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, this volatility context is critical.

AG's strong Q2 2026 financial results — including revenue of US$415.5 million and EBITDA of approximately US$252.3 million, per First Majestic's Q2 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.

The 24/7 Advantage: 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 removes that constraint entirely, trading continuously through weekends, U.S. holidays, and Asian market hours.

For a stock driven by precious metals macro inputs — Federal Reserve commentary, U.S. dollar index moves, geopolitical developments — this matters enormously, because those catalysts routinely break outside NYSE hours.

The practical example is earnings season. First Majestic released its Q2 2026 results in August 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 could respond to those results the moment they were published.

Given that Q2 2026 revenue came in at US$415.5 million — up approximately 57% year-over-year according to First Majestic's Q2 2026 Financial Results and Quarterly Dividend Payment release — the information content of that release was substantial. Net earnings attributable to shareholders reached US$109.4 million (US$0.22 per share), and free cash flow surged to approximately US$194.6–195 million.

The ability to position immediately rather than wait for the NYSE gap open represents a concrete, repeatable access advantage.

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."* CoinUnited's 24/7 model allows traders to implement that

pre-earnings positioning — and to adjust post-announcement — without being hostage to exchange schedules.

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 Q2 2026, the company produced 3.8 million ounces of silver — a 3% increase versus the 3.7 million ounces produced in Q2 2025 — bringing H1 2026 silver production to 7.3 million ounces, roughly half of revised full-year guidance, per the Q2 2026 Financial Results release and earnings call highlights.

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 August 2026, First Majestic's treasury had reached a record ~US$1.253 billion (including restricted cash), with approximately US$1.093 billion in cash and cash equivalents, per the Q2 2026 results release and Streetwise Reports coverage. 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, margin usage, and the possibility of slippage beyond stop levels.

With First Majestic now operating from a record treasury and generating substantial free cash flow, the fundamental backdrop for AG remains material context for any directional thesis — but it does not insulate the equity from sharp intraday moves driven by silver spot price volatility.

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 August 2026, independent sector analysis from Metal Pilot Research characterizes First Majestic as "the most silver-led name in the group and the highest-beta, from four mines in Mexico plus the 70%-held Los Gatos joint venture" — and, critically, "the sharpest instrument in both directions."

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, broadly flat versus its 2025 result, while peers 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 is the scale leader by a wide margin — as Metal Pilot notes, "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 August 2026 is cost.

In FY2025, First Majestic produced 15.4 million ounces of silver (31 million silver-equivalent ounces) at a consolidated AISC of approximately US$28 per silver-equivalent ounce — characterized by Metal Pilot Research as "mid-high" relative to primary silver peers, and the highest in the large-cap silver producer peer set tracked by their editorial team.

This cost level significantly exceeded what the company had originally guided in mid-2025 (US$20.02–20.82 per AgEq ounce), highlighting the operational cost pressures that materialized across its four Mexican mines — San Dimas, Santa Elena, La Encantada, and the 70%-held Los Gatos — as well as the idled Jerritt Canyon gold complex in Nevada.

In Q2 2026, meaningful margin improvement was evident: First Majestic reported cash costs of US$18.06 and AISC of US$25.68 per silver-equivalent ounce for the quarter (up from US$21.02 in Q2 2025), against silver production of 3.8 million ounces (+3% year-over-year).

More significantly, the company's AISC margin expanded to US$40.27 per AgEq ounce in Q2 2026, up sharply from US$13.60 in Q2 2025 — a near-tripling driven by elevated realized silver prices overwhelming the higher cost base.

Full-year 2026 consolidated AISC guidance stands at US$27.69–28.77 per payable AgEq ounce, which relative to peers remains the highest in the large-cap silver producer universe.

This is the defining leverage mechanism: with the highest cost base 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.

For fiscal year 2025, despite carrying mid-high AISC relative to its peer group, First Majestic generated nearly US$1.3 billion in revenue — representing approximately 128% year-on-year growth — a testament to how significantly elevated silver prices can overwhelm even a structurally high cost base and drive substantial top-line expansion.

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 Q2 2026 AISC margin expansion from US$13.60 to US$40.27 per ounce year-over-year illustrates precisely this dynamic in practice.

Guidance Trajectory and Scale: What August 2026 Data Shows

By August 2026, First Majestic's full-year production guidance of 14.6–15.5 million ounces of silver remains broadly flat versus its FY2025 result of 15.4 million ounces — a broadly stable output trajectory rather than a growth story on volume terms.

In H1 2026, the company produced 7.3 million ounces of silver, representing approximately 50% of the revised full-year target — on pace but with limited buffer. Management's updated 2026 guidance also includes 128–135 thousand ounces of gold, reflecting the company's silver-primary but not silver-exclusive production profile.

Relative to peers, the production gap is significant. Fresnillo's guidance of 42.0–46.5 million ounces represents roughly three times AG's output at the midpoint, and even Coeur's pro forma

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 August 2026, AG carries a consensus "Moderate Buy" rating from nine brokerages — five Buy, three Hold, and one Strong Buy — according to MarketBeat's August 2026 analyst consensus report.

That breadth of coverage, combined with Q2 2026 financial results that demonstrated dramatic year-over-year improvement, keeps the bull case structurally intact even as the stock gapped up following earnings and prompted fresh debate about near-term valuation.

That headline sentiment captures the directional view efficiently, but the more important analytical task is understanding the layered structure of catalysts and risks that could either vindicate or collapse any particular price target.

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 illustrates this mechanism with unusual clarity.

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.

The downstream impact on profitability was equally striking. EBITDA reached approximately US$252.3 million, up roughly 110% year-over-year from approximately US$119.9 million in Q2 2025, per First Majestic's Q2 2026 financial results release.

Mine operating earnings jumped to US$223.6 million, while net earnings came in at US$109.4 million, or US$0.22 per share — more than doubling from US$52.5 million, or US$0.11 per share, a year earlier.

That margin expansion is structural in the near term: 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 US$194.6–195 million in free cash flow, compared with approximately US$77.9 million in Q2 2025 — and for the full first half of 2026, free cash flow reached approximately US$418.1 million, versus just US$121.4 million in H1 2025, according to HC Wainwright's research note raising its price target on the stock.

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 what Streetwise Reports described in its August 2026 coverage as underscoring "significantly strengthened liquidity and balance sheet flexibility."

The capital returns picture has itself become 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.

The company also repurchased roughly 1.2 million shares during the quarter, according to TipRanks' coverage of the Q2 2026 results — signaling management confidence in the current valuation.

As one analyst writing for The Motley Fool summarized the structural bull thesis:

> "First Majestic's setup is compelling because of margin expansion, production growth, and a fortress balance sheet. The sub-$30 share price simply adds an additional layer of torque to any sustained silver bull market."

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: H1 2026 Tracking, Guidance, and Jerritt Canyon

On the production side, Q2 2026 results showed approximately 3.8 million ounces of silver, with combined H1 2026 silver output reaching 7.3 million ounces — approximately 50% of revised annual guidance and keeping the company on track for full-year targets.

For context, First Majestic achieved record 2025 silver production of approximately 15.4 million ounces and roughly 147 thousand ounces of gold (~31.1 million AgEq ounces), providing a strong operational baseline.

Looking ahead, the company's updated 2026 guidance targets silver production of approximately 14.6–15.5 million ounces and gold production of roughly 128–135 thousand ounces, supported by planned capital expenditure of approximately US$318–344 million.

That capex budget funds the restart of Jerritt Canyon as well as development work at Santa Elena, San Dimas, Los Gatos, and La Encantada, per Simply Wall St's coverage of the mid-year guidance update.

The Jerritt Canyon Gold Mine in Nevada remains a significant company-specific catalyst to monitor. This U.S.-domiciled asset's 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 as the market assigns value to a functioning, producing U.S. asset.

Continued delays or cost overruns, however, would pressure the stock independently of whatever silver is doing — making it a source of idiosyncratic downside risk largely decoupled from macro metal trends. 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 elevated EBITDA margin structure reverses rapidly under that scenario — and consensus can shift quickly, as Q2 2026 demonstrated: despite exceptional year-over-year growth, adjusted EPS of US$0.21 came in below the FactSet consensus estimate of US$0.25, per HC Wainwright's research note, illustrating how a stock priced for high expectations can face consolidation pressure even on

strong absolute results.

Mexican jurisdiction risk is structural and persistent. Four of First Majestic's operating mines sit in Mexico, exposing the company to permitting risk, community relations dynamics, and potential regulatory changes.

Streetwise Reports specifically highlighted the company's Mexico operations as a key driver of record cash generation in August 2026 — making any disruption there 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 now dedicated to that restart.

Earnings beat/miss dynamics introduce a further consideration. Despite stellar year-over-year numbers in Q2 2026, the result 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 to shareholders from a record-level balance sheet.

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