First Majestic Silver Corp. (NYSE: AG) (TSX: FR) ("First Majestic" or the "Company") announces that total production in the fourth quarter of 2022 from the Company's four producing operations, the San Dimas SilverGold Mine, the Jerritt Canyon Gold Mine, the Santa Elena SilverGold Mine and the La Encantada Silver Mine reached 7.6 million silver equivalent ("AgEq") ounces, consisting of 2.4 million silver ounces and 63,039 gold ounces. Total production for the full year of 2022 reached a new Company record of 31.3 million AgEq ounces, consisting of 10.5 million silver ounces and 248,394 gold ounces, or a 16% increase compared to 2021.

In 2023, the Company is expecting to increase production to a new Company record of between 33.2 to 37.1 million AgEq ounces, consisting of 10.0 to 11.1 million ounces of silver and 277,000 to 310,000 ounces of gold, with an all-in sustaining cost ("AISC") guidance of between $18.47 to $19.72 per AgEq ounce. Based on the midpoint of the guidance range the Company expects AgEq ounces to increase 12% when compared to 2022.

Q4 2022 HIGHLIGHTS

Total Production Decreased by 14% Q/Q: The Company produced 7.6 million AgEq ounces representing a 14% decrease when compared to the record of 8.8 million AgEq ounces in the previous quarter. The decrease was primarily due to lower production at San Dimas and Santa Elena, slightly offset by higher gold production at Jerritt Canyon and higher silver production at La Encantada.
Transitioning to 100% Ermitaño Ores at Santa Elena: Continued strong metal production from the Ermitaño mine enabled Santa Elena to produce 2.3 million AgEq ounces in the fourth quarter, or 16% below the record 2.7 million AgEq in the prior quarter. In 2023, Santa Elena is expected to produce between 7.8 to 8.7 million AgEq ounces as it transitions to full production from Ermitaño while exploration continues at the recently discovered Silvana vein within the Santa Elena mine.
Significant Production Growth Geared Up at Jerritt Canyon in 2023: The secondary escapeway in the West Generator mine was completed in November allowing for improved ore production although a severe cold weather disturbance in December limited haulage and deliveries to the plant. With the additional ramp up of Smith Zone 10 and the restart of the Saval II mine, gold production at Jerritt Canyon is expected to be between 119,000 to 133,000 ounces in 2023, representing a mid-point increase of 74% compared to 2022.
Santa Elena's Dual-Circuit Completed: The Company successfully completed the commissioning of the dual-circuit processing plant at Santa Elena during the quarter which includes the new 3,000 tonne per day ("tpd") filter press, designed to improve the leaching performance and reduce operating costs.
10 Drill Rigs Active: The Company concluded its 2022 exploration program during the quarter by completing a total of 16,086 metres of drilling across the Company's mines. Throughout the quarter a total of 10 drill rigs were active consisting of four rigs at San Dimas, two rigs at Jerritt Canyon, three rigs at Santa Elena and one rig at La Encantada.

FY 2022 HIGHLIGHTS

Silver production in 2022 reached 10.5 million ounces (compared to 12.8 million ounces in 2021) which missed the lower end of the Company's revised guidance range of between 11.2 to 11.9 million ounces of silver primarily due to lower than expected silver grades at San Dimas and prioritizing higher gold grade ores from the Ermitaño mine at Santa Elena.
Gold production in 2022 reached a new Company record of 248,394 ounces (compared to 192,353 in 2021) but slightly missed the lower end of the Company's revised guidance range of between 256,000 to 273,000 ounces primarily due to lower than expected gold grades at Jerritt Canyon.
Santa Elena produced a new annual record of 9.1 million AgEq oz in 2022, representing an 81% increase compared to 2021.
The Santa Elena operation was awarded the prestigious "Silver Helmet Award" in the category of "Underground Mining of More Than 500 Workers" by the Mining Chamber of Mexico for its outstanding performance in occupational safety and health. The distinguished annual award of excellence is only awarded to a select handful of mining operations in Mexico.

Successfully expanded Santa Elena's liquid natural gas ("LNG") powerplant from 12 MW to 24 MW to supply low-cost, clean power to the Ermitaño mine and the recently completed dual-circuit plant.

Sold a record 444,576 ounces of silver bullion, representing a 27% increase compared to 2021 and approximately 4.2% of the Company's silver production, on First Majestic's online bullion store at an average silver price of $26.20 per ounce for total proceeds of $11.6 million.

"The Company reached a new annual production record of 31.3 million AgEq ounces in 2022 primarily due to the significant increase in production from the Ermitaño mine at Santa Elena," said Keith Neumeyer, President & CEO. "Santa Elena was the bright spot in our portfolio in 2022 as we brought the high-grade core vein online in the second half of 2022 which increased production by 81% compared to 2021. At Jerritt Canyon, we unfortunately ended the year with extremely challenging weather conditions as northern Nevada experienced a severe cold spell and double the normal snowfall amounts which impacted ore deliveries from SSX and West Generator. Our San Dimas and La Encantada mines in Mexico delivered solid results as expected."

Mr. Neumeyer continues, "For 2023, significant improvements are expected at Jerritt Canyon where gold production is projected to nearly double along with lower AISC when compared to 2022. Our Mexican operations, which are generating healthy margins at current prices, are estimated to generate 70% of our total production in 2023 with AISC of approximately $17 per oz."

Production Details Table:

Q4	Q3	Q/Q		FY	FY	Y/Y
2022	2022	Change	Consolidated Production Results	2022	2021	Change
851,564	836,514	2%	Ore processed/tonnes milled	3,468,987	3,339,394	4%
7,558,791	8,766,192	-14%	Total production - Silver equivalent ounces	31,252,921	26,855,783	16%
2,396,696	2,736,100	-12%	Silver ounces produced	10,522,052	12,842,944	-18%
63,039	67,072	-6%	Gold ounces produced	248,394	192,353	29%

Quarterly Mine by Mine Production Table:

Mine	Ore Processed	Tonnes per Day	Ag Grade (g/t)	Au Grade (g/t)	Ag Recovery	Au Recovery	Ag Oz Produced	Au Oz Produced	AgEq Oz Produced
San Dimas	210,108	2,284	220	3.12	94%	96%	1,392,506	20,257	3,054,098
Jerritt Canyon	179,502	1,951	-	3.51	-	83%	-	16,845	1,388,140
Santa Elena	207,188	2,252	47	4.33	64%	90%	199,388	25,830	2,302,904
La Encantada	254,766	2,769	120	0.01	82%	90%	804,802	107	813,649

*Certain amounts shown may notadd exactlytothetotal amount due to rounding differences.
*The following prices were used in the calculation of silver equivalent ounces: Silver: $21.12 per ounce; Gold: $1,726 per ounce.

At the San Dimas Silver/Gold Mine:

San Dimas produced 3,054,098 AgEq ounces during the quarter consisting of 1,392,506 ounces of silver and 20,257 ounces of gold, representing decreases of 16% and 14%, respectively, when compared to the prior quarter.
The mill processed a total of 210,108 tonnes of ore with average silver and gold grades of 220 g/t and 3.12 g/t, respectively. Silver and gold grades were lower in the fourth quarter primarily due to the processing of lower grade development ores from the Perez vein and higher tonnages from underground areas with challenging ground conditions within the Jessica and Regina veins in the Noche Buena area.
Silver and gold recoveries during the quarter averaged 94% and 96%, respectively.
The Central Block and Sinaloa Graben areas contributed approximately 75% and 25%, respectively, of the total production during the quarter.
During the quarter, a total of four underground drill rigs completed 8,799 metres of drilling on the property.

At the Jerritt Canyon Gold Mine:

During the quarter, Jerritt Canyon produced 16,845 ounces of gold, representing a 3% increase compared to the prior quarter. The increase was primarily due to a 3% increase in gold grades offset by lower than expected throughput due to severe weather in December which significantly impacted ore haulage and deliveries from the SSX and West Generator mines.
The mill processed a total of 179,502 tonnes of ore with an average gold grade and recovery of 3.51 g/t and 83%, respectively. The Company expects ore volumes and gold grades to continue to improve in the first half of 2023 as higher-grade ore pods from the Smith Zone 10, West Generator and Saval II areas are processed at the mill.
During the quarter, an ore purchase agreement was signed with a third-party to provide up to 32,000 tonnes of sulphide gold ore by the end of 2023. Limited initial ore deliveries were received and processed in the month of December. Furthermore, improvements in blend optimization will result in a reduction in coal consumption in the roasters due to the higher sulphur content of the purchased material.
The Company completed the secondary escapeway in the West Generator mine in November which is now allowing for improved ore deliveries and gold production. This new ore feed, along with the start of the Saval II mine, is anticipated to increase gold grades and increase the amount of fresh ore feed to the plant in 2023.
During the quarter, two underground drill rigs completed 4,185 metres of drilling on the property.

At the Santa Elena Silver/Gold Mine:

Santa Elena produced 2,302,904 AgEq ounces consisting of 199,388 ounces of silver and 25,830 ounces of gold during the quarter, representing a 35% decrease in silver ounces and a 4% decrease in gold ounces when compared to the prior quarter. The decrease in silver production was primarily due to processing a higher percentage of ore from the Ermitaño mine with higher gold grades than the Santa Elena mine.
The mill processed a total of 207,188 tonnes of ore consisting of 41,953 tonnes (20% of total) from Santa Elena and 165,235 tonnes (80% of total) from Ermitaño.
Silver and gold grades from Santa Elena averaged 102 g/t and 0.99 g/t, respectively, while silver and gold grades from Ermitaño averaged 32 g/t and 5.17 g/t, respectively.
Consolidated silver and gold recoveries averaged 64% and 90%, respectively, during the quarter. The Company completed the dual-circuit project at the Santa Elena processing plant which includes an additional leaching tank, a fourth CCD thickener and the new 3,000 tpd tailings filter-press. Going forward, the dual-circuit will be able to treat finer grind sized material in an effort to improve metallurgical recoveries, reduce moisture in the tailings and reduce material handling costs.
During the quarter, three drill rigs consisting of two surface rigs and one underground rig, completed 2,232 metres of drilling on the property.

At the La Encantada Silver Mine:

During the quarter, La Encantada produced 804,802 ounces of silver, representing a 4% increase compared to the prior quarter. The increase was primarily due to a 4% increase in silver recoveries.
The mill processed a total of 254,766 tonnes of ore with an average silver grade and recovery of 120 g/t and 82%, respectively. The Company began processing development ores from the Beca-Zone orebody in the quarter and expects to begin stope production to access higher grade ore in the second quarter of 2023.
During the quarter, one underground rig completed 870 metres of drilling on the property.

2023 PRODUCTION GUIDANCE

The Company expects 2023 total production from its four operating mines to reach a new Company record of between 33.2 to 37.1 million AgEq ounces consisting of 10.0 to 11.1 million ounces of silver and 277,000 to 310,000 ounces of gold. Based on the midpoint of the guidance range the Company expects AgEq ounces to increase 12% when compared to 2022. Silver production is expected to remain consistent with 2022 rates whereas the gold production is expected to increase by 18% year-over-year. The increase in forecast gold production is primarily due to improvements in mine production at Jerritt Canyon resulting in an expected 74% increase in gold ounces in 2023 when compared to the prior year. In addition, strong gold production is expected to continue at Santa Elena as the plant will only process Ermitaño ores in 2023. The Company has identified a new vein in the Santa Elena mine, called Silvana, and plans to drill test the area in 2023 with the goal of developing a mine plan to bring the vein into production by 2024.

A mine-by-mine breakdown of the 2023 production guidance is included in the table below. The Company reports cost guidance to reflect cash costs and AISC on a per AgEq payable ounce. For 2023, the Company is using an 84:1 silver to gold ratio compared to an 85:1 silver to gold ratio in its revised 2022 guidance. Metal price and foreign currency assumptions for calculating equivalents are silver: $21.50/oz, gold: $1,800/oz, MXN:USD 20:1.

GUIDANCE FOR 2023

	Silver Oz (M)	Gold Oz (k)	Silver Eqv Oz (M)	Cash Cost	AISC
	Silver Oz (M)	Gold Oz (k)	Silver Eqv Oz (M)	Cash Cost	AISC
Silver:				($ per AgEq oz)	($ per AgEq oz)
San Dimas, Mexico	6.4 - 7.2	72 - 81	12.5 - 14.0	9.62 - 10.19	13.02 - 13.91
Santa Elena, Mexico	0.7 - 0.7	86 - 95	7.8 - 8.7	11.59 - 12.21	14.60 - 15.53
La Encantada, Mexico	2.9 - 3.2	-	2.9 - 3.2	16.73 - 17.69	19.86 - 21.14
Mexico Total:	10.0 - 11.1	158 - 176	23.2 - 25.9	12.12 - 12.77	16.69 - 17.83

Gold:				($ per AuEq oz)	($ per AuEq oz)
Jerritt Canyon, USA	-	119 - 133	10.0 - 11.2	1,502 - 1,592	1,733 - 1,842
Total Production				($ per AgEq oz)	($ per AgEq oz)
Consolidated	10.0 - 11.1	277 - 310	33.2 - 37.1	13.88 - 14.66	18.47 - 19.72

* Certain amounts shown may not add exactly to the total amount due to rounding differences.
* Cash Costs and AISC are non-GAAP measures and are not standardized financial measures under the Company's financial reporting framework. The Company calculates cash costs and consolidated AISC in the manner set out in the table below. These measures have been calculated on a basis consistent with historical periods.

The Company is projecting its 2023 AISC to be within a range of $18.47 to $19.72 on a per consolidated payable AgEq ounce basis. Excluding non-cash items, the Company anticipates its 2023 AISC to be within a range of $17.92 to $19.10 per payable AgEq ounce. An itemized AISC cost table is provided below:

All-In Sustaining Cost Calculation	FY 2023 ($ /AgEq oz)
Total Cash Costs per Payable Silver Ounce	13.88	-	14.66
General and Administrative Costs	0.98	-	1.09
Sustaining Development Costs	1.36	-	1.45
Sustaining Property, Plant and Equipment Costs	0.73	-	0.82
Profit Sharing	0.57	-	0.63
Share-based Payments (non-cash)	0.39	-	0.43
Lease Payments	0.41	-	0.45
Accretion of Reclamation Costs (non-cash)	0.16	-	0.18
All-In Sustaining Costs: (AgEq Oz)	18.47	-	19.72
All-In Sustaining Costs: (AgEq Oz excluding non-cash items)	17.92	-	19.10

AISC is a non-GAAP measure and is calculated based on the Company's consolidated operating performance. Other mining companies may calculate AISC differently as a result of differences in underlying accounting principles, the definition of "sustaining costs" and the distinction between sustaining and expansionary capital costs.
Total cash cost per payable AgEq ounce includes estimated royalties and 0.5% Mexico mining environmental fee of $0.40 to $0.44 per payable AgEq ounce.
For further details of these measures, including equivalent historical information, please see "Non-GAAP Measures" on pages 33-42 of the Company's Management's Discussion and Analysis for the third quarter of 2022, available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

CAPITAL INVESTMENTS IN 2023

In 2023, the Company plans to invest a total of $187.8 million on capital expenditures consisting of $78.4 million for sustaining activities and $109.5 million for expansionary projects. This represents a 6% decrease compared to the 2022 revised capital expenditures and is aligned with the Company's future growth strategy of increasing underground and plant processing rates at Jerritt Canyon, San Dimas and Santa Elena.

2023 Capital Guidance ($millions)	Sustaining	Expansionary	Total
Underground Development	51.2	43.6	94.8
Exploration	0.0	39.8	39.8
Property, Plant and Equipment	25.4	19.9	45.3
Corporate Projects	1.7	6.2	7.9
Total	$78.4	$109.5	$187.8

The 2023 annual guidance includes total capital investments of $94.8 million to be spent on underground development; $45.3 million towards property, plant and equipment; $39.8 million in exploration; and $7.9 million towards corporate innovation projects. Management may revise the guidance during the year to reflect actual and anticipated changes in metal prices or to the business.

The Company plans to complete approximately 40,700 metres of underground development in 2023 compared to 45,614 metres completed in 2022. The 2023 development program consists of approximately 17,900 metres at San Dimas; 9,000 metres at Jerritt Canyon; 10,500 metres at Santa Elena and 3,300 metres at La Encantada. At San Dimas, the Company is planning to concentrate development metres in the Perez Vein, located in the Sinaloa Graben block, and continue development activities in the Noche Buena sector. At Santa Elena, underground development will focus exclusively in the Ermitaño mine to achieve 2,500 tonnes per day of underground ore extraction throughout all of 2023. At Jerritt Canyon, development activities will be focused in newly discovered areas within the Smith and SSX mines while also ramping up production at West Generator and Saval II mines. At La Encantada, the Company is developing the second levels of both the Ojuelas and Milagros orebodies for 2023 production.

The Company is planning approximately 245,350 metres of exploration drilling in 2023 compared to 248,123 metres completed in 2022. The 2023 drilling program is expected to consist of:

At San Dimas, approximately 77,450 metres of drilling are planned with infill, step-out and exploratory holes focused on near mine and brownfield targets including major ore controlling structures in the West, Central, Sinaloa and Tayoltita blocks. Exploration efforts will focus on adding Inferred Resources along known veins and identifying new veins in locations where post mineral cover has deferred work to date.
At Jerritt Canyon, approximately 112,900 metres are planned to drill a mixture of surface and underground infill, step-out, and exploratory holes to support the life of mine and test the presence of new ore bodies. Surface exploration will aim to test newly identified targets on the property, including follow up drilling from recent drill intercepts at Winters Creek and Waterpipe II. Underground drilling is planned for SSX, Smith and West Generator where the focus is to replicate the Smith Zone 10 success by targeting above the water table, near active development mineralization to facilitate a fast turnaround to mining.
At Santa Elena, approximately 47,000 metres are planned with near mine drilling to continue testing the newly identified Silvana vein in Santa Elena and infill drilling at the Ermitaño vein to convert Inferred Resources to Indicated Resources. Greenfield drilling at Santa Elena will focus on several targets within a 5-kilometre radius around the processing plant where the goal is to find a new mineralized vein. The Company is also planning to return to the Los Hernandez property, nearby to the Las Chispas mine, to test updated targets and projections of mineralized structures.
Finally, at La Encantada the Company has planned approximately 8,000 metres to continue searching for a new mineralized breccia body as well as extend and de-risk some of the known veins and vein systems.

Q4 2022 EARNINGS AND DIVIDEND ANNOUNCEMENT

The Company is planning to release its fourth quarter 2022 unaudited financial results, and to announce the fourth quarter dividend payment, and shareholder record and payable dates on February 23, 2023.

CONFERENCE CALL

The Company will be holding a conference call and webcast today, January 19, 2023 at 8:00 am PT (11:00 am ET) to discuss the quarterly production results as well as its 2023 production, cost and capital guidance. To participate in the conference call, please dial the following:

Toll Free Canada & USA: 1-800-319-4610
Outside of Canada & USA: 1-604-638-5340
Toll Free Germany: 0800 180 1954
Toll Free UK: 0808 101 2791

Participants should dial in 10 minutes prior to the conference.

Click on "January 19, 2023 Webcast Link" on the First Majestic homepage as a simultaneous audio webcas31t of the conference call will be posted at www.firstmajestic.com.

The conference call will be recorded and you can listen to an archive of the conference by calling:

Canada & USA Toll Free: 1-800-319-6413
Outside Canada & USA: 1-604-638-9010
Access Code: 9809 followed by the # sign

The replay will be available approximately one hour after the conference and will be available for seven days following the conference. The replay will also be available on the Company's website for one month.

ABOUT THE COMPANY

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates the San Dimas Silver/Gold Mine, the Jerritt Canyon Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine.

First Majestic is proud to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at its Bullion Store at some of the lowest premiums available.

FOR FURTHER INFORMATION contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.

FIRST MAJESTIC SILVER CORP.
"signed"
Keith Neumeyer, President & CEO

Non-GAAP Financial Measures

This press release includes reference to certain financial measures which are not standardized measures under the Company's financial reporting framework. These measures include cash costs per silver equivalent ounce produced, all-in sustaining cost (or "AISC") per silver equivalent ounce produced, total production cost per tonne, average realized silver price per ounce sold, working capital, adjusted EPS and cash flow per share. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. These measures are widely used in the mining industry as a benchmark for performance but do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures disclosed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and a reconciliation of certain measures to GAAP terms please see "Non-GAAP Measures" in the Company's most recent management discussion and analysis filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov and which is incorporated by reference herein.

Cautionary Note Regarding Forward Looking Statements

This press release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and U.S. securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: release of the Company's financial statements; dividends; the Company's business strategy; future planning processes; commercial mining operations; cash flow; budgets; the timing and amount of estimated future production; throughput capacity; ore feed and grades; recovery rates; mine plans and mine life; costs and timing of development at the Company's projects; capital projects and exploration activities and the possible results thereof. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Statements concerning proven and probable mineral reserves and mineral resource estimates may also be deemed to constitute forward‐looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of measured and indicated mineral resources or proven and probable mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19, and any other pandemics or epidemics on our operations and workforce, and the effects on global economies and society; general economic conditions including inflation risks; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in the Company's most recent Annual Information Form, available on www.sedar.com, and Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

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First Majestic Announces Ticker Symbol Change on the Toronto Stock Exchange to "AG"

First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce that effective as of market open Monday, May 27, 2024, First Majestic's stock ticker symbol on the Toronto Stock Exchange (the "TSX") will change from "FR" to "AG".

As a result of this change, "AG" will now be the ticker symbol for First Majestic's common shares listed in Canada on the TSX, and in the United States on the New York Stock Exchange (the "NYSE"), allowing for enhanced, harmonized brand alignment within the Canadian and United States capital markets. The Company's ticker symbol on the Frankfurt Stock Exchange remains "FMV".

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First Majestic Announces Voting Results from Annual General Meeting

First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the voting results for its Annual General Meeting of Shareholders held on Thursday, May 23, 2024 in Vancouver, British Columbia (the "2024 AGM"). Each of the matters that were voted upon at the 2024 AGM are described in detail in the Company's Management Information Circular dated April 11, 2024 (the "Circular"), which is available at www.firstmajesticagm.com.

A total of 120,646,090 common shares of First Majestic were represented at the 2024 AGM, being 42% of the Company's issued and outstanding common shares as at the record date. Shareholders voted in favour of all matters brought before the 2024 AGM, and the specific voting results were as follows:

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Silver Price Forecast - What Happened And Where Do We Go From Here?

Silver Outlook

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Silver Price Forecast: Top Trends for Silver in 2025

Silver Price Update: Q1 2025 in Review

Top 5 Canadian Silver Stocks of 2025

Silver Price Forecast: Top Trends for Silver in 2025

The silver price reached highs not seen since 2012 this past year, supported by an ongoing deficit and increasing interest from investors as geopolitical concerns prompted safe-haven buying.

The white metal reached its highest point for the year in October, breaking through US$34 per ounce on the back of a shifting post-pandemic landscape and geopolitical tensions. However, Donald Trump's victory in the US presidential election just a few weeks later buoyed bond yields and the US dollar while weighing on silver and gold.

What will 2025 hold for silver? As the new year approaches, investors are closely watching how Trump's policies and actions could impact the precious metal, along with supply and demand trends in the space.

Here's what experts see coming for silver in 2025.

How will Trump's presidency impact silver?

As Trump's inauguration approaches, speculation is rife about how he could affect the resource industry.

The president-elect ran on a policy of “drill, baby, drill," and while his focus was largely on oil and gas companies, mining sector participants have taken it as a positive sign for exploration and development.

Trump's promise to reduce permitting timelines for anyone making an investment of US$1 billion or more in the US has excited sector members, and could end up being a boon to silver companies in the country.

However, part of the help Trump has promised to mining companies comes from reneging on environmental commitments, including the Paris Agreement. This could end up weighing on silver.

Current President Joe Biden's Inflation Reduction Act includes tax credits and deductions for solar projects, and there's some concern that the incoming administration and the new Elon Musk-led Department of Government Efficiency (DOGE) could impose reversals or have the entire act gutted, hurting the solar market.

However, Peter Krauth, author of "The Great Silver Bull" and editor of the Silver Stock Investor, told the Investing News Network (INN) that Tesla (NASDAQ:TSLA) CEO Musk could end up keeping solar safe.

“Tesla bought SolarCity, which became Tesla Energy. They are an important provider of solar panels. Again, Musk’s new role heading DOGE and obvious close connection to Trump just might help mitigate risks to Tesla and its solar panel/power storage business. If that happens, in whatever form it may take, it could shelter solar panel production and sales in the US to a considerable degree,” Krauth explained via email.

He also noted that Trump's presidency isn't without risks and that much uncertainty still remains.

Mind Money CEO Julia Khandoshko also isn't worried about solar demand in the US.

“Rolling back ESG policies and returning to carbon-based technologies could slow the green energy transition in the US. However, Europe and China, the main drivers of the green transition, remain committed to clean energy, which increases silver demand. Thus, global trends will continue to support silver use in renewable energy technologies,” she told INN.

Silver deficit expected to continue

Industrial segments have been critical for silver demand in recent years.

As of November, the Silver Institute was forecasting total industrial demand of 702 million ounces of silver for 2024, an increase of 7 percent over the 655 million ounces recorded in 2023.

The institute attributes much of this increase to energy transition sectors, highlighting photovoltaics in particular.

However, these gains are coming alongside flat mine production, which is expected to grow only 1 percent to 837 million ounces during 2024. Once factored in, secondary supply from recycling pushes total supply of silver to 1.03 billion ounces for the year, a considerable gap from the 1.21 billion ounces of total demand.

Both Krauth and Khandoshko think the gap between silver supply and demand will continue.

Krauth suggested that companies have been dipping into aboveground inventories to narrow the gap, which has helped to keep the price of silver from exploding over the past year. "That supply is quickly drying up, so I expect to see renewed upward price pressure since silver miners are unable to grow output," he told INN.

Khandoshko expressed a similar sentiment, saying demand is likely to keep outpacing supply.

However, she also sees geopolitics and a global macroeconomic situation that could constrain both demand and supply growth in 2025. For example, economic difficulties in Europe and China could slow energy transition demand.

"The problem is that silver production is mainly concentrated in geopolitically challenging areas, such as Russia and Kazakhstan, where securing funding for supply expansion is quite difficult" — Julia Khandoshko, Mind Money

When it comes to supply, Khandoshko told INN that she sees a different scenario.

“The problem is that silver production is mainly concentrated in geopolitically challenging areas, such as Russia and Kazakhstan, where securing funding for supply expansion is quite difficult," she explained.

"These factors limit silver’s growth potential compared to gold, which in turn benefits from its role as a safe-haven asset during times of economic uncertainty."

Silver M&A set to heat up in 2025

As silver supply becomes increasingly stressed, experts are eyeing projects that are ramping up.

Krauth highlighted Aya Gold and Silver’s (TSX:AYA:OTCQX:AYASF) Zgounder mine expansion. Its first pour was at the end of November, and it is expected to ramp up to full annual output of 8 million ounces in 2025.

Endeavour Silver’s (TSX:EDR,NYSE:EXK) Terronera mine is also nearing completion. Once complete, the operation is expected to produce 15.5 million silver equivalent ounces per year.

For its part, Skeena Resources (TSX:SKE,NYSE:SKE) is working to develop its Eskay Creek project. It is set to come online in 2027, and is expected to bring 9.5 million ounces of silver per year to market in its first five years.

Krauth said a rising silver price is likely good news for mergers and acquisitions in 2025.

“Higher prices, since they translate into higher share prices, meaning acquirers can use their more valuable shares as a currency to acquire others … I think 2024 will bring deals between mid-tiers and between juniors," he said.

Krauth added, "The truth is that many mid-tier producers have not been spending on exploration. Something has to give, so I think we’ll see this space heat up."

Investor takeaway

Khandoshko and Krauth have similar silver outlooks for 2025, suggesting a possible pullback.

“Due to supply shortages and increasing demand in the coming months, silver is expected to reach US$35. After this, a slight pullback to US$30 would be possible,” Khandoshko said.

However, after that happens she projects another rise, with silver potentially passing US$50.

Krauth was looking for silver to reach US$35 in 2024, which happened in Q4. Looking forward to 2025, he thinks the white metal will revisit that level in the first quarter, with US$40 or more possible later in the year.

However, he suggested that investors should be cautious of wider economic trends affecting silver.

“There is a serious risk of significant correction in the broader markets and of a recession. A broad market selloff could bleed into silver stocks, even if only temporarily,” Krauth said.

In the case of a recession, a lack of industrial demand could create headwinds for silver. Still, Krauth thinks that could be tempered by government stimulus efforts for green energy and infrastructure.

Overall, 2025 could be a significant year for silver investors. However, geopolitical and economic instability may provide headwinds across the resource sector and could stymie silver's upward momentum.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Prismo Metals is a client of the Investing News Network. This article is not paid-for content.

The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Silver Price Update: Q1 2025 in Review

Gold may be grabbing headlines with record-breaking highs in 2025, but silver is quietly making its own impressive climb, rising 17 percent since the start of the year.

Long supported by industrial demand, the silver market is also benefiting from its reputation as a safe-haven asset. However, mounting economic uncertainty has rattled investors in recent months.

While there are many driving forces behind this uncertainty, the ongoing tariff threats from US President Donald Trump and his administration have spooked equity markets worldwide.

What happened to the silver price in Q1?

After reaching a year-to-date high of US$34.72 per ounce in October 2024, the price of silver spent the rest of the year in decline, bottoming out at US$28.94 on December 30.

A momentum shift at the start of the year caused it to rise. Opening at US$29.53 on January 2, silver quickly broke through the US$30 barrier on January 7, eventually reaching US$31.28 by January 31.

Silver price, January 2 to April 4, 2025

Silver price, January 2 to April 4, 2025

Chart via Trading Economics.

Silver's gains continued through much of February, with the white metal climbing to US$32.94 on February 20 before retreating to US$31.13 on February 28. Silver rose again in March, surpassing the US$32 mark on March 5 and closing above US$32 on March 12. It peaked at its quarterly high of US$34.43 on March 27.

Heading into April, silver slumped back to US$33.67 on the first day of the month; it then declined sharply to below US$30 following Trump's tariff announcements on April 2.

Tariff fears lift silver, but industrial demand uncertainty looms

Precious metals, including silver, have benefited from the volatility created by the Trump administration’s constant tariff threats since the beginning of the year. These threats have caused chaos throughout global equity and financial markets, prompting more investors to seek safe-haven assets to stabilize their portfolios.

However, there are concerns that the threat of tariffs could weaken industrial demand, which could cool price gains in the silver market. In an email to the Investing News Network (INN), Peter Krauth, editor of the Silver Stock Investor and author of "The Great Silver Bull," said it's too soon to tell how tariffs may affect silver.

“We don’t really have any indication yet that industrial demand has weakened. There is, of course, a lot of concern regarding industrial demand, as tariffs could cause demand destruction as costs go up,” he said.

Krauth noted that for solar panels there is an argument that tariffs could positively affect industrial demand if countries have a greater desire for self-sufficiency and reduced reliance on energy imports.

He referenced research by Heraeus Precious Metals about a possible slowdown in demand from China, which accounts for 80 percent of solar panel capacity. However, any slowdown would coincide with a transition from older PERC technology to newer TOPCon cells, which require significantly more silver inputs.

“This, along with the gradual replacement of older PERC solar panels with TOPCon panels, should support silver demand at or near recent levels,” Krauth said.

Recession could provide headwinds

Another potential headwind for silver is the looming prospect of a recession in the US.

At the beginning of 2024, analysts had largely reached a consensus that some form of recession was inevitable.

While real GDP in the US rose 2.8 percent year-on-year for 2024, data from the Federal Reserve Bank of Atlanta’s GDPNow tool shows a projected -2.8 percent growth rate for the first quarter.

The Bureau of Economic Analysis won't release official real GDP figures until April 30, but the Atlanta Fed’s numbers suggest a troubling fall in GDP that could signal an impending recession.

In comments to INN, Mind Money CEO Julia Khandoshko indicated that a recession may negatively impact the silver market due to the growing demand for silver from energy transition markets.

“When the economy slows down, demand for manufactured goods, including silver, decreases, which means that buying in the next six months is unlikely to be a wise decision,” she said.

Solar panels account for significant demand, with considerable amounts also used in electric vehicles. Tariffs on US vehicle imports and a possible recession could create added pressure for silver.

"In my view, there’s a strong possibility of witnessing a shock from a severe supply shortage in the silver market within the next six months or so" — Peter Krauth, Silver Stock Investor

“Another important factor is silver’s connection to the electric vehicle market. Previously, this sector supported demand for the metal, but now its growth has slowed down. In Europe and China, interest in electric cars is no longer so active, and against the background of economic problems, sales may even decline,” Khandoshko said.

Silver demand from solar panel production stands at 232 million ounces annually, with an additional 80 million ounces used by the electric vehicle sector. A recession could lead consumers to postpone major purchases, such as home improvements or new vehicles, particularly if coupled with the extra costs of tariffs.

Although the impact of tariffs on the economy — and ultimately demand for silver — remains uncertain, the Silver Institute’s latest news release on March 3 indicates a fifth consecutive annual supply deficit.

Silver price forecast for 2025

“I think silver will hold up well and rise on balance over the rest of this year,” Krauth said.

He also noted that, like gold, there have been shipments of physical silver out of vaults in the UK to New York as market participants try to avoid any direct tariffs that may be coming.

“In my view, there’s a strong possibility of witnessing a shock from a severe supply shortage in the silver market within the next six months or so,” Krauth explained to INN.

Khandoshko suggested silver's outlook is more closely tied to consumer sentiment. “The situation may also change when the news stops discussing the high probability of a recession in the US,” she remarked.

With Trump announcing a sweeping 10 percent global tariff along with dozens of specific reciprocal tariffs on April 2, there appears to be more instability and uncertainty ahead for the world’s financial systems.

This uncertainty has spread to precious metals, with silver trading lower on April 3 and retreating back toward the US$31 mark. Investors might be taking profits, but it could also be a broader pullback as they determine how to respond in a more aggressively tariffed world. In either scenario, the market may be nearing opportunities.

“There is some risk that we could see a near-term correction in the silver price. I don’t see silver as currently overbought, but gold does appear to be. I think we could get a correction in the gold price, which would likely pull silver lower. I could see silver retreating to the US$29 to US$30 level. That would be an excellent entry point. In that scenario, I’d be a buyer of both the physical metal and the silver miners,” Krauth said.

With increased industrial demand and its traditional safe-haven status, silver may present a more ideological challenge for investors in 2025 as competing forces exert their influence. Ultimately, supply and demand will likely be what drives investors to pursue opportunities more than its safe-haven appeal.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Top 5 Canadian Silver Stocks of 2025

Silver-mining companies and juniors have seen support from a strong silver price in 2025. Since the start of the year, the price of silver has increased by over 11 percent as of April 11, and it reached a year-to-date high of US$34.38 per ounce on March 27.

Silver’s dual function as a monetary and industrial metal offers great upside. Demand from energy transition sectors, especially for use in the production of solar panels, has created tight supply and demand forces.

Demand is already outpacing mine supply, making for a positive situation for silver-producing companies.

So far, aboveground stockpiles have been keeping the price in check, but the expectation is those stocks will be depleted in 2025 or 2026, further restricting the supply side of the market.

How has silver's price movement benefited Canadian silver stocks on the TSX, TSXV and CSE? The five companies listed below have seen the best performances since the start of the year. Data was gathered using TradingView's stock screener on February 12, 2025, and all companies listed had market caps over C$10 million at that time.

1. Discovery Silver (TSX:DSV)

Year-to-date gain: 185.92 percent
Market cap: C$848.98 million
Share price: C$2.03

Discovery Silver is a precious metals development company focused on advancing its Cordero silver project in Mexico. Additionally, it is looking to become a gold producer with its recently announced acquisition of the producing Porcupine Complex in Ontario, Canada.

Cordero is located in Mexico’s Chihuahua State and is composed of 26 titled mining concessions covering approximately 35,000 hectares in a prolific silver and gold mining district.

A 2024 feasibility study for the project outlines proven and probable reserves of 327 million metric tons of ore containing 302 million ounces of silver at an average grade of 29 grams per metric ton (g/t) silver, and 840,000 ounces of gold at an average grade of 0.08 g/t gold. The site also hosts significant zinc and lead reserves.

The report also indicated favorable economics for development. At a base case scenario of US$22 per ounce of silver and US$1,600 per ounce of gold, the project has an after-tax net present value of US$1.18 billion, an internal rate of return of 22 percent and a payback period of 5.2 years.

Discovery's shares gained significantly on January 27, after the company announced it had entered into a deal to acquire the Porcupine Complex in Canada from Newmont (TSX:NGT,NYSE:NEM).

The Porcupine Complex is made up of four mines including two that are already in production: Hoyle Pond and Borden. Additionally, a significant portion of the complex is located in the Timmins Gold Camp, a region known for historic gold production.

Discovery anticipates production of 285,000 ounces of gold annually over the next 10 years and has a mine life of 22 years. Inferred resources at the site point to significant expansion, with 12.49 million ounces of gold, from 254.5 million metric tons of ore with an average grade of 1.53 g/t.

Upon the closing of the transaction, Discovery will pay Newmont US$200 million in cash and US$75 million in common shares, and US$150 million of deferred consideration will be paid in four payments beginning on December 31, 2027.

According to Discovery in its full-year 2024 financial results, the Porcupine acquisition will help support the financing, development and operation of Cordero. Discovery’s share price reached a year-to-date high of C$2.12 on March 31.

2. Almaden Minerals (TSX:AMM)

Year-to-date gain: 136.36 percent
Market cap: C$16.47 million
Share price: C$0.13

Almaden Minerals is a precious metals exploration company working to advance the Ixtaca gold and silver deposit in Puebla, Mexico. According to the company website, the deposit was discovered by Almaden’s team in 2010 and has seen more than 200,000 meters of drilling across 500 holes.

A July 2018 resource estimate shows measured resources of 862,000 ounces of gold and 50.59 million ounces of silver from 43.38 million metric tons of ore, and indicated resources of 1.15 million ounces of gold and 58.87 million ounces of silver from 80.76 million metric tons of ore with a 0.3 g/t cutoff.

In April 2022, Mexico’s Supreme Court of Justice (SCJN) ruled that the initial licenses issued in 2002 and 2003 would be reverted back to application status after the court found there had been insufficient consultation when the licenses were originally assigned.

Ultimately, the applications were denied in February 2023, effectively halting progress on the Ixtaca project. While subsequent court cases have preserved Almaden’s mineral rights, it has yet to restore the licenses to continue work on the project.

In June 2024, Almaden announced it had confirmed up to US$9.5 million in litigation financing that will be used to fund international arbitrations proceedings against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

In a December update, the company announced that several milestones had been achieved, including the first session with the tribunal, at which the company was asked to submit memorial documents outlining its legal arguments by March 20, 2025. At that time, the company stated it would vigorously pursue the claim but preferred a constructive resolution with Mexico.

In its most recent update on March 21, the company indicated that it had submitted the requested documents, claiming US$1.06 billion in damages. The memorial document outlines how Mexico breached its obligations and unlawfully expropriated Almaden’s investments without compensation.

Shares in Almaden reached a year-to-date high of C$0.135 on February 24.

3. Avino Silver & Gold Mines (TSX:ASM)

Year-to-date gain: 98.43 percent
Market cap: C$373.48 million
Share price: C$2.52

Avino Silver and Gold Mines is a precious metals miner with two primary silver assets: the producing Avino silver mine and the neighboring La Preciosa project in Durango, Mexico.

The Avino mine is capable of processing 2,500 metric tons of ore per day ore, and according to its FY24 report released on January 21 the mine produced 1.1 million ounces of silver, 7,477 ounces of gold and 6.2 million pounds of copper last year. Overall, the company saw broad production increases with silver rising 19 percent, gold rising 2 percent and copper increasing 17 percent year over year.

In addition to its Avino mining operation, Avino is working to advance its La Preciosa project toward the production stage. The site covers 1,134 hectares, and according to a February 2023 resource estimate, hosts a measured and indicated resource of 98.59 million ounces of silver and 189,190 ounces of gold.

In a January 15 update, Avino announced it had received all necessary permits for mining at La Preciosa and begun underground development at La Preciosa. It is now developing a 350-meter mine access and haulage decline. The company said the first phase at the site is expected to be under C$5 million and will be funded from cash reserves.

The latest update from Avino occurred on March 11, when it announced its 2024 financial results. The company reported record revenue of $24.4 million, up 95 percent compared to 2023. Avino also reduced its costs per silver ounce sold.

Additionally, Avino reported a 19 percent increase in production in 2024, producing 1.11 million ounces of silver compared to 928,643 ounces in 2023. The company’s sales also increased, up by 23 percent to 2.56 million ounces of silver compared to 2.09 million ounces the previous year.

Avino's share price marked a year-to-date high of C$2.80 on March 27.

4. Highlander Silver (CSE:HSLV)

Year-to-date gain: 90 percent
Market cap: C$160.17 million
Share price: C$1.90

Highlander Silver is an exploration and development company advancing projects in South America.

Its primary focus has been the San Luis silver-gold project, which it acquired in a May 2024 deal from SSR Mining (TSX:SSRM,NASDAQ:SSRM) for US$5 million in upfront cash consideration and up to an additional US$37.5 million if Highlander meets certain production milestones.

The 23,098 hectare property, located in the Ancash department of Peru, hosts a historic measured and indicated mineral resource of 9 million ounces of silver, with an average grade of 578.1 g/t, and 348,000 ounces of gold at an average grade of 22.4 g/t from 484,000 metric tons of ore.

In July 2024, the company said it was commencing field activities at the project; it has not provided results from the program. In its December 2024 management discussion and analysis, the company stated it was undertaking a review of prior exploration plans and targets, adding that it believes there is exceptional growth potential.

Highlander's most recent news came on March 11, when it announced it had closed an upsized bought deal private placement for gross proceeds of C$32 million. The company said it will use the funding to further exploration activities at San Luis and for general working capital.

Shares in Highlander reached a year-to-date high of C$1.96 on March 31.

5. Santacruz Silver Mining (TSXV:SCZ)

Year-to-date gain: 85.45 percent
Market cap: C$192.16 million
Share price: C$0.51

Santacruz Silver is an Americas-focused silver producer with operations in Bolivia and Mexico. Its producing assets include the Bolivar, Porco and Caballo Blanco Group mines in Bolivia, along with the Zimapan mine in Mexico.

In a production report released on January 30, the company disclosed consolidated silver production of 6.72 million ounces, marking a 4 percent decrease from the 7 million ounces produced in 2023. This decline was primarily attributed to a reduction in average grades across all its mining properties.

In addition to its producing assets, Santacruz also owns the greenfield Soracaya project. This 8,325-hectare land package is located in Potosi, Bolivia. According to an August 2024 technical report, the site hosts an inferred resource of 34.5 million ounces of silver derived from 4.14 million metric tons of ore with an average grade of 260 g/t.

Shares in Santacruz reached a year-to-date high of C$0.59 on March 18.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Keep reading...Show less

Resolution	Votes For	% For	Votes Against	% Against
Set the number of directors of the Company at five *	117,766,659	97.63%	2,859,429	2.37%

Director Nominee	Votes For	% For	Votes Withheld	% Withheld
Keith Neumeyer	74,127,341	96.96%	2,325,884	3.04%
Marjorie Co	71,625,946	93.69%	4,827,280	6.31%
Thomas F. Fudge, Jr.	43,842,992	57.35%	32,610,233	42.65%
Raymond L. Polman	71,946,577	94.11%	4,506,648	5.89%
Colette Rustad	70,376,389	92.05%	6,076,836	7.95%

Resolution	Votes For	% For	Votes Withheld	% Withheld
Appoint Deloitte LLP, Independent Registered Public Accounting Firm, as auditor for the Company to hold office until the next Annual General	107,917,707	89.46%	12,708,379	10.54%

Resolution	Votes For	% For	Votes Against	% Against
Advisory resolution to approve the Company's approach to executive compensation	37,591,162	49.17%	38,862,057	50.83%

First Majestic Produces 7.6M AgEq Oz in Q4 2022 and a Record 31.3M AgEq Oz in 2022; Annual Retail Silver Bullion Sales Increase 27% to New Record; Announces 2023 Production and Cost Guidance and Conference Call Details

In this article

Why is Neumeyer calling for a US$100 silver price?

What factors affect the silver price?

Could silver hit US$100 per ounce?

What do other experts think about US$100 silver?

FAQs for silver

Can silver hit $1,000 per ounce?

Why is silver so cheap?

Is silver really undervalued?

Is silver better than gold?

At what price did Warren Buffet buy silver?

How to invest in silver?

Silver Outlook

A Sneak Peek At What The Insiders Are Saying

Who We Are

Table of Contents

Silver Price Forecast: Top Trends for Silver in 2025

How will Trump's presidency impact silver?

Silver deficit expected to continue

Silver M&A set to heat up in 2025

Investor takeaway

Silver Price Update: Q1 2025 in Review

What happened to the silver price in Q1?

Tariff fears lift silver, but industrial demand uncertainty looms

Recession could provide headwinds

Silver price forecast for 2025

Top 5 Canadian Silver Stocks of 2025

1. Discovery Silver (TSX:DSV)

2. Almaden Minerals (TSX:AMM)

3. Avino Silver & Gold Mines (TSX:ASM)

4. Highlander Silver (CSE:HSLV)

5. Santacruz Silver Mining (TSXV:SCZ)

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