← Back to TranscriptAgent TranscriptAgent
Create free account
← All mining companies

First Majestic Silver

Silver producer, with a project stated to be in Mexico.

NoneMexico — as stated on the recordings

producer silver NoneMexico
Jul 2025 → Jul 2026Covered
9 of 10Topics on record
4Figures tracked over time
2 executivesNamed on the record
Read Claims & Checks What management and commentators said, and what still needs independent verification 8 interviews with the company · 6 independent recordings · as of 22 Jul 2026
Stage
Producer
Primary commodity
Silver
Jurisdiction
Mexico
Deposit
two discoveries at Santa Elena within 12 months
Latest appearance
18 Jul 2026
On record
14 interviews · 31 statements · 3 executives

At a glance

What the record holds today. Every card names where it came from — a management representation is not an established fact, and the page never blurs the two.

What is in the ground
Jared Canyon projected 100-150 thousand ounces annually, achieved 112-115 thousand ounces
Management-stated Mani Alkhafaji Jul 2026
Grade
production increased three to four X
Management-stated Mani Alkhafaji Jul 2026
Money on hand
1.2 billion dollars in the bank
Stated capital need: 75 million committed to Jared Canyon
Management-stated Mani Alkhafaji Jul 2026
What happens next
Jared Canyon H2 2027, targeting 12-18 months from now
Management-stated Mani Alkhafaji Jul 2026
The main open question
Management revised cut-off grades and is still discussing open pit feasibility at Jared Canyon, flagging technical uncertainty.
Weighed from the statements below, not our opinion of the company.
Our reading
How outsiders read it
12 independent voices on record — 18 constructive, 3 neutral
Don Durett, Andy Schectman, Brad Langille, Nomi Prins…
Outside voices

How the stated figures have moved

The same figure, as management put it on the earliest and the latest recording we hold. A difference may be a genuine update, a different measure of the same thing (total against indicated), or a mis-heard number — both quotes are here, and both recordings are one click away.

Operating cost ● Lower 2 statements on record
04 Jul 2025
production increased from 2.5 million ounces to 10 million ounces
“production went up from two and a half million ounces when we bought it to last year we broke through 10 million ounces.”
09 Jul 2026
discovery cost about 30-32 cents an ounce at Santa Elena
“Santa Elena for example, uh our discovery cost is about 30 32 cents a an ounce.”
Reserves ≠ Different measure Stated in time, then in ounces — not the same quantity 2 statements on record
04 Jul 2025
8 year life of mine
“And right now it has about an 8year life of mine 10 years later”
09 Jul 2026
Jared Canyon projected 100-150 thousand ounces annually, achieved 112-115 thousand ounces
“We were doing anywhere between 100 150 thousand ounces. We never got there, you know, I think we did uh 112 hundred uh 115 thousand ounces.”
Resource size ≠ Different measure Stated in ounces, then in time — not the same quantity 2 statements on record
04 Jul 2025
30 million ounces
“by the end of the year we put an initial maiden resource of 30 million ounces.”
09 Jul 2026
6 and 1/2 year life of mine when acquired 11 years ago, now 11 years life of mine
“when we bought it, Santa Elena had 6 and 1/2 year life of mine... Today, life of mine is 11 years. 10 years later.”
Cash position ? New figure The earlier statement put no number on this 2 statements on record
04 Jul 2025
balance sheet has never been stronger
“our balance sheet right now has never been uh stronger and uh we're quite excited to continue building and you know uh adding adding to the treasury”
09 Jul 2026
1.2 billion dollars in the bank
“We've got 1.2 billion dollars in the bank right now.”

Management view vs outside view

Management interviews are promotional by nature; the outside view is the counterweight. Both are quoted from the recordings, not added by us.

What management spends its time on

Counted from First Majestic Silver's own claims across 14 interviews — most-covered theme first.

What outside voices pick up on

6 independent voices — people who do not speak for the company — across 24 mentions.

18 constructive 3 neutral
  • Don Durett “Dropped from ~$35 to $15; 7-8 bagger at $200 silver; restarting JC mine; 'opportunity city' at current price”
  • Andy Schectman “Keith Neumeyer mentioned positively; Schectman is close with him and a fan of the company, but no specific investment thesis is st…”
  • Brad Langille “Used as a comparable for scale; Langille notes First Majestic trades around $10B market cap with ~$30/oz silver costs vs GoGold's …”
  • Nomi Prins “Cited as an example of a pure-play silver miner with low production costs and strong demand in its region.”

Bull · Bear · Watch next

Weighed from the statements on this page — management's pitch and the outside view. Not financial advice, and not our opinion of the company.

▲ Bull case

Management says First Majestic has transformed Santa Elena—tripling production to 10 million ounces, extending life of mine from 6.5 to 11 years, and now sits on 102,000 hectares mostly unexplored, with two major discoveries (Navidat with…

What it rests on
▶
▶
▶
Evidence: 3 moments from 2 interviews
Read the full case

Management says First Majestic has transformed Santa Elena—tripling production to 10 million ounces, extending life of mine from 6.5 to 11 years, and now sits on 102,000 hectares mostly unexplored, with two major discoveries (Navidat with 30 million ounces; Santanino near the plant) made within 12 months. With $1.2 billion in the bank, it's targeting Jared Canyon production H2 2027 and recorded cash flow at $32 silver; outside investors note it remains a silver equity responsive to price moves and has delivered past 25-baggers.

▼ Bear case

Management revised cut-off grades and is still discussing open pit feasibility at Jared Canyon, flagging technical uncertainty.

What it rests on
▶
▶
Evidence: 2 moments from 1 interview
Read the full case

Management revised cut-off grades and is still discussing open pit feasibility at Jared Canyon, flagging technical uncertainty. Permits won't arrive until 2027 or later, and the company itself notes new government anxiety despite recent permit wins. Rick Rule questions the sanity of recent bond issuance despite lower cost of capital, suggesting balance sheet strength may mask capital discipline concerns. The bull case depends entirely on silver price confirmation and execution of exploration upside on largely untested ground.

◆ Watch next

Jared Canyon permit approval and pit design finalization by end-2026; commencement of production H2 2027 (12–18 months claimed accelerated by permits).

What it rests on
▶
▶
Evidence: 2 moments from 2 interviews
Read the full case

Jared Canyon permit approval and pit design finalization by end-2026; commencement of production H2 2027 (12–18 months claimed accelerated by permits). Santa Elena exploration results on Navidat and Santanino resource expansion through 2025. Silver price staying above $30+; Q1 was 57% of revenue from silver. Management track record shows success scaling mines, but investor patience will test execution on the two-to-three-year Jared timeline.

Each moment links to the exact point in the source recording. The cases are drawn from the transcripts, weighed as written — they are not a rating, a target or a recommendation.

Project 12 statements

The deposit 9

Key takeaway. Management explains that the Santa Elena deposit has grown significantly over time: when the company acquired it 11 years ago it had a 6½-year mine life, and it now supports an 11-year mine life (Jul 2026).

Read the full summary

The company reports a current resource of 30 million ounces (Jul 2025) and notes two recent discoveries within 12 months—Navidat, which carries an initial maiden resource of 30 million ounces expected to grow, and Santanino, located less than a kilometre from the plant (Jul 2025). Management also says production grade has increased three to four times, and that with 102,000 total hectares there remain unexplored areas to the north and south (Jul 2026).

What was actually said
deposit type
two discoveries at Santa Elena within 12 months
“These discoveries are unprecedented. You know, to find two discoveries so in such short period of time within 12 months was a massive milestone for us.”
Mani Alkhafaji· 09 Jul 2026·
exploration upside
discoveries within 5 km tiny radius, 102,000 hectares total, unexplored areas north and south
“all what we found so far has been within 5 km tiny radius... It's 102,000 hectares... we haven't scratched the surface uh up north where there is already mineralization”
Mani Alkhafaji· 09 Jul 2026·
grade
production increased three to four X
“we took production up three to four X... Producing three to four times more than what it did when we first bought it.”
Mani Alkhafaji· 09 Jul 2026·
Show the other 6 statements
reserve size
Jared Canyon projected 100-150 thousand ounces annually, achieved 112-115 thousand ounces
“We were doing anywhere between 100 150 thousand ounces. We never got there, you know, I think we did uh 112 hundred uh 115 thousand ounces.”
Mani Alkhafaji· 09 Jul 2026·
resource size
6 and 1/2 year life of mine when acquired 11 years ago, now 11 years life of mine
“when we bought it, Santa Elena had 6 and 1/2 year life of mine... Today, life of mine is 11 years. 10 years later.”
Mani Alkhafaji· 09 Jul 2026·
deposit type
10 year life of mine, brand new mill, modern infrastructure
“the mine currently has 10 year life of mine, brand new mill effectively.”
Mani Alkhafaji· 04 Jul 2025·
exploration upside
Navidat discovery with initial maiden resource of 30 million ounces expected to grow; Santanino discovery less than a kilometer from plant
“we think that's going to grow based on the results and the drilling that we're doing right now. And in addition to Naviad, we've made another discovery 2 months ago now uh called uh Santanino uh very close to the uh to the plant uh it's less than a kilometer away.”
Mani Alkhafaji· 04 Jul 2025·
reserve size
8 year life of mine
“And right now it has about an 8year life of mine 10 years later”
Mani Alkhafaji· 04 Jul 2025·
resource size
30 million ounces
“by the end of the year we put an initial maiden resource of 30 million ounces.”
Mani Alkhafaji· 04 Jul 2025·

Jurisdiction 2

Key takeaway. Management reports that Mexico's new government took office in September, and in the last four weeks the company has received two permits.

Read the full summary

While the company says it is receiving positive feedback, management acknowledges "some ongoing anxiety" regarding political risk. All statements are from July 2025.

What was actually said
country
Mexico
“We're in Mexico, so this fits perfectly in our backyard.”
Mani Alkhafaji· 04 Jul 2025·
political risk
New government took office in September; received two permits in last four weeks; positive feedback but some ongoing anxiety
“there's a new a new governments in place that took uh that took office uh in in September of uh of last year. just in the last four weeks, we received two of them.”
Mani Alkhafaji· 04 Jul 2025·

Technical risk 1

What was actually said
key assumption
revised cut off grades and open pit being discussed for Jared Canyon
“We revised cut off grades. Open pit is being uh discussed right now as well.”
Mani Alkhafaji· 09 Jul 2026·

Economics 7 statements

Economics 4

Key takeaway. Discussing project economics, management says the company has committed $75 million to Jared Canyon (July 2026) and reports a discovery cost of about 30–32 cents an ounce at Santa Elena (July 2026).

Read the full summary

The CEO also noted that the company has increased production from 2.5 million ounces to 10 million ounces (July 2025) and recorded cash flow quarters when silver was at $32 (July 2026).

What was actually said
capex
75 million committed to Jared Canyon
“we did commit 75 million, and that's still on track right now.”
Mani Alkhafaji· 09 Jul 2026·
operating cost
discovery cost about 30-32 cents an ounce at Santa Elena
“Santa Elena for example, uh our discovery cost is about 30 32 cents a an ounce.”
Mani Alkhafaji· 09 Jul 2026·
price assumption
record cash flow quarters when silver was at $32
“12 months ago in 2025, we had record cash flow quarters when silver was at $32.”
Mani Alkhafaji· 09 Jul 2026·
Show the other 1 statement
operating cost
production increased from 2.5 million ounces to 10 million ounces
“production went up from two and a half million ounces when we bought it to last year we broke through 10 million ounces.”
Mani Alkhafaji· 04 Jul 2025·

Financing 3

Key takeaway. Management reports that the company is well financed for its current work program, with about 1.2 billion dollars in the bank as of July 2026 and almost 300 kilometres of drilling committed for the year.

Read the full summary

A year earlier, in July 2025, the company said its balance sheet had never been stronger.

What was actually said
capital needed
almost 300 km of drilling committed for this year
“we have almost 300 km of drilling uh committed for this year.”
Mani Alkhafaji· 09 Jul 2026·
cash position
1.2 billion dollars in the bank
“We've got 1.2 billion dollars in the bank right now.”
Mani Alkhafaji· 09 Jul 2026·
cash position
balance sheet has never been stronger
“our balance sheet right now has never been uh stronger and uh we're quite excited to continue building and you know uh adding adding to the treasury”
Mani Alkhafaji· 04 Jul 2025·

Timeline 4 statements

Timeline 4

Key takeaway. Management says the project has saved 12–18 months of timeline, with first production at Jared Canyon targeted for the second half of 2027, or about 12–18 months from the July 2026 interview.

Read the full summary

The company also notes that permitting could come in 2027, "maybe a little bit later," while separately stating that first production is "about 2 to 3 years" away — two claims from the same interview that give somewhat different ranges.

What was actually said
first production
Jared Canyon H2 2027, targeting 12-18 months from now
“we're targeting H2 of 2027. And uh look... we're still on track for commencing production in about 12 18 months from now.”
Mani Alkhafaji· 09 Jul 2026·
first production
about 2 to 3 years
“Yeah, it'll be in about 2 to 3 years.”
Mani Alkhafaji· 09 Jul 2026·
milestone
12-18 months of timeline saved
“this permit it's shaved probably about 12 18 months of uh the the timeline.”
Mani Alkhafaji· 09 Jul 2026·
Show the other 1 statement
permit timing
2027, maybe a little bit later
“you're going to develop getting the permits maybe sometime in 2027, maybe a little bit later.”
Mani Alkhafaji· 09 Jul 2026·

Corporate 8 statements

Management 6

Key takeaway. Management points to the team's track record building mining companies from scratch.

Read the full summary

The CEO founded First Quantum Minerals in 1992, which reached production by 1998 and generated approximately US$150 million in revenue with about 9,000 employees by 2000 (Jul 2025). He says he then built First Majestic into one of the largest silver companies in the world, currently operating four mines across three districts described as 'cornerstone world-class' (Jul 2026). The company also notes 22 years operating in Mexico, citing the Santa Elena acquisition where it increased production 4x from 2.5M to 10M ounces and extended life of mine from 7 to 8 years over a 10-year period (Jul 2025). Management additionally highlights being a significant shareholder in Snowline Gold — described as 'obviously a huge success' — and also in Yukon Metals (Jul 2025).

What was actually said
track record
four operating mines, three cornerstone world-class districts
“we have our four operating mines, three true cornerstone world-class districts.”
Mani Alkhafaji· 09 Jul 2026·
insider ownership
Significant shareholder of Snowline Gold and Yukon Metals
“I'm a significant shareholder of that company as well as the Purdell family. Um um Ron Berdell, who is Scott Burdell's father, you know, kept some of his assets aside”
Keith Neumeyer· 22 Jul 2025·
track record
Significant shareholder of Snowline Gold, a company described as 'obviously a huge success'
“we put together the Snowline uh uh project or Snowline Gold and uh it's turned out to be obviously a huge success and um you know I'm a significant shareholder of that company”
Keith Neumeyer· 22 Jul 2025·
Show the other 3 statements
track record
Built First Majestic into one of the largest silver companies in the world
“you know today it build one of the largest silver companies in the world as a result.”
Keith Neumeyer· 22 Jul 2025·
track record
Founded First Quantum Minerals in 1992, in production by 1998, did 150 million US dollars in revenue in 2000 with approximately 9,000 employees
“I put together a company called First Quantum Minerals in uh 1992. Um we were in production by 98 and uh in in in 2000 the company did I think 150 million US dollars in revenue that year with approximately 9,000 employees.”
Keith Neumeyer· 22 Jul 2025·
track record
22 years operating in Mexico; acquired Santaena and transformed it - increased production 4x from 2.5M to 10M ounces, extended life of mine from 7 to 8 years over 10 year period
“this is our 20 22nd year of being in Mexico. When we bought the mine, it had about 7-year life of mine 10 years ago. production went up from two and a half million ounces when we bought it to last year we broke through 10 million ounces.”
Mani Alkhafaji· 04 Jul 2025·

Share structure 1

What was actually said
insider ownership
70% of revenue from silver
“we're what 70% of our revenue is from silver right now.”
Mani Alkhafaji· 09 Jul 2026·

Market 1

What was actually said
timing rationale
57% of revenue came from silver in Q1; silver showing confirmation signals for continued upward run
“in Q1, uh, 57% of our revenue came from silver.”
Mani Alkhafaji· 04 Jul 2025·

Outside views 24 mentions

24 mentions by people who do not speak for the company — 18 constructive, 0 cautious, 3 neutral. These are their views, not the company's.

Don Durett
bullish
Dropped from ~$35 to $15; 7-8 bagger at $200 silver; restarting JC mine; 'opportunity city' at current price
The Silver Market· 21 Jul 2026·
Don Durett
bullish
Second-tier quality producer, part of Durrett's four elite — 12-month play
The Silver Market· 18 Jul 2026·
Andy Schectman
unclear
Keith Neumeyer mentioned positively; Schectman is close with him and a fan of the company, but no specific investment thesis is stated
Wise Metals Investor· 15 Jul 2026·
Brad Langille
neutral
Used as a comparable for scale; Langille notes First Majestic trades around $10B market cap with ~$30/oz silver costs vs GoGold's projected sub-$15 costs
Mining Network· 14 Jul 2026·
Show the other 20 mentions
Nomi Prins
bullish
Cited as an example of a pure-play silver miner with low production costs and strong demand in its region.
In it to Win it· 11 Jul 2026·
Nomi Prins
bullish
Pure-play silver miner in Mexico; price has come down with silver but it's a pure-play mine with value at depressed levels.
Palisades Gold Radio· 09 Jul 2026·
Nomi Prins
bullish
Doing good work with strong results in Mexico despite jurisdiction risk; named as a standout silver producer
Natural Resource Stocks· 08 Jul 2026·
Ed Steer
bullish
Included among miners he says are solid but too cheap.
The Bullion Brief· 03 Jul 2026·
Scott Emerson
neutral
Named as a potential acquirer; no investment thesis on First Majestic itself
Natural Resource Stocks· 30 Jun 2026·
Todd Anthony
bullish
Cited as Todd’s prior employer and as a peer/benchmark through Sandstorm and Mexico silver development examples.
Resource Talks· 23 Jun 2026·
Rick Rule
unclear
Mentioned as part of the day’s silver-equity selloff; no direct view on the name itself beyond weakness.
Wise Metals Investor· 17 May 2026·
Don Durett
bullish
Says it is very close to a 3.5 rating and remains an A-minus type company.
The Silver Market· 29 Apr 2026·
Kevin Hower aka Tattoo
bullish
He says he personally owns it and would buy it, praising management and its stance on triple-digit silver.
Miles Franklin Media· 27 Apr 2026·
Adrian Day
bullish
Attractive put-selling premiums due to elevated volatility; May $20 put (meaningfully under the ~$21.50 stock) pays ~$1.10, roughly 5% for one month.
tastylive· 23 Apr 2026·
Don Durett
bullish
Used as an example of a producer that was highly elastic to silver prices and produced huge returns.
The Silver Market· 18 Apr 2026·
Don Durett
bullish
Durrett recounts buying at $1 and selling at $20 as a mistake he regretted; now holds shares again after the Gatos acquisition. Long-term bullish with lesson learned about premature selling.
Wise Metals Investor· 14 Apr 2026·
Steve Farrington
bullish
Darrell says he sold into the run-up, indicating it was a profitable long he trimmed.
The Money Levels Show· 22 Mar 2026·
Rick Rule
bullish
Rule says he has stayed invested despite the stock being off 45% and calls the deposit one of the best undeveloped silver assets.
The Silver Market· 13 Mar 2026·
Andy Schectman
bullish
Cited as an example of a primary silver miner that needs higher silver prices to make deeper extraction economical; implicitly bullish as higher prices would benefit primary silver miners.
Wise Metals Investor· 04 Mar 2026·
Don Durett
bullish
Has Jerritt Canyon as a secondary project providing additional upside optionality
The Silver Market· 04 Mar 2026·
Dan Wilton
neutral
Mentioned as part of insider/friends-and-family shareholder group (~10%)
Crux Investor· 04 Mar 2026·
Andy Schectman
bullish
Cited as one of the few primary silver miners; implicit beneficiary of higher silver prices and re-rating of mining shares
The Bullion Brief· 03 Mar 2026·
Don Durett
bullish
Same doubling-to-$50 thesis as Hecla; current free cash flow run rate cited at ~$850M/year.
The Silver Market· 27 Feb 2026·
Rick Rule
mixed
Successfully revived San Dimas mine but 'broke their pick' on Jerritt Canyon; not as clear-cut poor as Hecla/Coeur.
The Silver Market· 27 Feb 2026·

Sources 14 interviews

Every interview 14

DateChannelInterviewStatements
18 Jul 2026 Natural Resource Stocks How First Majestic Captures Extra Margin Through Its Own Mint No claims identified
09 Jul 2026 The Deep Dive Is Triple-Digit Silver Coming Back? | Mani Alkhafaji - First Majestic Silver 17
08 Jul 2026 ITM TRADING, INC. Banks Got Caught – Why Silver Will NEVER Trade Below $50 Again” – Keith Neumeyer No claims identified
23 Jun 2026 Resource Talks High-Grade Silver Intercepts, But Is There Enough Scale? | Pacifica Silver Corp CEO Interview No claims identified
04 Jun 2026 Rule Investment Media Keith Neumeyer, CEO of First Majestic Silver Corp. | Rule Symposium 2026: Rick Rule interviews No claims identified
12 May 2026 Liberty and Finance Astonishing Silver Deficit: The Silver Just Isn't There | Mani Alkhafaji No claims identified
21 Feb 2026 Liberty and Finance Silver Becomes "Critical" As Shortage Continues | Mani Alkhafaji No claims identified
03 Feb 2026 Investing News Silver Supply Tight, Demand Rising — What's Next? | First Majestic's Mani Alkhafaji No claims identified
18 Nov 2025 Soar Financially $100 Silver Isn’t Crazy Anymore | Keith Neumeyer No claims identified
07 Nov 2025 ITM TRADING, INC. Silver Stage Set for Delivery Meltdown: Keith Neumeyer Dissects COMEX, LBMA CRISIS! No claims identified
22 Jul 2025 The Deep Dive Get to know First Majestic Silver's Keith Neumeyer! 4
19 Jul 2025 David Lin Triple Digit Silver More Certain Than Ever; CEO Keith Neumeyer Doubles Down No claims identified
12 Jul 2025 Liberty and Finance Silver Market Distortions & Secrecy Exposed | Keith Neumeyer No claims identified
04 Jul 2025 Liberty and Finance Triple Digit Silver Amid Silver Shortage | Mani Alkhafaji of First Majestic Silver 10

What else those interviews covered

Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.

silver 12
gold 11
copper 4
gatos silver 4
first mining gold 3
jerritt canyon 2
first quantum minerals 2
claudia project 1

Questions people ask

What is First Majestic Silver's project and where is it?

First Majestic Silver is a producer silver company, with a project stated to be in Mexico. Everything here is drawn from its executives' own interviews.

Which interviews mention First Majestic Silver?

We track 14 interviews mentioning First Majestic Silver, across 9 channels (David Lin, ITM TRADING, INC., Investing News, Liberty and Finance, Natural Resource Stocks, Resource Talks…).

What are investors saying about First Majestic Silver?

24 independent voices — people who do not speak for the company — are on record discussing it (18 bullish, 3 neutral). Their reasoning is quoted in the outside-view section above.

What do recent interviews with First Majestic Silver cover?

The most-discussed topics on record are the deposit, management, economics, timeline — each claim quoted and dated in the sections above.

How to read this page

What is here

Statements made by company representatives in the interviews listed above — each one carrying the words that made it, the date, and the recording. Nothing is added from any other source: if it was not said on a recording, it is not on this page. The one exception lives in the Claims & Checks record, which cites a metal price from our own feed so a stated cost can be set against it — and labels it as ours wherever it appears.

What is not verified

All of it. Resource figures, economics, timelines and promotional framing are management's own representations, checked against no filing and no technical report. Transcripts are automatic; we repair a clearly mis-heard word but never a number, a date, a unit or a speaker's hedge — “about 8.6 million ounces” keeps its “about”.

How to use it

Treat it as a map of what has been said, not as a source of fact. Where a figure matters to you, open the recording and read the company's filings. Nothing here is financial advice, a recommendation, or an offer to buy or sell any security — these are interested parties discussing their own company.

Terms·Privacy·Disclaimer·Content removal
Workspace Intelligence
YOUR AGENT
Investigation
Choose a scope
Open the latest investigation, or start a new one from the left.

Notice

Loading…