First Majestic Silver is a precious metals mining company focused primarily on Mexico, with silver accounting for roughly 58% of revenue and gold making up most of the remainder. The company operates four producing underground mines in Mexico: San Dimas (its flagship silver/gold mine in Durango/Sinaloa), Los Gatos (a 70%-owned polymetallic joint venture in Chihuahua acquired via the Gatos Silver acquisition in January 2025), Santa Elena (a gold-weighted mine in Sonora), and La Encantada (a silver-only oxide mine in Coahuila). First Majestic also owns Jerritt Canyon, a gold mine in Nevada currently on care and maintenance. The company mines ore, processes it on-site into doré or concentrates, and sells output to metal brokers and refiners at prevailing spot prices. Revenue is driven by production volume, ore grades, and silver and gold spot prices. Two streaming agreements with Wheaton Precious Metals and Royal Gold reduce realized gold revenue at San Dimas and Santa Elena. First Majestic also operates First Mint, a silver minting facility in Las Vegas that sells physical silver directly to retail buyers at premiums above spot, with a goal of routing up to 10% of silver production through this channel. Growth priorities include developing the Navidad and Santo Niño vein discoveries at Santa Elena and scaling Los Gatos to consistent 4,000 tonnes-per-day throughput. The company positions itself as the most silver-weighted publicly traded miner among its peers.