First Majestic Silver: Stock Is Working on Forming a Bottom
First Majestic Silver is one of the few true silver producers on the market. In the first three months of this year, the Canadian company, which operates three mines in Mexico, celebrated a record quarter. Revenue reached a historic high of USD 476.7 million, up 95%, while net income rose disproportionately from USD 6.2 million to USD 147.5 million. With roughly one billion in cash on the balance sheet, the company was in better shape than ever at the end of March. These figures will not be repeated in the second quarter, as the silver price has fallen significantly from its high. From a purely technical perspective, the stock is now in a correction and trading below its 200-day moving average. However, there are already signs that a bottom may be forming. Technical analysts have recently suggested that the silver market is approaching a capitulation phase. In market terminology, this implies that the last remaining “weak hands” are finally throwing in the towel and exiting their positions. Such periods of capitulation often mark a significant market low. This article is disseminated in partnership with Apaton Finance GmbH. It is intended to inform investors and should not be taken as a recommendation or financial advice. First Majestic will not release its second-quarter financial results until July 30. As is customary, however, the company has already reported its production figures. During the quarter, it produced 3.8 million ounces of silver (+3%) and 34,660 ounces of gold (+2%). In addition, 16.5 million pounds of zinc, 9 million pounds of lead, and approximately 253,000 pounds of copper were produced as by-products. The strong performance in the first half of the year led to an upward revision of the annual forecast. The company now expects to produce 14.6 to 15.5 million ounces of silver, representing an average increase of about 10% compared to the guidance provided at the beginning of the year. First Majestic anticipates costs of USD 27.69 to USD 28.77 per ounce of silver equivalent (AISC). Given the current silver price, the company continues to generate a very healthy margin. If the stock finds a bottom, this phase could represent an attractive entry point for investors. However, the silver price must also cooperate for this to happen. Operationally, First Majestic certainly provides the positive framework for this.Almonty Industries: Higher Prices and Index Inclusion
Almonty Industries is benefiting from the boom in the tungsten market like no other company in the world. This material, which is virtually irreplaceable for defence contractors and the aerospace industry, has seen enormous price increases. From the start of the year to today, the price has risen from under USD 1,000 to around USD 3,000 per metric ton unit (MTU = 10 kg) in Rotterdam. Almonty Industries estimates production costs of USD 100-127 per MTU at its Sangdong mine in South Korea, which opened in Q2. As a result, margins are likely to be enormous. The company effectively operates in a monopoly, as the market, like so many others for specialty metals, is dominated by China. The People’s Republic accounts for about 80% of global production and has severely restricted exports to Western countries. US industry in particular, but also companies in Europe and Japan, now have an alternative to meet their needs. The extent of Almonty’s market power is now evident in the extension of a supply contract. The company has extended its purchase agreement with Global Tungsten & Powders LLC, a subsidiary of the Austrian Plansee Group, six years ahead of schedule. In addition, the total contract volume was increased by 40%. Furthermore, the prices payable to Almonty for all contractually agreed-upon quantities were raised by approximately 6.3%. The stock is also gaining momentum. After the Canadian company had already relocated its headquarters to the US for strategic reasons, it is now making headway in the stock market there as well. As of June 29, 2026, the share was included in the Russell 1000 large-cap index and the broader Russell 3000. With a current market capitalization of approximately USD 4 billion, Almonty is now among the 1,000 largest publicly traded companies in the United States. Analysts are extremely optimistic about the company’s operational performance. Bank of America, for example, expects revenue of CAD 670 million for 2026. By comparison, Almonty generated just CAD 33 million in 2025. For the coming year, analysts forecast revenue of CAD 1.32 billion, with EBITDA expected to rise to an impressive CAD 1.21 billion. Added to this is the potential upside, as Almonty aims to bring additional mines in the US into production as quickly as possible.Agnico Eagle: Landslide Weighs on Operations
The gold market has been anything but quiet. The gold price is still struggling to hold above USD 4,000 per ounce. The strength of the dollar since the start of the war in the Persian Gulf is weighing on the precious metal. And that, of course, is putting pressure on the share prices of gold producers. Agnico Eagle, the world’s second-largest gold miner, has been hit particularly hard by this. Although its management is considered the best in the industry and almost always exceeds expectations operationally, the stock has been heavily sold off. From an all-time high of around USD 252, it has since fallen to USD 140. And many contrarian investors were delighted to snap up this quality stock at such a bargain price. Online comments suggested the stock was trading as if gold were at USD 3,400. But their joy was premature. Because now the Canadians actually faced a problem at their flagship Canadian Malartic mine. On July 1, 2026, a rock slide occurred on the north face of the Barnat open-pit mine, which is part of the Canadian Malartic complex. There were no injuries, and no significant property damage or environmental harm occurred. However, operations in the affected area were suspended as a precaution. The economic impact, however, appears to be enormous. Agnico Eagle warns that this incident will weigh on gold production for the full year 2026. It could also lead to slight constraints in 2027 and 2028. This event, therefore, comes at an inopportune time. Otherwise, Agnico Eagle is very well positioned and has established strategic milestones through acquisitions such as that of Rupert Resources. For investors, however, this incident means one thing for now: it is best to stay on the sidelines. So far, Agnico’s management has not provided any concrete figures on the severity of the impact on earnings.Despite Agnico Eagle’s current low share price, investors should take a wait-and-see approach for now and await concrete facts regarding the landslide at Canadian Malartic. Almonty Industries offers the opportunity for a long-term play in the tungsten market, which is dominated by China. As the only major player, it effectively holds a monopoly in the West. First Majestic Silver suffered steep share price losses in the wake of the silver market correction. Now, however, there are tentative signs that the market is bottoming out!
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