First Majestic Silver (TSX:AG) Construction In Progress: C$116 Mil (As of Mar. 2026)


TSX:AG First Majestic Silver Corp TSX:AG
66 GF Score
Price C$23.92
GF Value C$13.97
Valuation Significantly Overvalued
! 2 Warning Signs
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What is First Majestic Silver Construction In Progress?

First Majestic Silver TSX:AG -0.33% 66 Construction In Progress is C$116 Mil as of Mar. 2026. GuruFocus rates TSX:AG with a GF Score™ of 66/100 and a GF Value™ of C$13.97 (Significantly Overvalued). The stock has 2 warning signs investors should review.

First Majestic Silver's quarterly construction in progress increased from Sep. 2025 (C$98 Mil) to Dec. 2025 (C$117 Mil) but then declined from Dec. 2025 (C$117 Mil) to Mar. 2026 (C$116 Mil).

First Majestic Silver's annual construction in progress declined from Dec. 2023 (C$65 Mil) to Dec. 2024 (C$62 Mil) but then increased from Dec. 2024 (C$62 Mil) to Dec. 2025 (C$117 Mil).

First Majestic Silver Construction In Progress Historical Data

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The historical data trend for First Majestic Silver's Construction In Progress can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

First Majestic Silver Construction In Progress Chart

First Majestic Silver Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Construction In Progress
Get a 7-Day Free Trial Premium Member Only Premium Member Only 115.78 100.43 65.39 61.72 117.37

First Majestic Silver Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Construction In Progress Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 77.16 86.94 97.81 117.37 116.00
TSX:AG
66GF Score
First Majestic Silver Corp TSX:AG
Construction In Progress is just one metric. See GF Score™, valuation, warning signs, and more.
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First Majestic Silver Construction In Progress Calculation

It records the cost of construction work, which is not yet completed (typically, applied to capital budget items). A construction in progress item is not depreciated until the asset is placed in service. Normally, upon completion, a construction in progress item is reclassified, and the reclassified asset is capitalized and depreciated.

What does a Construction In Progress of C$116 Mil mean?
First Majestic Silver (TSX:AG) has a Construction In Progress of C$116 Mil as of Mar. 2026. Construction in Progress records the amount of construction work that is not complete. View historical data on First Majestic Silver and its competitors.
Is First Majestic Silver's Construction In Progress too high?
First Majestic Silver's current Construction In Progress is C$116 Mil. Overall, First Majestic Silver has a GF Score™ of 66/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does First Majestic Silver's Construction In Progress compare to EXK?
First Majestic Silver's Construction In Progress of C$116 Mil can be compared against companies in the Metals & Mining industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Construction In Progress for a Metals & Mining company?
A good Construction In Progress depends on the Metals & Mining industry context. However, Construction In Progress should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Construction In Progress mean?
A high Construction In Progress can signal that a stock is expensive relative to its fundamentals. Construction in Progress records the amount of construction work that is not complete. View historical data on First Majestic Silver and its competitors. First Majestic Silver's current Construction In Progress is C$116 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Majestic Silver stock overvalued right now?
Based on GuruFocus' analysis, First Majestic Silver (TSX:AG) is currently considered Significantly Overvalued. The stock's GF Value™ is C$13.97, compared to a current price of C$23.92 — trading 71.2% above its estimated fair value. The current Construction In Progress is C$116 Mil. First Majestic Silver's overall GF Score™ is 66/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Construction In Progress calculated?
Construction In Progress is calculated from a company's financial statements. For First Majestic Silver (TSX:AG), the current Construction In Progress is C$116 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is First Majestic Silver (TSX:AG) Overvalued in 2026?

Based on GuruFocus' analysis, First Majestic Silver stock appears to be overvalued. The current stock price of C$23.92 is trading 71.2% above its estimated GF Value™ of C$13.97. GuruFocus considers First Majestic Silver to be Significantly Overvalued.

Key valuation signals for TSX:AG:

  • Construction In Progress: C$116 Mil
  • GF Value™: C$13.97 vs. price of C$23.92 (71.2% above fair value)
  • GF Score™: 66/100 with 2 warning signs

No single metric tells the full story. See the TSX:AG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

First Majestic Silver Business Description

Address 925 West Georgia Street, Suite 1800, Vancouver, BC, CAN, V6C 3L2
First Majestic Silver Corp is in the business of production, development, exploration, and acquisition of mineral properties with a focus on silver and gold production in North America. The company owns four producing mines in Mexico, consisting of the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, the Los Gatos Silver Mine, and the La Encantada Silver Mine. It also owns the Jerritt Canyon Gold Mine in Nevada, USA. Additionally, the firm holds interests in the San Martin Silver Mine and the Del Toro Silver Mine, and several exploration-stage projects. The majority of the company's revenues are from the sale of precious metals contained in dore and concentrate form. It generates maximum revenue from the sale of silver, followed by gold, zinc, copper, and other metals.
66GF Score

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Construction In Progress is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

C$23.92
Price
C$13.97
GF Value