Episode Details

First Majestic Silver (NYSE: AG; TSX: AG) CEO Keith Neumeyer says silver’s move above $100 per ounce confirms tightening supply-demand fundamentals, even with a correction into the $80–$85 range. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference, Neumeyer said large institutions still “don’t believe the market,” arguing silver equities remain well below prior-cycle valuations despite stronger metal prices.

First Majestic generated $250 million in free cash flow in Q4, holds approximately $1 billion in cash, and reported roughly $1.2 billion in revenue last year. The company produced 33 million ounces on an equivalent basis in 2025 and is targeting 50 million ounces longer term through exploration and internal expansions, with about $50 million allocated to exploration and roughly $80 million to development this year. “I think we’ll see 5,000 gold,” he said, adding that silver would go back to “triple digits fairly shortly.” Neumeyer also expects consolidation to accelerate, predicting the mining sector could shrink significantly over the next five years.

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Special thanks to our sponsor, First Majestic Silver. To learn more, visit https://firstmajestic.com/

01:48 - Why Silver Stocks Are Still Lagging Metal Prices
04:59 - Planning the Business Through Silver Volatility
06:31 - Cash Allocation: Dividends, Buybacks, and Growth
08:30 - Capital Discipline and the Coming M&A Wave
10:20 - Record-Low 0.125% Convertible Note Refinancing
12:02 - $4.3B Wheaton Stream and Silver’s Strategic Role
14:04 - First Majestic’s Role in Sector Consolidation
15:13 - Mexico Security Monitoring and Crisis Management
17:10 - Succession Planning and Leadership Development
19:24 - Path to 50 Million Ounces of Annual Production
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Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.