First Majestic Silver Corp.

This guide covers how to deploy those advantages specifically for AG, accounting for its volatility profile, earnings-event dynamics, and the recurring strategic patterns created by management's metals-withholding approach.

Understanding AG's Volatility Before Sizing Any Position

First Majestic is not a low-volatility defensive holding. AG carries elevated implied volatility reflecting the market's expectation of large near-term price swings — a level consistent with its history of outsized moves around metal price events and quarterly earnings releases.

As Jeffrey Christian, Managing Director at CPM Group, has noted in industry commentary: *"Mining stocks often behave as leveraged plays on the underlying metal, with earnings and cash flow swinging more sharply than the commodity price itself when prices move."* Educational coverage on Seeking Alpha (2025) echoes this, describing silver-producer equities as exhibiting outsized moves relative to

spot silver due to operating leverage and reserve sensitivity.

For traders on CoinUnited.io, where leverage on AG CFDs can reach up to 1000x (subject to product, jurisdiction, and account eligibility — with liquidation risk a real and immediate consideration at elevated multiples), this volatility context is critical.

AG's Q3 2026 financial results — including revenue of US$394.1 million, up 38% year-over-year, and EBITDA of US$228.8 million, up 78% year-over-year, per First Majestic's Q3 2026 Financial Results release — underscore how meaningfully realized metal prices can shift the company's reported numbers from one quarter to the next, driving sharp equity re-ratings.

A practical calibration for a stock of this volatility profile sits far below the maximum: leverage in the 5x–20x range creates substantial amplified exposure without compressing survival margin to dangerous thresholds.

Investopedia's risk-management education (2025-03) consistently advocates risking only 1–2% of total capital per trade, with position size derived from the gap between entry and stop loss using the formula: *Position Size = Account Risk per Trade ÷ (Entry Price – Stop Loss)*.

For AG, where double-digit percentage moves around metal price events are not unusual, this discipline is not optional — it is the mechanism that keeps a trader in the market across multiple setups.

Scheduled Sessions and Reacting to AG News When It Breaks

AG's underlying NYSE listing is constrained to exchange hours — 9:30 a.m. to 4:00 p.m. ET on U.S. business days. CoinUnited's AG CFD follows a scheduled trading session and is closed at weekends and on market holidays, meaning traders should plan positions with that rhythm in mind.

For a stock driven by precious metals macro inputs — Federal Reserve commentary, U.S. dollar index moves, geopolitical developments — session boundaries matter, because those catalysts can break outside trading hours and produce meaningful gaps at the next open.

Weekend gap risk is a genuine and recurring consideration for AG CFD holders. A silver-market development or macro shock that occurs on a Saturday or Sunday cannot be acted upon until the market reopens, and the resulting gap at Monday's open can move significantly against an open position, potentially beyond any stop-loss level set before the close.

Sizing positions to accommodate that contingency is not optional risk management — it is a structural feature of trading a session-based instrument.

The practical example is earnings season. First Majestic released its Q3 2026 results on November 5, 2026, after the NYSE close. Traders using traditional brokers faced overnight gap risk — a potential multi-percentage-point move from the prior close to the next morning's open — with no ability to act in real time.

CoinUnited traders operating within session hours could respond to those results during the next available session.

Given that Q3 2026 revenue came in at US$394.1 million — up approximately 38% year-over-year according to First Majestic's Q3 2026 Financial Results and Quarterly Dividend Payment release — the information content of that release was substantial.

Net earnings attributable to shareholders reached US$74.5 million (US$0.15 per share, or US$0.19 on an adjusted basis), and free cash flow reached US$85.5 million.

As Tom Sosnoff, Co-founder at tastytrade, has explained in educational programming (tastytrade, 2025-04): *"Into an earnings announcement, implied volatility tends to rise, and after the report it typically contracts sharply, which is why traders must size positions and set risk parameters before the release rather than react afterward."* Pre-earnings positioning and post-announcement adjustments

both benefit from understanding exactly when the CoinUnited session opens and closes relative to the release schedule.

Earnings-Season Strategy: Revenue as a Function of Metal Prices

Traders who track silver's spot price trajectory through a fiscal quarter gain a meaningful informational edge ahead of AG's earnings releases.

Because First Majestic's revenue is so directly tied to realized metal prices, a trader who monitors silver's quarterly average realized price can construct a directional pre-earnings view with more grounding than a generic binary bet.

For broader context on the macroeconomic backdrop influencing silver prices and the wider equities landscape into the second half of 2026, the 2026 Stocks Market Outlook provides relevant framing.

This analysis is enriched by the scale of First Majestic's production base. In Q3 2026, the company produced 3.4 million ounces of silver (specifically 3,440,447 ounces) and 29,552 ounces of gold, per the Q3 2026 Production Results release.

It is worth noting that Q3 silver output reached approximately 72% of the midpoint of the company's revised 2026 full-year guidance, with a 12-day labor dispute at the San Dimas mine — an official strike called October 8 following a disruption beginning September 18 — contributing to the production shortfall.

Such operational events can materially move the equity and represent the kind of discrete catalyst traders should monitor.

For full-year 2025, First Majestic generated approximately US$1.26 billion in revenue, per TradingKey's aggregation of company filings, providing a strong baseline against which 2026 quarterly prints can be assessed.

Additionally, management's metals-withholding strategy remains a recurring dynamic worth monitoring. In prior periods, First Majestic has deliberately held back bullion from sales, meaning reported quarterly revenue can materially understate actual production value.

Withheld metal, when eventually sold into a higher price environment, can generate an earnings beat that is invisible in a surface-level revenue comparison. Monitoring inventory-held disclosures in management commentary is a legitimate edge that most retail participants overlook.

By the end of Q3 2026, First Majestic's treasury stood at approximately US$1.23 billion, per the Q3 2026 results release. This liquidity profile is directly relevant to CFD traders assessing the credit quality and going-concern robustness of the underlying equity.

Practical Position Management for AG CFD Traders

Given AG's profile, the following framework reflects both the CoinUnited platform's capabilities and the asset's specific risk characteristics:

In each case, the Investopedia-cited principle applies (2025-05): *leverage magnifies both gains and losses*, and CFD holders through scheduled events should explicitly account for gap risk — including the weekend gap risk that is inherent to any session-based instrument — along with margin usage and the possibility of slippage beyond stop levels.

Trading fees on CoinUnited are tiered by 30-day contract volume; the standard tier is not zero-cost, and VIP 9 is required to reach the 0.000% rate. Review the current schedule at the CoinUnited fee page before sizing any position.

With First Majestic now operating from a substantial treasury and generating meaningful free cash flow, the fundamental backdrop for AG remains material context for any directional thesis — but it does not insulate the equity from sharp moves driven by silver spot price volatility, operational disruptions like the San Dimas labor action, or gap risk at session reopens.

Positioning First Majestic Silver Corp. within the competitive landscape of primary silver producers reveals a stock that occupies a distinct, high-beta niche — more concentrated in its jurisdictional exposure than Pan American Silver (PAAS), more operationally established than Coeur Mining (CDE), and structurally different from royalty and streaming companies like Wheaton Precious Metals.

For traders, understanding where AG sits in this peer universe is inseparable from understanding its risk-reward profile.

Peer Comparison: AG vs. PAAS vs. CDE vs. the Broader Silver Producer Universe

Among publicly listed primary silver producers, First Majestic's most direct comparables include Pan American Silver, Coeur Mining, Hecla Mining, and Fresnillo.

As of November 2026, independent sector analysis continues to characterize First Majestic as the most silver-led name in the group and the highest-beta among major primary silver producers — "the sharpest instrument in both directions" — given its concentration in four Mexican underground mines plus the 70%-held Los Gatos joint venture.

On a production scale basis, AG ranks fourth among major primary silver miners by FY2025 attributable output at 15.4 million ounces of silver — behind Fresnillo (48.7 Moz), Pan American Silver (22.8 Moz), and Hecla Mining (17.0 Moz), but ahead of Coeur Mining (~13 Moz).

For 2026, AG guides to 14.6–15.5 million ounces of silver (revised), broadly flat versus its 2025 result. In Q3 2026, the company produced 3.4 million ounces of silver, representing approximately 72% of the revised full-year guidance midpoint — with management noting that a 12-day labor dispute at San Dimas reduced output during the quarter.

Peers continue to guide materially higher: Fresnillo at 42.0–46.5 million ounces, Pan American Silver at 25–27 million ounces, Coeur Mining at approximately 20 million ounces (pro forma), and Hecla Mining at 15.1–16.5 million ounces.

Fresnillo remains the scale leader by a wide margin — more than double the next name's silver output — making First Majestic competitive with Hecla at the lower end of large-cap primary silver production.

PAAS effectively offers investors a lower-volatility entry into silver mining, with broader diversification acting as a buffer against single-jurisdiction regulatory or operational disruptions.

CDE is more comparable to AG in speculative risk temperament — a silver/gold hybrid with meaningful price sensitivity — though it lacks the same degree of pure-silver revenue concentration that defines First Majestic's identity.

AG's Mexican underground operations carry a jurisdiction-risk premium that neither PAAS nor CDE shoulders to the same degree. Mexican mining has historically faced evolving regulatory dynamics, permitting timelines, and water-use considerations — factors that can compress or expand the valuation multiple the market assigns to AG independent of silver prices themselves.

Traders should view this premium as a two-sided characteristic: a source of discount when political or regulatory uncertainty rises, but also one reason AG tends to move more violently than peers when silver sentiment turns decisively bullish.

The Cost Structure Reality: AG's Defining Competitive Disadvantage and Leverage

The most structurally important competitive distinction as of November 2026 is cost.

In FY2025, First Majestic produced 15.4 million ounces of silver (31 million silver-equivalent ounces) at a consolidated AISC characterized as mid-high relative to primary silver peers — the highest in the large-cap silver producer peer set by most industry measures.

That cost pressure has intensified through 2026. In Q3 2026, First Majestic reported consolidated cash costs of US$21.75 per attributable payable silver-equivalent ounce and consolidated AISC of US$30.45 per AgEq ounce — up from US$14.83 and US$20.90 respectively in Q3 2025, representing a 46% year-over-year increase in AISC.

Management attributed the higher costs to the revised gold-silver equivalency ratio, price-linked worker compensation, sustaining development, maintenance, and broader operating pressures.

Full-year 2026 consolidated AISC guidance has been revised upward by approximately 4% at the midpoint relative to prior guidance — keeping First Majestic at the upper end of the large-cap silver producer cost universe.

For directional context, Edison Group reported an H1 2026 AISC of US$37.0/oz for Endeavour Silver, though that figure uses a different reporting period and silver-equivalent convention, so direct comparison should be treated as indicative rather than precise.

Despite the elevated cost base, revenue performance has been strong. Q3 2026 revenue reached US$394 million, up 38% year-over-year, while adjusted EBITDA came in at US$228.8 million, up 78% year-over-year.

Year-to-date revenue through Q3 2026 stood at US$1.286 billion, up 62% versus the same period in 2025 — illustrating how materially elevated silver prices can overwhelm even a structurally high cost base.

This is the defining leverage mechanism: with one of the highest cost bases in the peer group, AG has the widest operating leverage to silver price moves in either direction.

Traders familiar with how 2026 stock market dynamics are shaping sector rotation will recognize this as a feature that makes AG less suitable for defensive positioning but highly attractive as a directional vehicle on silver.

A critical analytical caveat: direct peer cost comparisons require care, because silver-equivalent conversion ratios, reporting periods, and cost definitions differ materially across producers. AG's AISC figures should be evaluated against peers only when those methodological conventions are aligned.

AG vs. Royalty/Streaming Companies: Structural Earnings Leverage

The more fundamental contrast for a leveraged trading audience is between AG as a primary producer and royalty/streaming companies such as Wheaton Precious Metals.

Royalty and streaming structures insulate holders from cost inflation: royalty companies receive a percentage of production revenue or a fixed stream of metal at a pre-agreed price, meaning their margins are largely protected regardless of what happens to labor costs, energy prices, or capital expenditure requirements at the mine level.

First Majestic absorbs all of those costs directly. Full operational cost inflation and capex risk sit entirely on the company's income statement — a structural disadvantage in cost certainty during inflationary environments. However, when silver prices spike sharply, this same structure becomes a powerful earnings accelerant.

AG's high-cost, high-beta positioning means it functions as the most amplified instrument among primary silver producers — more so even than royalty vehicles, which trade a portion of their upside for cost insulation.

The 78% year-over-year surge in Q3 2026 adjusted EBITDA, against a 46% rise in AISC, illustrates precisely this dynamic in practice: revenue expansion driven by silver prices overwhelmed the cost escalation and delivered outsized margin growth.

Guidance Trajectory and Scale: What November 2026 Data Shows

By November 2026, First Majestic's full-year production guidance of 14.6–15.5 million ounces of silver (revised) remains broadly flat versus its FY2025 result of 15.4 million ounces — a stable output trajectory rather than a growth story on volume terms. Through the first three quarters of 2026, the company

First Majestic Silver Corp. is not a conservative, low-beta mining holding — it is a high-octane silver price amplifier, and traders should calibrate their position sizing and risk management accordingly.

As of November 2026, AG's Q3 2026 financial results have added new texture to the investment thesis, confirming sustained EBITDA generation even as a labor disruption and rising cost metrics introduced fresh idiosyncratic risk into the picture. The layered structure of catalysts and risks remains the most important analytical lens for anyone building a view on this stock.

The Core Bull Case: Operating Leverage on Silver

The foundational thesis on AG is straightforward: when silver prices rise, First Majestic's earnings and cash flows expand at a multiple of that move. This is not a rhetorical claim — it is mechanically embedded in the company's cost structure.

With precious metals accounting for the overwhelming majority of revenue, every percentage point change in realized silver and gold prices flows almost entirely to the operating margin. Q2 2026 illustrated this mechanism with unusual clarity, and Q3 2026 continued to demonstrate it despite a more challenging operational environment.

In Q2 2026, the company reported revenue of approximately US$415.5–416 million, up roughly 57% year-over-year from approximately US$264.2 million in Q2 2025, according to First Majestic's Q2 2026 financial results news release and HC Wainwright's subsequent research note.

Q3 2026 revenue came in at US$394.11 million, with EBITDA reaching US$228.8 million, according to First Majestic's Q3 2026 Financial Results release.

Management noted on the Q3 earnings call that margins continued to expand because revenue growth outpaced inflationary and price-linked operating-cost increases — even as reported per-ounce cost metrics rose due to a change in the silver-equivalent conversion ratio from 87:1 to 75:1, alongside inflation and higher sustaining-development spending.

For context, Q2 2026 EBITDA had reached approximately US$252.3 million, up roughly 110% year-over-year from approximately US$119.9 million in Q2 2025. The slight sequential softening in Q3 is attributable in part to the San Dimas labor disruption and its effect on production volumes — not to a structural deterioration of the precious metals price environment.

That Q2 2026 margin expansion was structural in its logic: fixed costs are largely stable, meaning incremental revenue from higher realized prices translates disproportionately to free cash flow.

In Q2 2026 alone, the company generated approximately US$194.6–195 million in free cash flow, compared with approximately US$77.9 million in Q2 2025, with full first-half free cash flow reaching approximately US$418.1 million versus just US$121.4 million in H1 2025.

This free cash flow generation lifted the company's treasury to a record approximately US$1.253 billion, including roughly US$159.4 million in restricted cash, providing significant liquidity and balance sheet flexibility heading into the second half of 2026.

The capital returns picture remains a meaningful part of the bull thesis. The board declared a Q2 2026 cash dividend of US$0.0152 per share, representing an approximately 217% increase year-over-year.

First Majestic also renewed its share-repurchase program in October 2026, according to the company's Q3 2026 Production Results announcement — signaling continued management confidence in the valuation.

For leveraged traders on CoinUnited, this torque is the defining characteristic. AG's high-beta nature means it can generate outsized directional returns on silver moves — but the same asymmetry operates in reverse.

Near-Term Production Context: Q3 2026 Disruption, Costs, and Full-Year Guidance

Q3 2026 production came in at approximately 3.4 million ounces of silver and 29,552 ounces of gold, according to First Majestic's Q3 2026 Financial Results. The silver figure was down approximately 11% year-over-year, with output specifically affected by a 12-day labor disruption at the San Dimas mine that began on September 18, 2026.

Combined H1 2026 silver output had reached 7.3 million ounces, keeping the company broadly on track against its revised annual guidance targeting approximately 14.6–15.5 million ounces of silver and roughly 128–135 thousand ounces of gold, supported by planned capital expenditure of approximately US$318–344 million.

For reference, First Majestic achieved record 2025 silver production of approximately 15.4 million ounces and roughly 147 thousand ounces of gold, providing the operational baseline against which 2026 guidance was set.

On the cost side, Q3 2026 cash costs were US$21.75 per attributable payable silver-equivalent ounce, while all-in sustaining costs reached US$30.45 per AgEq ounce — up from US$20.90 in Q3 2025, per the Q3 2026 Financial Results release.

Management attributed the increase primarily to the change in the silver-equivalent conversion ratio from 87:1 to 75:1, which mechanically lifts reported per-ounce costs, alongside inflation, labor-related costs at San Dimas, and higher sustaining-development spending. Total production cost was US$106.37 per tonne milled.

The Jerritt Canyon Gold Mine in Nevada remains a significant company-specific catalyst. Its recommissioning carries genuine binary properties: successful restart adds meaningful gold production, introduces geographic diversification away from Mexico, and could serve as a re-rating catalyst.

Continued delays or cost overruns, however, would pressure the stock independently of silver price action — making it a source of idiosyncratic downside risk. Traders should monitor company updates closely for commissioning milestones.

The Bear Case: Layered and Partially Correlated Risks

The risks facing AG are not independent — they tend to cluster and reinforce one another during periods of market stress, which makes the stock particularly dangerous for undisciplined leverage use.

Silver price reversal is the primary systemic risk. A shift toward U.S. dollar strength, risk-off sentiment, or a reversal of the industrial demand narrative for silver would compress AG's revenue, margins, and valuation simultaneously. The current EBITDA margin structure reverses rapidly under that scenario.

Cost structure creep has emerged as a more visible near-term concern following Q3 2026 results. AISC of US$30.45 per AgEq ounce — up sharply from US$20.90 in Q3 2025 — reflects a combination of the conversion ratio change, labor-related costs, and inflationary pressures.

While management indicated that revenue growth still outpaced these cost increases in aggregate, any sustained silver price softness could expose the degree to which the margin buffer depends on elevated realized prices.

Mexican jurisdiction risk is structural and persistent. The 12-day San Dimas labor disruption in Q3 2026 is a live illustration of this risk category, not merely a theoretical one. Four of First Majestic's operating mines sit in Mexico, exposing the company to permitting risk, community relations dynamics, labor relations, and potential regulatory changes.

Any disruption there is a material downside scenario.

Jerritt Canyon execution risk adds a layer of company-specific uncertainty that sophisticated traders should monitor as a potential negative divergence from silver price action, particularly given the meaningful capex commitment dedicated to that restart.

Earnings beat/miss dynamics introduce a further consideration. Despite strong absolute results in recent quarters, the Q2 2026 experience illustrated that a stock priced for high expectations can face consolidation pressure when consensus forecasts are not fully met — a pattern traders on CoinUnited should factor into entry timing around earnings events.

Structuring a View on AG

For traders reviewing the 2026 Stocks Market Outlook, AG fits cleanly as a high-conviction, high-volatility expression of a bullish precious metals view — not a diversified portfolio stabilizer.

The bull framework rests on durable silver and gold prices at elevated levels, successful Jerritt Canyon execution, continued production delivery against revised annual guidance, and ongoing capital returns from a well-capitalized balance sheet.

The bear framework requires only one of several correlated risks to materialize: a silver correction, a Mexican permitting or labor setback, Jerritt Canyon cost overruns, or a broader macro rotation away from commodities.

Note also that AG trades during scheduled market sessions and is closed at weekends and on market holidays. Weekend