Triple Digit Silver Amid Silver Shortage | First Majestic

Mani Alkhafaji, VP of Corporate Development at First Majestic Silver, emphasized a critical and ongoing silver shortage, noting that 2025 marks the fifth consecutive year of structural deficit in the market. He explained that while annual demand is surpassing 1.3 billion ounces, mining supply has stagnated around 800–830 million ounces, well below its 2016 peak, and recycling efforts fall far short of bridging the gap. Alkhafaji warned that it would take the equivalent of ten new First Majestic operations to cover the current 150-million-ounce deficit — a virtually impossible task given the 18-year average development timeline for new mines. This persistent supply imbalance, he argued, sets the stage for a potential silver price surge, possibly into the triple digits, especially as the current price-to-mining ratio (92:1) is dramatically disconnected from the production ratio (7:1). With new acquisitions like Gatos and discoveries at Santa Elena, First Majestic aims to position itself at the forefront of this unfolding silver bull market.

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STOCK INFO:
NYSE/TSX: AG

INTERVIEW TIMELINE:
0:00 Intro
0:40 Silver shortage
5:00 New mine
8:30 Jurisdiction
12:00 Silver's potential
14:20 Rule Symposium
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