First Majestic Silver Lowers Stake in Silver Dollar to Below 10%—A Strategic Shift or Simple Portfolio Move?

Major Reduction in Silver Dollar Stake Stands Out

Between late September and mid-November, First Majestic Silver Corp. (AG) executed the sale of 1,060,500 shares of Silver Dollar Resources Inc., pulling its total ownership below the symbolic 10% mark for the first time in years. With this move, First Majestic’s control dropped from 14.19% of Silver Dollar’s outstanding shares as of late September to just 9.50% by November 20, 2025.

Table: Before and After – First Majestic's Silver Dollar Holdings

Was This a Routine Rebalancing or a Signal?

The sale—totaling approximately $355,592.85 at an average price of $0.38 per share—raises some intriguing questions about First Majestic’s intent. The company claims it is holding the remaining shares purely for investment purposes and has “no current intention” of further changes, but leaves the door open to adjust as market conditions evolve. That flexibility suggests an ongoing, opportunistic approach rather than a one-off move.

Implications: No Dramatic Shifts, But Close Monitoring Warranted

This type of step-down in ownership, especially across the critical 10% disclosure threshold, often signals to investors and the market that a significant insider is less likely to exert control or participate in takeover actions in the near term. While First Majestic is not exiting Silver Dollar, this shift does align the company more closely with a passive investor stance for now.

Investors might wonder if this is a prelude to further selling or a simple rebalance of AG’s diverse mining portfolio. For now, the company maintains that all remaining shares are for investment, with ongoing reviews as markets change.

What Should Investors Watch Next?

The key takeaway is clear: First Majestic is maintaining its optionality and not ruling out future moves. This could be the beginning of a strategic pivot, a step toward focusing capital elsewhere, or just prudent risk management given changing sector dynamics. Shareholders in both companies would be wise to keep tabs on future early warning filings, market activity in Silver Dollar, and any strategic shifts at First Majestic Silver.

For more detailed information, investors can refer to the early warning report filed on SEDAR+ under Silver Dollar’s issuer profile, or contact First Majestic’s Investor Relations team directly.

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