The David Lin Report Triple Digit Silver More Certain Than Ever; CEO Keith Neumeyer Doubles Down
Jul 21, 2025
Keith Neumeyer, President and CEO of First Majestic Silver Corp., argues that triple-digit silver prices are on the horizon, driven by supply deficits and heightened industrial demand. He discusses the complexities of mining permits and the unique challenges of operating in North America versus Latin America. Neumeyer also highlights systemic issues in metal recycling, the importance of cost efficiency, and the evolving gold-silver ratio, painting a picture of a pivotal moment in the silver market.
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Permitting and Smelting Limit Supply
- Permitting delays and lack of smelting capacity hold back new mining projects in North America.
- Government support to accelerate permitting and build smelters would boost silver supply and keep metal onshore.
Fast Permitting Experience in Mexico
- First Majestic Silver rapidly permitted its first mine in Mexico in 2004, going into production within months.
- This contrasts with lengthy permitting processes typical in other jurisdictions.
Recycling Limits Silver Supply Relief
- Recycling silver is energy-intensive and limited by availability of waste materials.
- Recycling remains steady and cannot compensate for supply deficits driven by industrial demand.