First Majestic: Built for the New Silver Supercycle

Oct 30, 2025

Mani Alkhafaji, VP of Corporate Development at First Majestic Silver, discusses the company’s strong position in the silver market. He highlights the challenges of maintaining silver purity in a competitive mining landscape and shares insights on Mexico’s easing permitting issues. Mani elaborates on the strategic acquisition of Gatos and the significance of First Majestic's new Las Vegas mint for vertical integration. He presents an optimistic forecast for silver prices, suggesting a new supercycle could lead to triple-digit silver.

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INSIGHT

Silver Deposits Are Scarce

Finding high-quality silver deposits is increasingly difficult and many companies dilute purity.
First Majestic benefits from three large-scale Mexican silver districts that preserve high silver content.

INSIGHT

Mexico Reopened For Mining Investment

Mexico's regulatory climate improved under Claudia Sheinbaum, easing permits and investment comfort.
First Majestic completed the $970M Gatos acquisition because the new environment reduced sovereign risk.

ANECDOTE

Winning The Gatos Purchase

The Gatos acquisition was competitive with ~13 bidders and multiple site visits over a year.
First Majestic paid assuming $24 silver and now views the deal as a bargain given current prices.

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The World’s Purest Silver Miner Is Betting Big on today’s silver bull market. First Majestic Silver’s VP of Corporate Development, Mani Alkhafaji, joins Trey Reik at the Wealthion–SCP Global Silver Conference to share how the company is positioning itself for what it calls the start of a new silver supercycle. With 55 % silver exposure, a $970 million acquisition of Gatos, and three cornerstone mines in Mexico, First Majestic is leveraging its scale, balance-sheet strength, and new vertical integration strategy, including its own Las Vegas mint, to capture more value from rising silver prices.

They discuss:

Why maintaining true silver purity is getting harder across the mining industry
How Mexico’s new government is reopening the door to mining investment
Why silver’s breakout above $50 may only be the beginning
The gold-to-silver ratio and the math behind a $100 silver thesis
How First Majestic is scaling production beyond 30 million silver-equivalent ounces per year

💡The in-person Silver Conference in Toronto has wrapped, but you can still watch the full event virtually. Get on-demand access to the Wealthion–SCP Resource Finance Global Silver Conference 2025 here: https://www.eventbrite.com/e/wealthion-scp-global-silver-virtual-conference-2025-replay-tickets-1902081851019?aff=oddtdtcreator

💡Get SCP Resource Finance and Trey Reik’s deep-dive Silver investing report by joining our accredited investor list here: https://www.wealthion.com/accredited

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