First Majestic’s Jerritt Canyon Drilling Hits 51.8m at 1.48 g/t Au; Price Target to $30
First Majestic reported 2025 Jerritt Canyon drilling intercepts including 51.8m at 1.48 g/t Au and 24.4m at 3.43 g/t Au, expanding open-pit and underground potential across 18,300 m in 57 holes. Wainwright raised First Majestic's price target to $30 after Q4 EPS of $0.30 beat by 67% and revenue rose 15% to $463.9 m.
1. Exploration Results at Jerritt Canyon
First Majestic completed 18,300 metres of drilling across 57 holes at Jerritt Canyon in Nevada during 2025, targeting Mahala, Javelin and Saval zones. Highlights include intercepts of 51.8 m grading 1.48 g/t Au and 24.4 m at 3.43 g/t Au, underscoring both open-pit and underground expansion potential.
2. Q4 Earnings Beat and Price Target Uplift
H.C. Wainwright raised its price target to $30 after First Majestic reported Q4 EPS of $0.30, 67% above expectations, and revenue of $463.9 million, 15% ahead of forecasts. Revenue growth was driven by higher metal prices, with silver averaging $41.52 per ounce.
3. Resource Expansion Potential
Drilling results confirm continuity of mineralization along the Mahala–Javelin corridor, with step-out holes demonstrating lateral extension beyond existing inferred boundaries. True thickness appears greater than previously modeled, suggesting significant volume upside for future resource estimates.
4. Production Outlook
First Majestic projects production of 13–14 million pure silver ounces and 110,000–130,000 ounces of gold through 2026, leveraging higher grades and expanded resources to sustain growth and support long-term value creation.