The Deep Dive, Released on 12/29/25

In this conversation with Keith Neumeyer, CEO of First Majestic Silver Corp., we talk through what a rapidly rising silver market actually means for producers and equity investors when prices move faster than fundamentals can adjust. Keith explains why extreme momentum can be just as challenging as low prices, why miners need time and stability to convert strong metals prices into real results, and why share prices can lag even in powerful silver markets. The discussion covers capital flows, ETF behavior, the continued dominance of tech in institutional portfolios, and why generalist investors are only beginning to reexamine mining. Keith also outlines First Majestic’s operational progress, balance sheet strength, integration work, and how management is thinking about discipline, liquidity, and long term value creation as the cycle evolves. If you want a grounded perspective on silver, mining equities, and how this market actually works beyond price charts, share this with someone who values experience, context, and clear thinking over excitement.

00:00 Introduction
00:41 Silver moves too fast, why stability matters
04:40 Why Price Spikes Don’t Help Miners
06:38 Why Mining Stocks Lag Even When Silver Runs
09:35 When Miners Used To Outrun Silver
11:40 2025 Wins Treasury Growth and Gatos Integration
13:29 New Discoveries Extending Mine Life and Output
15:11 Liquidity Advantage and Record Low Cost of Capital
21:00 Why Del Toro Was Sold Scale and Purity Rules
23:06 What They Will Buy Minimum Ounces Mine Life Upside
26:43 Jarrett Canyon Restart Plan Q1 2026 Update
28:26 Leadership Structure and Executive Responsibilities
30:53 2026 Success Defined Cash Position and Share Price

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.

  first majestic, Keith Neumeyer, silver