← First Majestic Silver overview

First Majestic Silver vs Wheaton Precious Metals: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

First Majestic Silver Corp (AG)

Q3 2026
▲3▼1

First Majestic Silver: asset sales, record treasury, and silver's wild ride

  • Record treasury and silver rebound Silver's rebound to $70–85/oz helped First Majestic build a record $1.25 billion treasury, up 34%, giving the company ample cash for growth and operations.

    This explains a major positive financial development that boosted investor confidence.

  • Asset sales and portfolio streamlining First Majestic sold the Del Toro mine for up to $60 million (gaining a ~24.77% Sierra Madre stake) and the idle San Martin mine for $90 million, simplifying its portfolio.

    These transactions are new strategic moves that strengthen the balance sheet and focus operations.

  • Production growth and project advancement The company raised production guidance, funded the Jerritt Canyon restart, and advanced Santa Elena permitting, signaling operational progress and future growth.

    These actions directly support future revenue and demonstrate management's execution.

  • Dividend cut and valuation concerns Despite a strong cash position, the dividend was cut, and the stock remains volatile as investors weigh growth against a rich earnings multiple, keeping shares under pressure.

    This highlights a real counterweight that could limit upside and affect income-focused investors.

August 2026
▲3

First Majestic Sells Non-Core Mine, Raises Output, Builds Cash as Silver Booms

  • San Martin mine sale for $90 million First Majestic agreed to sell its San Martin mine in Mexico for $90 million, mostly in installments through 2032. The mine had been idle since 2019, so this turns a dormant asset into cash and lets the company focus on its core mines. Cash coming in supports the stock.

    This is a concrete new event that unlocks value and strengthens the balance sheet, directly helping AG's price.

  • Record cash pile as silver prices soar First Majestic ended Q2 2026 with a $1.25 billion treasury, up 34% from year-end 2025, as silver averaged $70–$85 an ounce versus under $35 a year earlier. A bigger cash cushion means the company can fund mines, pay dividends, or buy back shares without borrowing, which supports the stock.

    It shows the company's financial strength improving because of high silver prices, a key force behind AG's value.

  • 2026 production guidance raised First Majestic raised its 2026 silver and gold output forecasts after Q2 silver production rose 3% year over year. Higher expected production means more metal to sell into strong prices, which should lift revenue and earnings. The stock has gained 36.4% over the past year.

    It is a fresh company-specific update that increases future supply and earnings potential, pushing AG's price up.

  • Valuation debate: cheap on cash flow, pricey on earnings Analysts note First Majestic looks undervalued on future cash flow but expensive on current earnings, with its price-to-earnings ratio above industry averages. The company also cut its dividend and bought back shares. This mixed picture can keep the stock volatile as investors weigh growth against a rich multiple.

    It provides the real counterweight—valuation concerns—that could limit gains even as operations improve.

Latest
▲3

First Majestic Sells Non-Core Mine, Raises Output, Builds Cash as Silver Booms

  • San Martin mine sale for $90 million First Majestic agreed to sell its San Martin mine in Mexico for $90 million, mostly in installments through 2032. The mine had been idle since 2019, so this turns a dormant asset into cash and lets the company focus on its core mines. Cash coming in supports the stock.

    This is a concrete new event that unlocks value and strengthens the balance sheet, directly helping AG's price.

  • Record cash pile as silver prices soar First Majestic ended Q2 2026 with a $1.25 billion treasury, up 34% from year-end 2025, as silver averaged $70–$85 an ounce versus under $35 a year earlier. A bigger cash cushion means the company can fund mines, pay dividends, or buy back shares without borrowing, which supports the stock.

    It shows the company's financial strength improving because of high silver prices, a key force behind AG's value.

  • 2026 production guidance raised First Majestic raised its 2026 silver and gold output forecasts after Q2 silver production rose 3% year over year. Higher expected production means more metal to sell into strong prices, which should lift revenue and earnings. The stock has gained 36.4% over the past year.

    It is a fresh company-specific update that increases future supply and earnings potential, pushing AG's price up.

  • Valuation debate: cheap on cash flow, pricey on earnings Analysts note First Majestic looks undervalued on future cash flow but expensive on current earnings, with its price-to-earnings ratio above industry averages. The company also cut its dividend and bought back shares. This mixed picture can keep the stock volatile as investors weigh growth against a rich multiple.

    It provides the real counterweight—valuation concerns—that could limit gains even as operations improve.

July 2026
▲3▼1

Silver crash hits AG, but output growth and asset sale build value

  • Silver price collapse pressures revenue Silver fell below $60 an ounce, down over 50% from January's record high, driven by a stronger dollar and rising Treasury yields. This directly lowers the price First Majestic receives for its silver, squeezing revenue and profits, and is the main reason AG shares have dropped.

    The silver price crash is the dominant force pushing AG's stock down this period.

  • Raised 2026 production guidance and larger capital plan First Majestic increased its 2026 production outlook after strong Q2 output and backed it with a US$318–344 million capital program, including the Jerritt Canyon restart and new underground access. More production means more silver and gold to sell, supporting future revenue even at lower prices.

    Higher production guidance is a key company-specific catalyst that can offset lower silver prices.

  • Del Toro mine sale monetizes asset and gains equity stake First Majestic sold its Del Toro silver mine for up to US$60 million and now holds about 24.77% of Sierra Madre's shares. This brings in cash and gives AG exposure to future upside from the mine without operating it, strengthening the balance sheet.

    The completed sale is a new capital event that improves AG's financial position.

  • New permits and drilling extend Santa Elena mine life First Majestic received permits to build the Santo Niño and Navidad portals at Santa Elena and will invest $12 million in 2026. Drilling shows high-grade silver and gold, which could add new mining areas and extend the mine's life, supporting future production growth.

    Permits and drilling progress are new operational developments that underpin long-term supply growth.

▲3▼1

Silver crash hits AG, but output growth and asset sale build value

  • Silver price collapse pressures revenue Silver fell below $60 an ounce, down over 50% from January's record high, driven by a stronger dollar and rising Treasury yields. This directly lowers the price First Majestic receives for its silver, squeezing revenue and profits, and is the main reason AG shares have dropped.

    The silver price crash is the dominant force pushing AG's stock down this period.

  • Raised 2026 production guidance and larger capital plan First Majestic increased its 2026 production outlook after strong Q2 output and backed it with a US$318–344 million capital program, including the Jerritt Canyon restart and new underground access. More production means more silver and gold to sell, supporting future revenue even at lower prices.

    Higher production guidance is a key company-specific catalyst that can offset lower silver prices.

  • Del Toro mine sale monetizes asset and gains equity stake First Majestic sold its Del Toro silver mine for up to US$60 million and now holds about 24.77% of Sierra Madre's shares. This brings in cash and gives AG exposure to future upside from the mine without operating it, strengthening the balance sheet.

    The completed sale is a new capital event that improves AG's financial position.

  • New permits and drilling extend Santa Elena mine life First Majestic received permits to build the Santo Niño and Navidad portals at Santa Elena and will invest $12 million in 2026. Drilling shows high-grade silver and gold, which could add new mining areas and extend the mine's life, supporting future production growth.

    Permits and drilling progress are new operational developments that underpin long-term supply growth.

Wheaton Precious Metals Corp (WPM)

Q3 2026
▲3▼1

Record earnings and growth plans offset by silver price plunge

  • Record Q2 and H1 revenue Wheaton reported record Q2 revenue of $929 million, up 85%, and record first-half revenue of $1.8 billion, up 88%, beating analyst estimates. The company reaffirmed its 2026 guidance and set a target of 1.2 million gold-equivalent ounces by 2030.

    This is the core positive financial result that drove investor confidence during the quarter.

  • Analyst bullishness and gold hedge appeal JPMorgan named Wheaton a gold hedge and forecast gold above $5,000 per ounce, while Bank of America said gold stocks are undervalued. The streaming model also protects against inflation, making the stock attractive in uncertain times.

    Analyst endorsements and the inflation-hedge narrative supported the stock price.

  • Growth pipeline and copper expansion The Salobo expansion and potential copper-financing deals, roughly one Antamina-sized deal annually, support future growth. These initiatives could add significant new streams and diversify revenue beyond gold and silver.

    Future growth prospects contributed to positive investor sentiment.

  • Silver price collapse pressures revenue Silver prices have halved from January's peak to about $58 per ounce, directly cutting silver stream revenue and pressuring future earnings. This decline partially offsets the strong financial results and growth outlook.

    The sharp drop in silver prices is a major headwind that weighed on the stock.

August 2026
▲4

Wheaton rides record revenue, gold surge and copper-financing role

  • JPMorgan sees gold at $5,000, names Wheaton a hedge JPMorgan forecast gold above $5,000 an ounce by late 2026 and flagged Wheaton as a way to hold gold. Higher gold prices lift the value of every ounce Wheaton sells, so its profit and share price tend to rise with gold.

    Explains the demand-side force pushing WPM up.

  • Salobo expansion approved, Wheaton pays $40M milestones Vale approved a project adding about 30,000 tonnes of copper and 15,000 ounces of gold a year at Salobo, starting a year early. Wheaton's $40 million milestone payments replace future stream payments, cutting its cash outlay while securing more output.

    New mine growth directly tied to Wheaton's streaming assets.

  • Streamers seen filling $250 billion copper gap Wheaton's CEO said it could do roughly one Antamina-sized deal a year for three to four years, backed by about $2.7 billion annual cash flow. That positions Wheaton as a go-to financier for copper miners, supporting future growth.

    Shows a new growth pipeline beyond existing mines.

  • Record $1.8 billion first-half revenue, guidance reaffirmed Wheaton posted record first-half 2026 revenue of $1.8 billion, up 88%, on higher gold-equivalent prices and production, and kept its 2026 guidance of 860,000-940,000 ounces. Strong results and a clear growth path to 1.2 million ounces by 2030 support the shares.

    The period's core company result confirming the growth story.

Latest
▲4

Wheaton rides record revenue, gold surge and copper-financing role

  • JPMorgan sees gold at $5,000, names Wheaton a hedge JPMorgan forecast gold above $5,000 an ounce by late 2026 and flagged Wheaton as a way to hold gold. Higher gold prices lift the value of every ounce Wheaton sells, so its profit and share price tend to rise with gold.

    Explains the demand-side force pushing WPM up.

  • Salobo expansion approved, Wheaton pays $40M milestones Vale approved a project adding about 30,000 tonnes of copper and 15,000 ounces of gold a year at Salobo, starting a year early. Wheaton's $40 million milestone payments replace future stream payments, cutting its cash outlay while securing more output.

    New mine growth directly tied to Wheaton's streaming assets.

  • Streamers seen filling $250 billion copper gap Wheaton's CEO said it could do roughly one Antamina-sized deal a year for three to four years, backed by about $2.7 billion annual cash flow. That positions Wheaton as a go-to financier for copper miners, supporting future growth.

    Shows a new growth pipeline beyond existing mines.

  • Record $1.8 billion first-half revenue, guidance reaffirmed Wheaton posted record first-half 2026 revenue of $1.8 billion, up 88%, on higher gold-equivalent prices and production, and kept its 2026 guidance of 860,000-940,000 ounces. Strong results and a clear growth path to 1.2 million ounces by 2030 support the shares.

    The period's core company result confirming the growth story.

July 2026
▲3▼1

Wheaton's record Q2 and growth plan drive value despite silver slump

  • Record Q2 results beat expectations Wheaton reported record quarterly revenue of $929 million, up 85% from last year, with earnings per share of $1.19 beating estimates. Strong silver sales, up 189%, drove the beat. This shows the company's ability to generate cash even as metal prices fluctuate, supporting the stock.

    This is the most recent and direct news on WPM's financial performance, a key driver of its stock price.

  • Streaming model provides inflation shield and growth Wheaton's streaming model locks in low purchase prices for gold and silver, protecting it from rising mining costs. The company targets 50% production growth by 2030 to 1.2 million gold equivalent ounces, with projects like Salobo III and Blackwater. This growth plan is a major reason analysts are bullish.

    It explains the structural advantage and future growth that underpin the investment case, beyond quarterly results.

  • Silver price halves from January peak Silver has fallen to about $58 per ounce, half its January peak of over $115. This directly reduces Wheaton's revenue from silver streams, as seen in lower realized prices. While the company still beat estimates, the price drop is a headwind for future earnings.

    It highlights a key risk factor that could pressure WPM's stock if silver prices remain low.

  • Gold stocks undervalued, long-term demand strong Bank of America says gold stocks are cheap, pricing gold at a 19% discount to spot. Central banks expect to increase gold reserves, supporting long-term demand. This suggests Wheaton, as a gold and silver streamer, could benefit from a re-rating if gold prices stay high.

    It provides a broader market context that could lift WPM's valuation, even if not company-specific.

▲3▼1

Wheaton's record Q2 and growth plan drive value despite silver slump

  • Record Q2 results beat expectations Wheaton reported record quarterly revenue of $929 million, up 85% from last year, with earnings per share of $1.19 beating estimates. Strong silver sales, up 189%, drove the beat. This shows the company's ability to generate cash even as metal prices fluctuate, supporting the stock.

    This is the most recent and direct news on WPM's financial performance, a key driver of its stock price.

  • Streaming model provides inflation shield and growth Wheaton's streaming model locks in low purchase prices for gold and silver, protecting it from rising mining costs. The company targets 50% production growth by 2030 to 1.2 million gold equivalent ounces, with projects like Salobo III and Blackwater. This growth plan is a major reason analysts are bullish.

    It explains the structural advantage and future growth that underpin the investment case, beyond quarterly results.

  • Silver price halves from January peak Silver has fallen to about $58 per ounce, half its January peak of over $115. This directly reduces Wheaton's revenue from silver streams, as seen in lower realized prices. While the company still beat estimates, the price drop is a headwind for future earnings.

    It highlights a key risk factor that could pressure WPM's stock if silver prices remain low.

  • Gold stocks undervalued, long-term demand strong Bank of America says gold stocks are cheap, pricing gold at a 19% discount to spot. Central banks expect to increase gold reserves, supporting long-term demand. This suggests Wheaton, as a gold and silver streamer, could benefit from a re-rating if gold prices stay high.

    It provides a broader market context that could lift WPM's valuation, even if not company-specific.