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Namib Minerals Ordinary Shares vs First Majestic Silver: why the prices moved differently

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

Namib Minerals Ordinary Shares (NAMM)

First Majestic Silver Corp (AG)

Q3 2026
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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
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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
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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
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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.