The Deep Dive, Released on 4/24/26

In this conversation with Keith Neumeyer, CEO of First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV), we discuss silver’s violent move above $100, why the pullback does not change the bigger setup, and what Keith believes is really driving the market higher. He explains why industrial demand and short covering helped fuel the last leg up, why he thinks this is still only the beginning, and why investors need to get used to a completely different silver and gold price environment. We also get into the planned restart of Jerritt Canyon, what went wrong the first time, how the asset looks very different at today’s gold price, and what production could eventually look like once it is back online. On top of that, Keith walks through First Majestic’s strong quarter, why the company moved away from silver equivalent reporting, how higher prices are changing mine planning, and what it will take to push the business toward 50 million silver equivalent ounces over time.

00:00 Introduction
01:05 Silver’s Blowoff and Violent Reset
02:17 What Takes Silver Higher From Here
04:13 Why Higher Prices Are Financing Juniors
05:38 Why Gatos Changed the Company
07:06 The Jerritt Canyon Restart Plan
11:54 A Strong Quarter and Rising Cash Flow
13:05 Why Silver Equivalent No Longer Works
15:05 Exploration, Mine Life, and Mill Expansion
19:53 Where Keith Is Still Putting Money
21:42 The Long-Term Goal for First Majestic

Keith Neumeyer is the president and CEO of First Majestic Silver, one of the largest primary silver mining companies in the world. He’s also the founder and chairman of First Mining Finance. Both companies are traded on the Canadian and U.S. stock exchanges.

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