| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 753 | $21.39 | $16,109 | 0.66% | $13.82 | $5,700 | +54.8% | — |
In short: Cited as one of the rare near-pure silver plays in a market where "global production… is usually a byproduct" and most so-called silver miners are 20–30% silver. He has known CEO Keith Neumeyer since 2008 and rates him — "he's done a great job" — but does not own the stock directly: "I own Keith's stock through GDX and GDXJ. I don't own it outright right now just because of the valuation versus other things that I'm seeing."
First Majestic matters in this conversation because of a fact most silver investors get wrong: almost nobody actually mines silver. Roughly speaking, silver comes out of the ground as a by-product of mining copper, lead and zinc, so when the silver price rises there is no group of companies that can simply produce more of it. Most so-called silver miners are only 20–30% silver by revenue; First Majestic is one of the few genuinely silver-weighted producers.
Feneck rates the management — he has known CEO Keith Neumeyer since 2008 and says "he's done a great job" — but he does not own the shares directly, and he says why plainly: "just because of the valuation versus other things that I'm seeing." He holds it indirectly through GDX and GDXJ instead.
So this is a positive view of the company inside a neutral view of the stock at today's price — worth reading alongside his silver position generally, where he trimmed 20% between $100 and $120 and has a stated re-entry at $50–55.
30:58So where is the silver coming from, right, when you look at global production? It's usually a byproduct. You don't have many pure silver plays like First Majestic, AG, or some of these stocks, right? A lot of them are 20 to 30% silver. — AG, bring up First Majestic. You think about Keith. Is that kind of your favorite play in that area? Any juniors you like on that side? — I own Keith's stock through GDX and GDXJ.
In short: CEO Keith Neumeier, on the day of Q2 production results: "another fantastic quarter," over $1 billion in the bank and "substantial profits" at current prices, with a share buyback running into the drawdown after the stock ran $20→$40 and gave much of it back. He met a December 2025 margin call from cash plus ~500,000 oz held at its own FirstMint vault, and says brokers report institutions finally coming into the market. Note: the speaker is First Majestic's CEO — a management view on his own stock.
First Majestic mines silver (and some gold) in Mexico and has done so under the same founder-CEO for 23 years. The pitch here is simple cash mechanics: silver's price fell hard from January's peak, but the company's cost of pulling metal out of the ground didn't move — so at today's prices it still earns wide margins, "substantial profits," and has piled up more than a billion dollars of cash. Cash that large in a company this size is optionality: it can survive a long downturn, buy assets from weaker miners, and meet surprise cash demands without selling anything.
It is doing the textbook thing with that cash — buying back its own shares while the stock is depressed. A buyback shrinks the number of shares outstanding, so each remaining share owns a bigger slice of the same mines; done while the price is low, it's the cheapest form of "buying more silver." Management is effectively saying its own equity is the best asset on the menu right now.
The company also runs its own mint and vault (FirstMint) holding roughly 500,000 ounces of physical silver. That's not a side business so much as a shock absorber: when its bank issued a margin call in December 2025 — a demand to post more cash against its trading/hedging positions after prices swung — First Majestic simply paid it, drawing on cash with the vault behind it. Miners that get forced sellers in those moments are the ones that get hurt; this one didn't.
The risk to weigh: this account comes from the CEO of the stock in question, at an investment conference, on the day he released good numbers. Everything above — production, cash balance, the buyback — is his telling. The genuine external risks are unchanged: the metal price itself, and Mexico, where the mines sit and where mining policy and permitting have been unpredictable.
In short: The silver miner written up bullishly last summer (+~170% at its peak). Played as a trade on the spikes — the Jan-26 Trading Alert suggested "a bit of gain-harvesting" ("AG could keep running, but is likely to get pummeled… on any correction in 'poor man's gold'"), and they note they should have done another gain-harvest when it ripped to the ~$30 vicinity. After the silver crash, with the metal's deficit fundamentals "extremely encouraging" and futures open interest at a multi-year low, they'd now suggest gradual accumulation despite the poor technical set-up.
First Majestic is a silver mining company, so its stock acts like a leveraged bet on the silver price — when silver soars the stock soars more, and when silver crashes it falls hard too. Haymaker recommended it last summer; it ran up about 170%, and as silver went vertical into early 2026 they told subscribers to "gain-harvest" — sell some to lock in profits — because a miner like this almost always gets hammered when the metal corrects. That call was right: silver collapsed from about $120 an ounce to roughly $58, and AG fell with it.
Here's why they're now buyers again despite the awful-looking chart. The actual supply-and-demand picture for silver is very bullish: not much new supply is coming, while demand keeps growing from three big sources — the military restocking munitions, the build-out of AI data centers, and the rewiring of America's aging electrical grid. That is pushing the silver market from a small surplus into a real shortage (a "deficit"). On top of that, traders in the silver futures market are about as bearish as they've been in years (a "multi-year low" in open interest), which is often the kind of washed-out, everyone-has-given-up moment that precedes a sharp rebound. So rather than try to call the exact bottom, Haymaker suggests buying gradually — adding a little at a time to both the metal and to AG — and using the proven discipline of harvesting gains again into the next vertical spike.
In short: Ranks it a 5 and owns it — not for relative valuation (price-to-NAV alone he'd call it a 6) but for the skill set of fixing large undercapitalized silver deposits, plus a $100M+ investment in PR and a "cult" shareholder base that responds aggressively to good silver news. One big failure: Jarrett Canyon, still being worked out.
First Majestic is a silver miner Rule owns and grades a 5 — but notably, if he judged it only on the value of its assets versus its price, he'd call it a 6. The extra point comes from things that don't show up on a spreadsheet: a genuine skill at turning around starved, neglected silver deposits, and an unusually devoted ("cult") shareholder base, amplified by heavy investor-relations spending, that piles in aggressively whenever silver news is good. He's honest that the company has had a real failure (Jarrett Canyon) it's still cleaning up.
25:28Well, let's kick it off with First Majestic, ticker symbol AG. What do you think of First Majestic? — I have First Majestic as a five. I need to say I own First Majestic, not necessarily because of relative valuations, but rather because of a skill set they have for taking large undercapitalized silver deposits, throwing love and attention for them, and working it out.
In short: The other producer cited as still profitable at these levels — Q1 cost of $29.76 per silver-equivalent ounce, holding wide margins; the miners have fallen more than the metal on operating/financing leverage and forced ETF selling, not on any change in their assets.
First Majestic is a primarily-silver miner. Its first-quarter cost was $29.76 per "silver-equivalent ounce" (a way of bundling its silver and gold output into one number). That's still comfortably below recent silver prices, so it too keeps wide margins.
Prins highlights that mining stocks fell more than the metal itself — because miners carry extra operating and borrowing risk, and because index funds that hold baskets of miners were force-sold all at once. None of that changed what's actually in First Majestic's mines, which is exactly why she sees the drop as a chance to accumulate rather than a reason to panic.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.