over 2.4% after announcing that it successfully delivered over 40,000 units of its new ES8 model within 100 days of the official delivery start [3] - Damai Entertainment (01060) increased nearly 5%, with the total box office for the 2025 New Year’s season reaching 5.245 billion yuan as of December 28 [3] Group 4 - Copper mining stocks collectively declined, with Hudbay Minerals (HBM.US) down 4.01%, Taseko Mines (TGB.US) down 3.1%, and Ero Copper (ERO.US) down 1.64%, as international copper futures fell over 4% [5] - Some cryptocurrency-related stocks fell, with IREN Ltd (IREN.US) down 2.21% and Circle (CRCL.US) down 0.94% [5] - NIO (NIO.US) rose 4.71% in the US market, echoing its performance in Hong Kong [6] - The Nasdaq Golden Dragon Index fell nearly 1%, with major Chinese concept stocks declining, including Alibaba (BABA.US) down 2.46% and Xpeng Motors (XPEV.US) down 1.35% [6]

Core Insights - Silver and gold stocks, including First Majestic, have seen a decline in attractiveness due to falling prices of these metals [1][6] - First Majestic's stock has increased by over 217% since the beginning of 2025, but experienced a drop of 4.1% today [1][4] - The price of silver has decreased from nearly $83 per ounce to less than $71 per ounce, compared to about $30 per ounce a year ago [3][5] Company Performance - First Majestic's current stock price is $16.70, with a market capitalization of $8.6 billion [4] - The stock's trading range for the day was between $16.21 and $17.17, and its 52-week range was from $5.09 to $17.91 [4][5] - In the first three quarters of 2025, silver and gold sales accounted for 57% and 33% of First Majestic's revenue, respectively [5] Market Context - The decline in precious metal prices has a strong correlation with the performance of precious metal stocks, impacting First Majestic's stock price [6] - Despite the recent price drop, First Majestic shares are trading at approximately 21.7 times operating cash flow, which is below their five-year average of 24.9 [7]

Group 1 - First Majestic Silver Corp (NYSE:AG) stock has decreased by 4.9%, trading at $16.56, as the silver market experiences a pullback after reaching record highs [1] - Silver prices surged above $80 but have since dropped by 7% due to profit-taking activities [1] - The company has achieved a 203.8% gain for 2025, marking it as one of the top performers on the New York Stock Exchange this year [2] Group 2 - The stock is retreating from its four-year high of $17.91 reached on December 22, but a new support level seems to be forming at $16 [2] - The 20-day moving average is expected to help contain the current losses [2] - There is a notable increase in options trading, with 5,364 puts exchanged, which is double the usual volume for this time [3]

Group 1 - The core viewpoint indicates that gold and silver stocks experienced a significant decline in pre-market trading, with notable drops in several companies [1] - Hycroft Mining (HYMC.US) and First Majestic Silver (AG.US) both fell over 6%, while Endeavour Silver (EXK.US) dropped over 5% [1] - Other companies such as Coeur Mining (CDE.US) and AngloGold Ashanti (AU.US) also saw declines of 5% and nearly 4% respectively, with Newmont Corporation (NEM.US) down over 3% [1] Group 2 - The spot price of gold fell below $4410 per ounce, marking a daily decrease of 2.69% [1] - The spot price of silver dropped below $73 per ounce, experiencing a significant daily decline of 7.86% [1]

Group 1 - Alluvial Gold Research provides detailed research on undervalued miners, focusing on those with upcoming catalysts to enhance portfolio performance [1] - The leader of Alluvial Gold Research, Taylor Dart, has over 16 years of trading experience, primarily concentrating on precious metals developers, producers, and royalty/streaming companies [1] - Subscribers to Alluvial Gold Research gain access to current portfolios, real-time buy/sell alerts, and proprietary sentiment indicators for gold and silver miners [1] Group 2 - The analyst has a beneficial long position in the shares of ORLA, OLA:CA, indicating a personal investment interest in these stocks [2] - The article expresses the analyst's own opinions and is not influenced by compensation from any company mentioned [2] Group 3 - Taylor Dart is not a Registered Investment Advisor or Financial Planner, and the writing is intended for informational purposes only [3] - The information should not be interpreted as financial or investment advice, and the author disclaims all liability for actions taken based on the information provided [3]

Core Insights - The year 2025 marked a significant breakthrough for precious metals, with both silver and gold reaching all-time highs, and the overall watchlist delivering a 281% return [1] Group 1: Volt Lithium (LibertyStream Infrastructure Partners) - Volt Lithium was renamed to LibertyStream Infrastructure Partners Inc., aligning with the current administration's support for commodity independence [2] - The company increased its direct lithium extraction testing, processing over 350,000 barrels of brine and conducting more than 2,500 tests, achieving its first lithium carbonate output of approximately 10 tons per annum [3] - CEO Alex Wylie adopted a hands-on approach, spending months in the Permian Basin, and the stock increased by 295.00% year-to-date [4] Group 2: Northern Superior Resources - Northern Superior Resources focused on exploration at the Chibougamau camp, yielding intercepts as high as 12g/t Au, indicating strong growth potential [5] - The company was acquired by IAMGOLD Corp. for 0.0991 IAMGOLD shares plus 0.19 Canadian dollars in cash per share, with the transaction closing on December 19 [6] - Northern Superior achieved a remarkable return of 493.75% in 2025 [6] Group 3: Sierra Madre Gold and Silver - Sierra Madre Gold and Silver commenced production in 2025, restarting commercial production at La Guitarra and producing about 165,000 silver-equivalent ounces [7] - Earnings increased from $4.8 million to $5.5 million over three quarters, driven by higher prices, with plans for a plant expansion to increase capacity significantly by 2027 [7][8] - The company agreed to acquire Del Toro Silver Mine, which includes three permitted underground sites and a processing circuit of 3,000 tons per day, with stock gaining 300.00% year-to-date [8] Group 4: Friedman Industries - Friedman Industries experienced a challenging start to the year with a net loss in the first quarter due to pricing pressures and low order activity [9] - Earnings rebounded in the second quarter as sales volumes surged to 166,500 tons amid rising steel prices [9] - The acquisition of Century Metals & Supplies in September 2025 introduced new product lines and opened new markets, leading to a stock increase of 35.19% year-to-date [10]