First Majestic reports, but the stock fails to benefit! Bayer continues to rise! Silver Viper takes off!

First Majestic Silver: Share price fails to benefit from Q4 and 2025 report

Yesterday, First Majestic Silver reported a significant jump in production for the fourth quarter of 2025 from its four producing underground mines in Mexico (Santa Elena, San Dimas, Los Gatos, and La Encantada). Particularly noteworthy is the record silver production of 4.2 million ounces. Compared to the fourth quarter of 2024, this represents an increase of 77%. Los Gatos alone contributed 1.5 million ounces of attributable silver to the increase.

Operationally, the Company focused on growth through exploration and portfolio measures. In the fourth quarter, 57,305 meters were drilled, at times with up to 27 drilling rigs in Mexico and the US (including focus areas in San Dimas and Santa Elena). For Santa Elena, First Majestic highlights positive drill results at the Santo Niño and Navidad targets and from the Luna Zone. The hits are expected to extend the mineralization beyond the previously reported inferred resources and, according to the Company, have triggered initial studies to incorporate the discoveries into the life of the projects. In addition, First Majestic is moving forward with the streamlining of its portfolio. In December, a sale agreement was signed with Sierra Madre Gold & Silver for the decommissioned Del Toro mine for a consideration of up to USD 60 million.

For the full year 2025, First Majestic states that it has met or exceeded its production forecast, which was raised during the course of the year. Specifically, 31.1 million silver equivalent ounces, including 15.4 million ounces of silver (a new company record), 147,433 ounces of gold, 56.7 million pounds of zinc, and 32.3 million pounds of lead are reported. The main driver was the acquisition of Gatos Silver, which was completed in January 2025. In addition, the Company points to higher production in San Dimas and La Encantada. For 2026, First Majestic expects total production of between 13.0 and 14.4 million ounces of silver, 116,000 to 129,000 ounces of gold, 52.4 to 58.2 million pounds of zinc, 34.2 to 38.1 million pounds of lead, and 1.1 to 1.3 million pounds of copper. The decline in forecast production compared to 2025 is partly due to lower metal grades resulting from a reduced cut-off grade due to improved economics as a result of higher forecast metal prices in 2026.

Silver Viper: Share price jumps, exploration story gains momentum

An exciting transformation is currently underway at Silver Viper Minerals. The silver explorer is currently repositioning itself with a combination of fresh capital, an expanded project portfolio, and a chairman who has declared "timing" to be the key variable. In an interview with Lyndsay Malchuk from the IIF, Adam Cegielski describes his entry as a logical response to the rising silver price and what he sees as a more favorable starting position in Mexico. Operationally, the focus is on the flagship La Virginia project in Sonora. In October 2025, the Company launched a 5,000-meter drill program aimed at making a new discovery at El Molino and expanding the resource at El Rubi. Cegielski emphasizes that although the drill cores show "only" visual indications, the targeted structures have been hit in the drill holes so far. Ultimately, the market will decide how good the results are. At the same time, a very successful capital increase was placed. Investor interest was so great that instead of the planned CAD 12 million, CAD 17 million was raised in December. This will allow Silver Viper to continue its exploration program.

The Company has a second ace up its sleeve, making it a multi-asset player within Mexico's "silver belt." In an interview, Cegielski describes the latest transaction as a "liberation" of an exciting asset. Silver Viper secured 100% of the Coneto silver-gold project in Durango. The previous owners were Fresnillo (61.21%) and Orex (38.79%). The deal values Coneto at USD 15 million (approximately CAD 21 million). After closing, Fresnillo is expected to hold 17% of Silver Viper, making it the largest shareholder. A producer like Fresnillo has other priorities than aggressive exploration – and this is precisely the gap that Silver Viper now wants to fill. The Company plans to speed up drilling and now has a management team that combines capital market experience with local expertise in Mexico.

In the coming months, Silver Viper must prove that the investment story of a new discovery at El Molino, a resource increase at El Rubi, and new speed at Coneto is a success. This can only happen with positive drilling results. The market currently appears to believe that something exciting is happening at Silver Viper. The stock has jumped, but with a market capitalization of less than CAD 200 million, it still appears to have considerable upside potential.

Bayer: Struck silver?

Looking at the Bayer share price chart, one might think that the Leverkusen-based company had struck silver. In the young year alone, the share price has risen by around 11%. It had already almost doubled in the previous year. At EUR 42, however, the stock is still a long way off its all-time high of EUR 140. Shareholders have had reason to be cheerful in recent months, partly due to numerous positive reports from the pharmaceutical sector. And at the end of 2025, there were concrete indications that the seemingly endless glyphosate litigation could actually come to an end in the current year.

Barclays sees little further upside potential. Analysts have upgraded Bayer shares from "Equal Weight" to "Overweight" in 2026, but the price target offers little upside potential. It was only raised from EUR 30 to EUR 45.

The upward trend in silver remains fully intact, and clear triple-digit price targets continue to circulate in the market. First Majestic stands to benefit as a core holding, although much of the positive momentum may already be reflected in the share price. Explorers such as Silver Viper could therefore offer additional upside potential. One argument in favor of investing in the Canadian company is its diversification across multiple projects and its solid financing position. Bayer, by contrast, is not a silver play, and its legal challenges are not yet off the table. A breather for the stock would therefore come as no surprise.